SAN FRANCISCO, March 3 /PRNewswire/ -- BancAmerica Robertson Stephens
research analyst Jay Leupp initiated coverage today on Pan Pacific Retail
Properties (NYSE: PNP) with a Buy rating.
    Pan Pacific Retail Properties is a self-administered, self-managed REIT
which acquires, owns, manages and develops neighborhood/community shopping
centers located primarily in the western United States.  Pan Pacific has
equity investments in 34 shopping center properties, totaling approximately
5.8 million square feet of GLA, located in four key western U.S. markets,
including Northern California, Southern California, Las Vegas, Nevada and the
Pacific Northwest.
    "We believe that a prudent, aggressive acquisition strategy focused on
high-end shopping centers located in markets with strong demographic and
economic growth trends will transform PNP into one of the most dynamic retail
equity REITs.  The company's balance sheet is highly flexible ($87.5 million
available on its unsecured credit line), which will provide the platform for
aggressive external growth through acquisitions.  We estimate Pan Pacific will
complete approximately $200 million of shopping center acquisitions in 1998,"
said Leupp.
    Leupp's 1998 and 1999 FFO estimates are $2.05 and $2.26, respectively.
His 12-15 month price target is approximately $26, or 11.5x his 1999 FFO
estimate of $2.26/share.  This potential price appreciation, combined with a
current dividend yield of 6.59%, offers investors a potential 12-15 month
total return of approximately 24-25%.
    BancAmerica Robertson Stephens is a leading international investment
banking firm focused on emerging growth companies. The firm's 45 senior
research analysts cover over 575 companies.
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material fact respecting any company, industry or security. Although opinions
and estimates expressed herein reflect the current judgment of the Firm, the
information upon which such opinions and estimates are based is not
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change without notice.  This Report contains forward-looking statements, which
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significantly from the results described in the forward-looking statements.
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