PAN PACIFIC RETAIL PROPERTIES
Pan Pacific Retail Properties is an equity real estate investment trust (REIT) traded on the New York Stock Exchange (NYSE) under the symbol PNP. The company focuses on creating long-term shareholder value by specializing in the acquisition, ownership and management of community and neighborhood shopping centers with tenants that provide everyday essentials.
The company will continue to utilize it’s in depth knowledge within its four key western U.S. Markets to pursue its strategy of opportunistic acquisitions and development of shopping centers for long term investment. The Company believes there are significant opportunities within these markets to acquire properties that are consistent with its existing portfolio in terms of construction quality, positive demographics and location.
Pan Pacific's property portfolio, encompassing approximately 21.7 million square feet of retail space, is diversified across five Western U.S. markets: Northern California, Southern California, Washington, Oregon and Nevada.
Since the company's listing on the NYSE in August 1997, it has grown the portfolio by more than 400%, delivering earnings growth to its shareholders and consistently meeting or exceeding expectations, while maintaining a conservative balance sheet. Pan Pacific is a full service real estate company with in-house expertise in acquisitions, development, property management, marketing, accounting and leasing.
Experiencing double digit monthly growth has brought on document management challenges for Pan Pacific. During the last acquisition Pan Pacific increased property holdings by 125 sites which doubled the company’s holdings. The company was faced with potential costly drain on resources just to file, store and retrieve paper records.
Richard L. Gierke, Director of IT Pan Pacific: "Knowing company wide office space couldn’t house this additional property documentation, we quickly realized the need to eliminate paper from our environment."
Pan Pacific came to AlphaCorp SIRE after beginning a project with a competitive document imaging product. Pan Pacific turned to SIRE after experiencing disappointing performance of their first imaging selection to organize property related documents.
Richard L. Gierke, Director of IT Pan Pacific: "After switching to SIRE- “With SIRE, tasks that took hours, and possibly a few phone calls to locate, copy and email tenant documentation to our tenants and property managers, now takes just a matter of seconds."
Elements of the SIRE Solution for Pan Pacific Include:
- Indexing and Scanning of Documents as received for each property investment
- Workflow to create tasks and actions based on company procedure of received documents
- Integrate email and other correspondence with workflow and document receipts
- Interfacing with MRI Accounting package (MRI now owned by Intuit)
- Automated Invoice Approval and check writing for Accounts Payable
- Customized Audit Trails for actions and record retention complying with Sarbanes Oxley 404
Pan Pacific has realized cost savings, reduced required man hours, and realized improved efficiencies.
Mr. Gierke further states, "Utilizing SIRE’s proven document management solution, and powerfully versatile features of SIRE’s imbedded Workflow engine, we have improved our Accounts Payable solution. Pan Pacific processes 2500 AP invoices a week totaling more than $2 million dollars in checks. With SIRE we have instituted a retention policy of more than 5 years that provides needed backup to our accounting department to insure proper controls of these payments. SIRE Audit Trail keeps records of each transaction ensuring error or improper payments can be tracked all the way back to the beginning of the process. The new methods used, gives upper management a more current view of our Accounts Payable, and it also has given them the ability to provide our shareholders with a real-time snapshot of our current company cash balance sheet."