PacTrust was formed in 1972 in Portland, Oregon as a publicly traded Real Estate Investment Trust (REIT) under the sponsorship of U.S. Bancorp. Since inception, PacTrust has concentrated primarily on the development and long-term ownership of commercial and industrial real estate.
In 1983, PacTrust went private through a leveraged buyout sponsored by Kohlberg Kravis Roberts & Co. ("KKR") and changed its business form from a REIT to a limited partnership with local management acting as general partner. PacTrust was acquired by management, principals of KKR, the Washington State Investment Board and the Oregon Public Employees Retirement System in August 1988. Although the structure of the company has changed since being formed as a REIT, the culture, assets and senior management have remained in place since the early 1970s with the asset base growing substantially.
PacTrust owns approximately 12.8 million square feet of buildings and 219 acres of undeveloped land - primarily in the Pacific Northwest. In addition, PacTrust has hospitality, resort, agricultural and energy interests.