PacTrust is a privately held commercial real estate owner and developer founded in 1972 as US Bancorp Realty and Mortgage Trust under the sponsorship of US Bancorp. Originally formed as a publicly traded REIT focused on development and long-term ownership of commercial and industrial real estate, the company separated from US Bancorp in 1983 and became self-administered, adopting the name Pacific Realty Trust with the assumed business name PacTrust. In 1987, following a hostile takeover attempt, the firm went private through a management buyout with private equity firm Kohlberg Kravis Roberts & Co. In 1990, PacTrust restructured as a limited partnership with PacTrust as general partner, and the Washington State Investment Board and the Oregon Public Employees Retirement System as limited partners, with the general partner owned by PacTrust employees and KKR principals. The company has grown to include over 14.5 million square feet of office, flex, industrial, and retail buildings and more than 200 acres of undeveloped land. The firm's portfolio also includes retail, multifamily, hospitality, resort, medical, life science, agricultural, and energy interests. PacTrust is vertically integrated, maintaining in-house teams for site selection, design, construction, leasing, and property management. The company's investment strategy centers on long-term ownership with conservative leverage across industrial parks, flex buildings, suburban office campuses, neighborhood retail centers, and select multifamily holdings. The firm has had stable senior management since the 1980s and focuses on markets where it maintains an established asset base: Oregon, Washington, Northern California, Austin, and the Washington D.C. area.