REIT Announces Board, Underwriters’ Purchase Options

Pacific Gulf Properties Inc., a real estate investment trust, said Friday that its new board of directors has officially taken office and one member has resigned.

The company’s newly elected chairman is Royce B. McKinley. Board members are L. Eppiga, president of Laguna Hills Properties; John F. Kooken, retired vice chairman of Security Pacific Corp.; Robert F. Morgan, retired president of Coldwell Banker First Newport Corp.; Keith W. Renken, retired managing partner of the Los Angeles office of Deloitte & Touche, and Glenn L. Carpenter, current president of Pacific Gulf Properties. Robert H. Grant, a former real estate developer, retired from the board because he is moving to Idaho.

In addition, the company said the underwriters of its $122-million initial public stock offering on Feb. 11 have exercised their options to purchase an additional 108,500 common shares and $6.5 million of debt.