Pacific Gulf Properties: The Newport Beach real...

Pacific Gulf Properties: The Newport Beach real estate investment trust, which completed its initial public offering 15 months ago, reported net income of $544,000, or 11 cents a share, for the first quarter. For the like period last year, the company incurred a net loss of $3 million, which included an extraordinary loss from early extinguishment of debt. Revenue rose 68% to $8.4 million from $5 million.