Pacific Gulf Turns Loss Into Gain

Pacific Gulf Properties Inc. posted a profit for 1995, compared with a loss the previous year, on a surge in revenue.

The real estate investment trust reported net income of $8.4 million, or $1.74 a share, for 1995. In the previous year, Pacific Gulf had a net loss of $832,000, which included an extraordinary loss of $3 million from early retirement of debt. Revenue rose 42% to $37.1 million from $26.1 million.

Net income for the fourth quarter totaled $7 million, or $1.43 a share, compared with $567,000, or 12 cents a share, for the fourth quarter of the prior year. Revenue was up 30% to $10.7 million from $8.2 million.

The company attributed the higher fourth-quarter net income in part to the $31-million sale of the company’s apartment holdings in Texas, which generated a gain of $6.7 million.