Pacific Gulf Plans Stock Offering

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, said it plans to sell as much as $125 million of common and preferred stock.

Pacific Gulf said it may offer the common and preferred shares separately or together, and in amounts and at prices to be determined later. Proceeds will be used to pay down debt, acquire more apartments or industrial properties and make improvements, the company said.

Pacific Gulf owns and operates 21 apartments with 3,945 apartment units and 11 industrial properties totaling nearly 3.1 million square feet in California and the Pacific Northwest.