Pacific Gulf Properties Inc.: The Newport Beach...

Pacific Gulf Properties Inc.: The Newport Beach real estate investment trust posted net income of $293,000, or 6 cents a share, for the first quarter, down 46% from the $544,000, or 11 cents a share, for the same period last year. The company attributed the decline primarily to depreciation expenses associated with recent acquisitions. Revenue increased 29% to $10.8 million from $8.4 million.