4th-Quarter Charge Causes ’96 Loss for Pacific Gulf Properties

Pacific Gulf Properties Inc., a real estate investment trust, reported a net loss of $118,000, or 2 cents a share, for 1996, contrasted with profit of $8.4 million, or $1.74 a share, for the prior year, which included a $6.7-million gain from selling properties in Texas. The net loss in 1996 included a fourth-quarter nonrecurring charge of $3.6 million related to the company’s debenture exchange offer in December. Revenue increased 35% to $49.9 million from $37.1 million.

For the fourth quarter, the company recorded a net loss of $2.4 million, or 32 cents a share, compared with net income of $7 million, or $1.43 a share, for the same period of 1995. Revenue rose 28% to $13.7 million from $10.7 million.