ORANGE COUNTY EARNINGS

Pacific Gulf Properties Inc.: The Newport Beach real estate investment trust reported that second-quarter net income more than doubled to $7.6 million, or 32 cents a share, from $3.5 million, or 26 cents a share. Funds from operations, a key measure of performance, nearly doubled to $12.8 million, or 55 cents a share, from $6.5 million, or 48 cents a share, for the second quarter last year. Revenue increased 75% to $27.8 million from $15.9 million.

First half net income climbed to $15.1 million, or 63 cents a share, from $6.6 million, or 52 cents a share, for the corresponding period of 1997. Revenue advanced 73% to $53.1 million from $30.7 million.