Pacific Gulf Properties Sees Net Income, Revenue Jump

Newport Beach-based Pacific Gulf Properties Inc., which owns, develops and manages industrial properties in the West, reported that net income available to common shareholders for the fourth quarter climbed to $34.9 million, or $1.51 a share, which included a $28.9-million gain on the sale of real estate. A year ago, the real estate investment trust posted net income of $10.2 million, or 60 cents a share. Revenue rose 49% to $30.2 million from $20.3 million.

For the year, net income available to common shareholders rose to $60 million, or $2.76 a share, from $20.6 million, or $1.47 a share, for 1997. Revenue increased 63% to $113.1 million from $69.5 million.