Pacific Gulf Properties REIT Reports 58% Quarterly Gain

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, posted a 58% gain in net income for the first quarter.

The company earned $9.8 million, or 48 cents a share, which included a gain of $3.4 million from the sale of its Park Place Apartment Community in Southern California. That compares with net income of $6.2 million, or 31 cents a share, posted a year earlier.

Funds from operations totaled $14 million, or 60 cents a share, an increase of 16% from the $12.1 million, or 52 cents a share, for the same period in 1998. Revenue rose 17% to $29.7 million from $25.3 million.