Pacific Gulf Properties Reports Income Decline

Pacific Gulf Properties Inc., the Newport Beach real estate investment trust, reported third-quarter net income available to common shareholders of $7.7 million, or 38 cents a share, down 38% from the $12.4 million, or 58 cents a share, for the third quarter of 1998. Funds from operations increased 14% to $13.1 million, or 65 cents a share, from $11.5 million, or 58 cents a share. Revenue rose 6% to $31.6 million.