Pacific Gulf Properties Inc.

The Newport Beach real estate investment trust reported net income of $10.4 million, or 49 cents a share, 28% higher than the $8.1 million, or 40 cents a share, recorded for the corresponding 1999 period. Funds from operations rose 16% to $15.2 million, or 73 cents a share, from $13.1 million, or 66 cents a share. Revenue increased 10% to $34.1 million.