Pacific Gulf Sees Drop in 4th-Quarter Net Income

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, said it earned $9.3 million, or 45 cents a share, for the fourth quarter, down from $34.9 million, or $1.51 a share, for the same period a year earlier, which included a gain of $28.9 million from the sale of the company’s Seattle apartment portfolio. Funds from operations rose 17.9% to $13.8 million, or 67 cents a share, from $11.7 million, or 59 cents a share, a year ago. Revenue rose 6% to $32.1 million. Net income for the year was $34.9 million, or $1.71 a share, compared with $60 million, or $2.76 a share, for the prior year. Funds from operations totaled $52.5 million, or $2.61 a share, up from $45.1 million, or $2.26 a share. Revenue increased 10% to $124.2 million.