Pacific Gulf Properties Inc.

The Newport Beach real estate investment trust reported first-quarter net income of $9.3 million, or 39 cents a share, down 15% from $11 million, or 48 cents a share, recorded a year earlier. Funds from operations increased 15% to $14.4 million, or 70 cents a share, from $12.5 million, or 63 cents a share. Revenue rose 11% to $32.9 million.