Pacific Gulf Properties Posts 4th-Quarter Gain

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust that is liquidating its assets, reported fourth-quarter profit of $224.6 million, or $8.94 a share, including a gain of $218.9 million on the sale of real estate. A year earlier, the company earned $9.3 million, or 44 cents a share. Revenue declined 32% to $21.8 million. For the year, net income climbed to $251.4 million, or $10.40 a share, from $34.9 million, or $1.71 a share, for 1999. Revenue was down slightly, to $123.7 million from $124.2 million.