Pacific Gulf Properties Inc. Announces Tax Treatment of Dividend Distributions in 2000

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Pacific Gulf Properties Inc. Announces Tax Treatment of Dividend Distributions in 2000

    NEWPORT BEACH, Calif., Jan. 17 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) (the "Company") announced today that the anticipated federal
income tax treatment for the 2000 distributions paid to its common
shareholders is as follows:


                                                   Unrecaptured
                                     20% Rate      Section 1250       Cash
     Record         Payable         Long-Term          Gain       Liquidation
       Date          Date          Capital Gain     (25% Rate)   Distribution

     1/1/00        1/14/00            $0.3644         $0.0756          --
     4/3/00        4/14/00            $0.3644         $0.0756          --
     7/1/00        7/14/00            $0.3644         $0.0756          --
     10/1/00      10/16/00            $0.3644         $0.0756          --
     12/11/00     12/15/00            $0.0000         $0.0000        $22.00


                                       Cash           Ordinary       Return
     Record         Payable      Distribution Per      Taxable         of
      Date           Date             Share           Dividend       Capital
     1/1/00        1/14/00            $0.4400          $0.000        $0.000
     4/3/00        4/14/00            $0.4400          $0.000        $0.000
     7/1/00        7/14/00            $0.4400          $0.000        $0.000
     10/1/00      10/16/00            $0.4400          $0.000        $0.000
     12/11/00     12/15/00           $22.00            $0.000        $0.000


    Pacific Gulf Properties is a real estate investment trust (REIT) that is
currently in the process of liquidating its assets.  The company is
headquartered in Newport Beach, California.  For more information please visit
the Company's web site, http://www.pacificgulf.com.

    Forward-looking statements and comments in this press release are made
pursuant to the safe harbor provisions of Section 21E of the Securities
Exchange Act of 1934.  Such statements relating to, among other things,
events, conditions, prospects and financial trends that may affect the
company's future plans of operations, business strategy, growth of operations
and financial position are not guarantees of future performance and are
necessarily subject to risks and uncertainties, some of which are significant
in scope and nature, including without limitation, increased competition,
adverse economic trends, increasing interest rates and other factors.

SOURCE Pacific Gulf Properties Inc.

http://www.pacificgulf.com
Company News On-Call:

http://www.prnewswire.com/comp/671475.html or fax,
800-758-5804, ext. 671475
CONTACT:
Donald G. Herrman, Chief Financial Officer of
Pacific Gulf Properties Inc., 949-223-5000