Action Represents Ongoing Effort to Increase
Tenant Services; Enhance Properties
NEWPORT BEACH, Calif., Jan. 25 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG), an equity real estate investment trust (REIT), signed a
non-exclusive agreement January 19 with Winstar Communications, Inc. to
provide tenants high-speed communications services. With this agreement the
Company will provide tenants within its industrial facilities a variety of
fixed wireless broadband communications services, including high-speed
Internet and data, Web-based information, and local and long distance
services.
Commenting on the agreement, Pacific Gulf Properties' Senior Vice
President of Industrial Operations, Robert Dewey said, "Our Company's
industrial tenants are ideally suited for these advanced and comprehensive
communications capabilities. A number of our tenants are emerging high-tech
and other start-up businesses that will value the power, speed and convenience
of the services. Ultimately, providing these new technological capabilities
also enhances the value of our Company's portfolio."
Apex Site Management, a division of SpectraSite Holdings, Inc.,
represented Pacific Gulf Properties in the agreement.
The agreement with Winstar Communications is the most recent action taken
by Pacific Gulf Properties to improve and streamline its industrial
properties' technological capabilities. In June 1999 the Company signed an
agreement with Teligent, Inc. in order to offer tenants an integrated package
of fixed wireless telecommunication services.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) that
owns, develops and manages a growing portfolio of industrial properties
targeting small to mid-size tenants in selected high-growth western markets.
The Company's industrial portfolio is comprised of 74 properties encompassing
more than 15.4 million square feet of space. Pacific Gulf also maintains a
smaller multifamily portfolio that includes eight rental communities
comprising almost 1,500 units, designed for the burgeoning population of
active seniors age 55 and older. The Company is headquartered in Newport
Beach, California.
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. Please
refer to documents the company files from time to time with the Securities and
Exchange Commission, specifically the company's last filed Form 10-K, filed in
March of 1999 and Form 10-Q, filed in November of 1999. These documents
contain and identify important factors that could cause the actual results to
differ materially from those contained in any projections or forward-looking
statements contained in this press release.
SOURCE Pacific Gulf Properties Inc.
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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,
949-223-5000, or Victoria J. Baker, General Information,
703-370-8652, both of Pacific Gulf Properties Inc.
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