NEWPORT BEACH, Calif., Feb. 23 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG), an equity real estate investment trust (REIT) that is
currently in the process of liquidating its assets today reported the
Company's results for the fourth quarter and the year ended December 31, 2000.
For the fourth quarter ended December 31, 2000, income available to common
shareholders totaled $224,592,000, or $8.94 per share. This amount includes
gains on sales of real estate of $218,915,000 and represents an increase of
1,887% per share over the $9,349,000, or $0.45 per share, generated for the
same period a year ago. The increase is due primarily to the sale of a
significant portion of the Company's industrial and multifamily portfolio in
the fourth quarter of 2000. The Company's shareholders, on November 9, 2000,
approved the sale of the Company's assets and the subsequent liquidation and
dissolution of the Company.
For the twelve months ended December 31, 2000, income available to common
shareholders increased 508% to $251,380,000, or $10.40 per share, over
$34,899,000, or $1.71 per share, for the year ended December 31, 1999. This
increase is also due to the sale of a significant portion of the Company's
industrial and multifamily portfolio.
In December 2000, the Company made a special cash distribution of
$22.00 per share. The distribution was paid December 15, 2000 to shareholders
of record on December 11, 2000.
Due to these portfolio sales, the Company's operating results during the
fourth quarter of 2000, and for the year ended December 31, 2000 are not
comparable to the corresponding prior year periods and are not representative
of future operations.
PORTFOLIO LIQUIDATION
During the fourth quarter of 2000, the Company sold substantially all of
its industrial and multifamily portfolio. The Company sold 66 industrial
properties for an aggregate price of approximately $853 million and
10 traditional multifamily apartment properties for an aggregate price of
approximately $122 million.
The Company continues to proceed with its liquidation plan and the sale of
its remaining assets. These assets include six industrial properties, one
traditional multifamily property, six active senior multifamily properties,
and an additional six active senior multifamily properties currently under
development.
Pacific Gulf Properties is a real estate investment trust (REIT) that is
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.
PACIFIC GULF PROPERTIES INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
Dec. 31, 2000 Dec. 31, 1999
ASSETS
Real Estate Properties -- 870,112
Properties held for sale 179,628 --
179,628 870,112
Cash and cash equivalents 33,492 2,177
Accounts receivable 1,213 4,005
Other assets 11,055 15,627
$225,388 $891,921
LIABILITIES AND SHAREHOLDERS' EQUITY
Loans payable $75,342 $418,343
Accounts payable and accrued liabilities 10,434 17,244
Dividends payable -- 10,366
85,776 445,953
Minority interests in consolidated partnerships 1,608 18,077
Commitments and contingencies -- --
Shareholders' equity
Preferred shares, $.01 par value; 10,000,000
shares authorized; no shares outstanding at
December 31, 2000 and 2,763,116 Senior Cumulative
Convertible Class A shares outstanding at
December 31, 1999. -- 28
Preferred shares, $.01 par value; 300,000 shares
authorized; Class C Junior Participating
Cumulative Preferred Stock; no shares outstanding -- --
Common shares, $.01 par value; 100,000,000 shares
authorized; 26,082,506 and 20,685,402 shares
outstanding at December 31, 2000 and
December 31,1999, respectively 261 207
Less: Restricted stock and notes receivable
issued for common stock -- (1,011)
Additional paid-in capital 137,743 424,450
Retained Earnings -- 4,217
138,004 427,891
$225,388 $891,921
PACIFIC GULF PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
Years Ended December 31,
2000 1999
REVENUES
Rental income
Industrial properties $97,909 $98,288
Multifamily properties 25,797 25,880
123,706 124,168
EXPENSES
Rental property expenses
Industrial properties 21,888 21,570
Multifamily properties 8,752 9,334
30,640 30,904
Depreciation 27,409 26,117
Interest (including amortization of debenture
discount and financing costs of $626 and $801
respectively) 23,800 27,242
General and administrative expenses 7,953 7,165
Minority partners' interest in earnings of
consolidated partnerships 1,077 1,342
90,879 92,770
INCOME BEFORE GAIN ON SALES OF REAL ESTATE 32,827 31,398
Gain on sales of real estate 222,346 8,472
NET INCOME 255,173 39,870
Less preferred dividend requirements 3,793 4,971
INCOME AVAILABLE TO COMMON SHAREHOLDERS $251,380 $34,899
EARNINGS PER SHARE
Basic $ 11.79 $ 1.73
Diluted $ 10.40 $ 1.71
DIVIDENDS DECLARED PER COMMON SHARE $ 1.32 $ 1.73
LIQUIDATING DISTRIBUTIONS DECLARED PER COMMON
SHARE $ 22.00 $ --
PACIFIC GULF PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
2000 1999
REVENUES
Rental income
Industrial properties $16,557 $25,476
Multifamily properties 5,220 6,581
21,777 32,057
EXPENSES
Rental property expenses
Industrial properties 4,449 5,383
Multifamily properties 1,998 2,393
6,447 7,776
Depreciation 5,305 7,050
Interest (including amortization of debenture
discount and financing costs of $94 and $168,
respectively) 1,875 6,724
General and administrative expenses 2,292 2,139
Minority interest in earnings of consolidated
partnerships 181 375
16,100 24,064
INCOME BEFORE GAIN ON SALES OF REAL ESTATE 5,677 7,993
Gain on sales of real estate 218,915 2,620
NET INCOME 224,592 10,613
Less preferred dividend requirements -- 1,264
INCOME AVAILABLE TO COMMON SHAREHOLDERS $224,592 $9,349
EARNINGS PER SHARE
Basic $ 9.90 $ 0.46
Diluted $ 8.94 $ 0.45
DIVIDEND DECLARED PER COMMON SHARE -- $ 0.44
LIQUIDATING DISTRIBUTIONS DECLARED PER COMMON
SHARE $ 22.00 $ --
SOURCE Pacific Gulf Properties Inc.
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Related links:
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
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