NEWPORT BEACH, Calif., May 13 /PRNewswire/ -- The shareholders of Pacific
Gulf Properties Inc. (NYSE: PAG), a real estate investment trust that owns,
develops and manages industrial properties in the West, today approved the
elections of Christine Garvey, Carl C. Gregory III, Donald E. Lange and James
E. Quigley 3rd to the company's nine-member board of directors.
Ms. Garvey, 53, was appointed to Pacific Gulf's board as a Class I
director in 1998, filling a newly created board seat. A private investor, she
was formerly group executive vice president and head of commercial real estate
services with Bank of America from 1992 to 1998. Ms. Garvey is a director of
Catellus Development Corp., Timberland Growth Corp., San Francisco
Architectural Heritage Foundation and the Philharmonia Baroque Orchestra.
Ms. Garvey was elected for a two-year term that expires concurrent with the
terms of Pacific Gulf's two other Class I directors in 2001.
Mr. Gregory, 54, has been a director of the company since 1998 and is
currently chairman and chief executive officer of West Capital Financial
Services Inc. He is past chairman and CEO of MIP Properties Inc., formerly a
publicly traded real estate investment trust and is a director of Apex
Mortgage Capital Inc. Mr. Gregory was elected by holders of Pacific Gulf's
common stock as a Class II director serving a three-year term that expires in
2002.
Mr. Lange, 53, has been a director since 1998 and is president of the
Mortgage Bankers Association as well as president and CEO of Pacific Financial
Services. He is a past president and CEO of Weyerhauser Financial. Mr. Lange
was elected by holders of the company's common stock as a Class II director
serving a three-year term that expires in 2002.
Mr. Quigley, 42, has been a director on Pacific Gulf's board since
1997 and senior vice president and treasurer of Rothschild Realty since
1990. Additionally, he has served as a director of Charter Oak, a subsidiary
of Rothschild Realty, since 1989. Mr. Quigley was re-elected as a Class II
director serving a three-year term that expires in 2002 by holders of the
company's Class A Preferred Stock.
Pacific Gulf Properties is a real estate investment trust 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 includes 73 properties encompassing more than
15.5 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 Form 10-K filed in
March 1999, Form 10-Q, filed in November 1998, and Form 8-K filed in January
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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CONTACT: Donald G. Herrman, Chief Financial Officer of Pacific Gulf, 949-223-5000; or General, Virginia St. John-Needham, 310-442-0599, Analyst, Nan Teele, 415-986-1591, or Media, Stephen Moore, 310-442-0599, all of The Financial Relations Board
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