NEWPORT BEACH, Calif., May 14 /PRNewswire/ -- Pacific Gulf Properties Inc.
(NYSE: PAG), today reported the Company's results for the first quarter ended
March 31, 2001. Income available to common shareholders totaled $13,486,000,
or $0.52 per share. This amount includes gains on sales of real estate of
$10,501,000 and represents an increase of 33% per share over the $8,052,000,
or $0.39 per share, generated for the same period a year ago. The increase is
due primarily to the sale of a portion of the Company's industrial and
multifamily portfolio in the first quarter of 2001. 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.
Due to these sales, the Company's operating results during the first
quarter of 2001 are not comparable to the corresponding prior year periods and
are not representative of future operations.
On March 2, 2001, the Company announced that it entered into a definitive
merger agreement with FountainGlen Properties LLC ("FountainGlen"), an
affiliate of Prudential Real Estate Investors. Under the merger agreement,
the Company will be merged with and into FountainGlen. The merger remains
subject to the approval of the Company's shareholders.
The Company also announced that, prior to the merger, and whether or not
the merger is consummated, it will transfer any assets other than senior
housing assets and the corporate office building, as well as the cash proceeds
from any previous sales of such assets, to a liquidating trust for the benefit
of shareholders. The trust will be responsible for selling these assets and
distributing the sales proceeds to the Company's shareholders.
PORTFOLIO LIQUIDATION
During the fourth quarter of 2000, the Company sold substantially all of
its industrial and multifamily portfolio. During the first quarter of 2001,
the Company sold two industrial properties for $10,000,000 and one multifamily
property for $21,750,000. Subsequent to March 31, 2001, the Company sold an
industrial property for $6,300,000.
The Company continues to proceed with the sale of its remaining three
industrial assets.
Pacific Gulf Properties is a real estate investment trust (REIT)
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.
PACIFIC GULF PROPERTIES INC.
CONSOLIDATED STATEMENTS OF NET ASSETS IN LIQUIDATION
(in thousands, except share data)
March 31, December 31,
2001 2000
(Unaudited) (Audited)
ASSETS
Real estate properties held for sale $165,396 $179,628
Cash and cash equivalents 49,757 33,492
Accounts receivable 1,188 1,213
Other assets 10,946 11,055
$227,287 $225,388
LIABILITIES AND SHAREHOLDERS' EQUITY
Loans payable $68,093 $75,342
Accounts payable and accrued liabilities 7,704 10,434
75,797 85,776
Minority partners' interest in
consolidated partnerships -- 1,608
Commitments and contingencies -- --
Shareholders' equity
Preferred shares, $.01 par value;
10,000,000 shares authorized;
Senior Cumulative Convertible Class A
Preferred Stock; no shares outstanding -- --
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 shares outstanding 261 261
Additional paid-in capital 137,743 137,743
Retained earnings 13,486 --
151,490 138,004
$227,287 $225,388
PACIFIC GULF PROPERTIES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
Three Months Ended March 31,
2001 2000
REVENUES
Rental income
Industrial properties $2,434 $26,226
Multifamily properties 3,275 6,704
5,709 32,930
Interest income 507 68
6,216 32,998
EXPENSES
Rental property expenses
Industrial properties 548 5,814
Multifamily properties 1,099 2,230
1,647 8,044
Depreciation -- 7,261
Interest (including amortization
of financing costs of $23 and
$172, respectively) 446 7,139
General and administrative expenses 1,138 1,827
Minority interest in earnings
of consolidated partnerships -- 302
3,231 24,573
INCOME BEFORE GAINS ON SALES
OF REAL ESTATE 2,985 8,425
Gains on sales of real estate 10,501 891
NET INCOME 13,486 9,316
Less preferred dividend requirements -- 1,264
INCOME AVAILABLE TO COMMON SHAREHOLDERS $13,486 $8,052
Earnings per share
Basic $0.52 $0.39
Diluted $0.52 $0.39
DIVIDENDS DECLARED PER SHARE $-- $0.44
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 of
Pacific Gulf Properties Inc., 949-223-5000
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