NEWPORT BEACH, Calif., June 30 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) has signed a non-exclusive agreement with Teligent, an
integrated communications company. The agreement will allow access to Pacific
Gulf's portfolio on the West Coast, where they will be able to offer a wide
range of fixed wireless telecommunication services to a tenant base of over
2,300 businesses.
Teligent intends to offer small and medium sized business customers a low
cost integrated package of local, long distance, high-speed data Internet
access and video conferencing services over its own digital fixed wireless
networks. Teligent will reach customers by installing a small antenna on
customers' rooftops. Existing or newly installed inside wiring will be used
to connect the antenna to customers' telephone equipment, personal computers,
and data networks or video conferencing facilities.
Communication services offered by these companies are optional to the
company's tenants and are an alternative to the tenant's existing service.
"We are very excited that our tenants will now have a choice when deciding
which provider to use for telecommunication services. This should allow many
of our small to mid-size tenants to utilize state-of-the-art communication
power, service and savings which typically have only been available to large
companies," stated Robert A. Dewey, senior vice president of industrial
operations. Dewey continued, "We believe this enhances the value and utility
of our properties and helps set us apart from the competition."
Teligent immediately exercised its option on six Pacific Gulf properties
in Orange County, California, and will begin to provide service within several
months.
The signing of this agreement will help the company to pursue other
sources of income and follows the signing of a contract with Apex Site
Management last month to manage access rights for rooftop telecommunication
space at Pacific Gulf's properties.
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 72 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 May 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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Related links:
http://www.frbinc.com
CONTACT:
Cindy Smith, Investor Relations of Pacific
Gulf Properties, 949-223-5000; General Inquiries, Virginia St.
John-Needham, 310-442-0599, Analyst Inquiries, Nan Teele,
415-986-1591, Media, Stephen Moore, 310-442-0599 all of The
Financial Relations Board
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