NEWPORT BEACH, Calif., Aug. 23 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) completed the call for redemption of $6.5 million of the
Company's outstanding 8.375% Convertible Subordinated Debentures Due 2001
(Amex: PAG.A) on August 18, 1999. Of the debentures called for redemption,
$6.3 million of the debentures were converted by the holders into the
Company's common stock and $200,000 were redeemed for cash. The Company
intends to call the remaining debentures for redemption before December 31,
1999.
Donald G. Herrman, Chief Financial Officer, indicated that the conversion
of 97 percent of the debentures into the Company's common stock further
strengthens the Company's balance sheet and expands the Company's equity base
with over 338,000 new common shares being issued.
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 August 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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