NEWPORT BEACH, Calif., Oct. 11 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) will redeem the remaining $5.2 million of the company's
outstanding 8.375% Convertible Subordinated Debentures Due 2001 (Amex: PAG.A)
on November 10, 1999.
Holders of the debentures to be redeemed may elect one of the following
alternatives:
1. Conversion into Common Stock. Prior to 5:00 p.m. Eastern Standard
Time on November 10, 1999, holders may convert the debentures into the
company's common stock at the rate of 53.6986 shares per $1,000 principal
amount of debentures. Based on the closing price of the company's common
stock on October 1, 1999, 53.6986 shares had a market value of $1,104.18,
a 10.4% premium over the $1,000 principal amount of debentures.
2. Redemption for Cash. Holders may surrender the debentures called for
redemption at the total redemption price of $1,020.57 per $1,000
principal amount of debenture, which includes accrued and unpaid interest
through November 10, 1999.
3. Sales of Debentures. Holders of the debentures have the right to
sell their debentures on the open market through their own brokers.
However, debentures called for redemption will be redeemed on November
10, 1999 (unless earlier converted), regardless of who holds the
debentures.
Further information regarding the debentures may be obtained by contacting
the company, or Harris Trust Co. of California, Corporate Trust Division
Administrator, 601 South Figueroa, 49th Floor, Los Angeles, CA 90017,
telephone: (213) 239-0679.
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 June 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.
 back to top
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.
|
