Majority of Debentures Converted Into Company Common Stock
NEWPORT BEACH, Calif., Nov. 15 /PRNewswire/ -- Pacific Gulf Properties
Inc. (NYSE: PAG) announced today that the Company completed on November 10,
1999 the call for redemption of the remaining $5.2 million of the Company's
outstanding 8.375% Convertible Subordinated Debentures Due 2001 (Amex: PAG.A).
Of the Convertible Subordinated Debentures called for redemption, over
$5.0 million was converted by holders into the Company's common stock, and the
remaining $163,000 was redeemed for cash.
Donald G. Herrman, Pacific Gulf Properties' Executive Vice President and
Chief Financial Officer, reported 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 274,000 new
common shares being issued.
With the successful completion of this call for redemption, combined with
the Company's call for redemption completed in August 1999, all of Pacific
Gulf Properties' 8.375% Convertible Subordinated Debentures Due 2001 have been
retired.
Pacific Gulf Properties Inc. (NYSE: PAG) is a real estate investment trust
(REIT) 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 71 properties
encompassing more than 15.1 million square feet of space. Pacific Gulf
Properties Inc. 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 of
Pacific Gulf Properties, 949-223-5000; or Victoria J. Baker,
General Information for Pacific Gulf Properties, 703-370-8652
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