NEWPORT BEACH, Calif., Dec. 1 /PRNewswire/ -- The Board of Directors of
Pacific Gulf Properties Inc. (NYSE: PAG) announced today the declaration of a
special cash distribution of $22.00 per share. The distribution will be
payable December 15, 2000 to shareholders of record on December 11, 2000.
Said Glenn L. Carpenter, Chairman and Chief Executive Officer of Pacific
Gulf Properties, "This distribution marks the first of what we expect to be a
series of special distributions of proceeds from the sales of the Company's
properties. As we expected, sales of several of our industrial properties to
CalWest Industrial Properties were deferred (pending remediation work) or were
withdrawn for future sale to other parties."
The Company has pending sales for two remaining traditional multifamily
apartment properties, although such transactions remain subject to several
conditions and there can be no assurance that they will close. In addition to
one industrial property that has been withdrawn from the sale to CalWest, five
other industrial properties may require additional remediation by the Company
or actions by third parties before sale to CalWest or may eventually be
deleted from the sale.
If the remaining industrial and multifamily properties are sold as
planned, management continues to expect that the cumulative distributions to
shareholders of proceeds from such sales will total up to $26 per share.
There can be no assurance, however, as to the ultimate amount of distributions
to shareholders from these sales due to a variety of factors, such as the
future condition of real estate markets, the net proceeds that can be realized
from sales of the Company's remaining multifamily and industrial properties
and possible additional remediation costs, as well as unknown potential future
liabilities and obligations and the amount of the Company's
liquidation-related expenses.
Pacific Gulf Properties also continues to explore the sale of its
remaining assets, which include six active senior multifamily properties
comprising 1,294 units, an additional 1,202 units under development at six
active senior multifamily sites and the Company's executive offices. To date
the Company has not entered into any definitive agreements for the sale of
these assets.
Pacific Gulf Properties Inc. is a real estate investment trust (REIT) that
currently is in the process of liquidating its assets. The Company is
headquartered in Newport Beach, California. For more information please visit
http://www.pacificgulf.com.
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, prospect, expectations and financial trends that may
affect the Company's future distributions, plans of operations, business
strategy, 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, the risks
listed above, increased competition, adverse economic trends, increasing
interest rates, future liabilities and other factors.
SOURCE Pacific Gulf Properties Inc.
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Related links:
http://www.pacificgulf.com
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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