NEWPORT BEACH, Calif., Dec. 9 /PRNewswire/ -- The Board of Directors of
Pacific Gulf Properties Inc. (NYSE: PAG) announced today that the Company has
declared a quarterly dividend of $0.44 per share, an increase of .01 cent per
share over the dividend paid following the 1999 third quarter. The dividend
will be payable on January 14, 2000 to shareholders of record on
January 1, 2000.
Additionally, the Company announced that its Board of Directors has
authorized management to repurchase up to 500,000 shares of the Company's
common stock, either in open market or privately negotiated transactions.
Glenn L. Carpenter, Chairman and Chief Executive Officer of the Company
stated, "Our directors believe that the Company's shares are currently trading
below optimum levels given the Company's strong performance and track record,
and therefore that stock repurchases will enhance our shareholders' value."
Carpenter noted that the Company would be selective in both the timing and
amount of repurchases.
Pacific Gulf Properties Inc. 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 U.S.
markets. The Company's industrial portfolio includes 73 properties
encompassing more than 15.4 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.
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 Inc., 949-223-5000; or Victoria J. Baker,
General Information, for Pacific Gulf Properties Inc.,
703-370-8652
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