Pacific Gulf Revenue Rises 37%
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NEWPORT BEACH — Pacific Gulf Properties Inc. reported that net income surged in the first quarter on a 37% gain in revenue. The real estate investment trust attributed the gains partially to strong growth in multifamily and industrial properties that it has held for at least a year, as well as profitable acquisitions made last year.
Net income rose to $3.1 million, or 27 cents a share, from $293,000, or 6 cents a share, for the 1996 first quarter. Revenue increased 37% to $14.8 million from $10.8 million.
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