Pacific Gulf Properties Inc.: The Newport Beach...

Pacific Gulf Properties Inc.: The Newport Beach real estate investment trust reported third-quarter net income of $366,000, or 8 cents a share, down 54% from the $794,000, or 19 cents a share, for the prior-year period. Revenue increased 40% to $9.5 million from $6.8 million. The company attributed the decline in net income to an increase in depreciation expense due to acquisition activity.

Net income for the nine-month period was $1.4 million, or 30 cents a share, contrasted with a loss of $1.4 million for the like period in 1994. Revenue rose 47% to $26.4 million from $17.9 million. The first 45 days of 1994 do not reflect the effect of the company’s initial public offering or the repayment of debt associated with that offering, the company said.