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EXHIBIT 99.1
NEWS RE: PACIFIC GULF PROPERTIES INC.
BULLETIN 4220 VON KARMAN, 2ND FLOOR
NEWPORT BEACH, CA 92660-2002
TRADED NYSE: PAG
FOR FURTHER INFORMATION:
Donald G. Herrman Victoria J. Baker
Chief Financial Officer General Information
(949) 223-5000 (703) 370-8652
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FOR IMMEDIATE RELEASE
DECEMBER 1, 2000
PACIFIC GULF PROPERTIES INC. DECLARES
SPECIAL CASH DISTRIBUTION
NEWPORT BEACH, CA - December 1, 2000 - 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withdrawn for future sale to other parties."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one industrial property that has been withdrawn from the sale to CalWest, five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.
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NEWS RE: PACIFIC GULF PROPERTIES INC.
BULLETIN 4220 VON KARMAN, 2ND FLOOR
NEWPORT BEACH, CA 92660-2002
TRADED NYSE: PAG
FOR FURTHER INFORMATION:
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
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.
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