Pacific Gulf’s Net Soars

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, reported that net income for the third quarter grew to $12.4 million, or 58 cents a share, from $3.9 million, or 27 cents a share, for the 1997 third quarter. Funds from operations totaled $13 million, or 55 cents a share, up 71% from the $7.6 million, or 49 cents a share, recorded a year ago. Revenue increased 61% to $29.8 million from $18.5 million.