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ORANGE COUNTY EARNINGS

February 16, 1995

Pacific Gulf Properties Inc.: The Newport Beach real estate investment trust said it lost $317,000, or 7 cents a share, for the period Feb. 18 to Dec. 31, 1994, which included an extraordinary charge of $3 million to retire debt. That compares with a net loss of $12 million for 1993. Revenue increased to $23.9 million from $16.2 million. For the fourth quarter, profit totaled $567,000, or 13 cents a share, compared with a net loss of $11.5 million for the like period in 1993. Revenue nearly doubled to $8.2 million from $4.2 million. The company said comparisons are not meaningful because the 1993 results do not reflect the impact of acquisitions or the public offering and related organization transactions, which were completed on Feb. 18, 1994.

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