Pacific Gulf (NYSE: PAG), which specializes in developing,owning and managing industrial and apartment buildings, reported a13% boost in funds from operations for the quarter ending June 30compared to the same time a year ago. Company officials attributedthe rise to industrial leases totaling 1.1 million sf completedduring the quarter and a 15% boost in effective rents following therenewal of expired leases.
The $0.70-per-share earnings increase exceeds estimates by aconsensus of First Call Corp. analysts by 2 cents per share.
Net operating income-gross rents minus operating expenses-was$50.9 million for the first six months of 2000, compared to $45.4million a year ago, a 12% jump.
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