The real estate investment trust, whose shareholders voted inearly November to allow the total sell off of all remaining assetsand total dissolution of the firm, will pay the specialdistribution on Dec. 15 to all shareholders of record on Dec. 11,2000.

"This distribution marks the first of what we expect to be aseries of special distributions of proceeds from the sales of thecompany's properties," says chairman/CEO Glenn L. Carpenter. "As weexpected, sales of several of our industrial properties to CalWestIndustrial Properties were deferred (pending remediation work) orwere withdrawn for future sale to other parties."

Just a week ago Pacific Gulf closed the sale of 66 industrialproperties to CalWest for $853 million. One industrial property waswithdrawn from the sale and five others may require additionalremediation or other actions from third parties before selling themto CalWest, or they may be deleted eventually from the salealtogether.