Pacific Gulf Declares $22 Cash Distribution

Directors of Pacific Gulf Properties Inc., a Newport Beach real estate investment trust that is liquidating its assets, declared of a special cash distribution Friday of $22 a share. The distribution will be payable Dec. 15 to shareholders of record on Dec. 11. The payment is the first of what the company expects will be a series of special distributions of proceeds from the sales of the company’s properties. Sales of several industrial properties to CalWest Industrial Properties were deferred, pending remediation work, or were withdrawn for future sale to others. Sales are pending on two remaining multifamily apartment properties. If all the remaining properties are sold, the company said in a press release, the total amount of distributions to shareholders would amount to $26 a share.