Pacific Office Properties narrows quarterly loss

Pacific Office Properties Trust Inc. narrowed a third-quarter financial loss as it increased revenue a bit and maintained occupancy levels in three Honolulu office towers it owns.

The Honolulu-based company lost $3.8 million in the July-September period, down from a $4.1 million loss in the same quarter last year, according to a financial report filed last month with the U.S. Securities and Exchange Commission.

The owner of Waterfront Plaza, Davies Pacific Center and the Pan Am Building said those buildings were 85.7 percent leased on average at the end of September, unchanged from a year earlier.

Pacific Office, which also owns a 5 percent stake in an Arizona office property, reported receiving more rent and other revenue that rose more than expenses. Still, the company continued to lose money and increased its cumulative net loss to $252.8 million since it was formed in 2008.

At one time, Pacific Office owned 24 properties and aspired to buy more. But the U.S. economic recession that unfolded shortly after the company’s formation disrupted that plan.