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Business Briefs

Pacific Office Properties loses $1.8M

Pacific Office Properties Trust Inc., a company that owns several Honolulu office buildings, said troubled loans on two local buildings contributed to financial losses in the three months ended Sept. 30.

San Diego-based Pacific Office reported a net loss of $1.8 million, or 46 cents a share, compared with a net loss of $1.2 million, or 40 cents a share, in the same period last year.

By another financial performance measure for real estate investment trusts like Pacific Office, funds from operations were a negative $2.2 million, or 12 cents a share, compared with a positive $900,000, or 5 cents a share, in the same period.

Pacific Office derived 80 percent of its revenue from Honolulu properties in the quarter. The company said default interest and penalties related to mezzanine loans on its Pacific Business News Building and City Square building totaled $2.3 million. Pacific Office also announced yesterday that it has agreed to buy 12 office properties, most in Southern California, for about $306 million.


Hawaiian Air passengers level off

Hawaiian Airlines’ passenger traffic was flat in October from the same month a year ago, but the company’s load factor, or percentage of seats filled, rose 2 percentage points to 87.3 percent from 85.3 percent.

The carrier said it had 700,369 passengers last month compared with 700,569 a year ago.

Revenue passenger miles, or one paying passenger transported one mile, rose 8.5 percent to 738.2 million from 680.7 million, while available seat miles, or one seat transported one mile, increased 6 percent to 845.7 million from 797.7 million.


3 new Ala Moana stores to open

Three new stores will open next month at Ala Moana Center, the state’s largest shopping complex.

Hula Lehua, which sells hula supplies, Hawaiian apparel and specialty gifts, will open in the Macy’s wing, while Jade Dynasty Seafood Restaurant will open at Hookipa Terrace, and Pretzelmaker in the Sears wing.

In recent months the center filled space with Abercrombie, offering kids’ apparel; Prototype, a clothing store; and the Fat Greek at Makai Market Food Court.

Opening next year is Hawaii’s first Bath & Body Works, Diane von Furstenberg and Gilly Hicks.


Fannie Mae asks for $2.5B in new aid

WASHINGTON » Government-controlled mortgage buyer Fannie Mae is asking for $2.5 billion in additional federal aid after posting a narrower loss in the third quarter.

Fannie Mae also said yesterday it was likely that the market disarray and suspension of foreclosures due to big lenders’ problems with flawed documents will have a negative effect on the delinquency rates of its loans, its expenses and foreclosure time lines. However, the company said, "we cannot yet predict the extent of its impact."

Fannie Mae said yesterday it lost $3.46 billion, or 61 cents a share, in the July-September quarter. That takes into account $2.1 billion in dividend payments to the Treasury Department. It compares with a loss of $19.8 billion, or $3.47 a share, in the third quarter of 2009.


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