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Pacific Office Properties avoids delisting

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Shares of Pacific Office Properties Trust Inc. stock will continue trading on the NYSE Amex Equities stock exchange after exchange?officials accepted a plan by Pacific Office to regain compliance with listing standards.

The San Diego-based firm with a portfolio of office buildings largely concentrated in Honolulu said its stock will continue trading through October 19, 2012, by which time Pacific Office expects to be back in compliance.

Pacific Office was warned in April about potential delisting because it had total equity below $2 million and a net loss or losses from continuing operations in two of the last three fiscal years.

The company has previously said it is trying to raise capital and improve financial performance by seeking investment partners or buyers for some buildings, including six wholly owned Honolulu properties that represent the bulk of company assets. Pacific Office in May attracted a partner to invest in two buildings: the Pacific Business News Building in Waikiki and in an office complex in Phoenix.

Pacific Office continues to look for partners for other Oahu buildings it owns, including Waterfront Plaza, Davies Pacific Center, Pan-Am Building, First Insurance Center and Clifford Center.

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