A first-quarter loss widened for the Honolulu-based owner of office buildings in Hawaii, California and Arizona.
Pacific Office Properties Trust Inc. said it lost $2.5 million in the January-March period compared with a $1.6 million loss in the same period last year.
Revenue decreased to $11.3 million from $12.7 million in the same period.
The company announced the financial results in a report filed last week with the Securities and Exchange Commission.
The real estate investment trust, formed by local commercial real estate investor Jay Shidler in 2008, has been weathering a downturn and slow recovery largely by selling buildings in the last two years.
The firm in March said proceeds from selling First Insurance Center on Ward Avenue last year plus other cash on hand should be sufficient to cover expenses this year.
One additional sale that had been expected last month did not go through. Alexander & Baldwin Inc. tentatively agreed to buy Clifford Center downtown for $11.2 million but backed out after a closer examination.
During the quarter, Pacific Office’s portfolio became considerably smaller after two lenders repossessed six properties in California through foreclosure. Pacific Office had owned the properties with partners.
At the end of March, Pacific Office’s portfolio comprised nine properties — five owned through joint ventures and four wholly owned. All four wholly owned properties are in Honolulu: Clifford Center, Waterfront Plaza, Davies Pacific Center and the Pan Am Building.
The company at one time owned 24 office properties.
Pacific Office said its current holdings are 77 percent leased to 504 tenants. The Honolulu properties are 87 percent leased.
Shares of Pacific Office stock rose from 12 cents Wednesday before the financial report was released to 30 cents on Friday but then fell to 15 cents Monday. The shares, which are thinly traded on an over-the-counter exchange, did not trade Thursday.
