comscore Loss for Pacific Office Properties rises to $3.7M | Honolulu Star-Advertiser

Loss for Pacific Office Properties rises to $3.7M

Honolulu Star-Advertiser logo
Unlimited access to premium stories for as low as $12.95 /mo.
Get It Now

Revenue was flat but a net loss widened in the first quarter for Pacific Office Properties Trust Inc., owner of several Hono­lulu office buildings.

The Honolulu-based firm lost $3.7 million in the first three months of the year, up from a $2.5 million loss in the same period last year on revenue of $11.3 million for both periods, according to a report filed Friday with the Securities and Exchange Commission.

The higher loss was primarily related to Pacific Office selling the Bank of Hawaii Wai­kiki Center in February 2013. The Wai­kiki building, which Pacific Office owned in a joint venture, produced income for Pacific Office last year.

Pacific Office owns 10 office properties, of which four are wholly owned and in Hono­lulu: Waterfront Plaza, Davies Pacific Center, the Pan Am Building and Clifford Center.

Six other properties are owned through joint ventures and are mainly in Cali­for­nia, along with one property in Arizona and one in Hono­lulu at 1833 Kala­kaua Ave.

Pacific Office said tenant occupancy throughout all 10 properties was 78 percent in the first quarter and 87 percent for its Hono­lulu portfolio.

Shares of Pacific Office stock, which trade infrequently on an over-the-counter market, most recently closed at 17 cents on May 2. Since the beginning of this year, shares have closed between 16.5 cents in February and 37 cents in March.

Comments have been disabled for this story...

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature

Scroll Up