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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.
