The portfolio of Honolulu-based office building owner Pacific Office Properties Trust Inc. is now one-quarter what it once was, after the sale of four properties in recent months.
Pacific Office noted the sales in its annual report filed Friday with the U.S. Securities and Exchange Commission.
The company also reported a smaller net loss of $17.4 million in 2014 compared with a $24.1 million loss the year before.
Pacific Office, which at one time owned 24 properties, has been selling buildings in recent years to survive and now owns only six properties.
Among the latest sales was Clifford Center in downtown Honolulu, which local real estate firm U. Yamane Ltd. bought for $8.9 million.
The Clifford Center sale was completed in January, so proceeds didn’t factor into Pacific Office’s 2014 financial performance.
The other three recent sales were in San Diego. These office properties sold in November were part of a joint venture in which Pacific Office had a 32 percent stake. Part of the sale proceeds repaid a loan Pacific Office had made to the joint venture, though Pacific Office took a $900,000 noncash charge to write off the value of its investment.
The main reason Pacific Office narrowed its loss last year was the absence of a big tax-related expense that it had in 2013: an $8.7 million payment triggered by the sale of the First Insurance Center building on Ward Avenue in 2012.
Pacific Office revenue last year was $44.1 million, up from $43.7 million the year before.
Office tenant occupancy in the company’s portfolio was 85 percent last year.
Pacific Office was formed in 2008 by local real estate investor Jay Shidler as a firm with publicly traded stock and an ambitious growth plan. However, the company sold or lost most of its buildings to foreclosure in recent years in the wake of the recession.
Of Pacific Office’s six remaining properties, three are in Honolulu and wholly owned: Waterfront Plaza, Davies Pacific Center and the Pan Am Building.
Three other properties are owned through joint ventures in which Pacific Office has a 5 percent stake. These buildings include one in Honolulu at 1833 Kalakaua Ave., one in Los Angeles and one in Phoenix.
Shares of Pacific Office stock do not trade regularly. The last time a significant number of shares traded was March 5 for 16 cents. Over the last 52 weeks, the company’s stock price has closed between a high of 37 cents in March 2014 and a low of 7 cents in January.
