Honolulu office building owner Pacific Office Properties Trust Inc. lightened its real estate portfolio earlier this month after suffering a $14 million loss last year that was little changed from the year before.

Pacific Office issued its annual financial report Thursday, claiming a $14 million loss last year that was a slight improvement from a $14.3 million loss in 2015.

The company said it received $1.9 million for a minority stake in a Waikiki building that was sold earlier this month. These proceeds will help Pacific Office’s finances this year, though the company still faces significant challenges to stop a negative slide from a peak several years ago when it owned 24 office properties in Hawaii and on the mainland.

Today Pacific Office owns three buildings in Honolulu: the Pan Am Building, Waterfront Plaza and Davies Pacific Center. These properties were about 85 percent leased at the end of last year, down from 88 percent a year earlier.

Pacific Office also owns a 5 percent stake in a Phoenix building.

The recent sale, completed March 7, involved a 5 percent stake in a building at 1833 Kalakaua Ave. across from the Ala Wai Canal.

Local real estate investor Jay Shidler formed Pacific Office in 2008 as a company with publicly traded stock by contributing several buildings he owned. That timing, however, coincided with the U.S. economic recession, and the firm wasn’t able to execute its plan to use public capital to acquire many more buildings. Instead, Pacific Office ended up selling or losing most of its properties to foreclosure as it dealt with financial losses.

Last year, in an effort to stave off further trouble, Pacific Office arranged a $280 million loan from an affiliate of the Japanese firm that owns Oahu’s three Don Quijote retail stores. Proceeds were used to pay off $266 million in mortgage debt on the three Honolulu buildings that would have matured before the end of last year. Shidler also loaned Pacific Office $3 million in September.

As part of the loan deal with Don Quijote (USA) Co. Ltd., Don Quijote agreed to buy the Pan Am Building at 1600 Kapiolani Blvd. for $78.5 million in 2018. The Don Quijote loan matures in August 2019.

At the end of last year, Pacific Office carried $332 million of debt, $1.4 million in unrestricted cash and $14.1 million in cash restricted for uses including reserves for leasing, taxes and insurance.

Shares of Pacific Office stock, which are lightly traded, most recently traded at 12 cents Wednesday. Share prices over the past 52 weeks have ranged between a high of $1.65 March 30 and a low of 5 cents Feb. 23.