The owner of three major Honolulu office properties limped along last year with a negative bottom line that improved only slightly from the year before.

Pacific Office Properties Trust Inc. recently reported a $13.8 million loss last year, an improvement from a $14 million loss the year before.

The Honolulu-based company said in a financial report filed with the U.S. Securities and Exchange Commission last week that it took in revenue of $45.5 million last year, up from $44.8 million the year before, while the amount of space in its three local properties stayed 85 percent leased on average in both years.

In last year’s fourth quarter, Pacific Office had a $4 million loss on $11.5 million of revenue compared with a $3.9 million loss on $11.1 million of revenue in the same quarter the year before.

Pacific Office owns Waterfront Plaza, Davies Pacific Center and the Pan Am Building. The company also owns a 5 percent stake in an Arizona office property.

At one time Pacific Office owned 24 office properties. It was formed in 2008 to use capital raised through the stock market to build a portfolio of office buildings through acquisitions. The U.S. economic recession that unfolded shortly after the company’s formation disrupted that plan, and Pacific Office was forced to sell properties and lost others to foreclosure.

Shares of Pacific Office stock trade infrequently. The most recent reported sale was at 17 cents on March 15 after publication of earnings. Pacific Office shares in the last 52 weeks have closed between a low of 5 cents on Sept. 7 and a high of 19 cents on Jan. 22.