Pacific Office Properties Trust Inc., owner of several office buildings in Honolulu, suffered a $24.1 million financial loss last year which represented a 74 percent increase over a $13.9 million loss the year before.

The Honolulu-based firm with publicly traded stock reported its financial results Thursday in a report to the Securities and Exchange Commission.

Pacific Office has struggled for several years with a lackluster office market and unfortunate timing of being created as a publicly traded real estate investment trust in 2008 as economic and real estate market downturns were unfolding.

Last year the company had a smaller loss, in part due to selling the First Insurance Center on Ward Avenue. That sale, along with a gain from eliminating some debt, generated an $8.4 million benefit to the company last year.

This year, however, the First Insurance Center sale produced an $8.7 million tax-related expense.

Tenant occupancy in the company’s portfolio of 10 office properties was 77 percent.

Of the 10 properties, four are wholly owned by Pacific Office and are 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.

At one time the company owned 24 office properties, but several buildings have been sold or lost to foreclosure over the last few years.

Pacific Office has said it might consider a sale, merger or other business combination or recapitalization to help improve its financial condition, though the company also noted that it had $15.4 million in unrestricted cash and cash equivalents on hand at the end of last year.

In January, Pacific Office said it reached an agreement to sell the Clifford Center in downtown Honolulu to Colorado-based Broadmoor Capital Corp. for $10.1 million, though the sale fell through last month.

Shares of Pacific Office stock most recently closed at 20 cents on Tuesday. Since the beginning of this year, shares have closed between 16.5 cents and 31.5 cents.