San Diego Business Journal

Stock Exchange Puts Office REIT on Notice

Tuesday, April 26, 2011

San Diego-based Pacific Office Properties Trust Inc., a real estate investment trust, announced April 25 that it has received notice from the New York Stock Exchange Amex that it is not in compliance with the stock exchange’s continued listing standards.

The company, also known as a REIT, said in a statement that it received notice because it had total equity of less than $2 million and losses in two out of its three most recent fiscal years. It also reported total equity of less than $4 million and losses in three out of its four most recent fiscal years.

The notification has had no current effect on the listing of the company’s shares of common stock on the exchange. Pacific Office Properties intends to submit a compliance plan to the exchange by May 19 and establish compliance by Oct. 19, 2012, the statement said.

Subject to the exchange’s acceptance of the company plan, the REIT expects its common stock shares will remain listed during the plan period, though there is no assurance that the plan will be accepted.

Pacific Office Properties, with headquarters in the Sorrento Mesa area, owns interests in 45 office buildings, primarily in Hawaii and California.

— Lou Hirsh