Pacific Office Properties Trust Inc. which acquires and operates West Coast office buildings, reported a loss in its fourth quarter.
Late Thursday, the Los Angeles real estate investment trust reported a net loss of $1.16 million (38 cents per share). Pacific Office was formed when investors bought a shell company, which then acquired the Shidler Group’s Western U.S. office building portfolio in March, 2008, so year-ago figures do not exist.
The company also reported funds from operations $1.33 million (8 cents).
FFO, which adds items such as amortization and depreciation back to net income, is a closely watched metric for REITS because it provides a more accurate picture of cash performance.
Leasing activity increased to 85 percent, compared with 84 percent in the third quarter. 156,125 square feet of new and renewed leases were signed during the quarter, compared with 117,000 square feet in the third quarter.
“We are very pleased to have improved our occupancy rate this quarter despite such a challenging economic environment,” said Chief Executive Dallas E. Lucas in a statement. “Our performance is attributable to the focused execution of our management team and the attractive positioning of our properties in some of the best performing office markets in the United States.
The company said Feb. 6 that it filed with the Securities and Exchange Commission to sell up to $350 million in shares of preferred Class B common stock in order to take advantage of buying opportunities of currently depressed commercial properties.
Pacific Office Properties shares closed down 39 cents, or 8 percent, to $4.60 on the NYSE Alternext.
