Pacific Office Properties Trust, Inc. issued an operational and financial update for the first quarter of 2011.
Pacific Office Properties Trust, Inc. reported adjusted funds from operations of $0.7 million, or $0.04 per diluted share, in the quarter ending 3/31/2011, compared to adjusted funds from operations of $1.8 million, or $0.10 per diluted share, in the comparable quarter in 2010.
Pacific Office Properties Trust, Inc. recently formed two separate joint ventures with Angelo, Gordon & Co., a private investment company. The first joint venture will become the owner of the City Square Office Towers located in Phoenix, Arizona. The Towers has 722,000 square feet of office space in three separate buildings.
The second joint venture will own the Pacific Business News Building located in Honolulu, Hawaii. This building is 90,000 square feet and is located in the Waikiki district. Pacific Office Properties Trust, Inc. will remain as manager of both properties and handle leasing and other activities.
Pacific Office Properties Trust, Inc. is a real estate investment trust that owns properties in California, Arizona and Hawaii. The company owns 24 office properties with 4.8 million square feet of space.
For more information on the company, go to www.pacificofficeproperties.com