Pacific Office Properties Trust, Inc., the Los Angeles-based real estate investment trust affiliated with Honolulu-based Shidler Group, reported funds from operations for the first quarter were $1.73 million, or $0.10 per diluted share.

"We are very pleased with our solid operations in spite of the challenging economic environment," said Dallas Lucas, President and Chief Executive Officer, in a press statement.

"Leasing activity remains steady, which reflects the attractive market positioning of our properties together with our proactive leasing and management approach.

Because the company formed in March 2008 year-over-year comparisons are not available. The company has about 60 percent of its investment property in Honolulu, a market that has one of the lowest vacancy rates in the country.

Pacific Office also reported a first-quarter net loss attributable to stockholders of $1.06 million, or 35 cents per diluted share.

It also reported 85.39 percent of its portfolio was leased at March 31, 2009, an increase from the from 85.19 percent leased at December 31, 2008.