Pacific Office Properties Trust Inc., a publicly traded office real estate investment trust with most of its portfolio in Honolulu, yesterday reported a net loss of $1.16 million, or 38 cents per diluted share, for the three months ended Dec. 31.

The report marked Pacific Office's third complete fiscal quarter since the Los Angeles-based company was formed by Honolulu-based Shidler Group last March, so there were no performance comparisons to a year earlier.

In one important measure of company performance, Pacific Office said it had "funds from operations" of $1.33 million, or 8 cents per share.

Funds from operations exclude such things as gains or losses from property sales, higher or lower real estate values and tenant allowances. The measure is regarded by the industry as a better reflection of the health of real estate investment trusts than net income.