|   | R | QUARTERLY REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF      1934 |
|--------|---|--------------------------------------------------------------------------------------------------|

|   | £ | TRANSITION REPORT PURSUANT TO      SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF      1934 |
|--------|--------|---------------------------------------------------------------------------------------------------|

| Maryland                                                            | 86-0602478                                |
|---------------------------------------------------------------------|-------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) | (I.R.S.      Employer Identification No.) |

| Large      accelerated filer £ | Accelerated      filer £ | Non-accelerated      filer £(Do      not check if a smaller reporting company) | Smaller      Reporting Company R |
|-------------------------------------|-------------------------------|-------------------------------------------------------------------------------------|----------------------------------|

----

|                                                                                                          |   | Page   |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|--------|
| Explanatory      Note                                                                                         |   |   | 1      |   |
| PART      I – FINANCIAL INFORMATION                                                                     |   |   |   |   |
| Item      1. Financial Statements (unaudited)                                                                 |   |   | 2      |   |
| Item      2. Management’s Discussion and Analysis of Financial Condition and Results      of Operations |   |   | 33     |   |
| Item      4T.  Controls and Procedures                                                              |   |   | 49     |   |
| PART      II – OTHER INFORMATION                                                                        |   |   |   |   |
| Item      6. Exhibits                                                                                         |   |   | 50     |   |
| Certification      of the Chief Executive Officer                                                             |   |   |   |   |
| Certification      of the Chief Financial Officer                                                             |   |   |   |   |
| Certification      of the Chief Executive Officer                                                             |   |   |   |   |
| Certification      of the Chief Financial Officer                                                             |   |   |   |   |

----

| As      of March 31, 2009       |   | As      Previously Reported |   |   | As      Restated |   |
|---------------------------------|--------|-----------------------------|--------|--------|------------------|--------|
| Non-controlling      interests  |   |                        | 65,859 |   |             |   | 140,117 |   |
| Additional      paid in capital |   |                        | 12,439 |   |             |   | - |   |
| Retained      deficit           |   |                        | (8,253 | )      |             |   | (70,072 | ) |

| As      of December 31, 2008    |   | As      Previously Reported |   |   | As      Restated |   |
|---------------------------------|--------|-----------------------------|--------|--------|------------------|--------|
| Non-controlling      interests  |   |                        | 71,878 |   |             |   | 133,250 |   |
| Additional      paid in capital |   |                        | 12,089 |   |             |   | - |   |
| Retained      deficit           |   |                        | (7,044 | )      |             |   | (56,327 | ) |

----

|                                                                                                                                                         |   | March 31, 2009(As Restated) |    |   | December 31, 2008 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|---------|--------|-------------------|--------|
|                                                                                                                                                              |   |                        |    |   |              |   |
| ASSETS                                                                                                                                                            |   |                        |    |   |              |   |
| Investments      in real estate, net (Note 3)                                                                                                                     |   | $                           | 389,576 |   |              | $      | 392,657 |   |
| Cash      and cash equivalents                                                                                                                                    |   |                        | 6,537   |   |              |   | 4,463 |   |
| Restricted      cash                                                                                                                                              |   |                        | 5,266   |   |              |   | 7,267 |   |
| Rents      and other receivables, net (Note 2)                                                                                                                    |   |                        | 5,387   |   |              |   | 6,342 |   |
| Intangible      assets, net (Note 4)                                                                                                                              |   |                        | 38,925  |   |              |   | 41,379 |   |
| Other      assets, net (Note 6 )                                                                                                                                  |   |                        | 5,383   |   |              |   | 4,680 |   |
| Goodwill                                                                                                                                                          |   |                        | 62,019  |   |              |   | 61,519 |   |
| Investment      in unconsolidated joint ventures (Note 5)                                                                                                         |   |                        | 11,149  |   |              |   | 11,590 |   |
| Total      assets                                                                                                                                                 |   | $                           | 524,242 |   |              | $      | 529,897 |   |
| LIABILITIES      AND EQUITY                                                                                                                                       |   |                        |    |   |              |   |   |   |
| Mortgage      and other collateralized loans, net (Note 9)                                                                                                        |   | $                           | 400,080 |   |              | $      | 400,108 |   |
| Unsecured      notes payable to related parties (Note 10)                                                                                                         |   |                        | 23,776  |   |              |   | 23,776 |   |
| Accounts      payable and other liabilities (Note 8)                                                                                                              |   |                        | 18,970  |   |              |   | 17,088 |   |
| Acquired      below market leases, net (Note 4)                                                                                                                   |   |                        | 11,186  |   |              |   | 11,817 |   |
| Total      liabilities                                                                                                                                            |   |                        | 454,012 |   |              |   | 452,789 |   |
| Non-controlling      interests (Note 13)                                                                                                                          |   |                        | 140,117 |   |              |   | 133,250 |   |
| Commitments      and contingencies (Note 12)                                                                                                                      |   |                        |    |   |              |   |   |   |
| Equity:                                                                                                                                                           |   |                        |    |   |              |   |   |   |
| Proportionate      Voting Preferred Stock                                                                                                                         |   |                        | — |   |              |   | — |   |
| Preferred      stock, $0.0001 par value, 100,000,000 shares authorized, no shares issued      and outstanding at March 31, 2009 and at December 31, 2008          |   |                        | — |   |              |   | — |   |
| Common      stock, $0.0001 par value, 200,000,000 shares authorized, 3,031,025 shares      issued and outstanding at March 31, 2009 and at December 31,      2008 |   |                        | 185     |   |              |   | 185 |   |
| Class      B Common stock, $0.0001 par value, 200,000 shares authorized, 100 shares      issued and outstanding at March 31, 2009 and at December 31,      2008   |   |                        | — |   |              |   | — |   |
| Additional      paid-in capital                                                                                                                                   |   |                        | — |   |              |   | — |   |
| Retained      deficit                                                                                                                                             |   |                        | (70,072 | )      |              |   | (56,327 | ) |
| Total      equity                                                                                                                                                 |   |                        | (69,887 | )      |              |   | (56,142 | ) |
| Total      liabilities and equity                                                                                                                                 |   | $                           | 524,242 |   |              | $      | 529,897 |   |

----

|                                                                                           |   | Pacific      OfficePropertiesTrust, Inc.          |      |   |   Total (1)                             |   |    | Pacific      OfficePropertiesTrust, Inc.                              |   |   |   Waterfront                                                 |   |
|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-----------|--------|---------------------------------------------------|--------|---------|-----------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------|--------|
|                                                                                           |   | For      the threemonths      endedMarch 31, 2009 |      |   | For      the threemonths      endedMarch 31, 2008 |   |    | For      the periodfrom      March 20,2008      throughMarch 31, 2008 |   |   | For      the periodfrom      January 1,2008      throughMarch 19, 2008 |   |
| Revenue:                                                                                                      |   |                                              |      |   |                                              |   |    |                                                                  |   |   |                                                                   |   |
| Rental                                                                                                        |   | $                                                 | 10,906    |   |                                              | $      | 4,521   |                                                                  |   | $      | 1,520                                                                  |   |   | $ | 3,001 |   |
| Tenant      reimbursements                                                                                    |   |                                              | 5,722     |   |                                              |   | 2,188   |                                                                  |   |   | 618                                                                    |   |   |   | 1,570 |   |
| Parking                                                                                                       |   |                                              | 2,057     |   |                                              |   | 826     |                                                                  |   |   | 264                                                                    |   |   |   | 562 |   |
| Other                                                                                                         |   |                                              | 85        |   |                                              |   | 70      |                                                                  |   |   | 41                                                                     |   |   |   | 29 |   |
| Total      revenue                                                                                            |   |                                              | 18,770    |   |                                              |   | 7,605   |                                                                  |   |   | 2,443                                                                  |   |   |   | 5,162 |   |
| Operating      Expenses:                                                                                      |   |                                              |      |   |                                              |   |    |                                                                  |   |   |                                                                   |   |   |   |   |   |
| Rental      property operating                                                                                |   |                                              | 9,915     |   |                                              |   | 4,897   |                                                                  |   |   | 1,281                                                                  |   |   |   | 3,616 |   |
| General      and administrative                                                                               |   |                                              | 1,149     |   |                                              |   | 99      |                                                                  |   |   | 69                                                                     |   |   |   | 30 |   |
| Share-based      compensation attributable to the Transactions (Note 15)                                      |   |                                              | —   |   |                                              |   | 16,194  |                                                                  |   |   | 16,194                                                                 |   |   |   | — |   |
| Depreciation      and amortization                                                                            |   |                                              | 6,527     |   |                                              |   | 1,750   |                                                                  |   |   | 923                                                                    |   |   |   | 827 |   |
| Interest                                                                                                      |   |                                              | 6,719     |   |                                              |   | 2,454   |                                                                  |   |   | 902                                                                    |   |   |   | 1,552 |   |
| Other                                                                                                         |   |                                              | —   |   |                                              |   | 143     |                                                                  |   |   | 35                                                                     |   |   |   | 108 |   |
| Total      operating expenses                                                                                 |   |                                              | 24,310    |   |                                              |   | 25,537  |                                                                  |   |   | 19,404                                                                 |   |   |   | 6,133 |   |
| Loss      before equity in net earnings (loss) of unconsolidated joint ventures and      non-operating income |   |                                              | (5,540    | )      |                                              |   | (17,932 | )                                                                     |   |   | (16,961                                                                | )      |   |   | (971 | ) |
| Equity      in net earnings (loss) of unconsolidated joint ventures                                           |   |                                              | 54        |   |                                              |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Non-operating      income                                                                                     |   |                                              | 3         |   |                                              |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Net      loss                                                                                                 |   |                                              | (5,483    | )      |                                              |   | (17,932 | )                                                                     |   |   | (16,961                                                                | )      |   |   | (971 | ) |
| Less:      net loss attributable to non-controlling interests                                                 |   |                                              | 4,427     |   |                                              |   | 13,248  |                                                                  |   |   | 13,741                                                                 |   |   |   | (493 | ) |
| Net      loss attributable to stockholders                                                                    |   | $                                                 | (1,056    | )      |                                              | $      | (4,684  | )                                                                     |   | $      | (3,220                                                                 | )      |   | $ | (1,464 | ) |
| Net      loss per common share — basic and diluted                                                      |   | $                                                 | (0.35     | )      |                                              |   |    |                                                                  |   | $      | (1.06                                                                  | )      |   |   |   |   |
| Weighted      average number of common shares outstanding — basic and      diluted                      |   |                                              | 3,031,125 |   |                                              |   |    |                                                                  |   |   | 3,031,125                                                              |   |   |   |   |   |
| Net      loss attributable to Common Unit                                                                     |   |                                              |      |   |                                              |   |    |                                                                  |   |   |                                                                   |   |   | $ | (0.42 | ) |
| Weighted      average number of Common Units outstanding — basic and    diluted                         |   |                                              |      |   |                                              |   |    |                                                                  |   |   |                                                                   |   |   |   | 3,494,624 |   |

| (1) | Amounts      reflected in the Total column represent the sum of the amounts included      herein as the consolidated results of operations of Waterfront and the      Company (the “Combined Entity”) for the period from January 1, 2008      through March 31, 2008. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                            |   | Pacific OfficePropertiesTrust, Inc.               |    |   |  Total (1)                                                        |   |    | Pacific      OfficePropertiesTrust, Inc.                              |   |   |  Waterfront                                                       |   |
|-------------------------------------------------------------------------------------------|--------|---------------------------------------------------|---------|--------|------------------------------------------------------------------------|--------|---------|-----------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------|--------|
|                                                                       |   | For      the three monthsended      March 31,2009 |    |   | For      the periodfrom      January 1,2008      throughMarch 31, 2008 |   |    | For      the periodfrom      March 20,2008      throughMarch 31, 2008 |   |   | For      the periodfrom      January 1,2008      throughMarch 19, 2008 |   |
| Operating      activities                                                                 |   |                                              |    |   |                                                                   |   |    |                                                                  |   |   |                                                                   |   |
| Net      loss                                                                             |   | $                                                 | (5,483  | )      |                                                                   | $      | (17,932 | )                                                                     |   | $      | (16,961                                                                | )      |   | $ | (971 | ) |
| Adjustments      to reconcile net loss to net cash provided by operating      activities: |   |                                              |    |   |                                                                   |   |    |                                                                  |   |   |                                                                   |   |   |   |   |   |
| Depreciation      and amortization                                                        |   |                                              | 6,527   |   |                                                                   |   | 1,750   |                                                                  |   |   | 923                                                                    |   |   |   | 827 |   |
| Interest      amortization                                                                |   |                                              | 385     |   |                                                                   |   | 30      |                                                                  |   |   | 30                                                                     |   |   |   | — |   |
| Share      based compensation charge attributable to the Transaction                      |   |                                              | — |   |                                                                   |   | 16,194  |                                                                  |   |   | 16,194                                                                 |   |   |   | — |   |
| Other      share based compensation                                                       |   |                                              | 40      |   |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Below      market lease amortization, net                                                 |   |                                              | (631    | )      |                                                                   |   | (155    | )                                                                     |   |   | (108                                                                   | )      |   |   | (47 | ) |
| Equity      in net (loss) earnings of unconsolidated joint ventures                       |   |                                              | (54     | )      |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Net      operating distributions received from unconsolidated joint      ventures         |   |                                              | 60      |   |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Bad      debt expense                                                                     |   |                                              | 632     |   |                                                                   |   | 80      |                                                                  |   |   | —                                                                |   |   |   | 80 |   |
| Other                                                                                     |   |                                              | — |   |                                                                   |   | 368     |                                                                  |   |   | —                                                                |   |   |   | 368 |   |
| Changes      in operating assets and liabilities:                                         |   |                                              |    |   |                                                                   |   |    |                                                                  |   |   |                                                                   |   |   |   |   |   |
| Rents      and other receivables                                                          |   |                                              | 300     |   |                                                                   |   | 351     |                                                                  |   |   | (3                                                                     | )      |   |   | 354 |   |
| Other      assets                                                                         |   |                                              | (741    | )      |                                                                   |   | 413     |                                                                  |   |   | (131                                                                   | )      |   |   | 544 |   |
| Accounts      payable and other liabilities                                               |   |                                              | 1,132   |   |                                                                   |   | (36     | )                                                                     |   |   | 181                                                                    |   |   |   | (217 | ) |
| Net      cash provided by operating activities                                            |   |                                              | 2,167   |   |                                                                   |   | 1,063   |                                                                  |   |   | 125                                                                    |   |   |   | 938 |   |
| Investing      activities                                                                 |   |                                              |    |   |                                                                   |   |    |                                                                  |   |   |                                                                   |   |   |   |   |   |
| Acquisition      and improvement of real estate                                           |   |                                              | (641    | )      |                                                                   |   | (564    | )                                                                     |   |   | (537                                                                   | )      |   |   | (27 | ) |
| Cash      held by properties upon Effective Date                                          |   |                                              | — |   |                                                                   |   | 8,005   |                                                                  |   |   | 8,005                                                                  |   |   |   | — |   |
| Capital      distribution from equity interests                                           |   |                                              | 435     |   |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Increase      in leasing commissions                                                      |   |                                              | (58     | )      |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Deferred      acquisition costs and other                                                 |   |                                              | — |   |                                                                   |   | (4,059  | )                                                                     |   |   | —                                                                |   |   |   | (4,059 | ) |
| Decrease      (increase) in restricted cash                                               |   |                                              | 2,001   |   |                                                                   |   | (1,203  | )                                                                     |   |   | (545                                                                   | )      |   |   | (658 | ) |
| Net      cash provided by (used in) investing activities                                  |   |                                              | 1,737   |   |                                                                   |   | 2,179   |                                                                  |   |   | 6,923                                                                  |   |   |   | (4,744 | ) |
| Financing      activities                                                                 |   |                                              |    |   |                                                                   |   |    |                                                                  |   |   |                                                                   |   |   |   |   |   |
| Proceeds      from issuance of equity securities                                          |   |                                              | — |   |                                                                   |   | 6,350   |                                                                  |   |   | 6,350                                                                  |   |   |   | — |   |
| Scheduled      amortization of mortgage notes payable                                     |   |                                              | (123    | )      |                                                                   |   | (14     | )                                                                     |   |   | (14                                                                    | )      |   |   | — |   |
| Deferred      financing costs                                                             |   |                                              | (8      | )      |                                                                   |   | (752    | )                                                                     |   |   | (752                                                                   | )      |   |   | — |   |
| Equity      offering costs                                                                |   |                                              | (237    | )      |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Security      deposits                                                                    |   |                                              | (27     | )      |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Dividends                                                                                 |   |                                              | (152    | )      |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Distributions      to non-controlling interests                                           |   |                                              | (1,283  | )      |                                                                   |   | — |                                                                  |   |   | —                                                                |   |   |   | — |   |
| Equity      contributions                                                                 |   |                                              | — |   |                                                                   |   | 4,167   |                                                                  |   |   | —                                                                |   |   |   | 4,167 |   |
| Equity      distributions                                                                 |   |                                              | — |   |                                                                   |   | (1,425  | )                                                                     |   |   | —                                                                |   |   |   | (1,425 | ) |
| Net      cash (used in) provided by financing activities                                  |   |                                              | (1,830  | )      |                                                                   |   | 8,326   |                                                                  |   |   | 5,584                                                                  |   |   |   | 2,742 |   |
| Increase      (decrease) in cash and cash equivalents                                     |   |                                              | 2,074   |   |                                                                   |   | 11,568  |                                                                  |   |   | 12,632                                                                 |   |   |   | (1,064 | ) |
| Balance      at beginning of period                                                       |   |                                              | 4,463   |   |                                                                   |   | 2,619   |                                                                  |   |   | 1,555                                                                  |   |   |   | 2,619 |   |
| Balance      at end of period                                                             |   | $                                                 | 6,537   |   |                                                                   | $      | 14,187  |                                                                  |   | $      | 14,187                                                                 |   |   | $ | 1,555 |   |
| Supplemental      cash flow information                                                   |   |                                              |    |   |                                                                   |   |    |                                                                  |   |   |                                                                   |   |   |   |   |   |
| Interest      paid                                                                        |   | $                                                 | 5,862   |   |                                                                   | $      | 2,217   |                                                                  |   | $      | 252                                                                    |   |   | $ | 1,965 |   |
| Supplemental      Disclosure of Non-Cash Investing and Financing Activities               |   |                                              |    |   |                                                                   |   |    |                                                                  |   |   |                                                                   |   |   |   |   |   |
| Assets,      net, acquired on the Effective Date                                          |   | $                                                 | — |   |                                                                   | $      | 484,325 |                                                                  |   | $      | 484,325                                                                |   |   | $ | — |   |
| Liabilities,      net, assumed on the Effective Date                                      |   | $                                                 | — |   |                                                                   | $      | 325,985 |                                                                  |   | $      | 325,985                                                                |   |   | $ | — |   |

| (1) | Amounts      reflected in the Total column represent the sum of the amounts included      herein as the consolidated cash flows of the Combined Entity for the      period from January 1, 2008 through March 31,  2008. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   |           |   |   | PROPERTY  |   |   | EFFECTIVE |   |
|----------------------------------------------|--------|----------------|--------|--------|-----------|--------|--------|-----------|--------|
|                                         |   | NUMBER      OF |   |   | PORTFOLIO |   |   | PORTFOLIO |   |
|                                         |   | PROPERTIES     |   |   | BUILDINGS |   |   | SQ. FT.   |   |   | SQ. FT. |   |
|                                         |   |           |   |   |      |   |   |      |   |   |   |   |
| Wholly-owned      properties                 |   |           | 8      |   |      |   | 11     |      |   |   | 2,265,339 |   |   |   | 2,265,339 |   |
| Unconsolidated      joint venture properties |   |           | 15     |   |      |   | 29     |      |   |   | 2,060,855 |   |   |   | 261,397 |   |
| Total                                        |   |           | 23     |   |      |   | 40     |      |   |   | 4,326,194 |   |   |   | 2,526,736 |   |

----

----

|                                                           |   |            |    |   |                    |   |   |     |   |
|----------------------------------------------------------------|--------|-----------------|---------|--------|-------------------------|--------|--------|----------|--------|
|                                                           |   | Non-Controlling |    |   | Additional      Paid-in |   |   | Retained |   |
|                                                           |   | Interests       |    |   | Capital                 |   |   | Deficit  |   |
| Balance      at March 31, 2009, as previously reported         |   | $               | 65,859  |   |                    | $      | 12,439 |     |   | $ | (8,253 | ) |
| Reinstatement      of cumulative prior rebalancing adjustments |   |            | 3,945   |   |                    |   | (3,945 | )        |   |   | - |   |
| Cumulative      fair value measurement of Common Units         |   |            | 70,313  |   |                    |   | (8,494 | )        |   |   | (61,819 | ) |
| Balances      at March 31, 2009, as restated                   |   |            | 140,117 |   |                    |   | -      |     |   |   | (70,072 | ) |

----

----

----

----

----

----

----

|   | • | the      initial valuation and underlying allocations of purchase price for      investments in real estate; |
|--------|---------|--------------------------------------------------------------------------------------------------------------|

|   | • | the      assessment of recoverability of long-lived  assets; |
|--------|---------|--------------------------------------------------------------|

|   | • | the      valuation of investments in unconsolidated joint  ventures; |
|--------|---------|----------------------------------------------------------------------|

|   | • | the      valuation and recognition of equity instruments issued,      including: |
|--------|---------|----------------------------------------------------------------------------------|

|   | • | the      valuation and recognition of derivative financial instruments;      and |
|--------|---------|----------------------------------------------------------------------------------|

|   | • | the      determination of useful lives of investments in real estate and related      assets. |
|--------|---------|-----------------------------------------------------------------------------------------------|

----

----

----

|                                                         |   | March 31, 2009 |    |   | December 31, 2008 |   |
|--------------------------------------------------------------|--------|----------------|---------|--------|-------------------|--------|
| Land      and land improvements                              |   | $              | 76,054  |   |              | $      | 76,008 |   |
| Building      and building improvements                      |   |           | 308,453 |   |              |   | 308,125 |   |
| Tenant      improvements                                     |   |           | 24,370  |   |              |   | 24,489 |   |
| Furniture,      fixtures and equipment                       |   |           | 1,261   |   |              |   | 1,210 |   |
| Construction      in progress                                |   |           | 4,297   |   |              |   | 4,082 |   |
|     Investments      in real estate      |   |           | 414,435 |   |              |   | 413,914 |   |
| Less:      accumulated depreciation                          |   |           | (24,859 | )      |              |   | (21,257 | ) |
|     Investments      in real estate, net |   | $              | 389,576 |   |              | $      | 392,657 |   |

|                               |   | March 31, 2009 |   |   | December 31, 2008 |   |
|-----------------------------------------|--------|----------------|--------|--------|-------------------|--------|
| Acquired      leasing commissions       |   |           |   |   |              |   |
| Gross      amount                       |   | $              | 8,322  |   |              | $      | 8,316 |   |
| Accumulated      amortization           |   |           | (3,309 | )      |              |   | (2,950 | ) |
| Net      balance                        |   | $              | 5,013  |   |              | $      | 5,366 |   |
| Acquired      leases in place           |   |           |   |   |              |   |   |   |
| Gross      amount                       |   | $              | 17,846 |   |              | $      | 18,109 |   |
| Accumulated      amortization           |   |           | (7,786 | )      |              |   | (6,724 | ) |
| Net      balance                        |   | $              | 10,060 |   |              | $      | 11,385 |   |
| Acquired      tenant relationship costs |   |           |   |   |              |   |   |   |
| Gross      amount                       |   | $              | 19,581 |   |              | $      | 19,588 |   |
| Accumulated      amortization           |   |           | (2,560 | )      |              |   | (1,941 | ) |
| Net      balance                        |   | $              | 17,021 |   |              | $      | 17,647 |   |
| Acquired      other intangibles         |   |           |   |   |              |   |   |   |
| Gross      amount                       |   | $              | 7,844  |   |              | $      | 7,879 |   |
| Accumulated      amortization           |   |           | (1,013 | )      |              |   | (898 | ) |
| Net      balance                        |   | $              | 6,831  |   |              | $      | 6,981 |   |
| Intangible      assets, net             |   | $              | 38,925 |   |              | $      | 41,379 |   |
| Acquired      below market leases       |   |           |   |   |              |   |   |   |
| Gross      amount                       |   | $              | 16,584 |   |              | $      | 16,608 |   |
| Accumulated      amortization           |   |           | (4,469 | )      |              |   | (3,755 | ) |
| Net      balance                        |   |           | 12,115 |   |              |   | 12,853 |   |
| Acquired      above market leases       |   |           |   |   |              |   |   |   |
| Gross      amount                       |   | $              | 2,397  |   |              | $      | 2,449 |   |
| Accumulated      amortization           |   |           | (1,468 | )      |              |   | (1,413 | ) |
| Net      balance                        |   |           | 929    |   |              |   | 1,036 |   |
| Acquired      below market leases, net  |   | $              | 11,186 |   |              | $      | 11,817 |   |

----

|                                  |   | April      1, 2009 ThroughDecember 31,2009 |   |   | 2010   |   |   | 2011   |   |   | 2012  |   |   | 2013 |   |   | Thereafter |   |   | Total  |   |
|---------------------------------------|--------|--------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|-------|--------|--------|------|--------|--------|------------|--------|--------|--------|--------|
| Intangible      amortization          |   | $                                          | 6,427  |   |   | $      | 7,004  |   |   | $      | 5,492 |   |   | $    | 4,455  |   |       | $      | 3,246  |   |   | $ | 12,301 |   |   | $ | 38,925 |   |
| Net      below market lease accretion |   | $                                          | 1,711  |   |   | $      | 1,927  |   |   | $      | 1,540 |   |   | $    | 1,039  |   |       | $      | 601    |   |   | $ | 4,368 |   |   | $ | 11,186 |   |

| Revenues:                          |   |   |   |
|------------------------------------|--------|--------|--------|
| Rental                             |   | $      | 9,309  |   |
| Other                              |   |   | 2,165  |   |
| Total      revenues                |   |   | 11,474 |   |
| Expenses:                          |   |   |   |   |
| Rental      operating expenses     |   |   | 4,765  |   |
| Depreciation      and amortization |   |   | 4,745  |   |
| Interest                           |   |   | 3,938  |   |
| Total      expenses                |   |   | 13,448 |   |
| Net      loss                      |   | $      | (1,974 | ) |

|                               |   | As ofMarch 31, 2009 |    |
|----------------------------------------------|--------|---------------------|---------|
| Investment      in real estate, net          |   | $                   | 332,897 |   |
| Other      assets                            |   |                | 62,042  |   |
| Total      assets                            |   | $                   | 394,939 |   |
| Mortgage      and other collateralized loans |   | $                   | 318,177 |   |
| Other      liabilities                       |   |                | 15,503  |   |
| Total      liabilities                       |   | $                   | 333,680 |   |

----

----

| 6. | Other Assets,      net |
|----|------------------------|

|                                                                                                                                                      |   |                |    |   |                   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|------------------------|--------|
|                                                                                                                                                      |   | March      31, 2009 |    |   | December      31, 2008 |   |
| Deferred      loan fees, net of accumulated amortization of $1.05 million and $0.77      million at March 31, 2009 and December 31, 2008,    respectively |   | $                   | 3,175   |   |                   | $      | 3,447 |   |
| Prepaid      expenses                                                                                                                                     |   |                | 1,971   |   |                   |   | 1,232 |   |
| Equity      offering costs                                                                                                                                |   |                | 237     |   |                   |   | — |   |
| Other                                                                                                                                                     |   |                | — |   |                   |   | 1 |   |
| Total      other assets, net                                                                                                                              |   | $                   | 5,383   |   |                   | $      | 4,680 |   |

|  Year                                                                 |   |        |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|
| April      1, 2009 through December 31, 2009                                                                                                                                                                                                                                                                                                                                                               |   | $      | 27,827  |   |
| 2010                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 33,057  |   |
| 2011                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 27,163  |   |
| 2012                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 20,061  |   |
| 2013                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 9,572   |   |
| 2014                                                                                                                                                                                                                                                                                                                                                                                                       |   |   | 6,470   |   |
| Thereafter                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 15,476  |   |
| Total      future minimum base rental revenue                                                                                                                                                                                                                                                                                                                                                              |   | $      | 139,626 |   |

----

|                                         |   | March      31, 2009 |   |   | December      31, 2008 |   |
|---------------------------------------------------|--------|---------------------|--------|--------|------------------------|--------|
| Accounts      payable                             |   | $                   | 476    |   |                   | $      | 1,276 |   |
| Interest      payable                             |   |                | 1,667  |   |                   |   | 1,353 |   |
| Deferred      revenue                             |   |                | 1,786  |   |                   |   | 1,278 |   |
| Security      deposits                            |   |                | 2,531  |   |                   |   | 2,558 |   |
| Deferred      straight-line ground rent           |   |                | 3,314  |   |                   |   | 2,811 |   |
| Related      party payable (Note 14 )             |   |                | 1,260  |   |                   |   | 1,060 |   |
| Accrued      expenses                             |   |                | 7,355  |   |                   |   | 6,281 |   |
| Asset      retirement obligations                 |   |                | 581    |   |                   |   | 471 |   |
| Total      accounts payable and other liabilities |   | $                   | 18,970 |   |                   | $      | 17,088 |   |

|    PROPERTY                         |   | OUTSTANDINGPRINCIPALBALANCE |    |   | UNAMORTIZEDPREMIUM(DISCOUNT) |   |    |   NET |   |   | INTERESTRATE ATMARCH 31, 2009 |   |   MATURITYDATE              |    AMORTIZATION        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|---------|--------|------------------------------|--------|---------|-----------------|--------|--------|-------------------------------|--------|--------------------------------------------------------------------------------------------------------|--------------------------------------------|
| Clifford      Center                                                                                                                                                       |   | $                           | 3,675   |   |                         | $      | — |            |   | $      | 3,675                         |   |                                                                                                   |                                       | 6.00 | % | 8/15/2011(a) | 132      months |
| Davies      Pacific Center                                                                                                                                                 |   |                        | 95,000  |   |                         |   | (1,026  | )               |   |   | 93,974                        |   |                                                                                                   |                                       | 5.86 | % | 11/11/2016 | Interest      Only |
| First      Insurance Center                                                                                                                                                |   |                        | 38,000  |   |                         |   | (631    | )               |   |   | 37,369                        |   |                                                                                                   |                                       | 5.74 | % | 1/1/2016 | Interest      Only |
| First      Insurance Center                                                                                                                                                |   |                        | 14,000  |   |                         |   | (235    | )               |   |   | 13,765                        |   |                                                                                                   |                                       | 5.40 | % | 1/6/2016 | Interest      Only |
| Pacific      Business News Building                                                                                                                                        |   |                        | 11,760  |   |                         |   | 50      |            |   |   | 11,810                        |   |                                                                                                   |                                       | 6.98 | % | 4/6/2010 | 360      months |
| Pan      Am Building                                                                                                                                                       |   |                        | 60,000  |   |                         |   | (41     | )               |   |   | 59,959                        |   |                                                                                                   |                                       | 6.17 | % | 8/11/2016 | Interest      Only |
| Waterfront      Plaza                                                                                                                                                      |   |                        | 100,000 |   |                         |   | — |            |   |   | 100,000                       |   |                                                                                                   |                                       | 6.37 | % | 9/11/2016 | Interest      Only |
| Waterfront      Plaza                                                                                                                                                      |   |                        | 11,000  |   |                         |   | — |            |   |   | 11,000                        |   |                                                                                                   |                                       | 6.37 | % | 9/11/2016 | Interest      Only |
| City      Square                                                                                                                                                           |   |                        | 27,500  |   |                         |   | (187    | )               |   |   | 27,313                        |   |                                                                                                   |                                       | 5.58 | % | 9/1/2010 | Interest      Only |
| City      Square (b)                                                                                                                                                       |   |                        | 26,612  |   |                         |   | — |            |   |   | 26,612                        |   |                                                                                                   | LIBOR      + 2.35%                         |   | 9/1/2010 | Interest      Only |
| Sorrento      Techonology Center                                                                                                                                           |   |                        | 11,800  |   |                         |   | (197    | )               |   |   | 11,603                        |   |                                                                                                   |                                       | 5.75 | % | 1/11/2016 | Interest      Only |
| Subtotal                                                                                                                                                                   |   | $                           | 399,347 |   |                         | $      | (2,267  | )               |   | $      | 397,080                       |   |                                                                                                   |                                       |   |   |   |   |
| Revolving      line of credit (c)                                                                                                                                          |   |                        | 3,000   |   |                         |   | — |            |   |   | 3,000                         |   |                                                                                                   | Prime      Rate +2.25%or      LIBOR +3.50% |   | 8/25/2010 | Interest      Only |
| Total                                                                                                                                                                      |   | $                           | 402,347 |   |                         | $      | (2,267  | )               |   | $      | 400,080                       |   |                                                                                                   |                                       |   |   |   |   |

| (a) | The      terms of the Clifford Center note payable provide the Company with the      option to extend the maturity date to August 15, 2014 subject to a nominal      fee, which the Company expects toexercise. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | The      City Square note payable with an outstanding balance of $26.61 million at      March 31, 2009 has an additional $1.89 million available to be drawn. In      addition, the Company has an interest rate cap on this loan for the      notional amount of $28.5 million, which effectively limits the LIBOR rate      on this loan to 7.45%. The interest rate cap expires on September 1, 2010,      commensurate with the maturity date of this note  payable. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The      revolving line of credit matures on August 25, 2010, but may be extended      to February 25, 2011, subject to the satisfaction of certain conditions.      At March 31, 2009, the interest rate on the revolving line of credit was      5.50%, based on KeyBank National Association’s Prime Rate plus a spread of      2.25% per annum. The 30-day LIBOR rate at March 31, 2009 was      0.50063%. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| April      1, 2009 through December 31, 2009 |   | $      | 281     |   |
|----------------------------------------------|--------|--------|---------|--------|
| 2010                                         |   |   | 69,040  |   |
| 2011                                         |   |   | 292     |   |
| 2012                                         |   |   | 310     |   |
| 2013                                         |   |   | 329     |   |
| 2014                                         |   |   | 2,294   |   |
| Thereafter                                   |   |   | 329,801 |   |
| Total                                        |   | $      | 402,347 |   |

----

| April      1, 2009 through December 31, 2009 |   | $      | 1,678   |   |
|----------------------------------------------|--------|--------|---------|--------|
| 2010                                         |   |   | 2,430   |   |
| 2011                                         |   |   | 2,440   |   |
| 2012                                         |   |   | 2,451   |   |
| 2013                                         |   |   | 2,463   |   |
| 2014                                         |   |   | 2,474   |   |
| Thereafter                                   |   |   | 215,804 |   |
| Total                                        |   | $      | 229,740 |   |

----

----

----

|                                                           |   |            |    |   |                    |   |   |     |   |
|----------------------------------------------------------------|--------|-----------------|---------|--------|-------------------------|--------|--------|----------|--------|
|                                                           |   | Non-Controlling |    |   | Additional      Paid-in |   |   | Retained |   |
|                                                           |   | Interests       |    |   | Capital                 |   |   | Deficit  |   |
| Balance      at December 31, 2008, as previously reported      |   | $               | 75,823  |   |                    | $      | 8,144  |     |   | $ | (7,044 | ) |
| Reversal      of cumulative prior rebalancing adjustments      |   |            | (3,945  | )      |                    |   | 3,945  |     |   |   | - |   |
| Balances      at December 31, 2008, as previously adjusted     |   |            | 71,878  |   |                    |   | 12,089 |     |   |   | (7,044 | ) |
| Reinstatement      of cumulative prior rebalancing adjustments |   |            | 3,945   |   |                    |   | (3,945 | )        |   |   | - |   |
| Fair      value measurement of Common Units                    |   |            | 57,427  |   |                    |   | (8,144 | )        |   |   | (49,283 | ) |
| Balances      at December 31, 2008, as restated                |   |            | 133,250 |   |                    |   | -      |     |   |   | (56,327 | ) |

----

|                                                    |   |                   |    |   |            |   |    |   |   |
|---------------------------------------------------------|--------|------------------------|---------|--------|-----------------|--------|---------|--------|--------|
|                                                    |   | Pacific      Office    |    |   |            |   |    |   |   |
|                                                    |   | Properties      Trust, |    |   | Non-controlling |   |    |   |   |
|                                                    |   | Inc.                   |    |   | interests       |   |    | Total  |   |
|                                                    |   |                   |    |   |            |   |    |   |   |
| Balance      at December 31, 2008                       |   | $                      | (56,142 | )      |            | $      | 133,250 |   |   | $ | 77,108 |   |
| Net      loss                                           |   |                   | (1,056  | )      |            |   | (4,427  | )      |   |   | (5,483 | ) |
| Stock      compensation                                 |   |                   | 40      |   |            |   | — |   |   |   | 40 |   |
| Basis      adjustment upon consummation of Transactions |   |                   | 309     |   |            |   | (309    | )      |   |   | — |   |
| Fair      value measurement of Common Units             |   |                   | (12,886 | )      |            |   | 12,886  |   |   |   | — |   |
| Dividends      and distributions                        |   |                   | (152    | )      |            |   | (1,283  | )      |   |   | (1,435 | ) |
| Balance      at March 31, 2009                          |   | $                      | (69,887 | )      |            | $      | 140,117 |   |   | $ | 70,230 |   |

|                                                                                      |   | Pacific      Office PropertiesTrust, Inc.           |      |   |  Total                                                              |   |   | Pacific      Office Properties Trust,Inc.                          |   |   | Waterfront                                                               |   |
|------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|-----------|--------|--------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------|--------|
|                                                                                 |   | For      the three months ended March 31, 2009 |      |   | For      the period fromJanuary      1, 2008 through March 31, 2008 |   |   |  For      the period from March 20,2008 through March31, 2008 |   |   | For      the period fromJanuary      1, 2008 through March 19, 2008 |   |
| Net      loss attributable to common share/unit holders - basic and diluted      (1)           |   | $                                                   | (1,056    | )      |                                                                     | $      | (4,684 | )                                                                  |   | $      | (3,220                                                                   | )      |   | $ | (1,464 | ) |
| Weighted      average number of common shares                                                  |   |                                                | 3,031,125 |   |                                                                     |   |   |                                                               |   |   | 3,031,125                                                                |   |   |   |   |   |
| Potentially      dilutive common shares(2)                                                     |   |                                                |      |   |                                                                     |   |   |                                                               |   |   |                                                                     |   |   |   |   |   |
| Restricted      Stock Units (RSU)                                                              |   |                                                | —   |   |                                                                     |   |   |                                                               |   |   | —                                                                  |   |   |   |   |   |
| Weighted      average number of common shares/units outstanding — basic and      diluted |   |                                                | 3,031,125 |   |                                                                     |   |   |                                                               |   |   | 3,031,125                                                                |   |   |   |   |   |
| Net      loss per share — basic and diluted                                              |   | $                                                   | (0.35     | )      |                                                                     |   |   |                                                               |   | $      | (1.06                                                                    | )      |   |   |   |   |
| Weighted      average number of units outstanding — basic and diluted                    |   |                                                |      |   |                                                                     |   |   |                                                               |   |   |                                                                     |   |   |   | 3,494,624 |   |
| Net      loss per unit — basic and diluted(3)                                            |   |                                                |      |   |                                                                     |   |   |                                                               |   |   |                                                                     |   |   | $ | (0.42 | ) |

| (1) | For      the three months ended March 31, 2009 and for the period from March 20,      2008 through March 31, 2008, net loss attributable to common stockholders      includes $0.56 million and $0.07 million of priority allocation to      preferred unit holders, respectively, which is included in non-controlling      interests in the condensed consolidated statements of operations. For the      period from January 1, 2008 through March 19, 2008, net loss attributable      to common stockholders included $0.11 million of priority allocation to      preferred unit holders. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (2) | For      the three months ended March 31, 2009 and for the periods presented the      potentially dilutive effect of 24,240 restricted stock units were not      included in the net loss per share calculation as their effect is      anti-dilutive. There were no securities outstanding at March 31, 2009 or      March 31, 2008 which would, upon conversion, result in dilution of      EPS. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | We      computed net loss per Common Unit for the periods prior to the      Transactions by increasing the historical net loss of Waterfront by the 2%      cumulative distributions payable on the Preferred Units received by the      former owners of Waterfront and dividing that total by the weighted      average number of Common Units received by the former owners of      Waterfront. We did not include the dilution impact of Preferred Units      because the units are contingently convertible and the probability that      the contingency will be satisfied is currently not      determinable. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   | Pacific      OfficeProperties      Trust, Inc.    |   |   | Total                                             |   |    | Pacific      OfficeProperties      Trust, Inc.                         |   |   |  Waterfront                                                        |   |
|--------------------------------------------------------|--------|---------------------------------------------------|--------|--------|---------------------------------------------------|--------|---------|------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------|--------|
|                                    |   | For      the threemonths      endedMarch 31, 2009 |   |   | For      the threemonths      endedMarch 31, 2008 |   |    | For      the period fromMarch      20, 2008through      March 31, 2008 |   |   | For      the period fromJanuary      1, 2008through      March 19, 2008 |   |
| Property      management fees to affiliates of Advisor |   | $                                                 | 836    |   |                                              | $      | 308     |                                                                   |   | $      | 145                                                                     |   |   | $ | 163 |   |
| Leasing      commissions                               |   |                                              | 59     |   |                                              |   | 124     |                                                                   |   |   | 124                                                                     |   |   |   | — |   |
| Corporate      management fees to Advisor              |   |                                              | 187    |   |                                              |   | — |                                                                   |   |   | —                                                                 |   |   |   | — |   |
| Interest                                               |   |                                              | 437    |   |                                              |   | — |                                                                   |   |   | —                                                                 |   |   |   | — |   |
| Construction      management fees and other            |   |                                              | 6      |   |                                              |   | 4       |                                                                   |   |   | 1                                                                       |   |   |   | 3 |   |
| Total                                                  |   | $                                                 | 1,525  |   |                                              | $      | 436     |                                                                   |   | $      | 270                                                                     |   |   | $ | 166 |   |

----

----

|                                                                                                   |   | For the three months ended March 31,      2009 |    |
|--------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                                                   |   | Honolulu                                       |    |   | Western U.S. |   |   | Corporate |   |   | Total |   |
| Revenue:                                                                                               |   |                                           |    |   |   |   |   |   |   |   |   |   |
| Rental                                                                                                 |   | $                                              | 7,596   |   |   | $ | 3,306 |   |   | $ | 4 |   |   | $ | 10,906 |   |
| Tenant      reimbursements                                                                             |   |                                           | 5,435   |   |   |   | 287 |   |   |   | — |   |   |   | 5,722 |   |
| Parking                                                                                                |   |                                           | 1,807   |   |   |   | 250 |   |   |   | — |   |   |   | 2,057 |   |
| Other                                                                                                  |   |                                           | 25      |   |   |   | 10 |   |   |   | 50 |   |   |   | 85 |   |
| Total      revenue                                                                                     |   |                                           | 14,863  |   |   |   | 3,853 |   |   |   | 54 |   |   |   | 18,770 |   |
| Expenses:                                                                                              |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental      property operating                                                                         |   |                                           | 7,865   |   |   |   | 2,050 |   |   |   | — |   |   |   | 9,915 |   |
| General      and administrative                                                                        |   |                                           | — |   |   |   | — |   |   |   | 1,149 |   |   |   | 1,149 |   |
| Depreciation      and amortization                                                                     |   |                                           | 4,598   |   |   |   | 1,929 |   |   |   | — |   |   |   | 6,527 |   |
| Interest                                                                                               |   |                                           | 5,230   |   |   |   | 836 |   |   |   | 653 |   |   |   | 6,719 |   |
| Total      expenses                                                                                    |   |                                           | 17,693  |   |   |   | 4,815 |   |   |   | 1,802 |   |   |   | 24,310 |   |
| Loss      before equity in net earnings of unconsolidated joint ventures and      non-operating income |   | $                                              | (2,830  | ) |   | $ | (962 | ) |   | $ | (1,748 | ) |   | $ | (5,540 | ) |
| Equity      in net earnings of unconsolidated joint ventures                                           |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   | 54 |   |
| Non-operating      income                                                                              |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   | 3 |   |
| Net      loss attributable to non-controlling interests                                                |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   | 4,427 |   |
| Net      loss attributable to stockholders                                                             |   |                                           |    |   |   |   |   |   |   |   |   |   |   | $ | (1,056 | ) |

|                                                                                               |   | For the three months ended March 31,      2008 |    |
|----------------------------------------------------------------------------------------------------|--------|------------------------------------------------|---------|
|                                                                                          |   | Honolulu                                       |    |   | Mainland-Western U.S. |   |   | Corporate |   |   | Total |   |
| Revenue:                                                                                           |   |                                           |    |   |   |   |   |   |   |   |   |   |
| Rental                                                                                             |   | $                                              | 3,965   |   |   | $ | 556 |   |   | $ | — |   |   | $ | 4,521 |   |
| Tenant      reimbursements                                                                         |   |                                           | 2,142   |   |   |   | 46 |   |   |   | — |   |   |   | 2,188 |   |
| Parking                                                                                            |   |                                           | 793     |   |   |   | 33 |   |   |   | — |   |   |   | 826 |   |
| Other                                                                                              |   |                                           | 32      |   |   |   | 38 |   |   |   | — |   |   |   | 70 |   |
| Total      revenue                                                                                 |   |                                           | 6,932   |   |   |   | 673 |   |   |   | — |   |   |   | 7,605 |   |
| Expenses:                                                                                          |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental      property operating                                                                     |   |                                           | 4,631   |   |   |   | 266 |   |   |   | — |   |   |   | 4,897 |   |
| General      and administrative                                                                    |   |                                           | — |   |   |   | 4 |   |   |   | 95 |   |   |   | 99 |   |
| Share-based      compensation expense                                                              |   |                                           | — |   |   |   | — |   |   |   | 16,194 |   |   |   | 16,194 |   |
| Interest                                                                                           |   |                                           | 2,211   |   |   |   | 205 |   |   |   | 38 |   |   |   | 2,454 |   |
| Depreciation      and amortization                                                                 |   |                                           | 1,431   |   |   |   | 319 |   |   |   | — |   |   |   | 1,750 |   |
| Other                                                                                              |   |                                           | 108     |   |   |   | 35 |   |   |   | — |   |   |   | 143 |   |
| Total      expenses                                                                                |   |                                           | 8,381   |   |   |   | 829 |   |   |   | 16,327 |   |   |   | 25,537 |   |
| Loss      before equity in net loss of unconsolidated joint ventures and      non-operating income |   | $                                              | (1,449  | ) |   | $ | (156 | ) |   | $ | (16,327 | ) |   | $ | (17,932 | ) |
| Net      loss attributable to non-controlling interests                                            |   |                                           |    |   |   |   |   |   |   |   |   |   |   |   | 13,248 |   |
| Net      loss attributable to stockholders                                                         |   |                                           |    |   |   |   |   |   |   |   |   |   |   | $ | (4,684 | ) |

----

|                          |   | Honolulu |    |   | Western U.S. |   |    | Corporate |   |   | Total   |   |
|-------------------------------|--------|----------|---------|--------|--------------|--------|---------|-----------|--------|--------|---------|--------|
| As      of March 31, 2009:    |   |     |    |   |         |   |    |      |   |   |    |   |
| Total      assets             |   | $        | 381,833 |   |         | $      | 128,880 |      |   | $      | 13,529  |   |   | $ | 524,242 |   |
| Goodwill                      |   | $        | 40,469  |   |         | $      | 21,550  |      |   | $      | — |   |   | $ | 62,019 |   |
| Capital      expenditures     |   | $        | 479     |   |         | $      | 162     |      |   | $      | — |   |   | $ | 641 |   |
| As      of December 31, 2008: |   |     |    |   |         |   |    |      |   |   |    |   |   |   |   |   |
| Total      assets             |   | $        | 383,966 |   |         | $      | 130,062 |      |   | $      | 15,869  |   |   | $ | 529,897 |   |
| Goodwill                      |   | $        | 40,144  |   |         | $      | 21,375  |      |   | $      | — |   |   | $ | 61,519 |   |
| Capital      expenditures     |   | $        | 7,000   |   |         | $      | 1,514   |      |   | $      | — |   |   | $ | 8,514 |   |
|                          |   |     |    |   |         |   |    |      |   |   |    |   |   |   |   |   |

----

----

|                                       |           |   |      |   |   | RENTABLE     |   |
|--------------------------------------------|----------------|--------|-----------|--------|--------|--------------|--------|
| PROPERTY                                   | MARKET         |   | BUILDINGS |   |   | SQ.      FT. |   |
| Waterfront      Plaza                      | Honolulu       |   |      | 1      |   |         |   | 534,475 |   |
| 500      Ala Moana Boulevard               |           |   |      |   |   |         |   |   |   |
| Davies      Pacific Center                 | Honolulu       |   |      | 1      |   |         |   | 353,224 |   |
| 841      Bishop Street                     |           |   |      |   |   |         |   |   |   |
| Pan      Am Building                       | Honolulu       |   |      | 1      |   |         |   | 209,889 |   |
| 1600      Kapiolani Boulevard              |           |   |      |   |   |         |   |   |   |
| First      Insurance Center                | Honolulu       |   |      | 1      |   |         |   | 202,992 |   |
| 1100      Ward Avenue                      |           |   |      |   |   |         |   |   |   |
| Pacific      Business News Building        | Honolulu       |   |      | 1      |   |         |   | 90,559 |   |
| 1833      Kalakaua Avenue                  |           |   |      |   |   |         |   |   |   |
| Clifford      Center                       | Honolulu       |   |      | 1      |   |         |   | 72,415 |   |
| 810      Richards Street                   |           |   |      |   |   |         |   |   |   |
| City      Square                           | Phoenix        |   |      | 3      |   |         |   | 738,422 |   |
| 3800      North Central Avenue             |           |   |      |   |   |         |   |   |   |
| 3838      North Central Avenue             |           |   |      |   |   |         |   |   |   |
| 4000      North Central Avenue             |           |   |      |   |   |         |   |   |   |
| Sorrento      Technology Center            | San      Diego |   |      | 2      |   |         |   | 63,363 |   |
| 10140      Barnes Canyon Road              |           |   |      |   |   |         |   |   |   |
| 10180      Barnes Canyon Road              |           |   |      |   |   |         |   |   |   |
| Total      — Consolidated Properties |           |   |      | 11     |   |         |   | 2,265,339 |   |

----

|        PROPERTY                         |  MARKET       |   | BUILDINGS |   |   | RENTABLESQ. FT. |   |      | PERCENTAGEOWNERSHIP |   |
|----------------------------------------------------------------------------|--------------------|--------|-----------|--------|--------|-----------------|--------|-----------|---------------------|--------|
|                                                                       |               |   |      |   |   |            |   |      |                |   |
| Seville      Plaza                                                         | San      Diego     |   |      | 3      |   |            |   | 138,576   |                |   |   | 7.50 | % |
| 5469      Kearny  Villa Road                                     |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 5471      Kearny  Villa Road                                     |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 5473      Kearny  Villa Road                                     |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Torrey      Hills  Corporate Center                              | San      Diego     |   |      | 1      |   |            |   | 24,066    |                |   |   | 32.17 | % |
| 11250      El Camino  Real                                       |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Palomar      Heights  Plaza                                      | San      Diego     |   |      | 3      |   |            |   | 45,538    |                |   |   | 32.17 | % |
| 5860      Owens  Avenue  (Building A)                  |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 5876      Owens  Avenue  (Building B)                  |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 5868      Owens  Avenue  (Building C)                  |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Palomar      Heights  Corporate Center                           | San      Diego     |   |      | 1      |   |            |   | 64,812    |                |   |   | 32.17 | % |
| 5857      Owens  Avenue  (Corporate  Center) |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Scripps      Ranch  Business Park                                | San      Diego     |   |      | 2      |   |            |   | 47,248    |                |   |   | 32.17 | % |
| 9775      Business  Park Avenue                                  |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 10021      Willow  Creek Road                                    |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Black      Canyon  Corporate Center                              | Phoenix            |   |      | 1      |   |            |   | 218,694   |                |   |   | 17.50 | % |
| 16404      N. Black  Canyon Highway                              |               |   |      |   |   |            |   |      |                |   |   |   |   |
| U.S.      Bank Center                                                      | Phoenix            |   |      | 2      |   |            |   | 372,676   |                |   |   | 7.50 | % |
| 101      N. First  Avenue                                        |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 21      West Van  Buren Street                                   |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Bank      of Hawaii  Waikiki Center                              | Honolulu           |   |      | 1      |   |            |   | 152,288   |                |   |   | 17.50 | % |
| 2155      Kalakaua  Avenue                                       |               |   |      |   |   |            |   |      |                |   |   |   |   |
| South      Coast  Executive Center                               | Orange      County |   |      | 1      |   |            |   | 61,025    |                |   |   | 10.00 | % |
| 1503      South  Coast Drive                                     |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Via      Frontera  Business Park                                 | San      Diego     |   |      | 2      |   |            |   | 78,819    |                |   |   | 10.00 | % |
| 10965      Via  Frontera Drive                                   |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 10993      Via  Frontera Drive                                   |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Poway      Flex                                                            | San      Diego     |   |      | 1      |   |            |   | 112,000   |                |   |   | 10.00 | % |
| 13550      Stowe  Drive (Poway)                                  |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Carlsbad      Corporate  Center                                  | San      Diego     |   |      | 1      |   |            |   | 121,528   |                |   |   | 10.00 | % |
| 1950      Camino  Vida Roble                                     |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Savi      Tech Center                                                      | Orange      County |   |      | 4      |   |            |   | 372,327   |                |   |   | 10.00 | % |
| Savi      Tech  -22705 Savi  Ranch Parkway             |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Savi      Tech  -22715 Savi  Ranch Parkway             |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Savi      Tech  -22725 Savi  Ranch Parkway             |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Savi      Tech  -22745 Savi  Ranch Parkway             |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Yorba      Linda  Business Park                                  | Orange      County |   |      | 5      |   |            |   | 166,042   |                |   |   | 10.00 | % |
| 22343      La Palma  Avenue                                      |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 22345      La Palma  Avenue                                      |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 22347      La Palma  Avenue                                      |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 22349      La Palma  Avenue                                      |               |   |      |   |   |            |   |      |                |   |   |   |   |
| 22833      La Palma  Avenue                                      |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Gateway      Corporate  Center                                   | San      Gabriel   |   |      | 1      |   |            |   | 85,216    |                |   |   | 10.00 | % |
| 1370      Valley  Vista Drive                                    |               |   |      |   |   |            |   |      |                |   |   |   |   |
| Total      — Joint  Venture Properties                     |               |   |      | 29     |   |            |   | 2,060,855 |                |   |   |   |   |
| PORTFOLIO  TOTALS:                                               |               |   |      | 40     |   |            |   | 4,326,194 |                |   |   |   |   |

----

----

----

----

----

----

----

----

|                                          |   |   |    |   |     |                                             |     |      | BALANCE       |   |   |        |   |
|-----------------------------------------------|--------|--------|---------|--------|----------|--------------------------------------------------|----------|-----------|---------------|--------|--------|-------------|--------|
|                                          |   |   |    |   |     |                                             |     |      | DUE AT        |   |   |        |   |
|                                          |   |   |    |   | INTEREST |                                             | MATURITY |      | MATURITY      |   |   | PREPAYMENT/ |   |
| PROPERTY                                      |   | AMOUNT |    |   | RATE     |                                             | DATE     |      | DATE          |   |   | DEFEASANCE  |   |
| Clifford      Center (1)                      |   |   | 3,675   |   |     |                                             | 6.00     | %         | 8/15/2011     |   |   | 3,032       |   |   |   | (2 | ) |
| Davies      Pacific Center                    |   |   | 95,000  |   |     |                                             | 5.86     | %         | 11/11/2016    |   |   | 95,000      |   |   |   | (3 | ) |
| First      Insurance Center                   |   |   | 38,000  |   |     |                                             | 5.74     | %         | 1/1/2016      |   |   | 38,000      |   |   |   | (4 | ) |
| First      Insurance Center                   |   |   | 14,000  |   |     |                                             | 5.40     | %         | 1/6/2016      |   |   | 14,000      |   |   |   | (5 | ) |
| Pacific      Business News Building (6)       |   |   | 11,760  |   |     |                                             | 6.98     | %         | 4/6/2010      |   |   | 11,613      |   |   |   | (7 | ) |
| Pan      Am Building                          |   |   | 60,000  |   |     |                                             | 6.17     | %         | 8/11/2016     |   |   | 60,000      |   |   |   | (8 | ) |
| Waterfront      Plaza                         |   |   | 100,000 |   |     |                                             | 6.37     | %         | 9/11/2016     |   |   | 100,000     |   |   |   | (9 | ) |
| Waterfront      Plaza                         |   |   | 11,000  |   |     |                                             | 6.37     | %         | 9/11/2016     |   |   | 11,000      |   |   |   | (10 | ) |
| City      Square                              |   |   | 27,500  |   |     |                                             | 5.58     | %         | 9/1/2010      |   |   | 27,500      |   |   |   | (11 | ) |
| City      Square (12)                         |   |   | 26,612  |   |     | LIBOR + 2.35%                                    |     | 9/1/2010  |          |   | 26,612 |        |   |   | (13 | ) |
| Sorrento      Technology Center (14)          |   |   | 11,800  |   |     |                                             | 5.75     | %(15)     | 1/11/2016(15) |   |   | 11,800      |   |   |   | (16 | ) |
| Subtotal                                      |   | $      | 399,347 |   |     |                                             |     |      |          |   |   |        |   |   |   |   |   |
| Revolving      line of credit       (17) |   |   | 3,000   |   |     | Prime      Rate +2.25% or      LIBOR +3.50% |     | 8/25/2010 |          |   | 3,000  |        |   |   |   |   |
| Outstanding      principal balance            |   | $      | 402,347 |   |     |                                             |     |      |          |   |   |        |   |   |   |   |   |
| Less:      Unamortized discount, net          |   |   | (2,267  | )      |     |                                             |     |      |          |   |   |        |   |   |   |   |   |
| Net                                           |   | $      | 400,080 |   |     |                                             |     |      |          |   |   |        |   |   |   |   |   |

| (1) | Requires      monthly principal and interest payments of $39.8. The initial maturity      date is August 15, 2011. We have the option to extend the maturity date to      August, 15, 2014 for a nominal fee. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Loan      is prepayable, subject to prepayment premium equal to greater of 2% of      amount prepaid or yieldmaintenance. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (3) | Loan      is prepayable, after second anniversary of its securitization, subject to      prepayment premium equal to greater of (a) 1% of amount prepaid or (b)      yield maintenance. No premium due after August 11,  2016. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Loan      is prepayable subject to a prepayment premium in an amount equal to the      greater of 3% of outstanding principal amount or yield maintenance. No      premium due after October 1, 2015. Loan may also be defeased after earlier      of December 2008 or two years after the “start-up date” of the loan, if      securitized. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Loan      is not prepayable until October 6, 2015; however, loan may be defeased      after earlier of August 2009 and two years after the “start-up date” of      the loan, if securitized. No premium is due upon    prepayment. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Requires      monthly principal and interest payments of$81. |
|-----|--------------------------------------------------------------|

| (7) | Loan      may not be prepaid until February 6, 2010. No premium is due upon      prepayment. Loan may be defeased after the earlier of September 2008 or      two years after the “start-up date” of the loan, if      securitized. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Loan      may be prepaid following second anniversary of its securitization subject      to a prepayment premium equal to greater of 1% of principal balance of      loan or yield maintenance. No premium is due after May 11,      2016. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Loan      may be prepaid subject to payment of a yield maintenance-based prepayment      premium; no premium is due after June 11, 2016. Loan may also be defeased      after the date that is two years from the “start-up date” of the loan, if      securitized. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Loan      may be prepaid subject to payment of a yield maintenance-based prepayment      premium; no premium is due after June 11,2016. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------|

----

| (11) | Loan      may not be prepaid until June 1, 2010. Loan may be defeased at any      time. |
|------|-----------------------------------------------------------------------------------------|

| (12) | Maximum      loan amount to be advanced is $28.5 million. In addition, the Company has      an interest rate cap on this loan for the notional amount of $28.5      million, which effectively limits the LIBOR rate on this loan to 7.45%.      The interest rate cap expires on September 1, 2010, commensurate with the      maturity date of this note payable. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Loan      may be prepaid subject to payment of a fee in amount of    $142. |
|------|----------------------------------------------------------------------------|

| (14) | From      and after January 11, 2010, requires monthly principal and interest      payments in the amount of $69. |
|------|-------------------------------------------------------------------------------------------------------------------|

| (15) | Although      the maturity date is January 11, 2036, January 11, 2016 is the anticipated      repayment date because the interest rate adjusts as of January 11, 2016 to      greater of 7.75% or treasury rate plus 70 basis points, plus      2.0%. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (16) | No      prepayment is permitted prior to October 11, 2016. Loan may be defeased      after the earlier of December 15, 2009 or second anniversary of the      “start-up date” of the loan, ifsecuritized. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (17) | The      revolving line of credit matures on August 15, 2010, but may be extended      to February 25, 2011, subject to the satisfaction of certain conditions,      including the compliance of debt covenants and payment of a fee. At      December 31, 2008, the interest rate on the revolving line of credit was      5.50% per annum, based on KeyBank National Association’s Prime Rate plus a      spread of 2.25% per annum. The 30-day LIBOR rate at March 31, 2009 was      0.50063%. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

| Exhibit No. |   |  Description                                                                                                                                            |
|-------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|        | 3.1    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Amended      and Restated Articles of Incorporation of the Company (previously filed as      Exhibit 3.1 to the Company’s Current Report on Form 8-K filed March 25,      2008 (File No. 000-53143) (the “March 25, 2008 Form 8-K”) and incorporated      herein by reference). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 3.2    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Amended      and Restated Bylaws (previously filed as Exhibit 3.2 to the March 25, 2008      Form 8-K and incorporated herein by reference). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 3.3    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Articles      Supplementary of Board of Directors Classifying and Designating a Series      of Preferred Stock as Proportionate Voting Preferred Stock (“Articles      Supplementary”)(previously filed as Exhibit 3.3 to the March 25, 2008 Form      8-K and incorporated herein by reference). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 3.4    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Articles      of Amendment to Articles Supplementary (previously filed as Exhibit 3.1 to      the Company’s Current Report on Form 8-K filed March 10, 2009 (File No.      001-09900) and incorporated herein by reference). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 10.1   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Amended      and Restated Advisory Agreement dated as of March 3, 2009, by and among      the Company, Pacific Office Properties, L.P., and Pacific Office      Management, Inc. (previously filed as Exhibit 10.1 to the Company’s      Current Report on Form 8-K filed March 9, 2009 (File No. 001-09900) and      incorporated herein by reference). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 31.1   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certification      of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002. (Filed herewith.) |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 31.2   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certification      of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley      Act of 2002. (Filed herewith.) |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 32.1   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certification      of Chief Executive Officer pursuant to 18 U.S.C. § 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed      herewith). |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|        | 32.2   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Certification      of Chief Financial Officer pursuant to 18 U.S.C. § 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed      herewith.) |

----

|                         | PACIFIC OFFICE PROPERTIES      TRUST, INC. |                         |
|------------------------------|--------------------------------------------|------------------------------|
|                         |                                       |                         |   |
| Date:      December 14, 2009 | By:                                        | /s/ Jay      H. Shidler |   |
|                         |                                       | Jay      H. Shidler          |   |
|                         |                                       | Chief      Executive Officer |   |
|                         |                                       |                         |   |

|   |   |                           |
|--------|--------|--------------------------------|
|   |   |                           |   |
|   | By:    | /s/ Lawrence      J. Taff |   |
|   |   | Lawrence      J. Taff          |   |
|   |   | Chief      Financial Officer   |   |
|   |   |                           |   |