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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED STATES</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, D.C. 20549</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM 8-K</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to Section 13 or 15(d) of</font></div>
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Securities Exchange Act of 1934</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported): September 25, 2009</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">PACIFIC OFFICE PROPERTIES TRUST, INC.</font></div></td></tr><tr>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Exact name of registrant as specified in its charter)</font></div></td></tr></table></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">File Number)</font></div></td>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification No.)</font></div></td></tr></table></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">233 Wilshire Blvd.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 4.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Changes in Registrant&#8217;s Certifying Accountant.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Audit Committee of the Board of Directors (the &#8220;Audit Committee&#8221;) of Pacific Office Properties Trust, Inc. (the &#8220;Company&#8221;) approved the dismissal of PricewaterhouseCoopers LLP (&#8220;PWC&#8221;) as the Company&#8217;s independent registered public
accounting firm and informed PWC of such dismissal on September 25, 2009, effective as of that date.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PWC&#8217;s audit report on the Company&#8217;s consolidated financial statements as of and for the year ended December 31, 2008 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.&#160;&#160;PWC was not engaged as the Company&#8217;s independent
registered public accounting firm, and accordingly did not issue an audit report on the Company&#8217;s consolidated financial statements, as of and for the year ended December 31, 2007.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the fiscal year ended December 31, 2008, and in the subsequent interim period through<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>September 25, 2009, there were no disagreements with PWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures which, if not
resolved to the satisfaction of PWC, would have caused PWC to make reference thereto in its reports on the Company&#8217;s financial statements covering such periods.&#160;&#160;During such period, there were no &#8220;reportable events&#8221; as that term is defined in Item 304(a)(1)(v) of Regulation S-K, except as described below.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subsequent to the filing of its financial statements on Form 10-Q for the quarter ended June 30, 2008, but prior to filing its financial statements on Form 10-Q for the quarter ended September 30, 2008, the Company identified an operating deficiency in a control relating to the allocation of loss at Pacific Office Properties, L.P., a Delaware
limited partnership of which the Company is the sole general partner (the &#8220;Partnership&#8221;), between the preferred and common unit holders during the quarter ended June&#160;30, 2008.&#160;&#160;Although the Company had implemented a control that was designed to address the proper recording of this allocation, the control did not operate as designed in the second quarter of 2008 and, as a result, the Company did not properly consider the preference allocation to the preferred unit holders prior to allocating
the remaining loss between the general and limited partners of the Partnership, which is required under the partnership agreement.&#160;&#160;During the quarter ended September&#160;30, 2008, the Company remediated the control deficiency by instituting an additional procedure to monitor the operation of the control to ensure that the allocation of loss between the preferred and common unit holders was performed correctly.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As part of the financial statement close process for the year ended December&#160;31, 2008, the Company determined that it would restate its unaudited consolidated financial statements as of and for the quarterly period ended June&#160;30, 2008 to correct the allocation of loss at the Partnership between the preferred and common unit holders.
The Company determined that net loss was overstated by $0.584&#160;million, net loss per share was overstated by $0.20 per share, the minority interest allocation was understated by $0.584 million, minority interest was overstated by $0.162&#160;million and common shareholders&#8217; equity was understated by $0.162&#160;million. Because of the restatement, management determined that the control deficiency constituted a material weakness in internal control over financial reporting as of June&#160;30, 2008.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Audit Committee discussed the material weakness described above with PWC, and the Company has authorized PWC to respond fully to the inquiries of the successor auditor concerning the material weakness described above.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company has provided PWC with a copy of the disclosures it is making in this Current Report on Form 8-K (the &#8220;Report&#8221;) prior to the time the Report was filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;).&#160;&#160;The Company requested that PWC furnish a letter addressed to the SEC stating whether it
agrees with the statements made herein.&#160;&#160;A copy of PWC&#8217;s letter dated September 25, 2009, is attached as Exhibit 16.1 to this Report.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Effective as of September 30, 2009, Ernst &amp; Young LLP (&#8220;Ernst &amp; Young&#8221;) was engaged as the Company&#8217;s independent registered public accounting firm for the year ending December 31, 2009.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the Company&#8217;s two most recent fiscal years, and in the subsequent interim period through September 30, 2009, neither the Company nor anyone acting on its behalf has consulted with Ernst &amp; Young with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Company&#8217;s consolidated financial statements, or any other matter or reportable event as defined in Item 304(a)(1)(v) of Regulation S-K.</font></div>
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<div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Exhibits.&#160;&#160;The following exhibit is filed herewith:</font></div></td></tr></table></div>
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<td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Lawrence J. Taff</font></td>
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form8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 2009
PACIFIC OFFICE PROPERTIES TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland
001-9900
86-0602478
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
233 Wilshire Blvd.
Suite 830
Santa Monica, California
90401
(Address of principal executive offices)
(Zip Code)
(310) 395-2083
(
Registrant's telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.01.                      Changes in Registrant's Certifying Accountant.
(a)           The Audit Committee of the Board of Directors (the "Audit Committee") of Pacific Office Properties Trust, Inc. (the "Company") approved the dismissal of PricewaterhouseCoopers LLP ("PWC") as the Company's independent registered public
accounting firm and informed PWC of such dismissal on September 25, 2009, effective as of that date.
PWC's audit report on the Company's consolidated financial statements as of and for the year ended December 31, 2008 did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.  PWC was not engaged as the Company's independent
registered public accounting firm, and accordingly did not issue an audit report on the Company's consolidated financial statements, as of and for the year ended December 31, 2007.
During the fiscal year ended December 31, 2008, and in the subsequent interim period through
September 25, 2009, there were no disagreements with PWC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures which, if not
resolved to the satisfaction of PWC, would have caused PWC to make reference thereto in its reports on the Company's financial statements covering such periods.  During such period, there were no "reportable events" as that term is defined in Item 304(a)(1)(v) of Regulation S-K, except as described below.
Subsequent to the filing of its financial statements on Form 10-Q for the quarter ended June 30, 2008, but prior to filing its financial statements on Form 10-Q for the quarter ended September 30, 2008, the Company identified an operating deficiency in a control relating to the allocation of loss at Pacific Office Properties, L.P., a Delaware
limited partnership of which the Company is the sole general partner (the "Partnership"), between the preferred and common unit holders during the quarter ended June 30, 2008.  Although the Company had implemented a control that was designed to address the proper recording of this allocation, the control did not operate as designed in the second quarter of 2008 and, as a result, the Company did not properly consider the preference allocation to the preferred unit holders prior to allocating
the remaining loss between the general and limited partners of the Partnership, which is required under the partnership agreement.  During the quarter ended September 30, 2008, the Company remediated the control deficiency by instituting an additional procedure to monitor the operation of the control to ensure that the allocation of loss between the preferred and common unit holders was performed correctly.
As part of the financial statement close process for the year ended December 31, 2008, the Company determined that it would restate its unaudited consolidated financial statements as of and for the quarterly period ended June 30, 2008 to correct the allocation of loss at the Partnership between the preferred and common unit holders.
The Company determined that net loss was overstated by $0.584 million, net loss per share was overstated by $0.20 per share, the minority interest allocation was understated by $0.584 million, minority interest was overstated by $0.162 million and common shareholders' equity was understated by $0.162 million. Because of the restatement, management determined that the control deficiency constituted a material weakness in internal control over financial reporting as of June 30, 2008.
The Audit Committee discussed the material weakness described above with PWC, and the Company has authorized PWC to respond fully to the inquiries of the successor auditor concerning the material weakness described above.
The Company has provided PWC with a copy of the disclosures it is making in this Current Report on Form 8-K (the "Report") prior to the time the Report was filed with the Securities and Exchange Commission (the "SEC").  The Company requested that PWC furnish a letter addressed to the SEC stating whether it
agrees with the statements made herein.  A copy of PWC's letter dated September 25, 2009, is attached as Exhibit 16.1 to this Report.
(b)           Effective as of September 30, 2009, Ernst & Young LLP ("Ernst & Young") was engaged as the Company's independent registered public accounting firm for the year ending December 31, 2009.
During the Company's two most recent fiscal years, and in the subsequent interim period through September 30, 2009, neither the Company nor anyone acting on its behalf has consulted with Ernst & Young with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of
audit opinion that might be rendered on the Company's consolidated financial statements, or any other matter or reportable event as defined in Item 304(a)(1)(v) of Regulation S-K.
Item 9.01.                      Financial Statements and Exhibits.
(d)
Exhibits.  The following exhibit is filed herewith:
Exhibit No.
Description
16.1
Letter from PricewaterhouseCoopers LLP, dated September 25, 2009, to the Securities and Exchange Commission
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PACIFIC OFFICE PROPERTIES TRUST, INC.
Date: September 30, 2009
By:
/s/ Lawrence J. Taff
Lawrence J. Taff
Chief Financial Officer