Pacific Office Properties Trust Inc., a real estate investment trust headed by Honolulu real estate executive Jay H. Shidler, has executed a debt-for-shares swap involving about $3 million of subordinated promissory notes.

The company said it issued about 790,000 of common stock for the debt, which was canceled. The exchange was completed at a per-share price of $3.82, or the average closing market price off the stock for the prior 30 days.
Pacific Office said the debt had been held by several entities linked with the company’s management. These included Shidler Equities L.P., Reynolds Partners L.P., MJR Equities LLC, JRI Equities LLC, and Lawrence J. Taft.