Stonehaven says revenues for the fourth quarter were $2.3 million, up 40.6% from the previous quarter a year ago, and revenues for the 12 months period were up 17.7% to $8.1 million. The net loss for the year before preferred share dividends was $8.3 million, or $1.86 per diluted share. The net loss includes $6.8 million of non-cash items consisting of depreciation, amortization and the sale of office properties.
The company has been selling off its properties. Last year, it sold Thresher Square East and West. The company disclosed in its quarterly report that it sold Cold Spring Center for $8.3 million in cash, repaying debt on the property of $7.2 million.
The company says its real estate portfolio was fully occupied at year-end and consisted of the following properties in addition to the recently sold Cold Spring Center: Nicollet Business Center VI, Plymouth Technology Park I, Plymouth Technology Park II, Plymouth Technology Park III.
Stonehaven officials are looking at valuation and capital appreciation opportunities for its real estate portfolio including refinancing, acquisitions, exchanging, disposition or other alternatives.
"Our real estate holdings continue to provide stable cash flow to the company," says Duane Lund, Stonehaven's chief executive.
In March, the company unveiled its version 1.5 of REDocs (TM), the first web-based content/document management solution designed for real estate owners and managers. Among its new clients are AEW Capital Management, Ashley Capital, The Rouse Co., Edina Realty, TrizecHahn Office Properties, Towle Real Estate Co., Investors Real Estate Trust, M&J Wilkow, Ltd., Welsh Cos., LoanAuction Inc., Great Lakes REIT, HealthCare Properties, Prentiss Properties and Panatonni Development.
The company says it is looking for ways to expand RESoft through both internal operations as well as external financing alternatives.
"With the successful completion of our product and infrastructure development phase, RESoft can now focus on numerous growth phase initiatives," Lund says.
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