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Software Biz Adds To Stonehaven Q3 Loss

MINNEAPOLIS-The company sold SmartCabinet business to Stellent for $6 million in shares, only to see the value of those shares fall in half. Meanwhile, its four-property office portfolio is 83% occupied.

By Jim McCartney | Updated on November 19, 2001

MINNEAPOLIS-Stonehaven Realty Trust says revenues from operations for the quarter ending Sept. 30 were about $626,000, resulting in a net loss of about $314,000. The loss included $145,000 of depreciation and amortization, says the publicly-traded REIT and technology company.

At the end of the quarter, the company owned a real estate portfolio consisting of four commercial properties totaling 129,000 sf, which was 83% occupied.

Revenues for the quarter decreased about 68% compared to the same period last year due to significant asset sales over the past year, including the sale of its SmartCabinet software code and related assets to Stellent Inc. in exchange for 200,000 shares of Stellent’s common stock.

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