Excluding non-cash expenses, dividends and non-recurring events, the net loss wasapproximately $550,000.
The decrease in revenue was the result of property sales in late 2000 and early 2001, and the sale of the majority of its software related assets in mid-2001, according to the Minneapolis-based real estate investment trust company.
In July, the company sold all its SmartCabinet software code and related assets, including its REDocs initiatives, to Stellent in exchange for 200,000 shares of unregistered Stellent common stock. The company has since sold 160,000 shares of Stellent common stock at an average sale price of $26.22 per share, or $4.2 million.
As of Dec. 31, the company owned a real estate portfolio consisting of four commercial properties, totaling 129,000 sf. The portfolio is currently 83% occupied. The company is exploring various strategies and opportunities to expand the real estate operations beyond the existing portfolio.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
