Meanwhile, the company lost about $173,000, or $0.04 per share compared to a net loss of approximately $1.0 million, or 22 cents per share for the previous year.
During the quarter, the company sold 40,000 Stellent shares at an average price of $31.34 per share, and has to date sold 80% of the Stellent shares it received at an average price of $26.22 per share.
"Now that we have completed the sale of the majority of our Stellent stock, we are exploring and evaluating opportunities to invest our cash proceeds, and expand our asset and capital base," says Duane Lund, chief executive officer. "The environment for capitalizing hard asset companies, like real estate organizations, is currently very favorable."
At the end of the quarter, Stonehaven had total assets of about $13.8 million, consisting of $10.5 million of net investment in real estate, $2.6 million in cash and $700,000 in restricted cash, marketable securities and other assets.
Stonehaven also says Edward Padilla and Kim Culp have joined its board of directors. Padilla is the president and chief executive officer of NorthMarq Capital, a national real estate investment banking firm headquartered in Minneapolis, and Culp is the regional chairman of Marshall & Ilsley Bank, headquartered in Milwaukee.
Stonehaven Realty Trust buys, owns and operates commercial real estate.
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