42
Note 11
Quarterly Financial Data (unaudited)
The following is a summary of quarterly results of operations for the period ended December 31, 2008. Income per share for the
four quarters in 2008 is non-additive in comparison to income per share for the period ended December 31, 2008 due to the timing and
size of the Company’s Unit issuances.
First
Second
Third
Fourth
(in thousands except per share data)
Quarter
Quarter
Quarter
Quarter
Revenues. ................................................................................ $
-
$
-
$ 719
$ 10,805
Net income (loss)..................................................................... $
(20)
$ 294
$ 988
$ 890
Basic and diluted net income (loss) per common share.......... $ (1,985.20)
$ 0.05
$ 0.04
$ 0.03
Distributions declared and paid per common share................ $
-
$ 0.07
$ 0.22
$ 0.22
Note 12
Subsequent Events
In January 2009, the Company declared and paid approximately $3.0 million in dividend distributions to its common
shareholders, or $0.073334 per outstanding common share. The Company also closed on the issuance of 4.0 million Units through its
ongoing best-efforts offering, representing gross proceeds to the Company of $44.5 million and proceeds net of selling and marketing
costs of $40.0 million.
In February 2009, the Company declared and paid approximately $3.3 million in dividend distributions to its common
shareholders, or $0.073334 per outstanding common share. The Company also closed on the issuance of 3.7 million Units through its
ongoing best-efforts offering, representing gross proceeds to the Company of $41.0 million and proceeds net of selling and marketing
costs of $36.9 million.
On January 5, 2009, the Company entered into a purchase contract for the potential acquisition of a Hampton Inn & Suites hotel
in Yuma, Arizona. On February 4, 2009, this contract was terminated. The gross purchase price for the 90 room hotel was $11.3
million.
On January 6, 2009, the Company entered into a purchase contract for the potential acquisition of a Hampton Inn hotel in Holly
Springs, North Carolina. The gross purchase price for the 124 room hotel is $14.9 million, and a refundable deposit of $100,000 was
paid by the Company in connection with the contract. The hotel is currently under construction. The number of rooms refers to the
expected number of rooms upon completion.
On January 21, 2009, the Company entered into a purchase contract for the potential purchase of approximately 500 acres of
land to be used for natural gas production located on approximately 115 sites in Texas. The purchase contract is with a subsidiary of
Chesapeake Energy Corporation. The total purchase price under the contract is approximately $150 million. The purchase contract
also contemplates that at closing, the Company would enter into a long-term lease with a lessee that will use the land for natural gas
production. A refundable deposit of $500,000 was paid by the Company in connection with this contract.
On January 29, 2009, the Company terminated a purchase contract for a hotel located in Portsmouth, New Hampshire. The hotel
had a purchase price of $15.8 million, secured debt to be assumed by the Company totaling $9.7 million and contained 126 guest
rooms. In connection with the termination of this contract, the initial deposit of $200,000 was repaid to the Company.
1...,42,43,44,45,46,47,48,49,50,51 53,54,55,56,57,58,59,60