HMG/Courtland Properties Inc (HMG, Financial) filed Quarterly Report for the period ended 2009-03-31.
HMG/Courtland Properties Inc. and its subsidiaries principal business is the ownership and management of income-producing commercial properties. HMG/Courtland Properties Inc has a market cap of $3.2 million; its shares were traded at around $3.1 with and P/S ratio of 0.3.
Net income from other investments for the three months ended March 31, 2009 and 2008 was approximately $19,000 and $32,000, respectively. For further details refer to Note 5 to Condensed Consolidated Financial Statements (unaudited).
Expenses for rental and other properties for the three months ended March 31, 2009 and 2008 were $198,000 and $133,000, respectively. This increase of $65,000 (or 49%) was primarily due to increased repairs and maintenance at Grove Isle in connection with the change of tenants which occurred in November 2008.
Interest expense for the three months ended March 31, 2009 and 2008 were $280,000 and $355,000, respectively. This decrease of $75,000 (or 21%) was primarily due to decreased interest rates.
The Company's material commitments in 2009 primarily consist of maturities of debt obligations of approximately $4.2 million and commitments to fund private capital investments of approximately $1 million due upon demand. The funds necessary to meet these obligations are expected to be available from the proceeds of sales of properties or investments, refinancing, distributions from investments and available cash. The maturing debt obligations for 2009 primarily consists of the note payable to the Company s 49% owned affiliate, T.G.I.F. Texas, Inc. (“TGIF”) of approximately $3.7 million which is due on demand. The obligation due to TGIF will be paid with funds available from distributions from the Company s investment in TGIF and from available cash.
For the three months ended March 31, 2009, net cash provided by investing activities was approximately $79,000. This consisted primarily of approximately $290,000 in net proceeds from sales of marketable securities and distributions from other investment of $255,000. These sources of funds were partially offset by purchases of marketable securities of $280,000, additions to loans receivable of $100,000 and contributions to other investments of $89,000.
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HMG/Courtland Properties Inc. and its subsidiaries principal business is the ownership and management of income-producing commercial properties. HMG/Courtland Properties Inc has a market cap of $3.2 million; its shares were traded at around $3.1 with and P/S ratio of 0.3.
Highlight of Business Operations:
Net realized and unrealized loss from investments in marketable securities for the three months ended March 31, 2009 and 2008 was approximately $160,000 and $188,000, respectively. For further details refer to Note 4 to Condensed Consolidated Financial Statements (unaudited).Net income from other investments for the three months ended March 31, 2009 and 2008 was approximately $19,000 and $32,000, respectively. For further details refer to Note 5 to Condensed Consolidated Financial Statements (unaudited).
Expenses for rental and other properties for the three months ended March 31, 2009 and 2008 were $198,000 and $133,000, respectively. This increase of $65,000 (or 49%) was primarily due to increased repairs and maintenance at Grove Isle in connection with the change of tenants which occurred in November 2008.
Interest expense for the three months ended March 31, 2009 and 2008 were $280,000 and $355,000, respectively. This decrease of $75,000 (or 21%) was primarily due to decreased interest rates.
The Company's material commitments in 2009 primarily consist of maturities of debt obligations of approximately $4.2 million and commitments to fund private capital investments of approximately $1 million due upon demand. The funds necessary to meet these obligations are expected to be available from the proceeds of sales of properties or investments, refinancing, distributions from investments and available cash. The maturing debt obligations for 2009 primarily consists of the note payable to the Company s 49% owned affiliate, T.G.I.F. Texas, Inc. (“TGIF”) of approximately $3.7 million which is due on demand. The obligation due to TGIF will be paid with funds available from distributions from the Company s investment in TGIF and from available cash.
For the three months ended March 31, 2009, net cash provided by investing activities was approximately $79,000. This consisted primarily of approximately $290,000 in net proceeds from sales of marketable securities and distributions from other investment of $255,000. These sources of funds were partially offset by purchases of marketable securities of $280,000, additions to loans receivable of $100,000 and contributions to other investments of $89,000.
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