(PCE, Financial) filed Amended Quarterly Report for the period ended 2009-03-31.
ARIZONA LAND INCOME CORP. is a real estate investment trust. They began investing in first mortgage loans on unimproved real property located in the metropolitan Phoenix area. Such loans included mortgage loans secured or collateralized by first mortgages first deeds of trust and real property subject to agreements for sale and subdivision trusts. has a market cap of $20.46 million; its shares were traded at around $3.72 . The dividend yield of stocks is 3.1%.
We have seven properties that represent approximately 1,490,200 effective rentable square feet (or 58.98% of our Effective Portfolio) located in the Honolulu office submarkets of Honolulu Downtown (Central Business District), Waikiki and Kapiolani at March 31, 2009. These office submarkets, based on a combined weighted average, experienced net negative absorption of approximately 101,900 square feet during the first quarter of 2009. Based on a combined weighted average, the total percent occupied within these submarkets decreased by 152 basis points from 89.77% occupied as of December 31, 2008 to 88.25% occupied as of March 31, 2009. During the first quarter of 2009, average asking rents decreased by 0.68% from $36.80 per annualized square foot as of December 31, 2008 to $36.55 per annualized square foot as of March 31, 2009.
We have three properties that represent approximately 804,600 effective rentable square feet (or 31.85% of our Effective Portfolio) located in the Phoenix office submarkets of Phoenix Downtown North, Downtown South and Deer Valley at March 31, 2009. These office submarkets, based upon a combined weighted average, experienced net negative absorption of approximately 200,700 square feet during the first quarter of 2009. Based on a combined weighted average, the total percent occupied within these submarkets decreased by 123 basis points from 84.32% occupied as of December 31, 2008 to 83.09% occupied as of March 31, 2009. During the first quarter of 2009, average asking rents decreased by 5.40% from $27.76 per annualized square foot as of December 31, 2008 to $26.26 per square foot annually as of March 31, 2009.
We have nine properties that represent approximately 163,400 effective rentable square feet (or 6.47% of our Effective Portfolio) located in the San Diego office submarkets of San Diego North County and Central County at March 31, 2009. These office submarkets, based upon a combined weighted average, experienced net negative absorption of approximately 366,100 square feet during the first quarter of 2009. Based on a combined weighted average, the total percent occupied within these submarkets decreased by 124 basis points from 85.38% occupied as of December 31, 2008 to 84.14% occupied as of March 31, 2009. During the first quarter of 2009, average asking rents increased by 1.07% from $28.90 per annualized square foot as of December 31, 2008 to $29.21 per annualized square foot as of March 31, 2009.
The fair value of a Preferred Unit at the Effective Date was estimated to be $37.31 after taking into account the AZL common stock price of $5.10, determined under EITF No. 99-12, and various other factors that determine the value of a convertible security.
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ARIZONA LAND INCOME CORP. is a real estate investment trust. They began investing in first mortgage loans on unimproved real property located in the metropolitan Phoenix area. Such loans included mortgage loans secured or collateralized by first mortgages first deeds of trust and real property subject to agreements for sale and subdivision trusts. has a market cap of $20.46 million; its shares were traded at around $3.72 . The dividend yield of stocks is 3.1%.
Highlight of Business Operations:
As of May 14, 2009 there were 3,031,025 shares of common stock, par value $0.0001 per share (the common stock), and 100 shares of Class B Common Stock, par value $0.0001 per share (the Class B Common Stock), issued and outstanding.We have seven properties that represent approximately 1,490,200 effective rentable square feet (or 58.98% of our Effective Portfolio) located in the Honolulu office submarkets of Honolulu Downtown (Central Business District), Waikiki and Kapiolani at March 31, 2009. These office submarkets, based on a combined weighted average, experienced net negative absorption of approximately 101,900 square feet during the first quarter of 2009. Based on a combined weighted average, the total percent occupied within these submarkets decreased by 152 basis points from 89.77% occupied as of December 31, 2008 to 88.25% occupied as of March 31, 2009. During the first quarter of 2009, average asking rents decreased by 0.68% from $36.80 per annualized square foot as of December 31, 2008 to $36.55 per annualized square foot as of March 31, 2009.
We have three properties that represent approximately 804,600 effective rentable square feet (or 31.85% of our Effective Portfolio) located in the Phoenix office submarkets of Phoenix Downtown North, Downtown South and Deer Valley at March 31, 2009. These office submarkets, based upon a combined weighted average, experienced net negative absorption of approximately 200,700 square feet during the first quarter of 2009. Based on a combined weighted average, the total percent occupied within these submarkets decreased by 123 basis points from 84.32% occupied as of December 31, 2008 to 83.09% occupied as of March 31, 2009. During the first quarter of 2009, average asking rents decreased by 5.40% from $27.76 per annualized square foot as of December 31, 2008 to $26.26 per square foot annually as of March 31, 2009.
We have nine properties that represent approximately 163,400 effective rentable square feet (or 6.47% of our Effective Portfolio) located in the San Diego office submarkets of San Diego North County and Central County at March 31, 2009. These office submarkets, based upon a combined weighted average, experienced net negative absorption of approximately 366,100 square feet during the first quarter of 2009. Based on a combined weighted average, the total percent occupied within these submarkets decreased by 124 basis points from 85.38% occupied as of December 31, 2008 to 84.14% occupied as of March 31, 2009. During the first quarter of 2009, average asking rents increased by 1.07% from $28.90 per annualized square foot as of December 31, 2008 to $29.21 per annualized square foot as of March 31, 2009.
The fair value of a Preferred Unit at the Effective Date was estimated to be $37.31 after taking into account the AZL common stock price of $5.10, determined under EITF No. 99-12, and various other factors that determine the value of a convertible security.
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