Pacific Office Properties Trust Inc. (NASDAQ:AZL)
Industry: Financial
Arizona Land Income Corporation, incorporated in March 1988, is a real estate investment trust (REIT). In January 2005, the Company engaged Peacock, Hislop, Staley & Given, Inc., a financial advisor (PHS&G), to assist in developing and evaluating alternatives available to the Company to enhance shareholder value. Such engagement entailed an effort by PHS&G to locate a possible merger, partner or acquirer for the Company that would result in enhanced shareholder value. Alternatives that were being considered included a change of business plan, a merger or sale of the Company, a combination of these, or the decision to take no action other than the completion of its liquidation. As of December 31, 2005, a proposal relating to a potential transaction has not been received. The Company focuses to work toward the ultimate dissolution and liquidation of its assets. Nevertheless, it retains the discretion to indefinitely continue the operations. In June 1988, the Company 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 (First Mortgage Loans). From its inception until December 31, 1991, the Company purchased interests in 20 First Mortgage Loans. Since January 1, 1992, it has purchased only two First Mortgage Loans, and has had to institute foreclosure proceedings with respect to certain properties securing other First Mortgage Loans. Opportunities to make new loans have not been identified, therefore, in the event of a loan maturity or sale of property, the proceeds will be distributed proceeds, beyond what is needed for day-to-day operations of the Company, to its shareholders. The agreement with PHS&G calls for the Company to pay PHS&G a fee of 4% of the transaction value only upon the successful completion of its efforts. The Company received a First Mortgage Loan as a result of a sale of real property during the year ended December 31, 2004.
As Of: 10/07 00:00 ET
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