Sale of Tucson Saint Mary's Suite Hospitality Property	9 Months Ended
Oct. 31, 2015
Sale Of Tucson Saint Marys Suite Hospitality Property
Sale of Tucson Saint Mary's Suite Hospitality Property	11. SALE OF TUCSON SAINT MARY’S SUITE HOSPITALITY PROPERTY On October 14, 2015, the Trust sold its Tucson St. Mary’s hotel to an unrelated third party for approximately $9.7 million, which the Trust received in cash. The Trust used $4.7 million of the proceeds to satisfy its mortgage note payable on the property, approximately $379,000 to reduce accruals and payables, and retained the remaining proceeds to fund future operations and capital improvements. For the nine months ended October 31, 2015, Tucson St. Mary’s had approximately $2,855,000 of revenue, and approximately $3,333,000 of operating expenses. As of October 31, 2015, Tucson St. Mary’s had approximately $1,362,000 of current assets consisting primarily of cash and receivables, and approximately $42,000 of current liabilities consisting of accounts payables and accrued expenses. During the nine months ended October 31, 2015, and October 31, 2014, depreciation/amortization and capital expenses were approximately $233,000 and $341,000, respectively. In addition, there were no significant non-cash operating and investing activities during such period. See our Note 7 – “Sale of Ownership Interests in Subsidiaries” for information about investing activities during the nine months ended October 31, 2015 for the Tucson St Mary’s hotel.

Sale of Tucson Saint Mary's Suite Hospitality Property

9 Months Ended

Oct. 31, 2015

Sale Of Tucson Saint Marys Suite Hospitality Property

Sale of Tucson Saint Mary's Suite Hospitality Property

11. SALE OF TUCSON SAINT MARY’S SUITE HOSPITALITY PROPERTY

On October 14, 2015, the Trust sold its Tucson St. Mary’s hotel to an unrelated third party for approximately $9.7 million, which the Trust received in cash. The Trust used $4.7 million of the proceeds to satisfy its mortgage note payable on the property, approximately $379,000 to reduce accruals and payables, and retained the remaining proceeds to fund future operations and capital improvements. For the nine months ended October 31, 2015, Tucson St. Mary’s had approximately $2,855,000 of revenue, and approximately $3,333,000 of operating expenses. As of October 31, 2015, Tucson St. Mary’s had approximately $1,362,000 of current assets consisting primarily of cash and receivables, and approximately $42,000 of current liabilities consisting of accounts payables and accrued expenses. During the nine months ended October 31, 2015, and October 31, 2014, depreciation/amortization and capital expenses were approximately $233,000 and $341,000, respectively. In addition, there were no significant non-cash operating and investing activities during such period. See our Note 7 – “Sale of Ownership Interests in Subsidiaries” for information about investing activities during the nine months ended October 31, 2015 for the Tucson St Mary’s hotel.