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Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Investment in hotel properties, net $ 181,469,432 $ 183,898,660
Investment in joint venture 8,966,795 9,464,389
Cash and cash equivalents 4,409,959 2,992,888
Restricted cash 2,690,391 2,205,721
Accounts receivable, net 1,702,616 1,868,380
Accounts receivable-affiliate 24,880 17,375
Prepaid expenses, inventory and other assets 1,877,456 2,335,783
Note receivable, net 100,000 100,000
Shell Island sublease, net 720,588 1,080,882
Deferred income taxes 4,061,749 4,746,938
Deferred financing costs, net 3,275,580 872,415
TOTAL ASSETS 209,299,446 209,583,431
LIABILITIES    
Line of credit 25,537,290 75,197,858
Mortgage loans 94,157,825 72,192,253
Loans payable 9,275,220 4,493,970
Series A Cumulative Redeemable Preferred Stock, par value $0.01, 27,650 shares authorized, 25,354 and 0 shares issued and outstanding at December 31, 2011 and 2010, respectively 25,353,698  
Accounts payable and accrued liabilities 7,437,246 6,335,145
Advance deposits 453,077 555,902
Dividends and distributions payable 258,772  
Warrant derivative liability 2,943,075  
TOTAL LIABILITIES 165,416,203 158,775,128
Commitments and contingencies (see Note 6)      
EQUITY    
Preferred stock, par value $0.01, 972,350 shares authorized, 0 shares issued and outstanding      
Common stock, par value $0.01, 49,000,000 shares authorized, 9,953,786 shares and 9,541,286 shares issued and outstanding at December 31, 2011 and 2010, respectively 99,538 95,413
Additional paid in capital 56,911,039 55,682,976
Distributions in excess of retained earnings (22,074,739) (16,837,182)
Total MHI Hospitality Corporation stockholders' equity 34,935,838 38,941,207
Noncontrolling interest 8,947,405 11,867,096
TOTAL EQUITY 43,883,243 50,808,303
TOTAL LIABILITIES AND EQUITY $ 209,299,446 $ 209,583,431