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Subsequent Events | 3 Months Ended
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Apr. 30, 2019
Subsequent Events [Abstract] |
Subsequent Events | 21. SUBSEQUENT EVENTS On May 30, 2019 the Trust’s Board of Trustees approved a one cent semi-annual dividend, payable on July 31, 2019, on shares held of record a July 19, 2019. This continues the Trust’s recent practice of paying total annual dividends of two cents per share, payable one cent each semi-annually on July 31 and January 31. This dividend continues 49 consecutive uninterrupted fiscal years during which the Trust has paid annual dividends, since the formation of the Trust and the initial listing of its shares on the New York Stock Exchange in 1971. The Trust’s listing of the Albuquerque Hotel for sale for $7.5 million expired on April 30, 2019. The Trust continues to entertain offers at this asking price, but decided not to relist the property at this time because management perceives that year-over-year increases in operating revenues and anticipated profits have occurred, which could command a higher listing price. Effective May 31, 2019, the Trust listed the Tucson Hotel for sale at a price of $15.8 million with a real estate broker who successfully sold four other InnSuites hotels in the past three years. The Trust set forth this price as the asking price for the Tucson Hotel in its current Annual Report on Form 10-K, and management believes that that year-over-year increases in operating revenues and anticipated profits support this as a listing price. As part of the Trust’s business strategy, and as described in the Trust’s current Annual Report on Form 10-K, management is actively seeking a larger company that is not listed on the NYSE AMERICAN as a potential partner for a merger. The Trust has begun limited discussions with potential candidates. On May 30, 2019, the Trust’s Board of Trustees set a date of July 24, 2019 for the Annual Shareholder meeting, to be held at 11:00 AM MST at the Trust’s corporate office: 1730 East Northern Ave, Suite 122, Phoenix, AZ 85020. Shareholders of record of the Trust on June 24, 2019 will be entitled to vote at the meeting. On June 25, 2019, the Trust’s Board of Trustees approved the repurchase of up to 750,000 share or units in addition to previously authorized but unused of approximately 200,000 shares or units. On July 8, 2019, the Trust paid off the note due to Hayes Trust of $425,000. On July 1, 2019 the Trust has a verbal agreement to extend a $200,000 note with an individual lender, to June 30, 2021 at 4.5% interest only (see note 10). Formal documents are in the process of being executed. On July 1, 2019 the Trust has a verbal agreement to extend the note(s) payable with Guy C. Hayden III (“Haydens Loans”), totaling $270,000, to June 30, 2021 at 4.5% interest only (see note 10). Formal documents are in the process of being executed. On July 1, 2019 the Trust has a verbal agreement to extend the note(s) payable with Marriott Sweitzer Hayes (“Sweitzer Loans”), totaling $100,000, to June 30, 2021 at 4% interest only (see note 10). Formal documents are in the process of being executed. Subsequent to the three months ended April 30, 2019, the Trust repurchased 15,503 Shares of Beneficial Interest on the open market for a total cash repurchase price of approximately $25,000.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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