fiscal year ended june 30 , 2011 compared to fiscal year ended june 30 , 2010 the company had net income of $ 10,443,000 for the year ended june 30 , 2011 compared to a net loss of $ 4,575,000 for the year ended june 30 , 2010. the change is primarily attributable to the substantial income generated from investing activities and , to a lesser extent , the significant improvement in the operations of the hotel and the gain on the sale of real estate during the current year . the company had net income from hotel operations of $ 512,000 for the fiscal year ended june 30 , 2011 , compared to a net loss of $ 2,390,000 for the fiscal year ended june 30 , 2010. the change to net income from hotel operations from a net loss is primarily attributable to a $ 1,280,000 decrease in depreciation and amortization expense as many of the furniture and fixture improvements from the renovation of the hotel reached full deprecation during fiscal 2011. the hotel also had a significant increase in room revenues compared to the prior year . 18 the following table sets forth a more detailed presentation of hotel operations for the years ended june 30 , 2011 and 2010. replace_table_token_3_th for the fiscal year ended june 30 , 2011 , the hotel generated operating income of $ 6,983,000 before interest , depreciation and amortization , on total operating revenues of $ 36,282,000 compared to operating income of $ 5,457,000 before interest , depreciation and amortization , on operating revenues of $ 32,680,000 for the fiscal year ended june 30 , 2010. the increase in income from hotel operations is primarily attributable to increases in room , food and beverage , and other revenues in the current year , partially offset by an increase in operating expenses due to higher labor costs and increased staffing to improve guest satisfaction , as well as greater franchise and management fees which are based on a percentage of revenues . room revenues increased by $ 2,991,000 for the fiscal year ended june 30 , 2011 compared to the fiscal year ended june 30 , 2010 and food and beverage revenues increased by $ 325,000 for the same period . the increase in room revenues was primarily attributable to a significant increase in average daily room rates during fiscal 2011 as the hotel began to see an increase in higher rated leisure , corporate and group business travel , which also resulted in higher in food and beverage revenues . the following table sets forth the average daily room rate , average occupancy percentage and room revenue per available room ( “ revpar ” ) of the hotel for the fiscal years ended june 30 , 2011 and 2010. replace_table_token_4_th the operations of the hotel experienced an increase in the higher rated business and group travel segments in fiscal 2011 as the hospitality industry began to see some recovery . as a result , the hotel 's average daily rate increased significantly by $ 20 for the fiscal year ended june 30 , 2011 compared to the fiscal year ended june 30 , 2010. the modest decrease in occupancy of 1 % was due to the hotel being able to reduce the amount of discounted internet business that it was forced to take in the prior year to maintain occupancy in a very competitive market . as a result , the hotel was able to achieve a revpar number that was $ 15 higher than fiscal 2010. during the past year we have seen our management team guide our hotel through a difficult economic period by taking bold steps to reduce expenses and implement innovative strategies in order to improve operations and enhance our competitiveness in the market . currently , we are working on a new executive lounge on the 26 th floor of the hotel that is expected to open in early october 2011. we have also taken actions to improve out internet connectivity throughout the hotel and will be providing more technological amenities for our guests . 19 we will continue in our efforts to upgrade our guest rooms and facilities and explore new and innovative ways to differentiate the hotel from its competition . moving forward , we will also focus on cultivating more international business , especially from china , and capturing a higher percentage of corporate and group travel . during the last twelve months , we have seen some improvement in business and leisure travel . if that trend in the san francisco market and the hotel industry continues , it should translate into an increase in room revenues and profitability . however , like all hotels , we will remain subject to the uncertain domestic and global economic environment . while operating in a highly competitive rental market , real estate operations remained relatively consistent . the company had real estate revenues were $ 13,932,000 for the year ended june 30 , 2011 compared with revenues of $ 13,738,000 for the year ended june 30 , 2010. real estate operating expenses were $ 7,444,000 and $ 7,101,000 for the comparative periods . depreciation related to the company 's real estate operations increased to $ 2,646,000 for the year ended june 30 , 2011 from $ 1,960,000 for the year ended june 30 , 2010 primarily as the result of a one-time depreciation expense catch-up of $ 727,000 recorded in the current year due to the reclass of the company 's held for sale property from discontinued operations to continuing operations . management continues to review and analyze the company 's real estate operations to improve occupancy and rental rates and to reduce expenses and improve efficiencies . story_separator_special_tag the following table shows the composition of the company 's marketable securities portfolio by selected industry groups as : replace_table_token_5_th replace_table_token_6_th 21 the company 's investment portfolio is diversified with 73 different equity positions . the portfolio contains two individual equity security positions that are more than 5 % of the total equity value of the portfolio , with the largest representing approximately 21.3 % of the total equity value of the entire portfolio . the amount of the company 's investment in any particular issuer may increase or decrease , and additions or deletions to its securities portfolio may occur , at any time . while it is the internal policy of the company to limit its initial investment in any single equity to less than 5 % of its total portfolio value , that investment could eventually exceed 5 % as a result of equity appreciation or reduction of other positions . marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date . the following table shows the net gain or loss on the company 's marketable securities and the associated margin interest and trading expenses for the respective years . replace_table_token_7_th story_separator_special_tag the company refinanced its $ 715,000 adjustable rate mortgage note payable on its 9-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 1,265,000. the interest rate on the new loan is fixed at 5.89 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in march 2021. the company received net proceeds of approximately $ 367,000 from the refinancing . in february 2011 , the company refinanced its $ 958,000 adjustable rate mortgage note payable on its 14-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 1,855,000. the interest rate on the new loan is fixed at 5.89 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in march 2021. the company received net proceeds of approximately $ 687,000 from the refinancing . 23 in december 2010 , the company modified its $ 5,932,000 mortgage note payable on the property located in st. louis , missouri . prior to the modification of the mortgage note , the company paid a fixed rate of 6.16 % . upon modification , the interest rate was based upon libor ( london interbank offered rate ) plus 3.5 % . concurrent to the modification of the note , the company entered into a rate swap agreement in order to settle the variable rate ( i.e . , libor ) into a fixed rate of 1.35 % , thereby allowing the company to pay a total fixed interest rate of 4.85 % . the swap agreement matures in may 2013. a swap is a contractual agreement to exchange interest rate payments . under the swap agreement , the company agrees to pay the bank ( counterparty ) a fixed rate and the bank agrees to pay the company a floating rate . the interest rate swap agreement is being measured at fair value , but was not designated by the company as a cash flow hedge . should the company terminate the swap contract prematurely , it would be required to pay the fair value of the swap valued at $ 91,000 as of june 30 , 2011 , which is recorded as a liability by the company under “ accounts payable and other liabilities ” in the consolidated balance sheet . the change in the fair valueof the instrument is recognized and recorded in the “ net unrealized gain ( loss ) on other investments and derivative instruments ” in the consolidated statement of operations . in november 2010 , the company refinanced its $ 1,641,000 adjustable rate mortgage note payable on its 27-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 3,260,000. the interest rate on the new loan is fixed at 4.85 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in december 2020. the company received net proceeds of approximately $ 1,507,000 from the refinancing . in november 2010 , the company also refinanced its $ 3,569,000 adjustable rate mortgage note payable on its 31-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 5,787,000. the interest rate on the new loan is fixed at 4.85 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in december 2020. the company received net proceeds of approximately $ 2,078,000 from the refinancing . the company has invested in short-term , income-producing instruments and in equity and debt securities when deemed appropriate . the company 's marketable securities are classified as trading with unrealized gains and losses recorded through the statement of operations . management believes that its cash , securities assets , and the cash flows generated from those assets and from partnership distributions and management fees , will be adequate to meet the company 's current and future obligations . material contractual obligations the following table provides a summary of the company 's material financial obligations which also includes interest . replace_table_token_8_th off-balance sheet arrangements the company has no material off balance sheet arrangements . impact of inflation hotel room rates are typically impacted by supply and demand factors , not inflation , since rental of a hotel room is usually for a limited number of nights . room rates can be , and usually are , adjusted to account for inflationary cost increases . since prism has the power and ability under the

financial condition and liquidity the company 's cash flows are primarily generated from its hotel operations , real estate operations and from the investment of its cash in marketable securities and other investments . following the temporary suspension of operations in may 2005 for major renovations , the hotel started , and continues , to generate cash flows from its operations . as a result , justice was able to pay some limited partnership distributions in fiscal years 2008 and 2009. however , due to the significant downturn in the san francisco hotel market beginning in september 2008 and the continued weakness in domestic and international economies , no partnership distributions were paid in fiscal 2011 and 2010. during such periods , the company has to depend more on the revenues generated from the investment of its cash and marketable securities and from its general partner management fees . since we have seen some recent improvements in the operations of the hotel , and the san francisco market in general , the partnership may be in a position to consider limited partnership distributions in fiscal 2012. the general partners will continue to monitor and review the operations and financial results of the hotel and to set the amount of any future distributions that may be appropriate based on operating results , cash flows and other factors , including establishment of reasonable reserves for debt payments and operating contingencies . the new justice compensation agreement that became effective on december 1 , 2008 , when portsmouth assumed the role of managing general partner of justice , has provided additional cash flows to the company . under the new compensation agreement , portsmouth is now entitled to 80 % of the minimum base fee to be paid to the general partners of $ 285,000 , while under the prior agreement , portsmouth was entitled to receive only 20 % of the minimum base fee .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```financial condition and liquidity the company 's cash flows are primarily generated from its hotel operations , real estate operations and from the investment of its cash in marketable securities and other investments . following the temporary suspension of operations in may 2005 for major renovations , the hotel started , and continues , to generate cash flows from its operations . as a result , justice was able to pay some limited partnership distributions in fiscal years 2008 and 2009. however , due to the significant downturn in the san francisco hotel market beginning in september 2008 and the continued weakness in domestic and international economies , no partnership distributions were paid in fiscal 2011 and 2010. during such periods , the company has to depend more on the revenues generated from the investment of its cash and marketable securities and from its general partner management fees . since we have seen some recent improvements in the operations of the hotel , and the san francisco market in general , the partnership may be in a position to consider limited partnership distributions in fiscal 2012. the general partners will continue to monitor and review the operations and financial results of the hotel and to set the amount of any future distributions that may be appropriate based on operating results , cash flows and other factors , including establishment of reasonable reserves for debt payments and operating contingencies . the new justice compensation agreement that became effective on december 1 , 2008 , when portsmouth assumed the role of managing general partner of justice , has provided additional cash flows to the company . under the new compensation agreement , portsmouth is now entitled to 80 % of the minimum base fee to be paid to the general partners of $ 285,000 , while under the prior agreement , portsmouth was entitled to receive only 20 % of the minimum base fee .
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 Suspicious Activity Report : fiscal year ended june 30 , 2011 compared to fiscal year ended june 30 , 2010 the company had net income of $ 10,443,000 for the year ended june 30 , 2011 compared to a net loss of $ 4,575,000 for the year ended june 30 , 2010. the change is primarily attributable to the substantial income generated from investing activities and , to a lesser extent , the significant improvement in the operations of the hotel and the gain on the sale of real estate during the current year . the company had net income from hotel operations of $ 512,000 for the fiscal year ended june 30 , 2011 , compared to a net loss of $ 2,390,000 for the fiscal year ended june 30 , 2010. the change to net income from hotel operations from a net loss is primarily attributable to a $ 1,280,000 decrease in depreciation and amortization expense as many of the furniture and fixture improvements from the renovation of the hotel reached full deprecation during fiscal 2011. the hotel also had a significant increase in room revenues compared to the prior year . 18 the following table sets forth a more detailed presentation of hotel operations for the years ended june 30 , 2011 and 2010. replace_table_token_3_th for the fiscal year ended june 30 , 2011 , the hotel generated operating income of $ 6,983,000 before interest , depreciation and amortization , on total operating revenues of $ 36,282,000 compared to operating income of $ 5,457,000 before interest , depreciation and amortization , on operating revenues of $ 32,680,000 for the fiscal year ended june 30 , 2010. the increase in income from hotel operations is primarily attributable to increases in room , food and beverage , and other revenues in the current year , partially offset by an increase in operating expenses due to higher labor costs and increased staffing to improve guest satisfaction , as well as greater franchise and management fees which are based on a percentage of revenues . room revenues increased by $ 2,991,000 for the fiscal year ended june 30 , 2011 compared to the fiscal year ended june 30 , 2010 and food and beverage revenues increased by $ 325,000 for the same period . the increase in room revenues was primarily attributable to a significant increase in average daily room rates during fiscal 2011 as the hotel began to see an increase in higher rated leisure , corporate and group business travel , which also resulted in higher in food and beverage revenues . the following table sets forth the average daily room rate , average occupancy percentage and room revenue per available room ( “ revpar ” ) of the hotel for the fiscal years ended june 30 , 2011 and 2010. replace_table_token_4_th the operations of the hotel experienced an increase in the higher rated business and group travel segments in fiscal 2011 as the hospitality industry began to see some recovery . as a result , the hotel 's average daily rate increased significantly by $ 20 for the fiscal year ended june 30 , 2011 compared to the fiscal year ended june 30 , 2010. the modest decrease in occupancy of 1 % was due to the hotel being able to reduce the amount of discounted internet business that it was forced to take in the prior year to maintain occupancy in a very competitive market . as a result , the hotel was able to achieve a revpar number that was $ 15 higher than fiscal 2010. during the past year we have seen our management team guide our hotel through a difficult economic period by taking bold steps to reduce expenses and implement innovative strategies in order to improve operations and enhance our competitiveness in the market . currently , we are working on a new executive lounge on the 26 th floor of the hotel that is expected to open in early october 2011. we have also taken actions to improve out internet connectivity throughout the hotel and will be providing more technological amenities for our guests . 19 we will continue in our efforts to upgrade our guest rooms and facilities and explore new and innovative ways to differentiate the hotel from its competition . moving forward , we will also focus on cultivating more international business , especially from china , and capturing a higher percentage of corporate and group travel . during the last twelve months , we have seen some improvement in business and leisure travel . if that trend in the san francisco market and the hotel industry continues , it should translate into an increase in room revenues and profitability . however , like all hotels , we will remain subject to the uncertain domestic and global economic environment . while operating in a highly competitive rental market , real estate operations remained relatively consistent . the company had real estate revenues were $ 13,932,000 for the year ended june 30 , 2011 compared with revenues of $ 13,738,000 for the year ended june 30 , 2010. real estate operating expenses were $ 7,444,000 and $ 7,101,000 for the comparative periods . depreciation related to the company 's real estate operations increased to $ 2,646,000 for the year ended june 30 , 2011 from $ 1,960,000 for the year ended june 30 , 2010 primarily as the result of a one-time depreciation expense catch-up of $ 727,000 recorded in the current year due to the reclass of the company 's held for sale property from discontinued operations to continuing operations . management continues to review and analyze the company 's real estate operations to improve occupancy and rental rates and to reduce expenses and improve efficiencies . story_separator_special_tag the following table shows the composition of the company 's marketable securities portfolio by selected industry groups as : replace_table_token_5_th replace_table_token_6_th 21 the company 's investment portfolio is diversified with 73 different equity positions . the portfolio contains two individual equity security positions that are more than 5 % of the total equity value of the portfolio , with the largest representing approximately 21.3 % of the total equity value of the entire portfolio . the amount of the company 's investment in any particular issuer may increase or decrease , and additions or deletions to its securities portfolio may occur , at any time . while it is the internal policy of the company to limit its initial investment in any single equity to less than 5 % of its total portfolio value , that investment could eventually exceed 5 % as a result of equity appreciation or reduction of other positions . marketable securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date . the following table shows the net gain or loss on the company 's marketable securities and the associated margin interest and trading expenses for the respective years . replace_table_token_7_th story_separator_special_tag the company refinanced its $ 715,000 adjustable rate mortgage note payable on its 9-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 1,265,000. the interest rate on the new loan is fixed at 5.89 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in march 2021. the company received net proceeds of approximately $ 367,000 from the refinancing . in february 2011 , the company refinanced its $ 958,000 adjustable rate mortgage note payable on its 14-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 1,855,000. the interest rate on the new loan is fixed at 5.89 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in march 2021. the company received net proceeds of approximately $ 687,000 from the refinancing . 23 in december 2010 , the company modified its $ 5,932,000 mortgage note payable on the property located in st. louis , missouri . prior to the modification of the mortgage note , the company paid a fixed rate of 6.16 % . upon modification , the interest rate was based upon libor ( london interbank offered rate ) plus 3.5 % . concurrent to the modification of the note , the company entered into a rate swap agreement in order to settle the variable rate ( i.e . , libor ) into a fixed rate of 1.35 % , thereby allowing the company to pay a total fixed interest rate of 4.85 % . the swap agreement matures in may 2013. a swap is a contractual agreement to exchange interest rate payments . under the swap agreement , the company agrees to pay the bank ( counterparty ) a fixed rate and the bank agrees to pay the company a floating rate . the interest rate swap agreement is being measured at fair value , but was not designated by the company as a cash flow hedge . should the company terminate the swap contract prematurely , it would be required to pay the fair value of the swap valued at $ 91,000 as of june 30 , 2011 , which is recorded as a liability by the company under “ accounts payable and other liabilities ” in the consolidated balance sheet . the change in the fair valueof the instrument is recognized and recorded in the “ net unrealized gain ( loss ) on other investments and derivative instruments ” in the consolidated statement of operations . in november 2010 , the company refinanced its $ 1,641,000 adjustable rate mortgage note payable on its 27-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 3,260,000. the interest rate on the new loan is fixed at 4.85 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in december 2020. the company received net proceeds of approximately $ 1,507,000 from the refinancing . in november 2010 , the company also refinanced its $ 3,569,000 adjustable rate mortgage note payable on its 31-unit apartment building located in los angeles , california for a new 10-year fixed rate mortgage in the amount of $ 5,787,000. the interest rate on the new loan is fixed at 4.85 % per annum , with monthly principal and interest payments based on a 30-year amortization schedule . the note matures in december 2020. the company received net proceeds of approximately $ 2,078,000 from the refinancing . the company has invested in short-term , income-producing instruments and in equity and debt securities when deemed appropriate . the company 's marketable securities are classified as trading with unrealized gains and losses recorded through the statement of operations . management believes that its cash , securities assets , and the cash flows generated from those assets and from partnership distributions and management fees , will be adequate to meet the company 's current and future obligations . material contractual obligations the following table provides a summary of the company 's material financial obligations which also includes interest . replace_table_token_8_th off-balance sheet arrangements the company has no material off balance sheet arrangements . impact of inflation hotel room rates are typically impacted by supply and demand factors , not inflation , since rental of a hotel room is usually for a limited number of nights . room rates can be , and usually are , adjusted to account for inflationary cost increases . since prism has the power and ability under the

