LAS VEGAS-Vestin Realty Mortgage I and II REITs lost $12.5 million and $55 million respectively in 2009, a total that is less than half of what the two REITs lost in 2008, according to public filings by the REITs this week. Vestin I said its net loss, which worked out to $1.90 per share for the year, compared with a net loss of approximately $21.5 million and $3.14 per share for the year ended Dec. 31, 2008. Vestin II said that its 2009 loss was $4 per share versus a net loss of approximately $130.2 million or $8.86 per share for the year ended Dec. 31, 2008.

The filings for both REITs attributed the losses in large part to non-performing loans and the continued deterioration in real estate values. The Vestin REITs invest in commercial real estate loans and also are involved in asset management, real estate lending and other financial services through subsidiaries.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.