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.

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