Despite the loss, revenue rose to $56 million, up from $26.5million in the prior-year quarter. The locally based REIT paid down$700 million of short-term borrowing during the quarter in ameasure Daniel Cohen, CEO, called "prudent to retain some adjustedearnings."
The company had $176.6 million of available cash, $441 millionof restricted cash, and $81 million of unused capacity undercommercial bank facilities on Sept. 30. "We have resumed lending infourth quarter," Cohen said during a conference call, adding, "weanticipate slower growth, but growth." He also said the companycontinues to monitor its borrowers carefully.
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