Real estate investment trusts narrow losses
August 16, 2010 - 1:42 pm
Real estate investment trusts Vestin Realty Mortgage I and Vestin Realty Mortgage II on Monday said their second-quarter losses narrowed from a year earlier.
In a statement, Vestin Realty Mortgage I had a net loss of $643,000, or 10 cents per share, for the quarter ended June 30, compared with a net loss of $3.2 million, or 49 cents per share, a year earlier.
Revenue fell 36 percent to $317,000 from $495,000.
Meanwhile, Vestin Realty Mortgage II said its net loss for the quarter was $6.1 million, or 45 cents per share, for the three months ended June 30, compared with a net loss of $14.5 million, or $1.05 per share, a year earlier.
Revenue fell 71 percent to $690,000 from $2,376,000.
Falling interest income from a smaller real estate investment portfolio figured in the lower quarterly revenue for both funds.
For Vestin Realty Mortgage I, second-quarter interest income from real estate loan investments slid to $305,000 in 2010 from $419,000 a year earlier. Its portfolio of performing real estate loans went from 14 loans totaling about $12.7 million as of June 30, 2009, to nine loans totaling about $8.1 million as of June 30.
For Vestin Realty Mortgage II, second-quarter interest income from real estate-loan investments fell to about $600,000 million from about $2.2 million in 2009, the fund said. Its portfolio of performing real estate loans went from 21 loans totaling about $81.9 million as of June 30, 2009, to 14 loans totaling about $39 million as of June 30.
Vestin Realty Mortgage I shares rose 9 cents, or 9.89 percent, to close Monday at $1 on the Nasdaq National Market. Vestin Realty Mortgage II shares fell 1 cent, or 0.72, percent to close Monday at $1.36 also on the Nasdaq National Market.