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Revenue down in third quarter for Capital Trust.

Capital Trust, Inc. reported third quarter 2001 results of 11 cents per share (diluted) consistent with the company's guidance and representing an increase of 3 cents per share (diluted) over the third quarter of 2000.

For the quarter ended Sept. 30, the company reported total revenues of $20.8 million and net income of 11 cents per share (based on 35 million weighted average diluted shares outstanding) compared to total revenues of $22.6 million and net income of 8 cents per share (based on 42.2 million weighted average diluted shares outstanding) in the same period of the prior year.

For the nine months ended Sept. 30, the company reported total revenues of $59.9 million and net income of 28 cents per share (based on 37.6 million weighted average diluted shares outstanding) compared to total revenues of $70.6 million and net income of 22 cents per share (based on 30.0 million weighted average diluted shares outstanding) in the same period of the prior year.

John Klopp, Capital Trust's CEO noted, "CT's third quarter results were precisely in line with our expectations. In today's uncertain environment, we are focused on aggressively managing our existing assets while opportunistically investing our available capital. CT Mezzanine Partners II, our flagship mezzanine fund, has closed over $400 million of new investments to date and has $2 billion to invest.

Low interest rates are impacting our nominal returns but spurring significant refinancing demand.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 21, 2001
Words:242
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