Chastain Capital Reports Third Quarter Results
ATLANTA--(BUSINESS WIRE)--Oct. 25, 1999--Chastain Capital
Corporation (Nasdaq/NM:CHAS) today reported results for the third
quarter and nine months ended September 30, 1999.
Chastain Capital recorded net income of $572,065, or $0.08 per
diluted share, for the third quarter of 1999 compared with a net loss
of $38,169,031, or $4.46 per diluted share, in the third quarter of
1998. The third quarter of 1999 results include charges for asset
selling costs of $506,158. Excluding this item, the Company would have
recorded net income of $1,078,223, or $0.15 per diluted share.
For the nine months ended September 30, 1999, the Company
recorded a loss of $1,570,348 or $0.21 per diluted share. The nine
month results include $2,664,000 of losses realized on the sale of
assets, $2,549,850 of net mark-to-market charges, $1,256,158 of charges
for asset selling costs and $49,000 of losses on termination of
interest rate collars. Excluding these items, the Company would have
recorded net income of $4,948,660, or $0.68 per diluted share, for the
period.
Chastain Capital also announced that today it completed the sale
of a portion of the Company's mezzanine loan portfolio as well as the
Company's entire remaining commercial mortgage backed securities
(CMBS) portfolio for total consideration of $24.4 million. The Company
expects to complete the sale of another of its mezzanine loans on
November 1, 1999, for total proceeds of approximately $21.8 million.
On October 1, 1999, Chastain's shareholders voted to approve the
complete liquidation and dissolution of the Company. The Company
expects to sell its remaining assets in the fourth quarter of 1999 and
the first quarter of 2000. |
