Chastain Capital Reports First Quarter Results
ATLANTA--(BUSINESS WIRE)--April 23, 1999--Chastain Capital
Corporation (Nasdaq/NM:CHAS), today reported results for the first
quarter ended March 31, 1999, its fourth quarter of operations.
The Company recorded a net loss of $1,595,000, or $0.22 per
share, for the first quarter. These results include $2,664,000 of
losses realized on the sale of assets, $471,000 of net mark-to-market
charges and $49,000 of losses on termination of interest rate collars.
Excluding these items, the Company would have recorded net income of
$1,589,000, or $0.22 per share, in the first quarter.
During the quarter, the Company completed the sale of a
significant portion of its commercial mortgage-backed securities
(CMBS) portfolio and one of its real estate investments for $51.6
million. The proceeds were used to repay all of Chastain's borrowings
from Morgan Guaranty Trust, Merrill Lynch Mortgage Capital and
Deutsche Bank Securities and terminate these credit facilities.
Subsequent to March 31, 1999, Chastain entered into a sale and
repurchase agreement for its mezzanine investment in 277 Park Avenue
for $10.5 million. Proceeds from the sale were used to repay its
borrowings and terminate its subordinated debt facility with Lend
Lease Investments Holdings, Inc. ("LLIH"), an affiliate of Chastain's
Manager. |
