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| AFR fourth quarter results impacted by asset sales American Financial Realty Trust said that its fourth quarter 2007 results will be impacted by certain completed or anticipated asset sales activity resulting from the company's continuing execution of its strategic portfolio-repositioning plan, as refined in conjunction with its merger agreement with Gramercy Capital Corp. During the period commencing October 1, 2007 and ending December 31, 2007, AFR completed the sale of certain properties, which sales generated gains under generally accepted accounting principles (GAAP) of approximately $13.0 million. American Financial Realty Trust said fourth-quarter results may include impairments of about $18.4 million related to future asset sales. This charge will be mitigated in part by the GAAP gains of $13.0 million that were recognized on sales that closed in the fourth quarter ended December 31, 2007. write your comments about the article :: © 2008 Construction News :: home page |