Capital Trust Inc., a New York-based real estate investment trust, has announced the sale of $50 million of trust preferred securities through its consolidated statutory trust subsidiary, CT Preferred Trust I.The REIT said the subsidiary's assets consist solely of $51.55 million of junior subordinated notes concurrently issued by Capital Trust. The trust securities have a 30-year term, are redeemable at par on or after April 30, 2011, and pay distributions at a fixed rate of 7.45% for the first 10 years and at a floating rate of 2.65% over the three-month London interbank offered rate thereafter.
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