Capital Trust, a real estate investment trust that invests in commercial real estate loans and securities, said it is exploring "strategic alternatives" for the New York-based company.
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It has established a special committee comprised of independent directors to consider the issue. The alternatives include a sale of the REIT. Evercore Partners has been hired as the financial advisor.
Capital Trust's common stock opened on Wednesday morning $0.49 per share higher than its previous close at $3.25. But by noon, it had settled back down to $3 per share, up 10.7% on the day.
For the first quarter, Capital Trust had net income of $67 million, down from $255 million one year prior.
