The Company stated that "at this time" there is no reason to believe that the discovery of these issues involving Fishman will result in any change to its previously reported statements of financial condition or results of operation. The audit committee of the board of directors of the company has retained special counsel who, in consultation with the Audit Committee, is investigating this and related matters. Requests for additional information were not answered.

The company's board of directors elected Fredric H. Gould, chairman of the board to serves as chief executive officer and president effective immediately. The REIT invests primarily in improved commercial real estate under long-term net lease.