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JENKINTOWN, PA-The day after announcing an agreement to a $3.4-billion buy-out by Gramercy Capital Corp., American Financial Realty Trust issued its third-quarter financials. The report shows that it has significantly curbed its losses in comparison with the same quarter a year ago.

The company posted a net loss of $22.8 million, compared with $56.2 million for the parallel prior-year quarter. Third-quarter revenue fell to $101.9 million, down from $107.7 million for the year-ago quarter, but up from $100.7 million for the quarter ended June 30, 2007.

AFR also said its board had appointed David Nettina sole president as well as CFO and chief real estate officer. Nettina had been sharing the president's post with Glenn Blumenthal and Edward Matey since the death of former CEO Hal Pote this June. Blumenthal now resumes his positions as EVP and COO, and Matey continues as EVP and general counsel.