In a release, the company attributed the Q4 losses to impairment charges. Also running into negative numbers was shareholders' equity, which declined from $540.6 million at the end of '07 to negative $867.5 million as Dec. 31 of '08. "The decrease was due primarily to the declining fair values of investments that are marked to market each reporting period," the company says in a release. "As the markets for many of these investments have continued the trend begun last year and become less liquid during '08, the decline in fair value has resulted in significant unrealized losses that reduce shareholders' equity."

Also during Q4, Centerline closed an agreement with its lenders, modifying the Company's corporate debt facilities and extending the maturity date of its term loan to Dec. 31 of this year and its revolving credit facility to Sept. 30, 2010. To date, $19.2 million of the $68.9-million term loan balance outstanding at the end of '08 has been repaid, according to a release.

At year's end, Centerline was named special servicer on a CMBS portfolio of $113.8 billion. As of Dec. 31, $973.9 million, or 0.86% of the portfolio, was delinquent, compared to the industry average of 1.16%, the company states.