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Centerline Reports Loss, Extends Term Loan

NEW YORK CITY-The company's assets under management have reached more than $14 billion, an increase of nearly 18% from a year ago.

By Paul Bubny | Updated on March 10, 2009

NEW YORK CITY-Centerline Holding Co., the parent company of Centerline Capital Group, on Tuesday reported a net loss of $57.5 million for the fourth quarter of 2008 and a net loss of $232.2 million for the year on revenues of $58 million for the quarter and $233.5 million for the year. The quarter also saw Centerline expand its assets under management to more than $14 billion, up 17.6% over Q4 2007.

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.”

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