HARTFORD, Conn., Sept. 2 /PRNewswire-FirstCall/ -- Realty Finance Corporation (Pink Sheets: RTYFZ) today announced the resignation of Ray Wirta, as Chairman of the Board of Directors and as a director of the company, effective August 28, 2009. Douglas Eby has been appointed Chairman of the Board of Directors. Mr. Eby has been a member of the Board of Directors since 2005.
About Realty Finance Corporation
Realty Finance Corporation is a commercial real estate specialty finance company primarily focused on managing a diversified portfolio of commercial real estate-related loans and securities. The Company has elected to qualify to be taxed as a real estate investment trust, or REIT, for U. S. federal income tax purposes commencing with the taxable year ended December 31, 2005. As a REIT, the Company generally will not be subject to U. S. federal income tax on that portion of income that is distributed to stockholders if at least 90% of the its REIT taxable income is distributed to its stockholders. The Company conducts its operations so as to not be regulated as an investment company under the Investment Company Act of 1940, as amended, or the 1940 Act. For more information on the Company, please visit the Company's website at http://www.realtyfinancecorp.com/.
The Company's common stock is currently quoted on the Pink OTC Markets, or Pink Sheets. While not a requirement, the Pink Sheets encourages companies having their securities quoted thereon to provide adequate current information in accordance with its disclosure guidelines. The Company will no longer be issuing quarterly earnings releases.
Forward-Looking Information
This press release contains forward-looking statements based upon the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or are within its control. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in its forward-looking statements. The factors that could cause actual results to vary from the Company's forward-looking statements include: the risk factors included as part of the Company's Annual Report on Form 10-K for the period December 31, 2008 filed on March 16, 2009; the Company's future operating results; its business operations and prospects; general volatility of the securities market in which the Company invests and the market prices of its common stock; the effect of trading on the Pink Sheets; the Company's ability to begin making investments in the future; availability, terms and deployment of short-term and long-term capital; availability of qualified personnel; changes in the industry; interest rates; the debt securities, credit and capital markets, the general economy or the commercial finance and real estate markets specifically; performance and financial condition of borrowers and corporate customers; increased prepayments of the mortgage and other loans underlying the Company's investments; the potential derivative shareholder claim and any future litigation that may arise; the ultimate resolution of the Company's seven non-performing loans having an unpaid principal balance of $146.1 million and the Company's seven watch list loans having an unpaid principal balance of $194.2 million; the monetization of the Company's joint venture investments; the ability to come back into compliance with the overcollateralization tests in CDO I and CDO II; the ability to continue as a going concern; availability of liquidity; and other factors, which are beyond the Company's control. The Company undertakes no obligation to publicly update or revise any of the forward-looking statements. For further information, please refer to the Company's previous periodic filings with the Securities and Exchange Commission. The Company is no longer a Securities and Exchange Commission reporting company since March 16, 2009.
Realty Finance Corporation
CONTACT: Daniel Farr, Chief Financial Officer, +1-860-275-6234,
dfarr@realtyfinancecorp.com
Web Site: http://www.realtyfinancecorp.com/
