CBRE Realty Finance Inc. reported net income of $16.5 million, or 54 cents per diluted share, for the quarter ended March 31, up from $1.6 million, or 5 cents a diluted share, a year earlier. The results included a $13.2 million unrealized gain resulting from the mark-to-market of certain assets and liabilities due to an accounting rule change.
Adjusted funds from operations in the quarter, which exclude results from discontinued operations and the effect of the accounting change, were $1.5 million, or 5 cents a diluted share. Excluding $1.1 million related to litigation, proxy defense and financial advisory fees, AFFO for the first quarter would have been $2.6 million, or 9 cents a diluted share.
The Hartford real estate investment firm declared a first quarter dividend of 15 cents per common share.
