Earnings nose dive at CBRE Realty Finance

Barely two weeks after its CEO abruptly left, Hartford-based CBRE Realty Finance Inc. saw its profits shrink 72 percent to $1.6 million for the quarter, largely on the more than $2.5 million loss for its share of an undisclosed joint venture. The firm, a real estate investment trust owned chiefly by real estate company CB Richard Ellis Group, made $5.7 million in the same quarter a year ago. In a statement announcing the departure of CEO Keith Gollenberg last month, CBRE Realty Finance said it would no longer make equity investments through joint ventures. The loss comes despite CBRE Realty Finance having more than doubled its revenues to $27.6 million. Earnings per share and diluted share fell to 5 cents from 28 cents.