MCLEAN, Va., March 31 /PRNewswire-FirstCall/ -- JER Investors
Trust Inc. (OTC Bulletin Board: JERT, "JERT") today reported the
sale of its interest in $152.9
million of face amount of CMBS for proceeds of $5.5 million. $4.7 million of proceeds from
the sale were used to repay, in full, amounts outstanding,
including accrued interest, on JERT's repurchase agreement with
J.P. Morgan Securities Inc., which matured on March 29, 2010. As of March 31, 2010, JERT has an unrestricted cash
balance of $1.1 million and continues
to be in default of its payment obligations under its ISDA Master
Agreement, dated as of December 1,
2004 (as subsequently amended) with National Australia Bank
Limited and its Junior Subordinated Notes due in 2037.
About JER Investors Trust Inc.
JER Investors Trust Inc. is a specialty finance company quoted
on the OTC Bulletin Board that is primarily focused on managing a
portfolio of commercial real estate structured finance products.
JERT's investments have included commercial mortgage backed
securities, mezzanine loans and B-Note participations in mortgage
loans, commercial mortgage loans and net leased real estate
investments. JER Investors Trust Inc. is organized and
conducts its operations so as to qualify as a real estate
investment trust ("REIT") for federal income tax purposes.
For more information regarding JER Investors Trust Inc.,
please visit www.jer.com.
Forward-Looking Statements
This press release does not constitute an offer of any
securities for sale. Certain items in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and
beliefs and are subject to a number of trends and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements. JER Investors
Trust can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially
from JER Investors Trust's expectations include, but are not
limited to, changes in the real estate and capital markets, our
ability to maintain existing financing arrangements and other risks
detailed from time to time. Such forward-looking statements
speak only as of the date of this press release. JER
Investors Trust expressly disclaims any obligation to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in JER Investors Trust's
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.
CONTACT:
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J. Michael McGillis
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Chief Financial Officer
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JER Investors Trust Inc.
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(703) 714-8000
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SOURCE JER Investors Trust Inc.