Vestin Realty Mortgage (VRTB) Down Over 6% On Suspension Of Dividend

July 14, 2008 2:37 PM EDT

Today, Vestin Realty Mortgage II (Nasdaq: VRTB) announced it would suspend its dividend. Vestin Reatly sent a letter to shareholders of Vestin Realty to notify them of the suspension. Below is an excerpt from Vestin Realty's CEO Michael Shustek.

"The real estate industry and the credit markets are both in turmoil. As a mortgage lender, we are faced with an immense challenge in navigating the current economic environment. Unfortunately, our operating results have suffered because of an increase in non-performing assets, a write-down on real estate owned property and legal fees in connection with various lawsuits. As such, we have been forced to suspend the payment of dividends to our shareholders."

Vestin Realty Mortgage II operates as a real estate investment trust (REIT). Its manager is Vestin Mortgage, Inc. (the manager or Vestin Mortgage), which is a wholly owned subsidiary of Vestin Group (Vestin Group).
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