Mostafa Nagaty

“Regarding the CECL reserve, the model we use, like our peers, is closely tied to the macroeconomic environment. A key factor is the CRE price index projections for the upcoming quarters.”

“So we're going to stick to the CECL obviously, we had the $1.6 million benefit. This resulted in this net decrease in our reserve quarter-over-quarter for most; it's really that macroeconomic scenario that we implemented this quarter, which is pretty much in line or slightly better than prior quarter.”

“Before I turn to the key financial highlights, let me call out the change in our non-GAAP earnings measure. Historically, we reported core earnings as our key non-GAAP earnings metric to assist the performance of our business.”

“So, just to clarify that the change in the core earnings presentation prospectively is a result of SEC that we received directing us to no longer exclude the provision of credit losses, or a portion of the provision for credit losses from our core earnings presentation going forward.”

“Well, I don't think it's necessarily in distress. I mean they're in sale and the plan is it's a big redevelopment plan, and I guess it's too early to tell where that sale ultimately shakes out.”