Ten executives at RAIT Financial Trust forfeited equity incentive awards that were worth $11.82 million when they were granted in January, the company said today in an SEC filing.
Since January, shares in the Philadelphia real estate investment trust have lost 70 percent of their value because of RAIT's exposure to homebuilders and and residential real estate lenders.
Betsy Z. Cohen, chairman of RAIT, said in the filing that that "the action of our senior executives reflects their commitment to aligning their long-term incentive compensation with our shareholders' interests."
The awards, in the form of phantom stock units, had four- or five-year vesting periods beginning in January 2008.
RAIT's shares were up 18 cents, or 1.7 percent, to $10.99 at 10:30 this morning on the New York Stock Exchange.