EXHIBIT 99

WILSHIRE REAL ESTATE INVESTMENT TRUST INC.

PRO FORMA FINANCIAL INFORMATION -- NARRATIVE FORMAT

     The unaudited pro forma financial information reflects the effect of the
disposition of the assets along with the required pro forma adjustments. The
unaudited pro forma financial information should be read in conjunction with the
historical consolidated financial statements of WREIT, together with the related
notes thereto, which were filed herewith on Form 10-Q for the period ended March
31, 1999.
 
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     On April 29, 1999, the Company sold a loan secured by commercial properties
in the United Kingdom to an unrelated third party. The terms of the sale were
determined through arm's-length negotiations between the Company and the
purchaser. The loan had a carrying value of approximately $47.9 million at March
31, 1999. The loan earned interest at a LIBOR-based rate and matures in August
2003. A substantial amount of the proceeds from the sale were used to repay a
repurchase facility with Merrill Lynch Mortgage Capital for which this loan
served as collateral. This debt facility bore interest at LIBOR +125 bps and
settled on a quarterly basis.

     The pro forma effect of this transaction on the March 31, 1999 statement of
financial condition would have resulted in a decrease in total assets from
$341.8 million to $307.3 million and decrease in total liabilities from $263.4
million to $229.5 million. The decrease in total assets is the result of the
sale of the loan's carrying value, offset in part by an increase in cash and
cash equivalents. Liabilities decreased as a result of terminating the short-
term financing on the assets sold.
 
     The pro forma effect of this transaction on stockholders' equity as of
March 31, 1999 would be a decrease from $78.4 million to $77.8 million. The $0.6
million decrease is due to the pro forma effect of adjusting retained earnings
by $0.6 million for the interest income earned during the quarter ended March
31, 1999 on this loan, net of interest expense on the related borrowing.

  Additionally, the pro forma effect to the historical statement of operations
for the quarter ended March 31, 1999 includes the following:

 .    Decrease in interest income of $1.1 million and a decrease in interest
     expense of $0.5 million, which results in a decrease in net interest income
     of $0.6 million.

 .    Decrease in net income from $1.8 million, or $0.15 per share, to $1.2
     million, or $0.10 per share.