Firm Capital Mortgage Investment Trust announces record results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nTSX Symbol FC.UN\n\n\nTORONTO, March 10 /CNW/ - Firm Capital Mortgage Investment Trust (the\n"Trust") (TSX FC.UN), today released its financial statements for the fiscal\nyear ended December 31, 2008.\n\n\nEARNINGS\n--------\n\n\nNet earnings for the year ended December 31, 2008 totaled $14,700,534\ncompared to $12,885,048 for the year ended December 31, 2007. For the fourth\nquarter ended December 31, 2008, net earnings amounted to $3,724,484 compared\nto $3,149,386 for the same period ended in 2007. 2008 basic weighted average\nnet earnings per unit of $1.115 compared to $1.021 per unit for 2007. The 2008\nnet earnings represent an annualized return on average Unitholders' equity of\n11.58% per annum. This return on Unitholders' equity equates to 897 basis\npoints per annum over the average One Year Government of Canada Treasury Bill\nyield for the year and is well in excess of the Trust's target yield objective\nof 400 basis points per annum over the One Year Treasury Bill yield.\n\n\nDISTRIBUTION OVERVIEW 2008:\n---------------------------\nMonthly distributions for 2008 equaled $.078 per month, for a total $0.936\nper unit, which, together with the year end Special Distribution of $0.17,\nrepresents total distributions for 2008 of $1.106 per unit, an increase from\n2007 distributions of $1.021 per unit.\n\nINVESTMENT PORTFOLIO TURNS:\n---------------------------\nIn 2008 annual mortgage discharges equated to $146 million. This\nrepresents a significant turn of the portfolio enabling management to\nre-invest the funds in evolving market conditions. As the portfolio revolves,\nthe Trust is able to manage the portfolio size and return on equity based on\nthe pricing of new investments.\n\nMORTGAGE PORTFOLIO HIGHLIGHTS:\n------------------------------\nDetails on the Trust's mortgage portfolio as at December 31, 2008 are as\nfollows:\n\n- Total Gross Mortgage Portfolio equals $225,795,801\n- Conventional first mortgages, being those mortgages with loan to\n values less than 75%, comprise 79% of our total portfolio, and total\n Conventional mortgages with loan to values under 75% comprise 92% of\n our total portfolio.\n- Special Profit Mortgage Investments total 8% of the portfolio.\n- Approximately 85% of the portfolio matures within 12 months. This\n results in a continuously revolving portfolio, allowing man...

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