Firm Capital Mortgage Investment Trust announces second quarter 2005 results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\n\nTSX Symbol FC.UN\n\nTORONTO, July 19 /CNW/ - Firm Capital Mortgage Investment Trust (the\n\"Trust\") (TSX FC.UN), released today its financial statements for the second\nquarter ended June 30, 2005.\nNet earnings for the second quarter ended June 30, 2005 increased to\n$2,549,995 from $2,332,186 for the same period last year. Weighted average\nearnings per unit for the second quarter increased to $0.245 versus $0.229\nlast year. Net earnings for the six month period ended June 30, 2005 increased\nto $4,947,840 from $4,505,645 for the same period last year. Weighted average\nearnings per unit for the six month period ended June 30, 2005 increased to\n$0.475 versus $0.470 last year. Net earnings represented an annualized return\non weighted average Unitholders' equity of 10.32% per annum. This return on\nUnitholders' equity equates to 753 basis points per annum over the average One\nYear Government of Canada Treasury Bill yield for the first six months of\n2005, and is well in excess of the Trust's target yield objective of 400 basis\npoints per annum over the One Year Treasury Bill yield.\nAs at June 30, 2005, the Trust's mortgage portfolio increased to\n$131,270,942 as compared to $120,347,225 as at December 31, 2004. The\nportfolio continued to be heavily concentrated in first mortgages.\nThe Trust, through its Mortgage Banker, Firm Capital Corporation, is a\nnon-bank lender providing residential and commercial short-term bridge and\nconventional real estate finance, including construction, mezzanine and equity\ninvestments. The Trust's investment objective is the preservation of\nUnitholders' equity, while providing Unitholders with a stable stream of\nmonthly distributions from investments. The Trust achieves its investment\nobjectives by pursuing a strategy of growth through investments in selected\nniche markets that are under-serviced by large lending institutions. Lending\nactivities to date continue to develop a diversified mortgage portfolio,\nproducing a stable return to Unitholders.\nAdditional information about the Trust, including the Management's\nDiscussion and Analysis relating to the financial statements, will be\navailable on the SEDAR website at www.sedar.com.\n\nNOTICE UNDER NATIONAL INSTRUMENT 51-102\n\nNational Instrument 51-102: Continuous Disclosure Requirements requires\nthat these interim fina...

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