Firm Capital Mortgage Investment Trust announces second quarter 2007 results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nTSX Symbol FC.UN\n\n\nTORONTO, Aug. 8 /CNW/ - Firm Capital Mortgage Investment Trust (the\n"Trust") (TSX FC.UN), released today its financial statements for the second\nquarter ended June 30, 2007.\n\n\nNet earnings for the second quarter ended June 30, 2007 increased to\n$3,155,115 from $3,016,507 for the same period last year. Basic weighted\naverage earnings per unit for the second quarter amounted to $0.250 versus\n$0.240 last year. Net earnings for the six month period ended June 30, 2007\nincreased to $6,513,723 from $6,010,975 for the same period last year. Basic\nweighted average earnings per unit for the six month period ended June 30,\n2007 increased to $0.517 versus $0.478 last year. Net earnings for the six\nmonth period ended June 30, 2007 represented an annualized return on average\nUnitholders' equity of 10.84% per annum. This return on Unitholders' equity\nequates to 653 basis points per annum over the average One Year Government of\nCanada Treasury Bill yield for the related period, and is well in excess of\nthe Trust's target yield objective of 400 basis points per annum over the One\nYear Treasury Bill yield.\n\n\nAs at June 30, 2007, the Trust's mortgage portfolio stood at $204,952,996\nas compared to $208,102,557 as at December 31, 2006. The portfolio continued\nto be heavily concentrated in first mortgages.\n\n\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.\n\n\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\n\n Unaudited Financial Statements of\n\n FIRM CAPITAL MORTGAGE INVESTMENT TRUST\n\...

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