Firm Capital Mortgage Investment Trust announces strong first quarter results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nTSX Symbol FC.UN\n\n\nTORONTO, May 5 /CNW/ - Firm Capital Mortgage Investment Trust (the\n"Trust") (TSX FC.UN), today released its financial statements for the first\nquarter ended March 31, 2009.\n\n\nEARNINGS\n--------\n\n\nNet earnings for the quarter ended March 31, 2009 totaled $3,640,040\ncompared to $3,574,288 for the quarter ended March 31, 2008. Net earnings for\nthe quarter ended March 31, 2009 exceeded distributions by $392,627 or $0.028\nper unit. Basic weighted average net earnings per unit of $0.262 for the\nquarter ended March 31, 2009 compared to $0.283 per unit for the comparable\nperiod in 2008. The first quarter net earnings represent an annualized return\non average Unitholders' equity of 10.98% per annum. This return on\nUnitholders' equity equates to 1021 basis points per annum over the average\nOne Year Government of Canada Treasury Bill yield for the year and is well in\nexcess of the Trust's target yield objective of 400 basis points per annum\nover the One Year Treasury Bill yield.\n\n\nDISTRIBUTION OVERVIEW:\n----------------------\nMonthly distributions for first quarter equaled $.078 per month, for a\ntotal $0.234 per unit.\n\nINVESTMENT PORTFOLIO TURNS:\n---------------------------\nIn the first quarter mortgage discharges equated to $20,347,626 million.\nThis represents a significant turn of the portfolio enabling management to\nre-invest funds in evolving market conditions. As the portfolio revolves, the\nTrust is able to manage the portfolio size and return on equity based on the\npricing of new investments.\n\nMORTGAGE PORTFOLIO HIGHLIGHTS:\n------------------------------\nDetails on the Trust's mortgage portfolio as at March 31, 2009 are as\nfollows:\n- Total Gross Mortgage Portfolio equals $215,369,642\n- Conventional first mortgages, being those mortgages with loan to\n values less than 75%, comprise 78% 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 91% of the portfolio matures within 12 months. This\n results in a continuously revolving portfolio, allowing management to\n assess market conditions.\n- The Average Face Interest Rate on the portfolio is 9.98% per annum.\n- Regionally, the portfolio is diversified a...

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