Firm Capital Mortgage Investment Trust announces third 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, Nov. 3 /CNW/ - Firm Capital Mortgage Investment Trust (the\n\"Trust\") (TSX FC.UN), released today its financial statements for the third\nquarter ended September 30, 2005.\nNet earnings for the third quarter ended September 30, 2005 increased to\n$2,675,700 from $2,429,245 for the same period last year. Weighted average\nearnings per unit for the third quarter increased to $0.240 versus $0.238 last\nyear. Net earnings for the nine month period ended September 30, 2005\nincreased to $7,623,540 from $6,934,890 for the same period last year.\nWeighted average earnings per unit for the nine month period ended\nSeptember 30, 2005 increased to $0.715 versus $0.707 last year. Net earnings\nrepresented an annualized return on weighted average Unitholders' equity of\n10.35% per annum. This return on Unitholders' equity equates to 748 basis\npoints per annum over the average One Year Government of Canada Treasury Bill\nyield for the first nine months of 2005, and is well in excess of the Trust's\ntarget yield objective of 400 basis points per annum over the One Year\nTreasury Bill yield.\nAs at September 30, 2005, the Trust's mortgage portfolio increased to\n$136,855,070 as compared to $120,347,225 as at December 31, 2004. The\nportfolio continued to be heavily concentrated in first mortgages.\nThe Trust has in place a Distribution Reinvestment Plan (DRIP) and Unit\nPurchase Plan that is available to its Unitholders. The plans allow\nparticipants to have their monthly cash distributions reinvested in additional\nTrust units and grants participants the right to purchase additional units.\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.\nAdditi...

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