Firm Capital Mortgage Investment Trust announces third quarter 2006 results

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\n\nTSX Symbol FC.UN\n\nTORONTO, Nov. 2 /CNW/ - Firm Capital Mortgage Investment Trust (the\n\"Trust\") (TSX FC.UN), released today its financial statements for the third\nquarter ended September 30, 2006.\nNet earnings for the third quarter ended September 30, 2006 increased to\n$3,150,562 from $2,675,700 for the same period last year. Basic weighted\naverage earnings per unit for the third quarter amounted to $0.250 versus\n$0.240 last year. Net earnings for the nine month period ended September 30,\n2006 increased to $9,161,537 from $7,623,540 for the same period last year.\nBasic weighted average earnings per unit for the nine month period ended\nSeptember 30, 2006 increased to $0.729 versus $0.715 last year. Net earnings\nrepresented an annualized return on weighted average Unitholders' equity of\n10.24% per annum. This return on Unitholders' equity equates to 608 basis\npoints per annum over the average One Year Government of Canada Treasury Bill\nyield for the first nine months of 2006, 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.\nUnitholders should note that net earnings to September 30, 2006 exceeded\ndistributions by $672,472, being $0.0535 per unit. The Trust's policy is to\ndistribute this excess earnings to Unitholders as part of its December\ndistribution.\nAs at September 30, 2006, the Trust's mortgage portfolio increased to\n$200,764,020 as compared to $164,981,562 as at December 31, 2005. The\nportfolio continued to be heavily concentrated in first mortgages.\nThe Trust is pleased to announce that it has added Lawrence Shulman,\nChartered Accountant, as an Independent Trustee to its Board of Trustees and\nto its Audit Committee. The addition of another Chartered Accountant to the\nTrust's board, who has years of experience working in the real estate\nindustry, is deemed to be beneficial.\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 bridg...

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