Firm Capital Mortgage Investment Trust Announces Third Quarter 2008 Results and Year To Date Earnings In Excess of Distributions of $0.135 Per Unit

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[{"type":"text","content":"\n\n\n\nTSX Symbol FC.UN\n\n\nTORONTO, Nov. 5 /CNW/ - Firm Capital Mortgage Investment Trust (the\n"Trust") (TSX FC.UN), released today its financial statements for the third\nquarter ended September 30, 2008.\n\n\nNet earnings for the third quarter ended September 30, 2008 increased to\n$3,484,045 from $3,221,939 for the same period last year. Basic weighted\naverage earnings per unit for the third quarter amounted to $0.261 versus\n$0.255 last year. Net earnings for the nine month period ended September\n30, 2008 increased to $10,976,050 from $9,735,662 for the same period last\nyear. Basic weighted average earnings per unit for the nine month period ended\nSeptember 30, 2008 increased to $0.846 versus $0.772 last year.\n\n\nFor the nine month period ended September 30, 2008, net earnings exceeded\ndistributions by $1,863,732, representing $0.135 per unit, based on the number\nof units outstanding at September 30, 2008. The Trust distributes the balance\nof its net earnings, less distributions made up to November 30 of that year,\nto Unitholders of record as at December 31. Net earnings for the nine month\nperiod ended September 30, 2008 represented an annualized return on average\nUnitholders' equity of 11.74% per annum. This return on Unitholders' equity\nequates to 882 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\nFor the nine month period ended September 30, 2008, net earnings exceeded\ndistributions by $1,863,732 representing $0.135 per unit (based on the number\nof units outstanding at September 30, 2008).\n\n\nAs at September 30, 2008, the Trust's mortgage portfolio, net of fair\nvalue adjustment, stood at $248,658,885 as compared to $233,731,967 as at\nDecember 31, 2007. The portfolio continued to be heavily concentrated in first\nmortgages.\n\n\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.\n\n\nThe Trust, through its Mortgage Banker, Firm Capital Corporation,...

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