Firm Capital Mortgage Investment Trust - December and estimated special year-end distribution amounting to $0.248 per unit and Year End Update

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nTSX Symbol FC.UN\n\n\nTORONTO, Dec. 18 /CNW/ - Firm Capital Mortgage Investment Trust (the\n"Trust") (TSX: FC.UN) announced its monthly distribution for December in the\namount of $0.078 per unit. The Trust also announced an estimated special\nyear-end distribution (the "Special Distribution") of $0.17 per unit. These\ndistributions, totaling an estimated $0.248, are payable on January 15, 2009,\nto Unitholders of record on December 31, 2008.\n\n\nThe precise amount of the Special Distribution will be announced prior to\nthe payment date. The estimated Special Distribution recognizes that income\ngenerated exceeds year-to-date distributions earned on the Trust's mortgage\ninvestments. Accordingly, as the Trust's Declaration of Trust requires that it\ndistribute all taxable income earned in its fiscal year, a special year-end\ndistribution is necessary to meet this requirement for the year ended December\n31, 2008. The Special Distribution is not indicative of future performance.\n\n\nDISTRIBUTION OVERVIEW 2008:\n---------------------------\nMonthly distributions for 2008 equalled $.078 per month, for a total\n$0.936 per unit, which, together with the year end Special Distribution of\n$0.17, represents total distributions for 2008 of $1.106 per unit.\n\nINVESTMENT PORTFOLIO TURNS:\n---------------------------\nAs at December 16, 2008, year to date mortgage discharges equated to $130\nmillion. This represents a significant turn of the portfolio enabling\nmanagement to re-invest the funds in evolving market conditions. As the\nportfolio revolves, the Trust is able to manage the portfolio size and return\non equity based on the pricing of new investments.\n\nMORTGAGE PORTFOLIO HIGHLIGHTS:\n------------------------------\nAs the year end approaches, the Trust is pleased to provide the following\ninformation with respect to its mortgage investment portfolio, as at December\n16, 2008;\n\n- Total Gross Mortgage Portfolio equals $229,751,296\n- Conventional first mortgages, being those mortgages with loan to\n values less than 75%, comprise 80% of our total portfolio, and total\n Conventional mortgages with loan to values under 75% comprise 97% of\n our total portfolio.\n- Special Profit Mortgage Investments, which include 13 investments,\n total 7.70% of the portfolio, comprised of Conventional investments\n ...

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