TSX Symbol FC.UN
TORONTO, Dec. 17 /CNW/ - Firm Capital Mortgage Investment Trust (the "Trust") (TSX: FC.UN) announced its monthly distribution for December in the amount of $0.078 per unit. The Trust also announced an estimated special year-end distribution (the "Special Distribution") of $0.095 per unit. These distributions, totaling an estimated $0.173, are payable on January 15, 2008, to Unitholders of record on December 31, 2007.
The precise amount of the Special Distribution will be announced prior to the payment date. The estimated Special Distribution recognizes that income generated exceeds year-to-date distributions earned on the Trust's mortgage investments. Accordingly, as the Trust's Declaration of Trust requires that it distribute all taxable income earned in its fiscal year, a special year-end distribution is necessary to meet this requirement for the year ended December 31, 2007. The Special Distribution is not indicative of future performance.
The Trust has in place a Distribution Reinvestment Plan (DRIP) and Unit Purchase Plan that is available to its Unitholders. The plans allows participants to have their monthly cash distributions reinvested in additional Trust units and grants participants the right to purchase, without commission, additional units, up to a maximum of $12,000 per annum.
The Trust, through its Mortgage Banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Trust's investment objective is the preservation of Unitholders' equity, while providing Unitholders with a stable stream of monthly distributions from investments. The Trust achieves its investment objectives by pursuing a strategy of growth through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to Unitholders.