TORONTO , March 28, 2014 /CNW/ - Trez Capital Senior Mortgage Investment Corporation (TZS.TO) (the "Company") today announced its financial results for the year ended December 31, 2013 .
Year End Highlights
- The Company successfully completed its first full year of operations
- Net interest income totaled $6.6 million , up from $152,606 in 2012
- Income from operations totaled $4.2 million , up from $45,299 in 2012
- Earnings per share for the year ended December 31, 2013 was $0.39
- During fiscal 2013, the Company funded 31 new mortgage investments totaling $136 million
- The Company received full and partial pay downs totaling $31 million
- At year end, the Company had 3 mortgages in default but has not recorded any impairment as collection efforts currently underway are reasonably expected to result in full repayment of principal plus associated costs and accrued interest
- The Company successfully completed its transition from the Canadian securities regulatory regime for investment funds to the regulatory regime for public companies
Investment Portfolio Highlights
- 100% first mortgages
- Weighted average loan-to-value of the mortgage portfolio was 38.8%, well below the Company's 70% limit as provided for in the Company's Investment Guidelines
- Weighted average interest rate and term to maturity on mortgage investments was 6.5% and 17 months, respectively
- Well diversified portfolio across Canada's largest provinces: Ontario (59.9%), Alberta (22.5%), British Columbia (16.4%) and Nova Scotia (1.2%)
"We are pleased with the operating results for 2013 as we have successfully achieved the targets previously set-out", said Michael J.R. Nisker , President & CEO. "Our ongoing ability to continue to preserve investor capital and deliver stable yield is predicated on our rigorous underwriting process, prudent governance and absolute commitment to risk management. We look forward to reporting on our progress in the quarters to come as our first year as a public company continues to unfold".
The Company will review the financial results for the year ended December 31, 2013 on Friday April 4, 2014 at 11:00am EST .
Conference Call Details:
The conference call will be webcast live at http://www.media-server.com/m/p/7iomix6a
Dial-in-number: Toll Free 1-855-202-1807
Event Conference ID: 12601293
A taped replay of the conference call will be available until May 4, 2014 by dialing 1-855-859-2056, passcode: 12601293.
About the Company
The Company's objective is to acquire and maintain a relatively conservative and well diversified portfolio of mortgages in Canada that preserves capital and generates attractive returns in order to pay monthly distributions to its shareholders. The Company accomplishes its investment objectives through prudent investments in mortgages to qualified real estate investors and developers, focusing primarily on short-term bridge financing needs not serviced by traditional real estate lenders. Trez Capital Fund Management Limited Partnership is the Manager of the Company. The Manager has over 17 years of bridge financing experience in the real estate sector and currently manages $1.65 billion in assets.
SOURCE Trez Capital Senior Mortgage Investment Corporation
- Company Earnings
VP, Investor Service