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SOURCE Timbercreek Senior Mortgage Investment Corporation
Toronto Stock Exchange: MTG
TORONTO, May 6, 2014 /CNW/ - Timbercreek Senior Mortgage Investment Corporation (TSX: MTG) (the "Company") today announced its financial results for the three months ended March 31, 2014.
First Quarter Highlights
Investment Portfolio Highlights
|Results||March 31, 2014||March 31, 2013|
|Distributable Income||$4.5 million||$5.1 million|
|Target dividend yield||4.51%||4.55%|
|Actual dividend yield||6.92%||6.39%|
|Dividends per share:|
|Net mortgage investments||$396.2 million||$368.2 million|
|Average mortgage investment||$6.3 million||$8.6 million|
|Weighted average interest rate||6.53%||6.50%|
|Average lender fee||0.65%||0.90%|
About the Company
The Company provides investors with an opportunity to invest in a diversified portfolio of first-only mortgage investments originated and underwritten by its manager, Timbercreek Asset Management Inc. (the "Manager"). The Company focuses on capital preservation and the generation of attractive, stable returns, allowing for the payment of monthly dividends to shareholders.
The Company prepares and releases financial statements in accordance with IFRS. As a complement to results provided in accordance with IFRS, the Company discloses certain financial measures not recognized under IFRS and that do not have standard meanings prescribed by IFRS (collectively the "non-IFRS measures"). These non-IFRS measures are further described in Management's Discussion and Analysis ("MD&A") available on SEDAR. The Company has presented such non-IFRS measures because the Manager believes they are relevant measures of the ability of the Company to earn and distribute cash dividends to investors and to evaluate the Company's performance. These non-IFRS measures should not be construed as alternatives to net income (loss) and comprehensive income (loss) or cash flows from operating activities determined in accordance with IFRS as indicators of the Company's performance.
Certain statements contained in this news release may contain projections and "forward looking statements" within the meaning of that phrase under Canadian securities laws. When used in this news release, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "objective" and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company's current views, beliefs, assumptions and intentions are subject to certain risks and uncertainties, known and unknown, including, without limitation, those risks disclosed in the Company's public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law.
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1414 North Memorial Parkway