Timbercreek Mortgage Investment Corporation announces 2015 first quarter results

Toronto Stock Exchange: TMC

TORONTO, May 6, 2015 /CNW/ - Timbercreek Mortgage Investment Corporation (TSX: TMC) (the "Company") announced today its financial results for the three months ended March 31, 2015 ("Q1 2015") where it reported a third consecutive quarter of portfolio and revenue growth.

"2015 is off to a great start, with all capital fully deployed and healthy market conditions presenting excellent investment opportunities for the Company," states Andrew Jones, Chief Executive Officer of the Company. "Moving forward, we will continue to focus on maintaining a well-diversified portfolio with what we believe to be above market credit quality in order to protect investors' capital while providing a strong risk-adjusted return."

First Quarter Highlights (versus Q1 2014)

• Net interest income of $10.5 million up 19% from $8.8 million (Q4 2014 – $9.8 million)
• Net income and comprehensive income of $7.2 million up 13% from $6.4 million (Q4 2014 – $5.8 million)
• Earnings per share of $0.18 up $0.01 from $0.17 (Q4 2014 – $0.14)
• Exposure to Alberta remains low at 6.4% (Q4 2014 – 6.3%)
• Distributable income per share of $0.18 flat from $0.18 (Q4 2014 – $0.20)
• Exercised accordion feature on the credit facility, increasing available borrowing limit to $60.0 million. Credit facility balance of $54.2 million at quarter end

March 31, 2015  - Investment Portfolio Highlights

• Net mortgage investments up 11% to $439.2 million (December 31, 2014 - $397.3 million)
• Weighted average loan-to-value increased slightly to 72.8% (December 31, 2014 – 70.8%) but remains well below the Company's maximum threshold of 85%
• Weighted average interest rate down 20 basis points to 9.2% (December 31, 2014 - 9.4%) resulting from timing differences of syndications
• Weighted average lender fees for Q1 2015 were down to 1.1% from 1.5% for Q4 2014
• Weighted average term of 2.1 years (December 31, 2014 – 2.1 years) and an average remaining term to maturity of 1.2 years (December 31, 2014 – 1.4 years)
• The portfolio continues to be well-diversified across Canada's largest provinces: Ontario (41.7%), Quebec (12.8%), Alberta (6.4%) and B.C. (7.1%)

Operating Results Highlights

Quarterly Conference Call

Interested parties are invited to participate in a conference call with management on May 7, 2015 at 2:00 p.m. (EST) which will be followed by a question and answer period with analysts. Instructions on how to participate on this call are provided below:

Dial-in-number(s): 1-(855) 223-7310

Event Conference ID: 27225775

The playback of the conference call will also be available on www.timbercreekmic.com following the call.

About the Company

The Company provides investors with an opportunity to invest in a diversified portfolio of 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.

Non-IFRS Measures

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.

SOURCE Timbercreek Mortgage Investment Corporation