Trez Capital Senior Mortgage Investment Corporation Announces Year End 2014 Results and Conference Call Details

TORONTO, March 25, 2015 CNW/ - Trez Capital Senior Mortgage Investment Corporation (TSX:TZS) (the "Company") is pleased to report continued strong financial results for the year ended December 31, 2014.

2014 Highlights

  • Net income totaled $4.6 million, up from a loss of $446,050 for 2013 (the loss was due to the different way dividends were accounted for under the closed-end fund regime)
  • Income from operations totaled $5.8 million, up from $4.2 million for 2013
  • Basic and diluted earnings per share were $0.61 while total dividends declared were $0.526 per share
  • During fiscal 2014, the Company funded 9 new mortgage investments totaling $30.1 million
  • The Company received full and partial pay downs on 11 mortgage investments totaling $44.9 million

Investment Portfolio Highlights

  • 100% of portfolio invested in first mortgages
  • 100% of equity invested throughout 2014
  • On average, 84% of credit facility utilized throughout 2014
  • Weighted average loan-to-value of the mortgage portfolio was 40.9%, well below the Company's Investment Guideline of 70%
  • Weighted average interest rate and term to maturity on mortgage investments was 6.1% and 14 months, respectively
  • Geographically diversified portfolio across Canada: Ontario (50.9%), Alberta (34.4%), British Columbia (13.3%), and Nova Scotia (1.4%)

Conference Call

The Company will review the financial results for the year ended December 31, 2014 on Thursday March 26, 2015 at 11:00am EST.

Conference Call Details:

Dial-in-number: 416-764-8688 or toll free 888-390-0546

Event Conference ID: 00627352

A taped replay of the conference call will be available until April 25, 2015 by dialing 416-764-8677 or toll free 888-390-0541, passcode 627352#.

Forward Looking Statements

Certain statements in this news release about Trez Capital Senior Mortgage Investment Corporation (the "Company"), and its business, operations, investments and strategies, and financial performance and condition may constitute forward-looking information, future oriented financial information, or financial outlooks (collectively, "forward looking statements"). The forward-looking statements are stated as of the date of this news release and are based on estimates and assumptions made by Trez Capital Fund Management LP ("Trez") in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Trez believes are appropriate and reasonable in the circumstances.  There can be no assurance that such forward-looking statements will prove to be accurate, as actual results, performance and future events could differ materially from those anticipated in such statements.  Past performance is not an indication of future returns, and there can be no guarantee that targeted returns or yields can be achieved. Trez refers you to the Company's public disclosure for information regarding these forward-looking statements, including the assumptions made in preparing forward-looking statements and management's expectations, and the risk factors that could cause the Company's actual results, yield, levels of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.  Such public disclosure is available on SEDAR and at the request of Trez.  This news release does not represent an offer or solicitation to sell securities of the Company.

About the Company

The Company's objective is to acquire and maintain a relatively conservative and well diversified portfolio of first 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 almost 18 years of bridge financing experience in the real estate sector and currently manages $1.8 billion in assets.

SOURCE Trez Capital Senior Mortgage Investment Corporation

For further information: Karyn Phuong, Vice President, Investor Relations, Trez Capital, Tel: (647) 788-1788, E-mail: KarynP@trezcapital.com


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