Trez Capital Mortgage Investment Corporation Announces First Quarter 2016 Results

TORONTO, May 12, 2016 /CNW/ - Trez Capital Mortgage Investment Corporation (TSX: TZZ) (the "Company") today released its financial results for the quarter ended March 31, 2016.

Financial Highlights

For the three months ended March 31st

• Income from operations totaled $2.9 million, unchanged from Q1 of 2015
• Net income for the quarter totaled $2.8 million, an increase from $2.7 million in Q1 of 2015
• Basic and diluted earnings per share were $0.14 versus dividends declared of $0.175 per share

Investment Portfolio Highlights

• 69% of the portfolio was invested in first mortgages
• Weighted average loan-to-value of the mortgage portfolio was 75%
• Weighted average interest rate and term to maturity on mortgage investments was 7.8% and 21.6 months, respectively
• Geographically diversified portfolio across Canada: Ontario 45%, Alberta 29%, New Brunswick 13%, Nova Scotia 12% and British Columbia less than 1%.

Special Committee Review Update

On Monday May 9, 2016 the Special Committee issued a press release announcing the completion of its strategic review process, an amicable settlement with FrontFour Capital Group LLC, FrontFour Capital Corp., Concerned MIC Shareholders GP Inc., Performance Income Inc. and Windsor Private Capital Inc., as managers and/or general partners of certain funds and limited partnerships (collectively, the "Concerned Shareholder Group") and a go-forward plan to maximize value for all shareholders by way of an orderly wind-up of the Company's assets and the return of capital to shareholders (the "Orderly Wind-Up Plan"). The Orderly Wind-Up Plan will be put forward for shareholder approval by way of a special resolution at the Company's upcoming annual and special meeting, which has been rescheduled from May 30, 2016 to June 16, 2016 (the "Meeting"). Further details are contained in the press release which can be found at www.trezcapital.com or www.sedar.com. 

Forward-Looking Statements

Certain statements in this news release about Trez Capital 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 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 $1.9 billion in assets.

SOURCE Trez Capital Junior Mortgage Investment Corporation

For further information: Karyn Phuong, Vice President, Investor Relations, Trez Capital, Tel: [phone], E-mail: [email protected]