Q2 2020 Highlights
- Lower new investment volume was offset by lower repayments and higher renewals resulting in quarterly growth of the mortgage portfolio to
$1,210.3 million in Q2 compared to$1,191.1 million in Q1
- Maintained conservative portfolio risk position focused on income-producing commercial real estate
- 92.1% of mortgage investment portfolio are first mortgages
- 85.8% of mortgage investment portfolio is invested in cash-flowing properties
- 68.7% weighted average loan-to-value
- 7.1% quarterly weighted average interest rate on net mortgage investment
- Delivered adjusted net income and comprehensive income of
$11.5 million and distributable income of$14.8 million - Generated
$0.18 in distributable income per share - Paid
$14.2 million in dividends to shareholders
“More than four months into the COVID-19 pandemic, our mortgage portfolio continues to perform well, demonstrating resilience and reinforcing the value of our conservative approach of focusing on income-producing assets in urban markets,” said
Quarterly Comparison
$ millions | Q2 2020 | Q2 2019 | Q1 2020 | |||||||||
Net Mortgage Investments | $ | 1,210.3 | $ | 1,214.5 | $ | 1,191.1 | ||||||
Enhanced Return Portfolio Investments | $ | 82.6 | $ | 96.4 | $ | 78.0 | ||||||
Net Investment Income | $ | 22.0 | $ | 25.0 | $ | 24.1 | ||||||
Income from Operations | $ | 18.2 | $ | 21.3 | $ | 20.3 | ||||||
Net Income and comprehensive Income | $ | 11.7 | $ | 13.6 | $ | 7.4 | ||||||
--Adjusted Net Income and comprehensive Income | $ | 11.5 | $ | 13.6 | $ | 13.2 | ||||||
Distributable Income | $ | 14.8 | $ | 13.7 | $ | 14.4 | ||||||
Dividends to Shareholders | $ | 14.2 | $ | 14.3 | $ | 14.4 | ||||||
$ per share | Q2 2020 | Q2 2019 | Q1 2020 | |||||||||
Dividends per share | $ | 0.17 | $ | 0.17 | $ | 0.17 | ||||||
Distributable Income per share | $ | 0.18 | $ | 0.17 | $ | 0.17 | ||||||
Earnings per share | $ | 0.14 | $ | 0.16 | $ | 0.09 | ||||||
--Adjusted Earnings per share | $ | 0.14 | $ | 0.16 | $ | 0.16 | ||||||
Payout Ratio on Distributable Income | 95.7 | % | 104.2 | % | 99.9 | % | ||||||
Payout Ratio on Earnings per share | 120.5 | % | 105.0 | % | 193.6 | % | ||||||
--Payout Ratio on Adjusted Earnings per share | 122.6 | % | 105.0 | % | 108.7 | % | ||||||
Net Mortgage Investments | Q2 2020 | Q2 2019 | Q1 2020 | |||||||||
Weighted Average Loan-to-Value | 68.7 | % | 67.4 | % | 69.6 | % | ||||||
Weighted Average Remaining Term to Maturity | 1.3 yr | 1.1 yr | 1.3 yr | |||||||||
First Mortgages | 92.1 | % | 93.8 | % | 93.1 | % | ||||||
85.8 | % | 86.1 | % | 85.2 | % | |||||||
51.6 | % | 46.3 | % | 54.2 | % | |||||||
Floating Rate Loans with rate floors (at quarter end) | 75.1 | % | 56.6 | % | 75.7 | % | ||||||
Weighted Average Interest Rate | ||||||||||||
For the quarter ended | 7.1 | % | 7.2 | % | 7.2 | % | ||||||
Weighted Average Lender Fee | ||||||||||||
New and Renewed | 0.7 | % | 1.0 | % | 0.8 | % | ||||||
New Net Mortgage Investment Only | 1.1 | % | 1.0 | % | 1.1 | % |
Quarterly Conference Call
Interested parties are invited to participate in a conference call with management on
https://timbercreekfinancial.adobeconnect.com/tfq22020/
Participant Toll Free Dial-In Number: (855) 223-7310
Participant International Dial-In Number: (647) 788-4930
Conference ID Number: 2949429
The playback of the conference call will also be available on www.timbercreekfinancial.com following the call.
About the Company
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 Company’s ability to earn and distribute cash dividends to shareholders and to evaluate its performance. The following non-IFRS financial measures should not be construed as alternatives to total net income and comprehensive income or cash flows from operating activities as 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 and 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:
For further information, please contact:
Chief Executive Officer and President
1-844-304-9967
cgoodnough@timbercreek.com
Source:
2020 GlobeNewswire, Inc., source