Atrium Mortgage Investment Corporation Announces a Strong Finish to a Very Successful Year and $0.16 Special Dividend for 2024
Atrium Mortgage Investment reported strong financial results for 2024, with annual net income of $47.9 million and earnings per share of $1.06 basic and $1.05 diluted. The company announced a special dividend of $0.16 per share, payable on March 19, 2025, to shareholders of record on December 31, 2024.
The mortgage portfolio demonstrated high quality with 96.7% in first mortgages and an average loan-to-value of 61.9%. Stage 2 & 3 loans decreased significantly from $129.7 million in Q3 to $79 million in Q4. The company increased its funding capacity by expanding its credit facility by $25 million to $340 million and raised $28.8 million through an equity offering.
Total assets were $864.3 million, down from $877.9 million in 2023. Revenues decreased 1.3% to $97.3 million, with the weighted average interest rate on the mortgage portfolio at 9.98%, compared to 11.42% in 2023. The monthly dividend was increased from an annualized rate of $0.90 to $0.93 beginning in December.
Atrium Mortgage Investment ha riportato risultati finanziari solidi per il 2024, con un reddito netto annuale di $47,9 milioni e utili per azione di $1,06 base e $1,05 diluiti. L'azienda ha annunciato un dividendo speciale di $0,16 per azione, che sarà pagato il 19 marzo 2025, agli azionisti registrati al 31 dicembre 2024.
Il portafoglio ipotecario ha dimostrato un'alta qualità con il 96,7% in prime mortgage e un rapporto medio prestito-valore del 61,9%. I prestiti di Fase 2 e 3 sono diminuiti significativamente da $129,7 milioni nel terzo trimestre a $79 milioni nel quarto. L'azienda ha aumentato la sua capacità di finanziamento espandendo la propria linea di credito di $25 milioni a $340 milioni e ha raccolto $28,8 milioni tramite un'offerta di equity.
Il totale degli attivi era di $864,3 milioni, in calo rispetto ai $877,9 milioni del 2023. I ricavi sono diminuiti dell'1,3% a $97,3 milioni, con il tasso d'interesse medio ponderato sul portafoglio ipotecario al 9,98%, rispetto all'11,42% del 2023. Il dividendo mensile è stato aumentato da un tasso annualizzato di $0,90 a $0,93 a partire da dicembre.
Atrium Mortgage Investment reportó resultados financieros sólidos para 2024, con un ingreso neto anual de $47.9 millones y ganancias por acción de $1.06 básico y $1.05 diluido. La compañía anunció un dividendo especial de $0.16 por acción, que se pagará el 19 de marzo de 2025, a los accionistas registrados al 31 de diciembre de 2024.
La cartera hipotecaria demostró alta calidad con 96.7% en hipotecas primarias y un promedio de préstamo a valor del 61.9%. Los préstamos de Etapa 2 y 3 disminuyeron significativamente de $129.7 millones en el tercer trimestre a $79 millones en el cuarto. La compañía aumentó su capacidad de financiamiento ampliando su línea de crédito en $25 millones a $340 millones y recaudó $28.8 millones a través de una oferta de acciones.
Los activos totales fueron de $864.3 millones, en comparación con $877.9 millones en 2023. Los ingresos disminuyeron un 1.3% a $97.3 millones, con la tasa de interés promedio ponderada en la cartera hipotecaria en 9.98%, en comparación con el 11.42% en 2023. El dividendo mensual se incrementó de una tasa anualizada de $0.90 a $0.93 a partir de diciembre.
아트리움 모기지 투자는 2024년 강력한 재무 결과를 보고했으며, 연간 순이익은 4,790만 달러, 기본 주당 순이익은 1.06달러, 희석 주당 순이익은 1.05달러입니다. 회사는 2024년 12월 31일 기준 주주에게 2025년 3월 19일에 지급될 주당 0.16달러의 특별 배당금을 발표했습니다.
모기지 포트폴리오는 96.7%의 1순위 모기지로 높은 품질을 보여주었으며, 평균 대출-가치 비율은 61.9%입니다. 2단계 및 3단계 대출은 3분기 1억 2,970만 달러에서 4분기 7,900만 달러로 크게 감소했습니다. 회사는 신용 한도를 2,500만 달러에서 3억 4,000만 달러로 확대하여 자금 조달 능력을 증가시켰고, 주식 공모를 통해 2,880만 달러를 모금했습니다.
총 자산은 8억 6,430만 달러로, 2023년의 8억 7,790만 달러에서 감소했습니다. 수익은 1.3% 감소하여 9,730만 달러에 이르렀으며, 모기지 포트폴리오의 가중 평균 이자율은 9.98%로, 2023년의 11.42%와 비교됩니다. 월 배당금은 12월부터 연간 0.90달러에서 0.93달러로 증가했습니다.
Atrium Mortgage Investment a rapporté de solides résultats financiers pour 2024, avec un revenu net annuel de 47,9 millions de dollars et un bénéfice par action de 1,06 dollar de base et 1,05 dollar dilué. La société a annoncé un dividende spécial de 0,16 dollar par action, payable le 19 mars 2025, aux actionnaires inscrits au 31 décembre 2024.
Le portefeuille hypothécaire a démontré une haute qualité avec 96,7 % en premières hypothèques et un ratio prêt-valeur moyen de 61,9 %. Les prêts de stade 2 et 3 ont diminué de manière significative, passant de 129,7 millions de dollars au troisième trimestre à 79 millions de dollars au quatrième trimestre. La société a augmenté sa capacité de financement en élargissant sa ligne de crédit de 25 millions de dollars à 340 millions de dollars et a levé 28,8 millions de dollars par le biais d'une offre d'actions.
Les actifs totaux s'élevaient à 864,3 millions de dollars, en baisse par rapport à 877,9 millions de dollars en 2023. Les revenus ont diminué de 1,3 % pour atteindre 97,3 millions de dollars, avec un taux d'intérêt moyen pondéré sur le portefeuille hypothécaire de 9,98 %, contre 11,42 % en 2023. Le dividende mensuel a été augmenté d'un taux annualisé de 0,90 dollar à 0,93 dollar à partir de décembre.
Atrium Mortgage Investment berichtete über starke Finanzergebnisse für 2024, mit einem jährlichen Nettoergebnis von 47,9 Millionen Dollar und einem Gewinn pro Aktie von 1,06 Dollar unverwässert und 1,05 Dollar verwässert. Das Unternehmen kündigte eine Sonderdividende von 0,16 Dollar pro Aktie an, die am 19. März 2025 an die Aktionäre ausgezahlt wird, die am 31. Dezember 2024 im Aktienregister stehen.
Das Hypothekenportfolio zeigte eine hohe Qualität mit 96,7% in Erstranghypotheken und einem durchschnittlichen Beleihungswert von 61,9%. Die Kredite der Stufen 2 und 3 sind von 129,7 Millionen Dollar im dritten Quartal auf 79 Millionen Dollar im vierten Quartal erheblich gesunken. Das Unternehmen erhöhte seine Finanzierungskapazität, indem es seine Kreditlinie um 25 Millionen Dollar auf 340 Millionen Dollar erweiterte und 28,8 Millionen Dollar durch ein Aktienangebot einwarb.
Die Gesamtsumme der Vermögenswerte betrug 864,3 Millionen Dollar, ein Rückgang von 877,9 Millionen Dollar im Jahr 2023. Die Einnahmen sanken um 1,3% auf 97,3 Millionen Dollar, wobei der gewichtete durchschnittliche Zinssatz des Hypothekenportfolios bei 9,98% lag, verglichen mit 11,42% im Jahr 2023. Die monatliche Dividende wurde von einem annualisierten Satz von 0,90 Dollar auf 0,93 Dollar ab Dezember erhöht.
- Special dividend of $0.16 per share announced, above five-year average of $0.13
- 96.7% of portfolio in first mortgages with conservative 61.9% average loan-to-value
- Problem loans decreased significantly from $129.7M to $79M in Q4
- Credit facility increased by $25M to $340M
- Monthly dividend rate increased from $0.90 to $0.93 annually
- Net income decreased 7.1% to $47.9M from $51.5M
- Revenue declined 1.3% to $97.3M
- Assets decreased to $864.3M from $877.9M
- Portfolio interest rate dropped to 9.98% from 11.42%
- Total annual dividend decreased to $1.0625 from $1.19
Toronto, Ontario--(Newsfile Corp. - March 6, 2025) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.D) (TSX: AI.DB.E) (TSX: AI.DB.F) (TSX: AI.DB.G) today released its financial results for the year ended December 31, 2024.
Highlights
Annual basic and diluted earnings per share of
$1.06 and$1.05 , respectively, compared to$1.18 and$1.14 b asic and diluted earnings per share, respectively in 2023Annual net income of
$47.9 million , compared to$51.5 million in the prior year$0.16 per share special dividend to shareholders of record on December 31, 2024 to be paid on March 19, 2025High quality mortgage portfolio
96.7% of portfolio in first mortgages95.7% of portfolio is less than75% loan-to-valueaverage loan-to-value is
61.9%
"Atrium's results for calendar 2024 were very strong. Our earnings per share of
Conference call
Interested parties are invited to participate in a conference call with management on Friday, March 7, 2025 at 9:00 a.m. ET to discuss the results. To participate or listen to the conference call live, please call 1-833-491-0507 (call topic: Fourth quarter results). For a replay of the conference call (available until March 21, 2025) please call 1-833-607-0619, passcode 4174703#.
Results of operations
For the year ended December 31, 2024, Atrium reported assets of
The board of directors declared a special dividend of
per common share paid to shareholders for the year, compared to
Financial summary
Consolidated Statements of Income and Comprehensive Income
| (000s, except per share amounts) | Year | Year | Year | ||||||
| ended | ended | ended | |||||||
| December 31 | December 31 | December 31 | |||||||
| 2024 | | 2023 | 2022 | | |||||
| Revenue | $ | 97,263 | $ | 98,574 | $ | 78,371 | |||
| Mortgage servicing and management fees | (8,558 | ) | (8,465 | ) | (8,526 | ) | |||
| Other expenses | (1,301 | ) | (1,299 | ) | (1,098 | ) | |||
| Impairment loss on investment property held for sale | − | − | (1,832) | ||||||
| Recovery of prior mortgage losses | 268 | 492 | 1,050 | ||||||
| Provision for mortgage losses | (13,839 | ) | (11,894 | ) | (1,914 | ) | |||
| Income before financing costs | 73,833 | 77,408 | 66,051 | ||||||
| Financing costs | (25,981 | ) | (25,923 | ) | (19,719 | ) | |||
| Net income and comprehensive income | $ | 47,852 | $ | 51,485 | $ | 46,332 | |||
| | |||||||||
| Basic earnings per share | $ | 1.06 | $ | 1.18 | $ | 1.08 | |||
| Diluted earnings per share | $ | 1.05 | $ | 1.14 | $ | 1.06 | |||
| | |||||||||
| Dividends declared | $ | 48,171 | $ | 52,095 | $ | 48,736 | |||
| | |||||||||
| Mortgages receivable, end of year | $ | 863,169 | $ | 876,733 | $ | 860,374 | |||
| Total assets, end of year | $ | 864,304 | $ | 877,877 | $ | 874,780 | |||
| Shareholders' equity, end of year | $ | 516,980 | $ | 482,206 | $ | 475,564 | |||
| Book value per share, end of year | $ | 10.96 | $ | 10.97 | $ | 10.97 |
Analysis of mortgage portfolio
| As at December 31, 2024 | As at December 31, 2023 | |||||||||||||||||
| Outstanding | % of | Outstanding | % of | |||||||||||||||
| Property Type | Number | amount | Portfolio | Number | amount | Portfolio | ||||||||||||
| (outstanding amounts in 000s) | ||||||||||||||||||
| High-rise residential | 17 | $ | 247,202 | 22 | $ | 323,340 | ||||||||||||
| Mid-rise residential | 20 | 139,738 | 25 | 208,289 | ||||||||||||||
| Low-rise residential | 12 | 152,827 | 14 | 153,561 | ||||||||||||||
| House and apartment | 219 | 154,713 | 153 | 117,943 | ||||||||||||||
| Condominium corporation | 6 | 1,279 | 10 | 1,786 | ||||||||||||||
| Residential portfolio | 274 | 695,759 | 224 | 804,919 | ||||||||||||||
| Commercial | 24 | 190,939 | 19 | 88,640 | ||||||||||||||
| Mortgage portfolio | 298 | $ | 886,698 | 243 | $ | 893,559 | ||||||||||||
| As at December 31, 2024 | |||||||||||||||
| Weighted | Weighted | ||||||||||||||
| Number of | Outstanding | Percentage | average | average | |||||||||||
| Location of underlying property | mortgages | amount | outstanding | loan-to-value | interest rate | ||||||||||
| (outstanding amounts in 000s) | |||||||||||||||
| Greater Toronto Area | 211 | $ | 791,809 | ||||||||||||
| Non-GTA Ontario | 73 | 40,816 | |||||||||||||
| British Columbia | 14 | 54,073 | |||||||||||||
| 298 | $ | 886,698 | |||||||||||||
| As at December 31, 2023 | |||||||||||||||
| Weighted | Weighted | ||||||||||||||
| Number of | Outstanding | Percentage | average | average | |||||||||||
| Location of underlying property | mortgages | amount | outstanding | loan-to-value | interest rate | ||||||||||
| (outstanding amounts in 000s) | |||||||||||||||
| Greater Toronto Area | 166 | $ | 653,401 | ||||||||||||
| Non-GTA Ontario | 52 | 40,753 | ` | ||||||||||||
| British Columbia | 24 | 191,955 | |||||||||||||
| Alberta | 1 | 7,450 | |||||||||||||
| 243 | $ | 893,559 | |||||||||||||
For further information on the financial results, and further analysis of the company's mortgage portfolio, please refer to Atrium's consolidated financial statements and its management's discussion and analysis for the year ended December 31, 2024, available on SEDAR+ at www.sedarplus.ca, and on the company's website at www.atriummic.com.
Restatement of Comparative Consolidated Statement of Cash Flows
In response to commentary received from an issue oriented review of Atrium Mortgage Investment Corporation's continuous disclosure record by the Ontario Securities Commission (the "OSC"), management determined that cash flows from cash advances of mortgages receivable and cash repayments of mortgages receivable, previously classified as investing activities, will be reclassified as operating activities in the consolidated statement of cash flows. In addition, interest and fees on convertible debentures paid and interest and other financing charges paid, previously classified as financing activities, will also be reclassified to operating activities on the consolidated statement of cash flows. The consolidated statement of cash flows for the year ended December 31, 2023 was restated for these reclassifications as illustrated in the table below, with no change to the cash balance at year end. This adjustment had no impact on the consolidated statement of financial position, consolidated statement of changes in shareholders' equity, consolidated statement of income and comprehensive income, earnings per share, or mortgages receivable.
| For the year ended December 31, 2023 | ||||||
| As previously reported | Restatement | Restated | ||||
| Cash provided by operating activities | $ | 77,316 | $ | (42,445) | $ | 34,871 |
| Cash provided by (used in) investing activities | $ | (4,635) | $ | 17,910 | $ | 13,275 |
| Cash used in financing activities | $ | (72,681) | $ | 24,535 | $ | (48,146) |
About Atrium
Canada's Premier Non-Bank Lender™
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and preserve shareholders' equity by lending within conservative risk parameters. Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information about Atrium, please refer to regulatory filings available at www.sedarplus.ca or investor information on Atrium's website at www.atriummic.com.
For additional information, please contact
Robert G. Goodall
Chief Executive Officer
John Ahmad
Chief Financial Officer
(416) 867-1053
info@atriummic.com
www.atriummic.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243629
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