Atrium Mortgage Investment Corporation Announces Strong Second Quarter Results with Record Mortgage Portfolio Balance
Atrium Mortgage Investment (TSX: AI) reported strong second quarter results for the period ended June 30, 2024. Highlights include:
- Quarterly earnings per share of $0.26
- Net income of $11.5 million
- Record mortgage portfolio of $907.8 million
- 96.8% of portfolio in first mortgages
- 89.5% of portfolio with loan-to-value less than 75%
Despite challenging real estate market conditions, Atrium increased its mortgage portfolio to a record $908 million. The company amended its credit facility, increasing the maximum available amount to $340 million. CEO Rob Goodall emphasized the company's focus on high-quality opportunities and defensive lending in preferred sectors.
Atrium Mortgage Investment (TSX: AI) ha riportato risultati robusti per il secondo trimestre per il periodo terminato il 30 giugno 2024. I punti salienti includono:
- Utenti trimestrali per azione di $0,26
- Utile netto di $11,5 milioni
- Portafoglio mutui record di $907,8 milioni
- 96,8% del portafoglio in prime mutui
- 89,5% del portafoglio con rapporto prestito-valore inferiore al 75%
Nonostante le sfide del mercato immobiliare, Atrium ha aumentato il suo portafoglio mutui a un record di $908 milioni. L'azienda ha modificato la sua linea di credito, elevando l'importo massimo disponibile a $340 milioni. Il CEO Rob Goodall ha sottolineato l'attenzione dell'azienda verso opportunità di alta qualità e prestiti difensivi in settori preferenziali.
Atrium Mortgage Investment (TSX: AI) reportó resultados sólidos en el segundo trimestre para el periodo que terminó el 30 de junio de 2024. Los puntos destacados incluyen:
- Ganancias trimestrales por acción de $0.26
- Ingreso neto de $11.5 millones
- Portafolio hipotecario récord de $907.8 millones
- 96.8% del portafolio en primeras hipotecas
- 89.5% del portafolio con una relación préstamo-valor inferior al 75%
A pesar de las difíciles condiciones del mercado inmobiliario, Atrium aumentó su portafolio hipotecario a un récord de $908 millones. La compañía modificó su línea de crédito, aumentando el monto máximo disponible a $340 millones. El CEO Rob Goodall enfatizó el enfoque de la empresa en oportunidades de alta calidad y préstamos defensivos en sectores preferidos.
Atrium Mortgage Investment (TSX: AI)은 2024년 6월 30일로 끝나는 기간 동안 강력한 두 번째 분기 실적을 보고했습니다. 주요 내용은 다음과 같습니다:
- 주당 분기 수익 $0.26
- 순이익 $1150만
- 기록적인 모기지 포트폴리오 $907.8백만
- 포트폴리오의 96.8%가 1순위 모기지
- 포트폴리오의 89.5%가 75% 미만의 대출 대비 가치비율
힘든 부동산 시장 조건에도 불구하고 Atrium은 모기지 포트폴리오를 기록적인 $908백만으로 증가시켰습니다. 회사는 신용 시설을 수정하여 최대 이용 가능한 금액을 $3억 4천만으로 늘렸습니다. CEO Rob Goodall은 회사가 고품질 기회와 선호하는 부문에서 방어적 대출에 집중하고 있다고 강조했습니다.
Atrium Mortgage Investment (TSX: AI) a annoncé des résultats solides pour le deuxième trimestre pour la période se terminant le 30 juin 2024. Les faits saillants comprennent :
- Bénéfice trimestriel par action de 0,26 $
- Bénéfice net de 11,5 millions $
- Portefeuille hypothécaire record de 907,8 millions $
- 96,8 % du portefeuille en premières hypothèques
- 89,5 % du portefeuille avec un ratio prêt-valeur inférieur à 75 %
Malgré des conditions difficiles sur le marché immobilier, Atrium a augmenté son portefeuille hypothécaire à un montant record de 908 millions $. La société a modifié sa ligne de crédit en augmentant le montant maximum disponible à 340 millions $. Le PDG Rob Goodall a souligné l'engagement de l'entreprise envers des opportunités de haute qualité et des prêts défensifs dans des secteurs privilégiés.
Atrium Mortgage Investment (TSX: AI) hat starke Ergebnisse im zweiten Quartal für den Zeitraum bis zum 30. Juni 2024 gemeldet. Zu den Highlights gehören:
- Quartalsgewinne pro Aktie von $0,26
- Nettoeinkommen von $11,5 Millionen
- Rekord-Hypothekenportfolio von $907,8 Millionen
- 96,8% des Portfolios in Ersthypotheken
- 89,5% des Portfolios mit einem Verhältnis von Kredit zu Wert unter 75%
Trotz herausfordernder Bedingungen auf dem Immobilienmarkt hat Atrium sein Hypothekenportfolio auf einen Rekordwert von $908 Millionen erhöht. Das Unternehmen hat seine Kreditfazilität geändert und den maximal verfügbaren Betrag auf $340 Millionen erhöht. CEO Rob Goodall betonte den Fokus des Unternehmens auf hochwertige Chancen und defensive Kreditvergaben in bevorzugten Sektoren.
- Record mortgage portfolio balance of $907.8 million
- Quarterly earnings per share of $0.26, above regular dividend rate
- 96.8% of portfolio in first mortgages, indicating lower risk
- 89.5% of portfolio with loan-to-value less than 75%
- Increased credit facility to $340 million, improving liquidity
- Revenue increased by 5.9% from the second quarter of the prior year
- Net income decreased by 20.1% compared to the same quarter last year
- Allowance for mortgage losses increased to 3.23% of the gross mortgage portfolio, up from 2.53%
- Weighted average interest rate on the mortgage portfolio decreased to 10.93% from 11.42%
- Book value per share decreased to $11.06 from $11.19 at the end of 2023
Toronto, Ontario--(Newsfile Corp. - August 8, 2024) - 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 three and six months period ended June 30, 2024.
Highlights
Quarterly basic and diluted earnings per share of
$0.26 Quarterly net income of
$11.5 million Record mortgage portfolio of
$907.8 million Amended the credit facility to increase the maximum available amount to
$340 million High quality mortgage portfolio
96.8% of portfolio in first mortgages89.5% of portfolio is less than75% loan to valueaverage loan-to-value is
64.4%
"Atrium continued to deliver strong returns for shareholders by posting earnings per share of
Conference call
Interested parties are invited to participate in a conference call with management on Friday, August 9, 2024 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: Second quarter results). For a replay of the conference call (available until August 22, 2024) please call 1-833-607-0619, password 5756717#.
Results of operations
For the three months ended June 30, 2024, Atrium reported assets of
For the six months ended June 30, 2024, revenues were
Basic and diluted earnings per common share were
Mortgages receivable as at June 30, 2024 was
Financial summary
Interim Consolidated Statements of Income and Comprehensive Income
(Unaudited, 000s, except per share amounts)
| Three months ended | Six months ended | |||||||||||
| June 30, | June 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Revenue | $ | 24,930 | $ | 23,548 | $ | 50,123 | $ | 47,255 | ||||
| Mortgage servicing and management fees | (2,170 | ) | (2,052 | ) | (4,246 | ) | (4,106 | ) | ||||
| Other expenses | (244 | ) | (332 | ) | (650 | ) | (776 | ) | ||||
| Recovery of prior mortgage loss | 183 | − | 183 | 157 | ||||||||
| Provision for mortgage losses | (4,365 | ) | (690 | ) | (8,219 | ) | (1,642 | ) | ||||
| Income before financing costs | 18,334 | 20,474 | 37,191 | 40,888 | ||||||||
| Financing costs | (6,805 | ) | (6,045 | ) | (13,621 | ) | (12,247 | ) | ||||
| Net income and comprehensive income | $ | 11,529 | $ | 14,429 | $ | 23,570 | $ | 28,641 | ||||
| Basic earnings per share | $ | 0.26 | $ | 0.33 | $ | 0.53 | $ | 0.66 | ||||
| Diluted earnings per share | $ | 0.26 | $ | 0.32 | $ | 0.53 | $ | 0.63 | ||||
| Dividends declared | $ | 9,971 | $ | 9,822 | $ | 19,902 | $ | 19,607 | ||||
| Mortgages receivable, end of period | $ | 884,401 | $ | 817,421 | $ | 884,401 | $ | 817,421 | ||||
| Total assets, end of period | $ | 885,569 | $ | 831,917 | $ | 885,569 | $ | 831,917 | ||||
| Shareholders' equity, end of period | $ | 490,455 | $ | 489,010 | $ | 490,455 | $ | 489,010 | ||||
| Book value per share, end of period | $ | 11.06 | $ | 11.19 | $ | 11.06 | $ | 11.19 | ||||
Analysis of mortgage portfolio
| As at June 30, 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 | 21 | $ | 313,174 | 22 | $ | 323,340 | ||||||||||
| Mid-rise residential | 21 | 165,852 | 25 | 208,289 | ||||||||||||
| Low-rise residential | 15 | 163,292 | 14 | 153,561 | ||||||||||||
| House and apartment | 177 | 132,000 | 153 | 117,943 | ||||||||||||
| Condominium corporation | 8 | 1,612 | 10 | 1,786 | ||||||||||||
| Residential portfolio | 242 | 775,930 | 224 | 804,919 | ||||||||||||
| Commercial | 19 | 131,882 | 19 | 88,640 | ||||||||||||
| Mortgage portfolio | 261 | $ | 907,812 | 243 | $ | 893,559 | ||||||||||
| As at June 30, 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 | 186 | $ | 711,657 | ||||||||||
| Non-GTA Ontario | 55 | 39,033 | |||||||||||
| British Columbia | 20 | 157,122 | |||||||||||
| 261 | $ | 907,812 | |||||||||||
| 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 interim consolidated financial statements and its management's discussion and analysis for the three and six month period ended June 30, 2024, available on SEDAR+ at www.sedarplus.ca, and on the company's website at www.atriummic.com.
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/219303
FAQ
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