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Tremont Mortgage Trust (Nasdaq: TRMT) held its 2021 Annual Meeting of Shareholders, re-electing Matthew P. Jordan and William A. Lamkin as Managing and Independent Trustees with 92.4% and 89.2% of votes, respectively. Shareholders also approved the Amended and Restated Equity Compensation Plan with 88.8% support and ratified Deloitte & Touche LLP as the independent public accounting firm with an overwhelming 99.3% approval. TRMT specializes in originating and investing in first mortgage loans secured by middle market and transitional commercial real estate.
Tremont Mortgage Trust (Nasdaq: TRMT) has successfully closed a $15.3 million floating-rate bridge loan to refinance the Prime Center at Northridge office park in Westminster, Colorado. The loan involves an initial advance of approximately $13.5 million, with up to $1.8 million available for future tenant improvements. This transaction aligns with TRMT's strategy to fund first mortgage loans secured by transitional commercial real estate, demonstrating their robust business execution and a strong pipeline for further capital deployment.
Tremont Mortgage Trust (Nasdaq: TRMT) reported its financial results for the quarter ending March 31, 2021. The company noted that all loans in its commercial mortgage portfolio remained current, with improved risk ratings. TRMT announced a merger with RMR Mortgage Trust, enhancing scale and portfolio diversification. Key financial metrics included net income of $1,575,000, down 5.5% year-over-year, and distributable earnings of $2,246,000, up 31.5%. The company also reinstated a quarterly distribution of $0.10 per share for shareholders.
Tremont Mortgage Trust (Nasdaq: TRMT) has announced a merger agreement with RMR Mortgage Trust (Nasdaq: RMRM), aiming to form a diversified commercial mortgage REIT with assets nearing $1 billion. The merger, expected to close in Q3 2021, will convert each TRMT share into 0.520 RMRM shares, providing a 6% premium. It forecasts a $1.4 million to $1.6 million annual expense savings and benefits both companies' shareholders by enhancing capital access and operational efficiency.
Tremont Mortgage Trust (Nasdaq: TRMT) has declared a regular quarterly cash distribution of $0.10 per common share, amounting to $0.40 per share annually. Shareholders on record as of April 26, 2021, will receive payment on or about May 20, 2021. TRMT focuses on originating and investing in first mortgage loans secured by middle market and transitional commercial real estate. The company is managed by The RMR Group Inc, which has over $32 billion in assets under management and extensive experience in commercial real estate.
Tremont Mortgage Trust (Nasdaq: TRMT) will release its first quarter 2021 financial results after the market closes on April 27, 2021. A conference call featuring President Tom Lorenzini and CFO Doug Lanois will follow on April 28, 2021, at 10:00 a.m. ET to discuss the results. Participants can join the call by dialing (833) 366-1119 or (412) 902-6771 internationally. A live audio webcast will also be accessible on the company’s website, with a replay available until May 5, 2021.
Tremont Mortgage Trust (Nasdaq: TRMT) reported strong financial results for Q4 2020, with net income of $2.2 million ($0.26 per diluted share), up from $1.3 million ($0.16 per diluted share) year-over-year. Distributable Earnings also increased to $2.3 million ($0.28 per diluted share) versus $1.4 million ($0.17 per diluted share) in the same quarter last year. The company has fully invested its available capital with no loans in default. TRMT plans to reinstate its regular quarterly distribution, with an announcement expected in April 2021.
Tremont Mortgage Trust (Nasdaq:TRMT) will release its fourth-quarter financial results on February 19, 2021, after Nasdaq closes. A conference call to discuss these results will be held on February 22, 2021, at 10:00 a.m. ET, hosted by President Tom Lorenzini and CFO Doug Lanois. Participants can join the call at (833) 366-1119 in the U.S. or (412) 902-6771 internationally. A live audio webcast will be available on the company’s website, with a replay accessible until March 1, 2021.
Tremont Mortgage Trust (Nasdaq: TRMT) has provided tax reporting details for dividends paid in 2020. Total dividends allocated are $0.7800 per share, with significant components classified as ordinary income. Key dividend dates include declaration on January 16, 2020, record on January 27, 2020, and payable on February 20, 2020, with a notable payment of $0.5300 on January 15, 2021. Investors should refer to IRS Form 1099-DIV for accurate tax reporting.
Tremont Mortgage Trust (Nasdaq: TRMT) announced a one-time cash distribution of $0.53 per common share, aimed at maintaining its tax status as a real estate investment trust (REIT). Common shareholders on record by December 17, 2020 will receive the distribution around January 15, 2021. In total, TRMT will have paid $0.78 per common share in 2020. The trust focuses on first mortgage loans secured by middle market and transitional commercial real estate, and is managed by Tremont Realty Advisors LLC.
