Profits Decline 7.2% for Mortgage Investments Plus
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Mortgage Investments Plus, a real estate investment trust based in Woodland Hills, reported that its third-quarter earnings fell 7.2%, to $1.6 million, or 18 cents a share, because lower market interest rates cut its interest income.
Revenue for the quarter was $2.6 million, up 16.8%. Per-share funds available for distribution to shareholders, or cash flow from operations, in the most recent quarter amounted to 21 cents, versus 22 cents a year earlier.
MIP, which was formed by Weyerhaeuser Mortgage, a mortgage banker based in Woodland Hills, says it has an investment portfolio exceeding $119 million.
For the first nine months of the year, MIP earned $5.1 million, or 56 cents a share, on revenue of $8.4 million, with 66 cents a share available for distribution. There are no comparable figures for the previous year because MIP started operations on July 9, 1985.
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