Atrium Mortgage Investment Corporation Announces Solid Third Quarter Results With Record Mortgage Portfolio Balance
Atrium Mortgage Investment Corporation Announces Solid Third Quarter Results With Record Mortgage Portfolio Balance
Toronto, Ontario--(Newsfile Corp. - November 14, 2023) - Atrium Mortgage Investment Corporation (TSX: AI) (TSX: AI.DB.C) (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 nine months ended September 30, 2023.
安大略省多倫多--（新聞文件公司——2023年11月14日）——中庭抵押貸款投資公司（多倫多證券交易所股票代碼：AI.DB.C）（多倫多證券交易所代碼：AI.DB.D）（多倫多證券交易所代碼：AI.DB.E）（多倫多證券交易所代碼：AI.DB.G）今天發佈了截至2023年9月30日的三個月和九個月的財務業績。
Highlights
亮點
Record year to date basic earnings per share of $0.91, up from $0.77 in the prior year
Quarterly basic earnings per share of $0.25, down from $0.27 in the prior year
-
High quality mortgage portfolio of $875.6 million
95.5% of portfolio in first mortgages
96.0% of portfolio is less than 75% loan to value
average loan-to-value is 61.0%
proactively increased allowance for mortgage losses
創紀錄的年初至今每股基本收益爲0.91美元，高於去年的0.77美元
季度基本每股收益爲0.25美元，低於去年的0.27美元
-
8.756億美元的高質量抵押貸款組合
首次抵押貸款佔投資組合的95.5％
96.0% 的投資組合比貸款價值低於 75%
平均貸款價值比爲61.0％
積極增加抵押貸款損失準備金
"Atrium produced another solid quarter for shareholders despite very challenging market conditions. Our nine month earnings of $0.91 per share is 18.2% ahead of last year's record result. In fact, our nine month EPS is close to what we would normally earn in a full year. In Q3, our mortgage portfolio reached a record high $875.6 million at quarter end. We also successfully completed the sale of our 90-unit investment property in Regina for a slight profit.
“儘管市場條件非常艱難，但Atrium還是爲股東創造了又一個穩健的季度。我們九個月的每股收益爲0.91美元，比去年創紀錄的業績高出18.2％。實際上，我們九個月的每股收益接近我們一整年的正常收入。在第三季度，我們的抵押貸款組合在季度末達到創紀錄的8.756億美元。我們還成功完成了位於里賈納的90套投資物業的出售，獲得了微薄的利潤。
While elevated interest rates, persistent inflation, and a slowing economy are definitely adding pressure on real estate markets, our management team is experienced at navigating through market cycles. Our first priority remains maintaining a resilient portfolio that can withstand the most adverse scenarios. Our portfolio loan to value of 61.0% is conservative, 95.5% of our mortgages are in first position, and our mortgages remain concentrated in large urban markets. We are also focused on having ample liquidity at all times. We extended our credit facility to July 2025 during the quarter and currently have over $100 million available on our line of credit. Lastly, we increased our loan loss provisions to 203 basis points to recognize the continuing weakness in real estate markets and this will protect future earnings. Looking ahead, we expect the market to remain challenging over the coming quarters but we also believe that we are well positioned to continue to deliver solid returns for shareholders," said Rob Goodall, CEO of Atrium.
儘管高利率、持續的通貨膨脹和經濟放緩無疑增加了房地產市場的壓力，但我們的管理團隊在駕馭市場週期方面經驗豐富。我們的首要任務仍然是保持能夠抵禦最不利情景的彈性投資組合。我們的組合貸款價值爲61.0％，是保守的，95.5％的抵押貸款處於第一位，我們的抵押貸款仍然集中在大型城市市場。我們還專注於始終擁有充足的流動性。我們在本季度將信貸額度延長至2025年7月，目前我們的信貸額度超過1億美元。最後，我們將貸款損失準備金提高到203個點子，以認識到房地產市場的持續疲軟，這將保護未來的收益。展望未來，我們預計未來幾個季度市場仍將充滿挑戰，但我們也相信，我們完全有能力繼續爲股東帶來可觀的回報。” Atrium首席執行官羅布·古道爾說。
Conference call
電話會議
Interested parties are invited to participate in a conference call with management on Wednesday, November 15, 2023 at 4:00 p.m. ET to discuss the results. To participate or listen to the conference call live, please call 1 (888) 886-7786 or (416) 764-8658, conference ID 97012059. For a replay of the conference call (available until November 28, 2023) please call 1 (877) 674-6060, conference ID 012059 #.
邀請感興趣的各方參加美國東部時間2023年11月15日星期三下午 4:00 與管理層的電話會議，討論結果。要參加或收聽電話會議直播，請致電 1 (888) 886-7786 或 (416) 764-8658，會議編號 97012059。如需重播電話會議（有效期至2023年11月28日），請致電 1 (877) 674-6060，會議編號 012059 #。
Results of operations
操作結果
For the three months ended September 30, 2023, Atrium reported assets of $864.9 million at quarter end, down from $874.8 million at the end of 2022. Revenues were $25.4 million, an increase of 23.2% from the third quarter of the prior year. Net income for the third quarter of 2023 was $11.0 million, a decrease of 7.1% from the comparative period. Atrium's allowance for mortgage losses at September 30, 2023 totaled $17.8 million, or 2.03% of the gross mortgage portfolio, up from $10.7 million or 1.24% as at December 31, 2022, to reflect increased credit risk in the real estate markets.
在截至2023年9月30日的三個月中，Atrium公佈的資產爲8.649億美元，低於2022年底的8.748億美元。收入爲2540萬美元，比去年第三季度增長23.2％。2023年第三季度的淨收入爲1100萬美元，比同期下降7.1％。截至2023年9月30日，Atrium的抵押貸款損失補貼總額爲1780萬美元，佔抵押貸款組合總額的2.03％，高於截至2022年12月31日的1,070萬美元，佔1.24％，以反映房地產市場信用風險的增加。
For the nine months ended September 30, 2023, revenues were $72.7 million, an increase of 31.6% from the nine months ended September 30, 2022. Net income for the nine months ended September 30, 2023 was $39.6 million, an increase of 19.7% from the prior year period.
在截至2023年9月30日的九個月中，收入爲7,270萬美元，比截至2022年9月30日的九個月增長31.6％。截至2023年9月30日的九個月中，淨收入爲3,960萬美元，比上年同期增長19.7％。
Basic and diluted earnings per common share were $0.25 for the three months ended September 30, 2023, compared with $0.27 basic and diluted earnings per common share in the comparable period. Basic and diluted earnings per common share were $0.91 and $0.88 respectively for the nine months ended September 30, 2023, compared with $0.77 and $0.76 basic and diluted earnings per common share, respectively, for the nine months ended September 30, 2022.
截至2023年9月30日的三個月，每股普通股基本收益和攤薄收益爲0.25美元，而同期普通股每股基本收益和攤薄收益爲0.27美元。截至2023年9月30日的九個月，每股普通股基本收益和攤薄收益分別爲0.91美元和0.88美元，而截至2022年9月30日的九個月中，每股普通股基本收益和攤薄收益分別爲0.77美元和0.76美元。
Mortgages receivable as at September 30, 2023 was $863.8 million, up from $860.4 million as at December 31, 2022. During the nine months ended September 30, 2023, $243.1 million of mortgage principal was advanced and $238.2 million was repaid. The weighted average interest rate on the mortgage portfolio at September 30, 2023 was 11.49%, compared to 10.77% at December 31, 2022.
截至2023年9月30日，應收抵押貸款爲8.638億美元，高於截至2022年12月31日的8.604億美元。在截至2023年9月30日的九個月中，預付了2.431億美元的抵押貸款本金，償還了2.382億美元。截至2023年9月30日，抵押貸款投資組合的加權平均利率爲11.49％，而截至2022年12月31日爲10.77％。
Financial summary
財務摘要
Interim Consolidated Statements of Income and Comprehensive Income
(Unaudited, 000s, except per share amounts)
中期合併收益表和綜合收益表
（未經審計，000s，每股金額除外）
| Three months ended | Nine months ended | |
||||||||||
| September 30 | September 30 | |
||||||||||
| 2023 | 2022 | 2023 | 2022 | |
||||||||
| Revenue | $ | 25,412 | $ | 20,634 | $ | 72,667 | $ | 55,212 | ||||
| Mortgage servicing and management fees | (2,153 | ) | (2,056 | ) | (6,259 | ) | (6,395 | ) | ||||
| Other expenses | (241 | ) | (292 | ) | (1,017 | ) | (828 | ) | ||||
| Impairment of investment property held for sale | − | − | − | (1,832 | ) | |||||||
| Recovery of (provision for) mortgage losses | (5,222 | ) | (1,114 | ) | (6,707 | ) | 316 | |
||||
| Income before financing costs | 17,796 | 17,172 | 58,684 | 46,473 | ||||||||
| Financing costs | (6,804 | ) | (5,346 | ) | (19,051 | ) | (13,374 | ) | ||||
| Net income and comprehensive income | $ | 10,992 | $ | 11,826 | $ | 39,633 | $ | 33,099 | |
|||
| Basic earnings per share | $ | 0.25 | $ | 0.27 | $ | 0.91 | $ | 0.77 | ||||
| Diluted earnings per share | $ | 0.25 | $ | 0.27 | $ | 0.88 | $ | 0.76 | ||||
| Dividends declared | $ | 9,854 | $ | 9,706 | $ | 29,461 | $ | 29,029 | ||||
| Mortgages receivable, end of period | $ | 863,760 | $ | 850,920 | $ | 863,760 | $ | 850,920 | ||||
| Total assets, end of period | $ | 864,894 | $ | 871,302 | $ | 864,894 | $ | 871,302 | ||||
| Shareholders' equity, end of period | $ | 491,776 | $ | 480,462 | $ | 491,776 | $ | 480,462 | ||||
| Book value per share, end of period | $ | 11.21 | $ | 11.12 | $ | 11.21 | $ | 11.12 | ||||
| 三個月已結束 | 九個月已結束 | |
||||||||||
| 9 月 30 日 | 9 月 30 日 | |
||||||||||
| 2023 | 2022 | 2023 | 2022 | |
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| 收入 | $ | 25,412 | $ | 20,634 | $ | 72,667 | $ | 55,212 | ||||
| 抵押貸款服務和管理費 | (2,153 | ) | (2,056 | ) | (6,259) | ) | (6,395 | ) | ||||
| 其他開支 | (241) | ) | (292) | ) | (1,017) | ) | (828 | ) | ||||
| 待售投資物業的減值 | − | − | − | (1,832 | ) | |||||||
| 追回（準備）抵押貸款損失 | (5,222) | ) | (1,114 | ) | (6,707) | ) | 316 | |
||||
| 融資成本前的收入 | 17,796 | 17,172 | 58,684 | 46,473 | ||||||||
| 融資成本 | (6,804) | ) | (5,346 | ) | (19,051) | ) | (13,374 | ) | ||||
| 淨收益和綜合收益 | $ | 10,992 | $ | 11,826 | $ | 39,633 | $ | 33,099 | |
|||
| 每股基本收益 | $ | 0.25 | $ | 0.27 | $ | 0.91 | $ | 0.77 | ||||
| 攤薄後的每股收益 | $ | 0.25 | $ | 0.27 | $ | 0.88 | $ | 0.76 | ||||
| 已申報分紅 | $ | 9,854 | $ | 9,706 | $ | 29,461 | $ | 29,029 | ||||
| 應收抵押貸款，期末 | $ | 863,760 | $ | 850,920 | $ | 863,760 | $ | 850,920 | ||||
| 期末總資產 | $ | 864,894 | $ | 871,302 | $ | 864,894 | $ | 871,302 | ||||
| 股東權益，期末 | $ | 491,776 | $ | 480,462 | $ | 491,776 | $ | 480,462 | ||||
| 期末每股賬面價值 | $ | 11.21 | $ | 11.12 | $ | 11.21 | $ | 11.12 | ||||
Analysis of mortgage portfolio
抵押貸款組合分析
| As at September 30, 2023 | As at December 31, 2022 | |
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| Outstanding | % of | Outstanding | % of | |||||||||||||
| Property Type | Number | amount | Portfolio | Number | amount | Portfolio | |
|||||||||
| (outstanding amounts in 000s) | ||||||||||||||||
| High-rise residential | 21 | $ | 316,689 | 36.1% | 20 | $ | 300,989 | 34.7% | ||||||||
| Mid-rise residential | 25 | 199,477 | 22.8% | 30 | 225,281 | 26.0% | ||||||||||
| Low-rise residential | 14 | 148,475 | 17.0% | 14 | 128,244 | 14.8% | ||||||||||
| House and apartment | 144 | 112,973 | 12.9% | 158 | 108,124 | 12.5% | ||||||||||
| Condominium corporation | 11 | 1,883 | 0.2% | 12 | 2,189 | 0.3% | |
|||||||||
| Residential portfolio | 215 | 779,497 | 89.0% | 234 | 764,827 | 88.3% | ||||||||||
| Commercial | 21 | 96,057 | 11.0% | 26 | 101,435 | 11.7% | |
|||||||||
| Mortgage portfolio | 236 | $ | 875,554 | 100.0% | 260 | $ | 866,262 | 100.0% | |
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| 截至2023年9月30日 | 截至2022年12月31日 | |
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| 傑出 | % 的 | 傑出 | % 的 | |||||||||||||
| 房產類型 | 數字 | 金額 | 投資組合 | 數字 | 金額 | 投資組合 | |
|||||||||
| （以000年代爲單位的未繳款額） | ||||||||||||||||
| 高層住宅 | 21 | $ | 316,689 | 36.1% | 20 | $ | 300,989 | 34.7% | ||||||||
| 中層住宅 | 25 | 199,477 | 22.8% | 30 | 225,281 | 26.0% | ||||||||||
| 低層住宅 | 14 | 148,475 | 17.0% | 14 | 128,244 | 14.8% | ||||||||||
| 房子和公寓 | 144 | 112,973 | 12.9% | 158 | 108,124 | 12.5% | ||||||||||
| 公寓公司 | 11 | 1,883 | 0.2% | 12 | 2,189 | 0.3% | |
|||||||||
| 住宅投資組合 | 215 | 779,497 | 89.0% | 234 | 764,827 | 88.3% | ||||||||||
| 商用 | 21 | 96,057 | 11.0% | 26 | 101,435 | 11.7% | |
|||||||||
| 抵押貸款組合 | 236 | $ | 875,554 | 100.0% | 260 | $ | 866,262 | 100.0% | |
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| As at September 30, 2023 | |
|||||||||||||
| Location of underlying property |
Number of mortgages |
Outstanding amount |
Percentage outstanding |
Weighted average loan to value |
Weighted average interest rate |
|||||||||
| (outstanding amounts in 000s) | ||||||||||||||
| Greater Toronto Area | 153 | $ | 632,981 | 72.3% | 62.5% | 11.74% | ||||||||
| Non-GTA Ontario | 54 | 39,811 | 4.5% | 64.3% | 9.69% | |||||||||
| British Columbia | 28 | 195,312 | 22.3% | 55.2% | 10.95% | |||||||||
| Alberta | 1 | 7,450 | 0.9% | 71.0% | 14.00% | |
||||||||
| 236 | $ | 875,554 | 100.0% | 61.0% | 11.49% | |
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| 截至2023年9月30日 | |
|||||||||||||
| 標的財產的位置 |
的數量 抵押貸款 |
傑出 金額 |
百分比 傑出的 |
加權 平均的 按價值計貸款 |
加權 平均的 利率 |
|||||||||
| （以000年代爲單位的未繳款額） | ||||||||||||||
| 大多倫多地區 | 153 | $ | 632,981 | 72.3% | 62.5% | 11.74% | ||||||||
| 非 GTA 安大略省 | 54 | 39,811 | 4.5% | 64.3% | 9.69% | |||||||||
| 不列顛哥倫比亞省 | 28 | 195,312 | 22.3% | 55.2% | 10.95% | |||||||||
| 阿爾伯塔 | 1 | 7,450 | 0.9% | 71.0% | 14.00% | |
||||||||
| 236 | $ | 875,554 | 100.0% | 61.0% | 11.49% | |
||||||||
| As at December 31, 2022 | |
|||||||||||||
|
Number of mortgages |
Outstanding amount |
Percentage outstanding |
Weighted average loan to value |
Weighted average interest rate |
||||||||||
| Location of underlying property | |
|||||||||||||
| (outstanding amounts in 000s) | ||||||||||||||
| Greater Toronto Area | 169 | $ | 598,207 | 69.0% | 59.7% | 11.04% | ||||||||
| Non-GTA Ontario | 61 | 38,950 | 4.5% | 68.7% | 8.25% | |||||||||
| British Columbia | 28 | 220,727 | 25.5% | 56.4% | 10.41% | |||||||||
| Alberta | 2 | 8,378 | 1.0% | 71.2% | 12.55% | |
||||||||
| 260 | $ | 866,262 | 100.0% | 59.4% | 10.77% | |
||||||||
| 截至2022年12月31日 | |
|||||||||||||
|
的數量 抵押貸款 |
傑出 金額 |
百分比 傑出的 |
加權 平均的 按價值計貸款 |
加權 平均的 利率 |
||||||||||
| 標的財產的位置 | |
|||||||||||||
| （以000年代爲單位的未繳款額） | ||||||||||||||
| 大多倫多地區 | 169 | $ | 598,207 | 69.0% | 59.7% | 11.04% | ||||||||
| 非 GTA 安大略省 | 61 | 38,950 | 4.5% | 68.7% | 8.25% | |||||||||
| 不列顛哥倫比亞省 | 28 | 220727 | 25.5% | 56.4% | 10.41% | |||||||||
| 阿爾伯塔 | 2 | 8,378 | 1.0% | 71.2% | 12.55% | |
||||||||
| 260 | $ | 866,262 | 100.0% | 59.4% | 10.77% | |
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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 nine month period ended September 30, 2023, available on SEDAR+ at , and on the company's website at .
有關財務業績的更多信息以及對公司抵押貸款組合的進一步分析，請參閱Atrium的中期合併財務報表及其管理層對截至2023年9月30日的三個月和九個月期間的討論和分析，可在SEDAR+上查閱，也可在公司網站上查閱。
About Atrium
關於 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 or investor information on Atrium's website at .
加拿大首屈一指的非銀行貸款機構
Atrium是一家非銀行的住宅和商業抵押貸款提供商，在加拿大主要城市中心提供貸款，那裏房地產的穩定性和流動性很高。Atrium的目標是爲股東提供穩定和安全的股息，並在保守的風險參數範圍內通過貸款來保護股東權益。Atrium 是加拿大定義的抵押貸款投資公司 (MIC) 《所得稅法》，因此，只要其應納稅所得額在每年12月31日之後的90天內以股息形式支付給股東，則不對所得徵稅。此類股息通常被股東視爲利息收入，因此每個股東的處境就好像公司的抵押貸款投資是由股東直接進行一樣。有關Atrium的更多信息，請參閱監管文件或Atrium網站上的投資者信息，網址爲。
For additional information, please contact
Robert G. Goodall John Ahmad
President and Chief Executive Officer Chief Financial Officer
欲了解更多信息，請聯繫
羅伯特·G·古道爾·約翰·艾哈邁德
總裁兼首席執行官首席財務官
(416) 867-1053
info@atriummic.com
(416) 867-1053
info@atriummic.com
To view the source version of this press release, please visit
要查看本新聞稿的源版本，請訪問
譯文內容由第三人軟體翻譯。