TMCnet News
Tremont Mortgage Trust Reports First Quarter 2018 Financial ResultsTremont Mortgage Trust (Nasdaq: TRMT) today announced financial results for the quarter ended March 31, 2018. David Blackman, Chief Executive Officer of TRMT, made the following statement: "Tremont Mortgage Trust continued building origination momentum since the beginning of 2018. We closed on a $18.1 million first mortgage bridge loan in April and commenced diligence on two accepted loan applications for first mortgage bridge loans totaling $30 million. In aggregate, we evaluated 106 prospective financing opportunities for approximately $2.7 billion in gross loan volume during the quarter." Results for First Quarter 2018: For the quarter ended March 31, 2018, net loss was $949,000, or $0.31 per diluted share. Recent Investment Activities: In April 2018, TRMT announced the closing of a $18.1 million first mortgage bridge loan to finance the acquisition of a 184,000 square foot, 14-story office tower located in Metairie, LA. This floating rate loan includes initial funding of approximately $15.8 million and an as-is loan to value ratio, or LTV ratio, of approximately 80%. This loan also includes a future funding allowance of up to $2.3 million for tenant improvements, leasing commissions, marketing and capital expenditures and has a three year initial term and two one year borrower extension options. In March 2018, TRMT entered a loan application with a borrower for a first mortgage bridge loan totaling $15.2 million to refinance a 136,000 square foot office building located in Houston, TX. In May 2018, TRMT entered a loan application with a borrower for a first mortgage bridge loan totaling $14.8 million to refinance a 62,000 square foot office building located in Westchester County, NY. Dividend: TRMT plans to declare and pay its first distribution to common shareholders after successfully deploying the capital raised in its initial public offering, or IPO, and concurrent private placement. Conference Call: At 10:00 a.m. Eastern Time today, Chief Executive Officer, David Blackman, and Chief Financial Officer, Doug Lanois, will host a conference call to discuss TRMT's first quarter 2018 financial results. The conference call telephone number is (877) 270-2148. Participants calling from outside the United States and Canada should dial (412) 902-6510. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Monday, May 21, 2018. To access the replay, dial (412) 317-0088. The replay pass code is 10118601. A live audio webcast of the conference call will also be available in a listen-only mode on TRMT's website, which is located at www.trmtreit.com. Participants wanting to access the webcast should visit TRMT's website about five minutes before the call. The archived webcast will be available for replay on TRMT's website following the call for about one week after the call. The transcription, recording and retransmission in any way of TRMT's first quarter conference call are strictly prohibited without the prior written consent of TRMT. WARNING CONCERNING FORWARD LOOKING STATEMENTS THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER TRMT USES WORDS SUCH AS "BELIEVE", "EXPECT", "ANTICIPATE", "INTEND", "PLAN", "ESTIMATE", "WILL", "MAY" AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, TRMT IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON TRMT'S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY TRMT'S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
THE INFORMATION CONTAINED IN TRMT'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC (News - Alert), INCLUDING UNDER "RISK FACTORS" IN TRMT'S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE TRMT'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY TRMT'S FORWARD LOOKING STATEMENTS. TRMT'S FILINGS WITH THE SEC ARE AVAILABLE ON (News - Alert) THE SEC'S WEBSITE AT WWW.SEC.GOV. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS. EXCEPT AS REQUIRED BY LAW, TRMT DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
A Maryland Real Estate Investment Trust with transferable shares of
beneficial interest listed on the Nasdaq.
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