FOR IMMEDIATE RELEASE Contact: Christopher Ranjitkar, Director, Investor Relations
Tremont Mortgage Trust Reports First Quarter 2018 Financial Results
Newton, MA (May 14, 2018): Tremont 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.
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.
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 following information was filed by Tremont Mortgage Trust (TRMT) on Monday, May 14, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.