Latest news with #BlairTamblyn
Hamilton Spectator
23-05-2025
- Business
- Hamilton Spectator
Timbercreek Financial Declares May 2025 Dividend
TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — Timbercreek Financial (TSX: TF) (the 'Company') is pleased to announce that it has declared a monthly cash dividend of $0.0575 per common share ('Common Share') of the Company to be paid on June 13, 2025 to holders of Common Shares of record on May 30, 2025. The Company also offers a Dividend Reinvestment Plan (the 'Plan'), which is eligible to holders of Common Shares and provides a convenient means to purchase additional Common Shares by reinvesting cash dividends at a potential discount and without having to pay commissions, service charges or brokerage fees. Pursuant to the Plan and at the discretion of Timbercreek Capital Inc., the Manager, Common Shares will be acquired in the open market at prevailing prices or issued from treasury at 98 percent of the average market price (the 'Average Market Price') for the five trading day period ending on the third business day immediately prior to the dividend payment date (the 'Trading Period'). Common Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Common Shares through a broker, financial institution or other nominee must enroll for distribution reinvestment through their nominee holder. The full text of the Plan can be obtained on the Company's website at About Timbercreek Financial Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors. CONTACT: Timbercreek Financial Blair Tamblyn Chief Executive Officer btamblyn@ .
Yahoo
05-05-2025
- Business
- Yahoo
Timbercreek Financial Announces 2025 First Quarter Results
TORONTO, May 05, 2025 (GLOBE NEWSWIRE) -- Timbercreek Financial (TSX: TF) (the 'Company') announced today its financial results for the three months ended March 31, 2025 ('Q1 2025'). Q1 2025 Highlights1 Strong top-line income and distributable income: Net investment income of $28.6 million compared to $24.6 million in Q1 2024. Net income and comprehensive income of $14.8 million (Q1 2024 – $14.4 million) or basic earnings per share of $0.18 (Q1 2024 – $0.17). Distributable income of $15.4 million ($0.19 per share) compared with $15.8 million ($0.19 per share) in Q1 2024. Declared a total of $14.3 million in dividends to shareholders, or $0.17 per share, reflecting a distributable income payout ratio of 92.8% (Q1 2024 – 90.6%). The dividend remains well-covered and at the current trading price of $7.00 represent a 9.9% yield – a 7.3% premium over the 2-year Canadian bond yield (2.6% as at May 2, 2025). The net mortgage investment portfolio increased by $101.6 million or 10.4% over the prior year and decreased modestly by $10.6 million to $1,079.2 million in Q1 2025. The weighted average interest rate ("WAIR") on the portfolio remains resilient due to a high percentage of variable rate loans with protection of interest rate floors - as indicated by the Company's WAIR decreasing by 1.2% relative to a 2.3% drop in the Bank of Canada prime rate over the same period. At the end of Q1 2025, variable rate loans with rate floors represented 84.8% of the portfolio (Q1 2024 – 88.6%) and 87.8% of these variable rate loans with floors are currently at their floor rates. While the Company continues to monitor developments closely with respect to tariffs and the potential impact to certain borrowers, its core asset class multi-family residential is expected to be well protected from any near-term implications and tends to perform well in periods of economic uncertainty. In March, the Company completed the sale of a Quebec-based retirement asset. This transaction resulted in full recovery of real estate held for sale and a repayment of the Company's real estate collateral liability. 'It was a solid first quarter, with healthy income levels allowing us to build on our long-term track record of stable monthly dividends that deliver a premium yield to shareholders,' said Blair Tamblyn, CEO of Timbercreek Financial. 'The transaction pipeline remains robust, with some expected delays due to broader volatility in financial markets. Periods such as this underscore the resiliency of our strategy and our core asset classes, led by multi-residential. During the quarter, our team also continued to advance the remaining staged loans and expects material progress during 2025." Quarterly ComparisonQ1 2025 Q1 2024 Q4 2024 Net Mortgage Investments1 $ 1,079.2 $ 977.5 $ 1,089.8 Enhanced Return Portfolio Investments1 $ 43.3 $ 63.4 $ 42.9 Real Estate Inventory $ 29.6 $ 30.6 $ 32.5 Real Estate held for sale, net of collateral liability $ — $ 62.2 $ 65.3 Joint Venture $ 18.1 $ — $ — Net Investment Income $ 28.6 $ 24.6 $ 27.9 Income from Operations $ 23.3 $ 20.9 $ 11.0 Net Income and comprehensive Income $ 14.8 $ 14.4 $ 2.4 Distributable income1 $ 15.4 $ 15.8 $ 17.7 Dividends declared to Shareholders $ 14.3 $ 14.3 $ 14.3 Q1 2025 Q1 2024 Q4 2024 Dividends per share $ 0.17 $ 0.17 $ 0.17 Distributable income per share1 $ 0.19 $ 0.19 $ 0.21 Earnings per share $ 0.18 $ 0.17 $ 0.03 Payout Ratio on Distributable Income1 92.8 % 90.6 % 80.8 % Payout Ratio on Earnings per share 96.9 % 99.7 % 603.4 % Q1 2025 Q1 2024 Q4 2024 Weighted Average Loan-to-Value 66.2 % 64.4 % 63.3 % Weighted Average Remaining Term to Maturity 0.9 yr 0.8 yr 1.0 yr First Mortgages 88.3 % 85.7 % 89.6 % Cash-Flowing Properties 79.7 % 85.7 % 81.9 % Multi-family residential 60.2 % 54.6 % 59.8 % Floating Rate Loans with rate floors (at quarter end) 84.8 % 88.6 % 80.4 % Weighted Average Interest Rate For the quarter ended 8.7 % 9.9 % 8.9 % Weighted Average Lender Fee New and Renewed 0.9 % 0.8 % 1.0 % New Net Mortgage Investment Only 1.1 % 0.9 % 1.2 % Refer to non-IFRS measures section below for net mortgages, enhanced return portfolio investments and distributable income. Quarterly Conference Call Interested parties are invited to participate in a conference call with management on Tuesday, May 6, 2025 at 1:00 p.m. (ET) which will be followed by a question and answer period with analysts. To join the Zoom Webinar: If you are a Guest, please click the link below to join: Webinar ID: 812 9850 6156Passcode: 1234 Or Telephone: Dial (for higher quality, dial a number based on your current location):Canada: +1 780 666 0144, +1 204 272 7920, +1 438 809 7799, +1 587 328 1099, +1 647 374 4685, +1 647 558 0588, +1 778 907 2071 International numbers available: Speakers will receive a separate link to the Webinar. The playback of the conference call will also be available on following the call. About the Company Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate professionals. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while generating strong risk-adjusted yields for investors. Further information is available on our website, Non-IFRS Measures The Company prepares and releases financial statements in accordance with IFRS. As a complement to results provided in accordance with IFRS, the Company discloses certain financial measures not recognized under IFRS and that do not have standard meanings prescribed by IFRS (collectively the "non-IFRS measures"). These non-IFRS measures are further described in Management's Discussion and Analysis ("MD&A") available on SEDAR+. Certain non-IFRS measures relating to net mortgages have been shown below. The Company has presented such non-IFRS measures because the Manager believes they are relevant measures of the Company's ability to earn and distribute cash dividends to shareholders and to evaluate its performance. The following non-IFRS financial measures should not be construed as alternatives to total net income and comprehensive income or cash flows from operating activities as determined in accordance with IFRS as indicators of the Company's performance. Certain statements contained in this news release may contain projections and "forward looking statements" within the meaning of that phrase under Canadian securities laws. When used in this news release, the words "may", "would", "should", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", "objective" and similar expressions may be used to identify forward looking statements. By their nature, forward looking statements reflect the Company's current views, beliefs, assumptions and intentions and are subject to certain risks and uncertainties, known and unknown, including, without limitation, those risks disclosed in the Company's public filings. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by these forward looking statements. The Company does not intend to nor assumes any obligation to update these forward looking statements whether as a result of new information, plans, events or otherwise, unless required by law. OPERATING RESULTS1 Three months ended Year ended March 31, December 31, NET INCOME AND COMPREHENSIVE INCOME 2025 2024 2024 Net investment income on financial assets measured at amortized cost $ 28,573 $ 24,590 $ 104,344 Fair value gain and other income on financial assets measured at FVTPL 102 337 1,041 Net rental income 266 474 1,544 Net income from joint venture 17 — — Gain on real estate properties and real estate held for sale collateral liability — — 1,500 Expenses: Management fees (2,903 ) (2,393 ) (10,548 ) Servicing fees (134 ) (159 ) (555 ) Expected credit loss (1,554 ) (912 ) (16,134 ) General and administrative (1,027 ) (1,034 ) (3,340 ) Income from operations $ 23,340 $ 20,903 $ 77,852 Financing costs: Financing cost on credit facility (5,955 ) (4,285 ) (21,664 ) Financing cost on convertible debentures (2,613 ) (2,250 ) (10,031 ) Net income and comprehensive income $ 14,772 $ 14,368 $ 46,157 Payout ratio on earnings per share 96.9 % 99.7 % 124.1 % DISTRIBUTABLE INCOME Net income and comprehensive income $ 14,772 $ 14,368 $ 46,157 Less: Amortization of lender fees (2,779 ) (1,405 ) (6,588 ) Add: Lender fees received and receivable 1,339 1,179 7,610 Add: Amortization expense, credit facility 212 416 1,030 Add: Amortization expense, convertible debentures 294 243 1,110 Add: Accretion expense, convertible debentures 160 113 569 Add: Unrealized fair value (gain) loss on DSU (97 ) 153 38 Add: Unrealized (gain) loss on FVTPL (36 ) (166 ) 304 Add: Unrealized gain on real estate held for sale — — (1,500 ) Add: Expected credit loss 1,554 912 16,134 Distributable income1 $ 15,419 $ 15,813 $ 64,864 Payout ratio on distributable income1 92.8 % 90.6 % 88.3 % PER SHARE INFORMATION Dividends declared to shareholders $ 14,307 $ 14,319 $ 57,277 Weighted average common shares (in thousands) 82,981 83,010 83,010 Dividends per share $ 0.17 $ 0.17 $ 0.69 Earnings per share (basic) $ 0.18 $ 0.17 $ 0.56 Earnings per share (diluted) $ 0.18 $ 0.17 $ 0.56 Distributable income per share1 $ 0.19 $ 0.19 $ 0.78 Refer to non-IFRS measures section. Net mortgage investments(In thousands of Canadian dollars, except units, per unit amounts and where otherwise noted) The Company's exposure to the financial returns is related to the net mortgage investments as mortgage syndication liabilities are non-recourse mortgages with periodic variance having no impact on Company's financial performance. Reconciliation of gross and net mortgage investments balance is as follows: Net Mortgage Investments March 31, 2025 December 31, 2024 Mortgage investments, excluding mortgage syndications $ 1,070,636 $ 1,078,238 Mortgage syndications 613,964 427,263 Mortgage investments, including mortgage syndications 1,684,600 1,505,501 Mortgage syndication liabilities (613,964 ) (427,263 ) 1,070,636 1,078,238 Interest receivable (15,699 ) (15,533 ) Unamortized lender fees 5,937 6,276 Expected credit loss 18,297 20,796 Net mortgage investments $ 1,079,171 $ 1,089,777 Enhanced return portfolio As at March 31, 2025 December 31, 2024 Other loan investments, net of expected credit loss $ 31,332 $ 30,912 Finance lease receivable, measured at amortized cost 6,020 6,020 Investment in participating debentures, measured at FVTPL 766 756 Joint venture investment in indirect real estate development 2,225 2,225 Investment in equity instrument, measured at FVTPL 3,000 3,000 Total enhanced return portfolio $ 43,343 $ 42,913 Real estate held for sale, net of collateral liability As at March 31, 2025 December 31, 2024 Real estate held for sale — 132,635 Real estate held for sale collateral liability — (67,312 ) Total real estate held for sale, net of collateral liability $ — $ 65,323 SOURCE: Timbercreek Financial For further information, please contact: Timbercreek FinancialBlair Tamblyn, CEOTracy Johnston, CFO
Yahoo
05-02-2025
- Business
- Yahoo
Timbercreek Financial Provides Update on Resolution of Group Sélection Loans
TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Timbercreek Financial (TSX: TF) (the 'Company' or 'Timbercreek Financial') today provided an update on its progress with two loans that were originally made to Groupe Sélection Inc. As previously disclosed (in December 13, 2022), Groupe Sélection filed an application under the Companies' Creditors Arrangement Act (CCAA) to proceed with a restructuring. The loans related to two assets in Quebec: a high-quality operating retirement residence in Montreal called Rosemont Les Quartiers; and a multi-family residential building that was approximately 60% complete at that time. Subsequently, the Company has worked diligently toward a successful resolution of these investments. In August 2023, Timbercreek Financial and its syndicated partners acquired Rosemont Les Quartiers with the intent to pursue a sale at the appropriate time. On January 30, 2025, Chartwell Retirement Residences (TSX: announced a definitive agreement to acquire the residence. The proceeds will allow the Company to recover all principal and interest (Timbercreek Financial's 50% ownership interest was valued at approximately $62.0 million at year end). The Company has also made meaningful progress on resolution of the second loan (approximately $18.0 million outstanding at year end). Through extensive asset management work, the loan is performing, construction of the apartment building is now more than 90% complete, and the Company expects to receive repayment of all principal upon the near-term refinancing of the asset. 'We appreciate the significant work done by our team and partners to resolve these two loans and recover the Company's capital,' said Blair Tamblyn, CEO of Timbercreek Financial. 'We continue working to ensure the best outcomes for our shareholders from the remaining staged loans in the portfolio and look forward to redeploying this capital into new loans in our core asset types.' About the Company Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate professionals. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while generating strong risk-adjusted yields for investors. Further information is available on our website, SOURCE: Timbercreek Financial For further information, please contact: Timbercreek FinancialBlair Tamblyn, CEOTracy Johnston, CFO in to access your portfolio
