ANGELES MORTGAGE INVESTMENT TRUST REPORTS THIRD QUARTER FISCAL 1991 RESULTS
ANGELES MORTGAGE INVESTMENT TRUST
REPORTS THIRD QUARTER FISCAL 1991 RESULTS
LOS ANGELES, Nov. 14 /PRNewswire/ -- Angeles Mortgage Investment Trust (AMEX: ANM) today reported net income of $1,364,000, or $.48 per Class A share, in the fiscal year 1991 third quarter ended Sept. 30. Revenue was $2,004,000. In the 1990 third quarter, net income was $1,128,000, or $.40 per Class A share, on revenue of $1,830,000.
For the nine months ended Sept. 30, 1991, net income was $4,113,000, or $1.46 per Class A share, on revenue of $6,262,000, compared with net income of $3,777,000, or $1.34 per Class A share, and revenue of $5,328,000, in the 1990 like period.
Cash distributions were $.50 per Class A share in the third quarter, and $1.50 for the nine months. The Trust has a stated distribution policy of paying a minimum of $2.00 per share per year, with that rate guaranteed through May 31, 1994.
Angeles Mortgage Investment Trust is a real estate investment trust which makes intermediate-term mortgages and other secured loans primarily to affiliated real estate limited partnerships and other types of investment programs. Its investments are principally second and other subordinated mortgage loans, as well as participating mortgages. The Trust's advisor is Angeles Funding Corporation, a member of the Mortgage Bankers Association of America, and a wholly owned subsidiary of Angeles Corporation.
Angeles Corporation (AMEX: ANG) is a real estate investment management company with approximately $1.5 billion of assets under management.
/CONTACT: Steve Leach of Angeles Corporation, 800-421-4374, ext. 598, or 310-284-3598/
(ANG ANM) CO: Angeles Corporation; Angeles Mortgage Investment Trust ST: California IN: SU: ERN CH-EH -- LA018 -- 1196 11/14/91 15:09 EST