Timbercreek Financial Announces 2017 Fourth Quarter Results and Year-End 2017 Results

TORONTO, ON—(Marketwired – March 06, 2018) – Timbercreek Financial (TSX: TF) (the “Company”) announced today its financial results for the three months and year ended December 31, 2017 (“Q4 2017″ and “2017”, respectively).

“The fourth quarter closed off an eventful and successful 2017 for the company and solidified our position as the leading non–bank lender providing customized short–term mid–ticket transitional lending secured by commercial real estate,” said Cameron Goodnough, CEO of Timbercreek Financial. “We delivered on our objective to generate attractive returns from a high–quality, conservatively positioned mortgage portfolio focused on first mortgages on income–producing properties. With the new capital raised in 2017 and early 2018, we have expanded and diversified our capital base to take advantage of a strong pipeline of investment opportunities.”

Fourth Quarter Highlights (versus Q4 2016)

  • Net investment income earned was $23.2 million, up from $20.6 million (Q3 2017 – $23.5 million), Net income and comprehensive income was $12.9 million, compared to $13.1 million (Q3 2017 – $13.2 million)
  • Basic and diluted earnings per share of $0.17 compared to $0.18 (Q3 2017 – $0.18)
  • Weighted average interest rate on net mortgage investments was 6.9% compared to 7.4% (Q3 2017 – 7.0%), which reflects turnover in the portfolio into lower–risk and more liquid mortgages
  • Weighted average lender fees on all investments were 1.0%, compared to 0.8% (Q3 2017 – 1.6%)
  • Distributable income per share at $0.18, compared to $0.19 (Q3 2017 – $0.19)
  • Payout ratio on distributable income increased to 93.3% compared to 90.8% (Q3 2017 – 89.8%)
  • During Q4 2017, monthly dividend increased from $0.057 to $0.0575

Year ended December 31, 2017 (versus 2016)

  • Net investment income was $88.9 million, up from $61.4 million
  • Net income and comprehensive income was $52.2 million, up from $46.0 million. Adjusted net income and comprehensive income was $52.2 million, up from $39.9 million
  • Basic and diluted earnings per share were $0.70, compared to $0.80. Adjusted earnings per share were $0.70 in both years
  • Weighted average interest rate was 7.0% compared to 7.9%, which reflects the continuous repositioning of the portfolio
  • Weighted average lender fees were 1.0% compared to 1.1%
  • Distributable income per share increased to $0.75 compared to $0.74
  • The Company completed two issuances of unsecured convertible debentures, raising $91.0 million in gross proceeds

December 31, 2017 – Investment Portfolio Highlights

  • Net mortgage investments increased by 10.4% to $1,103.6 million (December 31, 2016 – $1,000.0 million*) primarily due to $532.9 million in advances offset by $428.8 million in repayments received
  • Other investments within the enhanced return portfolio were $57.9 million (December 31,2016 – $9.8 million), a net increase of $48.1 million in 2017 (2016 – $9.8 million)
  • The Company completed a joint acquisition resulting in a 20.46% interest in a $201.7 million portfolio that is comprised of 14 properties totaling 1,079 units located in Saskatoon and Regina, Saskatchewan for total consideration of $41.3 million
  • Net mortgage investments secured by cash–flowing properties represented 86.7% of the portfolio (September 30, 2017 – 85.9%), a key hallmark of our defensive investment strategy and highlighted by 50.1% secured by rental apartments
  • First mortgages, which are lower risk, represented 93.0% of the portfolio (September 30, 2017 – 92.7%)
  • Weighted average loan–to–value decreased to 66.0% (September 30, 2017 – 65.6%)
  • Weighted average remaining term to maturity decreased to 1.1 years (September 30, 2017 – 1.2 years)
  • The portfolio continues to be well diversified across Canada's largest provinces: Ontario (55.0%), Quebec (13.5%), British Columbia (12.2%), and Alberta (12.1%)

Operating Results Highlights

    Three months ended
December 31,
    Year ended December 31,  
    2017     2016       2017     2016     2015  
Net investment income $ 23,178   $ 20,583     $ 88,937   $ 61,422   $ 43,003  
Net rental income $ 99   $     $ 193   $   $  
Income from operations $ 19,644   $ 17,940     $ 75,374   $ 51,231   $ 32,750  
Total net income and comprehensive income $ 12,876   $ 13,078     $ 52,204   $ 45,999   $ 28,021  
Earnings per share (basic) $ 0.17   $ 0.18     $ 0.70   $ 0.80   $ 0.69  
Earnings per share (diluted) $ 0.17   $ 0.18     $ 0.70   $ 0.80   $ 0.69  
Adjusted total net income and comprehensive income $ 12,876   $ 13,162     $ 52,204   $ 39,940   $ 28,021  
Adjusted earnings per share (basic and diluted) $ 0.17   $ 0.18     $ 0.70   $ 0.70   $ 0.69  
Dividends to shareholders $ 12,769   $ 12,630     $ 50,736   $ 39,895   $ 29,253  
Dividends per common share $ 0.172   $ 0.171     $ 0.685   $ 0.702   $ 0.720  
Payout ratio on earnings per share   99.2 %   96.6 %     97.2 %   86.7 %   104.4 %
Distributable income $ 13,681   $ 13,905     $ 55,262   $ 42,636   $ 29,484  
Distributable income per share $ 0.18   $ 0.19     $ 0.75   $ 0.74   $ 0.73  
Payout ratio on distributable income   93.3 %   90.8 %     91.8 %   93.5 %   99.2 %

Quarterly Conference Call

Interested parties are invited to participate in a conference call with management on Wednesday, March 7, 2018 at 11:00 a.m. (EST) which will be followed by a question and answer period with analysts. Instructions on how to participate on this call are provided below:

Dial–in–number(s): 1–(855) 223–7310

Event Conference ID: 5583929

The playback of the conference call will also be available on www.timbercreekfinancial.com 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, www.timbercreekfinancial.com.

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. The Company has presented such non–IFRS measures because the Manager believes they are relevant measures of the ability of the Company to earn and distribute cash dividends to investors and to evaluate the Company's performance. These non–IFRS measures should not be construed as alternatives to net income (loss) and comprehensive income (loss) or cash flows from operating activities 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 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.

*Amended to reflect reclassification of an investment from other investments to net mortgage investments. Previously reported amounts for net mortgage investments and net other investments were $1,010.0 million

Pliant to Present at the 38th Annual Cowen Healthcare Conference

REDWOOD CITY, CA—(Marketwired – March 06, 2018) – Pliant Therapeutics, Inc., a company focused on discovering, developing and commercializing breakthrough treatments for fibrotic diseases, announced today that President and Chief Executive Officer, Bernard Coulie, M.D. Ph.D., will present at the 38th Annual Cowen Healthcare Conference being held in Boston, MA from March 12th – 14th, 2018.

Details of the presentation are as follows:

38th Annual Cowen Healthcare Conference
Date: Tuesday March 13th, 2018
Location: Boston, MA
Presentation Time: 2:30 PM ET

About Pliant Therapeutics

Pliant Therapeutics is a pre–clinical stage biotechnology company harnessing the therapeutic capabilities of integrin biology and TGF–β signaling to develop breakthrough treatments for fibrotic diseases. By leveraging its powerful product engine, Pliant's mission is to prevent or even reverse fibrosis, restoring organ function. The company's pipeline includes a late preclinical stage proprietary dual selective inhibitor for aVb6 and aVb1 integrins. Other, earlier stage programs include integrin and TGF–b signaling targets for multiple fibrotic diseases. For more information, please visit www.pliantrx.com.

Avaya's Mobile-First Mindset Helps San Jose Earthquakes Enhance Fan Engagement

SANTA CLARA, CA—(Marketwired – March 06, 2018) – Avaya Holdings Corp. (NYSE: AVYA) When the San Jose Earthquakes kicked off their fourth season this weekend, attending fans were treated to an immersive, mobile–first game day experience that rivals anything else in sports.

Powered by cloud technology that can quickly scale to support the needs of the 18,000 fans who regularly fill Avaya Stadium, the Quakes' refreshed mobile app is loaded with new in–app features and integrations that will enhance fan engagement all season long–before, after and during each game.

Enabling a 100% digital ticketing process, a new Ticketmaster® SDK integration will allow for easier ticket management, shorter lines and the easy transfer of tickets between family and friends. And, thanks to integration with Major League Soccer (MLS), fans can use the mobile app to view up–to–the–minute starting lineups, team schedules and real–time scores and statistics.

Leveraging its expertise and experience in technology that connects and shapes experiences, Avaya is helping drive digital transformation in the world of sports and entertainment. Taking an innovative approach to fan engagement that starts with a mobile–first mindset and a robust communications feature set, Avaya's agile, scalable platform enables arenas and stadiums around the world to create a custom, mobile fan experience aligned to their own identity and brand standards.

Creating an engaging fan experience helps sports franchises such as the Quakes translate engagement into higher revenue by driving increases in ticket sales, corporate sponsorships and even stadium rentals. After selling out 47 of 48 games over the past three seasons, the Quakes' investment in the fan experience has clearly paid off. To help deal with the steady demand for tickets, the Quakes' sales and customer service teams rely on Avaya Aura and private cloud services to provide the tools and insights they need to resolve calls faster and enhance customer interactions.

With the Quakes' first home game this weekend, fans were able to download the latest version of the Mobile App in the iTunes and Google Play stores. You can learn more about Avaya's cloud–powered Sports Team Engagement Mobile App in this blog post or downloadable white paper.


“Our partnership with Avaya has allowed us to create a mobile–first fan experience that is second to none. We're proud that Avaya Stadium has become one of the premier sporting venues for fan engagement and innovation.”

  • – Jared Shawlee, COO, San Jose Earthquakes

“Avaya's cloud solutions deliver the personalized and mobile–first experiences today's connected fan demands. We're excited to see forward–thinking franchises like the Earthquakes use our technology and expertise to create engaging in–game experiences for their loyal supporters.”

  • – Mercer Rowe, SVP and GM, Cloud Services, Avaya

About San Jose Earthquakes

The San Jose Earthquakes are one of 23 teams in Major League Soccer. The club won MLS Cups in 2001 and 2003 and took home Supporters' Shields in 2005 and 2012. They are led by 2012 Volkswagen MLS Most Valuable Player Chris Wondolowski, one of the most prolific goal scorers in league history. The club opened its new home, Avaya Stadium, in 2015. The stadium holds 18,000 fans and is one of the most technologically advanced stadiums in MLS. The organization was originally founded in 1974 and was one of 10 charter members of MLS when the league began in 1996. The club's non–profit arm, the Quakes Foundation, focuses on health and fitness initiatives for underserved youth in the Bay Area. For more information about the Earthquakes, log on to www.sjearthquakes.com.

About Avaya

Avaya enables the mission critical, real–time communication applications of the world's most important operations. As a global leader in delivering superior communications experiences, Avaya provides a complete portfolio of software and services for contact center and unified communications — offered on premises, in the cloud, or as a hybrid solution. Today's digital world requires communications enablement, and no other company is better positioned to do this than Avaya. For more information, please visit www.avaya.com.

Follow Avaya on Twitter, Facebook, YouTube, LinkedIn, Flickr and the Avaya Connected Blog.

Source: Avaya Newsroom