Investment Trust Nets $3.6 Million

Mortgage Investment Plus, a real estate investment trust based in Woodland Hills, reported net income of $3.6 million, or 40 cents a share, on revenue of $4.7 million for its first fiscal year, which ended Dec. 31.

Because of tax benefits not accounted for in Mortgage Investment’s reported profits, however, the trust actually generated 45 cents a share for stockholders. Mortgage Investment, like other real estate investment trusts, is tax-exempt as long as it distributes 95% of its otherwise taxable income to shareholders.

For the fourth quarter, Mortgage Investment’s net income was $1.9 million, or 21 cents. Revenue was $2.5 million.

Mortgage Investment was formed by Weyerhaeuser Mortgage, a mortgage banker based in Woodland Hills, “to develop alternative, long-term financing for our developer clients,” said James Maddox, vice president of both companies. Mortgage Investment’s portfolio of more than $100 million is invested in office buildings, apartment complexes, shopping centers, industrial complexes and research-and-development facilities in California, Arizona and Washington.

For detailed data and results of other companies, please see tables, Page 5.