Foundation Capital Resources, Inc.(FCR), a Real Estate Investment Trust (REIT) founded in 2000 and focused on providing mortgage financing to churches and other faith-based organizations throughout the United States, today announced record financial results for its fiscal year ended December 31, 2004, according to PRNewsWire.
The Jackson, Mississippi-based REIT reported net income before minority interest of approximately $16.8 million based on interest and other income of approximately $21 million for the 12 months ended December 31, 2004. Both are best-ever totals for the Company, reflecting a nearly 56 percent increase in net income and a 61 percent increase in interest and other income. In 2003, net income before minority interest was approximately $10.8 million, based on interest and other income of approximately $13 million.
Overall in 2004, FCR closed a total of 116 new loans, compared to 139 new loans closed in 2003. During the year, the Company originated and purchased new loans totaling approximately $181 million, an increase of nearly 14 percent compared to approximately $159 million of new loans originated and purchased during 2003.
As of December 31, 2004, FCR’s loan portfolio included 224 loans, comprised 101 mortgage loans, 112 bond collateralized loans, and 11 other loans. FCR’s total assets jumped 44 percent to $342 million at year-end, compared to $237 million for 2003. Loans receivable grew 44 percent to $322 million versus $223 million a year ago.
FCR’s dividend yield for 2004 was 6.56 percent, up from 6.47 percent in 2003. This rate of return compares with a 2004 Composite REIT Index dividend yield of 4.97 percent, as published by the National Association of Real Estate Investment Trusts.