TORONTO, Jan. 8, 2015 (GLOBE NEWSWIRE) -- Atrium Mortgage Investment Corporation (TSX:AI) is pleased to announce that its board of directors has approved an increase in its regular monthly dividend for 2015. The board has declared a monthly dividend of $0.07 per common share to be paid on February 13, 2015 to shareholders of record at January 30, 2015.
This represents a second consecutive increase to the regular dividend, which will now be at an annualized rate of $0.84 per share, effective January, 2015. The annual rate of the regular dividend has increased from $0.82 per share in 2014 and $0.80 in 2013.
"We are very pleased to continue to increase the regular monthly dividend, as we have now done every year since listing our shares on the TSX. The increase is justified based on our payout ratio, which is the lowest in the industry, and based on the strength of our mortgage portfolio," said Mr. Robert Goodall, CEO of Atrium. He continued, "Atrium will also pay a special dividend to shareholders of record at December 31, 2014 to top-up the total dividends so that they equal its taxable earnings in the year. The amount of the special dividend will be announced on February 10, 2015."
For the convenience of shareholders, following are the expected dates that financial results will be released by the company during 2015: Year-end 2014 on February 10, 2015, Q1 2015 on April 22, 2015, Q2 2015 on July 23, 2015, and Q3 2015 on October 21, 2015.
Shareholders are reminded that Atrium offers a dividend reinvestment plan (DRIP) that allows them to automatically reinvest their dividends in new shares of Atrium at a 2% discount from market price and with no commissions. This provides shareholders with an easy way to realize the benefits of compound growth of their investment in Atrium. Shareholders can enroll in the DRIP program by contacting their investment advisor.
About Atrium
Canada's Premier Non-Bank Lender™
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium's objectives are to provide its shareholders with stable and secure dividends and to preserve shareholders' equity by lending within conservative risk parameters. Atrium is a Mortgage Investment Corporation (MIC) as defined in the Canada Income Tax Act, so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information, please refer to regulatory filings available at www.sedar.com or Atrium's website at www.atriummic.com.