Mortgage Investments Net Income Drops 21%

Blaming lower interest rates, Mortgage Investments Plus, a real estate investment trust based in Woodland Hills, reported that for its first quarter ended March 31, net income dropped 21% from the corresponding quarter a year earlier to $1.5 million, or 16 cents per share.

Revenue fell 16% from the year-earlier period to nearly $2.5 million. The trust’s per-share funds available for distribution to shareholders, or cash-flow operations, in the quarter amounted to 16.5 cents, against 21 cents a year earlier.

MIP was formed in 1985 by Weyerhaeuser Mortgage, a mortgage banker based in Woodland Hills.