Mortgage Investments Plus Shows 41% 1st-Quarter Dip

Mortgage Investments Plus, a real estate investment trust, said its first-quarter profit fell 41% from a year earlier.

The Woodland Hills firm reported net income in the three months that ended March 31 of $868,000, or 9.6 cents a share, compared to $1.5 million, or 16.5 cents a share, a year ago.

The company blamed its lower earnings on depreciation expenses incurred for several newly completed projects. The trust is advised by Weyerhaeuser Mortgage Co. and invests in joint ventures with real estate developers.