Mortgage Investments Plus 2nd-Quarter Profit Up 40%
Mortgage Investments Plus, a real-estate investment trust based in Woodland Hills, said its second-quarter profit rose 40% from a year earlier, to $1.29 million from $924,000.
The gain for the quarter that ended June 30 came on an increase in MIP’s revenue to $2.59 million from $2.05 million. For the first half of this year, MIP’s profit increased 25%, to $2.24 million from $1.79 million, and revenue climbed to $4.8 million from $4.03 million.
MIP invests mostly in commercial properties in California. The company attributed its second-quarter earnings gain to higher net rental income from its properties.