Owens Realty Reports Q1 Results

WALNUT CREEK, CA—Owens Realty Mortgage, Inc. recently reported financial results for the first quarter ended March 31, and while net income was down significantly from the same period in 2013, the firm says it has increased commercial lending activities and secured additional lines of credit. “We made significant progress towards our strategic objectives in the first quarter, increasing our commercial lending activities and successfully securing lines of credit, providing us with up to $40 million in additional liquidity,” said William Owens, chairman and CEO. “We are seeing positive trends in the commercial real estate bridge lending market and, while still in the early stages, we are optimistic that we will continue to expand our loan portfolio in 2014.”

Owens reported net income attributable to common stockholders of $760,563, or $0.07 per basic and diluted common share, compared to a net income of $1,429,932 or $0.13 or the same quarter ended March 31, 2013. The decrease was primarily attributable to a decrease in gains on loan foreclosures, it said. The decrease was partially offset by an increase in interest income on loans of approximately $250,000, an increase in net income from real estate properties of approximately $110,000.