Firm Capital Property Trust announces distribution reinvestment
plan and unit purchase plan
TORONTO, Jan. 31, 2013 /CNW/ - Firm Capital Property Trust
(TSXV : FCD.UN) ("FCPT, "Trust" or the "REIT") is
pleased to follow up on its previous press release dated
December 20, 2012 that, subject to
final approval by the TSX Venture Exchange, the commencement of its
Distribution Reinvestment Plan ("DRIP") and Unit Purchase
Plan (the "Plan").
DISTRIBUTION REINVESTMENT PLAN ("DRIP")
Under the terms of the DRIP, FCPT's Unitholders may elect to
automatically reinvest all or a portion of their regular monthly
distributions in additional REIT units, without incurring brokerage
fees or commissions.
Units purchased through the DRIP are acquired at
the weighted average closing price of trust units in the five
trading days immediately prior to the distribution payment date.
Units purchased through the DRIP will be acquired either in the
open market or be issued directly from FCPT's treasury based on a
floor price to be set at the discretion of the board of trustees.
Initially, the floor price will be set at $5.15 per Unit.
Currently, there are 218,723 Eligible Units
reserved under the DRIP. Any increase in the number of securities
reserved for issuance under the DRIP shall be subject to i) board
approval, ii) public disclosure and iii) Exchange approval.
UNIT PURCHASE PLAN
Unitholders who elect to receive trust units under the DRIP may
also enroll in the REIT's new Unit Purchase Plan. The Plan gives
each Unitholder resident in Canada
the right to purchase additional units of the Trust monthly. Under
the terms of the Plan, FCPT's Unitholders may purchase a minimum of
$1,000 of Units on each Monthly
Purchase Date and maximum purchases of up to $12,000 per annum. The aggregate number of Units
that may be issued may not exceed 2% of the Units of the Trust per
annum.
Registered Unitholders may enroll in the DRIP
and the Plan by completing a form and submitting to Equity
Financial Trust Company at the address set out in the form, or
contact the Trust for copies of the forms. Beneficial Unitholders
are encouraged to see their broker or other intermediary for
enrolment information. The expected level of insider participation
by management and trustees of FCPT under the DRIP and the Plan is
currently not known. The DRIP and the Plan is subject to certain
limitations and restrictions; interested participants are
encouraged to review the full text of the DRIP and Plan at
www.firmcapital.com.
ABOUT FIRM CAPITAL PROPERTY TRUST
Firm Capital Property Trust is focused on creating long-term value
for Unitholders, through capital preservation and disciplined
investing to achieve stable distributable income. In partnership
with management and industry leaders, FCPT's plan is to co-own a
diversified property portfolio of multi-residential, flex
industrial, net lease convenience retail, and core service provider
professional space. In addition to stand alone accretive
acquisitions, FCPT will make acquisitions, on a co-ownership basis
with strong financial co-owned partners and will make joint
acquisitions and the acquisition of partial interests from existing
co-ownership groups, in a manner that provides liquidity to those
selling co-owners and professional management for those remaining
as co-partners. Firm Capital Realty Partners Inc., through a
structure focused on an alignment of interests with the Trust, and
will source, syndicate and participate in investments.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In some
cases, forward-looking statements can be identified by the use of
words such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "estimate", "predict", "potential",
"continue", and by discussions of strategies that involve risks and
uncertainties. The forward-looking statements are based on certain
key expectations and assumptions made by the Trust regarding, among
other things, the use of the net proceeds from the Offering, the
closing of the Offering, and the closing of the Acquisition. By
their nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions,
forecasts, projections and various future events will not occur.
Although management of the Trust believes that the expectations
reflected in the forward-looking statements are reasonable, there
can be no assurance that future results, levels of activity,
performance or achievements will occur as anticipated. Neither the
Trust nor any other person assumes responsibility for the accuracy
and completeness of any forward-looking statements, and no one has
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or such other
factors which affect this information, except as required by
law.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, which may be made
only by means of a prospectus, nor shall there be any sale of the
Units in any state, province or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under securities laws of any such state, province
or other jurisdiction. The Units of the Firm Capital Property Trust
have not been, and will not be registered under the U.S. Securities
Act of 1933, as amended, and may not be offered, sold or delivered
in the United States absent
registration or an application for exemption from the registration
requirements of U.S. securities laws.
SOURCE Firm Capital Property Trust