TORONTO, May 6, 2013 /CNW/ - Firm Capital Property Trust
("FCPT" or the "Trust"), (TSXV : FCD.UN) reported
today its condensed interim consolidated financial results for the
three months ended March 31, 2013 and
declared its distributions for July, August and September,
2013.
FINANCIAL HIGHLIGHTS
Rental Revenue for the three months ended March 31, 2013 was $814,461. Net Operating Income ("NOI") was
$523,205 and represents an NOI margin
of approximately 64%. EBITDA was $502,406.
FFO and AFFO per Unit were $0.094 and $0.090
($0.079 and $0.075 per Unit on a stabilized basis),
respectively. Based on distributions declared during the quarter,
FFO and AFFO payout ratios are 93% and 97% (110% and 116% on a
stabilized basis), respectively. Debt/Gross Book Value
("GBV") was 22.5%.
Subsequent to the end of the quarter, the Trust
announced the acquisition of a 42,884 square foot professional
services medical building in Barrie,
Ontario for a purchase price of approximately $6.7 million (excl. transaction costs). The Trust
also announced long term financing of its Bridgewater and Hanover properties. The Trust received two new
first mortgage financings totaling approximately $8.3 million, for five year terms, at an interest
rate of 3.33% and 3.34% respectively. Pro-forma the acquisition and
financing activity, the Trust's stabilized AFFO payout ratio is
anticipated to be approximately 96% and Debt/GBV is currently
37.3%.
DISTRIBUTION DECLARATION
The Trust is also pleased to announce that its Board of Trustees
has approved its cash distribution of $0.029166 per Trust unit for the months of July,
August and September, 2013. These distributions will be paid on or
about August 15, 2013; September 16, 2013; and October 15, 2013 to Unitholders of record at the
close of business on July 31, 2013;
August 30, 2013; and September 30, 2013; respectively.
The policy of FCPT is to pay cash distributions on or about the
15th day of each month to Unitholders of record on the last
business day of the preceding month. Distributions paid to
Unitholders who are non-residents of Canada will be subject to Canadian withholding
tax. Participation in the Trust's Distribution Reinvestment Plan
("DRIP") and Unit Purchase Plan by management and trustees
is currently nil.
DISTRIBUTION REINVESTMENT PLAN & UNIT
PURCHASE PLAN
The Trust has in place a Distribution Reinvestment Plan
("DRIP") and Unit Purchase Plan (the "Plan"). 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 Units, without incurring brokerage fees
or commissions. Under the terms of the Plan, FCPT's Unitholders may
purchase a minimum of $1,000 of Units
per month and maximum purchases of up to $12,000 per annum.
For the complete financial statements and
Management's Discussion & Analysis for the period, please visit
www.sedar.com or the Trust's website 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, The Trust 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, the Trust will make joint acquisitions with strong
financial partners and acquisitions of partial interests from
existing ownership groups, in a manner that provides liquidity to
those selling owners and professional management for those
remaining as partners. Firm Capital Realty Partners Inc.,
through a structure focused on an alignment of interests with the
Trust, 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