TORONTO, Oct. 20, 2014 /CNW/ - Firm Capital Property Trust
(TSXV: FCD.UN) ("FCPT" or the "Trust") announced
today that its Board of Trustees has approved its second
distribution increase in less than one year with an 8.1% increase
in its monthly distributions to $0.033333 per unit from $0.030833 per unit. On an annualized basis
this equates to anticipated distributions of $0.40 per unit up from $0.37 per unit.
Including today's announced distribution increase, the total
increase in distribution's since the Trust's inception is
14.3%.
The Board of Trustees have also declared and approved
distributions in the amount of $0.033333 per Trust unit payable on or about
November 14, 2014, December 15, 2014 and January 15, 2015 to unitholders of record on
October 31, 2014, November 28, 2014 and December 31, 2014 respectively.
The increase in the Trust's monthly distributions is a result of
FCPT's improved financial performance and the recent growth of its
real estate portfolio.
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.
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. Management and trustees have
not participated in the DRIP or Plan to date and own approximately
10% of the issued and outstanding trust units of the Trust.
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