TORONTO, May 4, 2015 /CNW/ - Firm Capital Property
Trust ("FCPT" or the "Trust"), (TSXV : FCD.UN)
reported today its consolidated interim financial results for the
three months ended March 31,
2015.
FIRST QUARTER HIGHLIGHTS
- Three Months Ended March 31, 2015
("Q1/2015") FFO and AFFO of $0.97
million and $0.95 million,
which is a 21% and 37% increase over the three months ended
March 31, 2014
("Q1/2014");
- Q1/2015 FFO and AFFO per Unit of $0.107 and $0.104
per Unit, which is a 7% decline and a 5% increase over
Q1/2014;
- Q1/2015 FFO and AFFO payout ratios of 94% and 96%;
- Q1/2015 Cash Net Operating Income ("NOI") of
$1.7 million a 39% increase over
Q1/2014;
- 90.5% and 91.9% occupancies for the commercial and
multi-residential portfolios, respectively, provide leasing
upside;
- Conservative leverage profile with Debt / Gross Book Value
("GBV") at 44.8%;
- Significant Acquisition Capacity: $4.7 million of cash and $8.0 million of credit facility availability
provides for in excess of $30 million
of acquisition capacity (assuming 60% leverage) or 33% of
investment property growth without having to raise additional
equity;
- Closed $3.0 million Private
Placement of Trust Units: On March 24,
2015, the Trust closed a non-brokered private placement of
557,008 Trust Units at a price of $5.35 per Trust Unit for gross proceeds of
approximately $3.0 million; and
- Distribution Announcement: Announces the Trust has
declared and approved distributions in the amount of $0.033333 per Trust Unit payable on or about
August 17, 2015, September 15, 2015 and October 15, 2015 to unitholders of record on
July 31, 2015, August 31, 2015 and September 30, 2015 respectively.
For the complete financial statements, Management's Discussion
& Analysis and supplementary information, please visit
www.sedar.com or the Trust's website at www.firmcapital.com
PROPERTY PORTFOLIO HIGHLIGHTS
The Trust's property
portfolio consists of 55 commercial properties with a total Gross
Leasable Area ("GLA") of 833,373 square feet (830,019 square
feet of Net Leasable Area) and one apartment complex comprised of
135 apartment units. The portfolio is diversified across
geographies with 56% of the NOI generated from Ontario, 30% from Quebec, 9% from Nova
Scotia and 5% collectively from BC, Alberta, Manitoba and New
Brunswick. The portfolio is diversified across asset classes
with 57% of NOI generated from Net Lease Convenience Retail, 30%
from Industrial, 8% from Core Service Provider Office and 5% from
Multi-Residential.
TENANT DIVERSIFICATION
The portfolio is well
diversified by tenant profile with no tenant accounting for more
than 9.9% of total net rent. Further, the top 10 tenants are
largely comprised of credit worthy and large national tenants and
account for 33.2% of total net rent.
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
8.2% 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'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, 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 and syndicate 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. 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