TORONTO, Nov. 1, 2016 /CNW/ - Firm Capital Property Trust
(the "Trust") (TSXV: FCD.UN) announced today that its Board
of Trustees has approved a 4.8% increase in its monthly
distributions to $0.036666 per unit
from $0.035 per unit. On an
annualized basis this equates to anticipated distributions of
$0.44 per unit up from $0.42 per unit. The Trust also closed the
acquisition of a 100% interest in 1435 Mountain Road located in
Moncton, New Brunswick.
DISTRIBUTION INCREASE
The previously announced cash
distributions of $0.035 per unit for
the months of November and December
2016 have been amended to $0.036666 per unit to account for the change to
the Trust's monthly distributions. These distributions will be paid
on or about December 15, 2016, and
January 15, 2017, to unitholders of
record at the close of business on November
30, 2016, and December 30,
2016, respectively. This is the Trust's fourth distribution
increase and represents a cumulative increase of 25.7%.
MONCTON RETAIL
ACQUISITION
The acquisition price of the property is
$4.7 million, excluding transaction
costs. As a result of the acquisition, the Trust will increase the
size of its current portfolio by approximately 3% to $162 million.
The property is a 100% occupied, 16,372 square foot retail
property with a mix of national and local tenants. It is well
located at a predominantly retail node in the Moncton market with excellent exposure.
The acquisition of the property was funded through the Trust's
existing cash resources and is expected to be immediately
accretive.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSXV: FCD.UN)
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 Properties Inc., through a
structure focused on an alignment of interests with the Trust
sources, syndicates and property and asset manages investments on
behalf of the Trust.
Further information about the Trust can be found by selecting
the Firm Capital Property Trust link at www.firmcapital.com.
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 closing of the acquisition of the Portfolio. 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
SOURCE Firm Capital Property Trust