TORONTO, Aug. 5, 2020 /CNW/ - Firm Capital Property Trust
(the "Trust"), (TSXV: FCA.UN) (TSXV: FCD.UN) is providing
the following update regarding gross rent collections for the past
four months, the redemption of Trust Units, activity under the
outstanding Normal Course Issuer Bid ("NCIB") and insider
purchases of Trust Units.
Rent Collection:
The Trust has worked closely with
tenants and has been proactive with rent collection over the course
of the COVID-19 pandemic. The numbers outlined below do not reflect
Canada Emergency Commercial Rent
Assistance ("CECRA") deals that are expected to be finalized
in the near term which would improve gross rents collected.
|
July,
2020
|
June,
2020
|
May, 2020
|
April,
2020
|
Gross rent
collections
|
88%
|
83%
|
88%
|
88%
|
Breakdown:
|
|
|
|
|
Industrial
tenants
|
90%
|
85%
|
93%
|
90%
|
Multi Residential
tenants
|
100%
|
94%
|
97%
|
99%
|
Office
tenants
|
97%
|
97%
|
97%
|
97%
|
Retail
tenants
|
86%
|
81%
|
86%
|
87%
|
Unit Buyback & Trustee Purchases:
On July 22, 2020 and pursuant to its Declaration of
Trust, the Trust has redeemed for cancellation 500,000 Trust Units,
representing approximately 1.7% of the outstanding Trust Units at
the request of an institutional unitholder for a redemption price
of $4.23 per Trust Unit for total
gross proceeds of approximately $2.1
million. Furthermore, pursuant to the NCIB, the Trust has
purchased to date for cancellation 340,700 Trust Units for gross
proceeds of approximately $1.7
million.
Finally, trustees of the Trust have purchased 75,600 Trust Units
of the Trust during the month of July.
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 own as well
as 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 sources, syndicates and property and asset manages
investments on behalf of the Trust.
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 (including the current and future impact of COVID-19)
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.
Certain financial information presented in this press release
reflect certain non- International Financial Reporting Standards
("IFRS") financial measures, which include NOI, FFO and AFFO. These
measures are commonly used by real estate investment entities as
useful metrics for measuring performance and cash flows, however,
they do not have standardized meaning prescribed by IFRS and are
not necessarily comparable to similar measures presented by other
real estate investment entities. These terms are defined in the
Trust's Management Discussion and Analysis ("MD&A") for the
three months ended March 31, 2020 as
filed on www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Firm Capital Property Trust