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Firm Capital Property Trust announces 4.8% increase in monthly distributions, revised November and December 2016 cash distributions and acquisition of a Moncton retail property
Firm Capital Property Trust announces 4.8% increase in monthly distributions, revised Nove...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust announces 4.8% increase in monthly distributions, revised November and December 2016 cash distributions and acquisition of a Moncton retail property\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nFirm Capital Property Trust announces 4.8% increase in monthly distributions, revised November and December 2016 cash distributions and acquisition of a Moncton retail property\nCanada NewsWire\nTORONTO, Nov. 1, 2016\n\n\n\nTORONTO, 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. \n\nDISTRIBUTION INCREASEThe 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%.\n\nMONCTON 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.\n\nThe 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.\n\nThe acquisition of the property was funded through the Trust's existing cash resources and is expected to be immediately accretive. \n\nABOUT FIRM CAPITAL PROPERTY TRUST (TSXV: FCD.UN) Firm Capital Property ...