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Firm Capital Property Trust announces 5.7% increase in monthly distributions and announces revised November and December 2013 cash distributions
TORONTO , Oct. 31, 2013 /CNW/ - Firm Capital Property Trust (TSXV: FCD.UN) (" FCPT " or ...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\nTORONTO, Oct. 31, 2013 /CNW/ - Firm Capital Property Trust (TSXV:\n FCD.UN) (\"FCPT\" or the \"Trust\") announced today that its Board of Trustees has approved a 5.7%\n increase in its monthly distributions to $0.030833 per unit from\n $0.029166 per unit.  On an annualized basis this equates to anticipated\n distributions of $0.37 per unit up from $0.35.\n\n\nThe previously announced cash distributions of $0.029166 per unit for\n the months of November and December, 2013 have been amended to\n $0.030833 per unit to account for the change to the Trust's monthly\n distributions.  These distributions will be paid on or about December\n 16, 2013 and January 15, 2014 to unitholders of record at the close of\n business on November 29, 2013 and December 31, 2013, respectively.\n\n\nThe increase in the Trust's monthly distributions is a result of FCPT's\n improved financial performance and the recent growth of its real estate\n portfolio. We anticipate this revised distribution will result in an\n AFFO payout ratio of approximately 85% over the following 12 months.\n\n\nThe policy of FCPT is to pay cash distributions on or about the 15th day\n of each month to Unitholders of record on the last business day of the\n preceding month. Distributions paid to Unitholders who are\n non-residents of Canada will be subject to Canadian withholding tax.\n\n\nDISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN\nThe 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\n automatically reinvest all or a portion of their regular monthly\n distributions in additional Units, without incurring brokerage fees or\n commissions. Under the terms of the Plan, FCPT's Unitholders may\n purchase a minimum of $1,000 of Units per month and maximum purchases\n of up to $12,000 per annum. Management and trustees have not\n participated in the DRIP or Plan to date and own approximately 13% of\n the issued and outstanding trust units of the Trust.\n\n\nABOUT FIRM CAPITAL PROPERTY TRUST\nFirm Capital Property Trust is focused on creating long-term value for\n Unitholders, through capital preservation and disciplined investing to\n achieve stable distributable income. In partnership with management and\n industry leaders, The Trust plan is to ...