Business
Firm Capital Property Trust announces a non-brokered private placement for up to $15.9 million
TORONTO , Dec. 13, 2013 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust ") ...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\nTORONTO, Dec. 13, 2013 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV : FCD.UN) is pleased to announce that it is proceeding with a\n non-brokered private placement in which it will raise up to $15,900,000\n and issue up to 3,000,000 trust units at a price of $5.30 per unit. The\n Trust will pay a finder's fee of 5.0% of the gross proceeds to certain\n eligible persons and or dealers for subscriptions to the offering\n completed by qualified investors.\n\n\nOn October 31, 2013, the Trust announced that its Board of Trustees\n approved a 5.7% increase in its monthly distributions to $0.030833 per\n unit from $0.029166 per unit. On an annualized basis this equates to\n distributions of $0.37 per unit up from $0.35 per unit, yielding 7.0%\n based on the $5.30 issue price with an expected 2014 AFFO payout ratio\n of approximately 85% and a debt to GBV of 51%.\n\n\nThe Trust will use the proceeds of the Private Placement to repay its\n credit facility, strengthen the Trust's balance sheet and to fund\n future acquisitions.\n\n\nFurther information about the Trust can be found by selecting the Firm\n Capital Property Trust link at www.firmcapital.com.\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 co-own a diversified property\n portfolio of multi-residential, flex industrial, net lease convenience\n retail, and core service provider professional space. In addition to\n stand alone accretive acquisitions, the Trust will make joint\n acquisitions with strong financial partners and acquisitions of partial\n interests from existing ownership groups, in a manner that provides\n liquidity to those selling owners and professional management for those\n remaining as partners.  Firm Capital Realty Partners Inc., through a\n structure focused on an alignment of interests with the Trust, will\n source, syndicate and participate in investments.\n\n\nFORWARD LOOKING INFORMATION\nThis press release may contain forward-looking statements. In some\n cases, forward-looking statements can be identified by the use of words\n such as \"may\", \"will\", \"should\", \"expect...