Business
Firm Capital Property Trust announces closing of previously announced acquisition and financing activity
TORONTO, April 9, 2013 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust ") (TSX...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, April 9, 2013 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV: FCD.UN) closed today the previously announced acquisition of a\n 42,884 square foot professional services medical building located in\n Barrie, Ontario for a purchase price of approximately $6.7 million\n (excl. transaction costs). The Trust funded the purchase through the\n assumption of an existing first mortgage on the property and internal\n cash resources.\n\n\nThe Trust is also pleased to announce long term financing of its\n Bridgewater, Nova Scotia and Hanover, Ontario properties. The Trust\n received from a Canadian Chartered Bank, two new first mortgage\n financings totaling approximately $8.3 million, for five year terms, at\n an interest rate of 3.33% and 3.34% respectively.\n\n\nPro-forma the acquisition and financing activity, the Trust's AFFO\n payout ratio is anticipated to be approximately 96% and Debt/GBV is\n approximately 37%.\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\", \"plan\", \"anticipate\",\n \"believe\", \"estimate\", \"predict\", \"potential\", \"continue\", and by\n discussions of strategies that involve risks and uncertainties. The\n forward-looking statements are based on certain ...