Firm Capital Property Trust announces Q1/2013 results and July, August & September, 2013 distributions

About this update from Firm Capital Property Trust

[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 6, 2013 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\"), (TSXV : FCD.UN) reported today its condensed interim consolidated\n financial results for the three months ended March 31, 2013 and\n declared its distributions for July, August and September, 2013.\n\n\nFINANCIAL HIGHLIGHTS\nRental Revenue for the three months ended March 31, 2013 was $814,461.\n Net Operating Income (\"NOI\") was $523,205 and represents an NOI margin of approximately 64%.\n EBITDA was $502,406.\n\n\nFFO and AFFO per Unit were $0.094 and $0.090 ($0.079 and $0.075 per Unit\n on a stabilized basis), respectively. Based on distributions declared\n during the quarter, FFO and AFFO payout ratios are 93% and 97% (110%\n and 116% on a stabilized basis), respectively. Debt/Gross Book Value (\"GBV\") was 22.5%.\n\n\nSubsequent to the end of the quarter, the Trust announced the\n acquisition of a 42,884 square foot professional services medical\n building in Barrie, Ontario for a purchase price of approximately $6.7\n million (excl. transaction costs). The Trust also announced long term\n financing of its Bridgewater and Hanover properties. The Trust received\n two new first mortgage financings totaling approximately $8.3 million,\n for five year terms, at an interest rate of 3.33% and 3.34%\n respectively. Pro-forma the acquisition and financing activity, the\n Trust's stabilized AFFO payout ratio is anticipated to be approximately\n 96% and Debt/GBV is currently 37.3%.\n\n\nDISTRIBUTION DECLARATION\nThe Trust is also pleased to announce that its Board of Trustees has\n approved its cash distribution of $0.029166 per Trust unit for the\n months of July, August and September, 2013. These distributions will be\n paid on or about August 15, 2013; September 16, 2013; and October 15,\n 2013 to Unitholders of record at the close of business on July 31,\n 2013; August 30, 2013; and September 30, 2013; respectively.\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 Participation in the Trust's Distribution Reinvestment Plan (\"DRIP\") and Unit Purchase Plan by management and trustees is currently nil....

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