Business
Firm Capital Property Trust announces Q2/2013 results
TORONTO , Aug. 8, 2013 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust "), ...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\nTORONTO, Aug. 8, 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 and six months ended June 30, 2013.\n\n\nFINANCIAL HIGHLIGHTS\nRental revenue for the three and six months ended June 30, 2013 was\n $929,668 and $1,744,130, respectively. Net Operating Income (\"NOI\") for the three and six months ended June 30, 2013 was $640,917 and\n $1,164,123 respectively. NOI margin for the three and six months ended\n June 30, 2013 was 69% and 67%, respectively.\n\n\nFor the three months ended June 30, 2013, Funds From Operations (\"FFO\") per Unit was $0.098 while Adjusted Funds From Operations (\"AFFO\") per Unit was $0.093. FFO and AFFO payout ratios were 89% and 94%,\n respectively. For the six months ended June 30, 2013, FFO per Unit was\n $0.192 while AFFO per Unit was $0.183. FFO and AFFO payout ratios were\n 91% and 96%, respectively. Debt/Gross Book Value (\"GBV\") was 37.1%.\n\n\nOn August 1, 2013, the Trust closed on the previously announced\n acquisition of a 50% participation in 25 industrial buildings located\n in Montreal. The total purchase price of 100% of the portfolio was\n $48.2 million, excluding transaction costs. The portfolio is comprised\n of 1,029,898 square feet of GLA and is approximately 90% occupied. The\n portfolio was financed with proceeds from new first mortgage financings\n and from a private placement of trust units. 50% of the Portfolio was\n acquired by the Trust, while the remaining 50% was acquired by an\n entity associated with the Trust's asset manager that consists\n predominantly of senior management and trustees of FCPT. The funding\n required by the Trust for its 50% interest came from a combination of\n existing cash resources and a $6.4 million non-brokered private\n placement at $5.10 per trust unit.\n\n\nPro-forma the acquisition and financing activity, the Trust's AFFO\n payout ratio is anticipated to be below 80% and Debt/GBV stands at\n approximately 53%. The Trust has increased the size of its current\n portfolio to 30 properties with a value of approximately $58 million.\n In addition, the acquisition improves the diversification of the\n current portfolio through the addition of the industrial asset class to\n the existing retail and medical office asset classe...