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Firm Capital Property Trust announces Q3/2013 results and January, February and March 2014 distributions
TORONTO , Nov. 5, 2013 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust "), ...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\nTORONTO, Nov. 5, 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 nine months ended September 30,\n 2013.\n\n\nFINANCIAL HIGHLIGHTS\nRental revenue for the three and nine months ended September 30, 2013\n was $1,504,844 and $3,248,974, respectively. Net Operating Income (\"NOI\") for the three and nine months ended September 30, 2013 was $1,029,246\n and $2,193,369 respectively. NOI margin for the three and nine months\n ended September 30, 2013 was 68%.\n\n\nFor the three months ended September 30, 2013, FFO per Unit was $0.123\n while AFFO per Unit was $0.117. FFO and AFFO payout ratios are 71% and\n 75%, respectively. For the nine months ended September 30, 2013, FFO\n per Unit was $0.319 while AFFO per Unit was $0.302. FFO and AFFO payout\n ratios are 82% and 87%, respectively. Excluding non-recurring items,\n FFO on a stabilized basis for the three and nine months ended September\n 30, 2013 would decrease to $0.114 and $0.294 per Unit, respectively.\n This results in an FFO payout ratio of 77% and 89%, respectively.\n Likewise, AFFO on a stabilized basis for the three and nine months\n ended September 30, 2013 would decrease to $0.108 and $0.277 per Unit,\n respectively. This results in an AFFO payout ratio of 81% and 95%,\n respectively.\n\n\nPROPERTY PORTFOLIO HIGHLIGHTS\nThe Trust's property portfolio consists of 30 properties with a total\n Gross Leasable Area (\"GLA\") of 671,798 square feet, a 94.3% occupancy rate and a weighted average\n net rent per square foot (\"PSF\") of $6.27 PSF. Debt/Gross Book Value (\"GBV\") stands at 50.6%.\n\n\nThe portfolio is well diversified across geographies with 42% of the NOI\n generated from Ontario, 42% from Quebec and 16% from Nova Scotia. The\n portfolio is equally diversified across asset classes with 46% of NOI\n generated from Net Lease Convenience Retail, 42% from Industrial and\n 12% from Core Service Provider.\n\n\nACQUISITION ACTIVITY\nOn August 1, 2013, the Trust closed the previously announced acquisition\n of a 50% participation in 25 industrial buildings located in Montreal.\n The total purchase price of 100% of the portfolio was $48.8 million,\n including closing costs and working capital adjustments. The portfolio\n is comprised of 1,029...