Business
Firm Capital Property Trust Announces Solid Q1/2014 Results and July, August and September 2014 Distributions
TORONTO , May 5, 2014 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust "...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\nTORONTO, May 5, 2014 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\"), (TSXV : FCD.UN) reported today its consolidated financial results for the three months ended March 31, 2014.\n\nFIRST QUARTER HIGHLIGHTS \n\n\nStabilized FFO and AFFO of $0.802 million and $0.689 million;\n\nStabilized FFO and AFFO per Unit of $0.115 and $0.099 per Unit; \n\nStabilized FFO and AFFO payout ratios of 80% and 93%;\n\nNet Operating Income (\"NOI\") of $1.2 million, in line with Q4/2013; \n\nNet Income of $1.3 million, which is a 21% increase over Q4/2013 and includes a $0.469 million and $0.011 million net fair value adjustment for the real estate portfolio and marketable securities, respectively;\n\n0.3% increase in base rent over Q4/2013;\n\nStrong 91.9% occupancy; \n\nNet rent per square foot increased by 0.3% to $7.74 per square foot over Q4/2013;\n\nAnnounced the completion of a non-brokered private placement of Trust Units. 1,376,780 trust units were issued at $5.30 per Trust Unit for gross proceeds of $7.3 million; and\n\nConservative 41.8% debt / gross book value; which is a significant decline over the 49.5% reported at Q4/2013, due to the utilization of net proceeds raised from the non-brokered private placement.\nFINANCIAL HIGHLIGHTSRental revenue for the three months ended March 31, 2014 was $2,015,208 in comparison to the $2,265,159 reported for the three months ended December 31, 2013 and the $814,461 reported for the three months ended March 31, 2013. NOI for the three months ended March 31, 2014 was $1,219,538, in comparison to the $1,266,373 reported for the three months ended December 31, 2013 and $523,205 reported for the three months ended March 31, 2013. On a cash basis (i.e. excluding straight-line rent which is a non-cash item), NOI for the three months ended March 31, 2014 was $1,198,624, in comparison to the $1,210,415 reported for the three months ended December 31, 2013 and $523,205 reported for the three months ended March 31, 2013. \n\nFor the three months ended March 31, 2014, Stabilized FFO was $0.115 per Unit while Stabilized AFFO was $0.099 per Unit. Stabilized FFO and AFFO payout ratios are 80% and 93%, respectively. \n\n\n\n\n\n\n\nQ1/2014\n\n\nQ4/2013\n\n\nQ1/2013\n\n\n\nRental Revenue\n\n\n\n\n$ 2,015,208\n\n\n$ 2,265,159\n\n\n$      814,461\n\n\n\nNet Operating Income (N...