Business
Firm Capital Property Trust announces solid Q2/2014 and year-to-date results
TORONTO , Aug. 12, 2014 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\nTORONTO, Aug. 12, 2014 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\"), (TSXV : FCD.UN) reported today its consolidated financial results for the three and six  months ended June 30, 2014.\n\nSECOND QUARTER AND YEAR-TO-DATE (\"YTD\") HIGHLIGHTS \n\n\nQ2/2014 Stabilized FFO and AFFO of $0.684 million and $0.693 million. YTD Stabilized FFO and AFFO of $1.5 million and $1.4 million;\nQ2/2014 Stabilized FFO and AFFO per Unit of $0.098 and $0.099 per Unit. YTD Stabilized FFO and AFFO per Unit of $0.213 and $0.198 per Unit; \nQ2/2014 Stabilized FFO and AFFO payout ratios of 95% and 94%;\nQ2/2014 Net Operating Income (\"NOI\") of $1.2 million, a 2.2% increase over Q1/2014. YTD NOI of $2.4 million a 108.1% increase over the six month period ended June 30, 2013; \nStrong 93% occupancy is a 110 basis point sequential increase over the 91.9% reported at Q1/2014 and an 80 basis point increase over the 92.2% reported at Q4/2013; and\nAnnounced the completion of the Centre Ice Retail Portfolio acquisition for $23.5 million which increased the Trust's portfolio from 30 to 55 properties and the overall GLA of the Trust's portfolio by 24%, while improving the overall credit quality of the Trust's entire portfolio. On a pro forma basis, the Trust expects the Centre Ice Retail Portfolio acquisition to reduce the AFFO payout ratio to approximately 75% on an annualized basis, well below the Trust's targeted AFFO payout ratio of 85%.\nFINANCIAL HIGHLIGHTS\n\nRental revenue for the three months ended June 30, 2014 was $2,005,213 in comparison to the $2,015,208 reported for the three months ended March 31, 2014 and the $929,668 reported for the three months ended June 30, 2013. Rental revenue for the six months ended June 30, 2014 was $4,020,421 in comparison to the $1,744,130 reported for the six months ended June 30, 2013.\n\nOn a cash basis (i.e. excluding straight-line rent which is a non-cash item), NOI for the three months ended June 30, 2014 was $1,224,475, a 2.2% increase over the $1,198,624 reported for the three months ended March 31, 2014 and a 91.1% increase over the $640,917 reported for the three months ended June 30, 2013. On a cash basis, NOI for the six months ended June 30, 2014 was $2,423,099, a 108.1% increase in comparison to the $1,164,123 reported for the six months ended June 30, 2013. \n\nFor the t...