Business
Firm Capital Property Trust Announces Strong Finish to 2013 and April, May and June 2014 Distributions
TORONTO , March 19, 2014 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust ")...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\nTORONTO, March 19, 2014 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\"), (TSXV : FCD.UN) reported today its consolidated financial results\n for the three and twelve months ended December 31, 2013.\n\n\nFOURTH QUARTER HIGHLIGHTS \n\n\n\nStabilized FFO and AFFO of $0.585 million and $0.598 million. Stabilized\n AFFO is a 6% increase over Q3/2013;\n\n\n\n\nStabilized FFO and AFFO per Unit of $0.104 and $0.106 per Unit;\n\n\n\n\nStabilized FFO and AFFO payout ratios of 86% and 84%;\n\n\n\n\nRental revenue of $2.3 million, which is a 51% increase over the $1.5\n million generated during Q3/2013;\n\n\n\n\nStrong 92.2% occupancy;\n\n\n\n\nNet rent per square foot increased by 1.2% to $7.72 per square foot over\n Q3/2013;\n\n\n\n\nNet Operating Income (\"NOI\") of $1.3 million, which is a 23% increase over the $1.0 million\n generated during Q3/2013;\n\n\n\n\nNet Income of $1.1 million, which includes a $0.45 million and $0.027\n million net fair value adjustment for the real estate portfolio and\n marketable securities, respectively; and\n\n\n\n\nAnnounced 5.7% increase in monthly distributions to $0.030833 per Unit \n ($0.37 per Unit annualized)\n\n\n\n\n\n\nYEAR END HIGHLIGHTS \n\n\n\nStabilized FFO and AFFO of $2.0 million and $1.9 million;\n\n\n\n\nStabilized FFO and AFFO per Unit of $0.403 and $0.387 per Unit;\n\n\n\n\nStabilized FFO and AFFO payout ratios of 87% and 91%, well below the\n 110% and 116% recorded during Q1/2013;\n\n\n\n\nRental revenue of $5.5 million and NOI of $3.5 million vs. $0.288\n million and $0.189 million reported for the period ended December 31,\n 2012, respectively;\n\n\n\n\nNet Income of $3.8 million, which includes a $1.7 million and $0.050\n million net fair value adjustment for the real estate portfolio and\n marketable securities, respectively;\n\n\n\n\nIncreased the asset base by 124% since the beginning of 2013 to $61.5\n million from $27.4 million, while keeping leverage at a conservative\n 49.5% debt / gross book value;\n\n\n\n\nIncreased the investment portfolio from four properties at the beginning\n of 2013 to 30 by the end of 2013;\n\n\n\n\nAcquired our first core service provider professional building in\n Barrie, ON and our first 50% interest in an industrial portfolio\n located in Montreal, QC for a total of $31.3 million (including\n transaction costs and work...