Business
Firm Capital Property Trust announces strong Q3/2014 and year-to-date results
TORONTO , Nov. 12, 2014 /CNW/ - Firm Capital Property Trust (" FCPT " or the " Trust...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\nTORONTO, Nov. 12, 2014 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\"), (TSXV : FCD.UN) reported today its consolidated financial results for the three and nine  months ended September 30, 2014.\n\nTHIRD QUARTER AND YEAR-TO-DATE HIGHLIGHTS \n\n\nThree Months Ended September 30, 2014 (\"Q3/2014\") Stabilized FFO and AFFO of $0.908 million and $0.904 million, which is a 33% and 31% sequential increase over Q2/2014 and a 54% and 61% increase over Q3/2013;\n\nNine Months Ended September 30, 2014 (\"3Q/2014\") Stabilized FFO and AFFO of $2.4 million and $2.3 million; which is a 73% and 77% increase over 3Q/2013;\n\nQ3/2014 Stabilized FFO and AFFO per Unit of $0.129 and $0.129 per Unit, which is a 33% and 30% sequential increase over Q2/2014 and a 14% and 20% increase over Q3/2013;\n\n3Q/2014 Stabilized FFO and AFFO per Unit of $0.342 and $0.327 per Unit, which is a 15% and 18% increase over 3Q/2013;\n\nQ3/2014 Stabilized FFO and AFFO payout ratios of 72%, below the Trust's targeted AFFO payout ratio of 85% and below the Trust's anticipated Stabilized AFFO payout ratio of 75%;\n\nQ3/2014 Cash Net Operating Income (\"NOI\") of $1.6 million, a 35% increase over Q2/2014 and a 60% increase over Q3/2013;\n\n3Q/2014 Cash NOI of $4.1 million, which is an 86% increase over 3Q/2013;\n\nStrong 92.6% occupancy; \n\nReasonable leverage profile with Debt / Gross Book Value (\"GBV\") at 53.4%;\n\nAnnounced on October 20, 2014 that the Board of Trustees approved its second distribution increase in less than one year with an 8.1% increase in its monthly distributions to $0.033333 per unit from $0.030833 per unit. On an annualized basis this equates to anticipated distributions of $0.40 per unit up from $0.37 per unit. Including the announced distribution increase, the total increase in distribution's since the Trust's inception is 14.3%;\n\nAnnounced on October 27, 2014 that the Trust was proceeding with a non-brokered private placement to raise up to $8.0 million and issue up to 1,500,000 trust units at a price of $5.35 per Trust Unit. As a result of strong demand, on November 3, 2014 the Trust announced that it has increased the size of this non-brokered private placement to up to $10.0 million and issue up to 1,870,000 trust units at a price of $5.35 per Trust Unit;\n\nAnnounced on November 11, 2014 that it has entere...