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Firm Capital Property Trust Reports Q1/2026 Results
TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“ FCPT ” or ...
About this update from Firm Capital Property Trust
[{"type":"text","content":"Firm Capital Property Trust Reports Q1/2026 Results5% INCREASE IN NOI AND IMPROVING AFFO PAYOUT RATIO IN Q1/2026 OVER Q1/2025\nTORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“FCPT” or the “Trust”), (TSX: FCD.UN) is pleased to report its financial results for the three months ended March 31, 2026. PROPERTY PORTFOLIO HIGHLIGHTS The portfolio consists of 62 commercial properties with a total gross leasable area (“GLA”) of 2,429,666 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 537 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 49% of NOI (45% of asset value) comprised of grocery anchored retail followed by industrial at 29% of NOI (28% of asset value). In addition, the portfolio is well diversified in terms of geographies with 35% of NOI (41% of asset value) comprised of assets located in Ontario, followed by Quebec at 38% of NOI (31% of asset value). TENANT DIVERSIFICATION The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 12.9% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 31.8% of total net rent. Q1/2026 HIGHLIGHTS Key highlights for the three months ended March 31, 2026 are as follows: Net income for Q1/2026 was $4.2 million which is slightly down from $4.4 million in Q1/2025;Income before fair value adjustments for Q1/2026 was $4.9 million which is up from the $4.4 million reported in Q1/2025;Net Operating Income (“NOI”) increased 5% to $9.9 million from Q1/2025;Commercial occupancy was 93.4%, Multi-Residential occupancy was 94.8% while Manufactured Homes Communities occupancy was 99.6%;Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 49.8%;The Trust declared and approved monthly distributions in the amount of $0.0433 per Trust Unit for Unitholders of record on July 31, 2026, August 31, 2026 and September 30, 2026, payable on or about August 17, 2026, September 15, 2026, and October 15, 2026, respectively.AFFO per Unit for Q1/2026 was $0.129, a 10% increase over Q1/2025;AFFO Payout Ratio improved to 101% for Q1/2026, compared to the 111% for Q1/2025;$7.98 Net Asset Value (...