First Capital REIT Announces Reinstatement and Doubling of Distributions to Unitholders

About this update from First Capital Real Estate Investment Trust

[{"type":"text","content":"\n \n \n \n First Capital REIT Announces Reinstatement and Doubling of Distributions to Unitholders\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /\n \n NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n TORONTO\n \n ,\n \n Sept. 15, 2022\n \n /CNW/ - First Capital REIT (\"First Capital\" or the \"REIT\") (TSX: FCR.UN) announced today that its Board of Trustees has approved the reinstatement of the REIT's regular distribution of\n \n $0.072\n \n per unit, which equates to an annualized rate of approximately\n \n $0.86\n \n per unit. First Capital will make a cash distribution of\n \n $0.072\n \n per unit for the month of September, which is double the previous month's distribution.\n \n \n First Capital temporarily reduced its distribution in\n \n January 2021\n \n to mitigate the risks associated with the ongoing COVID-19 pandemic at the time. Through the benefit of significant retained capital, the reduced distribution rate provided First Capital with additional financial flexibility through this period.\n \n \n The REIT's high-quality portfolio of well located, grocery anchored properties has continued to deliver stability and generate demand. Accordingly, First Capital's Board of Trustees has authorized the reinstatement of the monthly distribution to the level in place prior to the pandemic.\n \n \n \n Adam Paul\n \n , President and CEO of First Capital said, \"The disruptions caused by the pandemic have been behind us for some time now with First Capital reporting solid and improving operating and financial results for a number of consecutive quarters. Over the past twelve-months in particular, results have been characterized by stable occupancy and strong leasing momentum, which have propelled growth in same-property net operating income and average in-place rents, which continue to register new highs. As a result, we are pleased to reinstate our distribution and continue to take steps to create and deliver increased value...

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