Firm Capital Mortgage Investment Corporation · TSX:FC
Firm Capital Mortgage Investment — Firm Capital Property Trust — Investor Presentation (August 2019)
21 slides from Firm Capital Mortgage Investment's investor presentation, August 2019
Slide 1: Firm Capital Property Trust Investor Presentation
FIRM CAPITAL PROPERTY TRUST INVESTOR PRESENTATION | AUGUST 2019
Slide 2: Overview
Overview Firm Capital Property Trust (“FCPT” or the “Trust”) is a publicly (TSXV) listed REIT focused on a diversified real estate portfolio in Canada Ticker Symbol: FCD.UN FCPT focuses on stable distributions derived from succession and co-ownership acquisitions with strong industry partners • Part
Slide 3: Targeted Asset Classes
Targeted Asset Classes FCPT targets and owns the following diversified asset classes: Net Lease and Core Service Provider Industrial & Flex Standalone Multi-Residential Professional & Industrial Convenience Retail Healthcare Office % of NOI1 82% 15% 3% < 1% 3
Slide 4: Overview of FCPT
Overview of FCPT Key Metrics Unit Price Performance $8.00 0.20 • Ticker Symbol: FCD.UN Volume Price • Current Trading Price: $6.28 $7.00 0.15 Volume (millions) • Unit Price (C$) Current Yield: 7.78% $6.00 0.10 • Market Capitalization: $164.8 million $5.00 0.05 • Property Portfolio: $410.3 million •
Slide 5: Investment Highlights
Investment Highlights • Over the past 25 years, the Firm Capital Organization has developed a significant track record of Experienced investing capital for investors focused on real estate debt and equity Management Team • Management possesses a valuable set of skills and relationships that can be l
Slide 6: Portfolio Overview
Portfolio Overview Portfolio by Province – Pro Forma Portfolio by Asset Class – Pro Forma (by NOI) (by NOI) Office Other Apartment 0% 8% 3% Nova Scotia 4% Industrial 15% Quebec Ontario 32% 56% Retail 82% (1). Includes Gateway Portfolio is Diversified Across Geographies, Asset Classes and Tenants 6
Slide 7: Pro Forma Tenant Summary
Pro Forma Tenant Summary Diversified Tenant Roster Largely Comprised of Necessity-Based Retailers Top Ten Commercial Tenants (by % of net rent) 11.0% High Quality, National Tenants 2.9% 2.5% 2.2% 2.1% 1.7% 1.7% 1.7% 1.6% 1.4% (1). Includes Gateway Top 10 Tenants Only Comprise 28.8% of Net Rent 7
Slide 8: Current Portfolio Overview
Current Portfolio Overview Portfolio Name Type Acq. Date GLA FCPT % Interest Acq. Purchase Price (@100%) Sq. Ft. (@ Trust Share) Bridgewater Retail Nov 29, 2012 46,707 100% $9,140,000 Brampton Retail Nov 29, 2012 36,167 100% $11,400,000 Hanover Retail Nov 29, 2012 19,874 100% $3,975,000 Pembroke Ret
Slide 9: First Capital Acquisition Portfolio
First Capital Acquisition Portfolio $312 Million Retail Joint Venture Arrangement Transaction Overview Seven Retail Properties $156,200,000 (FCPT portion of the purchase price) Closed May and July 2019 The Trust has completed an acquisition of a 50%, non-managing interest in six net-leased retail pr
Slide 10: Crombie REIT Joint Venture Case Study
Crombie REIT Joint Venture Case Study $83 Million Retail Joint Venture Arrangement Transaction Overview Seven Retail Properties $41,600,000 Closed 1st Quarter 2019 Firm Capital Property Trust completed a 50% joint venture with Crombie REIT in seven retail properties anchored by Sobeys owned grocery
Slide 11: Disciplined Equity Strategy
Disciplined Equity Strategy Equity Financings & Unit Price $7.00 (C$ millions, except unit price data) $6.40 $6.40 $6.25 $6.25 $6.25 $6.00 $5.60 $45.6 $6.00 $5.30 $5.35 $5.00 $5.10 $5.00 $4.00 $20.0 $3.00 $2.00 $11.0 $9.1 $9.0 $8.7 $6.4 $7.3 $7.1 $1.00 $3.0 $3.2 $0.00 Nov-12 Aug-13 Jan-14 Mar-15 Sep
Slide 12: Board of Trustees
Board of Trustees Stanley Goldfarb • CEO of Goldfarb Management Services Limited Independent Trustees Chairman, Independent Trustee Larry Shulman • Retired Senior Partner of Goldfarb, Shulman, Patel & Co. Independent Trustee Howard Smuschkowitz • Corporate Director Independent Trustee • President, J
Slide 13: Management Team
Management Team Robert McKee • Managing Director - Firm Capital Realty Partners Inc. since October 2008 President & Chief Executive • Past Trustee of True North Apartment REIT (TSX: TN.UN) Officer • Previously with TD Securities - Real Estate Investment Banking Group • Chief Operating Officer and Ma
Slide 14: 2019 Q2 Financial Highlights
2019 Q2 Financial Highlights Quarter Ended Quarter Ended In $ millions, unless per unit or % amounts June 30, March 31, 2019 2019 AFFO/Unit $0.110 $0.110 NAV / Unit $6.85 $7.04 Distributions/Unit $0.120 $0.120 Quarterly AFFO payout ratio 108% 109% 14
Slide 15: Total Return On Investment
Total Return On Investment Since Inception, a $100 Investment in FCPT Would be Worth $208.25 Today! $208.25 $100.00 2013 2014 2015 2016 2017 2018 2019 15
Slide 16: Portfolio Growth
Portfolio Growth Fair Value of Investment Portfolio $426 (C$ millions) $17 $6 $79 $213 $200 $6 $6 $6 $164 $6 $6 $63 $75 $323 $127 $7 $6 $59 $86 $7 $7 $57 $60 $26 $125 $125 $7 $27 $25 $92 $53 $57 $27 $28 2012 2013 2014 2015 2016 2017 2018 Jul-19 Retail Industrial Office Apartment 16
Slide 17: Distribution History
(C$) Dec-12 Feb-13 Apr-13 Jun-13 ($0.35/unit per annum) Aug-13 Oct-13 Dec-13 Distribution History Feb-14 Distribution Growth Apr-14 Jun-14 ($0.37/unit per annum) Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 ($0.40/unit per annum) Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 ($0.42/unit per annum) O
Slide 18: Net Asset Value Growth
Net Asset Value Growth Net Asset Value Per Unit (C$) 45% increase $7.10 $7.00 $6.85 $6.11 $5.88 $5.42 $5.25 $4.84 2012 2013 2014 2015 2016 2017 2018 Jun-19 18
Slide 19: Firm Capital Advantage
Firm Capital Advantage • Focused on • Long term • Growth that • Strong • Track record capital track record has benefited alignment of of accretive preservation of creating unitholders: interests acquisitions value for • Six distribution through investors increases direct totaling $0.13 in investment
Slide 20: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this presentation, and other statements concerning Firm Capital Property Trust’s (“FCPT” or the “Trust”) objectives,
Slide 21: Firm Capital Property Trust
FIRM CAPITAL PROPERTY TRUST INVESTOR PRESENTATION | AUGUST 2019
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