TORONTO, May 6, 2013 /CNW/ - Firm Capital Property Trust ("FCPT" or the "Trust"), (TSXV : FCD.UN) reported today its condensed interim consolidated financial results for the three months ended March 31, 2013 and declared its distributions for July, August and September, 2013.
FINANCIAL HIGHLIGHTS
Rental Revenue for the three months ended March 31, 2013 was $814,461.
Net Operating Income ("NOI") was $523,205 and represents an NOI margin of approximately 64%.
EBITDA was $502,406.
FFO and AFFO per Unit were $0.094 and $0.090 ($0.079 and $0.075 per Unit on a stabilized basis), respectively. Based on distributions declared during the quarter, FFO and AFFO payout ratios are 93% and 97% (110% and 116% on a stabilized basis), respectively. Debt/Gross Book Value ("GBV") was 22.5%.
Subsequent to the end of the quarter, the Trust announced the acquisition of a 42,884 square foot professional services medical building in Barrie, Ontario for a purchase price of approximately $6.7 million (excl. transaction costs). The Trust also announced long term financing of its Bridgewater and Hanover properties. The Trust received two new first mortgage financings totaling approximately $8.3 million, for five year terms, at an interest rate of 3.33% and 3.34% respectively. Pro-forma the acquisition and financing activity, the Trust's stabilized AFFO payout ratio is anticipated to be approximately 96% and Debt/GBV is currently 37.3%.
DISTRIBUTION DECLARATION
The Trust is also pleased to announce that its Board of Trustees has
approved its cash distribution of $0.029166 per Trust unit for the
months of July, August and September, 2013. These distributions will be
paid on or about August 15, 2013; September 16, 2013; and October 15,
2013 to Unitholders of record at the close of business on July 31,
2013; August 30, 2013; and September 30, 2013; respectively.
The policy of FCPT is to pay cash distributions on or about the 15th day of each month to Unitholders of record on the last business day of the preceding month. Distributions paid to Unitholders who are non-residents of Canada will be subject to Canadian withholding tax. Participation in the Trust's Distribution Reinvestment Plan ("DRIP") and Unit Purchase Plan by management and trustees is currently nil.
DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN
The Trust has in place a Distribution Reinvestment Plan ("DRIP") and Unit Purchase Plan (the "Plan"). Under the terms of the DRIP, FCPT's Unitholders may elect to
automatically reinvest all or a portion of their regular monthly
distributions in additional Units, without incurring brokerage fees or
commissions. Under the terms of the Plan, FCPT's Unitholders may
purchase a minimum of $1,000 of Units per month and maximum purchases
of up to $12,000 per annum.
For the complete financial statements and Management's Discussion & Analysis for the period, please visit www.sedar.com or the Trust's website at www.firmcapital.com.
ABOUT FIRM CAPITAL PROPERTY TRUST
Firm Capital Property Trust is focused on creating long-term value for
Unitholders, through capital preservation and disciplined investing to
achieve stable distributable income. In partnership with management and
industry leaders, The Trust plan is to co-own a diversified property
portfolio of multi-residential, flex industrial, net lease convenience
retail, and core service provider professional space. In addition to
stand alone accretive acquisitions, the Trust will make joint
acquisitions with strong financial partners and acquisitions of partial
interests from existing ownership groups, in a manner that provides
liquidity to those selling owners and professional management for those
remaining as partners. Firm Capital Realty Partners Inc., through a
structure focused on an alignment of interests with the Trust, will
source, syndicate and participate in investments.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In some
cases, forward-looking statements can be identified by the use of words
such as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "estimate", "predict", "potential", "continue", and by
discussions of strategies that involve risks and uncertainties. The
forward-looking statements are based on certain key expectations and
assumptions made by the Trust regarding, among other things, the use of
the net proceeds from the Offering, the closing of the Offering, and
the closing of the Acquisition. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and various
future events will not occur. Although management of the Trust believes
that the expectations reflected in the forward-looking statements are
reasonable, there can be no assurance that future results, levels of
activity, performance or achievements will occur as anticipated.
Neither the Trust nor any other person assumes responsibility for the
accuracy and completeness of any forward-looking statements, and no one
has any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or such other
factors which affect this information, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.
SOURCE: Firm Capital Property Trust
Robert McKee
President & Chief Executive Officer
(416) 635-0221
Sandy Poklar
Chief Financial Officer
(416) 635-0221