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Name | Symbol | Market | Type |
---|---|---|---|
Firm Capital Apartment Real Estate Investment Trust | TSXV:FCA.UN | TSX Venture | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.25 | 5.01 | 5.30 | 0 | 15:00:20 |
Pursuant to its Declaration of Trust, on July 21, 2020, the Trust received from an institutional investor a redemption request to cancel 686,200 Trust Units, representing approximately 8.0% of the Trust Units of the Trust for a redemption price of CAD$5.41 per Trust Unit (approximately US$4.00 per Trust Unit) for total gross proceeds of approximately CAD$3.7 million (US$2.8 million).
In addition, pursuant to the Trust’s previously announced NCIB, the Trust has purchased to date for cancellation 119,100 Trust Units of the Trust for total gross proceeds of approximately US$0.7 million.
Based on the current quarterly distribution per unit in place, the Trust will generate annual cash savings of approximately US$0.2 million. Further, the redemption and NCIB activity is accretive to the Trust’s Net Asset Value or NAV which will increase by approximately 5.4% or $0.49 per Trust Unit to US$9.44 per Trust Unit from US$8.95 per Trust Unit.
In addition, the Trust has purchased for cancellation Convertible Unsecured Debentures under its NCIB having a face amount of CAD$61,000 at a weighted average price of $78.00 per Debenture, or CAD$47,580.
ABOUT FIRM CAPITAL AMERICAN REALTY PARTNERS TRUSTFirm Capital American Realty Partners Trust is a U.S. focused real estate investment trust that pursues income producing real estate and mortgage debt investments through the following platforms:
Income Producing Real Estate Investments:
Mortgage Debt Investments:The Trust, using Firm Capital’s 30-year plus experience as a leader in the mortgage lending industry, provides bridge lending of mortgage and preferred capital secured by residential/multi-residential properties.
FORWARD LOOKING INFORMATION
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Trust holds properties; volatility of real estate prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of the Trust to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those described in the Trust’s public disclosure documents on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedar.com.
For further information, please contact: | |
Eli DadouchPresident & Chief Executive Officer(416) 635-0221 | Sandy PoklarChief Financial Officer(416) 635-0221 |
For Investor Relations information, please contact: | |
Victoria MoayediDirector, Investor Relations(416) 635-0221 |
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