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Name | Symbol | Market | Type |
---|---|---|---|
Firm Capital Property Trust | TSXV:FCD.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% | 7.38 | 7.36 | 7.53 | 0 | 01:00:00 |
PROPERTY PORTFOLIO HIGHLIGHTSThe portfolio consists of 66 commercial properties with a total gross leasable area (“GLA”) of 2,453,963 square feet, five multi-residential complexes comprised of 599 units and two Manufactured Home Communities comprised of 423 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 55% of NOI (43% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (21% of asset value).
TENANT DIVERSIFICATIONThe portfolio is well diversified by tenant profile with no tenant currently accounting for more than 12.1% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.2% of total net rent.
$99 MILLION OF ACQUISITIONS AND $82 MILLION OF CAPITAL RAISING ACTIVITIESSince the beginning of 2022, the Trust has announced the following acquisitions and capital raising initiatives:
FIRST QUARTER HIGHLIGHTSKey highlights for the three months ended March 31, 2022 are as follows:
See chart below for additional information:
% Change Over | |||||||||||||
Three Months | Three Months | ||||||||||||
Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | |||||||||
Rental Revenue | $ | 13,040,687 | $ | 11,954,312 | $ | 11,337,581 | 9 | % | 15 | % | |||
NOI | |||||||||||||
- IFRS Basis | 8,303,824 | 7,898,791 | 7,051,088 | 5 | % | 18 | % | ||||||
- Cash Basis | 8,135,362 | 7,756,945 | 6,948,767 | 5 | % | 17 | % | ||||||
Net Income | 5,338,017 | 6,566,305 | 10,159,514 | (19 | %) | (47 | %) | ||||||
FFO | 4,198,168 | 3,134,372 | 3,475,457 | 34 | % | 21 | % | ||||||
AFFO | 4,042,035 | 3,869,233 | 3,439,568 | 4 | % | 18 | % | ||||||
FFO Per Unit | 0.123 | 0.092 | 0.118 | 34 | % | 5 | % | ||||||
AFFO Per Unit | 0.119 | 0.114 | 0.117 | 4 | % | 2 | % | ||||||
Distributions Per Unit | 0.130 | 0.128 | 0.128 | 2 | % | 2 | % | ||||||
FFO Payout Ratio | 105 | % | 138 | % | 108 | % | |||||||
AFFO Payout Ratio | 109 | % | 112 | % | 109 | % |
% Change Over | |||||||||||||
Three Months | Three Months | ||||||||||||
Including Gain on Sale from Real Estate Properties: | Mar 31, 2022 | Dec 31, 2021 | Mar 31, 2021 | Dec 31, 2021 | Mar 31, 2021 | ||||||||
FFO | $ | 4,198,168 | $ | 2,783,212 | $ | 6,770,826 | 51 | % | (38 | %) | |||
AFFO | 4,042,035 | 3,518,073 | 6,734,937 | 15 | % | (40 | %) | ||||||
FFO/Unit | 0.123 | 0.082 | 0.230 | 51 | % | (46 | %) | ||||||
AFFO/Unit | 0.119 | 0.103 | 0.229 | 15 | % | (48 | %) | ||||||
FFO Payout Ratio | 105 | % | 156 | % | 55 | % | |||||||
AFFO Payout Ratio | 109 | % | 123 | % | 56 | % |
For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit www.sedar.com or the Trust’s website at www.firmcapital.com
BOARD OF TRUSTEE COMPENSATIONThe Board of Trustees, at the recommendation of Senior Management, approved, effective Q2/2022 that the Independent Trustees receive an increase to their annual board compensation of $10,000 from $27,000 to $37,000 per annum. At $27,000 per annum, board compensation earned by the Independent Trustees was amongst the lowest of TSX-listed REITs.
However, the Trustees alignment of interests is not driven by board compensation, but rather that the Trustees are in certain cases significant co-owners in various properties with the REIT, and or are large Unitholders in the REIT. The value of the Independent Trustees holdings of Trust Units alone is approximately $11.6 million at the current Unit Price, averaging $1.9 million per Independent Trustee. In addition, certain of the Independent Trustees will be taking all or a part of their compensation in Deferred Trust Units or DTU’s.
DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLANThe Trust has in place a Distribution Reinvestment Plan (“DRIP”) and Unit Purchase Plan (the “UPP”). 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 UPP, FCPT’s Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or UPP to date and own approximately 8% of the issued and outstanding trust units of the Trust.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)
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’s plan is to own as well as 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 sources, syndicates and property and asset manages investments on behalf of the Trust.
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. 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.
Certain financial information presented in this press release reflect certain non- International Financial Reporting Standards (“IFRS”) financial measures, which include NOI, FFO and AFFO. These measures are commonly used by real estate investment entities as useful metrics for measuring performance and cash flows, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment entities. These terms are defined in the Trust’s Management Discussion and Analysis (“MD&A”) for the year ended December 31, 2021 and period ended March 31, 2022, as filed on www.sedar.com.
For further information, please contact: | |
Robert McKee | Sandy Poklar |
President & Chief Executive Officer | Chief Financial Officer |
(416) 635-0221 | (416) 635-0221 |
For Investor Relations information, please contact: | |
Victoria Moayedi | |
Director, Investor Relations | |
(416) 635-0221 |
1 Year Firm Capital Property Chart |
1 Month Firm Capital Property Chart |
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