Latest news with #FirmCapitalPropertyTrust
Toronto Star
05-08-2025
- Business
- Toronto Star
Firm Capital Property Trust Reports Q2/2025 and YTD Results
SALE OF INVESTMENT PROPERTIES FOR GROSS PROCEEDS OF $15 MILLION SAME PROPERTY NOI INCREASE NAV GROWTH AND DECLINING AFFO PAYOUT RATIO TORONTO, Aug. 05, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust ('FCPT' or the 'Trust'), (TSX: is pleased to report its financial results for the three and six months ended June 30, 2025. PROPERTY PORTFOLIO HIGHLIGHTS The portfolio consists of 62 commercial properties with a total gross leasable area ('GLA') of 2,427,383 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 537 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 50% of NOI (44% of asset value) comprised of grocery anchored retail followed by industrial at 25% of NOI (29% of asset value). In addition, the portfolio is well diversified in terms of geographies with 37% of NOI (41% of asset value) comprised of assets located in Ontario, followed by Quebec at 36% of NOI (31% of asset value). TENANT DIVERSIFICATION The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 13.1% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.2% of total net rent. ARTICLE CONTINUES BELOW Q2/2025 HIGHLIGHTS Key highlights for the three months ended June 30, 2025 are as follows: Adjusted Funds From Operations ('AFFO') was approximately $4.5 million, largely in line with Q2/2024; AFFO per Unit for Q2/2025 was $0.123. AFFO Payout Ratio improved to 106% for Q2/2025, compared to the 111% for Q1/2025. $7.84 Net Asset Value ('NAV') per Unit, a 1.7% increase from Q2/2024; Net Operating Income ('NOI') was approximately $9.6 million, largely in line with Q2/2024; Same Property NOI increased 1.3% over Q2/2024; Commercial occupancy was 93.8%, Multi-Residential occupancy was 94.4% while Manufactured Homes Communities occupancy was 100.0%; Conservative leverage profile with Debt / Gross Book Value ('GBV') at 49.9%; The Trust completed the sale of retail properties from the Centre Ice Retail Portfolio and Montreal Industrial Portfolio for gross proceeds of $29.3 million with the Trust's pro-rata share being $15.0 million. The Trust recognized a gain on sale of approximately $1.8 million; and The Trust declared and approved monthly distributions in the amount of $0.04333 per Trust Unit for Unitholders of record on October 31, 2025, November 28, 2025 and December 31, 2025, payable on or about November 17, 2025, December 15, 2025, and January 15, 2026, respectively. See chart below for additional information: For the complete financial statements, Management's Discussion & Analysis and supplementary information, please visit a or the Trust's website at DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN The 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 and may acquire units up to a 3% discount (conditions apply). 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 or control approximately 10% of the issued and outstanding trust units of the Trust. ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : 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, and net lease convenience retail. 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, Same Store 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, 2024 as filed on
Toronto Star
31-07-2025
- Business
- Toronto Star
Firm Capital Property Trust Announces Positive Amendments to Distribution Reinvestment Plan Including Discount on Units Issued From Treasury
TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (TSX: ('FCPT' or the 'Trust') is pleased to announce positive amendments to the Trust's Distribution Reinvestment Plan (the 'DRIP') including the implementation of a discount on Trust Units issued from treasury. Currently, the Trust's DRIP contemplates that the floor price for Trust Units issued from treasury is $8.00 per Trust Unit and no discount is applied to Trust Units issued from treasury should the Average Market Price (as defined in the DRIP) exceed $8.00 per Trust Unit. Effective the July 2025 distribution (payable on or about August 15, 2025), the Trust's DRIP floor price will be lowered from $8.00 per Trust Unit to $7.40 per Trust Unit. Furthermore, if the Average Market Price of the Trust Units exceeds $7.40 per Trust Unit, then the Trust will issue from treasury its Trust Units at the Average Market Price less a 3% discount.
Toronto Star
31-07-2025
- Business
- Toronto Star
Firm Capital Property Trust Announces Normal Course Issuer Bid
TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust ('FCPT' or the 'Trust'), (TSX: announced today that the Toronto Stock Exchange (the 'TSX') has accepted a notice filed by FCPT of its intention to make a normal course issuer bid (the 'NCIB') with respect to its outstanding trust units. The notice provides that FCPT may, during the 12 month period commencing August 5, 2025 and ending no later than August 4, 2026, purchase through the facilities of the TSX and/or alternative Canadian Trading Systems up to 3,266,775 trust units in total, being 10% of the 'public float' of trust units as of July 28, 2025. The price which FCPT will pay for any trust units will be the market price at the time of acquisition. During the period of this NCIB, FCPT may make purchases under the NCIB by means of open market transactions. The actual number of trust units which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of FCPT. The average daily trading volume on the TSX from January 1, 2025 to June 30, 2025 was 24,867 trust units. Daily purchases under the NCIB will be limited to 6,216 trust units, other than block purchases. All trust units purchased by FCPT under the NCIB will be cancelled.
Yahoo
05-06-2025
- Business
- Yahoo
Firm Capital Property Trust Announces Results of Annual Meeting of Unitholders
TORONTO, June 05, 2025 (GLOBE NEWSWIRE) -- Firm Capital Property Trust ("FCPT" or the "Trust"), (TSX: is pleased to announce the voting results for its Annual and Special Meeting of unitholders ("Unitholders') of Trust Units ('Units') of the Trust held on June 5, 2025 (the 'Meeting'). All the matters put forward before Unitholders for consideration and approval as set out in the Trust's management information circular dated April 23, 2025 (the "Circular") were approved by the requisite majority of votes cast at the Meeting. In particular, Unitholders approved the election of all trustee nominees, the approval of MNP LLP as the Trust's auditors, approving for a period of three years, all unallocated options, rights and other entitlements issuable pursuant to the Trust's option plan and approving for a period of three years, all unallocated entitlements issuable pursuant to the Trust's incentive arrangements, all as described in the Circular. The results of the votes on the board of trustees of the Trust is as follows: Nominee Votes "For" % Votes "For" Votes "Withheld" % of Votes "Withheld" Geoffrey Bledin 9,172,015 99.4% 55,306 0.6% Eli Dadouch 7,857,717 85.2% 1,369,604 14.8% Stanley Goldfarb 9,120,792 98.8% 106,529 1.2% Jonathan Mair 7,835,944 84.9% 1,391,377 15.1% Robert McKee 7,835,844 84.9% 1,391,477 15.1% Sandy Poklar 7,810,534 84.6% 1,416,787 15.4% Lawrence Shulman 9,149,407 99.2% 77,914 0.8% Howard Smuschkowitz 9,151,255 99.2% 76,066 0.8% Manfred Walt 9,150,997 99.2% 76,324 0.8% Victoria Granovski 7,812,809 84.7% 1,414,512 15.3% Jeffrey Goldfarb 9,150,557 99.2% 77,264 0.8% 9,340,241 Units were represented by Unitholders in person or by proxy at the Meeting, representing approximately 25.3% of the total issued and outstanding Units at the record date for the Meeting. Full details of the voting results will be posted under the Trust's profile on ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : 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, and net lease convenience retail. 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 contains contain forward-looking statements within the meaning of applicable securities laws including, among others, statements associated with the opportunities that may be available to the Trust and statements regarding the business of the Trust. 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. These statements are not guarantees and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in the Trust's Annual Information Form for the year ended December 31, 2024 under 'Risks and Uncertainties' (a copy of which can be obtained at 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. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at or 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 Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
Firm Capital Property Trust Reports Q4/2024 Results
TORONTO, March 31, 2025 (GLOBE NEWSWIRE) -- Firm Capital Property Trust ('FCPT' or the 'Trust'), (TSX: is pleased to report its financial results for the three and twelve months ended December 31, 2024. PROPERTY PORTFOLIO HIGHLIGHTS The portfolio consists of 64 commercial properties with a total gross leasable area ('GLA') of 2,514,580 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 537 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 49% of NOI (43% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (30% of asset value). In addition, the portfolio is well diversified in terms of geographies with 38% of NOI (40% of asset value) comprised of assets located in Ontario, followed by Quebec at 38% of NOI (33% of asset value). TENANT DIVERSIFICATION The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 13.0% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.4% of total net rent. MANAGEABLE MORTGAGE MATURITY PROFILE GOING INTO 2025 AND 2026 The Trust was able to refinance or repay in full all 2024 mortgage maturities. Going forward, the Trust has only $13.2 million and $41.9 million or 4.3% and 13.8% of its total outstanding mortgages coming due in 2025 and 2026, respectively. Senior management is currently in active discussions with its lenders regarding the 2025 maturities and does not anticipate any refinancing issues to occur. Q4/2024 HIGHLIGHTS Key highlights for the three months ended December 31, 2024 are as follows: Adjusted Funds From Operations ('AFFO') was approximately $4.8 million, 1% higher than the same period in 2023; AFFO per Unit for Q4/2024 increased by 2% to $0.130 over Q4/2023. AFFO Payout ratio decreased to 100% for Q4/2024 from 101% over the same period in 2023; Net income was approximately $5.8 million, compared to income of $6.8 million recorded for the same period in 2023; $7.83 Net Asset Value ('NAV') per Unit, a 5% increase from Q4/2023; Net Operating Income ('NOI') was approximately $10.0 million, a 5% increase from the same period in 2023; Same Property NOI increased 4% over Q4/2023; Commercial occupancy was 94.5%, Multi-Residential occupancy was 95.3% while Manufactured Homes Communities occupancy was 100.0%; Conservative leverage profile with Debt / Gross Book Value ('GBV') at 51.0%; and The Trust declared and approved monthly distributions in the amount of $0.0433 per Trust Unit for Unitholders of record on April 30, 2025, May 30, 2025 and June 30, 2025, payable on or about May 15, 2025, June 16, 2025 and July 15, 2025, respectively. See chart below for additional information: Three Months Twelve Months Ended Dec 31, 2024 Dec 31, 2023 Change Dec 31, 2024 Dec 31, 2023 Change Rental Revenue $ 15,587,337 $ 14,544,449 7% $ 60,576,995 $ 57,508,091 5% NOI - IFRS Basis 9,957,731 9,451,214 5.4% 38,576,870 36,727,491 5% NOI - Cash Basis 9,865,803 9,459,501 4.3% 38,700,828 36,597,428 6% Same-Property NOI 9,769,693 9,439,040 4% 38,753,444 36,539,608 6% Net Income 5,754,200 6,809,718 (16%) 33,886,990 15,367,821 121% FFO 5,272,271 5,253,312 0% 19,320,579 18,627,450 4% AFFO 4,805,695 4,739,112 1% 18,636,734 16,700,144 12% Total Assets $ 651,949,269 $ 637,378,171 2% Total Mortgages 304,819,251 303,792,112 0% Credit Facility 27,700,000 31,300,000 (12%) Unitholders' Equity 306,379,896 291,692,787 5% Units Outstanding (000s) 36,926 36,926 (0%) FFO Per Unit $0.143 $0.142 1% $0.523 $0.504 4% AFFO Per Unit $0.130 $0.128 2% $0.505 $0.452 12% Distributions Per Unit $0.130 $0.130 0% $0.520 $0.520 (0%) FFO Payout Ratio 91% 91% 99% 103% (362) bps AFFO Payout Ratio 100% 101% 103% 115% (1,198) bps Wtd. Avg. Int. Rate - Mort. Debt 4.2% 3.7% 50 bps Debt to GBV 51% 53% (200) bps GLA - Commercial, SF 2,514,580 2,553,184 (2%) Units - Multi-Res 599 599 0% Units - MHCs 537 537 0% Occupancy - Commercial 94.5% 96.5% (200) bps Occupancy - Multi-Res 95.3% 96.9% (160) bps Occupancy MHCs 100.0% 100.0% 0 bps Rent PSF - Retail $18.84 $18.81 0% Rent PSF - Industrial $9.12 $8.16 12% Rent per month - Multi-Res $1,604 $1,405 14% Rent per month - MHCs $671 $612 10% For the complete financial statements, Management's Discussion & Analysis and supplementary information, please visit or the Trust's website at DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN The 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 or control approximately 10% of the issued and outstanding trust units of the Trust. ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : 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, and net lease convenience retail. 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, Same Store 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, 2024 as filed on 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
