Firm Capital Property Trust Reports Q2|2023 Results.

TORONTO: Firm Capital Property Trust ("FCPT" or the "Trust"), (TSX: FCD.UN) is pleased to report its financial results for the three and six months ended June 30, 2023.


The portfolio consists of 66 commercial properties with a total gross leasable area ("GLA") of 2,557,010 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 536 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 49% of NOI (41% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (32% 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 36% of NOI (33% of asset value).


The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 10.6% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 30.5% of total net rent.


For the three months ended June 30, 2023, the Trust repurchased 85,700 Trust Units for net proceeds of approximately $0.5 million. The Trust Units were purchased under the NCIB at a Weighted Average Price of $5.36/Trust Unit for an implied distribution buy-back yield of 9.7% or a 30% discount to NAV.


On April 13, 2023, the Trust increased the size of the Montreal Industrial Portfolio mortgage by $10 million increasing the outstanding balance to $53.9 million. The blended interest rate on the loan was 4.84%, 7 year term and a 30 year amortization. The Trust has a 50% interest in the mortgage.


Key highlights for the three months ended June 30, 2023 are as follows:

Net income was approximately $5.6 million, compared to $20.3 million loss recorded for the same period in 2022;

$7.62 Net Asset Value ("NAV") per Unit;

Net Operating Income ("NOI") was approximately $9.1 million, 1% increase over Q2/2022;

Same Property NOI increased 7% over Q2/2022;

Adjusted Funds From Operations ("AFFO") was approximately $3.8 million;

Commercial occupancy was 96.0%, Multi-Residential occupancy was 97.1% while Manufactured Homes Communities was 99.8%;

Conservative leverage profile with Debt / Gross Book Value ("GBV") at 52%; and

The Trust...

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