The Trust has closed a
The Trust has now refinanced all 2023 maturities except for one
BALANCE SHEET STABILITY
The Trust is focused on maintaining a strong balance sheet to mitigate risks:
- A conservative 52% debt to gross book value with
$15.5 million of availability under its revolving credit facilities. The Trust has five unencumbered properties to address further capital requirements if needed. This financial flexibility provides the Trust with significant liquidity to fund its operations and capital programs without needing to raise additional equity; and - Mortgages totaling approximately
$60 million refinanced on the Trust’s industrial properties in December of 2022 and January of 2023 have seven year terms maturing in 2029 and 2030.
COMPELLING VALUE
- The Trust is currently trading at a significant 30% discount to its current
$7.65 /Unit NAV. In the second quarter of 2022, the board and management team wrote down the NAV from$8.27 /Unit to$7.52 /Unit, by increasing capitalization rates on its portfolio; - 9.9% distribution yield is anticipated to be largely a return of capital for 2023;
- Trustees own 9.9% of the Trust’s Units and have a direct ownership interest in over 50% of the Trust’s properties, which demonstrates a strong alignment of interests; and
- The Trust has a portfolio of 75 properties, of which 9 are 100% owned by the Trust with the balance being in partnership with REIT industry leaders and private partnerships with management, Trustees and other partners.
ABOUT
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
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
Neither the Exchange 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 www.firmcapital.com or www.sedar.com.
For further information, please contact: | |
Robert McKee | |
President & Chief Executive Officer | Chief Financial Officer |
(416) 635-0221 | (416) 635-0221 |
For Investor Relations information, please contact: | |
Director, Investor Relations | |
(416) 635-0221 | |
www.FirmCapital.com | |
FCD.UN on the TSX |
Source:
2023 GlobeNewswire, Inc., source