Accretive Acquisition of Trust Units via NCIB
PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 66 commercial properties with a total gross leasable area (“GLA”) of 2,572,736 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 (37% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (31% of asset value). In addition, the portfolio is well diversified in terms of geographies with 40% of NOI (41% of asset value) comprised of assets located in
TENANT DIVERSIFICATION
The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 14.1% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 34.8% of total net rent.
NORMAL COURSE ISSUER BID GENERATES 8.3% RETURN ON INVESTMENT
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REVOLVING OPERATING FACILITY EXTENSION
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Q3/2022 HIGHLIGHTS
Key highlights for the three months ended
- Net income (ex. fair value adjustments) was approximately
$4.4 million , a 5.8% increase over Q3/2021; $7.51 Net Asset Value (“NAV”) per Unit;- Net Operating Income (“NOI”) was approximately
$8.9 million , 12% increase over Q3/2021; - Same Store NOI increased 1% over Q3/2021 and 5% over 3Q/2021;
- Adjusted Funds From Operations (“AFFO”) was approximately
$4.0 million , inline over Q2/2022; - Commercial occupancy was 95.1%, Multi-Residential occupancy was 92.7% while Manufactured Homes Communities was 99.5%;
- Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 51%; and
- The Trust declared and approved monthly distributions in the amount of
$0.04333 per Trust Unit for Unitholders of record onJanuary 31, 2023 ,February 28, 2023 , andMarch 31, 2023 , payable on or aboutFebruary 15, 2023 ,March 15, 2023 , andApril 17, 2023 , respectively.
See chart below for additional information:
Three Months | Nine Months | ||||||||||
Change | Change | ||||||||||
Rental Revenue | $ | 13,278,554 | $ | 11,861,170 | 12% | $ | 39,773,730 | $ | 34,476,108 | 15% | |
NOI - IFRS Basis | 8,985,669 | 8,055,672 | 12% | 26,291,889 | 22,317,145 | 18% | |||||
NOI - Cash Basis | 8,936,862 | 8,012,051 | 12% | 25,910,970 | 22,117,166 | 17% | |||||
Same-asset NOI | 7,856,367 | 7,769,865 | 1% | 22,017,795 | 21,015,029 | 5% | |||||
Net Income | 5,132,990 | 9,826,281 | (48%) | (9,847,918) | 51,821,589 | (119%) | |||||
FFO | 5,227,250 | 5,162,097 | 1% | 14,937,358 | 11,632,698 | 28% | |||||
AFFO | 4,049,626 | 4,331,519 | (7%) | 12,117,463 | 11,355,522 | 7% | |||||
Total Assets | $ | 631,403,138 | $ | 558,741,635 | 13% | ||||||
Total Mortgages | 306,310,058 | 237,331,275 | 29% | ||||||||
Bank Indebtedness | 18,325,621 | 13,179,119 | 39% | ||||||||
Unitholders' Equity | 294,428,855 | 293,725,736 | 0% | ||||||||
Units Outstanding (000s) | 37,402 | 34,011 | 10% | ||||||||
FFO Per Unit | $ | 0.139 | $ | 0.152 | (8%) | $ | 0.419 | $ | 0.370 | 13% | |
AFFO Per Unit | $ | 0.108 | $ | 0.128 | (16%) | $ | 0.340 | $ | 0.362 | (6%) | |
Distributions Per Unit | $ | 0.130 | $ | 0.128 | 2% | $ | 0.383 | $ | 0.383 | (0%) | |
FFO Payout Ratio | 93% | 84% | 936 bps | 91% | 103% | (1,170) bps | |||||
AFFO Payout Ratio | 121% | 100% | 2,050 bps | 113% | 106% | 655 bps | |||||
Wtd. Avg. Interest Rate - | |||||||||||
Mort. Debt | 3.5% | 3.3% | 20 bps | ||||||||
Debt to GBV | 51% | 45% | 661 bps | ||||||||
GLA - Commercial, SF | 2,572,736 | 2,241,013 | 15% | ||||||||
Units - Multi-Res | 599 | 464 | 29% | ||||||||
Units - MHCs | 423 | 423 | 0% | ||||||||
Occupancy - Commercial | 95.1% | 95.6% | (55) bps | ||||||||
Occupancy - Multi-Res | 92.7% | 93.7% | (104) bps | ||||||||
Occupancy MHCs | 99.5% | 99.4% | 13 bps | ||||||||
Rent PSF - Retail | $ | 18.54 | $ | 17.79 | 4% | ||||||
Rent PSF - Industrial | $ | 7.37 | $ | 6.96 | 6% | ||||||
Rent per month - Multi-Res | $ | 1,310 | $ | 1,057 | 23% | ||||||
Rent per month - MHCs | $ | 599 | $ | 510 | 18% |
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
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
ABOUT
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
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
For further information, please contact: | ||
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 |
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