PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 65 commercial properties with a total gross leasable area (“GLA”) of 2,553,184 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 (42% 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 (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 11.2% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 31.8% of total net rent.
TAX EFFICIENT DISTRIBUTIONS
94% of 2023 Distributions were Return of Capital (“ROC”) or Non-Taxable. For the year ended
Q4/2023 HIGHLIGHTS
Key highlights for the three months ended
- Net income was approximately
$6.8 million , compared to$8.7 million net income recorded for the same period in 2022; $7.48 Net Asset Value (“NAV”) per Unit;- Net Operating Income (“NOI”) was approximately
$9.5 million , a 3% increase from the same period in 2022; - Same Property NOI increased 5% over Q4/2023 and YTD;
- Adjusted Funds From Operations (“AFFO”) was approximately
$4.7 million ,10% higher than the same period in 2022; - AFFO per Unit for Q4/2023 increased by 10% to
$0.128 over Q4/2022. - Payout ratio decreased to 101% for Q4/2023 from 112% over the same period in 2022;
- Commercial occupancy was 96.5%, Multi-Residential occupancy was 96.9% while Manufactured Homes Communities was 100.0%;
- The Trust closed on the sale of a retail property from the Center Ice Retail Portfolio, for gross proceeds of approximately
$2.0 million . The Trust’s pro-rata share of the gross proceeds was$1.4 million . - Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 52.6%; and
- The Trust declared and approved monthly distributions in the amount of
$0.0433 per Trust Unit for Unitholders of record onApril 30, 2024 ,May 31, 2024 andJune 28, 2024 , payable on or aboutMay 15, 2024 ,June 17, 2024 andJuly 15, 2024 , respectively.
See chart below for additional information:
Three Months | Twelve Months Ended | ||||||||||||||||
Change | Change | ||||||||||||||||
Rental Revenue | 2 | % | 6 | % | |||||||||||||
NOI - IFRS Basis | 9,451,214 | 9,165,483 | 3 | % | 36,727,491 | 35,457,372 | 4 | % | |||||||||
NOI - Cash Basis | 9,459,501 | 9,163,698 | 3 | % | 36,597,428 | 35,074,668 | 4 | % | |||||||||
Same-Property NOI | 11,548,507 | 10,973,479 | 5 | % | 33,503,483 | 31,858,318 | 5 | % | |||||||||
Net Income (loss) | 6,809,718 | 8,663,638 | (21 | %) | 15,367,821 | (1,184,280 | ) | NM1 | |||||||||
FFO | 5,253,312 | 4,586,850 | 15 | % | 18,627,450 | 19,524,208 | (5 | %) | |||||||||
AFFO | 4,739,112 | 4,327,687 | 10 | % | 16,700,144 | 16,445,149 | 2 | % | |||||||||
Total Assets | 1 | % | |||||||||||||||
Total Mortgages | 303,792,112 | 306,781,314 | (1 | %) | |||||||||||||
Credit Facility | 31,300,000 | 18,726,067 | 67 | % | |||||||||||||
Unitholders' Equity | 291,692,787 | 296,513,896 | (2 | %) | |||||||||||||
Units Outstanding (000s) | 36,926 | 37,100 | (0 | %) | |||||||||||||
FFO Per Unit | 15 | % | (7 | %) | |||||||||||||
AFFO Per Unit | 10 | % | (1 | %) | |||||||||||||
Distributions Per Unit | 0 | % | (0 | %) | |||||||||||||
FFO Payout Ratio | 91 | % | 106 | % | (1400 bps) | 103 | % | 96 | % | 700 bps | |||||||
AFFO Payout Ratio | 101 | % | 112 | % | (1100 bps) | 115 | % | 114 | % | 100 bps | |||||||
Wtd. Avg. Int. Rate - Mort. Debt | 3.7 | % | 3.8 | % | (10) bps | ||||||||||||
Debt to GBV | 53 | % | 51 | % | 137 bps | ||||||||||||
GLA - Commercial, SF | 2,553,184 | 2,552,214 | 0 | % | |||||||||||||
Units - Multi-Res | 599 | 599 | 0 | % | |||||||||||||
Units - MHCs | 537 | 422 | 27 | % | |||||||||||||
Occupancy - Commercial | 96.5 | % | 95.9 | % | 60 bps | ||||||||||||
Occupancy - Multi-Res | 96.9 | % | 90.3 | % | 660 bps | ||||||||||||
Occupancy MHCs | 100.0 | % | 99.8 | % | 20 bps | ||||||||||||
Rent PSF - Retail | 2 | % | |||||||||||||||
Rent PSF - Industrial | 7 | % | |||||||||||||||
Rent per month - Multi-Res | 17 | % | |||||||||||||||
Rent per month - MHCs | 1 | % |
1 NM = Percentage change is not meaningful
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:
Robert McKee President & Chief Executive Officer (416) 635-0221 | Chief Financial Officer (416) 635-0221 |
For Investor Relations information, please contact:
Director, Investor Relations (416) 635-0221 |
Source:
2024 GlobeNewswire, Inc., source