TSX Graduation
PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 66 commercial properties with a total gross leasable area (“GLA”) of 2,453,963 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 (43% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (21% of asset value).
TENANT DIVERSIFICATION
The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 12.1% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.2% of total net rent.
Since the beginning of 2022, the Trust has announced the following acquisitions and capital raising initiatives:
$9.8 Million Industrial Portfolio Mortgage Financing: OnJanuary 20, 2022 , the Trust closed a$9.8 million first mortgage with aCanadian Chartered Bank for the three industrial properties located inWoodstock andStratford, Ontario acquired onDecember 7, 2021 . Terms of the mortgage are a 3.95% interest rate with a 10 year amortization dueJune 10, 2032 ;$56.3 Million Quebec Apartment Acquisition: OnFebruary 14, 2022 , the Trust closed the acquisition of a multi-residential building located inPointe Claire, Quebec for$56.3 million (including transaction costs). The transaction was financed with a new$39.5 million mortgage with aCanadian Chartered Bank . Terms of the mortgage are a 2.93% interest rate, interest only for one year dueFebruary 14, 2023 ;$6.3 Million Quebec Industrial Acquisition: OnMarch 17, 2022 , the Trust closed the acquisition of a 50% interest in a multi-tenant industrial property located inSaint Laurent, Quebec . The acquisition price for the Trust’s portion of the portfolio was$3.15 million (including transaction costs);$36.3 Million Edmonton Industrial Portfolio Acquisition: OnMarch 8, 2022 , the Trust announced the acquisition of a 50% interest in six multi-tenant industrial properties located inEdmonton, Alberta (the “Edmonton Industrial Portfolio”). The acquisition price for 100% of the Edmonton Industrial Portfolio was approximately$36.3 million , excluding transaction costs. The acquisition of the Edmonton Industrial Portfolio was financed, in part, with a new$23.7 million first mortgage from aCanadian Chartered Bank . Terms of the mortgage are a 4.4% interest rate, five year term, amortizing dueApril 12, 2027 . The Edmonton Industrial Portfolio acquisition closed onApril 12, 2022 ; and$8.9 Million Industrial Portfolio Mortgage Financing: OnMarch 15, 2022 , the Trust closed an$8.9 million first mortgage with aCanadian Chartered Bank for the Core Toronto Retail Property located inToronto, Ontario acquired onSeptember 28, 2021 . Terms of the mortgage are a 3.24% interest rate, interest only for the first two years, 28 year amortization dueMarch 15, 2027 .
FIRST QUARTER HIGHLIGHTS
Key highlights for the three months ended
- Net income was approximately
$5.3 million ; - Net income (ex. fair value adjustments) was approximately
$4.5 million ; $8.27 Net Asset Value (“NAV”) per Unit;- Net Operating Income (“NOI”) was approximately
$8.3 million ; - Adjusted Funds From Operations (“AFFO”) was approximately
$4.0 million ; - AFFO per Unit was
$0.119 ; - AFFO Payout Ratio was 109%;
- Commercial occupancy was 95.7%, Multi-Residential occupancy was 95.6% while Manufactured Homes Communities was 99.5%;
- Debt / Gross Book Value (“GBV”) at 51.2%; and
- Declaration of Monthly Distributions: The Trust is pleased to announce that it has declared and approved monthly distributions in the amount of
$0.04333 per Trust Unit for Unitholders of record onJuly 29, 2022 ,August 31, 2022 , andSeptember 30, 2022 , payable on or aboutAugust 15, 2022 ,September 15, 2022 andOctober 17, 2022 , respectively.
See chart below for additional information:
% Change Over | |||||||||||||
Three Months | Three Months | ||||||||||||
Rental Revenue | $ | 13,040,687 | $ | 11,954,312 | $ | 11,337,581 | 9 | % | 15 | % | |||
NOI | |||||||||||||
- IFRS Basis | 8,303,824 | 7,898,791 | 7,051,088 | 5 | % | 18 | % | ||||||
- Cash Basis | 8,135,362 | 7,756,945 | 6,948,767 | 5 | % | 17 | % | ||||||
Net Income | 5,338,017 | 6,566,305 | 10,159,514 | (19 | %) | (47 | %) | ||||||
FFO | 4,198,168 | 3,134,372 | 3,475,457 | 34 | % | 21 | % | ||||||
AFFO | 4,042,035 | 3,869,233 | 3,439,568 | 4 | % | 18 | % | ||||||
FFO Per Unit | 0.123 | 0.092 | 0.118 | 34 | % | 5 | % | ||||||
AFFO Per Unit | 0.119 | 0.114 | 0.117 | 4 | % | 2 | % | ||||||
Distributions Per Unit | 0.130 | 0.128 | 0.128 | 2 | % | 2 | % | ||||||
FFO Payout Ratio | 105 | % | 138 | % | 108 | % | |||||||
AFFO Payout Ratio | 109 | % | 112 | % | 109 | % |
% Change Over | |||||||||||||
Three Months | Three Months | ||||||||||||
Including Gain on Sale from | |||||||||||||
FFO | $ | 4,198,168 | $ | 2,783,212 | $ | 6,770,826 | 51 | % | (38 | %) | |||
AFFO | 4,042,035 | 3,518,073 | 6,734,937 | 15 | % | (40 | %) | ||||||
FFO/Unit | 0.123 | 0.082 | 0.230 | 51 | % | (46 | %) | ||||||
AFFO/Unit | 0.119 | 0.103 | 0.229 | 15 | % | (48 | %) | ||||||
FFO Payout Ratio | 105 | % | 156 | % | 55 | % | |||||||
AFFO Payout Ratio | 109 | % | 123 | % | 56 | % |
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
BOARD OF TRUSTEE COMPENSATION
However, the Trustees alignment of interests is not driven by board compensation, but rather that the Trustees are in certain cases significant co-owners in various properties with the REIT, and or are large Unitholders in the REIT. The value of the Independent Trustees holdings of Trust Units alone is approximately
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, 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 |
Source:
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