From GlobeNewswire: 2024-08-06 17:27:00

Firm Capital Property Trust reported strong sequential same-store NOI and NAV growth for the three and six months ended June 30, 2024. NOI increased by 6%, with same property NOI up 10% over the same period last year. AFFO was $4.6 million, a 22% increase, leading to a lower AFFO payout ratio of 105%.

The property portfolio comprises 64 commercial properties, five multi-residential complexes, and four Manufactured Home Communities. Tenant diversification is high, with no tenant accounting for over 11% of total net rent. Top 10 tenants represent 30.6% of total net rent, contributing to a 95.8% commercial occupancy rate.

Financial highlights for Q2/2024 included approximately $8.9 million in net income, $7.71 NAV per unit, a 6% increase in NOI, and a 22% rise in AFFO to $0.124 per unit. Commercial occupancy was at 95.8%, with multi-residential at 99.7% and Manufactured Homes Communities at 100.0%.

The Trust declared monthly distributions of $0.0433 per Trust Unit for record dates starting October 31, 2024. There is a Distribution Reinvestment Plan and Unit Purchase Plan in place for Unitholders. Management and trustees own or control approximately 10% of the issued and outstanding trust units.

Firm Capital Property Trust aims to create value for Unitholders through disciplined investing and stable income. A diversified property portfolio includes multi-residential, flex industrial, and net lease convenience retail properties. Management sources, syndicates, and asset manages investments on behalf of the Trust with alignment of interests.

Forward looking statements in the press release caution that predictions, forecasts, and future events may not occur as anticipated. The press release does not constitute an offer to sell or buy, and financial information reflects non-IFRS measures. Contact Robert McKee or Sandy Poklar for further information.



Read more at GlobeNewswire:: Firm Capital Property Trust Reports Q2/2024 Results