Firm Capital Property Trust reports strong Q4/2024 results, showing financial stability and growth.
From GlobeNewswire: 2025-03-31 21:16:00
Firm Capital Property Trust (FCPT) reports strong financial results for Q4/2024, with an increase in Adjusted Funds From Operations (AFFO) to approximately $4.8 million, a 1% increase from the same period in 2023. AFFO Payout Ratio decreased to 100% from 101% in the same period in 2023, indicating financial stability.
The Trust’s property portfolio consists of 64 commercial properties, 5 multi-residential complexes, and 4 Manufactured Home Communities, showing diversity in asset types and geographies. Tenant diversification is strong, with no tenant accounting for more than 13.0% of total net rent.
Firm Capital Property Trust has a manageable mortgage maturity profile for 2025 and 2026, with only $13.2 million and $41.9 million, respectively, coming due. The Trust reported a 5% increase in Net Asset Value (NAV) per unit from Q4/2023 and a 5% increase in Net Operating Income (NOI) from the same period in 2023.
The Trust’s conservative leverage profile, with Debt/Gross Book Value at 51.0%, reflects financial prudence. Commercial occupancy stands at 94.5%, Multi-Residential at 95.3%, and Manufactured Home Communities at 100.0%. Monthly distributions of $0.0433 per Trust Unit were declared and approved for Q2 2025.
Firm Capital Property Trust offers a Distribution Reinvestment Plan (DRIP) and Unit Purchase Plan (UPP) for Unitholders, aiming to create long-term value through disciplined investing. Management and trustees own or control approximately 10% of the issued trust units, aligning interests with Unitholders for stable income.
The Trust’s financial statements, Management’s Discussion & Analysis, and supplementary information can be found on www.sedar.com or the Trust’s website. Forward-looking statements may involve risks and uncertainties, and certain financial information reflects non-IFRS financial measures. For investor relations, contact Victoria Moayedi at (416) 635-0221.
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