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Firm Capital Property Trust Reports Q4/2024 Results

In This Article:

Firm Capital Property Trust
Firm Capital Property Trust

NAV Growth
Strong Sequential AFFO Growth
Declining AFFO Payout Ratio To 100%

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“FCPT” or the “Trust”), (TSX: FCD.UN) is pleased to report its financial results for the three and twelve months ended December 31, 2024.

PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 64 commercial properties with a total gross leasable area (“GLA”) of 2,514,580 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 (43% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (30% of asset value). In addition, the portfolio is well diversified in terms of geographies with 38% of NOI (40% of asset value) comprised of assets located in Ontario, followed by Quebec at 38% of NOI (33% of asset value).

TENANT DIVERSIFICATION
The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 13.0% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.4% of total net rent.

MANAGEABLE MORTGAGE MATURITY PROFILE GOING INTO 2025 AND 2026
The Trust was able to refinance or repay in full all 2024 mortgage maturities. Going forward, the Trust has only $13.2 million and $41.9 million or 4.3% and 13.8% of its total outstanding mortgages coming due in 2025 and 2026, respectively. Senior management is currently in active discussions with its lenders regarding the 2025 maturities and does not anticipate any refinancing issues to occur.

Q4/2024 HIGHLIGHTS

Key highlights for the three months ended December 31, 2024 are as follows:

  • Adjusted Funds From Operations (“AFFO”) was approximately $4.8 million, 1% higher than the same period in 2023;

  • AFFO per Unit for Q4/2024 increased by 2% to $0.130 over Q4/2023.

  • AFFO Payout ratio decreased to 100% for Q4/2024 from 101% over the same period in 2023;

  • Net income was approximately $5.8 million, compared to income of $6.8 million recorded for the same period in 2023;

  • $7.83 Net Asset Value (“NAV”) per Unit, a 5% increase from Q4/2023;

  • Net Operating Income (“NOI”) was approximately $10.0 million, a 5% increase from the same period in 2023;

  • Same Property NOI increased 4% over Q4/2023;

  • Commercial occupancy was 94.5%, Multi-Residential occupancy was 95.3% while Manufactured Homes Communities occupancy was 100.0%;

  • Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 51.0%; and

  • The Trust declared and approved monthly distributions in the amount of $0.0433 per Trust Unit for Unitholders of record on April 30, 2025, May 30, 2025 and June 30, 2025, payable on or about May 15, 2025, June 16, 2025 and July 15, 2025, respectively.