TORONTO, Oct. 31, 2013 /CNW/ - Firm Capital Property Trust (TSXV:
FCD.UN) ("FCPT" or the "Trust") announced today that its Board of Trustees has approved a 5.7%
increase in its monthly distributions to $0.030833 per unit from
$0.029166 per unit. On an annualized basis this equates to anticipated
distributions of $0.37 per unit up from $0.35.
The previously announced cash distributions of $0.029166 per unit for
the months of November and December, 2013 have been amended to
$0.030833 per unit to account for the change to the Trust's monthly
distributions. These distributions will be paid on or about December
16, 2013 and January 15, 2014 to unitholders of record at the close of
business on November 29, 2013 and December 31, 2013, respectively.
The increase in the Trust's monthly distributions is a result of FCPT's
improved financial performance and the recent growth of its real estate
portfolio. We anticipate this revised distribution will result in an
AFFO payout ratio of approximately 85% over the following 12 months.
The policy of FCPT is to pay cash distributions on or about the 15th day
of each month to Unitholders of record on the last business day of the
preceding month. Distributions paid to Unitholders who are
non-residents of Canada will be subject to Canadian withholding tax.
DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN
The Trust has in place a Distribution Reinvestment Plan ("DRIP") and Unit Purchase Plan (the "Plan"). 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 Plan, FCPT's Unitholders may
purchase a minimum of $1,000 of Units per month and maximum purchases
of up to $12,000 per annum. Management and trustees have not
participated in the DRIP or Plan to date and own approximately 13% of
the issued and outstanding trust units of the Trust.
ABOUT FIRM CAPITAL PROPERTY TRUST
Firm Capital Property Trust is focused on creating long-term value for
Unitholders, through capital preservation and disciplined investing to
achieve stable distributable income. In partnership with management and
industry leaders, The Trust plan is to co-own a diversified property
portfolio of multi-residential, flex industrial, net lease convenience
retail, and core service provider professional space. In addition to
stand alone accretive acquisitions, the Trust will make joint
acquisitions with strong financial partners and acquisitions of partial
interests from existing ownership groups, in a manner that provides
liquidity to those selling owners and professional management for those
remaining as partners. Firm Capital Realty Partners Inc., through a
structure focused on an alignment of interests with the Trust, will
source, syndicate and participate in investments.
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 regarding, among other things, the use of
the net proceeds from the Offering, the closing of the Offering, and
the closing of the Acquisition. 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 Firm Capital Property Trust have not been, and will not be
registered under the U.S. Securities Act of 1933, as amended, and may
not be offered, sold or delivered in the United States absent
registration or an application for exemption from the registration
requirements of U.S. securities laws.
SOURCE Firm Capital Property Trust
