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$38MM MORTGAGE REFINANCING
DECLINING AFFO PAYOUT RATIO
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TORONTO, Nov. 06, 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 nine months ended June 30, 2025.
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PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 62 commercial properties with a total gross leasable area (“GLA”) of 2,427,366 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 48% of NOI (44% of asset value) comprised of grocery anchored retail followed by industrial at 27% of NOI (29% of asset value). In addition, the portfolio is well diversified in terms of geographies with 38% of NOI (41% of asset value) comprised of assets located in Ontario, followed by Quebec at 36% of NOI (31% of asset value).
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TENANT DIVERSIFICATION
The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 13.1% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.2% of total net rent.
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Q3/2025 HIGHLIGHTS
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Key highlights for the three months ended September 30, 2025 are as follows:
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- Adjusted Funds From Operations (“AFFO”) was approximately $4.6 million;
- AFFO per Unit for Q3/2025 was $0.124.
- AFFO Payout Ratio improved to 104% for Q3/2025, compared to the 106% for Q2/2025.
- $7.83 Net Asset Value (“NAV”) per Unit.
- Net Operating Income (“NOI”) was approximately $9.6 million, largely in line with Q3/2024;
- Commercial occupancy was 94.6%, Multi-Residential occupancy was 93.6% while Manufactured Homes Communities occupancy was 99.8%;
- Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 50.0%;
- The Trust closed on the refinancing of a first mortgage with a Canadian Chartered Bank on a property located in Whitby Ontario for $38 million. Terms of the mortgage are a fixed interest rate at 4.51%, 5 year term with a 30 year amortization. The Trust has a 40% interest in the mortgage.
- The Trust declared and approved monthly distributions in the amount of $0.04333 per Trust Unit for Unitholders of record on January 30, 2026, February 27, 2026 and March 31, 2026, payable on or about February 13, 2026, March 13, 2026, and April 15, 2026, respectively.
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See chart below for additional information:
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| Three Months | Nine Months Ended | ||||||||||||
| Sep 30, 2025 | Sep 30, 2024 | Change | Sep 30, 2025 | Sep 30, 2024 | Change | ||||||||
| Rental Revenue | $ | 15,085,120 | $ | 14,889,830 | 1% | $ | 45,935,181 | $ | 44,989,658 | 2% | |||
| NOI – IFRS Basis | 9,637,533 | 9,689,972 | (1%) | 28,634,173 | 28,619,139 | 0% | |||||||
| NOI – Cash Basis | 9,618,918 | 9,716,062 | (1%) | 28,809,376 | 28,835,025 | (0%) | |||||||
| Same-Property NOI | 9,572,840 | 9,731,919 | (2%) | 28,927,982 | 28,726,634 | 1% | |||||||
| Net Income (loss) | 4,349,610 | 9,363,069 | (54%) | 13,184,002 | 28,132,790 | (53%) | |||||||
| FFO | 4,623,684 | 4,776,493 | (3%) | 13,709,595 | 14,048,308 | (2%) | |||||||
| AFFO | 4,594,576 | 4,794,328 | (4%) | 13,455,220 | 13,831,039 | (3%) | |||||||
| Total Assets | $ | 637,041,043 | $ | 652,698,147 | (2%) | ||||||||
| Total Mortgages | 304,155,214 | 318,201,702 | (4%) | ||||||||||
| Credit Facility | 14,450,000 | 16,700,000 | (13%) | ||||||||||
| Unitholders’ Equity | 305,163,991 | 305,425,668 | (0%) | ||||||||||
| Units Outstanding (000s) | 36,926 | 36,926 | (0%) | ||||||||||
| FFO Per Unit | $ | 0.125 | $ | 0.129 | (3%) | $ | 0.371 | $ | 0.380 | (2%) | |||
| AFFO Per Unit | $ | 0.124 | $ | 0.130 | (4%) | $ | 0.364 | $ | 0.375 | (3%) | |||
| Distributions Per Unit | $ | 0.130 | $ | 0.130 | 0% | $ | 0.390 | $ | 0.390 | (0%) | |||
| FFO Payout Ratio | 104% | 100% | 382 bps | 105% | 103% | 204 bps | |||||||
| AFFO Payout Ratio | 104% | 100% | 448 bps | 107% | 104% | 302 bps | |||||||
| Wtd. Avg. Int. Rate – Mort. Debt | 4.3% | 4.2% | 10 bps | ||||||||||
| Debt to GBV | 50% | 51% | (99) bps | ||||||||||
| GLA – Commercial, SF | 2,427,366 | 2,512,862 | (3%) | ||||||||||
| Units – Multi-Res | 599 | 599 | 0% | ||||||||||
| Units – MHCs | 537 | 537 | 0% | ||||||||||
| Occupancy – Commercial | 94.6% | 94.8% | (20) bps | ||||||||||
| Occupancy – Multi-Res | 93.6% | 97.7% | (410) bps | ||||||||||
| Occupancy MHCs | 99.8% | 100.0% | (20) bps | ||||||||||
| Rent PSF – Retail | $ | 19.19 | $ | 19.35 | (1%) | ||||||||
| Rent PSF – Industrial | $ | 9.03 | $ | 9.00 | 0% | ||||||||
| Rent per month – Multi-Res | $ | 1,654 | $ | 1,527 | 8% | ||||||||
| Rent per month – MHCs | $ | 706 | $ | 643 | 10% | ||||||||
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