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$18.4 MM MORTGAGE REFINANCING
OPERATING CREDIT FACILITY INCREASE TO $35.0MM
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TORONTO, March 10, 2026 (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, 2025.
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PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 62 commercial properties with a total gross leasable area (“GLA”) of 2,433,940 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 (44% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (28% of asset value). In addition, the portfolio is well diversified in terms of geographies with 37% of NOI (41% of asset value) comprised of assets located in Ontario, followed by Quebec at 37% 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 12.9% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 31.8% of total net rent.
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Q4/2025 HIGHLIGHTS
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Key highlights for the three months ended December 31, 2025 are as follows:
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- Net income for Q4/2025 was $12.5 million which is up from $5.8 million in Q4/2024;
- Income before fair value adjustments for Q4/2025 was $5.0 million which is in line with Q4/2024;
- Net Operating Income (“NOI”) was approximately $10.0 million, largely in line with Q4/2024;
- Commercial occupancy was 93.3%, Multi-Residential occupancy was 93.2% while Manufactured Homes Communities occupancy was 99.6%;
- Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 50%;
- On December 16, 2025, the Trust closed on the refinancing of a first mortgage with a Canadian Chartered Bank on a property located in Edmonton Alberta for $18.4 million. Terms of the mortgage are fixed at 4.15%, 4 year term, and a 30 year amortization with a maturity date of December 17, 2029. The Trust has a 50% interest in this loan.
- The Trust finalized the extension of its revolving operating facility to October 31, 2027 and increased the availability from $19.0 million to $35.0 million.
- The Trust declared and approved monthly distributions in the amount of $0.0433 per Trust Unit for Unitholders of record on April 30, 2026, May 29, 2026 and June 30, 2026, payable on or about May 15, 2026, June 15, 2026 and July 15, 2026, respectively.
- Adjusted Funds From Operations (“AFFO”) was approximately $4.9 million, a 2% increase over Q4/2024;
- AFFO per Unit for Q4/2025 was $0.133, a 2% increase over Q4/2024;
- AFFO Payout Ratio improved to 98% for Q4/2025, compared to the 100% for Q4/2024;
- $8.00 Net Asset Value (“NAV”) per Unit.
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See chart below for additional information:
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| Three Months | Twelve Months Ended | ||||||||||||||||
| Dec 31, 2025 | Dec 31, 2024 | Change | Dec 31, 2025 | Dec 31, 2024 | Change | ||||||||||||
| Rental Revenue | $ | 15,663,180 | $ | 15,587,337 | 0 | % | $ | 61,598,361 | $ | 60,576,995 | 2 | % | |||||
| NOI – IFRS Basis | 10,008,972 | 9,957,731 | 1 | % | 38,643,145 | 38,576,870 | 0 | % | |||||||||
| NOI – Cash Basis | 9,874,957 | 9,865,803 | 0 | % | 38,684,333 | 38,700,828 | (0 | %) | |||||||||
| Same-Property NOI | 9,756,588 | 9,706,957 | 1 | % | 38,484,934 | 38,494,268 | (0 | %) | |||||||||
| Net Income (loss) | 12,531,463 | 5,754,200 | 118 | % | 25,715,466 | 33,886,990 | (24 | %) | |||||||||
| FFO | 5,017,082 | 5,272,271 | (5 | %) | 18,726,677 | 19,320,579 | (3 | %) | |||||||||
| AFFO | 4,905,149 | 4,805,695 | 2 | % | 18,360,369 | 18,636,734 | (1 | %) | |||||||||
| Total Assets | $ | 645,306,162 | $ | 651,949,269 | (1 | %) | |||||||||||
| Total Mortgages | 304,617,556 | 304,819,251 | (0 | %) | |||||||||||||
| Credit Facility | 14,666,338 | 27,700,000 | (47 | %) | |||||||||||||
| Unitholders’ Equity | 312,895,485 | 306,379,896 | 2 | % | |||||||||||||
| Units Outstanding (000s) | 36,926 | 36,926 | (0 | %) | |||||||||||||
| FFO Per Unit | $ | 0.136 | $ | 0.143 | (5 | %) | $ | 0.507 | $ | 0.523 | (3 | %) | |||||
| AFFO Per Unit | $ | 0.133 | $ | 0.130 | 2 | % | $ | 0.497 | $ | 0.505 | (2 | %) | |||||
| Distributions Per Unit | $ | 0.130 | $ | 0.130 | 0 | % | $ | 0.520 | $ | 0.520 | (0 | %) | |||||
| FFO Payout Ratio | 96 | % | 91 | % | 468 bps | 103 | % | 99 | % | 353 bps | |||||||
| AFFO Payout Ratio | 98 | % | 100 | % | (214) bps | 105 | % | 103 | % | 157 bps | |||||||
| Wtd. Avg. Int. Rate – Mort. Debt | 4.3 | % | 4.2 | % | 10 bps | ||||||||||||
| Debt to GBV | 50 | % | 51 | % | (91) bps | ||||||||||||
| GLA – Commercial, SF | 2,433,940 | 2,514,580 | (3 | %) | |||||||||||||
| Units – Multi-Res | 599 | 599 | 0 | % | |||||||||||||
| Units – MHCs | 537 | 537 | 0 | % | |||||||||||||
| Occupancy – Commercial | 93.3 | % | 94.5 | % | (120) bps | ||||||||||||
| Occupancy – Multi-Res | 93.2 | % | 95.3 | % | (210) bps | ||||||||||||
| Occupancy MHCs | 99.6 | % | 100.0 | % | (20) bps | ||||||||||||
| Rent PSF – Retail | $ | 19.14 | $ | 18.84 | 2 | % | |||||||||||
| Rent PSF – Industrial | $ | 9.64 | $ | 9.12 | 6 | % | |||||||||||
| Rent per month – Multi-Res | $ | 1,674 | $ | 1,604 | 4 | % | |||||||||||
| Rent per month – MHCs | $ | 763 | $ | 671 | 14 | % | |||||||||||
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