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7% INCREASE IN NOI AND IMPROVING AFFO PAYOUT RATIO IN Q2/2026 OVER Q2/2025
$41.2MM OF MORTGAGE REFINANCING COMPLETED
ACQUISITION OF A $4.3MM MHC
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TORONTO, Aug. 11, 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 six months ended June 30, 2026.
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PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 62 commercial properties with a total gross leasable area (“GLA”) of 2,430,732 square feet, five multi-residential complexes comprised of 599 units and five Manufactured Home Communities comprised of 640 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 47% of NOI (44% of asset value) comprised of grocery anchored retail followed by industrial at 30% of NOI (28% of asset value). In addition, the portfolio is well diversified in terms of geographies with 35% of NOI (41% of asset value) comprised of assets located in Ontario, followed by Quebec at 38% of NOI (30% 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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Q2/2026 HIGHLIGHTS
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Key highlights for the three months ended June 30, 2026 are as follows:
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- Net income for Q2/2026 was $7.8 million which is up from the $4.4 million in Q2/2025;
- Income before fair value adjustments for Q2/2026 was $5.1 million which is up from the $3.5 million reported in Q2/2025;
- Net Operating Income (“NOI”) increased 7% to $10.2 million from Q2/2025;
- Commercial occupancy was 94.4%, multi-residential occupancy was 96.4% while manufactured homes communities occupancy was 99.7%;
- The Trust closed on a 50% interest in a 103 site Manufactured Housing Community called Sunpark Didsbury Estates located in Didsbury, Alberta. The acquisition price for the Trust’s portion was $4.3 million.
- The Trust closed on the refinancing of 3 mortgages for proceeds of $41.2MM.
- Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 50.5%;
- The Trust declared and approved monthly distributions in the amount of $0.04333 per Trust Unit for Unitholders of record on October 31, 2026, November 30, 2026 and December 31, 2026, payable on or about November 16, 2026, December 15, 2026, and January 15, 2027, respectively.
- AFFO per Unit for Q2/2026 was $0.132, a 7% increase over Q2/2025;
- AFFO Payout Ratio improved to 98% for Q2/2026, compared to the 106% for Q2/2025;
- $8.06 Net Asset Value (“NAV”) per Unit.
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See chart below for additional information:
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| Three Months | Six Months Ended | ||||||||||||||||||||
| June 30, 2026 | June 30, 2025 | Change | June 30, 2026 | June 30, 2025 | Change | ||||||||||||||||
| Rental Revenue | $ | 15,925,161 | $ | 15,316,411 | 4 | % | $ | 31,757,081 | $ | 30,850,061 | 3 | % | |||||||||
| NOI – IFRS Basis | 10,222,662 | 9,588,294 | 7 | % | 20,125,019 | 18,996,640 | 6 | % | |||||||||||||
| NOI – Cash Basis | 10,164,090 | 9,623,615 | 6 | % | 20,052,157 | 19,190,458 | 4 | % | |||||||||||||
| Same-Property NOI | 10,091,773 | 9,665,786 | 4 | % | 20,062,088 | 19,004,460 | 6 | % | |||||||||||||
| Net Income (loss) | 7,800,719 | 4,421,910 | 76 | % | 11,973,326 | 8,834,392 | 36 | % | |||||||||||||
| FFO | 4,471,069 | 4,737,651 | (6 | ) | % | 9,404,825 | 9,085,911 | 4 | % | ||||||||||||
| AFFO | 4,880,572 | 4,534,938 | 8 | % | 9,646,489 | 8,860,645 | 9 | % | |||||||||||||
| Total Assets | $ | 663,108,497 | $ | 637,178,557 | 4 | % | |||||||||||||||
| Total Mortgages | 314,859,551 | 302,251,793 | 4 | % | |||||||||||||||||
| Credit Facility | 19,820,000 | 15,900,000 | 25 | % | |||||||||||||||||
| Unitholders’ Equity | 315,268,872 | 305,614,352 | 3 | % | |||||||||||||||||
| Units Outstanding (000s) | 36,926 | 36,926 | (0 | ) | % | ||||||||||||||||
| FFO Per Unit | $ | 0.121 | $ | 0.128 | (5 | ) | % | $ | 0.255 | $ | 0.246 | 4 | % | ||||||||
| AFFO Per Unit | $ | 0.132 | $ | 0.123 | 7 | % | $ | 0.261 | $ | 0.240 | 9 | % | |||||||||
| Distributions Per Unit | $ | 0.130 | $ | 0.130 | — | % | $ | 0.260 | $ | 0.260 | (0 | ) | % | ||||||||
| FFO Payout Ratio | 107 | % | 101 | % | 636 | bps | 102 | % | 106 | % | (393 | ) | bps | ||||||||
| AFFO Payout Ratio | 98 | % | 106 | % | (764 | ) | bps | 100 | % | 108 | % | (848 | ) | bps | |||||||
| Wtd. Avg. Int. Rate – Mort. Debt | 4.5 | % | 4.2 | % | 7 | % | |||||||||||||||
| Debt to GBV | 50 | % | 50 | % | 1 | % | |||||||||||||||
| GLA – Commercial, SF | 2,430,732 | 2,427,383 | 0 | % | |||||||||||||||||
| Units – Multi-Res | 599 | 599 | — | % | |||||||||||||||||
| Units – MHCs | 640 | 537 | 19 | % | |||||||||||||||||
| Occupancy – Commercial | 94.4 | % | 93.8 | % | 1 | % | |||||||||||||||
| Occupancy – Multi-Res | 96.4 | % | 94.4 | % | 2 | % | |||||||||||||||
| Occupancy MHCs | 99.7 | % | 100.0 | % | (1 | ) | % | ||||||||||||||
| Rent PSF – Retail | $ | 19.52 | $ | 19.11 | 2 | % | |||||||||||||||
| Rent PSF – Industrial | $ | 9.74 | $ | 9.23 | 6 | % | |||||||||||||||
| Rent per month – Multi-Res | $ | 1,722 | $ | 1,628 | 6 | % | |||||||||||||||
| Rent per month – MHCs | $ | 737 | $ | 691 | 7 | % | |||||||||||||||
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