Firm Capital Property Trust Reports Q3/2025 and YTD Results

Executive Summary

• Firm Capital Property Trust reported Q3 2025 results, with AFFI of $4.6 M and AFFO per unit of $0.124; AFFO payout ratio improved to 104% versus 106% in Q2.
• Completed a $38 MM first‑mortgage refinancing on a Whitby, Ontario property at a fixed 4.51% rate (5‑year term, 30‑year amortization) with the Trust holding a 40% interest.
• Declared monthly distributions of $0.04333 per unit for Jan–Mar 2026 unitholders.

Key Details

• Portfolio Composition: 62 commercial properties (2,427,366 sf GLA), 5 multi‑residential complexes (599 units), 4 manufactured home communities (537 units).
• Geographic & Tenant Mix: 48% of NOI from grocery‑anchored retail; top tenant ≤13.1% of net rent; top 10 tenants represent 32.2% of net rent.
• Q3 2025 Financial Highlights:
• AFFI ≈ $4.6 M; AFFO per unit $0.124.
• NAV $7.83 per unit; NOI ≈ $9.6 M (≈ flat YoY).
• Occupancy – Commercial 94.6%, Multi‑Res 93.6%, MHC 99.8%.
• Debt/GBV 50.0%; weighted‑average mortgage interest rate 4.3% (up 10 bps).
• Refinancing Details: $38 MM first mortgage, fixed 4.51% interest, 5‑year term, 30‑year amortization; Trust holds 40% interest in the loan.
• Distributions: Monthly distributions of $0.04333 per unit for unitholders of record Jan 30, Feb 27, Mar 31 2026 (payable mid‑Feb, mid‑Mar, mid‑Apr).
• Financial Table Highlights (Three‑Month Comparison):
• Rental Revenue ↑ 1% YoY to $15.09 M.
• NOI (IFRS) –1% YoY to $9.64 M; Cash‑basis NOI –1% YoY to $9.62 M.
• Net Income down 54% YoY to $4.35 M.
• FFO down 3% YoY to $4.62 M; AFFO down 4% YoY to $4.59 M.
• Total Assets $637.0 M (‑2% YoY); Total Mortgages $304.2 M (‑4%).
• Distribution Reinvestment Plan (DRIP) & Unit Purchase Plan (UPP): DRIP allows reinvestment of distributions with up to a 3% discount; UPP permits purchases of $1,000–$12,000 per year. Management and trustees own ~10% of units and have not participated in either plan.

Notable Quotes

• “The refinancing strengthens our balance sheet while maintaining a conservative leverage profile, positioning the Trust for continued stable distributable income.” – Robert McKee, President & CEO
• “Our diversified portfolio and disciplined asset management continue to deliver solid AFFO performance despite modest pressure on net income.” – Sandy Poklar, CFO