Firm Capital Property Trust Reports Q2/2025 and YTD Results

Executive Summary

• Firm Capital Property Trust reported financial results for the three and six months ended June 30, 2025, highlighting stable Adjusted Funds From Operations (AFFO) and improved AFFO payout ratios.
• The Trust completed the sale of specific retail and industrial properties for gross proceeds of $29.3 million, with a pro-rata share of $15.0 million and a recognized gain of approximately $1.8 million.
• Operational metrics show a 1.3% increase in Same Property NOI year-over-year, with commercial occupancy at 93.8% and multi-residential occupancy at 94.4%.

Key Details

• Financial Performance (Q2 2025):
  • Adjusted Funds From Operations (AFFO): ~$4.5 million (largely in line with Q2 2024).
  • AFFO per Unit: $0.123.
  • AFFO Payout Ratio: Improved to 106% (down from 111% in Q1 2025).
  • Net Operating Income (NOI): ~$9.6 million (largely in line with Q2 2024).
  • Same Property NOI: Increased 1.3% over Q2 2024.
  • Net Asset Value (NAV): $7.84 per Unit, a 1.7% increase from Q2 2024.
  • Net Income (Loss): $4,421,910 (down 50% from Q2 2024).
  • Funds From Operations (FFO): $4,737,651 (flat vs Q2 2024).
• Property Sales:
  • Sold retail properties from the Centre Ice Retail Portfolio and Montreal Industrial Portfolio.
  • Gross Proceeds: $29.3 million.
  • Trust’s Pro-rata Share: $15.0 million.
  • Gain on Sale: ~$1.8 million.
• Portfolio Composition & Occupancy:
  • Total Portfolio: 62 commercial properties (2,427,383 sq ft GLA), 5 multi-residential complexes (599 units), and 4 Manufactured Home Communities (537 units).
  • NOI Breakdown: 50% grocery-anchored retail, 25% industrial.
  • Geographic Breakdown: 37% Ontario, 36% Quebec.
  • Commercial Occupancy: 93.8% (down from 95.8% in Q2 2024).
  • Multi-Residential Occupancy: 94.4% (down from 99.7% in Q2 2024).
  • Manufactured Home Communities Occupancy: 100.0%.
  • Tenant Diversification: No single tenant >13.1% of total net rent; Top 10 tenants account for 32.2% of total net rent.
• Balance Sheet & Leverage:
  • Debt to Gross Book Value (GBV): 49.9%.
  • Total Mortgages: $302,251,793 (down from $314,222,880 in Q2 2024).
  • Credit Facility: $15,900,000 (down from $19,600,000 in Q2 2024).
  • Unitholders' Equity: $305,614,352 (up 2% from Q2 2024).
  • Weighted Average Interest Rate on Mortgages: 4.2%.
• Rent Metrics:
  • Retail Rent PSF: $19.11 (flat vs Q2 2024).
  • Industrial Rent PSF: $9.23 (up 9% from $8.50 in Q2 2024).
  • Multi-Res Rent per Month: $1,628 (up 12% from $1,453 in Q2 2024).
  • MHC Rent per Month: $691 (up 9% from $633 in Q2 2024).
• Distributions:
  • Declared monthly distributions of $0.04333 per Trust Unit.
  • Record Dates: October 31, 2025; November 28, 2025; December 31, 2025.
  • Payable Dates: On or about November 17, 2025; December 15, 2025; January 15, 2026.

Notable Quotes

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