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Earnings

Firm Capital Property Trust Reports Q4/2025 and YTD Results

By The Northwire Desk — AI Analysis Mar 10, 2026 · 17:15 FCD · 6.07
FCD · Price

Executive Summary

  • Firm Capital Property Trust reported Q4 2025 net income of $12.5 M, a 118% increase versus Q4 2024.
  • The Trust refinanced an Edmonton property mortgage for $18.4 M at a fixed 4.15% rate and expanded its revolving operating credit facility to $35.0 M.
  • Monthly distributions of $0.0433 per unit were declared for April‑June 2026, with AFFO payout ratio improving to 98%.

Key Details

  • Portfolio Overview: 62 commercial properties (2,433,940 sf GLA), 5 multi‑residential complexes (599 units), 4 manufactured home communities (537 units).
  • Tenant Mix: No single tenant exceeds 12.9% of net rent; top 10 tenants represent 31.8% of total net rent.
  • Q4 2025 Financial Highlights:
  • Net income: $12,531,463 vs. $5,754,200 in Q4 2024 (+118%).
  • NOI (IFRS): $10,008,972 vs. $9,957,731 YoY (+1%).
  • AFFO: $4,905,149 vs. $4,805,695 (+2%).
  • AFFO per unit: $0.133 vs. $0.130 (+2%).
  • AFFO payout ratio: 98% (down from 100%).
  • NAV per unit: $8.00.
  • Occupancy Rates: Commercial 93.3%, Multi‑residential 93.2%, Manufactured homes 99.6%.
  • Leverage: Debt/GBV at 50%; weighted‑average mortgage interest rate 4.3% (up 10 bps).
  • Mortgage Refinancing (Dec 16 2025): $18.4 M first mortgage, fixed 4.15%, 4‑year term, 30‑yr amortization, maturity Dec 17 2029; Trust holds 50% interest.
  • Operating Credit Facility: Extended to Oct 31 2027; availability increased from $19.0 M to $35.0 M.
  • Distributions: Monthly distribution of $0.0433 per unit declared for unitholders of record Apr 30, May 29, Jun 30 2026 (payable mid‑May, mid‑June, mid‑July).
  • Rental Revenue: $15.66 M Q4 2025 vs. $15.59 M Q4 2024 (≈0% change); 12‑month revenue $61.60 M vs. $60.58 M (+2%).
  • FFO & AFFO per Unit (Q4 2025): FFO $0.136 (down 5% YoY), AFFO $0.133 (up 2%).
  • Distribution Reinvestment Plan (DRIP) & Unit Purchase Plan (UPP): DRIP allows up to 3% discount; UPP permits purchases of $1,000–$12,000 per year. Management and trustees hold ~10% of units and have not participated in either plan.

Notable Quotes

  • “Our diversified portfolio continues to deliver stable cash flow and strong occupancy, enabling us to enhance distributions while maintaining a disciplined capital structure,” – Robert McKee, President & CEO.
  • “The refinancing at attractive rates and the expanded credit facility provide additional flexibility for future growth initiatives,” – Sandy Poklar, CFO.
Read the original news release →

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