21% INCREASE IN NOI AND IMPROVING AFFO PAYOUT RATIO IN Q3/2026 OVER Q3/2025
CLOSED ON 50% INTEREST in $218MM MHC PORTFOLIO
TORONTO, Nov. 03, 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 nine months ended September 30, 2026.
PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 62 commercial properties with a total gross leasable area (“GLA”) of 2,430,787 square feet, five multi-residential complexes comprised of 599 units and fifteen Manufactured Home Communities comprised of 2,288 sites. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 45% of NOI (38% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (24% of asset value). In addition, the portfolio is well diversified in terms of geographies with 33% of NOI (36% of asset value) comprised of assets located in Ontario, followed by Quebec at 36% of NOI (26% of asset value).
TENANT DIVERSIFICATION
The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 12.7% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 31.3% of total net rent.
Q3/2026 HIGHLIGHTS
Key highlights for the three months ended September 30, 2026 are as follows:
- Net income for Q3/2026 was $7.0 million which is up from the $4.3 million in Q3/2025;
- Income before fair value adjustments for Q3/2026 was $5.2 million which is up from the $4.6 million reported in Q3/2025;
- Net Operating Income (“NOI”) increased 21% to $11.7 million from Q3/2025;
- Commercial occupancy was 94.4%, multi-residential occupancy was 96.7% while manufactured home communities occupancy was 95.2%;
- The Trust completed the acquisition of a 50% interest in ten manufactured housing communities comprising 1,649 sites located in Alberta and Saskatchewan for $99.4 million. As part of the acquisition, the Trust also acquired a 50% interest in a portfolio of chattel mortgages with a carrying value of approximately $2.3 million and manufactured housing community homes with a value of approximately $7.0 million.
- Leverage profile with Debt / Gross Book Value (“GBV”) at 57.1%;
- The Trust declared and approved monthly distributions in the amount of $0.04333 per Trust Unit for Unitholders of record on January 29, 2027, February 26, 2027 and March 31, 2027, payable on or about February 15, 2027, March 15, 2027, and April 15, 2027, respectively.
- AFFO per Unit for Q3/2026 was $0.134, an 8% increase over Q3/2025;
- AFFO Payout Ratio improved to 97% for Q3/2026, compared to the 104% for Q3/2025;
- $8.10 Net Asset Value (“NAV”) per Unit.
See chart below for additional information:
| Three Months | Nine Months Ended | |||||||||||||||||||
| Sep. 30, 2026 | Sep. 30, 2025 | Change | Sep. 30, 2026 | Sep. 30, 2025 | Change | |||||||||||||||
| Rental Revenue | $ | 18,042,861 | $ | 15,085,120 | 20 | % | $ | 49,799,942 | $ | 45,935,181 | 8 | % | ||||||||
| NOI - IFRS Basis | 11,708,778 | 9,637,533 | 21 | % | 31,833,797 | 28,634,173 | 11 | % | ||||||||||||
| NOI - Cash Basis | 11,616,775 | 9,618,918 | 21 | % | 31,668,932 | 28,809,376 | 10 | % | ||||||||||||
| Same-Property NOI | 10,172,779 | 9,683,578 | 5 | % | 30,283,425 | 28,673,811 | 6 | % | ||||||||||||
| Net Income | 6,965,800 | 4,349,610 | 60 | % | 18,939,126 | 13,184,002 | 44 | % | ||||||||||||
| FFO | 5,366,863 | 4,623,684 | 16 | % | 14,771,688 | 13,709,595 | 8 | % | ||||||||||||
| AFFO | 4,939,477 | 4,594,576 | 8 | % | 14,585,965 | 13,455,220 | 8 | % | ||||||||||||
| Total Assets | $ | 773,719,135 | $ | 637,041,043 | 21 | % | ||||||||||||||
| Total Mortgages | 386,173,063 | 304,155,214 | 27 | % | ||||||||||||||||
| Credit Facility | 55,250,491 | 14,450,000 | 282 | % | ||||||||||||||||
| Unitholders’ Equity | 317,434,703 | 305,163,991 | 4 | % | ||||||||||||||||
| Units Outstanding (000s) | 36,926 | 36,926 | — | % | ||||||||||||||||
| FFO Per Unit | $ | 0.145 | $ | 0.125 | 16 | % | $ | 0.400 | $ | 0.371 | 8 | % | ||||||||
| AFFO Per Unit | $ | 0.134 | $ | 0.124 | 8 | % | $ | 0.395 | $ | 0.364 | 9 | % | ||||||||
| Distributions Per Unit | $ | 0.130 | $ | 0.130 | — | % | $ | 0.390 | $ | 0.390 | — | % | ||||||||
| FFO Payout Ratio | 89 | % | 104 | % | (1,456 | ) | bps | 97 | % | 105 | % | (752 | ) | bps | ||||||
| AFFO Payout Ratio | 97 | % | 104 | % | (682 | ) | bps | 99 | % | 107 | % | (828 | ) | bps | ||||||
| Wtd. Avg. Int. Rate - Mort. Debt | 4.5 | % | 4.3 | % | 20 | bps | ||||||||||||||
| Debt to GBV | 57 | % | 50 | % | 705 | bps | ||||||||||||||
| GLA - Commercial, SF | 2,430,787 | 2,427,366 | 0 | % | ||||||||||||||||
| Units - Multi-Res | 599 | 599 | — | % | ||||||||||||||||
| Units - MHCs | 2,288 | 537 | 326 | % | ||||||||||||||||
| Occupancy - Commercial | 94.4 | % | 94.6 | % | (20 | ) | bps | |||||||||||||
| Occupancy - Multi-Res | 96.7 | % | 93.6 | % | 310 | bps | ||||||||||||||
| Occupancy MHCs | 95.2 | % | 99.8 | % | (460 | ) | bps | |||||||||||||
| Rent PSF - Retail | $ | 19.74 | $ | 19.19 | 3 | % | ||||||||||||||
| Rent PSF - Industrial | $ | 10.17 | $ | 9.03 | 13 | % | ||||||||||||||
| Rent per month - Multi-Res | $ | 1,723 | $ | 1,654 | 4 | % | ||||||||||||||
| Rent per month - MHCs | $ | 940 | $ | 706 | 33 | % | ||||||||||||||
For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit www.sedarplus.ca or the Trust’s website at www.firmcapital.com
DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN
The Trust has in place a Distribution Reinvestment Plan (“DRIP”) and Unit Purchase Plan (the “UPP”). Under the terms of the DRIP, FCPT’s Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions and may acquire units up to a 3% discount (conditions apply). Under the terms of the UPP, FCPT’s Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or UPP to date and own or control approximately 10% of the issued and outstanding trust units of the Trust.
ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)
Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income in partnership with management and industry leaders. The Trust’s plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, net lease convenience retail and manufactured home community properties. In addition to stand-alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates, and provides property and asset management services for investments on behalf of the Trust.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.
Certain financial information presented in this press release reflect certain non-International Financial Reporting Standards (“IFRS”) financial measures, which include NOI, Same-Property NOI, FFO and AFFO. These measures are commonly used by real estate investment entities as useful metrics for measuring performance and cash flows, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment entities. These terms are defined in the Trust’s Management Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2026 as filed on www.sedarplus.ca.
For further information, please contact:
| Robert McKee President & Chief Executive Officer (416) 635-0221 | Sandy Poklar Chief Financial Officer (416) 635-0221 |
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