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Firm Capital Property Trust: Q2-2019 Earnings, Price Target Update

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Firm Capital Property Trust is a REIT focused on Multi-Unit Residential, Industrial & Flex Industrial, Net Lease Convenience and Stand Alone Retail, and Core Service Provider/Healthcare Professional Office. Acquisitions are made on a full ownership or with partners in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. The portfolio is comprised of 73 properties valued at $418M comprising 2.2M sq. f.t as of Jun-30-2019. The total portfolio value as at Dec-31-2017 was $203M consisting of 61 commercial properties totaling 1.5M sq. ft. and one apartment complex with 135 units. By net operating 76% is from the retail properties, Industrial -By sq. ft., excluding the apartment properties, retail properties comprise 63% properties % and 4% for multi-residential. During 2018 the allocation to retail and industrial properties increased and all office properties were sold. By net operating income 57% is earned from properties located in Ontario, Quebec-26%, Nova Scotia 6% and other at 11%. The industrial properties are located in Montreal and Waterloo the apartment property is in Ottawa.

Acquisitions during 2017 total $27.9M compared to $35.7M for 2016 and $5.8M for 2018. For the 1H-2019 acquisitions totaled $213M. The Centre Ice Portfolio acquired in 2017 for $11.5M was sold in the 1H-2019.

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