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Firm Capital Property Trust: Q3-2019 Earnings, Price Target Update

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Firm Capital Property Trust (FCD.UN) 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. The portfolio is comprised of 73 properties valued at $433M comprising 2.3M sq. ft. and 2 apartment properties totaling 204 units as of Sept-30-2019. The total portfolio value as at Dec-31-2017 was $221M consisting of 61 commercial properties totaling 1.5M sq. ft. and one apartment complex with 135 units. By net operating 71% is from the retail properties, Industrial -23%, Apartments – 5% and Office -1%. During 2018 the allocation to retail and industrial properties increased and most all office properties were sold. By net operating income 60% is earned from properties located in Ontario, Quebec-23%, Nova Scotia 9% and other at 9%. The industrial properties are located in Montreal and Waterloo the apartment properties are in Ottawa and Dartmouth, Nova Scotia.

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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