Firm Capital Property Trust Announces Significant Progress in its 2024 Mortgage Maturities With the Successful Refinancing of Seven Retail Properties

TORONTO, March 11, 2024 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“FCPT” or the “Trust”) (TSX : FCD.UN) is pleased to provide an update regarding its recent refinancing / renewal of a large portion of its 2024 mortgage debt maturities.

For 2024, $97.5 million of the Trust’s $303.7 million mortgages mature. To date, $27.8 million or 28.5% of these maturities have been completed.

The Trust is pleased to announce that it has put in place new mortgages secured by seven retail properties totaling 301,981 square feet (100% occupied) located in Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec. The properties are owned in a joint venture with Crombie Real Estate Investment Trust. The proceeds of the new mortgages are approximately $55.5 million, excluding transaction costs. The Trust’s portion of the mortgages is approximately $27.8 million, excluding transaction costs. The mortgages have a 5.34% interest rate, 30 year amortization and 4.5 year term. The Trust received additional proceeds of approximately $3.4 million versus the maturing mortgage amounts. These net proceeds were used to repay amounts due under the Trust’s various credit facilities.

The Trust is currently working through the remainder of the 2024 Maturities and will update unitholders during 2024. As it currently stands, the Trust does not see an issue with refinancing the balance of the 2024 Maturities.

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, and net lease convenience retail. 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 property and asset manages investments on behalf of the Trust.