Canada NewsWire
TORONTO, Nov. 8, 2018
TORONTO, Nov. 8, 2018 /CNW/ - Firm Capital American Realty Partners Corp. ("the "Company"), (TSXV: FCA.U), (TSXV: FCA) is pleased to report its financial results for the three and nine months ended September 30, 2018:
THIRD QUARTER AND YEAR TO DATE HIGHLIGHTS
Three Months Ended | Nine Months Ended | |||||||||
Sept 30, | June 30, | Sept 30, | Sept 30, | Sept 30, | ||||||
Net Income/(Loss) | $ | 1,681,890 | $ | 1,417,017 | $ | (358,904) | $ | 3,276,200 | $ | (455,237) |
FFO | $ | 161,460 | $ | 132,966 | $ | (570,321) | $ | 625,464 | $ | (1,529,020) |
AFFO | $ | 230,447 | $ | 164,317 | $ | 132,049 | $ | 745,570 | $ | (531,583) |
Adjusted FFO | $ | 176,918 | $ | 134,658 | $ | 29,372 | $ | 641,506 | $ | (925,324) |
Adjusted AFFO | $ | 230,447 | $ | 164,317 | $ | 249,993 | $ | 745,570 | $ | (413,639) |
Net Income/(Loss) Per Share | $ | 0.28 | $ | 0.23 | $ | (0.07) | $ | 0.54 | $ | (0.10) |
Diluted Net Income Per Share | $ | 0.22 | $ | 0.18 | $ | (0.06) | $ | 0.41 | $ | (0.08) |
FFO per Share | $ | 0.03 | $ | 0.02 | $ | (0.11) | $ | 0.10 | $ | (0.33) |
AFFO Per Share | $ | 0.04 | $ | 0.03 | $ | 0.03 | $ | 0.12 | $ | (0.11) |
Adjusted FFO Per Share | $ | 0.03 | $ | 0.02 | $ | 0.01 | $ | 0.10 | $ | (0.20) |
Adjusted AFFO Per Share | $ | 0.04 | $ | 0.03 | $ | 0.05 | $ | 0.12 | $ | (0.09) |
The accretion impact of the New Mortgage and the IFRS Valuation increase impacted Q3/2018 earnings positively by approximately $0.05 per share. Once completed, the accretion impact of the 14 apartment units are expected to impact future earnings by an additional $0.14 per share annually;
The Tinton Portfolio will be financed, in part, by three new secured first mortgages at a 4.4% interest rate for approximately $16.6 million. The terms of the financing include a two year interest-only period, 30 year amortization and a seven year term. The remaining capital requirement of approximately $9.3 million will be funded through a combination of (i) $5.6 million of preferred equity yielding 8.0% held by the Company; and (ii) $3.7 million of common equity held 50% by the Company and 50% by SBT Property. The expected cash return on the Company's investment in the preferred and common shares is expected to be approximately 8.6%; and
For the complete financial statements including Management's Discussion & Analysis, please visit www.sedar.com or the Company's website at www.firmcapital.com
ABOUT FIRM CAPITAL AMERICAN REALTY PARTNERS CORP.
Firm Capital American Realty Partners Corp. (the "Company") is a U.S. focused real estate investment entity that pursues real estate and debt investments through the following platforms:
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements regarding the Company's single family property disposition program and debt repayments, which may not be completed within the estimated time frames specified above or at all. Failure to complete the steps described above or any delays in their implementation may have a material adverse effect upon the business of the Company and its market value. There is no assurance that the Company will be able to complete the disposition of the single property disposition portfolio at anticipated values or at all or that market conditions will support the debt and equity raises contemplated by the Company. There is no assurance that the implementation of the steps described above, even if completed as described above, will increase the market value of the Company's securities, which is subject to numerous factors beyond the Company's control.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Company holds properties; volatility of real estate prices; inability to complete the Company's single family property disposition program or debt restructuring in a timely manner; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of the Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Certain financial information presented in this press release reflect certain non-International Financial Reporting Standards ("IFRS") financial measures, which include NOI, FFO and AFFO. These measures are commonly used by real estate investment companies as useful metrics for measuring performance, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment companies. These terms are defined in The Company's Management Discussion and Analysis for the quarter and year ended December 31, 2017 filed on www.sedar.com.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Firm Capital American Realty Partners Corp.
View original content: http://www.newswire.ca/en/releases/archive/November2018/08/c6108.html
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