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Date Reviewed | N/A |
Company Name | Firm Capital Property Trust |
Symbol | FCD.UN.TO |
Sector | Real Estate |
Industry | REIT - Retail |
Beta | 1.069 |
PRO Rating | 2 |
Dividend Safety | 2 |
Business Model
Firm Capital Property Trust (the Trust) is a Canada-based open-ended real estate investment trust. The Trust owns 100% of the outstanding Class A Limited Partnership Units of Firm Capital Property Limited Partnership (FCPLP), a limited partnership created under the laws of the Province of Ontario. FCPLP ultimately owns the investment properties through various subsidiaries. The Trust is focused on creating long-term value for unitholders through capital preservation and disciplined investing to achieve stable distributable income. The Trust operates through five segments: grocery anchored retail, non-grocery anchored retail, industrial, multi-residential, core service office provider, and manufactured homes communities. Its portfolio consists of 64 commercial properties with a total GLA of 2,545,843 square feet, five multi-residential complexes comprised of 599 units and four manufactured homes communities comprised of 537 units.
Current price | 5.72 |
ROE | 5.25 % |
ROIC | 0.00 % |
Shareholder Yield | 1.40 % |
5-Yr Total Return | 38.70 % |
1-Yr Total Return | 21.40 % |
Next Earnings Date | 11-07-24 |
Latest Quarter Information
What the CEO said:
"At the beginning of 2024, the Trust had $92.1 million or 33% of its total mortgages, maturing in 2024. During the three months ended March 31, 2024, the Trust refinanced seven retail properties that are part of the joint arrangement within the Crombie Retail Portfolio for approximately $55.5 million, excluding transaction costs. The Trust’s portion of the mortgages are approximately $27.5 million. The mortgages have a 5.34% interest rate, 30 year amortization and 4.5 year term."
What we say:07-01-2024, Firm Capital Property Trust reported a good quarter with revenue up 6% and AFFO per unit up 11%. Still, the payout ratio decreased to 108% for Q1/2024 from 121% over the same period in 2023. We are far from having a safe dividend. The revenue growth was driven by improvements in both the commercial and multi-residential sectors. The increase in rental revenue highlights the trust's successful efforts in maintaining high occupancy rates and managing its diversified property portfolio efficiently.
Investment Thesis
Dividend Triangle
5-Yr Rev. Growth | 21.10 % |
5-Yr EPS Growth | -14.35 % |
5-Yr Div Growth | 2.50 % |
Potential Risks
Debt/Equity | 1.15 |
Financial Debt to EBITDA (TTM) | 10.40 |
Current Ratio (Quarterly) | 0.15 |
Credit Score | 93 |
Dividend Growth Perspective
Dividend ($) | 0.5196 |
Dividend Yield Fwd | 8.85 % |
Dividend Frequency | Monthly |
Average 5-Yr Yield | 8.65 % |
Payout Ratio (%) | 125.10 |
Cash Payout Ratio (%) | 69.60 |
DGR 1-Yr | -0.05 |
DGR 3-Yr | 4.30 |
DGR 5-Yr | 2.50 |
DGR Streak | 11 |
Chowder Score | 11.35 |
Next DVD PMT | 11-15-24 |
Valuation
(Data for `ddm_recent_annual_dividend` field are missing to build DDM tables)
Video Tutorial: How to Read the Stock Cards DDM ValuationMarket Cap | 217.00 M |
PE Ratio | 9.35 |
Fwd PE | 0.00 |
Price to Book Ratio | 0.70 |
DDM Valuation | N/A |
Average 5-Yr PE | 10.81 |
Value Score | 93 |
- All financial metrics are updated weekly.
- The DSR PRO rating and Dividend Safety Score are updated quarterly.
- The analysis (investment thesis, risk potential, dividend growth perspective and DDM calculation) is reviewed every 6 months.
- The PDF format includes only comments (no metrics) and is reviewed every 6 months.