All figures in $USD unless otherwise noted.
TORONTO, May 08, 2024 (GLOBE NEWSWIRE) -- Firm Capital Apartment Real Estate Investment Trust (the "Trust"), (TSXV: FCA.U), (TSXV: FCA.UN) is pleased to report its financial results for the three months ended March 31, 2024 as well as provide an update regarding the previously announced Strategic Review:
EARNINGS
For the three months ended March 31, 2024, net loss was approximately $1.3 million, in comparison to the $0.5 million net loss reported for the three months ended December 31, 2023 and the $4.9 million net loss reported for the three months ended March 31, 2023;
Excluding non-cash fair value adjustments, net loss was $0.06 million for the three months ended March 31, 2024, in comparison to the $0.3 million net loss reported for the three months ended December 31, 2023 and the $0.2 million net income reported for the three months ended March 31, 2023;
For the three months ended March 31, 2024, AFFO was negative $0.04 million, in comparison to the negative $0.3 million reported for the three months ended December 31, 2023 and the $0.2 million reported for the three months ended March 31, 2023;
| Three Months Ended |
| Mar 31,
2024 | | Dec 31,
2023 | | Mar 31,
2023 | |
Net Loss | $ | (1,298,849) | | $ | (469,539) | | $ | (4,901,727) | |
Net Income (Loss) Before Fair Value Adjustments | $ | (57,937) | | $ | (339,306) | | $ | 160,560 | |
FFO | $ | (813,630) | | $ | (869,210) | | $ | (571,581) | |
AFFO | $ | (42,166) | | $ | (317,857) | | $ | 154,444 | |
NET ASSET VALUE ("NAV") AT $6.69 PER TRUST UNIT (CAD $8.84):
Including disposition costs and the principal amount of the convertible debenture, the Trust reported NAV of $6.69 per Trust Unit (CAD $8.84).
OCCUPANCY ACROSS INVESTMENT PORTFOLIO:
For the three months ended March 31, 2024, occupancy across the wholly-owned investment portfolio increased 320 bps to 91.8% from 89% at December 31, 2023. Occupancy across the joint venture investments decreased 321 bps to 90.9% at March 31, 2024, compared to 93.9% at December 31, 2023.
STRATEGIC REVIEW
On November 15, 2022, the Board of Trustees initiated a strategic review process to identify, evaluate and pursue a range of strategic alternatives with the goal of maximizing unitholder value (the "Strategic Review").
By way of update, the Board is pleased to report on the following:
WHOLLY OWNED ASSET DISPOSITIONS: The Trust had listed for sale its entire Wholly Owned Real Estate Investments and is pleased to report on the following:
Texas: On June 22, 2023, the Trust announced the sale of one of its properties located in Austin, Texas for $12.6 million. Net of associated mortgage debt and closing costs, the net sale proceeds of approximately $8.8 million were used to pay off additional debt including, but not limited to, the mortgage associated with the Trust's other property located in Austin, Texas; bank indebtedness and the vast majority of the $5.1 million (CAD$6.9 million) Bridge Loan. The property sold had a sales price in line with its Fair value.
On October 2, 2023, the Trust completed the sale of its unencumbered property located in Austin, Texas for $9.9 million. Net of closing costs, the net sale proceeds of approximately $9.6 million were used to pay off loans as they came due and for working capital purposes. The property had a sales price in line with its Fair value.
In addition, the Trust has two properties located in Houston, Texas that are actively being marketed.
New Jersey: On August 31, 2023, the Trust completed the previously announced sale of its property located in New Jersey for $19.5 million. Net of associated mortgage debt and closing costs, the net sale proceeds of approximately $5.4 million were used to pay off the remainder of the Bridge Loan, other loans as they came due and for working capital purposes. The property sold had a sales price in line with its Fair value.
Florida: The Trust's property in Florida is under negotiations to be sold.
JOINT VENTURE ASSET DISPOSITIONS: The Trust has listed for sale its Joint Venture Real Estate Investments located in Maryland and Connecticut as both the Trust and its partners have decided it is an appropriate time to exit the respective investments. As of today, one of the Maryland properties was sold and the other one is being actively marketed, while the Connecticut property is also being marketed.
On January 31, 2024 the Trust completed the sale of one of its joint venture properties located in Maryland for $15.9 million (100% of the property). Net of associated mortgage debt and closing costs, the net sale proceeds were approximately $4.1 million, of which the Trust received approximately $1.1 million given its 25% ownership in the property. The property had a sales price in line with its Fair value.
PREFERRED CAPITAL INVESTMENTS: As at March 31, 2024, the Trust has two Preferred Capital Investments located in Texas and South Dakota that aggregate approximately $5.1 million. The Trust continues to hold these investments and earns income at 10% and 12%, respectively. Both investments are current in terms of their interest payments.
NORMAL COURSE ISSUER BID: As a result of the Trust's cash position, on September 20, 2023, the Trust announced that it received approval from the TSXV to commence a Normal Course Issuer Bid (the " Bid ") to purchase up to $1.9 million (the "Allotment") of the CAD$19.4 million, 6.25% convertible unsecured subordinated debentures due June 30, 2026 ("Debentures") (TSXV:FCA.DB). The Bid commenced on September 25, 2023 and will end no later than September 24, 2024. The Board of Trustees is of the opinion that it is in the best interest of the Trust and its security holders to purchase the Debentures at a discount to Par, through the Bid, while providing liquidity for the security holders. It is the intent of the Trust to acquire as much of the Debentures as possible up to the maximum allowable under the rules of the Exchange in the context of market pricing, thus providing liquidity for existing holders of the Debentures.
During the three months ended March 31, 2024, the Trust repurchased $0.12 million (CAD $0.16 million) of the Convertible Debenture. The average price of all Convertible Debentures repurchased is $95.00 for an affective buy-back yield of 6.6%. Note that the Trust is limited to acquiring up to 2% of the Debentures on a monthly basis.
The Board will continue to assess matters on a quarterly basis and determine if the Trust should: (i) distribute excess income; (ii) distribute net proceeds from asset sales, after debt repayment; (iii) reinvest net proceeds into other investments; (iv) distribute proceeds as a return of capital or special distribution; and/or (v) use excess proceeds to repurchase Trust units in the marketplace. It is the Trust's current intention not to disclose developments with respect to the Strategic Review unless and until it is determined that disclosure is necessary or appropriate, or as required under applicable securities laws.
除非另有說明，否則所有數字均以美元計。
多倫多，2024年5月8日（GLOBE NEWSWIRE）——Capital Apartment 房地產投資信託基金（“信託”）（TSXV：FCA.U）（TSXV：FCA.UN）欣然公佈截至2024年3月31日的三個月的財務業績，並提供有關先前宣佈的戰略審查的最新情況：
收益
| 三個月已結束 |
| 3月31日
2024 | | 十二月 31,
2023 | | 3月31日
2023 | |
淨虧損 | $ | (1,298,849) | | $ | (469,539) | | $ | (4,901,727) | |
公允價值調整前的淨收益（虧損） | $ | (57,937) | | $ | (339,306) | | $ | 160,560 | |
FFO | $ | (813,630) | | $ | (869,210) | | $ | (571,581) | |
AFFO | $ | (42,166) | | $ | (317,857) | | $ | 154,444 | |
淨資產價值（“資產淨值”）爲每個信託單位6.69美元（8.84加元）：
包括處置成本和可轉換債券的本金在內，該信託報告的每個信託單位的資產淨值爲6.69美元（8.84加元）。
整個投資組合的佔用率：
在截至2024年3月31日的三個月中，全資投資組合的入住率從2023年12月31日的89％增長了320個點子至91.8％。截至2024年3月31日，合資企業投資的入住率下降了321個點子至90.9％，而2023年12月31日爲93.9％。
戰略審查
2022年11月15日，董事會啓動了戰略審查流程，以確定、評估和尋求一系列戰略選擇，目標是實現單位持有人價值最大化（“戰略審查”）。
作爲最新情況，董事會很高興地報告以下情況：
全資資產處置：該信託已將其全部全資房地產投資掛牌出售，並高興地報告以下內容：
得克薩斯州：2023年6月22日，該信託基金宣佈以1,260萬美元的價格出售其位於德克薩斯州奧斯汀的一處房產。扣除相關的抵押貸款債務和交易成本，約880萬澳元的淨銷售收益用於償還額外債務，包括但不限於與信託基金位於德克薩斯州奧斯汀的另一處房產相關的抵押貸款；銀行債務和510萬美元（合690萬加元）過渡貸款中的絕大部分。出售的房產的銷售價格與其公允價值一致。
2023年10月2日，該信託基金以990萬美元的價格完成了其位於德克薩斯州奧斯汀的未支配財產的出售。扣除交易成本，淨銷售收益約960萬美元用於償還到期貸款和用於營運資金的用途。該物業的銷售價格與其公允價值一致。
此外，該信託基金在德克薩斯州休斯敦擁有兩處房產，這些房產正在積極上市。
新澤西州：2023年8月31日，信託基金完成了先前宣佈的以1,950萬美元的價格出售其位於新澤西州的房產。扣除相關的抵押貸款債務和交易成本，淨銷售收益約540萬美元用於償還過渡貸款的剩餘部分、其他到期貸款以及營運資金用途。出售的房產的銷售價格與其公允價值一致。
佛羅里達州：信託基金在佛羅里達州的財產正在談判出售中。
合資企業資產處置：信託基金已將其位於馬里蘭州和康涅狄格州的合資房地產投資掛牌出售，因爲信託基金及其合作伙伴都認爲現在是退出相應投資的合適時機。截至今天，馬里蘭州的一處房產已出售，另一處正在積極銷售，而康涅狄格州的房產也在銷售中。
2024年1月31日，該信託基金以1,590萬美元（佔該物業的100％）完成了其位於馬里蘭州的一處合資房產的出售。扣除相關的抵押貸款債務和交易成本，淨銷售收益約爲410萬美元，鑑於其對該物業的25％所有權，該信託獲得了約110萬美元。該物業的銷售價格與其公允價值一致。
優先資本投資：截至2024年3月31日，該信託基金在德克薩斯州和南達科他州有兩項優先資本投資，總額約爲510萬美元。信託基金繼續持有這些投資，收入分別爲10％和12％。這兩項投資的利息支付額均爲現值。
普通股發行人出價：根據信託的現金狀況，信託於2023年9月20日宣佈，它已獲得多倫多證券交易所的批准，開始普通期發行人出價（“出價”），購買2026年6月30日到期的1,940萬加元、6.25％的可轉換無抵押次級債券（“債券”）（TSXV:FCA.DB）。競標於2023年9月25日開始，將不遲於2024年9月24日結束。信託委員會認爲，通過出價以低於面值的折扣購買債券，同時爲證券持有人提供流動性，符合信託及其證券持有人的最大利益。信託基金的意圖是在市場定價背景下儘可能多地收購債券，但不得超過交易所規則允許的最大限度，從而爲債券的現有持有人提供流動性。
在截至2024年3月31日的三個月中，該信託回購了12萬美元（合16萬加元）的可轉換債券。所有回購的可轉換債券的平均價格爲95.00美元，情感回購收益率爲6.6％。請注意，信託僅限於每月收購不超過2％的債券。
董事會將繼續按季度評估事宜，並確定信託是否應：（i）分配超額收益；（ii）在償還債務後分配資產出售的淨收益；（iii）將淨收益再投資於其他投資；（iv）將收益作爲資本回報或特別分配進行分配；和/或（v）使用超額收益在市場上回購信託單位。信託目前的意圖是，除非確定披露是必要或適當的，或者根據適用的證券法的要求，否則不披露戰略審查的進展情況。
截至2024年3月31日的三個月，淨虧損約爲130萬美元，而截至2023年12月31日的三個月報告的淨虧損爲50萬美元，截至2023年3月31日的三個月中報告的淨虧損爲490萬美元；