Firm Capital Apartment Real Estate Investment Trust Announces 100% Return of Capital for 2020 Distributions and Trust Unit Pu...
04 March 2021 - 9:12AM
Firm Capital Apartment Real Estate Investment Trust (the
“
Trust”), (TSXV: FCA.U), (TSXV: FCA.UN) is pleased
to announce that its distributions for 2020 were tax efficient to
unitholders as it delivered a 100% return of capital. The 100%
return of capital is in excess of the 85% projected when the Trust
converted from a Corporation at the beginning of 2020.
In addition, senior management and the board of
trustees of the Trust have purchased 105,865 Trust Units of the
Trust in the market at a weighted average price of US$5.90 per
Trust Unit over the past month. As a result, senior management and
the board of trustees now control approximately 27% of the
Trust.
Based on the current trading price of US$6.35
per Trust Unit, the current distribution yield is approximately
3.7%, which is the highest distribution yield amongst its
multi-residential REIT peers.
Further information about the Trust can be found
by selecting the Firm Capital Apartment Real Estate Investment
Trust link at www.firmcapital.com.
ABOUT FIRM CAPITAL AMERICAN REALTY
PARTNERS TRUST
Firm Capital Apartment Real Estate Investment
Trust is a U.S. focused real estate investment trust that pursues
multi-residential income producing real estate and related debt
investments on both a wholly owned and joint venture basis. The
Trust has ownership interests in a total of 2,308 apartment units
diversely located in Florida, Connecticut, Texas, New York, New
Jersey, Georgia and Maryland.
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 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 Trust holds properties; volatility of real
estate prices; 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
Trust to implement its business strategies; competition; currency
and interest rate fluctuations and other risks. Additional risk
factors that may impact the Trust or cause actual results and
performance to differ from the forward looking statements contained
herein are set forth in the Trust's Annual Information Form under
the heading Risk Factors (a copy of which can be obtained under the
Trust's profile on www.sedar.com).
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. Except as
required by applicable law, the Trust undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
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.
For further information, please contact:
Sandy Poklar |
Mark Goldreich |
President & Chief
Executive Officer |
Chief Financial Officer |
(416) 635-0221 |
(416) 635-0221 |
For Investor Relations information, please
contact:
Victoria Moayedi Director, Investor Relations
(416) 635-0221
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