TORONTO, July 27, 2022 /CNW/ – First Capital Real Estate Investment Trust (“First Capital” or the “Trust”) (TSX:FCR), announced today financial results for the second quarter ended June 30, 2022. The 2022 Second Quarter Report is available in the Investors section of the Trust’s website at www.fcr.ca and has been filed on SEDAR at www.sedar.com.
“Our focus on high-quality, grocery-anchored, and mixed-use properties situated in the best locations within Canada’s The strongest neighbourhoods continue to deliver solid results. Leasing is the lifeline of our business, and we are pleased that our healthy quarterly leasing activity helped drive solid same property NOI growth, while also propelling our average in-place rent to an all-time high for the 24th consecutive quarter” stated Adam PaulPresident & CEO of First Capital.
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SELECTED FINANCIAL INFORMATION |
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(unaudited) |
Three months ended June 30 |
Six months ended June 30 |
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2022 |
2021 |
2022 |
2021 |
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FFO (1) ($ millions) |
$61.2 |
$76.1 |
$116.0 |
$131.1 |
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FFO per diluted unit (1) |
$0.28 |
$0.35 |
$0.53 |
$0.59 |
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Other gains and (losses) included in FFO (per diluted unit) (1) |
($0.01) |
$0.08 |
($0.04) |
$0.08 |
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Total Same Property NOI growth (1) (2) |
6.0% |
16.6% |
4.0% |
7.8% |
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Total portfolio occupancy (3) |
95.6% |
95.9% |
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Total Same Property occupancy (1) (3) |
95.9% |
95.9% |
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Net income (loss) attributable to unitholders ($ millions) |
($42.1) |
$212.0 |
$2.4 |
$250.0 |
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Net income (loss) attributable to unitholders per diluted unit |
($0.19) |
$0.96 |
$0.01 |
$1.13 |
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Weighted average diluted units for FFO and net income (000s) |
220,812 |
220,863 |
220,829 |
220,749 |
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(1) Refer to “Non-IFRS Financial Measures” section of this press release. |
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(2) Prior periods as reported; not restated to reflect current period categories. |
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(3) As at June 30. |
- Same Property NOI Growth: Total Same Property NOI increased 6.0% over the prior year period. The growth was primarily due to higher base rent and variable revenue contributions as well as a $2.2 million decrease in bad debt expense. Excluding bad debt expense and lease termination fees, Same Property NOI growth increased 3.8%.
- Portfolio Occupancy: June 30, 2022 portfolio occupancy of 95.6% was consistent with 95.5% at March 31, 2022. On a year-over-year basis, total portfolio occupancy declined by 0.3%, from 95.9% at June 30, 2021to 95.6% at June 30, 2022.
- Lease Renewal Rate Increase: Net rental rates for the quarter increased 11.0% on a volume of 510,000 square feet of lease renewals, when comparing the rental rate in the first year of the renewal term to the rental rate in the last year of the expiring term. Net rental rates on the leases renewed in the quarter increased 12.9% when comparing average rental rate over the renewal term to the rental rate in the last year of the expiring term.
- Growth in Average Net Rental Rate: The portfolio average net rental rate increased by 0.7% or $0.15 per square foot over the prior quarter to $22.72 per square foot. The average net…
