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TSXV Symbols: FCA.U/FCA
TORONTO, Aug. 17, 2017 /CNW/ - Firm Capital American Realty Partners Corp. (the "Corporation") (TSXV: FCA.U), (TSXV : FCA) is pleased to announce that its Board of Directors (the "Board") has approved the adoption of the Corporation's previously announced dividend policy (the "Policy"), pursuant to which it will pay U.S. dollar cash dividends (on both the U.S. dollar and Canadian dollar common shares) to shareholders of the Corporation as of each quarterly dividend record date, targeted to be the last day of each calendar quarter. The Policy will be implemented and become effective as of September 1, 2017. Accordingly, the Corporation's first dividend will be pro-rated for the quarter ended September 30, 2017 and the first full quarterly dividend will be payable for the quarter ended December 31, 2017. As a result, the Corporation has declared and approved dividends in the amount of U.S. $0.01875 per common share for shareholders of record on September 30, 2017, payable on or about October 16, 2017, and U.S. $0.05625 per common share for shareholders of record on December 31, 2017, payable on or about January 15, 2018. On an annual basis, the Dividend Policy equates to a dividend of US$0.2250 per common share, or a 3.0% annual dividend yield based on the U.S. $7.50 price per the Corporation's public offering of common shares and warrants completed on May 29, 2017.
About the Corporation
The Corporation is a U.S. focused real estate investment entity that pursues real estate and debt investments through the following investment platforms:
- Income Producing Real Estate Investments: Acquiring income producing real estate assets in major cities across the United States. Acquisitions are completed by the Corporation primarily in joint venture partnerships with local industry expert partners who retain property management responsibility; and
- Mortgage Debt Investments: Real estate debt and equity lending platform in major cities across the United States, focused on providing all forms of bridge mortgage loans and joint venture capital.
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 those described in the Corporation's Annual Information Form under "Risk Factors" (a copy of which can be obtained at www.sedar.com). Those risks include, without limitation, the ability of the Corporation to complete the Offering and if so, to allocate the net proceeds as stated above; risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Corporation holds properties; volatility of real estate prices; inability to complete the Corporation'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 Corporation 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. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, either as a result of new information, future events or otherwise.
Neither the TSX Venture 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.
For further information: Kursat Kacira, President & Chief Executive Officer, (416) 635-0221; Sandy Poklar, Chief Financial Officer, (416) 635-0221