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Oct 19, 2017 6:20 AM ET

Firm Capital American Realty Partners Corp. announces full repayment of New Jersey Promissory Note, partial repayment of Convertible Debentures, payment of first dividend and senior management addition

Disclosure NewswireTM

iCrowdNewswire - Oct 19, 2017

All amounts are in US dollars unless otherwise stated

TORONTO – Firm Capital American Realty Partners Corp. (the “Company“), (TSXV : FCA.U/FCA), is pleased to issue this press release in regards to the following matters:


The Company is pleased to report that it has fully repaid the outstanding balance on the $3.1 million, 5.5% New Jersey Promissory Note (“NJPN“) from cash on hand.

With the NJPN now fully repaid, the Company will focus its attention on the continued repayment of the 7.0% Convertible Unsecured Debentures (the “Debentures“) from the cash proceeds of ongoing single family home sales. To date, the Company has repaid approximately $4.1 million, or 23%, of the outstanding balance of the Debentures, leaving a current outstanding balance of approximately $13.2 million. Further, the Company is preparing for a near-term partial repayment of the Debentures for $0.3 millionfrom cash on hand, thus expected to reduce the outstanding balance to approximately $12.9 million.

The Company is also pleased to announce that, further to the previously announced inaugural dividend policy, it has paid its first cash dividend for the period ended September 30, 2017. The Company had previously declared and approved a cash dividend in the amount of U.S. $0.01875 per common share for shareholders of record on September 30, 2017, payable on October 16, 2017. The next cash dividend payment of U.S. $0.05625 per common share, as previously declared and approved by the Company and for the quarter ended December 31, 2017, will occur on or about January 15, 2018 for shareholders of record on December 31, 2017. On an annual basis, this quarterly dividend equates to U.S. $0.2250 per common share, or a 3.0% annual dividend yield based on the U.S. $7.50 price per the Company’s public offering of common shares and warrants completed on May 29, 2017.

The Company is also pleased to announce that Elena Pankoff has joined the Company as Vice President, Investment Portfolio Management (“VPIPM“). Elena brings a wealth of experience in Investment Portfolio Management including working at a number of institutional asset and fund managers in acquisitions and portfolio management. The appointment of the VPIPM is part of the asset management agreement signed between the Company and the Asset Manager.

Firm Capital American Realty Partners Corp. is a U.S. focused real estate investment entity that pursues real estate and debt investments through the following platforms:

  • Income Producing Real Estate Investments: Acquiring income producing real estate assets in major cities across the United States. Acquisitions are completed by the Company primarily in joint-venture partnerships with local industry expert partners who retain property management responsibilities; 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.

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 in this news release include, but are not limited to, statements with respect to the Company’s intention to complete the sale of its single-family homes and ultimate debt repayments, potential capital financing and growth opportunities, as well as the Company’s intention to acquire income producing U.S. real estate assets and complete joint venture partnerships and mortgage debt and equity lending investments. 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 Company holds properties; volatility of real estate prices; inability to complete the Company’s single family property disposition program, debt repayments 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 Company to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those described in the Company’s public disclosure documents on SEDAR at 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.

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.

Additional information about the Company is available at www.firmcapital.com or www.sedar.com.

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

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Contact Information:

Kursat Kacira, President & Chief Executive Officer, (416) 635-0221; Sandy Poklar, Chief Financial Officer, (416) 635-0221

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