First Capital Realty has unanimously approved the proposed reorganization of FCR into a real estate investment trust to be named First Capital Real Estate Investment Trust, subject to receipt of a fairness opinion from FCR’s independent financial adviser.
First Capital REIT’s annual distribution is expected to remain consistent with FCR’s current annual dividend of $0.86 per common share. The REIT intends to make monthly distributions in place of the quarterly dividends currently paid by FCR, initially of $0.0716 per REIT unit per month, or $0.86 per REIT unit on an annualized basis.
The proposal to convert FCR to a REIT structure is the result of an extensive review of FCR’s business.
Read more about the conversion here.