Mr. Robert McKee reports

FIRM CAPITAL PROPERTY TRUST ANNOUNCES RESULTS OF ANNUAL MEETING OF UNITHOLDERS

Firm Capital Property Trust has released the voting results from its annual meeting of unitholders of trust units of the trust held on June 23, 2023.

All the matters put forward before unitholders for consideration and approval as set out in the trust's management information circular dated May 9, 2023, were approved by the requisite majority of votes cast at the meeting. In particular, unitholders approved the election of all trustee nominees and the approval of RSM Canada LLP as the trust's auditor. The board of trustees of the trust is now comprised as shown in the attached table.

Nominee               Votes for  % votes for  Votes withheld        % of votes 
                                                                      withheld

Geoffrey Bledin       5,655,003      98.924%          61,488            1.076%                
Eli Dadouch           4,853,960      84.912%         862,531           15.088%               
Stanley Goldfarb      5,658,272      98.982%          58,219            1.018%                
Jonathan Mair         4,823,198      84.373%         893,293           15.627%               
Robert McKee          4,822,248      84.357%         894,243           15.643%               
Sandy Poklar          4,812,449      84.185%         904,042           15.815%               
Lawrence Shulman      5,626,535      98.426%          89,956            1.574%                
Howard Smuschkowitz   5,649,897      98.835%          66,594            1.165%                
Manfred Walt          5,659,147      98.997%          57,344            1.003%                
Victoria Granovski    4,810,074      84.144%         906,417           15.856%               
Jeffrey Goldfarb      5,620,960      98.329%          95,531            1.671%                

(1) The number of votes disclosed reflects proxies received by management
    of the trust in advance of the meeting.

Five million nine hundred thirty-two thousand five hundred ninety-eight units were represented by unitholders in person or by proxy at the meeting, representing approximately 16.029 per cent of the total issued and outstanding units at the record date for the meeting. Full details of the voting results will be posted under the trust's profile on SEDAR.

About Firm Capital Property Trust

Firm Capital Property Trust is focused on creating long-term value for unitholders, through capital preservation and disciplined investing, to achieve stable distributable income. In partnership with management and industry leaders, the trust's plan is to own as well as to co-own a diversified property portfolio of multiresidential, flex industrial, net lease convenience retail and core service provider professional space. In addition to stand-alone accretive acquisitions, the trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the trust sources, syndicates and property and asset manages investments on behalf of the trust.

We seek Safe Harbor.