Mr. Robert McKee reports

FIRM CAPITAL PROPERTY TRUST ANNOUNCES NORMAL COURSE ISSUER BID

Firm Capital Property Trust (FCPT) has been informed by the Toronto Stock Exchange that it has accepted a notice filed by FCPT of its intention to make a normal course issuer bid (NCIB) with respect to its outstanding trust units.

The notice provides that FCPT may, during the 12-month period commencing July 18, 2023, and ending no later than July 17, 2024, purchase through the facilities of the TSX and/or alternative Canadian trading systems up to 3,324,528 trust units in total, being 10 per cent of the "public float" of trust units as of July 4, 2023. The price which FCPT will pay for any trust units will be the market price at the time of acquisition. During the period of this NCIB, FCPT may make purchases under the NCIB by means of open market transactions. The actual number of trust units which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of FCPT. The average daily trading volume on the TSX from Jan. 1, 2023, to June 30, 2023, was 19,006 trust units. Daily purchases under the NCIB will be generally limited to 4,751 trust units, other than block purchases. All trust units purchased by FCPT under the NCIB will be cancelled.

As of July 4, 2023, there were 36,925,197 trust units of FCPT outstanding, and the public float was 33,245,286 trust units.

FCPT may purchase its trust units, from time to time, if it believes that the market price of its trust units is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of FCPT.

Pursuant to a previous notice of intention to conduct a NCIB, under which FCPT sought and received approval from the TSX to purchase up to 3,439,640 trust units for the period of July 18, 2022, to July 17, 2023, FCPT purchased for cancellation, as of June 30, 2023, 589,600 trust units through open-market purchases at a volume weighted average price of $5.71. FCPT's previous NCIB expires on July 18, 2023.

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.