Mr. Robert McKee reports

FIRM CAPITAL PROPERTY TRUST REPORTS Q2/2023 RESULTS

Firm Capital Property Trust has released its financial results for the three and six months ended June 30, 2023.

PROPERTY PORTFOLIO HIGHLIGHTS

The portfolio consists of 66 commercial properties with a total gross leasable area ("GLA") of 2,557,010 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 536 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 49% of NOI (41% of asset value) comprised of grocery anchored retail followed by industrial at 28% of NOI (32% of asset value). In addition, the portfolio is well diversified in terms of geographies with 38% of NOI (40% of asset value) comprised of assets located in Ontario, followed by Quebec at 36% of NOI (33% of asset value).

TENANT DIVERSIFICATION

The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 10.6% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 30.5% of total net rent.

NORMAL COURSE ISSUER BID ("NCIB") GENERATES 9.7% RETURN ON INVESTMENT

For the three months ended June 30, 2023, the Trust repurchased 85,700 Trust Units for net proceeds of approximately $0.5 million. The Trust Units were purchased under the NCIB at a Weighted Average Price of $5.36/Trust Unit for an implied distribution buy-back yield of 9.7% or a 30% discount to NAV.

$10 MILLION MORTGAGE REFINANCING

On April 13, 2023, the Trust increased the size of the Montreal Industrial Portfolio mortgage by $10 million increasing the outstanding balance to $53.9 million. The blended interest rate on the loan was 4.84%, 7 year term and a 30 year amortization. The Trust has a 50% interest in the mortgage.

Q2/2023 HIGHLIGHTS

• Key highlights for the three months ended June 30, 2023 are as follows:
• Net income was approximately $5.6 million, compared to $20.3 million loss recorded for the same period in 2022;
• $7.62 Net Asset Value ("NAV") per Unit;
• Net Operating Income ("NOI") was approximately $9.1 million, 1% increase over Q2/2022;
• Same Property NOI increased 7% over Q2/2022;
• Adjusted Funds From Operations ("AFFO") was approximately $3.8 million;
• Commercial occupancy was 96.0%, Multi-Residential occupancy was 97.1% while Manufactured Homes Communities was 99.8%;
• Conservative leverage profile with Debt / Gross Book Value ("GBV") at 52%; and
• The Trust declared and approved monthly distributions in the amount of $0.04333 per Trust Unit for Unitholders of record on October 31, 2023, November 30, 2023 and December 29, 2023, payable on or about November 15, 2023, December 15, 2023, and January 15, 2024, respectively.

For the complete financial statements, Management's Discussion & Analysis and supplementary information, please visit SEDAR or the Trust's website.

DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN

The Trust has in place a Distribution Reinvestment Plan ("DRIP") and Unit Purchase Plan (the "UPP"). Under the terms of the DRIP, FCPT's Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions. Under the terms of the UPP, FCPT's Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or UPP to date and own or control approximately 9% of the issued and outstanding trust units of the Trust.

ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)

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 multi-residential, 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.