Mr. Robert McKee reports

FIRM CAPITAL PROPERTY TRUST ANNOUNCES POSITIVE AMENDMENTS TO DISTRIBUTION REINVESTMENT PLAN INCLUDING DISCOUNT ON UNITS ISSUED FROM TREASURY

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

The notice provides that Firm Capital Property may, during the 12-month period commencing Aug. 5, 2025, and ending no later than Aug. 4, 2026, purchase through the facilities of the TSX and/or Alternative Canadian Trading Systems up to 3,266,775 trust units in total, being 10 per cent of the public float of trust units as of July 28, 2025. The price which Firm Capital Property will pay for any trust units will be the market price at the time of acquisition. During the period of this NCIB, Firm Capital Property 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 Firm Capital Property. The average daily trading volume on the TSX from Jan. 1, 2025, to June 30, 2025, was 24,867 trust units. Daily purchases under the NCIB will be limited to 6,216 trust units, other than block purchases. All trust units purchased by Firm Capital Property under the NCIB will be cancelled.

As of July 28, 2025, there were 36,925,682 trust units of Firm Capital Property outstanding, and the public float was 32,667,751 trust units.

Firm Capital Property believes that its trust units may from time to time trade in a price range that does not adequately reflect the value of such units in relation to the business of Firm Capital Property and its future business prospects. As a result, depending upon future price movements and other factors, Firm Capital Property believes that the outstanding trust units may represent an attractive investment to Firm Capital Property. Furthermore, purchases of trust units are expected to benefit all persons who continue to hold trust units by increasing their equity interest in Firm Capital Property.

Pursuant to a previous notice of intention to conduct a NCIB, Firm Capital Property sought and received approval from the TSX to purchase up to 3,281,995 trust units through open market purchases on the TSX and alternative Canadian trading systems for the period of July 18, 2024, to July 17, 2025. Firm Capital Property did not purchase for cancellation any of its trust units under this prior normal course issuer bid.

About Firm Capital Property Trust

Firm Capital Property 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 and net lease convenience retail. 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.