Mr. Robert McKee reports

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

Firm Capital Property Trust has made positive amendments to the trust's distribution reinvestment plan (DRIP), including the implementation of a discount on trust units issued from treasury.

Currently, the trust's DRIP contemplates that the floor price for trust units issued from treasury is $8 per trust unit and no discount is applied to trust units issued from treasury should the average market price (as defined in the DRIP) exceed $8 per trust unit. Effective as of the July, 2025, distribution (payable on or about Aug. 15, 2025), the trust's DRIP floor price will be lowered from $8 per trust unit to $7.40 per trust unit. Furthermore, if the average market price of the trust units exceeds $7.40 per trust unit, then the trust will issue from treasury its trust units at the average market price less a 3-per-cent discount.

Currently, the trust is distributing 4.333 cents per trust unit (approximately 52 cents per trust unit annually) that equates to an 8.6-per-cent distribution yield. Given that approximately 65 per cent of the trust's distributions for 2025 are expected to be return of capital, this equates to an effective 11.9-per-cent pretax distribution yield (assuming the highest marginal income tax rates). The policy of Firm Capital Property is to pay cash distributions on or about the 15th day of each month to unitholders of record on the last business day of the preceding month.

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 plans 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.