Mr. Robert McKee reports

FIRM CAPITAL PROPERTY TRUST ANNOUNCES $20 MILLION BOUGHT DEAL FINANCING OF TRUST UNITS

Firm Capital Property Trust (FCPT) has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity, CIBC Capital Markets and TD Securities, as joint bookrunners, to issue to the public three million trust units of FCPT at a price of $6.75 per trust unit for gross proceeds of approximately $20-million. The trust has also granted the underwriters an overallotment option to purchase up to an additional 450,000 trust units at the issue price exercisable, in whole or in part, at any time until 30 days following the closing of the offering, to cover overallotments. If the overallotment option is exercised in full, the gross proceeds of the offering will be approximately $23-million.

The trust units will be issued pursuant to a prospectus supplement that will be filed with the securities regulatory authorities in all provinces of Canada under the trust's base shelf prospectus dated Dec. 3, 2019, and may also be offered by way of private placement into the United States pursuant to Rule 144A. The net proceeds of the offering will be used to repay indebtedness and for working capital and general trust purposes.

Since the beginning of 2019, the trust has completed $226-million in acquisitions (inclusive of closing costs), comprising four retail portfolios for approximately $209-million (at the trust's proportionate interest), a multiresidential property for approximately $11.2-million and two industrial properties for approximately $5.7-million (at the trust's proportionate interest).

The offering is scheduled to close on or about Dec. 18, 2019, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

Distribution reinvestment plan and unit purchase plan

The trust has in place a distribution reinvestment plan (DRIP) and unit purchase plan. 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 trust units, without incurring brokerage fees or commissions. Under the terms of the plan, FCPT's unitholders may purchase a minimum of $1,000 of trust units per month and maximum purchases of up to $12,000 per annum.

About Firm Capital Property Trust

Firm Capital 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 co-own a diversified 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.

We seek Safe Harbor.