FCD.UN Firm Capital Property Trust

Firm Capital Property Trust (“FCPT” or the “Trust”) (TSX : FCD.UN) is pleased to provide the following update to a previously announced acquisition and disposition:

$6.2 MILLION ACQUISITION OF TWO EDMONTON INDUSTRIAL PROPERTIESThe $6.2 million acquisition in the existing Edmonton Joint Venture Partnership of a 50% interest in two multi-tenant industrial properties with a combined area of 68,000 square feet, located in Edmonton, Alberta (the “Properties”) has officially closed.

The Properties offer excellent access to major vehicular and rail transportation infrastructure. The Properties are a short drive to both downtown Edmonton, the Edmonton International Airport and in close proximity to the Trust’s existing Edmonton Industrial properties. The Properties have a total of 19 units with bay sizes from 3,200 to 4,000 square feet are leased to 14 tenants. The Properties are 100% occupied and immediately accretive to AFFO. The Properties are being acquired at a going in capitalization rate in excess of 9.0% and $91 per square foot. The Properties were financed through the assumption of an existing mortgage, a new mortgage and existing cash resources as previously disclosed.

The Trust currently has a 50% interest in a combined Alberta industrial portfolio of 486,300 square feet.

$2.7 MILLION NON-CORE RETAIL ASSET DISPOSITIONThe Trust has closed a previously announced disposition of an 11,247 square foot retail property in Pembroke, Ontario for gross proceeds of approximately $2.7 million. The sale price is above the Trust’s current IFRS value of approximately $2.3 million. The sale of the property will create a capital gain for tax purposes on sale of approximately $0.8 million that will increase the portion of our distribution that is treated as capital gains to approximately 5% in 2022. The difference between the IFRS and the capital gain is due to previously unrealized gains taken on the property as a result of fair market value adjustments.

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 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.

For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit www.sedar.com or the Trust’s website at www.firmcapital.com

FORWARD LOOKING INFORMATIONThis press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedar.com.

For further information, please contact:
Robert McKee		Sandy Poklar
President & Chief Executive Officer		Chief Financial Officer
(416) 635-0221		(416) 635-0221
For Investor Relations information, please contact:
Victoria Moayedi
Director, Investor Relations
(416) 635-0221