Firm Capital Property Trust Completes $38.2 Million Mortgage Refinancing of Pointe-Claire Multi-Residential Property and Provides Stability and Compelling Value

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TORONTO, July 07, 2023 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT“or the”trust”) (TSX: FCD.UN) We are pleased to announce the following:

$38.2 million, 3.69%, 10-year mortgage refining
The $38.2 million Mortgage Refinance Trust has closed for the 100% owned multi-unit property located in Point Clair, QC. A CMHC insured mortgage has a fixed interest rate of 3.69%, amortization of 40 years and a term of ten years. The effective interest rate for the previous bridge mortgage was 7.02%. As a result of the refinancing, the fund will reduce its annual interest expense by approximately $1.3 million representing a saving of $0.035 per unit.

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The fund has now refinanced all but one 2023 maturity of a $2.4 million mortgage.

balance sheet stability

The Trust focuses on maintaining a strong balance sheet to mitigate risks:

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compelling value

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About Real Estate Equity Trust (TSX: FCD.UN)
Firm Capital Property Trust focuses on long-term value creation for unitholders, through capital preservation and disciplined investment to generate stable, distributable income. In partnership with management and industry leaders, the trust’s plan is to co-own a diversified property portfolio of multi-unit residential retail, flexible industrial, net lease and essential service provider professional space. In addition to standalone cumulative acquisitions, the Trust will make joint acquisitions with strong financial partners and acquire partial stakes in existing ownership groups, in a way that provides liquidity to the selling owners and professional management to those who remain partners. Firm Capital Realty Partners Inc. , through a structure focused on aligning interests with trusts and syndicates and managing property and asset investments on behalf of the Trust.

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For full financial statements, management discussion and analysis and supplementary information, please visit www.sedar.com or the Trust’s website www.firmcapital.com

Forward looking information

This 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,” “expect,” Potential”, “Continue”, and through discussions of strategies involving risks and uncertainties. Forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve many assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that various predictions, forecasts, projections and future events may not occur. Although the Fund’s management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no guarantee that future results, levels of activity, performance or achievements will occur as expected. Neither the Fund nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements, and no person undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. factors affecting this information, except as required by law.

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This press release does not constitute an offer to sell or a solicitation of an offer to buy, which may be made solely by way of the 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 Register or qualify under the securities laws of any state, province or other jurisdiction. Firm Capital Property Trust units are not and will not be registered under the US Securities Act of 1933, as amended, and may not be offered, sold, or delivered in the United States without registration or requesting an exemption from the registration requirements of the US securities laws.

Neither Exchange nor the orchestration services provider (as defined in the TSX policies) accept responsibility for the adequacy or accuracy of this release. Additional information about the Trust is available at www.firmcapital.com or www.sedar.com.

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