FCD.UN Firm Capital Property Trust

Firm Capital Property Trust (“FCPT” or the “Trust”), (TSX: FCD.UN) is pleased to announce that the syndicate of underwriters led by Canaccord Genuity Corp. and TD Securities Inc. as lead underwriters, and including, iA Private Wealth Inc., Raymond James Ltd., National Bank Financial Inc., Scotia Capital Inc., CIBC World Markets Inc., Desjardins Securities Inc., Echelon Wealth Partners Inc. and Laurentian Bank Securities Inc. (collectively, the "Underwriters") have fully exercised their over-allotment option (the "Over-Allotment Option") to acquire an additional 423,000 trust units of the Trust ("Trust Units") at a price of $7.10 per Trust Units for additional gross proceeds of $3,003,300.

The Over-Allotment Option was granted to the Underwriters in connection with FCPT’s previously announced "bought deal", which included a public offering of 2,820,000 Trust Units at a price of $7.10 per Trust Unit (the "Offering"). Under the terms of the Offering, the Underwriters were granted the Over-Allotment Option, which was exercisable in whole or in part for a period of 30 days following the closing date of the Offering, to purchase up to an additional 423,000 Trust Units at a price of $7.10 per Trust Unit for market stabilization purposes and to cover over-allotments.

The exercise of the Over-Allotment Option brings the total number of Trust Units issued pursuant to the Offering to 3,243,000 and the aggregate gross proceeds to $23,025,300.

The Trust Units issued under the Offering (including pursuant to the Over-Allotment Option) were offered by way of a prospectus supplement dated May 18, 2022 to the Trust's base shelf prospectus dated January 10, 2022 (together the "Prospectus") in each of the provinces and territories of Canada. Copies of the Prospectus and documents incorporated by reference therein are available electronically under the Trust’s issuer profile on SEDAR at www.sedar.com.

It is anticipated that the net proceeds of the offering will be used to repay indebtedness and for working capital and general trust purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful

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 own as well as 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.

FORWARD-LOOKING INFORMATIONThis press release contains contain forward-looking statements within the meaning of applicable securities laws including, among others, statements associated with the expected use of proceeds of the Offering, the impact of the Offering on the Trust’s liquidity, the opportunities that may be available to the Trust and statements regarding the business of the Trust. 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. These statements are not guarantees and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in the Trust’s Annual Information Form for the year ended December 31, 2021 under “Risks and Uncertainties” (a copy of which can be obtained at www.sedar.com). 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.

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