FIRM CAPITAL PROPERTY TRUST QUARTERLY NEWSLETTER

Q1 2016 | MAY 2016

ww.FirmCapital.com

Disciplined Investing • Capital Preservation

FIRM CAPITAL PROPERTY TRUST QUARTERLY NEWSLETTER

ww.FirmCapital.comDisciplined Investing • Capital Preservation

Q1 2016

PRICE CHART

KEY METRICS

• Ticker Symbol: FCD.UN

• Current Trading Price: $6.00

• Current Yield: 7.00%

• Market Capitalization: $69 million

• Portfolio Property: $126 million

• AFFO Payout Ratio: 64%/111%*

• Debt to GBV: 48.2%

COMPANY OVERVIEW

Firm Capital Property Trust (the “Trust” (TSXV:FCD.UN) 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 focus is on co-owning a diversified property portfolio.

The Trust focuses on acquiring the following diversified asset classes:

• Industrial and Flex Industrial• Net Lease Convenience Retail and Stand

Alone Retail• Medical and Core Service Provider Office• Multi Residential

In addition to stand alone acquisitions, the Trust will make acquisitions on a co-ownership basis with strong financial partners. The Trust will also make joint and partial interest acquisitions from existing ownership groups in a manner that provides liquidity to those selling and professional management for those remaining as partners.

* Including/excluding gain on sale.

FIRM CAPITAL PROPERTY TRUST QUARTERLY NEWSLETTER

ww.FirmCapital.comDisciplined Investing • Capital Preservation

Q1 2016

INVESTMENT HIGHLIGHTS

• Attractive & Responsible Leverage

• Experienced Management Team

• Strong alignment of interests

• Accretive acquisitions

• Distribution increases

BENEFITS TO UNITHOLDERS

• Liquidity

• Strong balance sheet

• Great tenant quality

• Conservative leverage

• Compensation based on performance

PORTFOLIO DIVERSIFICATION: The total portfolio is well diversified across geographies and asset classes by NOI:

Net Lease Convenience Retail, 44%

Industrial, 46%

Core Service Provider

Office, 6%

Apartment, 4%

Ontario, 67%

Quebec, 23%

Nova Scotia, 8%

British Columbia, 0.8%

Alberta, 0.4%Manitoba, 0.4%

New Brunswick, 0.4%

PORTFOLIO OVERVIEW

DID YOU KNOW: Investors have benefited from acquisitions through 3 distribution increases totaling $0.07 per annum in the

first three years - a 20% increase from the initial distribution.

FIRM CAPITAL PROPERTY TRUST QUARTERLY NEWSLETTER

ww.FirmCapital.comDisciplined Investing • Capital Preservation

Q1 2016

INVESTMENT HIGHLIGHTS

• 7.0% Distribution Yield attractive relative to comparable REITs/REOCs

• 64%/111% AFFO Payout Ratio*

• 65% LTV target on acquisitions (Max. 75% LTV; currently 48.2%)

• Partnership with a management team that has extensive experience in

real estate acquisitions, management and finance

• Externally managed – limited operating expense risk

• FCPT will have the option to acquire up to 50% or more of each new

acquisition completed by the Asset Manager

• Performance-based compensation structure

• Due diligence risk and purchase deposits funded by the Asset Manager

• FCPT to purchase partial ownership interests for succession planning

on a tax efficient basis

• Initial acquisition of four properties from Calloway REIT for $27.4 million• Professional services building in Barrie, Ontario for $6.7 million• 50% acquisition of $48.8 million, 25 property Montreal Industrial Portfolio• 70% acquisition of $32.4 million, 26 property retail portfolio• 50% acquisition of $11.2 million multi-residential complex• 70% acquisition of $43.3 million, 4 property Waterloo Industrial Portfolio

ATTRACTIVE YIELD &REASONABLE LEVERAGE

ALIGNMENT OF INTERESTS

EXPERIENCEDMANAGEMENT TEAM

TAX EFFICIENT VEHICLE FOR VENDORS

ACCRETIVE ACQUISITIONS

* Including/excluding gain on sale.

FIRM CAPITAL PROPERTY TRUST QUARTERLY NEWSLETTER

ww.FirmCapital.comDisciplined Investing • Capital Preservation

Q1 2016

2015 FINANCIAL HIGHLIGHTS

In $ millions, unless per unit or % amountsQuarter EndedMarch 31, 2016

Year EndedDecember 31, 2015

Net Operating Income $2.06 $2.22

AFFO/Unit $0.095 $0.110

Distributions/Unit $0.105 $0.102

Quarterly AFFO payout ratio 64%/111%*92%

Debt to Gross Book Value 48.2% 47.0%

Portfolio Size $125.9 $127.5

* Including/excluding gain on sale.

ww.FirmCapital.com

Disciplined Investing • Capital Preservation

FOR ADDITIONAL INFORMATION, CONTACT:

Bob McKeePresident & CEO

T. 416.635.0221 ext. 250E. rmckee@FirmCapital.com

Sandy PoklarCFO

T. 416.635.0221 ext. 235E. spoklar@FirmCapital.com