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Investor Presentation April 3, 2019 Firm Capital Property Trust - - PowerPoint PPT Presentation

Investor Presentation April 3, 2019 Firm Capital Property Trust REAL ESTATE EQUITY PARTNERS A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities


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Firm Capital Property Trust

DISCIPLINED INVESTING ● CAPITAL PRESERVATION

REAL ESTATE EQUITY PARTNERS

Investor Presentation

April 3, 2019

A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada, other than Quebec. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered to investors with this document. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

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DISCIPLINED INVESTING • CAPITAL PRESERVATION

  • Firm Capital Property Trust (“FCPT” or the “Trust”) is a publicly (TSXV) listed REIT focused on a

diversified real estate portfolio in Canada

  • Ticker Symbol: FCD.UN
  • FCPT focuses on stable distributions derived from succession and co-ownership acquisitions with

strong industry partners

  • Partial acquisitions with industry leaders who retain property and asset management;
  • Co-ownerships with existing owner groups through partial acquisitions; and
  • Stand alone acquisitions
  • FCPT focuses on acquiring the following diversified asset classes:
  • Multi Residential
  • Industrial & Flex Industrial
  • Net Lease Convenience and Stand Alone Retail
  • Core Service Provider Professional / Healthcare Office
  • Over the past 25 years, Firm Capital has developed a significant track record of investing capital

for both institutional and retail investors focused on real estate debt and equity

Overview

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DISCIPLINED INVESTING • CAPITAL PRESERVATION

Core Service Provider Professional & Healthcare Office Multi-Residential Industrial & Flex Industrial Net Lease and Standalone Convenience Retail

Targeted Asset Classes

FCPT targets and owns the following diversified asset classes:

1% 3% 19% 77%

% of NOI1,2

  • 1. Post close of the Dartmouth Acquisition and the January 2019 Acquisition
  • 2. After giving effect for the Acquisition Portfolio
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DISCIPLINED INVESTING • CAPITAL PRESERVATION

Overview of FCPT

  • Ticker Symbol: FCD.UN
  • Current Trading Price: $6.57
  • Current Yield: 7.3%
  • Market Capitalization: PF ~$156 million1
  • Property Portfolio: PF ~$398 million1
  • Debt to GBV: PF ~58.8%1

Investment Highlights Key Metrics Unit Price Performance Benefits to Unitholders

  • NAV Growth
  • Distribution Increases
  • Experienced Management Team
  • Strong Alignment of Interests
  • Responsible Leverage
  • Track Record of Accretive Acquisitions
  • Liquidity
  • Strong Balance Sheet
  • Strong Tenant Quality
  • Compensation Based on Performance
  • 0.05

0.10 0.15 0.20 $4.00 $5.00 $6.00 $7.00 $8.00 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Volume (millions) Unit Price (C$) Volume Price

  • 1. Includes the Dartmouth Acquisition, January 2019 Acquisition, March 2019 Private Placement, Acquisition Portfolio and the Offering

Note: As of April 2nd, 2019 Source: Capital IQ

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Investment Highlights

Experienced Management Team

  • Over the past 25 years, the Firm Capital Organization has developed a significant track record of

investing capital for investors focused on real estate debt and equity

  • Management possesses a valuable set of skills and relationships that can be leveraged to the benefit
  • f the Trust

Alignment of Interests

  • Approximately 7.0% of Trust Units currently held by insiders
  • Senior management of the Trust and its trustees own, in partnership with the Trust, approximately

21.6% of the real estate in which the Trust has a co-ownership interest

  • Insiders of the Trust and First Capital are each investing $5 million in the Concurrent Private

Placement Enhanced Scale Through Accretive Acquisitions

  • Upon closing of the Acquisitions, the Trust’s portfolio will be comprised of 75 income-producing

properties with 2,228,381 square feet of GLA and 204 residential units (at the Trust’s share) located across Canada

  • The Acquisitions are expected to be immediately accretive to the Trust’s AFFO per Trust Unit

Fundamental Growth

  • Since inception, net asset value per Trust Unit has increased from $4.84 per unit in 2012 to $7.10 per

Trust Unit in the fourth quarter of 2018 (a 47% increase)

  • The Trust has increased distributions six times over the last six years, rising from $0.35 per Trust Unit

per annum to $0.48 per Trust Unit per annum

  • A $100.00 investment in Trust Units in November 2012, assuming reinvested distributions, would be

worth $208.25 as of March 29, 2019 Compelling Investment Metrics

  • 7.5% distribution yield is attractive relative to comparable REITs/REOCs1
  • 2018 distribution qualified as 100% return of capital
  • The Offering Price will represent a significant discount to the Trust’s net asset value
  • 1. At the Offering Price; see comparable company analysis on page 33
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Growth Strategy

  • Partnering with industry leaders
  • Joint venture acquisition program

and acquisitions of partial interests

  • Accretive stable income producing

properties External

  • Tenant retention and tenant growth
  • Rental income growth
  • Montreal Industrial Portfolio NOI growth of ~33% from August 2013 to

December 31, 2018 (since acquisition)

  • Development of excess density

Internal

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Current Portfolio Overview1

Portfolio Name Type

  • Acq. Date

GLA

  • Sq. Ft. (@ Trust Share)

FCPT % Interest

  • Acq. Purchase Price

(@100%)

Bridgewater Retail Nov 29, 2012 46,707 100% $9,140,000 Brampton Retail Nov 29, 2012 36,167 100% $11,400,000 Hanover Retail Nov 29, 2012 19,874 100% $3,975,000 Pembroke Retail Nov 29, 2012 11,247 100% $1,700,000 Moncton Retail Nov 1, 2016 16,372 100% $4,700,000 Guelph Retail Nov 30, 2017 115,744 100% $26,025,000 Centre Ice Retail Jun 25, 2014 131,793 70% $32,175,000 Whitby Mall Retail / Office Jun 9, 2016 155,761 40% $35,750,000 Thickson Place Retail Sep 29, 2016 41,923 40% $39,500,000 Crombie Retail Feb 6, 2019 148,188 50% $83,200,000 Barrie Office Mar 19, 2013 39,495 100% $6,700,000 Montreal Industrial Aug 1, 2013 515,129 50% $48,200,000 Ferrier Industrial Oct 15, 2018 79,582 50% $11,000,000 Waterloo Industrial Jul 27, 2015 359,099 70% $43,250,000 Ottawa Multi-Residential Nov 11, 2014 135 units 50% $11,200,000 Portland Multi-Residential Jan 7, 2019 69 units 100% $10,700,000 Total / Wtd. Avg. 1,717,081 Sq. Ft. / 204 Units $378,615,000

  • 1. Portfolio as at March 1, 2019
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Alignment of Interests

Joint Venture Name

  • Acq. Price @

100% (mm) FCPT Ownership First Capital Ownership Crombie REIT Ownership FCPT Senior Management and Trustee Ownership Montreal Industrial $59.2 50%

  • 50%1

Centre Ice $32.2 70%

  • 30%1

Morisset Properties $11.2 50%

  • 50%

Waterloo Industrial $43.3 70%

  • 30%

Whitby Mall / Thickson Place $72.3 40% 50%

  • 10%

Crombie Joint Venture $83.2 50%

  • 50%
  • Total / Wtd. Avg.

$301.3 52.6% 12.0% 13.8% 21.6%

  • FCPT has a true alignment of interest with its joint venture operating partners and senior management and

Trustees

  • In addition to 7% of trust units being held by insiders, senior management and the Trustees also own in

partnership with FCPT approximately 21.6% of the real estate in which it is in partnership

  • Equates to $65.1 million of the real estate at the time of purchase
  • 1. Includes certain third party investors for up to 20% of senior management and Trustee’s ownership
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DISCIPLINED INVESTING • CAPITAL PRESERVATION

Crombie REIT Joint Venture Case Study

$83 Million Retail Joint Venture Arrangement Transaction Overview

$41,600,000

(FCPT portion of the purchase price)

Closed 1st Quarter 2019

Firm Capital Property Trust entered into a 50% joint venture with Crombie REIT in seven retail properties anchored by Sobeys

  • wned grocery stores and one anchored

with Shoppers Drug Mart located in Alberta, Nova Scotia, Saskatchewan, Ontario and Quebec for $83.2 million ($41.6 million on a pro-rata basis)

Seven Retail Properties

Joint Venture Partners

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Disciplined Equity Strategy

Equity Issued At Successively Higher Prices Equity Financings & Unit Price

(C$ millions, except unit price data)

$20.0 $6.4 $7.3 $9.1 $3.0 $11.0 $7.1 $3.2 $9.0 $8.7 $5.00 $5.10 $5.30 $5.35 $5.60 $6.00 $6.25 $6.25 $6.25 $6.40

Nov-12 Aug-13 Jan-14 Mar-15 Sep-15 Jul-16 Dec-17 Feb-18 May-18 Mar-19 Gross Proceeds Raised Unit Price

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Total Return On Investment

$100.00 $208.25

2013 2014 2015 2016 2017 2018 2019

Since Inception, a $100 Investment in FCPT Would be Worth $208.25 Today!1

1. Date range from December 3, 2012 to March 29, 2019; assumes shares purchased at the offer price of $5.00 from the private placement closed on November 29, 2012 Source: Bloomberg

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DISCIPLINED INVESTING • CAPITAL PRESERVATION

Stanley Goldfarb

Chairman, Independent Trustee

  • CEO of Goldfarb Management Services Limited

Larry Shulman Independent Trustee

  • Retired Senior Partner of Goldfarb, Shulman, Patel & Co.

Howard Smuschkowitz Independent Trustee

  • Corporate Director
  • President, JRS Capital Management

Manfred Walt Independent Trustee

  • CEO of Walt & Co. Inc., a consultant to the Reichmann Family
  • Trustee of Killam Apartment REIT (TSX:KMP.U)

Geoffrey Bledin Independent Trustee

  • Corporate Director
  • Past President and CEO of Equitable Trust Company

Jeff Goldfarb Independent Trustee

  • Retired Partner of PricewaterhouseCoopers

Eli Dadouch Vice Chairman

  • President & CEO of Firm Capital Corporation

Jonathan Mair Trustee

  • Vice President, Mortgage Banking of Firm Capital Corporation
  • CFO, Senior VP and Director of Firm Capital MIC (TSX:FC)

Robert McKee Trustee

  • President & CEO of FCPT
  • Past Trustee of True North Apartment REIT (TSX:TN.UN)

Sandy Poklar Trustee

  • CFO of FCPT
  • EVP, Finance of Firm Capital MIC (TSX:FC)
  • Trustee of True North Commercial REIT (TSX:TNT.UN)
  • CFO and Director of Firm Capital American Realty Partners Corp. (TSXV:FCA.U)

Victoria Granovski Trustee

  • Vice President, Credit & Equity Capital of Firm Capital MIC (TSX:FC)

Substantial Experience in Real Estate Management, Acquisitions, Lending and Finance

Board of Trustees

Independent Trustees Executive Trustees

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Management Team

Robert McKee President & Chief Executive Officer

  • Managing Director - Firm Capital Realty Partners Inc. since October 2008
  • Past Trustee of True North Apartment REIT (TSX: TN.UN)
  • Previously with TD Securities - Real Estate Investment Banking Group

Sandy Poklar Chief Financial Officer

  • Chief Operating Officer and Managing Director, Capital Markets & Strategic

Developments for Firm Capital Corporation

  • Trustee of True North Commercial REIT (TSX: TNT.UN)
  • Previous investment banking and equity research roles with Macquarie Capital, TD

Securities, and Canaccord

Eli Dadouch Vice Chairman & Co-Chief Investment Officer

  • Founder, President and CEO of Firm Capital Corporation (founded 1988)
  • President and CEO of FCPT’s Asset and Property Manager
  • President, CEO and Director of Firm Capital Mortgage Investment Corporation

(TSX: FC)

  • Director, Global Risk Institute in Financial Services

Jonathan Mair, CA Co-Chief Investment Officer

  • Vice-President, Mortgage Banking - Firm Capital Corporation
  • CFO, SVP and Director of Firm Capital Mortgage Investment Corporation (TSX: FC)
  • Previously, Vice-President of KPMG Inc. from 1993 to 1997

Sergio Elport Vice President, Investments & Asset Management

  • Managing Director, Real Estate Investments, Head of Canadian Acquisitions - Firm

Capital Realty Partners Inc.

  • Previously Director of Investments - Dream Global REIT (TSX:DRG.UN)
  • Former investment banker with BMO Capital Markets
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$27 $28 $53 $57 $92 $125 $125 $300 $25 $26 $57 $59 $63 $75 $75 $7 $7 $7 $7 $6 $6 $6 $6 $6 $6 $6 $17

$27 $60 $86 $127 $164 $200 $213 $398 2012 2013 2014 2015 2016 2017 2018 Pro Forma Retail Industrial Office Apartment

Portfolio Growth

Fair Value of Investment Portfolio1

(C$ millions)

  • 1. Figures shown as of December 31st each year, as per consolidated balance sheet
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Distribution Growth

Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19

($0.35/unit per annum) ($0.37/unit per annum) ($0.40/unit per annum) ($0.42/unit per annum) ($0.44/unit per annum) ($0.46/unit per annum) ($0.48/unit per annum)

Distribution History

(C$)

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$4.84 $5.25 $5.42 $5.88 $6.11 $6.85 $7.10 2012 2013 2014 2015 2016 2017 2018

Net Asset Value Growth1

47% increase

  • 1. Based on the unconsolidated balance sheet as at December 31 of each year

Net Asset Value Per Unit

(C$)

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Firm Capital Advantage

  • Long term

track record

  • f creating

value for investors

  • Focused on

capital preservation

  • Strong

alignment of interests through direct investment in assets by management and board of trustees

  • Track record
  • f accretive

acquisitions

  • Growth that

has benefited unitholders:

  • Six

distribution increases totaling $0.13 in six years - a 37% increase from the initial distribution

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DISCIPLINED INVESTING • CAPITAL PRESERVATION

First Capital Acquisition Portfolio

$266 Million Retail Joint Venture Arrangement Transaction Overview

$133,000,000

(FCPT portion of the purchase price)

Q2 2019

The Trust has entered into an agreement with First Capital to acquire a 50%, non-managing interest in six net-leased retail properties with a gross leasable area of approximately 1 million square feet (at a 100% interest). The acquisition portfolio is predominantly comprised of a mix of grocery and national anchor tenants and is situated in Ottawa, Ontario, Nepean, Ontario, Repentigny, Quebec, and Gatineau, Quebec.

Six Retail Properties

Joint Venture Partners

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Acquisition Portfolio Summary

Location GLA (@ 100%) Occupancy1 Carrefour du Plateau Gatineau, QC 241,772 100.0% Gloucester City Centre Ottawa, ON 369,663 97.2% Merivale Mall Nepean, ON 219,239 91.6% Galaries de Repentigny Repentigny, QC 130,739 100.0% Galeries Brien Est Repentigny, QC 8,856 100.0% Galeries Brien Ouest Repentigny, QC 52,331 100.0% Total / Average

  • 1,022,600

97.2%

  • 1. As of March 1, 2019
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Merivale Mall (Nepean)

GLA: 219,239 Sq. Ft. WALT: 6.2 years

Gloucester City Centre (Ottawa)

GLA: 369,663 Sq. Ft. WALT: 5.2 years

First Capital Portfolio Summary

GLA: 130,739 Sq. Ft. WALT: 2.9 years

Galeries de Repentigny (Repentigny) Carrefour du Plateau (Gatineau)

GLA: 241,772 Sq. Ft. WALT: 9.6 years GLA: Sq. Ft. 8,856 WALT: 3.9 years

Galeries Brien Est (Repentigny) Galeries Brien Ouest (Repentigny)

GLA: 52,331 Sq. Ft. WALT: 4.2 years

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Acquisition Portfolio Asset Locations

211 Boulevard Brien, Repentigny 85 Boulevard Brien local 101, Repentigny 180 Boulevard Brien, Repentigny 1642 Merivale Rd, Nepean 1980 Ogilvie Rd, Ottawa 203 Boulevard Du Plateau, Gatineau

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Gloucester City Centre (Ottawa)

Overview Key Tenants Metrics

WALT

  • 5.2 Years

Anchor Tenant / % of GLA

  • Loblaws / 34%

Occupancy

  • 97%
  • Approximately 370,000 sq. ft. enclosed

shopping centre focused on a day-to-day retail offering, including groceries, prescription drugs, personal-care items, household supplies, banking and other personal services

  • Significant redevelopment potential, with

plans to seek 930,000 sq. ft. of additional commercial and residential density

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Merivale Mall (Nepean)

Overview Key Tenants Metrics

WALT

  • 6.2 Years

Anchor Tenant / % of GLA

  • Farm Boy / 13%

Occupancy

  • 92%
  • Situated in the prominent regional retail node

known as the Merivale Retail Corridor, which spans approximately 3.2 km along Merivale Road and offers over 2.5 million square feet

  • f retail space
  • Significant redevelopment potential, with

plans to seek 280,000 sq. ft. of additional commercial and residential density

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  • Currently offers a wide mix of amenities, and

includes space to add additional density

  • Services the surrounding highly populated,

family-oriented neighborhoods with over 94,000 residents within a 5km radius

Carrefour du Plateau (Gatineau)

Overview Key Tenants Metrics

WALT

  • 9.6 Years

Anchor Tenant / % of GLA

  • Canadian Tire / 36%

Occupancy

  • 100%
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WALT

  • 2.9 Years

Anchor Tenant / % of GLA

  • Super C / 43%

Occupancy

  • 100%

Galeries de Repentigny

Overview Key Tenants Metrics

  • Located east of Montreal in the affluent

community of Repentigny

  • Strategically situated on the Boulevard Brien

and in close proximity to major Highway 40

  • The centre is located in an established retail

node, adjacent to Galeries Brien Est and Galeries Brien Ouest, which offer a complementary shopping experience

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Galeries Brien Est

Overview Key Tenants Metrics

WALT

  • 3.9 Years

Anchor Tenant / % of GLA

  • La Perle Kwizine / 19%

Occupancy

  • 100%
  • Located east of Montreal in the affluent

community of Repentigny

  • Primarily tenanted by smaller, local retailers
  • The centre is located in an established retail

node, adjacent to Galeries Brien Ouest and Galeries de Repentigny, which offer a complementary shopping experience

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Galeries Brien Ouest

Overview Key Tenants Metrics

WALT

  • 4.2 Years

Anchor Tenant / % of GLA

  • IGA / 81%

Occupancy

  • 100%
  • Located east of Montreal in the affluent

community of Repentigny

  • The grocery-anchored centre is tenanted by

IGA and Uniprix

  • The centre is located in an established retail

node, adjacent to Galeries Brien Est and Galeries de Repentigny, which offer a complementary shopping experience

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Portfolio Overview

Portfolio is Diversified Across Geographies, Asset Classes and Tenants Portfolio by Province – Current1 Portfolio by Province – Pro Forma2

(by NOI) (by NOI)

  • 1. Post close of the Dartmouth Acquisition and the January 2019 Acquisition
  • 2. After giving effect for the Acquisition Portfolio

Ontario 61% Quebec 17% Nova Scotia 11% Other 10% Ontario 59% Quebec 27% Nova Scotia 7% Other 7%

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Portfolio Overview

Portfolio is Diversified Across Geographies, Asset Classes and Tenants Portfolio by Asset Class – Current1 Portfolio by Asset Class – Pro Forma2

(by NOI) (by NOI)

  • 1. Post close of the Dartmouth Acquisition and the January 2019 Acquisition
  • 2. After giving effect for the Acquisition Portfolio

Retail 77% Industrial 19% Apartment 3% Office 1% Retail 64% Industrial 29% Apartment 5% Office 1%

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10.3% 3.0% 2.7% 2.3% 2.3% 1.8% 1.8% 1.8% 1.5% 1.5%

Pro Forma Tenant Summary

Top 10 Tenants Only Comprise 28.8% of Net Rent Diversified Tenant Roster Largely Comprised of Necessity-Based Retailers Top Ten Commercial Tenants

(by % of net rent)

High Quality, National Tenants

  • Increased diversification as top tenants will represent 28.8% of net rent, as compared to 34.2% as at

close of the January 2019 Acquisition (the Crombie acquisition) on February 6, 2019

  • Additional new high quality tenants include; Loblaws, Canadian Tire, IGA, Super C (Metro) & Walmart
  • Reduced exposure to Le Chateau and lower exposure to Sobeys (15.9% to 10.3%)
  • Reduced exposure to Quebecor Media which will represent less than 1% of net rent
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Balance Sheet and Liquidity

(in C$ millions except % amounts)

As at Dec. 31, 2018 PF Subsequent Events1,2

Cash 3.4

  • Investment Properties

212.9 398.2 Total Assets 221.3 403.2 Mortgages 92.5 220.63 Line of Credit Drawn

  • 16.6

Total Liabilities 96.9 241.7 Total Unitholder’s Equity 124.4 168.1 Undrawn Credit Lines 22.0 5.4 Debt to Gross Book Value 41.8% 58.8% % of Debt Floating Rate 10.2% 14.2%

1. Unaudited; includes the Dartmouth Acquisition, January 2019 Acquisition, March 2019 Private Placement, Acquisition Portfolio and the Offering 2. Assumes the total size of the Offering is $20 million 3. Includes $9.6 million VTB Loan

Summary Balance Sheet

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Disclaimer

This presentation contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, the acquisition of properties from First Capital Reality Inc., the pro forma composition of the Trust’s portfolios, and other statements concerning Firm Capital Property Trust’s (“FCPT” or the “Trust”) objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of

forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”,

“should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. All forward-looking statements in this presentation are qualified by these cautionary statements. These statements are not guarantees of future events or performance and, by their nature, are based on FCPT’s estimates and assumptions, which are subject to risks and uncertainties, which could cause actual events or results to differ materially from the forward-looking statements contained in this presentation. Those risks and uncertainties include, but are not limited to, those related to: liquidity in the global marketplace associated with current economic conditions, occupancy levels, access to debt and equity capital, interest rates, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions or dispositions, construction, environmental matters, legal matters, reliance on key personnel, income taxes, the conditions to the transactions not being satisfied resulting in the failure to complete some or all of the proposed transactions described herein, the trading price of the securities of FCPT, lack of availability of acquisition or disposition

  • pportunities for the Trust, completion of the First Capital acquisitions and exposure to economic, real estate and capital market conditions in

North America. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to: that the general economy remains stable, interest rates are relatively stable, acquisition/disposition capitalization rates are stable, competition for acquisition or disposition of residential apartments remains intense, and equity and debt markets continue to provide access to capital. These assumptions, although considered reasonable by the Trust at the time of preparation, may prove to be incorrect. Although the forward-looking information contained in this presentation is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this presentation may be considered “financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this presentation. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time