Agency Capital Property Belief Experiences Strong This autumn/2022 Outcomes

Accretive Acquisition of Belief Items by way of NCIB
Acquisition of two multi-tenant industrial properties
Sale of Retail and Workplace Properties producing beneficial properties on sale of $5.2MM

TORONTO, March 20, 2023 (GLOBE NEWSWIRE) — Agency Capital Property Belief (“FCPT” or the “Belief”), (TSX: FCD.UN) is happy to report its monetary outcomes for the three and twelve months ended December 31, 2022.

This autumn/2022 HIGHLIGHTS
Key highlights for the three months ended December 31, 2022 are as follows:

• Web revenue was roughly $8.7 million, a 32% improve over This autumn/2021;
• $7.64 Web Asset Worth (“NAV”) per Unit;
• Web Working Revenue (“NOI”) was roughly $9.2 million, 16% improve over This autumn/2021;
• Similar Retailer NOI decreased 1% over This autumn/2021 however was up 1% over 4Q/2021;
• Adjusted Funds From Operations (“AFFO”) was roughly $4.3 million,12% improve over This autumn/2021;
• Business occupancy was 95.9%, Multi-Residential occupancy was 90.3% whereas Manufactured Properties Communities was 99.8%;
• Conservative leverage profile with Debt / Gross Ebook Worth (“GBV”) at 51%; and
• The Belief declared and accepted month-to-month distributions within the quantity of $0.04333 per Belief Unit for Unitholders of document on April 28, 2023, Might 31, 2023 and June 30, 2023, payable on or about Might 15, 2023, June 15, 2023 and July 17, 2023, respectively.

PROPERTY PORTFOLIO HIGHLIGHTS
The portfolio consists of 66 industrial properties with a complete gross leasable space (“GLA”) of two,552,214 sq. toes, 5 multi-residential complexes comprised of 599 items and two Manufactured Dwelling Communities comprised of 422 items. The portfolio is properly diversified and defensive by way of geographies and property asset sorts, with 51% of NOI (37% of asset worth) comprised of grocery anchored retail adopted by industrial at 26% of NOI (32% of asset worth). As well as, the portfolio is properly diversified by way of geographies with 39% of NOI (40% of asset worth) comprised of property situated in Ontario, adopted by Quebec at 37% of NOI (33% of asset worth).

TENANT DIVERSIFICATION
The portfolio is properly diversified by tenant profile with no tenant at the moment accounting for greater than 11.0% of whole web hire. Additional, the highest 10 tenants are comprised of huge nationwide tenants and account for 31.8% of whole web hire.

NORMAL COURSE ISSUER BID GENERATES 9.2% RETURN ON INVESTMENT
On July 14, 2022, the Belief introduced that the Toronto Inventory Change (“TSX“) accepted a discover for Regular Course Issuer Bid (“NCIB”) with respect to its excellent Belief Items. For the three months ended December 31, 2022, the Belief repurchased 302,200 items for web proceeds of roughly $1.7 million. The Belief Items had been bought below the NCIB at a Weighted Common Worth of $5.64/Belief Unit for an implied distribution buy-back yield of 9.2%.

$44 MILLION MORTGAGE REFINANCING
On December 13, 2022, the Belief closed on an early renewal of the mortgage on the Montreal Industrial Portfolio for proceeds of $44.0 million at a 4.88% rate of interest, amortizing and for a time period of seven years. The earlier mortgage was at a 3.98% rate of interest and was set to mature in August 2023. As a part of the early compensation of the mortgage the lender paid out an early break charge of roughly $0.6 million to the property partnership. The Belief’s portion of the mortgage refinancing was $22.0 million.

$3.2 MILLION MULTI-TENANT INDUSTRIAL PROPERTIES
On December 21, 2022, the Belief closed on a 50% curiosity in two multi-tenant industrial properties situated in Edmonton, Alberta. The acquisition worth of the portfolio was $3.2 million (together with transaction prices). The acquisition of the Edmonton Industrial Portfolio was financed by means of the idea of a $1.2 million mortgage and a brand new $0.9 million mortgage.

$5.2 MILLION GAIN ON SALE ON THE SALE OF INVESTMENT PROPERTIES
On December 21, 2022, the Belief accomplished the sale of retail property in Pembroke, Ontario for gross proceeds of $2.7 million. The Belief acknowledged a achieve on sale of roughly $0.2 million.

On December 29, 2022, the Belief accomplished the sale of an workplace property in Barrie, Ontario for gross proceeds of $10.5 million. As a part of the transaction, the Belief offered a primary precedence vendor take again mortgage of roughly $6.8 million for a one yr time period at an rate of interest of 4.0% and a second precedence vendor takeback mortgage of roughly $1.6 million for a 5 yr time period at an rate of interest of 5.0% for the primary two years, 6.0% for the third and fourth yr and seven.0% for the ultimate yr. The Belief acknowledged a achieve on sale of roughly $5.0 million.

See chart under for extra data:

	Three Months							Twelve Months
	Dec 31, 2022		Dec 31, 2021		Change			Dec 31, 2022		Dec 31, 2021		Change
Rental Income	$14,245,157		$11,954,312		19%			$54,018,887		$46,430,420		16%
NOI – IFRS Foundation		9,165,483		7,898,791	16%				35,457,372		30,215,936	17%
NOI – Money Foundation		9,163,698		7,756,945	18%				35,074,668		29,874,111	17%
Similar-Property NOI		7,985,853		8,096,318	(1%)				30,225,946		29,848,218	1%
Web Revenue		8,663,638		6,566,305	32%				(1,184,280)		58,387,894	(102%)
FFO		4,586,850		3,134,372	46%				19,524,208		14,767,066	32%
AFFO		4,327,687		3,869,233	12%				16,445,149		15,224,751	8%
Complete Belongings								$633,898,464		$576,355,914		10%
Complete Mortgages									306,781,314		239,912,757	28%
Financial institution Indebtedness									18,726,067		24,797,881	(24%)
Unitholders’ Fairness									296,513,896		295,915,326	0%
Items Excellent (000s)									37,100		34,011	9%
FFO Per Unit	$0.123		$0.092		34%			$0.541		$0.462		17%
AFFO Per Unit	$0.116		$0.114		2%			$0.456		$0.477		(4%)
Distributions Per Unit	$0.130		$0.128		2%			$0.520		$0.510		2%
FFO Payout Ratio		106%		138%	(3,221) bps				96%		110%	(1,392) bps
AFFO Payout Ratio		112%		112%	13 bps				114%		107%	707 bps
Wtd. Avg. Int. Fee – Mort. Debt									3.8%		3.3%	50 bps
Debt to GBV									51%		46%	535 bps
GLA – Business, SF									2,552,214		2,420,168	6%
Items – Multi-Res									599		464	29%
Items – MHCs									422		423	(0%)
Occupancy – Business									95.9%		95.9%	2 bps
Occupancy – Multi-Res									90.3%		93.6%	(335) bps
Occupancy MHCs									99.8%		99.1%	66 bps
Hire PSF – Retail								$18.43		$17.90		3%
Hire PSF – Industrial								$7.60		$6.67		14%
Hire per thirty days – Multi-Res								$1,198		$1,175		2%
Hire per thirty days – MHCs								$603		$519		16%

For the entire monetary statements, Administration’s Dialogue & Evaluation and supplementary data, please go to www.sedar.com or the Belief’s web site at www.firmcapital.com

DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN
The Belief has in place a Distribution Reinvestment Plan (“DRIP”) and Unit Buy Plan (the “UPP”). Beneath the phrases of the DRIP, FCPT’s Unitholders might elect to mechanically reinvest all or a portion of their common month-to-month distributions in extra Items, with out incurring brokerage charges or commissions. Beneath the phrases of the UPP, FCPT’s Unitholders might buy a minimal of $1,000 of Items per thirty days and most purchases of as much as $12,000 each year. Administration and trustees haven’t participated within the DRIP or UPP to this point and personal roughly 8% of the issued and excellent belief items of the Belief.

ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)
Agency Capital Property Belief is targeted on creating long-term worth for Unitholders, by means of capital preservation and disciplined investing to attain secure distributable revenue. In partnership with administration and business leaders, The Belief’s plan is to personal in addition to to co-own a diversified property portfolio of multi-residential, flex industrial, web lease comfort retail, and core service supplier skilled house. Along with stand alone accretive acquisitions, the Belief will make joint acquisitions with robust monetary companions and acquisitions of partial pursuits from present possession teams, in a way that gives liquidity to these promoting house owners {and professional} administration for these remaining as companions. Agency Capital Realty Companions Inc., by means of a construction targeted on an alignment of pursuits with the Belief sources, syndicates and property and asset manages investments on behalf of the Belief.

FORWARD LOOKING INFORMATION

This press launch might include forward-looking statements. In some instances, forward-looking statements might be recognized by means of phrases equivalent to “might”, “will”, “ought to”, “anticipate”, “plan”, “anticipate”, “consider”, “estimate”, “predict”, “potential”, “proceed”, and by discussions of methods that contain dangers and uncertainties. The forward-looking statements are based mostly on sure key expectations and assumptions made by the Belief. By their nature, forward-looking statements contain quite a few assumptions, inherent dangers and uncertainties, each common and particular, that contribute to the chance that the predictions, forecasts, projections and numerous future occasions won’t happen. Though administration of the Belief believes that the expectations mirrored within the forward-looking statements are affordable, there might be no assurance that future outcomes, ranges of exercise, efficiency or achievements will happen as anticipated. Neither the Belief nor another individual assumes accountability for the accuracy and completeness of any forward-looking statements, and nobody has any obligation to replace or revise any forward-looking assertion, whether or not on account of new data, future occasions or such different elements which have an effect on this data, besides as required by regulation.

This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase, which can be made solely by the use of a prospectus, nor shall there be any sale of the Items in any state, province or different jurisdiction through which such supply, solicitation or sale could be illegal previous to registration or qualification below securities legal guidelines of any such state, province or different jurisdiction. The Items of the Agency Capital Property Belief haven’t been, and won’t be registered below the U.S. Securities Act of 1933, as amended, and might not be supplied, bought or delivered in the US absent registration or an software for exemption from the registration necessities of U.S. securities legal guidelines.

Sure monetary data offered on this press launch replicate sure non- Worldwide Monetary Reporting Requirements (“IFRS”) monetary measures, which embody NOI, Similar Retailer NOI, FFO and AFFO. These measures are generally utilized by actual property funding entities as helpful metrics for measuring efficiency and money flows, nevertheless, they don’t have standardized which means prescribed by IFRS and should not essentially akin to related measures offered by different actual property funding entities. These phrases are outlined within the Belief’s Administration Dialogue and Evaluation (“MD&A”) for the yr ended December 31, 2022 as filed on www.sedar.com.

For additional data, please contact:
Robert McKee President & Chief Govt Officer (416) 635-0221	Sandy Poklar Chief Monetary Officer (416) 635-0221
For Investor Relations data, please contact:
Victoria Moayedi Director, Investor Relations (416) 635-0221