Firm Capital Mortgage Investment Corporation · TSX:FC
Firm Capital Mortgage Investment — Firm Capital Property Trust — Q3 2025 Earnings Presentation
30 slides from Firm Capital Mortgage Investment's earnings presentation, 2025
Slide 1: Firm Capital Property Trust Investor Presentation – Q3 2025
TSX: FCD.UN. (Listed 11/2012) Diversified Canadian Real Estate Investments Firm Capital Property Trust Investor Presentation – Q3 2025
Slide 2: Content
Content INTRODUCTION 3 TAX DEFERRAL OPPORTUNITY 19 HISTORY 4 TAX EQUIVALENT YIELD 20 FIRM CAPITAL ADVANTAGE 5 Q3/2025 FINANCIAL HIGHLIGHTS 21 HIGH-LEVEL OVERVIEW 6 STEADY RENT INCREASES 22 AN ATTRACTIVE INVESTMENT 7 DEMAND DRIVERS AND WHY INVEST IN CANADIAN REITS 23 INVESTMENT HIGHLIGHTS 8 2025 OUTL
Slide 3: Introduction
Introduction Firm Capital operates as a boutique real estate and financial services equity investment company deploying capital opportunistically between debt and equity in the real estate private and public markets across Canada and the U.S. Operating in the same industry for over 35 years Firm Cap
Slide 4: History
History Since inception in 1988, Firm Capital has established an exceptional track record demonstrated by past performance and prides itself on its risk management abilities to protect and preserve capital, while acting as a disciplined investor. PROFICIENT SERVICES PROVIDED BY FIRM CAPITAL: Mortgag
Slide 5: Firm Capital Advantage
Firm Capital Advantage Investing Integrity EXPERIENCE MATTERS Experienced team managing debt and real estate throughout a real estate cycle 35+ year track record with management industry experience in excess of 100 years 1 DIRECT INVESTMENTS DISCIPLINED INVESTING Strong alignment of interest through
Slide 6: High-Level Overview
High-Level Overview A DIVERSIFED CANADIAN REIT FOCUSED ON CAPITAL PRESERVATION AND DISCIPLINED INVESTING ¢52/unit 8.57% 11.38% $7.83 22% 3.8% Annual Distributions Distribution Annual Total Return(2) NAV/Unit(3) Discount to Annual NAV (Paid Monthly) Yield(1) (since inception) NAV(1) Growth(4) PROVIDE
Slide 7: What Makes the Trust An Attractive Investment
What Makes the Trust An Attractive Investment 1 2 3 4 5 Attractive Stable Offers Tax Deferral Diversified Experienced Distributions Opportunity to Opportunity with Portfolio with Board & Strong While Offering Invest Alongside Return of Capital Quality Tenants & Alignment of Value Investing Generatio
Slide 8: Investment Highlights
Investment Highlights • 8.57%* distribution yield • +65% Return of Capital expected for 2025 distributions (currently approximately $0.18/unit capital gains) Stable & Growing Cash Flows • Increased distributions 9 times since inception, rising from $0.35/Unit per annum to $0.52/Unit per annum (a 49%
Slide 9: Benefit to Unitholders
Benefit to Unitholders Liquidity • Daily trading volume in excess of 25,300 units per day • Debt to GBV approximately 50% • Approximately $19.0MM available on credit facility Strong Balance Sheet • The Trust has 3 unencumbered properties to address further capital requirements if needed. This financ
Slide 10: Mortgage Re-Financing Update & Contractual Obligations
Mortgage Re-Financing Update & Contractual Obligations • The Trust was able to refinance or repay in full all 2024 and a significant portion the 2025 mortgage maturities. • As at September 30, 2025, total outstanding mortgages were $304,155,214 (December 31, 2024 – $304,819,251) with a weighted aver
Slide 11: Targeted Asset Classes
Targeted Asset Classes) The Trust Owns the Following Asset Classes: Multi-Residential & Grocery / Service Retail Industrial Manufactured Home Communities % of NOI 55% 27% 18% Disciplined Investing ● Capital Preservation 11
Slide 12: Portfolio Overview
Portfolio Overview Portfolio is Diversified Across Geographies, Asset Classes and Tenants Portfolio by Province (by NOI) Portfolio by Asset Class (by NOI) MHC Other Apartment 4% 3% Alberta 14% 16% Ontario 38% Non-Grocery Anchored Nova Retail Scotia 7% 7% Grocery Anchored Retail Industrial 48% 27% Qu
Slide 13: Tenant Summary
Tenant Summary Top Ten Tenants = 32.2% of Total Net Rent Largest Tenant Contributes 13.1% of Net Rent and Top 10 Tenants Comprise 32.2% of Net Rent Disciplined Investing ● Capital Preservation 13
Slide 14: Disciplined Equity Strategy
Disciplined Equity Strategy Equity Financings & Unit Issue Price ($ millions, except unit price data) Gross Proceeds Raised Unit Price $7.40 $7.00 $7.10 $6.75 $6.90 $6.40 $6.40 $6.25 $6.25 $6.25 $6.40 $6.00 $45.6 $5.90 $5.60 $5.30 $5.35 $5.40 $5.00 $5.10 $28.8 $4.90 $23.3 $23.0 $20.0 $4.40 $3.90 $11
Slide 15: Annualized Total Return on Investment
Annualized Total Return on Investment Since Inception, a $100 Investment in FCPT Would be Worth $410 Today! Note: Annualized Total Return on Investment includes stock price plus accumulated distributions from inception of November 29, 2012 to December 31, 2025. Disciplined Investing ● Capital Preser
Slide 16: Portfolio Growth
Portfolio Growth (Asset Value $ Millions) Disciplined Investing ● Capital Preservation 16
Slide 17: Distribution Growth
Distribution Growth Disciplined Investing ● Capital Preservation 17
Slide 18: Net Asset Value Growth
Net Asset Value Growth ($ per unit) Disciplined Investing ● Capital Preservation 18
Slide 19: Tax Deferral Opportunity
Tax Deferral Opportunity The Trust is highly tax efficient with a Return of Capital component. TAX YEAR 2024 2023 2022 2021 2020 RETURN OF CAPITAL 85% 88% 91% 48% 100% CAPITAL GAINS 15% 11% 9% 52% 0% TOTAL 100% 100% 100% 100% 100% CAPITAL GAINS @ 50% TAX 7.5% 6% 4% 26% 0% RETURN OF CAPITAL 85% 88% 9
Slide 20: Tax Equivalent Yield
Tax Equivalent Yield • The Return of Capital (“ROC”) component on distributions acts as a tax deferral to a non-registered recipient and as a shield to pay taxes at the capital gains inclusion rate. • Historically, the majority of Firm Capital Property Trust’s distributions have been comprised of RO
Slide 21: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights ($ millions, except per unit or % amounts) Quarter Ended Quarter Ended Quarter Ended Metric Sept. 30, 2025 Jun. 30, 2025 Sept. 30, 2024 NOI $9.6 $9.8 $9.7 AFFO/Unit $0.124 $0.123 $0.130 NAV/Unit $7.83 $7.84 $7.82 Distributions/Unit $0.130 $0.130 $0.130 AFFO Payout Ratio
Slide 22: Steady Rent Increases
Steady Rent Increases Nine Months Ended Nine Months Ended Sept. 30, 2025 Sept. 30, 2024 Investment Portfolio Rent Rent Change Retail(1) $19.19 $19.35 (1%) Industrial(1) $9.03 $9.00 +0% Multi-Residential(2) $1,654 $1,527 +8% Manufactured Home Communities(2) $706 $643 +10% (1) Rent per square foot. (2
Slide 23: Demand Drivers and Why Invest in Canadian REITs
Fundamentals Driving Rental Rate Growth HIGH BARRIERS TO SHIFT IN CONSUMER 1 2 HOMEOWNERSHIP BEHAVIOUR • High housing prices have limited home purchases; • Many prefer the flexibility of renting, enabling both greater mobility and less • Higher credit standards for mortgage application process have
Slide 24: 2025 Outlook
2025 Outlook • Going forward, the segments of the economy that influence the Trust’s performance will continue to be monitored and evaluated. Recent economic indicators suggest that inflationary pressures may be subsiding. • Changes in U.S. trade policy, tariffs involving Canada and other countries,
Slide 25: Appendices
APPENDICES 1. Acquisition History 2. Board of Trustees 3. Management Team 4. Contact Information 5. Disclaimer Disciplined Investing ● Capital Preservation 25
Slide 26: Acquisition History
Acquisition History Acquisition Asset Class Acquisition Date GLA (sq. ft.) Based on FCPT % Interest2 FCPT Interest Acquired (%) Acquisition Price (@100%, millions) Bridgewater, NS Retail Nov-2012 46,903 100% $9.1 Brampton, ON Retail Nov-2012 36,137 100% $11.4 Hanover, ON Retail Nov-2012 19,874 100%
Slide 27: Board of Trustees
Board of Trustees Stanley Goldfarb • CEO of Goldfarb Management Services Limited Chairman, Independent Trustee • Chairman & Director of Firm Capital Mortgage Investment Corporation (TSX: FC) • Director of Mortgage Investment Corporation (TSX:FC) • Chairman & Trustee of Firm Capital Apartment REIT (T
Slide 28: Management Team
Management Team • Managing Director - Firm Capital Realty Partners Inc. since October 2008 Robert McKee • President & CEO of Firm Capital Property Trust (TSX: FCD.UN) President & CEO • Former Trustee of True North Apartment REIT (TSX:TN.UN) • Formerly with TD Securities - Real Estate Investment Bank
Slide 29: Contact Information
Contact Information OUR CORE PRINCIPLES TRUST INNOVATION RELATIONSHIPS Our partners, investors and Firm Capital brings an Firm Capital builds strong, long- clients can trust Firm Capital to innovative approach to term relationships with its execute on our commitment. structuring a transaction. partn
Slide 30: Disclaimer
Disclaimer This presentation is for informational purposes only and not intended for solicitation. This presentation may not provide full disclosure of all material facts relating to the investment and or security being offered. If applicable, Investors should read the most recent Financial Reports
Firm Capital Property Trust — Q3 2025 Earnings Presentation on 6ix