TORONTO, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Firm Capital Property Trust (“FCPT” or the “Trust”) (TSXV : FCD.UN) is pleased to announce the adoption of a deferred unit plan (the “Plan”) following approval by disinterested unitholders at the Trust’s annual and special meeting of unitholders held on August 1, 2018. The Plan has received conditional approval from the TSX Venture Exchange (the “TSXV”) and is subject to its final approval.

The Plan will promote the interests of the Trust by attracting and retaining qualified persons to serve on the board of trustees (the “Board”). The Board or a duly constituted committee thereof will administer the Plan and determine which members of the Board are eligible to participate (the “Participants”, each trustee being a “Participant”) and to whom awards of deferred units (the “Deferred Units”) will be made.

The maximum number of Deferred Units which may be awarded under the Plan is 1,722,402, or such greater number as may be approved from time to time by ordinary resolution of the disinterested unitholders of the Trust, subject to regulatory approval, provided that in no event will the total number of units reserved for issuance under all of the Trust’s unit-based compensation arrangements exceed 20% of the then issued and outstanding units. The aggregate value of Deferred Units awarded to the Participants within any one-year period under the Plan together with all other security based compensation arrangements of the Trust, if any, shall not exceed $150,000 in value of equity per Participant.

Upon a Participant ceasing to be a member of the Board, the Participant may provide notice within one business day following the date on which the Participant ceases to hold any position as a trustee of the Trust and its subsidiaries (the “Termination Date”) and ending on the ninetieth day following the Termination Date to redeem his or her Deferred Units. The Board shall determine if the award shall settle in cash or units, net of any applicable withholding taxes, as follows: (i) a cash payment equal to the number of Deferred Units credited to the Participant’s account as of the Termination Date, multiplied by the closing price of a unit on the TSXV averaged over the five consecutive trading days immediately preceding the Termination Date; (ii) units purchased on the Participant’s behalf on the open market by a broker; or (iii) a combination thereof. In the absence of the giving of a notice of redemption, the Participant will be deemed to have elected a cash payment. In the event of death of a Participant, provided that no notice of redemption is provided to the Trust, the Trust shall within one calendar year in the case of a non-U.S. Participant, make a lump sum cash payment for the benefit of the administrator or liquidator of the individual. The lump sum cash payment would be equivalent to the cash payment on the Termination Date.

The Board may from time to time amend, suspend or terminate the Plan in whole or in part without further disinterested unitholder approval, subject to regulatory approval and the terms of the Plan in respect of amendments requiring unitholder approval.

A full copy of the Plan will be filed by the Trust on SEDAR at www.sedar.com.

Further information about the Trust can be found by selecting the Firm Capital Property Trust link at www.firmcapital.com.

ABOUT FIRM CAPITAL PROPERTY TRUST (TSXV : 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 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 INFORMATION
This press release may contain forward-looking statements. 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 regarding, among other things, the receipt of final TSXV approval of the Plan. 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. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

For further information, please contact:

Robert McKee
President & Chief Executive Officer
(416) 635-0221

Sandy Poklar
Chief Financial Officer
(416) 635-0221