Firm Capital Property Trust announced the acquisition of a 50% interest in a 56 site Manufactured Housing Community (“MHC”) called SunPark Parkhill Estates (“Parkhill”) for $3.1 million and the acquisition of a 50% interest in a 58 site Manufactured Housing Community (“MHC”) called SunPark Skyview Estates (“Skyview”) for $2.6 million (collectively the “Properties”). The acquisition price for 100% of the Properties is approximately $5.7 million, excluding transaction costs. The Trust's portion of the acquisition price is approximately $2.85 million.

Parkhill, located in Peterborough, Ontario; is situated on 15.9 acres of land and is currently 100% occupied. Parkhill is conveniently located within a fifteen minute drive to downtown Peterborough and is alongside Highway 7 & 28. Parkhill was developed in 1968 and is an owner-managed community owned by the current ownership group since 1980.

Parkhill features private water and sewers, paved roads, street lighting, and above ground electrical infrastructure provided by Hydro One. Parkhill was acquired at a 6.8% capitalization rate. Skyview, located in Trenton, Ontario, is located on 5.3 acres of land and is currently 100% occupied.

Skyview is conveniently located close to schools, shopping, downtown restaurants, and entertainment with easy access to Highway 401. Skyview is an original owner-managed community owned by the current ownership group and developed in 1980. Skyview features city water and sewer, paved roads, street lighting, and above ground electrical infrastructure provided by Hydro One.

Skyview was acquired at a 6.2% capitalization rate. The Properties will initially be funded through existing cash resources of the Trust. Seven year debt financing for approximately 65% of the purchase price is expected to be closed during the first quarter of 2023.

Based on the current interest rate environment the all in rate would be approximately 4.75%.