Mr. Jason Parravano reports

FRONSAC ANNOUNCES ITS RESULTS FOR THE QUARTER ENDED MARCH 31, 2019 AND MONTHLY DISTRIBUTIONS FOR THE MONTHS OF JULY, AUGUST AND SEPTEMBER 2019

Fronsac Real Estate Investment Trust has provided its results for the quarter ended March 31, 2019, and will make monthly cash distributions of 0.185 cents per unit, representing 2.220 cents per unit on an annualized basis, on July 31, Aug. 30 and Sept. 30, 2019, to unitholders of record on July 15, Aug. 15 and Sept. 16, 2019, respectively.

For the quarter ended March 31, 2019, Fronsac reported recurring funds from operations (FFO) per unit of 0.98 cents, compared with 0.91 cents per unit for the quarter ended March 31, 2018, an increase of 8 per cent. Recurring FFO was $1,000,484, an increase of 29 per cent ($777,049 in Q1 2018). During Q1 2019, the trust's property rental income was $1,999,095, compared with $1,361,751 in Q1 2018, an increase of 47 per cent. Net operating income (NOI) was $1,556,756, compared with $1,088,893 in Q1 2018, an increase of 43 per cent. Fronsac recorded a net income attributable to unitholders of $50,870, or 0.05 cents per unit, compared with a net income of $1,373,354, or 1.60 cents per unit, in Q1 2018.

Jason Parravano, president and chief executive officer, said: "We are pleased to share with you our results for the first quarter of 2019, which demonstrate a per-unit growth of 8 per cent in recurring FFO due to our ability to continue to achieve accretive returns from our acquisitions. The focus in the first quarter was to secure funds with respect to our private placement, which was successfully completed on May 16, 2019. We announced yesterday our largest acquisition to date, which was comprised of a Walmart and Tim Hortons property in Lachute, Que. We are happy to have put this new equity to use quickly, as we have in the past. In addition, I would like to announce that Michel Lassonde, the chairman of the board of trustees, has informed the board that this year will be his last one as trustee and chairman." Mr. Lassonde commented: "After 12 years as a trustee and chairman of the board, I have achieved my objectives alongside the co-founders of Fronsac."

The attached table represents selected information for the period ended March 31, 2019, along with its comparative period. This information should be read in conjunction with the consolidated financials statements and management's discussion and analysis for the quarters ended March 31, 2019, and March 31, 2018.

              SUMMARY OF SELECTED ANNUAL INFORMATION    
                                  
                                          Three months ended March 31,                      
                                                2019             2018

Financial info                                                              
Property rental income                     1,999,095        1,361,751   
Total revenue                              1,999,095        1,376,751    
NOI                                        1,556,756        1,088,893   
FFO                                        1,000,484          792,049    
Recurring FFO                              1,000,484          777,049    
AFFO                                         970,747          790,780   
EBITDA                                     1,474,163        1,014,097   
Investment properties                    107,597,405       77,974,669 
Total assets                             100,749,003       77,151,567 
Total mortgage/loans/long-term debt       54,979,310       38,529,315 
Total convertible debentures               1,580,732          254,714  
Total equity                              41,842,156       37,690,821 
Amounts on a per-unit basis                                                 
FFO                                           0.0098           0.0092   
Recurring FFO                                 0.0098           0.0091  
AFFO                                          0.0096           0.0092    
Distributions                                 0.0056           0.0050                             

About Fronsac Real Estate Investment Trust

Fronsac is an open-ended trust that acquires and owns high-quality triple net and management-free commercial real estate properties.

We seek Safe Harbor.