GAZ.UN Fronsac Capital Reit Units

Fronsac real estate investment trust (TSX VENTURE:GAZ.UN)("Fronsac REIT") today
released its unaudited consolidated financial statements for the third quarter
ended September 30, 2011.


On July 1st 2011, Fronsac Capital Inc. ("Fronsac") was converted into a real
estate investment trust by exchanging its common shares for trust units of
Fronsac REIT. On that date, Fronsac REIT issued 13,790,000 units exchanged for
13,790,000 shares of Fronsac. Fronsac REIT has then inherited the real estate
portfolio of Fronsac and continued its operations.


The net loss of the third quarter was $(80,710) or $(0.006) per unit (2010:
$(47,509) or $(0.003)). The 2011 net loss includes an expense of $35,572 related
to the conversion of Fronsac into a real estate investment trust and to
acquisitions of properties.


Since January 1st 2011, as required by the Canadian Accounting Standards Board,
Fronsac REIT presents its financial statements under the International Financial
Reporting Standards ("IFRS"). The comparative quarter of 2010 of Fronsac has
also been adjusted to IFRS.


SUMMARY OF INCOME STATEMENT INFORMATION



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Income                              September 30, 2011   September 30, 2010 
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Revenue                                       $121,814             $116,546 
Net lncome (loss)                             $(80,710)            $(47,509)
Per unit - basic and diluted                   $(0.006)             $(0.003)
Weighted average units outstanding                                          
 - basic and diluted                        13,790,000           13,687,826 
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SUMMARY OF CASH FLOWS INFORMATION



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Cash Flows                          September 30, 2011   September 30, 2010 
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Cash from operating activities                 $60,312              $75,439 
Cash from investing activities               $(333,377)             $(6,875)
Cash from financing activities                $(47,794)            $501,956 
Increase (decrease) in cash                  $(320,859)            $570,520 
Cash - beginning of period                    $776,073             $333,384 
Cash - end of period                          $455,214             $903,904 
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SUMMARY OF BALANCE SHEET INFORMATION



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Balance Sheets                       September 30, 2011    December 31, 2010
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Cash                                           $455,214             $886,968
Investment Properties                        $7,075,473           $6,084,704
Total Assets                                 $7,706,591           $7,141,147
Total Liabilities                            $4,475,137           $3,847,334
Total Equity                                 $3,231,454           $3,293,813
Book value per unit                               $0.23                $0.24
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The Trust's September 30, 2011 financial statements may be viewed on SEDAR at
www.sedar.com

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