Mr. Sandy Poklar reports

FIRM CAPITAL APARTMENT REIT COMPLETES SALE OF NEW JERSEY PROPERTY FOR $19.5 MILLION

Firm Capital Apartment Real Estate Investment Trust has completed the previously announced sale of its property located in New Jersey for $19.5-million (U.S.). Net of associated mortgage debt and closing costs, the net sale proceeds of approximately $5.4-million (U.S.) are being used to pay off the remainder of the $900,000 (U.S.) ($1.2-million (Canadian)) bridge loan, other loans as they come due, and for working capital purposes. The property sold had a sales price in line with its international financial reporting standards value.

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