Mr. Sandy Poklar reports

FIRM CAPITAL APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES EXCHANGE APPROVAL OF NORMAL COURSE ISSUER BID FOR DEBENTURES

Firm Capital Apartment Real Estate Investment Trust has received approval from the TSX Venture Exchange to commence a normal course issuer bid to purchase up to $1,929,068 principal amount of the $19.4-million, 6.25 per cent convertible unsecured subordinated debentures of the trust due June 30, 2026 (TSX-V: FCA.DB), being equal to 10 per cent of the public float (as defined in the policies of the exchange) as at Sept. 11, 2023. Pursuant to the policies of the exchange, the bid will commence on Sept. 25, 2023, and will end on the earlier of Sept. 24, 2024, or at such time as the bid has been completed or the bid is terminated at the trust's discretion.

The board of trustees is of the opinion that it is in the best interest of the trust and its security holders to purchase the debentures at a discount to par, through the bid, while providing liquidity for the security holders. It is the intent of the trust to acquire as much of the debentures as possible up to the maximum allowable under the rules of the exchange in the context of market pricing, thus providing liquidity for existing holders of the debentures.

All debentures purchased pursuant to the bid will be made on the open market through the facilities of the exchange by Clarus Securities Inc. on behalf of the trust, and the purchase and payment for the acquired debentures will be made by the trust in accordance with the requirements of the exchange. The trust intends to fund the purchases out of available cash. All debentures purchased pursuant to the bid will thereafter be delivered to the debenture trustee and cancelled.

To the knowledge of the trust, no trustee, senior officer, or other insider of the trust, or any associate of such person, or any associate or affiliate of the trust, currently intends to sell any debentures into the bid. However, sales by such persons through the facilities of the exchange or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to the bid. The benefits to any such person whose debentures are purchased would be the same as the benefits available to all other holders whose debentures are purchased.

We seek Safe Harbor.