Mr. Sandy Poklar reports

FIRM CAPITAL APARTMENT REIT COMPLETES SALE OF MARYLAND JOINT VENTURE PROPERTY FOR $15.9 MILLION

Firm Capital Apartment Real Estate Investment Trust has completed the previously announced (Nov. 8, 2023) sale of its joint venture property located in Maryland for $15.9-million (100 per cent of the property). Net of associated mortgage debt and closing costs, the net sale proceeds were approximately $4.1-million, of which the trust received approximately $1.1-million given its 25-per-cent ownership in the property. The property has a sales price in line with its IFRS (international financial reporting standards) value.

All figures are in U.S. dollars unless otherwise noted.

The net sale proceeds will be used for loan repayments as they come due and for working capital purposes.

We seek Safe Harbor.