Firm Capital Apartment Real Estate Investment Trust (the “Trust”), (TSXV: FCA.UN), (TSXV: FCA.U) is pleased to announce that it has received approval from the TSX Venture Exchange (the "Exchange") to commence a normal course issuer bid (the "Bid") to purchase up to $1,929,068 principal amount of the CAD$19.4 million, 6.25% convertible unsecured subordinated debentures of the Trust due June 30, 2026 ("Debentures ") (TSXV:FCA.DB), being equal to 10% of the Public Float (as defined in the policies of the Exchange) as at September 11, 2023. Pursuant to the policies of the Exchange, the Bid will commence on September 25, 2023 and will end on the earlier of September 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.

FORWARD LOOKING INFORMATION Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking statements in this press release include statements relating to the timing and amount of Debentures that may be acquired under the normal course issuer bid and the Trust's future business plans. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Trust holds properties; volatility of real estate prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of the Trust to implement its business strategies; competition; currency and interest rate fluctuations and other risks, including those described in the Trust’s public disclosure documents filed on SEDAR+ at 

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Additional information about the Trust is available at or 

For further information, please contact:
Sandy Poklar Claudia Alvarenga
President & Chief Executive Officer Chief Financial Officer
(416) 635-0221 (416) 635-0221
For Investor Relations information, please contact:
Victoria Moayedi  
Director, Investor Relations  
(416) 635-0221  
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