FCA.UN Firm Capital Apartment Real Estate Investment Trust

Firm Capital American Realty Partners 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 645,442 of its trust units ("Trust Units"), being equal to 10% of the Public Float (as defined in the policies of the Exchange) as at April 23, 2020. Pursuant to the policies of the Exchange, the Bid will commence on April 30, 2020 and will end on the earlier of April 29, 2021, or at such time as the Bid has been completed or the Bid is terminated at the Trust's discretion.

The board of trustees of the Trust is of the opinion that the recent market prices of its Trust Units do not reflect the underlying value of its assets and future prospects, and that repurchasing the its trust units is one way of creating unitholder value. Accordingly, the board has determined that the purchase of Trust Units through the Bid is in the best interests of the Trust and its unitholders, as it will increase the proportionate unit interest of remaining unitholders.

All Trust Units purchased pursuant to the Bid will be made on the open market through the facilities of the Exchange by Canaccord Genuity on behalf of the Trust, and the purchase and payment for the acquired Trust Units will be made by the Trust in accordance with the requirements of the Exchange.

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 Trust Units 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 Trust Units are purchased would be the same as the benefits available to all other holders whose Trust Units are purchased.

ABOUT FIRM CAPITAL AMERICAN REALTY PARTNERS TRUSTFirm Capital American Realty Partners Trust is a U.S. focused real estate investment entity that pursues income producing real estate and mortgage debt investments through the following platforms:

• Income Producing Real Estate Investments:

• • Core Markets Wholly Owned Investments: The Trust is focused on growing its wholly owned multi-residential property portfolio in large core markets with attention to cities located in Texas, Florida, New Jersey, North and South Carolina, Colorado, Georgia and New York.
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  • Core and Non-Core Markets: Joint Venture Investments: The Trust will also purchase in both core and non-core markets where it lacks knowledge or experience, partial ownership interests in multi-residential properties with industry leaders as partners. These partners bring both expertise in operations and knowledge, especially in non-core markets. The Trust strives to have a minimum 50% ownership interest and will fund the equity in a combined preferred/common equity investment structure. The preferred equity provides a fixed rate of return for investors in the Trust, resulting in a secured structure ahead of the partners ownership interest, while the common equity provides investors an upside return for investors as the investment meets its targeted objectives.

• Mortgage Debt Investments: The Trust, using Firm Capital’s 30-year plus experience as a leader in the mortgage lending industry, provides bridge lending of mortgage and preferred capital secured by residential/multi-residential properties.

FORWARD LOOKING INFORMATIONCertain 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 units of the Trust 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 www.sedar.com.

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 www.firmcapital.com or www.sedar.com.

For further information, please contact:

Eli Dadouch	Sandy Poklar
President & Chief Executive Officer	Chief Financial Officer
(416) 635-0221	(416) 635-0221