Firm Capital Apartment REIT Reports Q1/2024 Results and Provides Strategic Review Update

All figures in $USD unless otherwise noted.

TORONTO, May 08, 2024 (GLOBE NEWSWIRE) -- Firm Capital Apartment Real Estate Investment Trust (the “Trust”), (TSXV: FCA.U), (TSXV: FCA.UN) is pleased to report its financial results for the three months ended March 31, 2024 as well as provide an update regarding the previously announced Strategic Review:

EARNINGS

• For the three months ended March 31, 2024, net loss was approximately $1.3 million, in comparison to the $0.5 million net loss reported for the three months ended December 31, 2023 and the $4.9 million net loss reported for the three months ended March 31, 2023;

• Excluding non-cash fair value adjustments, net loss was $0.06 million for the three months ended March 31, 2024, in comparison to the $0.3 million net loss reported for the three months ended December 31, 2023 and the $0.2 million net income reported for the three months ended March 31, 2023;

• For the three months ended March 31, 2024, AFFO was negative $0.04 million, in comparison to the negative $0.3 million reported for the three months ended December 31, 2023 and the $0.2 million reported for the three months ended March 31, 2023;

	Three Months Ended
	Mar 31, 2024			Dec 31, 2023			Mar 31, 2023
Net Loss	$	(1,298,849	)	$	(469,539	)	$	(4,901,727	)
Net Income (Loss) Before Fair Value Adjustments	$	(57,937	)	$	(339,306	)	$	160,560
FFO	$	(813,630	)	$	(869,210	)	$	(571,581	)
AFFO	$	(42,166	)	$	(317,857	)	$	154,444