Firm Capital Apartment REIT Announces Exchange Approval of Normal Course Issuer Bid

TORONTO, June 14, 2021 (GLOBE NEWSWIRE) -- 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 (i) 619,750 of its trust units ("Trust Units"), being equal to 10% of the Public Float (as defined in the policies of the Exchange) as at June 14, 2021 and (ii) CAD$1,936,700 principal amount of the 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 June 14, 2021. Pursuant to the policies of the Exchange, the Bid will commence on June 16, 2021 and will end on the earlier of June 15, 2022, 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 and Debentures do not reflect the underlying value of its assets and future prospects, and that repurchasing the its Trust Units and Debentures is one way of creating unitholder value. Accordingly, the board has determined that the purchase of Trust Units and Debentures through the Bid is in the best interests of the Trust and its unitholders.

All Trust Units and Debentures 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 and Debentures will be made by the Trust in accordance with the requirements of the Exchange and after such purchase will be cancelled. The Trust may enter into an automatic purchase plan with Canaccord Genuity in connection with the Bids to allow for the purchase of Trust Units and/or Debentures during certain pre-determined blackout periods. Outside of these pre-determined blackout periods, Trust Units and Debentures will be purchased at the discretion of senior management of the Trust.

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