Firm Capital Apartment REIT Reports Q2/2023 Results and Provides Strategic Review Update

All figures in $USD unless otherwise noted.

TORONTO, Aug. 08, 2023 (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 and six months ended June 30, 2023 as well as provide an update regarding the previously announced Strategic Review:

EARNINGS

• For the three months ended June 30, 2023, net loss was approximately $1.9 million, in comparison to the $4.9 million net loss reported for the three months ended March 31, 2023 and the $10.3 million net loss reported for the three months ended June 30, 2022;

• Excluding non-cash fair value adjustments, net loss was $0.2 million for the three months ended June 30, 2023, in comparison to the $0.2 million net income reported for the three months ended March 31, 2023 and the $0.8 million net income reported for the three months ended June 30, 2022. Excluding non cash fair value adjustments, net loss was $0.06 million for the six months ended June 30, 2023 in comparison to the $1.3 million net income reported for the six months ended June 30, 2022;

• For the three months ended June 30, 2023, AFFO was negative $0.2 million, in comparison to the $0.2 million reported for the three months ended March 31, 2023 and the $0.7 million reported for the three months ended June 30, 2022. For the six months ended June 30, 2023, AFFO was negative $0.01 million in comparison to the $1.1 million reported for the six months ended June 30, 2022.

		Three Months Ended										Six Months Ended
		Jun 30, 2023			Mar 31, 2023			Jun 30, 2022				Jun 30, 2023			Jun 30, 2022
	Net Loss	$	(1,854,814	)	$	(4,901,727	)	$	(10,303,122	)		$	(6,756,541	)	$	(10,648,467		)
	Net Income Before Fair Value Adjustments	$	(221,406	)	$	160,560		$	806,599			$	(60,846	)	$	1,338,699
	FFO	$	(77,800	)	$	(571,581	)	$	971,866			$	(649,380	)	$	1,262,054
	AFFO	$	(166,676	)	$	154,444		$	687,960			$	(12,231	)	$	1,134,311