Firm Capital Apartment REIT Completes Sale of New Jersey Property for $19.5 Million

All figures in $USD unless otherwise noted.

TORONTO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Firm Capital Apartment Real Estate Investment Trust (the "Trust"), (TSXV: FCA.U), (TSXV: FCA.UN) is pleased to report that it has completed the previously announced sale of its property located in New Jersey for $19.5 million. Net of associated mortgage debt and closing costs, the net sale proceeds of approximately $5.4 million are being used to pay off the remainder of the $0.9 million (CAD$1.2 million) Bridge Loan, other loans as they come due and for working capital purposes. The property sold had a sales price in line with its IFRS value.

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