FCA.DB Firm Capital Apartment Real Estate Investment Trust

Firm Capital Apartment Real Estate Investment Trust (the “Trust”) (TSXV: FCA.U), (TSXV FCA.UN), (TSXV: FCA.DB) is pleased to announce that TSX Trust Company, in accordance with the trust indenture, will be providing notice to redeem all of its outstanding C$18,785,000 (US$13.8 million) aggregate principal amount of 6.25% convertible unsecured subordinated debentures due June 30, 2026 (the “Convertible Debentures”) on July 2, 2024 (the “Redemption Date”). The Convertible Debentures, which have a maturity date of June 30, 2026, will be redeemed by the Trust early in accordance with the terms of the trust indenture. The Convertible Debentures, which are listed and posted for trading on the TSX Venture Exchange under the symbol FCA.DB, will cease trading on the Redemption Date.

On the Redemption Date, the Trust will pay holders of Convertible Debentures a redemption price equal to C$1,000 for each C$1,000 principal amount of Convertible Debentures and all accrued and unpaid interest up to but excluding the Redemption Date. The Trust intends to use cash on hand to pay the redemption price of the redeemed Convertible Debentures.

Beneficial holders of the Convertible Debentures are encouraged to contact their investment dealer to coordinate the surrender of their Convertible Debentures or if they have any questions about the redemption. No action is required to be taken by holders of the Convertible Debentures in connection with the redemption.

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.

For further information, please contact:

Sandy Poklar	Claudia Alvarenga
President & Chief Executive Officer	Chief Financial Officer
(416) 635-0221	(416) 635-0221

For Investor Relations information, please contact:

Victoria Moayedi
Director, Investor Relations
(416) 635-0221