Firm Capital Apartment REIT Provides Strategic Review Update, Q4/2025 and 2025 Results

• The April 7 2026 release provides FY 2025 results: net income turns positive at $0.71 M (vs. a $0.15 M loss in FY 2024).
• AFFO improves to $0.92 M for the year, up from an $0.08 M loss in 2024, indicating robust cash‑flow generation.
• Four of six wholly owned assets have been sold for ≈ $71.6 M gross proceeds; net proceeds (~$28 M) were used to repay debt and fund a seller‑financed Florida loan now yielding 15% (vs. 9% floor).
• The board reiterates the strategic review: either liquidate all holdings and return cash, or liquidate then redeploy into a new platform—no further U.S. growth under the current model.
• NAV per unit stands at $5.64 (CAD 7.73), reflecting disposition costs.

• Positive earnings reversal: Turning to profitability after two years of losses is a material shift for a cash‑flow‑sensitive REIT.
• Asset sales & debt reduction: $28 M net proceeds cut leverage, lowering financing risk and improving balance‑sheet resilience.
• Higher‑yield seller financing: The 15% return on the Florida loan adds an unexpected income stream, enhancing AFFO.
• Strategic review clarity: Explicit guidance that the Trust will exit current assets removes uncertainty, which markets typically price positively for REITs heading toward liquidation or redeployment.
• Compared with the November 2025 update (which was already material‑positive), this release confirms execution of the plan and delivers stronger cash results, thus materially positive rather than merely routine.

Firm Capital Apartment REIT (FCA) owns a portfolio of multifamily apartment assets in the United States, primarily held outright or via joint ventures. The flagship strategy has been acquisition‑hold‑sell of value‑add properties; recent strategic review signals an exit from this model.