All figures in $USD unless otherwise noted.

TORONTO, Aug. 20, 2026 (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, 2026:

EARNINGS

Excluding non-cash fair value adjustments, net loss for the three months ended June 30, 2026 was approximately $0.004 million, in comparison to the $0.25 million income reported for the three months ended March 31, 2026, and the $0.27 million income reported for the three months ended June 30, 2025. For the six months ended June 30, 2026 and excluding non-cash fair value adjustments, net income was approximately $0.25 million, in comparison to the $0.43 million income reported for the same period last year; and

AFFO for the three months ended June 30, 2026 was approximately $0.008 million, in comparison to the $0.26 million reported for the three months ended March 31, 2026, and the $0.3 million reported for the three months ended June 30, 2025. For the six months ended June 30, 2026, AFFO was approximately $0.27 million, in comparison to the $0.5 million reported for the same period last year.

NET ASSET VALUE (“NAV”) $5.31 PER TRUST UNIT (CAD $7.54): The Trust reported NAV of $5.31 per Trust Unit (CAD $7.54).

PROPOSED NAME CHANGE TO BETTER REFLECT BUSINESS MODEL
The Trust is working diligently and anticipates disposing of its remaining assets. Following these dispositions, the Trust expects to either: (i) return capital to Unitholders; and/or (ii) explore the sale, re-purposing, or re-utilization of the Trust as an alternative platform, including the implementation of a new business initiative or finance company, whether internally developed or arising from proposals received from third parties.

As an interim step in this process, the Trust intends to change its name to "Northvest Financial Trust" which more accurately reflects its current business model and strategic direction. The change is subject to Exchange approval.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions.

Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse factors affecting the U.S. real estate market generally or those specific markets in which the Trust holds properties; volatility of real estate prices; inability to access sufficient capital from internal and external sources, the completion of the Strategic Review; and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; the ability of the Trust to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Additional risk factors that may impact the Trust or cause actual results and performance to differ from the forward looking statements contained herein are set forth in the Trust's Annual Information form under the heading Risk Factors (a copy of which can be obtained under the Trust's profile on www.sedar.com).

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Except as required by applicable law, the Trust undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Certain financial information presented in this press release reflect certain non-International Financial Reporting Standards (“IFRS”) financial measures, which include, but not limited to NOI, FFO and AFFO. These measures are commonly used by real estate investment companies as useful metrics for measuring performance, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment companies. These terms are defined in the Trust’s Management Discussion and Analysis for the three and twelve months ended December 31, 2025 and the three months ended March 31, 2026 as filed on www.sedar.com.

Neither the 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.