Firm Capital Apartment REIT Completes Sale of Austin Property for $12.6 Million
June 22 2023 - 5:15PM
Toronto, Ontario, June 22, 2023. 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 one of its properties located in
Austin, Texas for $12.6 million. Net of associated mortgage debt
and closing costs, the net sale proceeds of approximately $8.8
million are being used to pay off additional debt including, but
not limited to, the mortgage associated with the Trust’s other
property located in Austin, Texas; bank indebtedness and the vast
majority of the $5.1 million (CAD$6.9 million) Bridge Loan. The
property sold had a sales price in line with its IFRS value.
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
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.
For further information, please contact: |
Sandy PoklarPresident & Chief Executive Officer(416)
635-0221 |
Claudia AlvarengaChief Financial Officer(416) 635-0221 |
|
|
For Investor Relations information, please contact: |
Victoria MoayediDirector, Investor Relations(416) 635-0221 |
|
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