Board Change • Jul 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Trustee Ryan Malenfant was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 12
First quarter 2026 earnings released First quarter 2026 results: Revenue: US$1.54m (down 16% from 1Q 2025). Net loss: US$452.7k (loss widened US$378.9k from 1Q 2025). Announcement • Apr 14
Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jun 23, 2026 Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jun 23, 2026. Reported Earnings • Apr 08
Full year 2025 earnings released Full year 2025 results: Revenue: US$6.30m (down 25% from FY 2024). Net loss: US$7.07m (loss widened 106% from FY 2024). Reported Earnings • Nov 21
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$1.56m (down 8.6% from 3Q 2024). Net loss: US$5.45m (down US$6.26m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CA$3.51, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 6x in the Residential REITs industry in Canada. Total loss to shareholders of 37% over the past three years. Board Change • Nov 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to CA$2.95, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 7x in the Residential REITs industry in Canada. Total loss to shareholders of 51% over the past three years. New Risk • Aug 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (CA$35.5m market cap, or US$25.8m). Board Change • Jun 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 02
Full year 2024 earnings released Full year 2024 results: Revenue: US$7.90m (down 36% from FY 2023). Net loss: US$3.43m (loss narrowed 61% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Board Change • Apr 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 09
Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jun 05, 2025 Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jun 05, 2025. Board Change • Jan 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. Independent Trustee Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$1.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$1.0m free cash flow). Shares are highly illiquid. Earnings have declined by 57% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$42.7m market cap, or US$30.6m). Recent Insider Transactions • Nov 08
Insider recently bought CA$487k worth of stock On the 31st of October, Scott Reid bought around 97k shares on-market at roughly CA$5.00 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Nov 07
Firm Capital Apartment Real Estate Investment Trust Announces CFO Changes Effective November 15, 2024, Claudia Alvarenga is resigning as Chief Financial Officer of Firm Capital Apartment Real Estate Investment Trust to pursue other opportunities outside of real estate and the public markets. The Trust appointed Mordechai Roth as interim Chief Financial Officer. Reported Earnings • Aug 10
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$2.09m (down 39% from 2Q 2023). Net loss: US$2.81m (loss widened 52% from 2Q 2023). Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$2.54m (down 28% from 1Q 2023). Net loss: US$1.30m (loss narrowed 74% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Apr 26
Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jun 20, 2024 Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jun 20, 2024. Board Change • Sep 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. Independent Director Robert Parker was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Aug 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Director Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Director Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: US$3.50m (up 53% from 1Q 2022). Net loss: US$4.90m (loss widened US$4.56m from 1Q 2022). Revenue is forecast to stay flat during the next 2 years compared to a 5.8% growth forecast for the Residential REITs industry in Canada. Board Change • May 31
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Director Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 06
Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jul 20, 2023 Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jul 20, 2023. Reported Earnings • Apr 26
Full year 2022 earnings released Full year 2022 results: Revenue: US$11.6m (up 67% from FY 2021). Net loss: US$14.1m (down 468% from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Director Robert Parker was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$3.22m (up 55% from 3Q 2021). Net loss: US$1.43m (down 156% from profit in 3Q 2021). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the REITs industry in Canada. Announcement • Sep 23
Firm Capital Apartment Real Estate Investment Trust Announces Executive Changes Firm Capital Apartment Real Estate Investment Trust announced the resignation of Mark Goldreich as Chief Financial Officer of the Trust, effective September 30, 2022. Mark has decided to pursue other opportunities. The Trust appointed Claudia Alvarenga as Chief Financial Officer of the Trust subject to regulatory approval. Prior to joining the Trust, Claudia was a Manager at Manulife Financial Corporation within the US Segment. Prior to that role, Claudia was an Assurance Manager at MNP LLP where she worked for a number of years of providing, assurance and accounting advice to public and private entities within the Real Estate and Construction sectors and was also involved with a private real estate enterprise for a number of years prior to her role at MNP LLP. Claudia is a CPA. Buying Opportunity • Aug 31
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be CA$7.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 19
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: US$10.3m (down US$11.1m from profit in 2Q 2021). Over the next year, revenue is forecast to grow 16%, compared to a 2.1% growth forecast for the REITs industry in Canada. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Buying Opportunity • Aug 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be CA$8.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 26%. Announcement • Jul 21
Firm Capital Apartment Real Estate Investment Trust Elects Jonathan Mair as Trustee Firm Capital Apartment Real Estate Investment Trust at its annual and special meeting of unitholders held on July 20, 2022 elected Jonathan Mair as trustee of the Trust. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CA$6.75, the stock trades at a trailing P/E ratio of 6.2x. Average forward P/E is 11x in the REITs industry in Canada. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$8.79 per share. Buying Opportunity • Jul 19
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be CA$9.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 26%. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.061 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 July 2022. Trailing yield: 4.2%. Lower than top quartile of Canadian dividend payers (5.2%). Lower than average of industry peers (4.8%). Announcement • May 28
Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jul 20, 2022 Firm Capital Apartment Real Estate Investment Trust, Annual General Meeting, Jul 20, 2022. Agenda: Annual and Special. Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$2.05m (up 66% from 1Q 2021). Net loss: US$345.3k (loss narrowed 88% from 1Q 2021). Over the next year, revenue is forecast to grow 26%, compared to a 2.9% growth forecast for the industry in Canada. Announcement • May 19
Firm Capital Apartment Real Estate Investment Trust Approves Quarterly Distribution, Payable on or About July 15, 2022 Firm Capital Apartment Real Estate Investment Trust announced a 4.2% increase in quarterly distributions from $0.059 per Trust Unit to $0.0615 per Trust Unit commencing with the Q2/2022 Distributions. In addition, the Trust declared and approved quarterly distributions of $0.0615 per unit for unitholders of record on June 30, 2022, payable on or about July 15, 2022. Buying Opportunity • May 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.6%. The fair value is estimated to be CA$10.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 29%. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.059 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 15 April 2022. Trailing yield: 3.8%. Lower than top quartile of Canadian dividend payers (4.7%). In line with average of industry peers (3.9%). Reported Earnings • Mar 16
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: US$5.88m (up 27% from FY 2020). Net income: US$3.84m (down 32% from FY 2020). Profit margin: 65% (down from 121% in FY 2020). Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 63%, compared to a 3.3% growth forecast for the reits industry in Canada. Recent Insider Transactions • Jan 20
Independent Trustee recently bought CA$82k worth of stock On the 14th of January, Howard Smuschkowitz bought around 10k shares on-market at roughly CA$8.16 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$873k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 23
Upcoming dividend of US$0.059 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 15 January 2022. Trailing yield: 3.7%. Lower than top quartile of Canadian dividend payers (4.7%). In line with average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 16% share price gain to CA$9.22, the stock trades at a trailing P/E ratio of 19.6x. Average forward P/E is 50x in the REITs industry in Canada. Total returns to shareholders of 62% over the past year. Recent Insider Transactions • Nov 22
Vice Chairman recently bought CA$75k worth of stock On the 19th of November, Eli Dadouch bought around 8k shares on-market at roughly CA$9.14 per share. This was the largest purchase by an insider in the last 3 months. Eli has been a buyer over the last 12 months, purchasing a net total of CA$244k worth in shares. Reported Earnings • Nov 12
Third quarter 2021 earnings released Third quarter 2021 results: Revenue: US$1.78m (up 69% from 3Q 2020). Net income: US$2.55m (up 314% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of US$0.059 per share Eligible shareholders must have bought the stock before 28 September 2021. Payment date: 15 October 2021. Trailing yield: 3.6%. Lower than top quartile of Canadian dividend payers (4.5%). Lower than average of industry peers (4.0%). Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$1.29m (up 25% from 2Q 2020). Net income: US$753.5k (down 46% from 2Q 2020). Profit margin: 59% (down from 136% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.059 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 15 July 2021. Trailing yield: 3.5%. Lower than top quartile of Canadian dividend payers (4.5%). Lower than average of industry peers (4.1%). Reported Earnings • May 17
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$1.06m (down 12% from 1Q 2020). Net loss: US$2.95m (down 365% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.059 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 15 April 2021. Trailing yield: 3.4%. Lower than top quartile of Canadian dividend payers (4.8%). Lower than average of industry peers (4.7%). Announcement • Mar 12
Firm Capital Apartment Real Estate Investment Trust Declares Distribution Payable on April 15, 2021 Firm Capital Apartment Real Estate Investment Trust declared distribution per trust unit of USD 0.059 and distribution per class U of USD 0.059 payable on April 15, 2021. Record date is March 31, 2021. Ex-distribution date is March 30, 2021. Reported Earnings • Mar 12
Full year 2020 earnings released Full year 2020 results: Net income: US$5.60m (down 23% from FY 2019). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is expected to shrink by 5.5% compared to a 2.5% growth forecast for the REITs industry in Canada. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 16% share price gain to US$7.48, the stock is trading at a trailing P/E ratio of 6.8x, up from the previous P/E ratio of 5.9x. This compares to an average P/E of 10x in the REITs industry in Canada. Total return to shareholders over the past three years is a loss of 7.7%. Is New 90 Day High Low • Feb 27
New 90-day high: CA$7.36 The company is up 17% from its price of CA$6.30 on 27 November 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 1.0% over the same period. Recent Insider Transactions • Feb 20
Independent Trustee recently bought CA$67k worth of stock On the 17th of February, Howard Smuschkowitz bought around 10k shares on-market at roughly CA$6.69 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$96k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 23
Upcoming Dividend of US$0.059 Per Share Will be paid on the 15th of January to those who are registered shareholders by the 30th of December. The trailing yield of 5.1% is below the top quartile of Canadian dividend payers (5.2%), but is in line with industry peers (5.2%). Valuation Update With 7 Day Price Move • Nov 28
Market pulls back on stock over the past week After last week's 20% share price decline to US$6.30, the stock is trading at a trailing P/E ratio of 5.6x, down from the previous P/E ratio of 6.9x. This compares to an average P/E of 9x in the REITs industry in Canada. Total returns to shareholders over the past three years are 2.0%. Is New 90 Day High Low • Nov 21
New 90-day high: CA$7.85 The company is up 16% from its price of CA$6.75 on 21 August 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Nov 21
Market bids up stock over the past week After last week's 31% share price gain to US$7.85, the stock is trading at a trailing P/E ratio of 6.9x, up from the previous P/E ratio of 5.3x. This compares to an average P/E of 9x in the REITs industry in Canada. Total returns to shareholders over the past three years are 27%. Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 16% share price gain to US$6.85, the stock is trading at a trailing P/E ratio of 5.9x, up from the previous P/E ratio of 5x. This compares to an average P/E of 9x in the REITs industry in Canada. Total returns to shareholders over the past three years are 11%.