FIRM CAPITAL APARTMENT REAL ESTATE INVESTMENT TRUST

Income Statement Firm Capital Apartment Real Estate Investment Trust Toronto S.E.

Stocks

FCA.UN

CA31833L1013

Diversified REITs

Market Closed - Toronto S.E. 12:47:46 2026-08-06 EDT			5-day change	1st Jan Change
3.000 ^USD	-.--%		-.--%	-3.23%

08-20	Firm Capital Apartment REIT Proposing to Change Name to Northvest Financial Trust	MT
08-20	Firm Capital Apartment Real Estate Investment Trust Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI

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Published financial data: FIRM CAPITAL APARTMENT REAL ESTATE INVESTMENT TRUST

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Rental Revenues	5.88M	11.59M	12.07M	7.36M	6.12M
Interest and Investment Income, Total (Revenue Block)	-	-	-	541K	179K
Other Revenues, Total	1.08M	788K	259K	465K	410K
Total Revenues	6.96M	12.38M	12.33M	8.37M	6.71M
Property Expenses	2.92M	6.3M	7.27M	4.8M	3.95M
Selling General & Admin Expenses, Total	2.15M	1.95M	2.02M	1.88M	1.62M
Depreciation & Amortization - (IS) - (Collected)	-	-	-	-	-
Stock-Based Compensation (IS)	312K	-477K	-119K	79.41K	-88.21K
Total Operating Expenses	5.38M	7.77M	9.17M	6.76M	5.48M
Operating Income (REIT / Utility Template)	1.58M	4.6M	3.16M	1.61M	1.23M
Interest Expense, Total	-2.33M	-4.38M	-5.26M	-3.38M	-2.3M
Interest and Investment Income	2.63M	1.8M	1.34M	1.48M	1.81M
Net Interest Expenses	302K	-2.58M	-3.92M	-1.9M	-489K
Currency Exchange Gains (Loss)	297K	1.33M	-457K	470K	4.24K
Other Non Operating Income (Expenses)	109K	470K	59.95K	57.24K	57.24K
EBT, Excl. Unusual Items	2.29M	3.82M	-1.16M	240K	805K
Gain (Loss) on Sale of Investments	-962K	-9.24M	1M	289K	-3.8M
Gain (Loss) on Sale of Assets	-	-	-716K	-1.48M	-
Asset Writedown	5.96M	-11.87M	-6.1M	-1.5M	-4.08M
Other Unusual Items	-2.9M	2.62M	-1.74M	-976K	-
EBT, Incl. Unusual Items	4.39M	-14.67M	-8.71M	-3.43M	-7.07M
Income Tax Expense	546K	-546K	-	-	-
Earnings From Continuing Operations	3.84M	-14.12M	-8.71M	-3.43M	-7.07M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	3.84M	-14.12M	-8.71M	-3.43M	-7.07M
Net Income - (IS)	3.84M	-14.12M	-8.71M	-3.43M	-7.07M
Net Income to Common Incl Extra Items	3.84M	-14.12M	-8.71M	-3.43M	-7.07M
Net Income to Common Excl. Extra Items	3.84M	-14.12M	-8.71M	-3.43M	-7.07M
Per Share Items
Net EPS - Basic	0.51	-1.86	-1.15	-0.45	-0.93
Basic EPS - Continuing Operations	0.51	-1.86	-1.15	-0.45	-0.93
Basic Weighted Average Shares Outstanding	7.6M	7.6M	7.6M	7.6M	7.6M
Net EPS - Diluted	0.51	-1.86	-1.15	-0.45	-0.93
Diluted EPS - Continuing Operations	0.51	-1.86	-1.15	-0.45	-0.93
Diluted Weighted Average Shares Outstanding	7.6M	7.6M	7.6M	7.6M	7.6M
Normalized Basic EPS	0.19	0.31	-0.1	0.02	0.07
Normalized Diluted EPS	0.19	0.31	-0.1	0.02	0.07
Dividend Per Share	0.24	0.12	-	-	-
Payout Ratio	47.17	-6.51	-	-	-
Supplemental Items
EBITDA	-	-	-	-	-
EBITA	1.58M	4.6M	3.16M	1.61M	1.23M
EBIT	1.58M	4.6M	3.16M	1.61M	1.23M
Effective Tax Rate - (Ratio)	12.44	3.72	-	-	-
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	546K	-546K	-	-	-
Normalized Net Income	1.43M	2.39M	-723K	150K	503K
Interest on Long-Term Debt	2.33M	1.08M	1.21M	2.94M	315K
Supplemental Operating Expense Items
General and Administrative Expenses	2.15M	1.95M	2.02M	1.88M	1.62M
Stock-Based Comp., Other (Total)	312K	-477K	-119K	79.41K	-88.21K
Total Stock-Based Compensation	312K	-477K	-119K	79.41K	-88.21K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Gross Property Plant And Equipment	-	-	-	-	-
Accumulated Depreciation	-	-	-	-	-
Net Property Plant And Equipment	78.41M	129M	-	-	-
Total Real Estate Assets	78.41M	129M	-	-	-
Cash And Equivalents	4.16M	818K	12.79M	3.36M	5.85M
Accounts Receivable, Total	677K	673K	290K	229K	342K
Investment In Debt and Equity Securities	20.01M	14.38M	14.54M	17.21M	11.03M
Notes Receivable (Collected)	-	-	-	-	-
Restricted Cash	911K	3.19M	2.44M	2.59M	675K
Other Current Assets, Total	185K	513K	84.22M	52.57M	50.35M
Other Long-Term Assets, Total	23.28M	8.77M	10.13M	10.71M	10.71M
Total Assets	128M	157M	124M	86.67M	78.96M
Liabilities
Current Portion of Long-Term Debt	11.51M	28.71M	22.34M	221K	232K
Short-Term Borrowings	-	965K	-	-	-
Long-Term Debt	34.19M	58.35M	23.51M	29.27M	29.06M
Accounts Payable, Total	1.82M	4.13M	2.96M	2.92M	2.64M
Accrued Expenses, Total	649K	172K	52.58K	132K	43.78K
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	1.75M	2.64M	22.13M	4.14M	4.07M
Deferred Tax Liability Non-Current	546K	-	-	-	-
Other Non Current Liabilities	-1	-	-	-	-
Total Liabilities	50.47M	94.97M	70.99M	36.68M	36.05M
Common Stock, Total	90.22M	90.22M	90.22M	90.22M	90.22M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	-13.06M	-28.1M	-36.81M	-40.24M	-47.31M
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	77.16M	62.12M	53.41M	49.98M	42.91M
Total Equity	77.16M	62.12M	53.41M	49.98M	42.91M
Total Liabilities And Equity	128M	157M	124M	86.67M	78.96M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	7.6M	7.6M	7.6M	7.6M	7.6M
ECS Total Common Shares Outstanding	7.6M	7.6M	7.6M	7.6M	7.6M
Book Value / Share	10.15	8.17	7.02	6.57	5.64
Tangible Book Value	77.16M	62.12M	53.41M	49.98M	42.91M
Tangible Book Value Per Share	10.15	8.17	7.02	6.57	5.64
Total Debt	45.7M	88.03M	45.85M	29.5M	29.29M
Net Debt	41.54M	87.21M	33.06M	26.14M	23.44M
Equity Method Investments, Total	23.28M	8.77M	10.13M	10.71M	10.71M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	-	-	-	-	-
Full Time Employees	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	979K	179K	6.37K	26.18K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	3.84M	-14.12M	-8.71M	-3.43M	-7.07M
Depreciation, Depletion & Amortization	-	-	-	-	-
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Total Depreciation, Depletion & Amortization	-	-	-	-	-
Amortization of Deferred Charges, Total	111K	165K	320K	199K	315K
(Gain) Loss On Sale of Asset - (CF)	-	-	716K	1.48M	-
(Gain) Loss on Sale of Investments - (CF)	962K	9.24M	-1M	-289K	3.8M
Total Asset Writedown	-5.96M	11.87M	6.1M	1.5M	4.08M
(Income) Loss On Equity Investments - (CF)	-490K	-826K	-259K	-246K	-393K
Stock-Based Compensation (CF)	312K	-477K	-119K	79.41K	-88.21K
Change in Accounts Receivable	1.41M	263K	384K	60.95K	-114K
Change in Accounts Payable	337K	2.59M	-51.37K	336K	-344K
Change in Other Net Operating Assets (Collected)	-16.95K	-328K	-53.17K	297K	1.31K
Other Operating Activities	2.64M	-5.28M	1.83M	212K	-724K
Net Cash From Discontinued Operations	-	-	-	-	-
Cash from Operations	3.15M	3.1M	-846K	202K	-542K
Acquisition of Real Estate Assets, Total	-570K	-2.34M	-1.56M	-1.29M	-1.86M
Sale of Real Estate Assets, Total	-	-	39.85M	11.29M	-
Net Sale / Acquisition of Real Estate Assets	-570K	-2.34M	38.28M	10M	-1.86M
Cash Acquisitions	-2.34M	-7.54M	-	-	-
Investment in Marketable and Equity Securities, Total	4.47M	-5.51M	-95.84K	-2.46M	3.47M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	1.56M	-15.39M	38.19M	7.54M	1.61M
Short Term Debt Issued, Total	-	965K	25K	-	-
Long-Term Debt Issued, Total	-	20.89M	-	-	19.1M
Total Debt Issued	-	21.86M	25K	-	19.1M
Short Term Debt Repaid, Total	-	-	-990K	-	-
Long-Term Debt Repaid, Total	-596K	-9.71M	-25.16M	-17.02M	-19.6M
Total Debt Repaid	-596K	-9.71M	-26.15M	-17.02M	-19.6M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-798K	-	-	-	-
Common Dividends Paid	-1.81M	-919K	-	-	-
Common & Preferred Stock Dividends Paid	-1.81M	-919K	-	-	-
Other Financing Activities, Total	-	1	-	-	-
Cash from Financing	-3.21M	11.23M	-26.12M	-17.02M	-495K
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	1.5M	-1.06M	11.22M	-9.27M	575K
Supplemental Items
Cash Interest Paid	2.21M	4.22M	4.94M	-	-
Net Debt Issued / Repaid	-596K	12.15M	-26.12M	-17.02M	-495K
Levered Free Cash Flow	1.92M	-56.79K	-65.48M	12.77M	3.15M
Unlevered Free Cash Flow	3.26M	2.52M	-62.51M	14.68M	4.28M
Change In Net Working Capital	-1.96M	-116K	64.37M	-13.6M	-3.59M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	0.83	2.02	1.4	0.95	0.93
Return on Total Capital	0.86	2.11	1.58	1.13	1.02
Return On Equity %	5.02	-20.28	-15.08	-6.63	-15.23
Return on Common Equity	5.02	-20.28	-15.08	-6.63	-15.23
Margin Analysis
Gross Profit Margin %	58.02	49.11	41.04	42.65	41.19
SG&A Margin	30.84	15.77	16.39	22.44	24.15
EBITDA Margin %	-	-	-	-	-
EBITA Margin %	22.7	37.19	25.62	19.25	18.36
EBIT Margin %	22.7	37.19	25.62	19.25	18.36
Income From Continuing Operations Margin %	55.2	-114.07	-70.62	-40.98	-105.43
Net Income Margin %	55.2	-114.07	-70.62	-40.98	-105.43
Net Avail. For Common Margin %	55.2	-114.07	-70.62	-40.98	-105.43
Normalized Net Income Margin	20.54	19.31	-5.86	1.79	7.49
Levered Free Cash Flow Margin	27.55	-0.46	-530.89	152.63	46.99
Unlevered Free Cash Flow Margin	46.85	20.33	-506.82	175.48	63.73
Asset Turnover
Asset Turnover	0.06	0.09	0.09	0.08	0.08
Fixed Assets Turnover	0.11	0.12	-	-	-
Receivables Turnover (Average Receivables)	4.59	17.17	25.08	28.4	21.44
Short Term Liquidity
Current Ratio	0.38	0.14	2.1	7.93	8.19
Quick Ratio	0.31	0.04	0.28	0.48	0.89
Operating Cash Flow to Current Liabilities	0.2	0.08	-0.02	0.03	-0.08
Days Sales Outstanding (Average Receivables)	79.59	21.26	14.55	12.89	17.03
Average Days Payable Outstanding	194.89	172.44	177.9	224.08	256.99
Long Term Solvency
Total Debt/Equity	59.23	141.71	85.84	59.01	68.27
Total Debt / Total Capital	37.2	58.63	46.19	37.11	40.57
LT Debt/Equity	44.31	93.93	44.02	58.57	67.73
Long-Term Debt / Total Capital	27.83	38.86	23.69	36.83	40.25
Total Liabilities / Total Assets	39.54	60.46	57.07	42.33	45.66
EBIT / Interest Expense	0.68	1.05	0.6	0.48	0.54
EBITDA / Interest Expense	-	-	-	-	-
(EBITDA - Capex) / Interest Expense	-	-	-	-	-
Total Debt / EBITDA	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-
Total Debt / (EBITDA - Capex)	-	-	-	-	-
Net Debt / (EBITDA - Capex)	-	-	-	-	-
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	50.42	77.9	-0.35	-32.16	-19.81
Gross Profit, 1 Yr. Growth %	64.85	50.58	-16.73	-29.51	-22.55
EBITDA, 1 Yr. Growth %	-	-	-	-	-
EBITA, 1 Yr. Growth %	6.08	191.52	-31.36	-49.02	-23.54
EBIT, 1 Yr. Growth %	6.08	191.52	-31.36	-49.02	-23.54
Earnings From Cont. Operations, 1 Yr. Growth %	-31.47	-467.66	-38.31	-60.63	106.31
Net Income, 1 Yr. Growth %	-31.47	-467.66	-38.31	-60.63	106.31
Diluted EPS Before Extra, 1 Yr. Growth %	-30.48	-467.66	-38.31	-60.63	106.31
Normalized Net Income, 1 Yr. Growth %	-17.12	67.23	-130.25	-120.73	235.51
Net Property, Plant and Equip., 1 Yr. Growth %	58.12	64.2	-	-	-
Accounts Receivable, 1 Yr. Growth %	-64.12	-0.54	-56.98	-21.04	49.69
Total Assets, 1 Yr. Growth %	17.23	23.09	-20.81	-30.34	-8.89
Common Equity, 1 Yr. Growth %	1.63	-19.49	-14.02	-6.42	-14.15
Tangible Book Value, 1 Yr. Growth %	1.63	-19.49	-14.02	-6.42	-14.15
Cash From Operations, 1 Yr. Growth %	2.59K	-1.61	-127.33	-123.91	-367.76
Levered Free Cash Flow, 1 Yr. Growth %	-211.59	-102.96	115K	-119.5	-75.31
Unlevered Free Cash Flow, 1 Yr. Growth %	-565.65	-22.79	-2.58K	-123.49	-70.88
Dividend Per Share, 1 Yr. Growth %	0	-48.94	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	21.08	63.58	33.14	-17.78	-26.25
Gross Profit, 2 Yr. CAGR %	20.38	57.55	11.98	-23.38	-26.11
EBITDA, 2 Yr. CAGR %	-	-	-	-	-
EBITA, 2 Yr. CAGR %	15.86	75.85	41.45	-40.84	-37.56
EBIT, 2 Yr. CAGR %	15.86	75.85	41.45	-40.84	-37.56
Earnings From Cont. Operations, 2 Yr. CAGR %	-27.44	58.73	50.6	-50.72	-9.88
Net Income, 2 Yr. CAGR %	-26.22	58.73	50.6	-50.72	-9.88
Diluted EPS Before Extra, 2 Yr. CAGR %	-30.67	59.88	50.6	-50.72	-9.88
Normalized Net Income, 2 Yr. CAGR %	27.84	17.73	-28.87	-74.96	-16.61
Net Property, Plant and Equip., 2 Yr. CAGR %	27.58	61.13	-	-	-
Accounts Receivable, 2 Yr. CAGR %	86.14	-40.26	-34.59	-41.72	8.72
Total Assets, 2 Yr. CAGR %	13.3	20.12	-1.27	-25.72	-20.33
Common Equity, 2 Yr. CAGR %	8.85	-9.55	-16.8	-10.3	-10.37
Tangible Book Value, 2 Yr. CAGR %	8.85	-9.55	-16.8	-10.3	-10.37
Cash From Operations, 2 Yr. CAGR %	117.21	414.78	-48.15	-74.44	-19.98
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	-19.78	-81.82	484.44	1.4K	-78.06
Unlevered Free Cash Flow, 2 Yr. CAGR %	-9.83	89.61	337.93	141.54	-73.85
Dividend Per Share, 2 Yr. CAGR %	0	-28.54	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.92	37.65	38.67	6.34	-18.46
Gross Profit, 3 Yr. CAGR %	-7.06	29.71	27.38	-4.03	-23.11
EBITDA, 3 Yr. CAGR %	-	-	-	-	-
EBITA, 3 Yr. CAGR %	-18.17	57.58	28.51	0.67	-35.56
EBIT, 3 Yr. CAGR %	-18.17	57.58	28.51	0.67	-35.56
Earnings From Cont. Operations, 3 Yr. CAGR %	-2.49	24.63	15.83	-3.71	-20.58
Net Income, 3 Yr. CAGR %	-11.97	26.02	15.83	-3.71	-20.58
Diluted EPS Before Extra, 3 Yr. CAGR %	-0.97	20.9	16.39	-3.71	-20.58
Normalized Net Income, 3 Yr. CAGR %	-0.28	39.82	-25.15	-52.84	-40.53
Net Property, Plant and Equip., 3 Yr. CAGR %	20.52	38.78	-	-	-
Accounts Receivable, 3 Yr. CAGR %	61.94	51.05	-46.45	-30.35	-20.19
Total Assets, 3 Yr. CAGR %	15.91	16.47	4.55	-12.1	-20.49
Common Equity, 3 Yr. CAGR %	8.92	-1.56	-11.06	-13.48	-11.6
Tangible Book Value, 3 Yr. CAGR %	8.92	-1.56	-11.06	-13.48	-11.6
Cash From Operations, 3 Yr. CAGR %	65.43	66.82	93.47	-59.94	-44.07
Levered Free Cash Flow, 3 Yr. CAGR %	-49.75	-73.29	236.54	88.16	281.48
Unlevered Free Cash Flow, 3 Yr. CAGR %	-41.63	-14.38	346.98	65.15	19.33
Dividend Per Share, 3 Yr. CAGR %	1.6	-20.07	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.46	20.04	12.75	12.01	7.72
Gross Profit, 5 Yr. CAGR %	7.82	16.96	0.13	5.08	2.45
EBITDA, 5 Yr. CAGR %	-	-	-	-	-
EBITA, 5 Yr. CAGR %	14.44	46.25	1.86	6.49	-3.72
EBIT, 5 Yr. CAGR %	14.44	46.25	1.86	6.49	-3.72
Earnings From Cont. Operations, 5 Yr. CAGR %	26.15	280.87	16.02	-14.01	4.77
Net Income, 5 Yr. CAGR %	-8.17	60.41	9.12	-13.44	4.77
Diluted EPS Before Extra, 5 Yr. CAGR %	-1.69	246.64	17.11	-15.57	5.07
Normalized Net Income, 5 Yr. CAGR %	-4.84	13.8	-12.88	-29.73	-21.85
Net Property, Plant and Equip., 5 Yr. CAGR %	11.88	24.72	-	-	-
Accounts Receivable, 5 Yr. CAGR %	12.35	12.93	12.69	3.2	-28.92
Total Assets, 5 Yr. CAGR %	8.85	13.68	8.7	-2.71	-6.22
Common Equity, 5 Yr. CAGR %	17.33	4.97	-2.2	-5.15	-10.79
Tangible Book Value, 5 Yr. CAGR %	17.33	4.97	-2.2	-5.15	-10.79
Cash From Operations, 5 Yr. CAGR %	-0.43	41.52	4.01	-21.23	35.91
Levered Free Cash Flow, 5 Yr. CAGR %	-11.72	-63.32	34.08	33.79	12.91
Unlevered Free Cash Flow, 5 Yr. CAGR %	-11.41	-24.77	30.7	29.64	43.61
Dividend Per Share, 5 Yr. CAGR %	-	9.95	-	-	-