DEBT & EQUITY INVESTING IN U.S.

REAL ESTATE
INVESTOR PRESENTATION
Q3 2018

DISCIPLINED INVESTING ● CAPITAL PRESERVATION

 Table of Contents

• Investment Highlights
• Business Overview
• Investment Strategy
• Market Opportunity
• Investment Profile
• Experienced Team
• Shareholder Value Creation
• Appendix – Investment
Overviews
Note: All figures in US$, unless otherwise indicated

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INVESTMENT HIGHLIGHTS

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 Investment Highlights

• Unique Status as Canada’s Only Exchange Traded Debt & Equity

Investor in U.S. Real Estate
• The Company provides investors with exposure to debt and equity investments in U.S. real
estate in major markets and primarily involving multi-family residential properties

• Innovative Capital Partnership Investment Model for U.S. Real

Estate
• Focus on capital partnership investing in U.S. real estate, enabling the Company to benefit
from multiple partnerships with local industry expert owners/operators in major markets

• Balanced Growth & Income Investment Model Well Suited to

Rising Rate Environment in U.S.
• Full capital stack investment model targets balanced growth and income returns to the
Company, including mix of common equity returns (+20%), preferred equity returns (+8%),
and bridge lending returns (+12%)

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 Investment Highlights

• Experienced Manager with a Strong Track Record of Creating

Value
• The Firm Capital organization has a 30-year track record of delivering superior investment
returns to institutional and retail investors across all parts of the real estate capital
structure
• Firm Capital manages two other successful publicly traded companies: Firm Capital
Mortgage Investment Corporation (TSX: FC) and Firm Capital Property Trust (TSXV: FCD.UN),
with a combined 23-year track record

• Current Portfolio Provides a Platform for Further External

Growth Opportunities
• Currently owns, co-owns, and manages 1,442 residential units across 34 apartment
properties in 6 U.S. states, which provides a broad platform for further external growth
opportunities

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 Investment Highlights

• Compelling Multi-Family Residential Sector Fundamentals

• Tenant demand remains strong as a result of the continued expansion of the U.S. economy
and low vacancy is expected to support continued rent growth for apartments

• Recently Raised Attractive Growth-Oriented Yield

• Quarterly cash dividends of US$0.05625 per share are paid, equivalent to a cash-on-cash
yield of 2.8% based on the Company’s most recent public offering price of US$8.10 per
share
• Raised to US$0.059 per share commencing in 2019

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BUSINESS OVERVIEW

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 Business Overview

• Firm Capital American Realty Partners Corp. (“FCA” or the “Company”), based
in Toronto, Ontario, is a Canadian public reporting issuer with U.S. dollar and
Canadian dollar denominated shares that trade on the TSXV under the
symbols FCA.U and FCA, respectively
• The predecessor Company, while historically focused on multi-family and
single-family residential real estate in the U.S., was transformed in 2016
through a series of restructuring initiatives sponsored by Firm Capital Realty
Partners Advisors Inc. (“Firm Capital”)
• Firm Capital assumed control of asset management and corporate governance
and embarked on a complete financial restructuring and repositioning of the
Company
• The Company is currently highly tax efficient, with approximately $36 million
of non-capital tax loss carry forwards available to be applied against future
taxable operating income

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 2018 Highlights
Equity Financing Debt
Debt Financings Dispositions
& Investments Repayments
DEBT REPAYMENT DISPOSITION

US$8,373,000 US$8,325,000
Convertible Disposition of 74
Unsecured single-family rental homes
Debentures FLORIDA, GEORGIA,
PARTIAL REPAYMENT NEW JERSEY

DEBT FINANCING DEBT REPAYMENT

US$4,100,000 US$7,800,000
Refinancing of
Brentwood, MD
120 single family
Joint Venture
homes
ATLANTA, GA FULL REPAYMENT

DEBT FINANCING EQUITY FINANCING DEBT REPAYMENT

US$10,300,000 US$6,550,000 US$4,100,000

Brentwood, MD Common shares 120 single family

Joint Venture & warrants homes in Atlanta, GA

NEW FINANCING PRIVATE PLACEMENT FULL REPAYMENT

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 2017 Highlights
Debt
Equity Raises Investments Dispositions
Repayments

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INVESTMENT STRATEGY

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 Investment Strategy
The Company’s investment strategy is The Company is positioned to participate in all
executed through the following investment levels of the capital stack for investing in U.S.
platforms: real estate:

• Income Producing Real Estate Investments:

• Acquisition of income producing real Targeted Capital Stack for Investing
estate in major cities across the U.S.,
primarily in joint venture partnerships Senior Debt First Lien Mortgages
with local industry expert owners/
operators who retain property Shorter-
Subordinated Debt Second Lien Mortgages
management responsibility; and Term

• Mortgage Debt Investments: Mezzanine Debt Gap Financing

• Real estate debt and equity lending

Preferred Equity Repaid With Set
platform in major cities across the Preferred Equity
Terms
Longer-
U.S., focused on providing all forms of Term
shorter-term bridge mortgage loans Common Equity Investment Ownership
and joint venture capital

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INVESTMENT PROFILE

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 Investment Profile
NEW YORK
Properties Units Loan Value
NEW YORK 3 130 $9.5
Properties Units Asset Value
8 129 $38.3

CONNECTICUT
Properties Units Asset Value
14 462 $35.4

NEW JERSEY
Properties Units Asset Value
7 189 $18.7

MARYLAND
Properties Units Asset Value
1 116 $13.7

TEXAS
Properties Units Asset Value FLORIDA
3 393 $34.9
Properties Units Asset Value
1 153 $25.0

Real Estate Investments

Mortgage Investments

Note: All figures are shown at 100% share

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 Investment Profile
• The Company’s portfolio of investment properties is comprised of 1,442 residential units across 34 apartment
properties in 6 U.S. states and provides a broad platform for further external growth opportunities
• In addition, the Company’s mortgage investments include a preferred capital loan secured by New York City
apartment properties, providing high current income and enhancing the overall portfolio yield

(1) All figures are shown at 100% share, except under columns for “FCA Share of Asset Value” and “FCA Share of Investment”
(2) For New Jersey and New York, unit count includes 5 and 2 retail units, respectively
(3) Total occupancy based on weighted average occupancy by number of units

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EXPERIENCED TEAM

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 Experienced Team
• The Company benefits from a management team and a Board of Directors that provide:
• An exceptional network of real estate and finance contacts across the U.S.;
• Significant public market governance experience, including with Firm Capital’s other publicly traded companies;
• Extensive real estate, finance, accounting, capital markets, and private equity experience; and
• Strong alignment with shareholders, with an ownership interest in the Company of approximately 34%

Management
Eli Dadouch • Founder, President & CEO of Firm Capital organization
Vice Chairman,President • President & CEO of Firm Capital Mortgage Investment Corporation (TSX:FC)
& CEO (1) • Vice Chairman, Co-CIO & Trustee of Firm Capital Property Trust (TSXV: FCD.UN)

Sandy Poklar, CPA, CA • Currently has multiple roles with Firm Capital:
CFO (1) • COO and Managing Director, Capital Markets & Strategic Developments of Firm Capital Corporation
• CFO and Trustee of Firm Capital Property Trust (TSXV: FCD.UN)
• EVP of Firm Capital Mortgage Investment Corporation (TSX: FC)
• Trustee of True North Commercial REIT (TSX: TNT.UN)
• Previous investment banking roles with Macquarie Capital Markets Canada (Toronto) and TD Securities
(Toronto)

(1) Also a member of the Company’s Board of Directors

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 Experienced Team
Board of Directors
Geoffrey Bledin • Serves on Board Directors of Firm Capital Mortgage Investment Corporation and Board of Trustees of Firm
Chairman Capital Property Trust
(Independent) • Past President and CEO of The Equitable Trust Company from 1990 to 2007
• Former Partner with Price Waterhouse

Keith Ray, CPA, CA • Serves on Board of Directors of Firm Capital Mortgage Investment Corporation
(Independent) • CEO of Realvest Management since 2007
• Previously Partner with KPMG LLP

Pat Di Capo • Founder of PowerOne Capital Markets Limited

(Independent) • Former attorney with Smith Lyons LLP (now Gowlings WLG) and Goodwin Procter LLP

Robert Janson • Chief Investment Officer of Westcourt Capital Corporation

(Independent) • Former Director for the Ultra High Net Worth Wealth Management Team with UBS Bank Canada

Scott Reid • President and Founder of Stornoway Portfolio Management

(Independent) • Formerly with National Bank Financial’s High Yield Group

Howard Smuschkowitz • Serves on Board of Trustees of Firm Capital Property Trust

(Independent) • President of Total Body Care Inc. (private label health and beauty aid product manufacturer) since 2011
• Former President of Homeland Self Storage from 2005 until its sale in 2011

Ojus Ajmera • Co-Founder of FGF Brands

(Independent)

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SHAREHOLDER VALUE CREATION

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 Key Highlights

INCREASED EARNINGS STRONG INVESTMENT PORTFOLIO PERFORMANCE

• $4.1 million net loss to +$1.7 million net income
• $2.11 net loss per share to $0.28 EPS
• $1 million negative AFFO to +$0.2 million AFFO
• $0.53 negative AFFO/share to +$0.04 AFFO per
share
• Net Rental Income: Increased to $0.6 million
• Equity Investment Income: nil to $0.7 million
• Operating Expenses: 62% decline to $0.6 million
• Financing Costs: 63% decline to $0.7 million

STRONG BALANCE SHEET AND CAPITALIZATION HIGH RETURNING VALUE-ADD INITIATIVES

• Multi-Family: +$6.0 million increased valuation • $0.95 million in value-add equity investments
• Equity Investments: nil to $23 million have generated +45% annualized rent increases

• Single Family Homes: Sold $36.1 million

• Senior Secured Notes: Fully Repaid!
• New Jersey Notes: Fully Repaid!
• Convertible Debentures: Reduced to $6.7 million
• Shareholders Equity: +110% increase to $57 million
• Leverage: De-Levered Retained Portfolio to 26.8%

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 Reported NAV & Dividends Per Share
• Since current management took over operations, NAV has increased by an 11% CAGR since Q3/2017
• Further Dividends were also implemented and later increased to $0.059/share commencing in 2019

$0.05625

$0.05625
$0.05625
$0.05625

$0.01875 $8.31
$8.10
$7.95 $8.00
$7.85

Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018

NAV/Share Dividend /Share

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 Quarterly Net Income, FFO & AFFO
• Between Q4/2015 to Q3/2018, FCA's earnings have increased from a $4.1 million net loss to a +$1.7 million net
income
• FFO & AFFO has increased from a negative $1.0 million to $0.2 million
$1.8
$1.4 $1.7

$0.2 $0.3 $0.2

$0.1 $0.1
$0.2
$ $0.2

($1($1
.2) .0) ($1.0)
($1.0)
($1.4)
($1.0)

($2.6)
($2.6)

($4.1)

Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018

Net Income/(Loss) FFO AFFO

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 Quarterly EPS, FFO/Share & AFFO/Share
• Earnings per share has increased from a $2.11 net loss per share to $0.28 earnings per share
• FFO per share has increased from negative $0.50 per share in Q4/2015 to $0.03 per share in Q3/2018
• AFFO per share has increased from negative $0.53 per share in Q4/2015 to $0.04 per share in Q3/2018
$0.34 $0.28
$0.23
$0.03 $0.03

($0.05) ($0.07)
($0.13)

($0.70) ($0.76)

($1.31)

($2.11)
Q4/2015 Q1/2016 Q2/2016 Q3/2016 Q4/2016 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/2018 Q2/2018 Q3/2018
EPS FFO/Share AFFO/Share

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 Appendix

INVESTMENT OVERVIEWS

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 EQUITY PARTNERSHIP INVESTMENT: NEW YORK CITY
⚫ December 2016, Firm Capital acquired a 50% joint venture ownership 8 APARTMENT BUILDINGS -
in a portfolio of 8 apartment buildings, comprised of 127 residential 127 RESIDENTIAL UNITS & 2 RETAIL UNITS
units and 2 retail units, located within Manhattan’s Harlem
neighborhood in New York City Acquisition Funding Structure
− The joint venture partner is a private real estate investment firm
based in New York City
⚫ Value-add plan is designed to reposition the buildings by investing in New Conventional First Mortgage
unit and building-wide renovations to capture premium market rents $23.5 million
over a 5-year horizon
⚫ Purchase price of $36.9 million
Preferred Equity – Firm Capital
⚫ Firm Capital invested in a combination of preferred equity and $10.1 million
common equity, representing a 22.5% ownership interest
− The joint venture partner co-invested in common equity on a Common Equity – Common Equity –
50/50 basis with Firm Capital Firm Capital Joint Venture Partner

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 PREFERRED CAPITAL LOAN: NEW YORK CITY
⚫ December 2017, Firm Capital issued a $12 million preferred capital loan for an initial 3-year term to a private real estate investment
firm based in New York City, to finance the acquisition of a portfolio of 3 apartment buildings comprised of 130 residential units in
Manhattan
⚫ The portfolio is comprised of 3 well positioned apartment buildings located on the border of Upper West Side and Harlem, in close
proximity to the Columbia University and Central Park
⚫ The loan is subordinated to the first mortgage, provided by a Tier 1 bank
⚫ The capital structure is enhanced by significant common equity infusion from the borrower
⚫ The borrower’s value-add plan is designed to renovate and re-tenant the buildings to increase the rental income, while providing
strong debt service coverage on the loan

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 EQUITY PARTNERSHIP INVESTMENT: BRIDGEPORT, CT
⚫ August 2017, Firm Capital acquired a 50% joint venture ownership in a
portfolio of 14 apartment buildings comprised of 462 residential units 14 APARTMENT BUILDINGS - 462 UNITS
in Bridgeport, CT
− The joint venture partner is a private real estate investment firm Acquisition Funding Structure
based in New York City
− This is the 2nd joint venture investment with them
New Conventional First Mortgage
⚫ Value-add plan is designed to reposition the buildings by investing in $24.5 million
unit and building-wide renovations to capture premium market rents
over a 2-year horizon
⚫ Purchase price of $30.5 million Preferred Equity – Firm Capital
$6.3 million
⚫ Firm Capital invested in a combination of preferred equity and
common equity, representing a 30% ownership interest
Common Equity – Common Equity –
− The joint venture partner co-invested in common equity on a 50/50 Firm Capital Joint Venture Partner
basis with Firm Capital

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 EQUITY PARTNERSHIP INVESTMENT: IRVINGTON, NJ
⚫ February 2018, Firm Capital acquired a 50% joint venture ownership 7 APARTMENT BUILDINGS -
in a portfolio of 7 apartment buildings comprised of 184 residential 184 RESIDENTIAL UNITS & 5 RETAIL UNITS
units and 5 retail units in Irvington, NJ
− The joint venture partner is a private real estate investment firm Acquisition Funding Structure
based in Brooklyn, NY with a strong presence in New Jersey
⚫ The buildings are already stabilized, with substantial capital
improvements to the units and building-wide renovations New Conventional First Mortgage
completed by the previous owner $14.2 million
⚫ Purchase price of $17.8 million
⚫ Firm Capital invested in a combination of preferred equity and Preferred Equity – Firm Capital
common equity, representing a 50% ownership interest $2.6 million
− The joint venture partner co-invested in common equity on a
50/50 basis with Firm Capital Common Equity – Common Equity –
Firm Capital Joint Venture Partner

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 EQUITY PARTNERSHIP INVESTMENT: HOUSTON, TX
⚫ February 2018, Firm Capital acquired a 50% joint venture ownership in
a community with 12 apartment buildings comprised of 235 units in 12 APARTMENT BUILDINGS - 235 UNITS
Houston, TX
− The joint venture partner is a private real estate investment firm Acquisition Funding Structure
based in New York City
⚫ Value-add plan is designed to reposition the buildings by investing in
unit and building-wide renovations to capture premium market rents New Conventional First Mortgage
over a 2-year horizon $11.6 million
⚫ Purchase price of $15.3 million
⚫ Firm Capital invested in a combination of preferred equity and
common equity, representing a 50% ownership interest Preferred Equity – Firm Capital
$3.5 million
− The joint venture partner co-invested in common equity on a 50/50
basis with Firm Capital Common Equity – Common Equity –
Firm Capital Joint Venture Partner

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 EQUITY PARTNERSHIP INVESTMENT: BRENTWOOD, MD
⚫ January 2017, Firm Capital acquired a 50% joint venture ownership in
a portfolio of 8 apartment buildings comprised of 115 residential units 8 APARTMENT BUILDINGS - 115 UNITS
in Brentwood, MD, in close proximity to Washington, DC
− The joint venture partner is a private real estate investment firm Acquisition Funding Structure
based in Baltimore, MD
⚫ Value-add plan is designed to reposition the buildings by investing in
unit and building-wide renovations to capture premium market rents Assumed Conventional First Mortgage
over a 3-year horizon $7.8 million
⚫ Purchase price of $9.3 million
⚫ Firm Capital invested in a combination of preferred equity and Preferred Equity – Firm Capital
common equity, representing a 25% ownership interest $1.4 million
− The joint venture partner co-invested in common equity on a 50/50
basis with Firm Capital Common Equity – Common Equity –
Firm Capital Joint Venture Partner

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 Direct Investments: Florida & Texas
Summerfield Apartments, Sunrise, FL
• 100% ownership
• 7 buildings and 153 units
• 46.8% loan-to-value (includes supplemental loan)
• Historical stabilized occupancy at +/- 95%

South Congress Commons, Austin, TX

• 100% ownership
• 4 buildings and 68 units
• 31.4% loan-to-value
• Historical stabilized occupancy at +/- 95%

Enclave, Austin, TX
• 100% ownership
• 5 buildings and 90 units
• 39.4% loan-to-value
• Historical stabilized occupancy at +/- 95%
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 For more information please contact:

Eli Dadouch
Vice Chairman, President & CEO
E: edadouch@firmcapital.com T: 416.635.0221

Sandy Poklar
CFO
DISCIPLINED INVESTING ● CAPITAL PRESERVATION E: spoklar@firmcapital.com T: 416.635.0221
 Disclaimer
This presentation contains forward-looking information and statements (collectively, “Forward-Looking Statements”) within the meaning of applicable securities
laws. These statements include, but are not limited to, statements made in this presentation, and other statements concerning Firm Capital American Realty
Partners Corp. (”FCA” or the “Company”) objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans,
estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations regarding the
business and operations of FCA and the markets in which it operates that are not historical facts.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”,
“intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions (including negative and grammatical variations) suggesting future
outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. All
forward-looking statements in this presentation are qualified by these cautionary statements. These statements are not guarantees of future events or
performance and, by their nature, are based on FCA’s estimates and assumptions, which are subject to risks and uncertainties, which could cause actual events or
results to differ materially from the forward-looking statements contained in this presentation.

Those risks and uncertainties include, but are not limited to, those related to: liquidity in the global marketplace associated with current economic conditions,
occupancy levels, access to debt and equity capital, interest rates, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions or
dispositions, construction, environmental matters, legal matters, reliance on key personnel, income taxes, the conditions to the transactions not being satisfied
resulting in the failure to complete some or all of the proposed transactions described herein, the trading price of the securities of FCA, lack of availability of
acquisition or disposition opportunities for the FCA and exposure to economic, real estate and capital market conditions in North America.

Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are
not limited to: that the general economy remains stable, interest rates are relatively stable, acquisition/disposition capitalization rates are stable, competition for
acquisition or disposition of residential apartments remains intense, and equity and debt markets continue to provide access to capital. These assumptions,
although considered reasonable by FCA at the time of preparation, may prove to be incorrect.

Although the forward-looking information contained in this presentation is based upon what management believes are reasonable assumptions, there can be no
assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this presentation may be considered
“financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this presentation. You
should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are
under no obligation and do not undertake to update this information at any particular time.

DISCIPLINED INVESTING ● CAPITAL PRESERVATION