First Capital REIT Announces Strategy Around Normal Course Issuer Bid

About this update from First Capital Real Estate Investment Trust

[{"type":"text","content":"\n \n \n \n First Capital REIT Announces Strategy Around Normal Course Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION IN\n \n THE UNITED STATES\n \n OR OVER\n \n UNITED STATES\n \n WIRE SERVICES/\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n May 16, 2022\n \n \n /CNW/ - First Capital REIT (\"First Capital\", \"FCR\" or the \"REIT\") (TSX: FCR.UN) announced earlier today the approval by the TSX of a normal course issuer bid (\"NCIB\") pursuant to which it may repurchase its trust units for cancellation beginning on\n \n May 18, 2022\n \n . The repurchase of trust units will be primarily funded by the disposition of non-core properties that are expected to be sold at or above IFRS value.\n \n \n \n Debt Capital and NCIB\n \n \n \n Over the past three years, the REIT has completed approximately\n \n $1.5 billion\n \n of dispositions, while continuing to invest meaningfully in the business. Collectively, these activities achieved several of First Capital's strategic objectives, including strengthening the balance sheet and significantly improving the composition of the REIT's real estate portfolio. Notably, FCR has met these objectives while selling properties at prices generally in excess of their respective IFRS values.\n \n \n \n Adam Paul\n \n , President and CEO of First Capital said, \"Our investment activity over the last three years has materially improved our best-in-class grocery anchored portfolio while at the same time strengthening our balance sheet. Given the solid fundamentals of our real estate, our focus is squarely on capitalizing on the significant opportunities we have to grow the intrinsic value of FCR, which today includes continuing to advance our real estate strategy and selling non-core properties at or above the IFRS carrying value, while acquiring FCR units to the extent they trade well below NAV, which is currently\n \n $24.55\n \n .\"\n \n \n Notwithstanding the significant improvement of the REIT's real estate portfolio and financial...

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