First Capital, Inc. · NASDAQ:FCAP
First Capital — Q4 2025 Earnings Presentation
19 slides from First Capital's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Conference Call
@a RST OW CAPITAL Q4 2025 CONFERENCE CALL
Slide 2: Forward-Looking Statements and Non-IFRS Financial Measures
FORWARD-LOOKING STATEMENTS AND NON-IFRS FINANCIAL MEASURES This material may contain forward-looking statements, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to First Capital REIT (“Fir
Slide 3: Opening Remarks
Opening Remarks Adam Paul PRESIDENT & CEO
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights $0.34 OPERATING FFO PER UNIT +7% YOY 5.7% SP NOI GROWTH EXCLUDING LTF & BDE 97.1% OCCUPANCY +30BP YOY Seton Gateway Calgary, AB
Slide 5: Financial Overview
Financial Overview Neil Downey EVP, ENTERPRISE STRATEGIES & CFO
Slide 6: Q4 2025 FFO & OFFO
Q4 2025 FFO & OFFO Strong results Components of FFO (millions) Q4 2025 Q4 2024 Change % Change NOI: Same Property (excluding BDE + LTFs) (1) $112.0 $105.9 $6.0 5.7% Same Property BDE + LTFs 2.6 0.3 2.3 765.1% Acquisitions 0.8 0.6 0.1 19.6% Dispositions (0.1) 1.6 (1.7) (105.7%) Other Non-Same Propert
Slide 7: 2025 FFO & OFFO
2025 FFO & OFFO Strong results Components of FFO (millions) 2025 2024 Change % Change NOI: Same Property (excluding BDE + LTFs) (1) $440.8 $416.2 $24.6 5.9% Same Property BDE + LTFs 4.0 6.7 (2.8) (41.1%) Acquisitions 2.9 2.3 0.6 27.0% Dispositions 1.2 7.3 (6.1) (83.0%) Other Non-Same Property NOI 17
Slide 8: Q4 2025 Highlights – Operating Metrics
Q4 2025 Highlights – Operating Metrics 97.1% Q4 2025 Occupancy Q4 2025 Q3 2025 Q4 2024 (GLA reported at FCR %) Total Portfolio GLA (sq. ft.) (millions) 18.9 19.0 19.3 End of Period Occupancy 97.1% 97.1% 96.8% Average Occupancy 97.0% 97.1% 96.5% Rutherford Marketplace Mount Royal West Vaughan, ON Cal
Slide 9: Q4 & 2025 Highlights – Operating Metrics
Q4 & 2025 Highlights – Operating Metrics 15.8% Strong lease renewal rate increase Q4 2025 Q3 2025 Q4 2024 2025 2024 (GLA reported at FCR %) Total Portfolio Renewal leasing (sq. ft.) 522,000 543,000 749,000 2,201,000 2,372,000 Renewal leasing (average rate psf) $24.49 $27.44 $28.05 $25.77 $27.63 Leas
Slide 10: Payout Ratios
Payout Ratios AFFO Q4 2025 Q4 2024 Change 2025 2024 Change ($ millions) FFO $68.4 $67.5 $0.9 $279.2 $289.7 ($10.5) Add (deduct): Revenue sustaining capital expenditures (8.5) (9.4) 0.9 (29.4) (22.9) (6.6) Recoverable capital expenditures (5.7) (10.5) 4.8 (18.4) (21.3) 2.9 Incremental leasing costs (
Slide 11: Payout Ratios (Continued)
Payout Ratios (Continued) Conservative ACFO payout ratio ACFO Q4 2025 Q4 2024 Change 2025 2024 Change ($ millions) Cash provided by operating activities $68.3 $79.8 ($11.5) $206.7 $233.8 ($27.1) Add (deduct): Working capital adjustments 1.4 (17.8) 19.2 57.8 25.0 32.8 Adjustment for equity accounted
Slide 12: Net Asset Value (NAV) per unit
Net Asset Value (NAV) per unit First Capital 12
Slide 13: Q4 & 2025 – Portfolio Investments
Q4 & 2025 – Portfolio Investments Q4 2025 Capital Expenditures: 2025 Capital Expenditures: $30.5M – Development expenditures $93.7M – Development expenditures $16.3M – Residential inventory $69.0M – Residential inventory $9.3M – Leasing costs $28.5M – Leasing costs $6.9M – Other capital expenditures
Slide 14: 2025 Financing Activities
2025 Financing Activities $950M of debt repaid at an effective interest rate of 3.75% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total Debt Repaid Effective Rate (1) ($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions) Fixed Rate Term Loan matured April 14, 2025 3.35% — ($75.0) — — ($75.0) Mortgage
Slide 15: Well-Staggered Term Debt Maturities – December 1, 2025
Well-Staggered Term Debt Maturities ($Millions) – December 31, 2025 4.5% WAIR 4.5 Years Term to Maturity 100% Term Debt is Fixed Rate (1) Excludes principal amortization. First Capital 15
Slide 16: Well-Staggered Term Debt Maturities – Pro forma
Well-Staggered Term Debt Maturities ($Millions) – Pro forma (1) 4.5% WAIR 4.6 Years Term to Maturity 100% Term Debt is Fixed Rate (1) Pro forma for: Term loan extension options in FCR’s favour. (2) Excludes principal amortization. First Capital 16
Slide 17: Financial Strength and Flexibility
Financial Strength and Flexibility $740M Available liquidity $6.3B Unencumbered asset pool 2025 2024 Unsecured revolving credit facilities $700M $700M Unencumbered aggregate assets ($ billions) $6.3 $6.2 Corporate liquidity (cash & undrawn amounts under revolving credit $740M $857M facilities) (1) U
Slide 18: Operations, Development and Investment Update
Operations, Development and Jordan Robins Investment Update EVP, CHIEF OPERATING OFFICER
Slide 19: Contact
Adam Paul President & CEO Neil Downey Executive VP, Enterprise Strategies & CFO Jordan Robins Executive VP & COO First Capital Shops at King Liberty 85 Hanna Ave, Suite 400 Toronto, ON Tel: 416-504-4114 Fax: 416.941.1655 InvestorRelations@fcr.ca fcr.ca TSX: FCR.UN