19 slides from First Capital Real Estate Investment Trust's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Conference Call
@a RST OW CAPITAL Q3 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: Q3 2025 Highlights
Q3 2025 Highlights $0.33 OPERATING FFO PER UNIT +9% YOY (1) 6.4% SP NOI GROWTH EXCLUDING LTF & BDE 97.1% OCCUPANCY +60BP YOY Seton Gateway Calgary, AB (1) Operating FFO per unit +9% YoY excluding 2024 density bonus
Slide 5: Financial Overview
Financial Overview Neil Downey EVP, ENTERPRISE STRATEGIES & CFO
Slide 6: Q3 2025 FFO & OFFO
Q3 2025 FFO & OFFO Strong results Components of FFO (millions) Q3 2025 Q3 2024 Variance % Change NOI: Same Property (excluding BDE + LTFs) (1) $111.2 $104.5 $6.7 6.4% Same Property BDE + LTFs 0.9 0.1 0.8 977.9% Acquisitions 0.7 0.6 0.1 20.3% Dispositions 0.1 1.7 (1.6) (94.2%) Other Non-Same Property
Slide 7: YTD 2025 FFO & OFFO
YTD 2025 FFO & OFFO Strong results Components of FFO (millions) YTD 2025 YTD 2024 Variance % Change NOI: Same Property (excluding BDE + LTFs) (1) $328.9 $310.3 $18.6 6.0% Same Property BDE + LTFs 1.3 6.4 (5.1) (79.2%) Acquisitions 2.2 1.7 0.5 29.9% Dispositions 1.4 5.8 (4.4) (75.5%) Other Non-Same P
Slide 8: Q3 2025 Highlights – Operating Metrics
Q3 2025 Highlights – Operating Metrics 97.1% Q3 2025 Occupancy Q3 2025 Q2 2025 Q3 2024 (GLA reported at FCR %) Total Portfolio GLA (sq. ft.) (millions) 19.0 19.0 19.4 End of Period Occupancy 97.1% 97.2% 96.5% Average Occupancy 97.1% 97.0% 96.2% Rutherford Marketplace Mount Royal West Vaughan, ON Cal
Slide 9: Q3 & YTD 2025 Highlights – Operating Metrics
Q3 & YTD 2025 Highlights – Operating Metrics 13.5% Strong lease renewal rate increase Q3 2025 Q2 2025 Q3 2024 YTD 2025 YTD 2024 (GLA reported at FCR %) Total Portfolio Renewal leasing (sq. ft.) 543,000 626,000 437,000 1,680,000 1,623,000 Renewal leasing (average rate psf) $27.44 $26.10 $29.98 $26.17
Slide 10: Payout Ratios
Payout Ratios AFFO Q3 2025 Q3 2024 Variance YTD 2025 YTD 2024 Variance ($ millions) FFO $69.6 $72.3 ($2.7) $210.8 $222.2 ($11.4) Add (deduct): Revenue sustaining capital expenditures (4.6) (4.5) (0.1) (21.0) (13.5) (7.5) Recoverable capital expenditures (7.0) (5.7) (1.3) (12.7) (10.8) (1.8) Incremen
Slide 11: Payout Ratios (Continued)
Payout Ratios (Continued) Conservative ACFO payout ratio ACFO Q3 2025 Q3 2024 Variance YTD 2025 YTD 2024 Variance ($ millions) Cash provided by operating activities $49.1 $51.9 ($2.8) $138.4 $154.0 ($15.6) Add (deduct): Working capital adjustments 19.4 24.0 (4.7) 56.4 42.8 13.6 Adjustment for equity
Slide 12: Net Asset Value (NAV) per unit
Net Asset Value (NAV) per unit First Capital 12
Slide 13: Q3 & YTD 2025 – Portfolio Investments
Q3 & YTD 2025 – Portfolio Investments Q3 2025 Capital Expenditures: YTD 2025 Capital Expenditures: $24.6M – Development expenditures $63.3M – Development expenditures $18.5M – Residential inventory $52.7M – Residential inventory $4.1M – Leasing costs $19.2M – Leasing costs $9.6M – Other capital expe
Slide 14: YTD 2025 Financing Activities
YTD 2025 Financing Activities $456M of debt repaid at an effective interest rate of 3.96% Q1 2025 Q2 2025 Q3 2025 Total Debt Repaid Effective Rate (1) ($ Millions) ($ Millions) ($ Millions) ($ Millions) Fixed Rate Term Loan matured April 14, 2025 3.35% — ($75.0) — ($75.0) Mortgage Repayment 3.26% —
Slide 15: Financial Strength and Flexibility
Financial Strength and Flexibility $659M Available liquidity $6.4B Unencumbered asset pool Q3 2025 Q3 2024 Unsecured revolving credit facilities $700M $700M Unencumbered aggregate assets ($ billions) $6.4 $6.2 Corporate liquidity (cash & undrawn amounts under revolving credit $659M $765M facilities)
Slide 16: Well-Staggered Term Debt Maturities – September 30, 2025
Well-Staggered Term Debt Maturities ($Millions) – September 30, 2025 4.4% WAIR 3.7 Years Term to Maturity 100% Term Debt is Fixed Rate (1) Excludes principal amortization. First Capital 16
Slide 17: Well-Staggered Term Debt Maturities – Pro forma
Well-Staggered Term Debt Maturities ($Millions) – Pro forma (1) 4.4% WAIR 3.8 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 17
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