43 slides from First Capital Real Estate Investment Trust's earnings presentation, Feb 10, 2026
Slide 1: Q4 2025 Investor Presentation
Q4 2025 INVESTOR PRESENTATION 1
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: Table of Contents
Table of Contents 1.0 FCR Overview …………………………..…………….……………………………………………………………………………………............................ 4–11 2.0 Q4 2025 Financial and Operating Highlights ………….……………………………………………………………………………………………… 12–14 3.0 Asset Profile………………………………………………………..…………………………………………………………………………………….. 15-16 3.1 C
Slide 4: FCR Overview
1.0 FCR Overview Centre Commercial Beaconsfield, Beaconsfield
Slide 5: FCR Overview
1.0 FCR Overview First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada. FCR.UN $9.3B ON THE TSX TOTAL ASSETS 21.8M SF $8.1B GROSS LEASABLE AREA ENTERPRISE VALUE (19.0M SF AT FCR SHARE) 136 23.5M SF NEIGHBOURHOODS FUTU
Slide 6: Core Competencies & Competitive Advantages
1.0 FCR Overview– Core Competencies & Competitive Advantages Core Competencies Competitive Advantages Acquiring, developing, owning and Core portfolio of grocery-anchored, operating open-air, grocery-anchored open-air shopping centres shopping centres Rezoning future development sites Portfolio of d
Slide 7: Key Objectives
1.0 FCR Overview– Key Objectives FFO per unit growth Key Objectives NAV per unit growth Distribution per unit growth First Capital 7
Slide 8: Fair Values Across Canada's Major Cities
1.0 FCR Overview– Fair Values Across Canada’s Major Cities Western Canada Central Canada Eastern Canada GLA 6.1M GLA 8.3M GLA 4.6M Fair Value % 30% Fair Value % 54% Fair Value % 16% Edmonton 7% Calgary Vancouver 12% 11% Montreal Toronto 12% 3% 47% Ottawa 4% 4% First Capital 8
Slide 9: Strategic and Diversified Retail Tenant Mix
1.0 FCR Overview– Strategic and Diversified Retail Tenant Mix % of Rent # of locations Grocery Stores 17.1 119 Medical, Professional & 14.6 1,233 Personal Services QSR, Chains and Cafes 13.4 922 Other Necessity-Based 12.3 368 Retailers Pharmacies 8.9 111 Banks & Credit Unions 8.6 188 Other Tenants 8
Slide 10: North American Leader in Population Density
1.0 North American Leader in Population Density FCR Portfolio Demographic Metrics versus Peer Group: Q4 2025(1) Q4 2025 US Peers(2) CDN Peers(3) $163,000 310,000 $145,000 $138,000 US Peers (2) CDN Peers (3) Q4 2025 Q4 2025 177,000 147,500 US Peers (2) CDN Peers (3) US Peers (2) CDN Peers (3) 5 km Po
Slide 11: Capital Structure Highlights
1.0 FCR Overview– Capital Structure Highlights $4.8B 15.8% NAV SECURED DEBT/TOTAL ASSETS $4.1B $6.3B NET DEBT UNENCUMBERED ASSETS 64% / 36% 68% UNSECURED / SECURED UNENCUMBERED ASSETS OF TOTAL ASSETS First Capital 11
Slide 12: Q4 2025 Financial and Operating Highlights
2.0 Q4 2025 Financial and Operating Highlights Strandherd Crossing, Ottawa
Slide 13: Highlights – Q4 2025
2.0 Highlights – Q4 2025 FINANCIAL LEASING & PERFORMANCE OCCUPANCY $0.34 OFFO per unit Strong Leasing Activity (+7% year-over-year) 522,000 sf of renewal leasing at an average lift on year 1 net rent of 15.8% plus 126,000 sf of new leasing 5.7% SP NOI Growth(1) $24.73 Net Rent PSF (record high) +3.0
Slide 14: Highlights – Q4 2025 Balance Sheet and Capital Allocation
2.0 Highlights – Q4 2025 Balance Sheet and Capital Allocation FLEXIBLE CAPITAL ALLOCATION BALANCE SHEET(1) STRATEGIC RESULTS(2) $0.7B Corporate Liquidity $176M of Asset Sales Including $678M of availability on $700M of revolving credit facilities and $62M of cash $6.3B Unencumbered Assets $250M of I
Slide 15: Asset Profile
3.0 Asset Profile Leaside Village, Toronto
Slide 16: Asset Profile and Core Competencies
3.0 Asset Profile and Core Competencies Assets Core Competencies Core Acquiring, developing, owning and operating open-air, grocery-anchored shopping centres Grocery Anchored Centres Other Rezoning future development sites First Capital 16
Slide 17: Core Properties, Q4 2025
3.1 Asset Profile – Core Properties, Q4 2025 IFRS % of Category Yield (%) Value ($B) Value(1) Core - Grocery Anchored Centres 7.5 84% 5.7% Core Properties • Grocery-Anchored • High-Occupancy • Steady & Growing Income • Efficiency & Scale (1) % of Total real estate investments including Residential I
Slide 18: Core Properties are the Key Drivers of FCR's Performance Metrics
3.1 Asset Profile – Core Properties Core Properties are the Key Drivers Supported by high population density and of FCR’s leading Performance excellent transit connectivity Metrics: High & stable occupancy 254,000 (1) Average population within Highest rents in-place 5km radius Top tier renewal sprea
Slide 19: Total Portfolio Occupancy
3.1 Asset Profile – Total Portfolio Occupancy 100% 98% 97.1% ~95-97% 96% 94.8% LOW/HIGH RANGE 94% 92% 90% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 First Capital 19
Slide 20: FCR and Peer Net Rent Per Square Foot
3.1 Asset Profile – FCR and Peer Net Rent Per Square Foot $26 $24 $22 $24.73 $20 (Q4 2025) $18 ~3% $16 CAGR $14 $12 $10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FCR I n d u s t r y P e e r s (1) (1) Industry peers include RioCan, Crombie REIT, Sm
Slide 21: Lease Renewal Spreads
3.1 Asset Profile – Lease Renewal Spreads(1)(2) 20% 19.7% 16% 14.8% ~10% 12% LTA 8% 4% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (1) Dark shadow bars show renewal spread based on year-one net rent per square foot of lease renewal term versus ne
Slide 22: Same Property NOI Growth
3.1 Asset Profile – Same Property NOI Growth 8% 6.8% 6% 5.7%(1) 5.2%(2) 4% ~3% 2% LTA 0% -2% -4% -6% -7.1%(1) -8% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (1) Same-property NOI growth excluding bad debt expense and pandemic related wage subsidy w
Slide 23: Growth in NAV Per Unit
3.1 Asset Profile – Growth in NAV Per Unit $25 $24.28 $23.39 $23.48 $22.59 $22.34 $22.57 $21.85 $21.95 $20 $19.53 $18.00 $18.25 $17.73 $17.26 $15.40 ~4% $15 $12.45 CAGR $10 $5 $0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 First Capital 23
Slide 24: Leaside Village (Core Property)
3.1 Asset Profile – Leaside Village (Core Property) Leaside Village Core Asset Toronto 199,000 SF 100% G LA O CCUPANCY 536,000 12 ACRES P O P ULATIO N – 5K M LAND SI Z E First Capital 24
Slide 25: McKenzie Towne Centre (Core Property)
3.1 Asset Profile – McKenzie Towne Centre (Core Property) McKenzie Towne Centre Core Asset Calgary 234,000 SF 100% G LA O CCUPANCY 158,000 19 ACRES P O P ULATIO N – 5K M LAND SI Z E First Capital 25
Slide 26: Brewery District (Core Property)
3.1 Asset Profile – Brewery District (Core Property) Brewery District Core Asset Edmonton 295,000 SF 100% G LA O CCUPANCY 221,000 12 ACRES P O P ULATIO N – 5K M LAND SI Z E First Capital 26
Slide 27: Carré Lucerne (Core Property)
3.1 Asset Profile – Carré Lucerne (Core Property) Carré Lucerne Core Asset Ville Mont-Royal 118,000 SF 100% G LA O CCUPANCY 479,000 7 ACRES P O P ULATIO N – 5K M LAND SI Z E First Capital 27
Slide 28: Core Value-Add Properties
3.2 Asset Profile – Core Value-Add Properties, Q4 2025 Core Value-Add Properties • Small sub-set of Core Properties • Typically, current format is not optimal (e.g enclosed areas, dated store formats, large box or other vacancy) • Offer the potential for capital investment at an attractive return •
Slide 29: Core Value-Add/Properties Under Construction
3.2 Asset Profile – Core Value-Add/Properties Under Construction Humbertown Shopping Centre Toronto 118,000+ SF $159,000 (Complete) G LA HO USE HO LD I NCO M E –5KM Transferred to IPP (nearing completion) 375,000 P O P ULATIO N –5KM (underway) ~$45M >7% DEVELOPMENT DEVELOPMENT INVESTMENT YIELD ROYAL
Slide 30: Other Properties, Q4 2025
3.3 Asset Profile – Other Properties, Q4 2025 IFRS % of Yield Category Value ($B) Value (%) Core - Grocery Anchored Centres 7.5 84% 5.7% Other(1) 1.4 16% 2.7% Total Real Estate Assets 8.9 100% 5.2% Other Properties • Low or no yielding properties with development density • Select Yorkville, resident
Slide 31: Other Properties, Q4 2025
3.3 Asset Profile – Other Properties, Q4 2025 Other Properties have a low NOI yield in part because they include ~$0.3B of recognized density value as well as $0.5B of residential inventory and properties under construction. 23.5M SF DENSITY PIPELINE Reflected on Balance Sheet 1. 6.3M sf of zoned de
Slide 32: Entitlement Program – Future Opportunity
3.3 Asset Profile – Entitlement Program – Future Opportunity Zoned & Recognized(1) 7.1 M SF In Progress by end of 2026(2) 1.2 M SF In Progress post - 2026(3) 8.4 M SF Future Potential 6.7 M SF Total Density Pipeline 23.5 M SF Value uplift Expected by end of 2026: ~ $60 M or ~ $0.30/unit (1) Includes
Slide 33: Sustainability, People & Culture and Governance
4.0 Sustainability, People & Culture and Governance Seton Gateway, Calgary
Slide 34: Sustainability, People & Culture and Governance Recognitions
4.0 Sustainability, People & Culture and Governance Recognitions Selected for inclusion in “The Career Directory” for 2021 – Awarded Gold Green Lease Leader Recognition by 2025 as one of Canada’s Best Employers for Recent the Institute for Market Transformation (2023- Graduates 2025) Listed as a top
Slide 35: Sustainability Initiatives Highlights
4.0 Sustainability Initiatives Highlights Environmental Social Decarbonization FCR Thriving Neighbourhoods 2030 GHG reduction target validated by the Science-Based Foundation Target Initiative (SBTi): 46% in Scope 1 & 2 GHG emissions Over $1.6 million raised to support from 2019 baseline charitable
Slide 36: Enhancing Thriving Neighbourhoods Through Public Art
4.0 Enhancing Thriving Neighbourhoods Through Public Art 33 Public Art Installations commissioned across our portfolio Supporting Public Art partnerships with First Capital 36
Slide 37: Strong Gender Diversity Metrics Across the Organization
4.0 Strong Gender Diversity Metrics Across the Organization EXECUTIVE BOARD MEMBERS MEMBERS Selected for inclusion in “The Career Directory” for 2023, 2024 and 2025 as one of Canada’s Best Employers for Recent Graduates 33% Women 67% Men 30% Women 70% Men Selected as one of 2025 Canada’s Top Small a
Slide 38: FCR Thriving Neighbourhoods Foundation
4.0 FCR Thriving Neighbourhoods Foundation About our Foundation The FCR Thriving Neighbourhoods Foundation is an employee led, registered charity that launched in 2020. Our goal is to support the neighbourhoods in which we operate. Since its launch, it has raised over $1.6M, donated over 940k pounds
Slide 39: Financial Strength and Flexibility
5.0 Financial Strength and Flexibility Carré Lucerne, Montréal
Slide 40: Capital Structure
5.0 Capital Structure (1) $8.9B $8.1B Gross Asset Value (2) Enterprise Value $B WAIR⁽3⁾ $1.5B Mortgages 1.3 3.9% Secured Debt 18% Secured Facilities 0.2 5.1% Total Secured 1.5 4.1% $2.7B Unsecured Debt 33% Unsecured Debentures 2.3 4.6% Unsecured Term Loans 0.4 5.9% Unsecured Revolving Fac
Slide 41: Liquidity and Well-Staggered Term Debt Maturities
5.0 Liquidity and Well-Staggered Term Debt Maturities ($M) $1,000 6.0% 5.5% 5.3% 4.5% $800 5.0% 4.7% 4.8% 5.0% 4.6% 4.7% WAIR 4.0% 3.7% 4.0% $600 3.6% 4.5 Years Term to Maturity $400 (2) 3.0% 100% 2.0% $200 Term Debt is Fixed Rate 1.0% $- 0.0% Liquidity 2026 2027 2028 2029 2030 2031 2032 2033 2034 2
Slide 42: Financial Strength and Flexibility
5.0 Financial Strength and Flexibility 2020 2021 2022 2023 2024 2025 Unsecured revolving credit facilities $800 $800 $800 $700 $700 $700 (million) Unencumbered assets (Billion) $7.0 $7.4 $6.6 $6.0 $6.2 $6.3 68% Unencumbered assets(1) to unsecured debt 2.1x 2.3x 2.3x 2.4x 2.4x 2.4x of total assets ar
Slide 43: 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