45 slides from First Capital Real Estate Investment Trust's earnings presentation, Jul 30, 2025
Slide 1: Q2 2025 Investor Presentation
Q2 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 Q2 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 $9.4B ON THE TSX TOTAL ASSETS 21.9M SF $7.9B GROSS LEASABLE AREA ENTERPRISE VALUE (19.0M SF AT FCR SHARE) 136 22.9M 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 17.0 120 Medical, Professional & 14.9 1,249 Personal Services QSR, Chains and Cafes 13.2 917 Other Necessity-Based 12.5 371 Retailers Pharmacies 9.0 114 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: Q2 2025(1) Q2 2025 US Peers(2) CDN Peers(3) $161,000 305,000 $142,000 $132,000 US Peers (2) CDN Peers (3) Q2 2025 Q2 2025 173,000 149,000 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 $4.7B 15.1% NAV SECURED DEBT/TOTAL ASSETS $4.1B $6.6B NET DEBT UNENCUMBERED ASSETS 67% / 33% 70% UNSECURED / SECURED UNENCUMBERED ASSETS OF TOTAL ASSETS First Capital 11
Slide 12: Q2 2025 Financial and Operating Highlights
2.0 Q2 2025 Financial and Operating Highlights Strandherd Crossing, Ottawa
Slide 13: Highlights – Q2 2025: Financial Performance, Leasing & Occupancy
2.0 Highlights – Q2 2025 FINANCIAL LEASING & PERFORMANCE OCCUPANCY $0.34 OFFO per unit Strong Leasing Activity (+6% year-over-year) 626,000 sf of renewal leasing at an average lift on year 1 net rent of 16.2% plus 105,000 sf of new leasing at $30psf 6.2% SP NOI Growth(1) $24.44 Net Rent PSF (record
Slide 14: Q2 2025 Balance Sheet and Capital Allocation
2.0 Highlights – Q2 2025 Balance Sheet and Capital Allocation FLEXIBLE CAPITAL ALLOCATION BALANCE SHEET STRATEGIC RESULTS $1.0B Corporate Liquidity $74M of H1 Asset Sales Including $677M of availability on $700M of revolving credit facilities and $276M of cash $6.6B Unencumbered Assets $125M of H1 I
Slide 15: Asset Profile
3.0 Asset Profile Leaside Village, Toronto
Slide 16: Asset Profile and Core Competencies
3.0 Asset Profile and Core Competencies Assets Core Competencies Core Acquiring, developing, owning and operating open-air, grocery-anchored shopping centres Grocery Anchored Centres Other Rezoning future development sites First Capital 16
Slide 17: Core Properties, Q2 2025
3.1 Asset Profile – Core Properties, Q2 2025 IFRS % of Yield Category Value ($B) Value(1) (%) Core - Grocery Anchored Centres 7.3 82% 5.8% 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 249,000 (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% Record 98% High 97.2% ~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 Q2 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 $24.44 $20 (Q2 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 Q2 2025 FCR I n d u s t r y P e e r s (1) (1) Industry peers include RioCan, Crombie REIT,
Slide 21: Lease Renewal Spreads
3.1 Asset Profile – Lease Renewal Spreads(1)(2) 19.8% 20% 16% 15.1% ~10% 12% LTA 8% 4% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 (1) Dark shadow bars show renewal spread based on year-one net rent per square foot of lease renewal term versu
Slide 22: Same Property NOI Growth
3.1 Asset Profile – Same Property NOI Growth 8% 6.8% 6% 5.7%(1) 4% 2.8%(2) ~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 YTD 2025 (1) Same-property NOI growth excluding bad debt expense and pandemic related wage subsi
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 $21.85 $22.34 $21.95 $22.20 $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 Q2 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 523,000 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 99% G LA O CCUPANCY 143,000 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 296,000 SF 100% G LA O CCUPANCY 208,000 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 119,000 SF 100% G LA O CCUPANCY 464,000 7 ACRES P O P ULATIO N – 5K M LAND SI Z E First Capital 27
Slide 28: Core Value-Add Properties, Q2 2025
3.2 Asset Profile – Core Value-Add Properties, Q2 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 $151,000 (Complete) G LA HO USE HO LD I NCO M E – 5K M (underway) 370,000 P O P ULATIO N – 5K M (underway) ~$45M >7% DEVELOPMENT DEVELOPMENT INVESTMENT YIELD ROYAL YORK ROAD First Capital
Slide 30: Other Properties, Q2 2025
3.3 Asset Profile – Other Properties, Q2 2025 IFRS % of Yield Category Value ($B) Value (%) Core - Grocery Anchored Centres 7.3 82% 5.8% Other(1) 1.6 18% 2.8% Total Real Estate Assets 8.9 100% 5.3% Other Properties • Low or no yielding properties with development density • Select Yorkville, resident
Slide 31: Other Properties: Density Pipeline
3.3 Asset Profile – Other Properties, Q2 2025 Other Properties have a low NOI yield in part because they include ~$0.4B of recognized density value as well as various properties under construction. 22.9M SF DENSITY PIPELINE Reflected on Balance Sheet 1. 7.4M sf of zoned density - $424M; ~36% Density
Slide 32: Entitlement Program – Future Opportunity
3.3 Asset Profile – Entitlement Program – Future Opportunity Zoned & Recognized(1) 8.1M SF In Progress(2) 4.5M SF Future Opportunity 10.3M SF Total Density Pipeline 22.9M SF Value Uplift Expected $250M or ~$1.15/unit in<2 years (1) Includes density recognized in IFRS, properties under construction,
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 2024 Gold Green Lease Leader 2025 as one of Canada’s Best Employers for Recent Recognition by the Institute for Market Graduates Transformation Listed as a top 30 Cana
Slide 35: Sustainability, People & Culture and Governance Roadmap (2020-2024)
4.0 Sustainability, People & Culture and Governance Roadmap (2020-2024) Environment Social Governance 2030 Greenhouse Gas Reduction FCR Foundation TCFD Target to achieve reduction of 46% in Scope 1 & Launched the FCR Thriving Neighbourhoods Aligned disclosures with the Task Force on 2 emissions has
Slide 36: Sustainability, People & Culture and Governance Initiatives
4.0 Sustainability, People & Culture and Governance Initiatives GHG Reduction GHG Emissions 2030 GHG reduction target validated by the Science-Based Target Initiative 30,000 (SBTi): 46% in Scope 1 & 2 GHG emissions from 2019 baseline 19% decrease Achieved in GHG emissions (2019-2024) 25,000 10% decr
Slide 37: 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 37
Slide 38: 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 39: FCR Thriving Neighbourhoods Foundation
4.0 FCR Thriving Neighbourhoods Foundation Founded in 2020 The FCR Thriving Neighbourhoods Foundation has raised over $1.4M and contributed more than 4,500 volunteer hours since 2020. Our Foundation is an employee-led organization supporting registered charities and philanthropic initiatives that su
Slide 40: Financial Strength and Flexibility
5.0 Financial Strength and Flexibility Carré Lucerne, Montréal
Slide 41: Capital Structure
5.0 Capital Structure (1) $9.1B $7.9B Gross Asset Value (2) Enterprise Value $B WAIR⁽3⁾ $1.4B Mortgages 1.3 3.9% Secured Debt 17% Secured Facilities 0.1 5.5% Total Secured 1.4 4.1% $2.9B Unsecured Debt 36% Unsecured Debentures 2.4 4.4% Unsecured Term Loans 0.5 5.1% Unsecured Revolving Fa
Slide 42: Liquidity and Well-Staggered Term Debt Maturities
5.0 Liquidity and Well-Staggered Term Debt Maturities ($M) $1,000 6.0% 5.5% 4.4% 5.3% 5.2% 5.0% 5.0% $800 4.5% WAIR 4.3% 4.0% 4.0% 3.7 Years 3.7% 4.0% 3.6% $600 Term to Maturity 3.0% 100% Term Debt is Fixed Rate $400 2.0% $200 1.0% $- 0.0% % Due (1) Liquidity 2025 2026 2027 2028 2029 2030 2031 2032
Slide 43: Liquidity and Term Debt Maturities – Proforma
5.0 Liquidity and Well-Staggered Term Debt Maturities ($M) – Proforma (1) $1,000 6.0% 5.5% 4.4% 5.3% 5.2% 5.0% 5.0% $800 4.5% WAIR 4.3% 4.0% 4.0 Years 3.7% 4.0% 3.5% $600 Term to Maturity 3.0% 100% $400 2.0% Term Debt is Fixed Rate $200 1.0% $- 0.0% Liquidity 2025 2026 2027 2028 2029 2030 2031 2032
Slide 44: Financial Strength and Flexibility
5.0 Financial Strength and Flexibility 2020 2021 2022 2023 2024 Q2 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 $6.6 70% Unencumbered assets(1) to unsecured debt 2.1x 2.3x 2.3x 2.4x 2.4x 2.3x of total assets
Slide 45: 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