94 slides from First Capital Real Estate Investment Trust's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter Report
@ae First 2025 OW CAPITAL SECOND QUARTER REPORT
Slide 2: Company Profile
Slide 3: Business and Strategy Overview
D I S C I P L I N E | S TA B I L I T Y | G R O W T H Business and Strategy Overview Our business First Capital Real Estate Investment Trust, with $9.4 billion in assets acquires, develops, owns and operates open-air grocery- anchored shopping centres in neighbourhoods with the strongest demographics
Slide 4: Our values and corporate responsibility and sustainability
Our values and our corporate responsibility and sustainability program define our culture Read more about our approach to corporate responsibility and sustainability in our most recent Impact Report at www.fcr.ca/sustainability One Team, One Purpose Innovation Freedom to challenge the status quo Exc
Slide 5: Our investment strategy
D I S C I P L I N E | S TA B I L I T Y | G R O W T H Our investment strategy Crea ng thriving proper es in neighbourhoods with the strongest demographics that drive sustainable growth in cash ow and capital apprecia on of our best in class por olio. We achieve this by: Inves ng in high-quality, Surf
Slide 6: Our target markets
D I S C I P L I N E | S TA B I L I T Y | G R O W T H Our target markets We target speci c urban and top- er suburban neighbourhoods within Canada’s largest and fastest growing ci es. These neighbourhoods are located in Toronto, Montreal, Vancouver, Edmonton, Calgary and O awa. We have achieved cri c
Slide 7: Creating thriving properties for everyday life
D I S C I P L I N E | S TA B I L I T Y | G R O W T H Crea ng thriving proper es for everyday life Currently, over 90% of our revenues come from retail tenants who provide the essen al products and services consumers need everyday, including grocery stores, pharmacies, liquor stores, banks, restauran
Slide 8: 23 million square feet of incremental density
Vik TZ vl aa BS LID MT MD Ee 1 / MO | / Mt | / Ma | / l/s i / y was Ae DA WM De A A oa Oa DD MM MM Me ie, [=—-7 23 million square feet of incremental density within our existing portfolio hy Me BZ 3-5 1 sie inl api =e Wa S) hn , S ge , a OES SS / NNN rr »/,
Slide 9: Our high quality portfolio
D I S C I P L I N E | S TA B I L I T Y | G R O W T H Our high quality por olio Category Value (billions) Core Properties $7.3 Other Proper es(1) $1.6 Total Real Estate Investments $8.9 (1) Includes residen al development inventory Core Proper es Stable, grocery-anchored assets with strong growth pro
Slide 10: Actively managing our assets
D I S C I P L I N E | S TA B I L I T Y | G R O W T H Ac vely managing our assets Proac ve management of our por olio is a core competency and an important part of our strategy. Proac ve management means we con nually invest in our proper es to ensure they retain their market leading posi on. We stri
Slide 11: Corporate Responsibility And Sustainability
Corporate Responsibility And Sustainability Corporate Responsibility and Sustainability In addi on to GRI, we include disclosures aligned with (“sustainability’) at First Capital encompasses the Sustainability Accoun ng Standards Board (SASB), all aspects of our environmental, social and the United
Slide 12: Our strength in ESG standards and disclosure
Our strength in ESG standards and disclosure is validated through numerous ratings, including achieving: Ranked 2nd in the 2024 GRESB Development Benchmark with a score of 92 Ranked 5th in the 2024 GRESB Standing Investments Benchmark with a score of 79 ‘AA’ rating, in the Morgan Stanley Capital Int
Slide 13: Environmental
Environmental Reduce our carbon emissions and energy use Greenhouse gas (GHG) emissions reduc on Hosted our second Collabora on for Climate target approved by Science Based Ini a ve Ac on Forum in November 2024, bringing (SBTi): 46% reduc on in Scope 1 & 2 emissions together major retail tenants and
Slide 14: Social
Social Foster an engaged and diverse workforce 57% of management posi ons are held by Employee led Everyone Belongs Council females; We have strong gender diversity published its rst Impact Report and launched its metrics through all levels of the organiza on 2024-2026 Ac on Plan Be one of the best
Slide 15: Governance
Governance Maintain a strong governance framework Re ects our values Ensures the Board func ons independently of management Adheres to e ec ve governance prac ces Promotes diversity in considering op mal board composi on Strive to be a governance leader Con nuously adopt new and improved Follow reco
Slide 16: MD&A Table of Contents
MD&A MANAGEMENT’S DISCUSSION AND ANALYSIS Table of Contents 1 Introduction 33 Total Capital Employed 1 Current Business Environment and Outlook 34 Credit Ratings 4 Non-IFRS Financial Measures 35 Outstanding Debt and Principal Maturity Profile 7 Operating Metrics 35 Mortgages 8 Summary Consolidated I
Slide 17: Management's Discussion and Analysis: Introduction
Management’s Discussion and Analysis of Financial Position and Results of Operations INTRODUCTION This Management’s Discussion and Analysis (“MD&A”) of the financial position and results of operations of First Capital Real Estate Investment Trust (“First Capital”, “FCR” or the “Trust”) is intended t
Slide 18: Property Portfolio, Core Competencies and Competitive Advantages
Property Portfolio, Core Competencies and Competitive Advantages First Capital is a leader in acquiring, developing, owning, and operating open-air grocery-anchored centres as well as securing the right to develop significant additional density through rezoning. With these two foundational Core Comp
Slide 19: Dispositions, acquisitions and balance sheet outlook
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued • Property dispositions totaling approximately $750 million on a cumulative basis, with an average expected yield of less than 3%. The dispositions will continue to be focused on a mix of development sites and select low-yielding income properties • A
Slide 20: Non-IFRS Financial Measures
backdrop, an uncertain outlook for potentially higher inflation and the need to gain more information on US trade policy and its impacts as key factors in its decisions. Certain aspects of the Trust’s business and operations that could potentially be impacted include rental income, occupancy, leasin
Slide 21: Total Same Property NOI
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Total Same Property NOI Total Same Property NOI ("SP NOI") is defined by Management as NOI from properties categorized as "Same Property — stable" and "Same Property with redevelopment" (see definitions under "Real Estate Investments — Investment Prop
Slide 22: ACFO definition
REALPAC as published in its most recent guidance on "Adjusted Cashflow From Operations (ACFO) for IFRS" dated January 2023. Management considers ACFO a meaningful metric to measure operating cash flows as it represents sustainable cash available to pay distributions to Unitholders. ACFO includes a n
Slide 23: Operating Metrics: Net Asset Value
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Net Asset Value Net Asset Value ("NAV") represents the proportionate share of First Capital's total assets less the proportionate share of its total liabilities excluding deferred tax liabilities. NAV per diluted unit represents NAV, as calculated abo
Slide 24: Summary Consolidated Information and Highlights
SUMMARY CONSOLIDATED INFORMATION AND HIGHLIGHTS Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 (1) Revenues, Income and Cash Flows Revenues and other income $ 186,212 $ 183,971 $ 376,144 $ 381,274 NOI (2) $ 115,906 $ 112,341 $ 228,265 $ 224,554 Increase (decrease) in value o
Slide 25: Operational Information
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued As at June 30 2025 2024 Operational Information Number of neighbourhoods 136 138 GLA (square feet) - at 100% 21,864,000 22,222,000 GLA (square feet) - at ownership interest 19,027,000 19,379,000 Occupancy - Same Property - stable (1) 97.2% 96.4% Total
Slide 26: Business and Operations Review
BUSINESS AND OPERATIONS REVIEW Real Estate Investments Investment Property Categories First Capital categorizes its properties for the purposes of evaluating operating performance including Total Same Property NOI. This enables FCR to better reflect its development, redevelopment and repositioning a
Slide 27: Core Portfolio and Other properties
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued As at and for the twelve months ended (millions of dollars) December 31, 2024 Income-Producing Properties Under Density and Proportionate Net Operating Portfolio Properties Construction Development Land Interest (1) Income (1) Core Portfolio $ 7,126 $
Slide 28: Investment Properties by Market
First Capital’s portfolio by major market is summarized as follows: As at June 30, 2025 December 31, 2024 Weighted Weighted Average Average (millions of dollars, Number % of Rate per % of Number % of Rate per % of except other data) of GLA Total Occupied Annual of GLA Total Occupied Annual Neighbour
Slide 29: 2025 Acquisitions and Dispositions
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued 2025 Acquisitions Income-producing properties and other During the six months ended June 30, 2025, First Capital acquired one property located in midtown Toronto for $22.2 million, as summarized in the table below: Quarter Interest GLA Acquisition Cos
Slide 30: Capital Expenditures
Capital expenditures on investment properties and residential inventory by type are summarized in the table below: Six months ended June 30 2025 2024 Adjustments for Adjustments for Capital Proportionate Proportionate Capital Proportionate Proportionate Expenditures Interest Interest (1) Expenditure
Slide 31: Valuation of Investment Properties
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued As at and for the twelve months ended (millions of dollars) December 31, 2024 Adjustments for Proportionate Proportionate Net Operating Property Type (1) Valuation Method Fair Value Interest Interest (2) Income (2) Same Property - stable DCF (3) $ 7,3
Slide 32: Property Development Activities
As at December 31, 2024 Stabilized Capitalization Rate Weighted Area Average Median Range Greater Toronto 5.2% 5.3% 4.0%-6.5% Greater Montreal 6.1% 6.0% 5.3%-7.3% Greater Calgary 5.9% 6.0% 5.5%-6.8% Greater Vancouver 4.8% 4.8% 4.3%-5.8% Greater Edmonton 6.6% 6.3% 5.5%-7.5% Greater Ottawa 6.0% 6.0% 5
Slide 33: Development pipeline breakdown
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued A breakdown of the properties under construction, density and development land, and residential inventory within the portfolio by component and type is as follows: As at June 30, 2025 Square feet (in thousands) Value recognized (1)(2) Commercial Resid
Slide 34: Development Pipeline by Urban Market
Development Pipeline by Urban Market A breakdown of FCR's properties under construction, density and development land, and residential inventory by urban market is as follows: As at June 30, 2025 Incremental Density Pipeline (in thousands of square feet) Total % of Total Greater Toronto Area 14,284
Slide 35: Additional Incremental Density
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued First Capital has approximately 6.7 million square feet of additional incremental density primarily related to the properties listed below, where entitlements have yet to be submitted. Additional Incremental Density Ownership Property Neighbourhood Ci
Slide 36: Active Development and Redevelopment Activities
Active Development and Redevelopment Activities Consistent with its strategy of long-term ownership and value creation, First Capital’s developments are completed based on the highest standards in architecture, construction, choice of materials, lighting, parking, vehicular access, pedestrian amenit
Slide 37: Carrefour Charlemagne and 906-1st Avenue NE
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Carrefour Charlemagne (Wendy's pad) Carrefour Charlemagne (Wendy's pad), Charlemagne, is a land lease with Wendy's for a new 2,500 square-foot pad situated on a discrete outparcel of the Carrefour Charlemagne shopping centre in the east end of the Mon
Slide 38: Yonge & Roselawn and 138 Yorkville
Yonge & Roselawn Yonge and Roselawn, Toronto, is a two-tower mixed-use development project located just north of the Yonge & Eglinton intersection. The project includes 636 purpose-built rental residential units between the two buildings, reaching 24 and 30 storeys, respectively. A substantial 2-sto
Slide 39: Leasing: three months ended June 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued During the three months ended June 30, 2025, First Capital completed 626,000 square feet of lease renewals across the portfolio. First Capital achieved a 16.2% lease renewal rate increase when comparing the per square foot net rental rate in the first
Slide 40: Leasing: six months ended June 30, 2025
During the six months ended June 30, 2025, First Capital completed 1,137,000 square feet of lease renewals across the portfolio. First Capital achieved a 15.0% lease renewal rate increase when comparing the per square foot net rental rate in the first year of the renewal term to the per square foot
Slide 41: Top Forty Tenants
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Top Forty Tenants As at June 30, 2025, 55.4% of First Capital's annualized minimum rent came from its top 40 tenants (December 31, 2024 – 55.8%). Of these rents, 71.1% (December 31, 2024 – 71.1%) came from tenants that have investment grade credit rat
Slide 42: Lease Maturity Profile
Lease Maturity Profile First Capital’s lease maturity profile for its portfolio as at June 30, 2025, excluding any contractual renewal options, is as follows: Annualized Average Annual Minimum Rent at Percent of Total Minimum Rent Number of Occupied Square Percent of Total Expiration Annualized per
Slide 43: Loans, Mortgages and Other Assets
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued The following table reconciles the changes in First Capital's interests in its equity accounted joint ventures for the six months ended June 30, 2025 and year ended December 31, 2024: June 30, 2025 December 31, 2024 Balance at beginning of year $ 320,
Slide 44: Results of Operations: Net Operating Income
RESULTS OF OPERATIONS Net Operating Income First Capital’s net operating income for its portfolio is presented below: Three months ended June 30 Six months ended June 30 % change 2025 2024 % change 2025 2024 Property rental revenue Base rent (1) $112,881 $ 109,617 $224,257 $ 219,117 Operating cost r
Slide 45: Same Property NOI Growth
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Same Property NOI Growth First Capital’s net operating income for its portfolio by property category is presented below: Three months ended June 30 Six months ended June 30 % change 2025 2024 % change 2025 2024 Property rental revenue Base rent (1) $1
Slide 46: Interest and Other Income, Interest Expense
For the three months ended June 30, 2025, Total Same Property NOI increased 5.6% over the same prior year period. Same Property NOI excluding bad debt expense (recovery) and lease termination fees increased 6.2%. The growth was primarily due to higher base rent derived from higher year-over-year occ
Slide 47: Corporate Expenses, Other Gains and Losses
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Corporate Expenses First Capital's corporate expenses are as follows: Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Salaries, wages and benefits $ 7,935 $ 7,861 $ 16,557 $ 16,487 Unit-based compensation 2,662 2,706 5,346 5,06
Slide 48: Income Taxes, Net Income Attributable to Unitholders
the translation of the Trust's US denominated debt. Six months ended June 30 2025 2024 Consolidated Consolidated Statements of Included in Statements of Included in Income (Loss) FFO Income (Loss) FFO Unrealized gain (loss) on marketable securities $ 246 $ 246 $ 182 $ 182 Net gain (loss) on early se
Slide 49: Capital Structure and Liquidity
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued CAPITAL STRUCTURE AND LIQUIDITY Total Capital Employed The real estate business is capital intensive by nature. First Capital’s capital structure is key to financing growth and providing sustainable cash distributions to Unitholders. In the real estat
Slide 50: Key Metrics and Credit Ratings
Key Metrics The ratios below include measures not specifically defined in IFRS. As at June 30, 2025 December 31, 2024 Weighted average effective interest rate on mortgages, fixed rate unsecured term loans and 4.4% 4.3% senior unsecured debentures Weighted average maturity on mortgages, fixed rate un
Slide 51: Outstanding Debt and Principal Maturity Profile
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Outstanding Debt and Principal Maturity Profile The maturity profile including scheduled amortization of First Capital’s mortgages and credit facilities as well as its senior unsecured debentures as at June 30, 2025 is summarized in the table below: S
Slide 52: Mortgages and Credit Facilities
As at June 30, 2025, 100% (December 31, 2024 – 100%) of the outstanding mortgages bore interest at fixed interest rates. The average remaining term on mortgages outstanding was 4.6 years as at June 30, 2025 on $1.2 billion of mortgages (4.8 years as at December 31, 2024 on $1.2 billion of mortgages)
Slide 53: Senior Unsecured Debentures
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Senior Unsecured Debentures Remaining Term to Principal As at June 30, 2025 Interest Rate Maturity Outstanding Series Maturity Date Interest Payment Dates Coupon Effective (years) S July 31, 2025 January 31, July 31 4.32% 4.24% 0.1 300,000 T May 6, 20
Slide 54: Liquidity and Cash Flows
Liquidity Liquidity risk exists due to the possibility of First Capital not being able to generate sufficient cash flow, and/or not having access to sufficient debt and equity capital to fund its ongoing operations and growth and to refinance or meet existing payment obligations. First Capital manag
Slide 55: Contractual Obligations and Contingencies
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Contractual Obligations An analysis of First Capital’s contractual maturities of its material financial liabilities and other contractual commitments, as at June 30, 2025 is set out below: As at June 30, 2025 Payments due by period Remainder of 2025 2
Slide 56: Non-IFRS Reconciliations: Balance Sheets
NON-IFRS RECONCILIATIONS AND FINANCIAL MEASURES Reconciliation of Consolidated Balance Sheets to First Capital's Proportionate Interest The following table provides a reconciliation of First Capital’s consolidated balance sheets, as presented in its unaudited interim condensed consolidated financial
Slide 57: Reconciliation of Statements of Income (three months)
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Reconciliation of Consolidated Statements of Income (Loss) to First Capital’s Proportionate Interest The following table provides a reconciliation of First Capital's consolidated statements of income (loss) for the three months ended June 30, 2025 and
Slide 58: Reconciliation of Statements of Income (six months)
The following table provides a reconciliation of First Capital's consolidated statements of income (loss) for the six months ended June 30, 2025 and 2024, as presented in its unaudited interim condensed consolidated financial statements, to its proportionate interest. Six months ended June 30 2025 2
Slide 59: FFO, OFFO, AFFO and ACFO
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued FFO, OFFO, AFFO and ACFO Funds from Operations A reconciliation from net income (loss) attributable to Unitholders to FFO and OFFO can be found in the table below: 0 Three and six months ended, respectively 2025 2024 2025 2024 2 Net income (loss) attr
Slide 60: FFO results discussion
in Montreal received in the first quarter of 2024, partially offset by higher NOI of $3.2 million, notwithstanding a $5.5 million settlement with Nordstrom recognized in the first quarter of 2024, and interest expense savings of $2.4 million year- over-year. For the three months ended June 30, 2025,
Slide 61: Adjusted Cash Flow from Operations
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued Adjusted Cash Flow from Operations A reconciliation of cash provided by operating activities to ACFO is presented below: Three and six months ended, respectively 2025 2024 2025 2024 Cash provided by operating activities $ 59,786 $ 72,305 $ 89,279 $ 10
Slide 62: Net Asset Value and Distributions
Net Asset Value The following table provides FCR's calculation of NAV for the six months ended June 30, 2025 and year ended December 31, 2024: As at June 30, 2025 December 31, 2024 Unitholders' equity $ 4,000,496 $ 3,946,100 Deferred tax liabilities 746,366 758,917 Net Asset Value (NAV) (1) $ 4,746,
Slide 63: Related Party Transactions
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued The following tables present select consolidating summary information for First Capital for the periods identified below presented separately for (i) First Capital (denoted as FCR), as issuer; (ii) guarantor subsidiaries; (iii) non-guarantor subsidiar
Slide 64: Subsequent Events and Quarterly Financial Information
SUBSEQUENT EVENTS Subsequent to quarter end, the Trust completed the sale of Place Anjou, a development site in Montreal for approximately $33 million. QUARTERLY FINANCIAL INFORMATION 2025 2024 2023 (unit counts in thousands) Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Property rental revenue $ 180,196 $ 184,367 $ 180,
Slide 65: Controls and Procedures
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued First Capital's 2024 Annual Report contains a discussion of the material accounting policies most affected by estimates and judgments used in the preparation of the consolidated financial statements, being the accounting policies relating to estimates
Slide 66: Risks and Uncertainties
RISKS AND UNCERTAINTIES First Capital, as an owner of income-producing properties and development properties, is exposed to numerous business risks in the normal course of its business that can impact both short- and long-term performance. Income-producing and development properties are affected by
Slide 67: Interim Condensed Consolidated Financial Statements
FS INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Table of Contents 52 Interim Condensed Consolidated Balance Sheets 53 Interim Condensed Consolidated Statements of Income (Loss) 54 Interim Condensed Consolidated Statements of Comprehensive Income (Loss) 55 Interim Condensed Consolidated Statem
Slide 68: Interim Condensed Consolidated Balance Sheets
Interim Condensed Consolidated Balance Sheets As at June 30, 2025 December 31, 2024 (thousands of dollars) Note (unaudited) (audited) ASSETS Non-current Assets Real Estate Investments Investment properties 3 $ 8,089,479 $ 8,040,375 Investment in joint ventures 4 311,476 320,042 Loans, mortgages and
Slide 69: Interim Condensed Consolidated Statements of Income (Loss)
Interim Condensed Consolidated Statements of Income (Loss) (unaudited) Three months ended June 30 Six months ended June 30 (thousands of dollars) Note 2025 2024 2025 2024 Property rental revenue $ 180,196 $ 176,246 $ 364,563 $ 359,135 Property operating costs 64,290 63,905 136,298 134,581 Net operat
Slide 70: Statements of Comprehensive Income (Loss)
Interim Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three months ended June 30 Six months ended June 30 (thousands of dollars) Note 2025 2024 2025 2024 Net income (loss) $ 61,926 $ 14,583 $ 145,806 $ 89,510 Other comprehensive income (loss) Unrealized gain (loss) on
Slide 71: Statements of Changes in Equity
Interim Condensed Consolidated Statements of Changes in Equity Accumulated Other Total Non- (unaudited) Retained Comprehensive Unitholders' Controlling Total (thousands of dollars) Earnings Income (Loss) Trust Units Equity Interest Equity (Note 12(a)) December 31, 2024 $ 1,154,708 $ (14,159) $ 2,805
Slide 72: Statements of Cash Flows
Interim Condensed Consolidated Statements of Cash Flows (unaudited) Three months ended June 30 Six months ended June 30 (thousands of dollars) Note 2025 2024 2025 2024 OPERATING ACTIVITIES Net income (loss) $ 61,926 $ 14,583 $ 145,806 $ 89,510 Adjustments for: (Increase) decrease in value of investm
Slide 73: Notes to the Interim Condensed Consolidated Financial Statements
Notes to the Interim Condensed Consolidated Financial Statements 1. DESCRIPTION OF THE TRUST First Capital Real Estate Investment Trust ("First Capital", "FCR", or the "Trust") is an unincorporated, open-ended mutual fund trust governed by the laws of Ontario, Canada, and established pursuant to a d
Slide 74: Investment Properties
(d) Approval of unaudited interim condensed consolidated financial statements These unaudited interim condensed consolidated financial statements were approved by the Board of Trustees and authorized for issue on July 29, 2025. 3. INVESTMENT PROPERTIES (a) Activity The following tables summarize the
Slide 75: Investment property valuation
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued (b) Investment property valuation Stabilized overall capitalization, terminal and discount rates for investment properties valued under the Income Approach are set out in the table below: As at June 30, 2025 December 31, 20
Slide 76: Acquisitions and assets held for sale
(c) Investment properties – Acquisitions For the three and six months ended June 30, 2025 and 2024, First Capital acquired investment properties as follows: Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Total purchase price, including acquisition costs $ — $ — $ 22,246 $ 33
Slide 77: Investment in Joint Ventures
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued The following table reconciles the changes in First Capital's interests in its equity accounted joint ventures for the six months ended June 30, 2025 and year ended December 31, 2024: Note June 30, 2025 December 31, 2024 Ba
Slide 78: Amounts Receivable, Other Assets, Capital Management
6. AMOUNTS RECEIVABLE As at June 30, 2025 December 31, 2024 Tenant receivables (net of allowance for expected credit losses of $4.4 million; December $ 18,664 $ 13,948 31, 2024 – $4.5 million) Corporate and other amounts receivable 995 501 Total $ 19,659 $ 14,449 First Capital determines its allowan
Slide 79: Capital Management
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued debt and/or equity capital, property and capital market conditions and Management’s general view of the required leverage in the business. Components of the Trust’s capital are set out in the table below: As at June 30, 202
Slide 80: Mortgages and Credit Facilities
• Fixed charges include regular principal and interest payments and capitalized interest in the calculation of interest expense; and • Unencumbered assets include the value of assets that have not been pledged as security under any credit agreement or mortgage. The unencumbered asset value ratio is
Slide 81: First Capital's credit facilities
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued First Capital’s credit facilities as at June 30, 2025 are summarized in the table below: Borrowing Amounts Outstanding Available to As at June 30, 2025 Capacity Drawn Letters of Credit be Drawn Interest Rates Maturity Date
Slide 82: Senior Unsecured Debentures
10. SENIOR UNSECURED DEBENTURES As at June 30, 2025 December 31, 2024 Interest Rate Principal Series Maturity Date Coupon Effective Outstanding Liability Liability S July 31, 2025 4.32% 4.24% $ 300,000 $ 300,021 $ 300,138 T May 6, 2026 3.60% 3.57% 300,000 300,119 300,173 V January 22, 2027 3.46% 3.5
Slide 83: Accounts Payable and Other Liabilities
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued 11. ACCOUNTS PAYABLE AND OTHER LIABILITIES As at Note June 30, 2025 December 31, 2024 Non-current Asset retirement obligations (a) $ 1,156 $ 905 Ground leases payable 8,181 8,287 Derivatives at fair value 21 22,808 14,336 U
Slide 84: Unit-based Compensation Plans
For the six months ended June 30, 2025 and 2024, the Trust acquired no units under the NCIB. On a cumulative basis, as of June 30, 2025, the Trust has acquired and cancelled 7.9 million Units at a weighted average purchase price of $15.15 per unit, for a total cost of $120.1 million. (b) Distributio
Slide 85: Unit-based compensation activity
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued Six months ended June 30 2025 2024 (in thousands) DUs RUs / PUs DUs RUs / PUs Outstanding at beginning of year 395 1,606 450 1,261 Granted (a) (b) 43 460 49 468 Performance Factor adjustment — 143 — 42 Distributions reinves
Slide 86: Net Operating Income and Interest Income
14. NET OPERATING INCOME Net Operating Income by Component First Capital’s net operating income by component is presented below: Three months ended June 30 Six months ended June 30 % change 2025 2024 % change 2025 2024 Property rental revenue Base rent (1) $112,881 $ 109,617 $ 224,257 $ 219,117 Oper
Slide 87: Interest Expense, Corporate Expenses, Other Gains and Losses
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued 16. INTEREST EXPENSE Three months ended June 30 Six months ended June 30 Note 2025 2024 2025 2024 Mortgages 9 $ 12,355 $ 13,675 $ 24,853 $ 26,996 Credit facilities 9 7,993 11,001 16,498 23,596 Senior unsecured debentures 10
Slide 88: Income Taxes and Risk Management
19. INCOME TAXES The Trust qualifies for the REIT Exemption and as such the Trust itself will not be subject to income taxes provided it continues to qualify as a REIT for purposes of the Act. A REIT is not taxable and not considered to be a Specified Investment Flow-Through Trust provided it compli
Slide 89: Unit price risk and liquidity risk
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued An analysis of First Capital’s contractual maturities of its material financial liabilities and other contractual commitments as at June 30, 2025 is set out below: As at June 30, 2025 Payments due by period Remainder of 202
Slide 90: Fair Value Measurement
21. FAIR VALUE MEASUREMENT The fair value hierarchy of financial instruments in the unaudited interim condensed consolidated balance sheets is as follows: As at June 30, 2025 December 31, 2024 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Fair value of financial instruments measured at fair value
Slide 91: Subsidiaries with Non-Controlling Interest
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – continued 22. SUBSIDIARIES WITH NON-CONTROLLING INTEREST As at June 30, 2025, First Capital has interests in two entities that it controls and consolidates 100% of the assets, liabilities, revenues and expenses of each entity subject
Slide 92: Commitments and Contingencies, Subsequent Events
(c) Changes in loans, mortgages and other assets Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Advances of loans and mortgages receivable $ (17,953) $ (1,500) $ (31,614) $ (2,666) Repayments of loans and mortgages receivable — — 13,938 — Other investments, net — (1,165) — (
Slide 93: Unitholder Information
Unitholder Information HEAD OFFICE TRANSFER AGENT TRUSTEES Shops at King Liberty Computershare Trust Company Paul Douglas of Canada Vivian Abdelmessih
Slide 94: