First Capital Realty Inc.
Annual Report 2024

2024
ANNUAL REPORT

CORPORATE PROFILE
First Capital Realty Inc. (TSX: FCR) is one of the largest owners, developers and 
operators of necessity-based real estate located in Canada’s most densely populated 
urban centres. As at December 31, 2019, the Company owned interests in XXX 
properties, totaling approximately XX.X million square feet of gross leasable area. 
At December 31, 2019, First Capital Realty had an enterprise value of $X.X billion. 
The common shares of the Company trade on the Toronto Stock Exchange.
COMPANY PROFILE
First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest 
demographics in Canada.
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

























































































































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
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







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

Message from the 
President & CEO
Executing well against our
three-year plan
Dear fellow unitholder, 
2024 was another year in which our business delivered 
strong operational and  nancial performance.
Early in the year at our Investor Day, we presented a 
three-year strategic plan for FCR. At the heart of the
plan is a re-shaping of the REIT’s real estate portfolio 
and balance sheet. We intend to achieve this by reducing 
the weighting and dollar amount of non-strategic, low 
yielding properties as well as properties with no income 
at all, which are assets held in our property development 
pipeline.
The monetization of these assets and the redeployment 
of the proceeds are speci cally aimed at contributing to 
the key objectives we are focused on delivering to our 
investors. These key objectives are: 
1. Growth in FFO per unit
2. Growth in Net Asset Value per unit, and
3. Reliability and growth in monthly cash distributions
In initiating this plan, which spans the calendar years
2024 through to the end of 2026, we cited the following 
key expectations and objectives:
• OFFO per unit growth averaging at least 3% per annum
• Net Debt to Adjusted EBITDA in the low-8x range by year 
end 2026
• Average annual same-property NOI growth of at least 3%
• Property dispositions totaling approximately $1 billion on 
a cumulative basis, with an average expected in-place 
yield of less than 3%.
• An aggregate investment of approximately $500 million 
into property development and redevelopment
• Development completions of approximately $200 million
• Acquisitions of $100 million to $150 million
We have now reported results for the  rst year of 
the three-year plan. Normalized OFFO per unit grew 
by approximately 6%, while normalized Net Debt 
to Adjusted EBITDA improved by 0.7x, to 9.2x.  I am 
pleased to state that we are tracking very well towards 
the key objectives that we laid out for our investors. 
Very solid property-level fundamentals amidst macro-
economic cross currents
Over the course of 2024 there were several macro-
economic and/or policy-related cross currents impacting 
the Canadian economy.
On a positive note, the rate of in ation continued to ease 
in Canada. Importantly for our business, this allowed 
interest rates to move lower and the yield curve to 
return to an upward slope – albeit one that is gradual.
Set against these positives were policy- and politically 
related developments that have introduced a higher than 
usual degree of uncertainty to the economic outlook. 
Most notably, these include late 2024 reductions in 
Federal immigration targets, and at the time of writing 
this letter, an economic outlook that is notably clouded 
by the threats of tariffs and a cross-border trade dispute 
spurred by the new U.S. Federal Administration.

In contrast to some of the macro-economic cross 
currents, the truly good news is that at the property 
level, the fundamentals in our business are very solid. 
Across key merchandise and service categories in our 
portfolio, tenants are in expansion mode with their 
physical store footprints. This is because many are still 
playing “catch-up” to Canada’s signi cant population
growth over the past several years. While we are 
expecting to see a near-term slow down in population 
growth, the reality is that most of our tenants remain 
in expansion mode as they typically make long-term 
investment decisions when they are committing to 
space. In this regard, they see an environment in 
which there has been almost no new supply of grocery 
anchored centres for many years, and there remains 
barriers to new supply. The primary barrier is a scarcity 
of sites, particularly within urban neighbourhoods 
where FCR’s portfolio is focused. The second barrier is 
economic, as replacement costs often exceed current 
market values for grocery anchored centres. Combined, 
these factors make it highly unlikely there will be notable 
new supply in the foreseeable future. Therefore, most 
tenants seeking to expand their store networks will have 
to achieve this within the context of existing properties – 
where availability is already low. 
These are the strong and indeed strengthening 
fundamentals underpinnings of our business. And we do 
not expect these conditions to change anytime soon. 
Continued solid operating performance
During 2024 we leased 3.7 million square feet of space 
on a platform-wide basis. This not only continued the 
strong leasing cadence from the prior year, but it was 
the highest volume of leasing since 2018. With this 
constructive fundamental backdrop, FCR’s year-end 
portfolio occupancy of 96.8% improved by 60 basis 
points, which is approaching our all-time high of 96.9% 
set in 2019. Our leasing team achieved an average 
increase in our net rental rate on lease renewals of 
12.5% (at FCR’s share) during the year. Our renewal 
spreads have a long history of leading our peers. Last 
year’s result was a continuation of FCR’s increasing 
renewal spreads over each the past four years. 
Moreover, what is not captured in this “lift” statistic is 
that 2024 renewal leases, on average, included larger 
contractual rental steps throughout the renewal term 
than prior years’ activity. This bodes well for future 
NOI growth. With the strong leasing performance, 
our average net rental rate per occupied square foot, 
reached an all-time high of $24.00 at year-end, which 
leads all of our peers. 
Good progress on capital allocation initiatives
While we remained focused on the leasing and operating 
aspects of our business, we were also highly focused 
upon executing the capital allocation elements of our 
three-year strategic plan. 
During 2024, First Capital completed or went  rm
on $317 million of property disposition and related 
transactions that were consistent with our strategy. 
FCR’s highly disciplined approach to property sales 
combined with the quality nature of these assets 
resulted in premium pricing on these transactions, 
notwithstanding a property transaction market that 
has remained dif cult. Collectively, they had an in-place
income yield that is less than 3% and were sold at an 
average premium to IFRS carrying value of more than 
50%. The monetization of these typically low- and no-
yielding assets in which our value-enhancing objectives 
have been achieved, allowed for the redeployment of the 
capital in ways aimed at growing our FFO per unit and 
strengthening the REIT’s balance sheet even further.
On the capital allocation front, we invested $223 million 
into the business in 2024. This included $117 million 
into property and residential development, $33.5 million 
into acquisitions, and the balance into operating capital, 
primarily related to leasing and maintenance. 
Development activities included construction progress 
at Yonge and Roselawn, where we are a 50% owner, and 
the commencement of construction at 1071 King Street 
West, where we are a 25% owner. Looking ahead several 
years, these projects will collectively deliver more than 
900 high quality purpose-built residential rental units 
and high-quality street-front retail space in two of 
Toronto’s most desirable neighbourhoods.
On the redevelopment front, we completed Phase 1 
of our Humbertown Shopping Centre redevelopment. 

Phase II of the project commenced in early 2025, and 
when the third and  nal phase is complete, this property
will be fully rejuvenated. With the look and feel of a new 
shopping centre, it will offer improved retail formats for 
key incumbent retailers such as Loblaws, Royal Bank, and 
Shoppers Drug Mart and feature several new retailers, 
with the entire redevelopment offering attractive return 
on investment metrics for First Capital.
Early in the year we also purchased the remaining 
50% interest in Seton Gateway, a high-quality grocery 
anchored shopping centre in a growing part of Calgary 
for $33.5 million. Completed on very favourable terms, 
the off-market transaction consolidated First Capital’s 
ownership in the property to 100%. Anchored by a Save-
On Foods grocery store and Shoppers Drug Mart, this 
128,000-sf shopping centre is 100% occupied with more 
tenant demand than we can accommodate. 
Further strengthening our  nancial position and credit
pro le
Collectively, the strength of our operating and leasing 
results, combined with the successful execution of 
our capital allocation priorities of the three-year plan, 
allowed us to achieve our  nancial and balance sheet
objectives for the year. 
At year-end 2024 we achieved our objective of a low-9x 
Net Debt to Adjusted EBITDA, exclusive of two non-
recurring revenue items which favourably impacted 
the “headline”  gure, which was 8.7x. The result was an
improvement from a 9.9x multiple at the outset of the 
year. 
Through the year, FCR’s longer-duration senior 
unsecured debenture spreads narrowed by 
approximately 120 basis points. The improvement was 
twice the average of our peers, and therefore, our credit 
outperformed materially. This enabled First Capital to 
successfully access the bond market on three occasions, 
raising a total of $800 million of  xed rate unsecured
debentures for a weighted-average term of 7 years at 
a weighted-average interest rate of 5.26%. Our 2024 
 nancing efforts added duration to the REIT’s overall
debt ladder, reduced exposure to 2025-2026 debt 
maturities by more than $400 million, and mitigated 
First Capital’s interest rate “roll-up”’ risk.
Delivering Growth in FFO and Distributions Per Unit
With respect to our “bottom-line” objectives for 
unitholders, FCR’s 2024 Operating FFO per unit reached 
$1.36 in 2024. Excluding non-recurring revenue items, 
2024 OFFO per unit was $1.26 – which was an all-time 
high. Relative to $1.18 per unit in 2023, the plan’s year-
one OFFO per unit growth nicely exceeded the multi-
year target of “at least 3%” on average. 
With the solid 2024 operating results, balance sheet 
strength and the positive outlook, the Board approved 
a 3% increase to the REIT’s monthly distributions that 
became effective in January 2025. Stability and growth 
in distributions is one of First Capital’s key long term 
objectives, so this increase represents an important 
milestone. 
A Culture of Excellence, Sustainability, and Positive 
Impact
Throughout 2024, First Capital continued to build upon 
our strong culture of excellence, collaboration, and 
purpose, driving meaningful progress in key areas that 
de ne who we are.
Building on our commitment to ambitious, science-
based greenhouse gas (GHG) reduction targets of 46% 
by 2030 and net zero by 2050, we continued to make 
steady progress in 2024. Since our 2019 base year, 
we have achieved a 19% absolute reduction in Scope 
1 and 2 emissions, underscoring our commitment to 
climate action. Collaboration remains central to our 
decarbonization strategy, and in November 2024, 
we hosted our second Collaboration for Climate 
Action Forum, convening major retail tenants and 
property owners for solutions-focused discussions on 
decarbonizing retail buildings in Canada.
Through 2024, our leadership in sustainable real 
estate was recognized in multiple ways. We were the 
only REIT listed among Canada’s top 30 companies 
in Sustainalytics’ “Road to Net Zero” Ranking. 
We also received the “Gold 2024 Green Lease 
Leader Recognition” from the Institute for Market 
Transformation (IMT) and the U.S. Department of 
Energy’s Better Building Alliance. 
 

We remain committed to integrating sustainability into 
all aspects of our operations in ways that make sense for 
our business.
In addition to environmental sustainability, employee 
engagement and maintaining a winning culture are 
critical enablers to sustained business outperformance. 
We take pride in fostering a culture where our team 
members feel that they have an equal opportunity to 
thrive, love what they do, and grow their careers. In 
2024, we were honoured to be recognized once again 
as one of “Greater Toronto’s Top Employers”, one of 
“Canada’s Top Small and Medium Employers”, and 
included in the 2024 Report on Business “Women Lead 
Here” list by the Globe and Mail. We were also selected 
as one of Canada’s Best Employers for recent graduates 
in “The Career Directory” reinforcing our commitment 
to attracting and developing top talent.
Our team’s dedication to making a difference 
extends beyond the workplace, as we came together 
in remarkable ways to volunteer and support the 
communities in which we live and operate. The FCR 
Thriving Neighbourhoods Foundation, a cornerstone of 
our culture since 2020, continued to make a profound 
impact, raising over $400,000 in 2024 alone for 
Community Food Centres Canada. In addition, over 96% 
of FCR staff volunteered a day to support a charity in the 
neighbourhoods in which we operate. Since its inception, 
the Foundation has raised approximately $1.4 million 
and contributed over 4,900 volunteer hours, supporting 
organizations such as Second Harvest, Kids Help Phone, 
and many others.
For many years, public art has played an important 
role in differentiating our assets. In 2024, we proudly 
unveiled “JASPER” by local artist Michel Archambault, 
at our Centre Wilderton in Montreal. This expanded 
our long-running art program to 33 public installations 
across our portfolio, enriching our neighbourhoods and 
enhancing the communities we serve.
Finally, our corporate governance remains best-in-class, 
as evidenced by our ranking as the highest-rated public 
REIT in the Globe and Mail’s comprehensive review of 
Canada’s corporate boards.
I want to extend my gratitude to our employees, Board 
members, tenants, and community partners who make 
our progress possible. We look forward to continuing 
this important work together in the years ahead.
 
Concluding
In concluding, First Capital REIT had a very solid 2024 on 
many fronts. 
Our strong execution, with high standards for property 
operations and leasing continue to be a constant across 
our platform. In combination with favourable supply/
demand dynamics for grocery-anchored retail centres, 
our business is poised to continue delivering solid 
growth in net operating income. 
Moreover, the efforts to re-shape First Capital’s balance 
sheet and portfolio are working. Over the course of 
2024 we achieved our key objectives of driving growth in 
Operating FFO per unit while further strengthening the 
REIT’s  nancial position.
I look back with pride at what we accomplished last 
year. The achievements are the product of talent and 
hard work by many individuals who form a cohesive 
First Capital team. I sincerely thank each and every one 
of you. As is the case every year, I see a lot of hard work 
ahead – but equally I look forward with con dence in our
ability to deliver upon our goals for our investors. 
I want to thank our Trustees for their counsel and 
guidance, our executive team for its continued 
leadership and partnership, and our investors for your 
continued support.
Respectfully, 
Adam Paul
President & Chief Executive Of cer

Our purpose  
Through the expertise and collaboration of our team, we create thriving properties 
which generate value for tenants, investors and our neighbourhoods. Thriving 
properties…Thriving neighbourhoods.
Our open-air grocery-anchored shopping centres are designed to be vibrant places that meet the 
needs of everyday life- they bring together people, retail shops and services, as well as public art, 
with the bene t of close proximity to public transit.
Our business
First Capital Real Estate Investment Trust, with $9.2 billion in 
assets acquires, develops, owns and operates open-air grocery-
anchored shopping centres in neighbourhoods with the 
strongest demographics in Canada. 
Business and Strategy Overview
22.1M  
SQ. FT. OF GLA
FCR.UN  
 LISTED ON TSX 
YYZ
TORONTO 
HEADQUARTERS 
>2,400 
TENANTS
138  
NEIGHBOURHOODS
372 
EMPLOYEES
Our operations
DISCIPLINE  |  STABILITY  |  GROWTH


Our investment strategy
Creating thriving properties in neighbourhoods with the 
strongest demographics that drive sustainable growth in cash 
 ow and capital appreciation of our best in class portfolio.
Investing in high-quality, 
grocery-anchored shopping 
centres in targeted urban 
and top-tier suburban 
neighbourhoods 
 
Fully integrating retail  
with other uses to  
create thriving urban 
properties 
 
Optimizing the portfolio 
through active asset 
management
 
Surfacing substantial value 
in our incremental density 
pipeline through the rezoning 
and development process
 
Focusing our capital allocation 
on crystallizing created value in 
certain development and 
density sites and select income 
properties that are not 
expected to contribute to our 
key objectives  
 
 
 
Actively managing and 
strengthening our balance 
sheet to maintain  nancial
strength and  exibility and a
competitive cost of capital with 
the key objectives to drive FFO, 
NAV and distribution per unit 
growth
We achieve this by:
DISCIPLINE  |  STABILITY  |  GROWTH

Urban Markets
Greater Toronto Area
Greater Toronto Area
Gre
40
40%
Greater Montreal Area
Greater Montreal Area
4%
14

eater Calgary A
Greater Calgary Area
14%
Greater Vancouver Area
Greater Vancouver Area
10% 
0% 

eater E
ater Edmonton Area
Greater 
9%
Greater Ottawa Area
Greater O
5%

r/Waterloo/Guelph Area 
r/Waterloo/
Kitchener
5%
Other
Other
Other
3%
Total 
100%
ecember 31, 2024
*As at Decem
47%
47
12%
12
2%
12%
11% 
11%
7%
4% 
4
4%
3%
100%
% of Annual Minimum Rent*
nnual Minimum Rent*
% of An
% of Por olio Value* 
Our target markets
We target speci c urban and top-tier suburban neighbourhoods 
within Canada’s largest and fastest growing cities. 
These neighbourhoods are located in Toronto, Montreal, Vancouver, Edmonton, Calgary and  Ottawa. We have 
achieved critical mass in each of our target markets, which helps generate economies of scale and operating 
synergies, as well as deep local knowledge of our properties, tenants, neighbourhoods and markets in which we 
operate. 
Within each of these markets, we own some of the best located properties in neighbourhoods with strong 
demographics that we expect will continue to get even stronger over time, thereby attracting the most desirable 
tenants with the highest rent growth potential and the most compelling opportunities for value creation.
DISCIPLINE | STABILITY  |  GROWTH

Creating thriving properties for everyday life
Currently, over 90% of our revenues come from retail tenants who provide the essential products and services 
consumers need everyday, including grocery stores, pharmacies, liquor stores, banks, restaurants, cafés,  tness 
centres, medical services, childcare facilities and other professional and personal services.  In each of our 
properties, we strive to assemble the right mix of complementary uses to best serve the local community and 
contribute to thriving urban and top-tier suburban neighbourhoods.
As at December 31, 2024
DISCIPLINE | STABILITY  |  GROWTH
# of Locations
% of AMR
Grocery Stores
123
17.0
Medical, Professional 
& Personal Services
1,260
15.0
QSR, Chains & Cafes
926
13.2
Other Necessity-
Based Retailers
379
12.5
Pharmacies
115
9.0
Banks & Credit Unions
187
8.5
Other Tenants
456
7.9
Value-Based Retailers
88
5.6
Fitness Facilities
88
4.6
Liquor Stores
86
3.1
Other Restaurants
77
1.9
Daycare & 
Learning Centres
104
1.7
Strategic and Diversi ed Retail Tenant Mix – 3,889 locations


Our high quality portfolio
Core Properties
Stable, grocery-anchored assets with strong growth pro les
~$7.2B
VALUE
176
PROPERTIES
~82%
REAL ESTATE INVESTMENTS
~5.7%
RUN-RATE NOI YIELD
Category
Value (billions)
Core Properties
$7.2
Other Properties(1)
$1.6
Total Real Estate Investments
$8.8
DISCIPLINE  |  STABILITY  |  GROWTH
York Mills Gardens
Place Michelet
Seton Gateway
Edmonton Brewery District
Strandherd Crossing
Cranston Market
(1) Includes residential development inventory

Actively managing our assets 
Proactive management of our portfolio is a core competency 
and an important part of our strategy.  
Proactive management means we continually invest in our properties to ensure they retain their market leading 
position. We strive to maintain the highest standards in design, appearance and customer amenities in our 
properties including the addition of public art installations and enhancing connectivity to transit and the local 
community. We are highly focused on maximizing  the value and competitive position of our properties, by 
proactively evolving our tenant mix to attract the right tenants with the highest rent growth potential.
Our executive leadership team is centralized at our head of ce in Toronto, which ensures that best practices,
procedures and standards are applied consistently across our operating markets through local teams.
33 public art
installations  
across our portfolio
DISCIPLINE  |  STABILITY  |  GROWTH

Corporate Responsibility and Sustainability 
(“sustainability’) at First Capital encompasses  
all aspects of our environmental, social and 
governance (ESG) practices. 
Sustainability has always been integral to the 
responsible management of every aspect of our 
business and the mitigation of various risks. By taking 
a holistic approach to ESG, we are focused on reducing 
our environmental impact while creating thriving  
and dynamic urban neighbourhoods and at the same 
time, delivering long-term value for our stakeholders. 
Simply put, it makes good business sense. 
To support our commitment to sustainability 
leadership, we have in place robust capabilities to 
measure and report on our progress and to continually 
assess and improve our environmental programs  
each year. We recognize that our leadership in 
sustainability practices is important to our tenants  
and investors, as well as our employees and the 
communities in which we operate. We are committed 
to transparency and ensuring that our sustainability 
reporting is accurate, meaningful and accessible to  
all stakeholder groups. We employ a full-time Vice 
President of ESG who is responsible for leading 
sustainability reporting initiatives and driving 
continuous ESG engagement and improvement across 
our organization, including through co-chairing our 
ESG Taskforce with our Chief Operating Of cer.
First Capital published its  rst corporate responsibility
and sustainability report in 2009. Since 2010, we have 
had a third-party conduct assurance on selected 
sustainability performance indicators, including 
greenhouse gas emissions and energy use. We have 
used the Global Reporting Initiative (GRI) framework 
for corporate responsibility reporting since 2011. 
In addition to GRI, we include disclosures aligned with 
the Sustainability Accounting Standards Board (SASB), 
the United Nations Sustainable Development Goals 
(UNSDGs), and the Task Force on Climate-related 
Financial Disclosures (TCFD).  We also respond 
annually to the Global Real Estate Sustainability 
Benchmark (GRESB) survey and the Carbon 
Disclosure Project’s (CDP) Climate Change 
questionnaire.
We recognize that our employees are at the core of 
our success and have well-developed programs 
promoting career development and supporting 
continuing education, including through tuition 
subsidies. First Capital encourages employee 
engagement and innovation through a value awards 
program, among other initiatives and also encourages 
employees to become unitholders through a unit 
purchase plan. First Capital is committed to the 
highest ethical standards, upholding a strict Anti-
Corruption Compliance Policy and Code of Conduct 
and Ethics. As an entity with a social conscience, we 
are committed to giving back to communities in which 
we operate by participating in charitable initiatives 
that support vulnerable parts of the population through 
our FCR Thriving Neighbourhoods Foundation and by 
promoting environmental improvements that help 
neighbourhoods thrive. 
We believe that sound and effective governance  
is essential to our performance and have adopted  
a governance framework that re ects our values,
ensures that effective governance practices are 
followed and that the Board of Trustees (the “Board”) 
functions independently of Management. First Capital 
endorses the principle that the Board should have a 
balance of skills, experience and diversity. We believe 
that diverse Boards have enhanced decision-making 
abilities that lead to improved oversight and promote 
better overall governance.
Corporate Responsibility  
And Sustainability

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 International (MSCI)
ESG Ratings assessment in 2024
Awarded Gold 2024 Green Lease Leader Recognition by the Institute 
for Market Transformation (IMT) and the U.S. Department of Energy’s 
Better Building Alliance
Awarded Prime status for Corporate ESG Performance
by Institutional Shareholder Services in 2024

Environmental
Reduce our carbon emissions and energy use
Promote sustainable transportation
Effectively manage climate change risk and resilience
Achieve green building certi cations
 Greenhouse gas (GHG) emissions reduction 
target approved by Science Based Initiative 
(SBTi): 46% reduction in Scope 1 & 2 emissions 
by 2030 (2019 base year) with a long term goal 
of reaching net-zero by 2050, or sooner 
 
19% reduction in Scope 1 & 2 GHG emissions 
since 2019 base year (2019-2023) 
 
Only REIT listed as a top 30 Canadian company 
in Sustainalytics ‘Road to Net Zero’ Ranking
99% of our portfolio is located within a 5-minute 
walk of public transit
Average Walk Score  of 84 (very walkable)
80% of our portfolio is BOMA BEST certi ed, as
of December 31, 2024
20% of our portfolio is certi ed to LEED, as of 
December 31,  2024
First Canadian REIT to be a signatory in support 
of the Task Force on Climate-Related Financial 
Disclosures (TCFD)
 Formed an FCR TCFD Task Force comprised of 
senior leaders from across business functions. 
The Task Force performed a climate scenario 
analysis to assess the magnitude of the  nancial
impacts associated with climate-related risks 
and opportunities
Certify all new construction projects to 
Leadership in Energy and Environmental Design 
(LEED) standards (subject to tenant acceptance)
First Canadian Retail REIT to achieve the WELL 
Health-Safety Rating for Facility Operations & 
Management, totalling 7.1 million square feet
Over 300 electric vehicle charging stations 
installed across our portfolio; FCR supports the 
expansion of EV infrastructure in Canada and we 
continue to annually increase our network of EV 
charging stations at our properties
Hosted our second Collaboration for Climate 
Action Forum in November 2024, bringing 
together major retail tenants and peer landlords 
for a solutions focused discussion around the 
decarbonization of retail buildings in Canada 
 
First Capital REIT scored a “B” for its 2023 CDP 
Climate Change Disclosure, which is higher than 
the North American average of “C”

56% of management positions are held by 
females; We have strong gender diversity 
metrics through all levels of the organization
Employee led Everyone Belongs Council
published its  rst Impact Report and launched its 
2024-2026 Action Plan
Social
Foster an engaged and diverse workforce
Be one of the best places to work
Improving the communities in which we operate
Recognized by the Globe and Mail as one of the 
Greater Toronto’s Top Employers for the fourth 
time in  ve years (2020 - 2022, 2024)
Selected for inclusion in “The Career Directory” 
for 2021 - 2024 as one of Canada’s Best 
Employers for Recent Graduates
Named one of Canada’s Top Small and Medium 
Employers for the fourth time in  ve years
(2020 - 2022, 2024)
Launched the FCR Thriving Neighbourhoods 
Foundation in 2020 and have since raised $1.3 
million in donations through employee-led 
charitable giving to  ght food insecurity and 
mental health initiatives
Raised over $270,000 for Community Food 
Centres Canada at FCR Thriving 
Neighbourhoods Foundation’s third annual 
Commercial Real Estate Softball Classic 
tournament
1 of 96 companies to be included in the Globe 
and Mail’s 2024 Report on Business Women 
Lead Here list
Named one of Canada’s 2022 Greenest 
Employers by Mediacorp Canada and the Globe 
and Mail
80% employee engagement score in 2024
In 2024, 97% of FCR staff volunteered to 
support local charities in our communities
Long-standing support of public arts, now with 
33 installations across our portfolio

Re ects our values 
Adheres to effective governance practices
Ensures the Board functions independently of 
management 
Promotes diversity in considering op mal board
composi on
Continuously adopt new and improved 
governance practices
Follow recommendations as governance 
standards evolve
Reviewing our annual governance scores from 
ISS, the Globe and  Mail Board Games and other 
similar rankings with our Board
Providing opportunities for our unitholders to 
communicate directly with our Board
Governance
Maintain a strong governance framework
Strive to be a governance leader
At First Capital, we aspire to uphold our position as an industry leader in ESG. We strive for 
performance excellence at our properties and new developments, creating thriving, healthy, 
sustainable urban neighbourhoods. We foster a vibrant corporate culture that ensures equal 
opportunity and well-being for all employees. Through our actions we will continue to create
long-term value for all of our stakeholders. For more information on the Company’s ESG practices, 
please refer to the latest ESG report on the Company’s website at www.fcr.ca/esg.

MD&A
MANAGEMENT’S DISCUSSION AND ANALYSIS     
Table of Contents
1
Introduction
34
Net Income (Loss) Attributable to Unitholders 
1
Current Business Environment and Outlook
34
Capital Structure and Liquidity
4
Non-IFRS Financial Measures
34
Total Capital Employed
7
Operating Metrics
36
Credit Ratings
8
Summary Consolidated Information and Highlights
36
Outstanding Debt and Principal Maturity Profile
10
Business and Operations Review
37
Mortgages
10
Real Estate Investments
38
Credit Facilities
12
Investment Properties 
39
Senior Unsecured Debentures
13
2024 Acquisitions
39
Unitholders' Equity
13
2023 Acquisitions
40
Liquidity
13
2024 Dispositions
40
Cash Flows
14
2023 Dispositions
41
Contractual Obligations
14
Impact of Acquisitions and Dispositions
41
Contingencies
14
Capital Expenditures
42
Non-IFRS Reconciliations and Financial Measures
15
Valuation of Investment Properties
42
Reconciliation of Consolidated Balance Sheets
17
Property Development Activities
to First Capital’s Proportionate Interest
23
Leasing and Occupancy
43
Reconciliation of Consolidated Statements
26
Top Forty Tenants
of Income (Loss) to First Capital's Proportionate Interest
27
Lease Maturity Profile
45
FFO, OFFO, AFFO and ACFO
27
Investment in Joint Ventures 
47
NAV per unit 
28
Loans, Mortgages and Other Assets
47
Distributions
29
Results of Operations
48
Summary of Financial Results of Long-term Debt
29
Net Operating Income
  Guarantors
31
Interest and Other Income
49
Related Party Transactions
31
Interest Expense
49
Quarterly Financial Information
32
Corporate Expenses
50
Critical Accounting Estimates
33
Other Gains (Losses) and (Expenses)
52
Controls and Procedures
34
Income Taxes
53
Risks and Uncertainties

 
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 to provide readers with an assessment of 
performance and summarize the financial position and results of operations for the three months and years ended 
December 31, 2024 and 2023. It should be read in conjunction with the Trust’s audited annual consolidated financial 
statements for the years ended December 31, 2024 and 2023. Additional information, including First Capital's current 
Annual Information Form, is available on the SEDAR+ website at www.sedarplus.ca and on the FCR website at 
www.fcr.ca.
All dollar amounts are in thousands of Canadian dollars, unless otherwise noted. Historical results and percentage 
relationships contained in First Capital’s unaudited interim and audited annual consolidated financial statements and 
MD&A, including trends which might appear, should not be taken as indicative of its future operations. The information 
contained in this MD&A is based on information available to Management and is dated as of February 11, 2025. 
CURRENT BUSINESS ENVIRONMENT AND OUTLOOK
Throughout 2024 inflation continued to ease, both globally and in Canada, from the multi-decade highs reached in many 
countries during the past two years. In the latter half of 2024, Canada's inflation rate fell to a low of 1.6% in September but 
has since leveled off at the Bank of Canada's targeted range of +/-2%. However, over the last several months there have 
been a number of developments – both policy-related and political, that introduce a higher than usual degree of 
uncertainty to the current economic outlook, including economic growth and the rate of inflation. Late 2024 reductions in 
Federal immigration targets, on a standalone basis, should have the result of slowing 2025 GDP growth relative to what it 
otherwise would have been, and they could also have some impact on inflation. Other Federal and Provincial policies – 
including a temporary suspension of the GST on some consumer products, one-time payments to individuals, and changes 
to mortgage rules—are also likely to impact domestic demand and inflation. And seemingly the most significant source of 
near-term economic uncertainty relates to the threat of a protracted dispute with respect to cross-border trade spurred by 
the new U.S. Federal Administration, including U.S. tariffs and reciprocal measures from Canada.
In the United States, the economy continues to be strong with robust consumption and a solid labour market. While 
unemployment remains low, the rate of inflation in the US remains somewhat elevated with the Federal Reserve stating 
that it doesn’t believe it will meet its desired 2% inflation target until 2026. The US central bank delivered three rate cuts in 
2024 bringing its target rate to 4.25%-4.5%, and it projects just two rate cuts in 2025 as it strives to bring inflation back to 
the target of 2%.
In responding to easing inflation and slowing economic growth, the Bank of Canada commenced its rate cut cycle in June 
2024. Cumulatively the Bank has reduced the policy rate by 200 basis points, including two back-to-back cuts of 50 basis 
points in October and December 2024, and a further 25 basis points in late January 2025. While Canada’s labour market has 
been soft (December unemployment was 6.7%) and wage pressures are showing some easing signs, there are signs via 
strengthening Canadian consumption and housing activity that interest rate cuts have started to stimulate the economy. 
With respect to 2025 economic growth, the Bank of Canada has only provided a “baseline” forecast which assumes an 
absence of new tariffs. In its January 2025 outlook, the Bank cited expectations for GDP growth of 1.8% in 2025 and 2026 
(down from its October 2024 forecast of 2.1%-2.3%), which are improvements from 2024 growth expectations of 1.3%.
First Capital’s high-quality grocery-anchored and mixed-use portfolio continues to be resilient and has a demonstrated track 
record of high and steady occupancy, and producing strong cash collections, solid leasing volumes, and growth in its 
average net rental rate over the longer term.
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 
Competencies, First Capital is further differentiated from its peers by several competitive advantages which include its Core 
Portfolio of multi-tenant, grocery-anchored shopping centres and its sizable density pipeline.
Management’s Discussion and Analysis of 
Financial Position and Results of Operations
1
FIRST CAPITAL REIT ANNUAL REPORT 2024

FCR’s Core Portfolio of grocery-anchored shopping centres has a value of approximately $7.2 billion and comprises 
approximately 82% of First Capital’s total real estate investments. The Core Portfolio has the highest in place rents, the 
highest average historical lease renewal lifts, the highest population density and is the most connected to public transit 
relative to its publicly listed Canadian peers. The Core Portfolio is primarily located in urban and top-tier suburban 
neighbourhoods within Canada’s largest and fastest growing cities, and its curated tenant mix typically includes pharmacy, 
liquor, banks, medical services, and an array of other complementary providers of daily necessity goods and services. FCR’s 
Real Estate Services Team continues to focus on property improvements, customer amenities, and merchandising mix or 
tenant uses that are most in demand to serve the communities and neighbourhoods in which the Trust operates.
First Capital’s portfolio of future development sites is comprised of a density pipeline of approximately 23 million square 
feet which exceeds the gross leasable area of FCR’s current property portfolio. The density pipeline is primarily located in 
high growth neighbourhoods with exceptional demographics within Toronto, Montreal and Vancouver.
Three-year Strategic Roadmap: Discipline|Stability|Growth 
In February 2024, the Trust announced its three-year Strategic Roadmap centered around financial growth and leverage 
reduction objectives. The Roadmap is focused on the key objectives of stability and growth in FFO, Net Asset Value and 
distributions per unit, coupled with a continued strengthening of key credit metrics. 
First Capital’s operating activities are focused upon managing its Core Portfolio of multi-tenant grocery-anchored centres to 
their maximum potential as it relates to growth in same-property net operating income and long-term value appreciation. 
First Capital’s investment activities are focused on retail development and redevelopment of core grocery-anchored 
shopping centres, select tuck-in and multi-tenant grocery-anchored shopping centre acquisitions, its entitlements program, 
and the development of strategic mixed-use properties where the REIT will typically have an ownership interest within the 
25% to 50% range. 
Asset divestitures will continue to be focused on FCR’s density and development properties and other non-grocery-
anchored properties. Collectively, these assets are classified as ´Other properties´ and ´Residential development inventory´ 
in FCR’s MD&A. This pool of assets currently comprises approximately 18% of FCR’s total real estate investments and has a 
value of approximately $1.6 billion.
During the fourth quarter of 2024, First Capital continued to execute on its strategy, with $105 million of dispositions 
completed or under firm agreement, including (i) 1629-1633 The Queensway, Etobicoke (ii) its 50% interest in 200 West 
Esplanade, North Vancouver and (iii) Sheridan Plaza, Toronto which is an all cash transaction and scheduled to close by the 
end of the first quarter of 2025.
These asset sales were consistent with the REIT’s capital allocation objectives of crystallizing created value in certain 
development and density sites, as well as select income properties that are not multi-tenant grocery-anchored shopping 
centres.
As of December 31, 2024, the Trust has classified $196.6 million, at First Capital's share, of its assets as held for sale.
Three-year Business Plan and Key Objectives
First Capital’s business plan through to year-end 2026, includes the following key expectations and objectives: 
•
Average annual same-property NOI growth of at least 3%
•
Property dispositions totaling approximately $1 billion 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 
•
An aggregate investment of approximately $500 million into property development and redevelopment
•
Development completions of approximately $200 million
•
Acquisitions of $100 million to $150 million, with a focus on multi-tenant, core grocery-anchored shopping centres 
as well as small, but strategic tuck-ins that are expected to be important to long-term value creation
•
A Net Debt to Adjusted EBITDA ratio that is in the low-8x range by year-end 2026; and,  
•
OFFO per unit growth averaging at least 3%
FIRST CAPITAL REIT ANNUAL REPORT 2024
2

Managing the balance sheet
Consistent with the Trust’s Roadmap, First Capital is well positioned to continue to strengthen its financial position through 
debt reduction and an improving cost of capital over the long-term, with a targeted net debt to EBITDA ratio in the low-9x 
range by the end of 2024. As at December 31, 2024, First Capital's net debt to EBITDA ratio was 8.7x.
As of February 11, 2025, the Trust's liquidity position included approximately $0.9 billion of cash and undrawn credit 
facilities with debt maturities for 2025 totaling $532 million on a proportionate basis. As at December 31, 2024, the Trust 
had unencumbered properties with an IFRS value of approximately $6.2 billion and a net debt to asset ratio of 44.5% as well 
as a net debt to Adjusted EBITDA ratio that improved to 8.7x from 9.9x year over year. 
Normal Course Issuer Bid ("NCIB")
Commencing on May 18, 2022, First Capital implemented an NCIB pursuant to which it may repurchase its trust units for 
cancellation. The substantial disconnect that currently exists between the intrinsic value of the REIT’s units and their 
publicly traded price presents a significant opportunity to generate value through the repurchase of trust units. Therefore, 
from time to time, the purchase of FCR trust units at certain market prices below NAV presents an attractive use of the 
REIT’s capital that should afford additional value and liquidity for the issued and outstanding units, while benefiting 
remaining Unitholders by increasing their proportionate equity interest in the REIT. On May 16, 2024, First Capital received 
TSX approval for the renewal of its NCIB pursuant to which it may repurchase and cancel up to 21,113,939 of its outstanding 
units until May 20, 2025. Cumulatively from May 2022 to December 31, 2024, the REIT has repurchased 7.9 million Trust 
units for approximately $120.1 million.
Lending activities 
First Capital provides co-owner financing, priority mortgages and mezzanine loans to third parties in connection with certain 
transactions and partnerships. These loans and mortgages receivable are secured and can provide FCR with the opportunity 
to acquire full or partial interests in the underlying assets that are consistent with its investment strategy through rights, 
options or negotiated transactions. Therefore, in addition to generating interest income and fees, these lending activities 
provide an alternative means to obtaining purchase options and/or participation in projects which may otherwise have not 
been accessible. Additionally, from time to time, FCR partners with experienced real estate lenders and investment 
companies whose primary business is lending which helps to mitigate risk.
As of December 31, 2024, FCR’s loans and mortgages receivable totaling $95.8 million (December 31, 2023 - $131.2 million) 
are secured primarily by interests in investment properties or shares of entities owning investment properties which helps 
to mitigate the risk of non-payment.
Development initiatives
Management continually monitors economic and capital market forces and their potential impact on the portfolio, including 
properties under development. As of December 31, 2024, FCR had approximately 0.7 million square feet under active 
development, including residential inventory. First Capital believes that the strategy to develop, own and operate 
properties that meet the needs of everyday urban life in Canada’s most densely populated neighbourhoods will provide 
value over the long term in the assets in which it invests.
Outlook
The International Monetary Fund expects the global economy to continue growing at a rate of about 3.0% through 2025. 
Although progress has remained uneven from month-to-month, inflation across most advanced economies appears to be 
moving into central banks’ target ranges. In the face of a sharp and synchronized tightening of monetary policy around 
the world over the last two years, the global economy has remained unusually resilient throughout the disinflationary 
process, avoiding a global recession.
Economic growth in the United States has been stronger than expected, led by strong consumption and jobs. In Canada, 
economic growth grew by about 1.3% in 2024 impacted by lower business investment, inventories, and exports. In its late 
January Monetary Policy Report, Canada’s central bank forecasts GDP growth of 1.8% in 2025 and 2026.
With this as the backdrop, the Governing Council has reduced the policy interest rate substantially by 200 basis points 
since June of 2024 and with inflation already within the target range. The current Canadian economic outlook is subject 
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
3
FIRST CAPITAL REIT ANNUAL REPORT 2024

to a higher than usual degree of uncertainty, primarily due to the threat of a protracted trade dispute between Canada 
and the new U.S. Federal administration.
Certain aspects of the Trust’s business and operations that could potentially be impacted include rental income, 
occupancy, leasing terms and tenant improvements, future demand for space, and market rents, all of which impact the 
underlying value of investment properties. In the current environment, the Trust continues to achieve strong leasing 
metrics with a robust new and renewal lease pipeline coupled with upward trending market rental rates. First Capital 
believes, based on its exceptionally high-quality portfolio which has always been focused on everyday essentials, that it 
will continue to attract high tenant demand for its space. 
First Capital will continue to be guided by its corporate responsibility and sustainability program, and values. The core 
beliefs of collaboration, innovation, excellence, accountability, and passion continue to be demonstrated throughout all 
areas of the organization.
NON-IFRS FINANCIAL MEASURES
In addition to measures determined in accordance with IFRS® Accounting Standards ("IFRS"), First Capital uses non-IFRS 
financial measures to analyze its financial performance. In Management’s view, such non-IFRS financial measures are 
commonly accepted and meaningful indicators of financial performance in the real estate industry and provide useful 
supplemental information to both Management and investors. These measures do not have a standardized meaning 
prescribed under IFRS and therefore may not be comparable to similar measures presented by other real estate entities, 
and should not be construed as an alternative to other financial measures determined in accordance with IFRS.
The following describe the non-IFRS measures First Capital currently uses in evaluating its financial performance.
Proportionate Interest
"Proportionate interest" or "Proportionate share" is defined by Management as First Capital’s proportionate share of 
revenues, expenses, assets and liabilities in all of its real estate investments. Under IFRS, FCR's seven equity accounted 
joint ventures are presented on one line item in the consolidated balance sheets and the consolidated statements of 
income (loss), in aggregate. In the "Non-IFRS Reconciliations and Financial Measures" section of this MD&A, Management 
presents a consolidated balance sheet and income statement as if its joint ventures were proportionately consolidated. In 
addition, Management presents certain tables relating to its portfolio by geographic region, enterprise value, and debt 
metrics on a proportionate basis to enhance the relevance of the information presented. The presentation of financial 
information at FCR's proportionate interest provides a useful and more detailed view of the operation and performance 
of First Capital's business and how Management operates and manages the business. This presentation also depicts the 
extent to which the underlying assets are leveraged, which are included in First Capital's debt metrics. In addition, FCR's 
lenders require Management to calculate its debt metrics on a proportionate interest basis.
To achieve the proportionate presentation of its seven equity accounted joint ventures, Management allocates FCR's 
proportionate share of revenues, expenses, assets, and liabilities to each relevant line item which replaces the one line 
presentation found in the IFRS consolidated financial statements. In addition, under IFRS, FCR exercises control over two 
partially owned ventures and consolidates 100% of the revenues, expenses, assets, and liabilities in the consolidated 
financial statements. In the reconciliations, the partially owned ventures are also presented as if they were 
proportionately consolidated. To achieve the proportionate presentation of its partially owned ventures, Management 
subtracts the non-controlling interest's share (the portion FCR doesn't own) of revenue, expenses, assets, and liabilities 
on each relevant line item. FCR does not independently control its joint ventures that are accounted for using the equity 
method, and the proportionate presentation of these joint ventures does not necessarily represent FCR's legal claim to 
such items. 
Net Operating Income  
Net Operating Income (“NOI”) is defined by Management as property rental revenue less property operating costs. NOI is 
a commonly used metric for analyzing real estate performance in Canada by real estate industry analysts, investors and 
Management. Management believes that NOI is useful in analyzing the operating performance of First Capital’s portfolio.
FIRST CAPITAL REIT ANNUAL REPORT 2024
4

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 Property 
Categories” section of this MD&A). NOI from properties that have been (i) acquired, (ii) disposed, (iii) included in major 
redevelopment, ground-up development, properties under construction, and density and development land or (iv) held 
for sale are excluded from the determination of SP NOI. SP NOI is presented at FCR's proportionate interest on a cash 
basis, as it excludes straight-line rent. Management believes that SP NOI is a useful measure in understanding period over 
period changes in cash NOI for its Same Property portfolio due to occupancy, rental rates, operating costs and realty 
taxes. A reconciliation from SP NOI to total NOI can be found in the "Results of Operations - Net Operating Income" 
section of this MD&A.
Same Property — Stable NOI
Same Property — stable NOI is defined by Management as NOI from stable properties where the only significant activities 
are leasing and ongoing maintenance (see complete definition under “Real Estate Investments — Investment Property 
Categories” section of this MD&A). Management believes that Same Property — stable NOI is a useful measure in 
understanding period over period changes in cash NOI for its largest category of properties.
Funds from Operations
Funds from Operations ("FFO") is a recognized measure that is widely used by the real estate industry, particularly by 
publicly traded entities that own and operate income-producing properties. First Capital calculates FFO in accordance 
with the recommendations of the Real Property Association of Canada (“REALPAC”) as published in its most recent 
guidance on "Funds from Operations and Adjusted Funds From Operations for IFRS" dated January 2022. Management 
considers FFO a meaningful additional financial measure of operating performance, as it excludes fair value gains and 
losses on investment properties as well as certain other items included in FCR's net income (loss) that may not be the 
most appropriate determinants of the long-term operating performance of FCR, such as investment property selling 
costs; tax on gains or losses on disposals of properties; deferred income taxes; distributions on Exchangeable Units; fair 
value gains or losses on Exchangeable Units; fair value gains or losses on unit-based compensation; and any gains, losses 
or transaction costs recognized in business combinations. FFO provides a perspective on the financial performance of FCR 
that is not immediately apparent from net income (loss) determined in accordance with IFRS. A reconciliation from net 
income (loss) to FFO can be found in the "Non-IFRS Reconciliations and Financial Measures — FFO, AFFO and ACFO" 
section of this MD&A.
Operating Funds from Operations
In addition to REALPAC FFO described above, Management also discloses Operating Funds from Operations ("OFFO"). 
Management considers OFFO as its key operating performance measure that, when compared period over period, 
reflects the impact of certain factors on its core operations, such as changes in net operating income, interest expense, 
corporate expenses and interest and other income. OFFO excludes the impact of the items in other gains (losses) and 
(expenses) that are not considered part of First Capital's on-going core operations.
Adjusted Funds from Operations
Adjusted Funds from Operations ("AFFO") is a supplementary measure that is widely used by the real estate industry, 
particularly by publicly traded entities that own and operate income-producing properties. First Capital calculates AFFO in 
accordance with the recommendations of the Real Property Association of Canada (“REALPAC”) as published in its most 
recent guidance on "Funds from Operations and Adjusted Funds From Operations for IFRS" dated January 2022. 
Management considers AFFO to be a meaningful financial measure of recurring economic earnings and relevant in 
understanding First Capital's ability to service it's debt, fund capital expenditures and pay distributions to Unitholders.  
AFFO is defined as FFO less amortization of straight-line rents, regular and recoverable maintenance capital expenditures, 
and incremental leasing costs. A reconciliation from FFO to AFFO can be found in the "Non-IFRS Reconciliations and 
Financial Measures — FFO, AFFO and ACFO" section of this MD&A.
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
5
FIRST CAPITAL REIT ANNUAL REPORT 2024

Adjusted Cash Flow from Operations
Adjusted Cash Flow from Operations (“ACFO”) is a supplementary measure First Capital began using in 2017 to measure 
operating cash flow generated from the business. FCR calculates ACFO in accordance with the recommendations of 
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 number of adjustments to cash flow from operations under 
IFRS including, eliminating seasonal and non-recurring fluctuations in working capital, adding cash flows associated with 
equity accounted joint ventures and deducting actual revenue sustaining capital expenditures and actual capital 
expenditures recoverable from tenants. Lastly, ACFO includes an adjustment to exclude the non-controlling interest's 
portion of cash flow from operations under IFRS, attributed to FCR's consolidated joint venture. A reconciliation of cash 
flow from operations under IFRS to ACFO can be found in the "Non-IFRS Reconciliations and Financial Measures — FFO, 
AFFO and ACFO" section of this MD&A. 
Weighted average units outstanding for OFFO and FFO
For purposes of calculating per unit amounts for OFFO and FFO, the weighted average number of diluted units 
outstanding includes the weighted average outstanding Trust Units and Exchangeable Units as at the end of the period; 
and assumes conversion of all outstanding Deferred Units, Restricted Units, Performance Units and any dilutive Options 
as at the end of the period.
OFFO, FFO, AFFO and ACFO Payout Ratios
OFFO, FFO, AFFO and ACFO payout ratios are supplementary non-IFRS measures used by Management to assess the 
sustainability of First Capital's distribution payments. OFFO and FFO payout ratios are calculated using distributions 
declared per unit divided by the OFFO and FFO per unit. The AFFO payout ratio is calculated using distributions declared 
per unit divided by AFFO per unit. The ACFO payout ratio is calculated on a rolling four quarter basis by dividing total cash 
distributions paid by ACFO over the same period. Management considers a rolling four quarter ACFO payout ratio more 
relevant than a payout ratio in any given quarter due to the impact of seasonal fluctuations in ACFO period over period.
Enterprise Value
Enterprise value is the sum of the principal or par value amounts of First Capital's net debt on a proportionate basis and 
the market value of FCR's Trust Units and Exchangeable Units outstanding at the respective quarter end date. This 
measure is used by FCR to assess the total amount of capital employed in generating returns to Unitholders.
Net Debt
Net debt is a measure used by Management in the computation of certain debt metrics, providing information with 
respect to certain financial ratios used in assessing First Capital's debt profile. Net debt is calculated as the sum of 
principal amounts outstanding on credit facilities and mortgages, bank indebtedness and the par value of senior 
unsecured debentures reduced by the cash balances at the end of the period on a proportionate basis. 
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, ("Adjusted EBITDA") is a measure used by 
Management in the computation of certain debt metrics. Adjusted EBITDA, is calculated as net income (loss), adding back 
income tax expense, interest expense and amortization and excluding the increase or decrease in the fair value of 
investment properties, fair value gains or losses on Exchangeable Units, fair value gains or losses on unit-based 
compensation and other non-cash or non-recurring items on a proportionate basis. FCR also adjusts for incremental 
leasing costs, which is a recognized adjustment to FFO, in accordance with the recommendations of REALPAC. 
Management believes Adjusted EBITDA is useful in assessing the Trust's ability to service its debt, finance capital 
expenditures and provide for distributions to its Unitholders. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
6

Unencumbered Aggregate Assets
Unencumbered aggregate assets represents the value of assets that have not been pledged as security under a credit 
agreement or mortgage. The unencumbered aggregate asset value ratio is calculated as unencumbered aggregate assets 
divided by the principal amount of unsecured debt, which consists of bank indebtedness, unsecured credit facilities and 
senior unsecured debentures. This ratio is used by Management to assess the flexibility of First Capital to obtain various 
forms of debt financing at a reasonable cost of capital. 
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, and Exchangeable Units.
NAV per diluted unit represents NAV, as calculated above, adjusted for the exclusion of the unit-based compensation 
plan liability and for the proceeds to be received upon the exercise of outstanding options divided by the number of 
diluted units outstanding as at the end of the period. For purposes of calculating diluted per unit amounts for NAV, the 
number of diluted units outstanding includes all outstanding Trust Units and Exchangeable Units as at the end of the 
period and assumes conversion of outstanding Deferred Units, Restricted Units, Performance Units and Options as at the 
end of the period. Management believes that NAV is useful to financial statement users who consider it a key measure of 
the intrinsic value of the Trust. 
OPERATING METRICS
First Capital presents certain operating metrics and portfolio statistics in the MD&A, which include neighbourhood count, 
property category, GLA, occupancy, weighted average rate per occupied square foot, top 40 tenants, development 
pipeline, and renewal activities. FCR uses these operating metrics to monitor and measure operational performance 
period over period. To align FCR's GLA reporting with its ownership interest in its properties, unless otherwise noted, all 
GLA is presented at FCR's ownership interest (19.3 million square feet at its ownership interest compared to 22.1 million 
square feet at 100% as at December 31, 2024). First Capital's operating metrics and GLA excludes residential GLA totaling 
125,000 square feet, at its ownership interest, as amounts are not significant at this time. In measuring performance or 
allocating resources, the Trust does not distinguish or group its operations on a geographical or any other basis and, 
accordingly, has a single reportable segment for disclosure purposes. 
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
7
FIRST CAPITAL REIT ANNUAL REPORT 2024

SUMMARY CONSOLIDATED INFORMATION AND HIGHLIGHTS
For the years ended December 31
 
2024 
 
2023 
 
2022 
Revenues, Income and Cash Flows (1)
Revenues and other income
$ 
760,642  $ 
712,856 
$ 
712,966 
NOI (2)
$ 
447,288 
$ 
425,257 
$ 
425,499 
Increase (decrease) in value of investment properties, net
$ 
(8,155) 
$ 
(423,598) 
$ (409,716) 
Increase (decrease) in value of hotel property 
$ 
— 
$ 
3,646 
$ 
6,908 
Net income (loss) attributable to Unitholders
$ 
204,933 
$ 
(134,056) 
$ (159,997) 
Net income (loss) per unit attributable to Unitholders (diluted) 
$ 
0.96 
$ 
(0.63) 
$ 
(0.73) 
Weighted average number of units - diluted (in thousands)
 
214,234 
 
214,268 
 
218,162 
Cash provided by operating activities
$ 
233,790 
$ 
227,734 
$ 
251,221 
Distributions
Distributions declared
$ 
183,397 
$ 
183,561 
$ 
124,191 
Distributions declared per unit
$ 
0.864 
$ 
0.864 
$ 
0.576 
Cash distributions paid 
$ 
183,388 
$ 
183,657 
$ 
116,721 
Cash distributions paid per unit
$ 
0.864 
$ 
0.864 
$ 
0.540 
As at December 31
 
2024 
 
2023 
 
2022 
Financial Information (1)
Investment properties (3)
$ 8,237,000 
$ 
8,239,260 
$ 8,627,788 
Hotel property (3)
$ 
— 
$ 
— 
$ 
90,600 
Total assets
$ 9,181,173 
$ 
9,194,301 
$ 9,581,938 
Mortgages (3)
$ 1,243,786 
$ 
1,338,041 
$ 1,140,490 
Credit facilities
$ 
723,335 
$ 
1,153,907 
$ 1,104,614 
Senior unsecured debentures 
$ 2,094,992 
$ 
1,598,941 
$ 1,898,824 
Exchangeable Units 
$ 
— 
$ 
— 
$ 
1,009 
Unitholders' equity
$ 3,946,100 
$ 
3,933,377 
$ 4,279,373 
Net Asset Value per unit (2)
$ 
22.05 
$ 
21.95 
$ 
23.48 
Capitalization and Leverage
Trust Units outstanding (in thousands) 
 
212,323 
 
212,184 
 
213,518 
Exchangeable Units outstanding (in thousands)
 
— 
 
— 
 
60 
Enterprise value (2)
$ 7,620,095 
$ 
7,346,245 
$ 7,786,007 
Net debt to total assets (2) (4)
 44.5% 
 45.0% 
 44.0% 
Net debt to Adjusted EBITDA (2) (4)
8.7x
9.9x
10.2x
Weighted average term to maturity on mortgages, fixed rate unsecured term loans 
and senior unsecured debentures (years)
 
3.7 
 
3.3 
 
3.4 
FIRST CAPITAL REIT ANNUAL REPORT 2024
8

As at December 31
 
2024 
 
2023 
 
2022 
Operational Information
Number of neighbourhoods
 
138 
 
142 
 
145 
GLA (square feet) - at 100%
 22,145,000 
 
22,298,000 
 22,216,000 
GLA (square feet) - at ownership interest
 19,308,000 
 
19,368,000 
 19,325,000 
Occupancy - Same Property - stable (2)
 96.9% 
 96.1% 
 95.7% 
Total portfolio occupancy
 96.8% 
 96.2% 
 95.8% 
Development pipeline and adjacent land (GLA) (5) 
Commercial pipeline (primarily retail)
 
668,000 
 
1,063,000 
 
1,742,000 
Residential pipeline
 22,732,000 
 
22,654,000 
 22,388,000 
Weighted average rate per occupied square foot
$ 
24.00 
$ 
23.34 
$ 
22.95 
Commercial GLA developed and transferred online - at ownership interest (6)
 
91,000 
 
142,000 
 
15,000 
Residential units developed and transferred online (6)
 
— 
 
38 
 
— 
Cost of GLA developed and brought online – at FCR's share
$ 
42,617 
$ 
88,323 
$ 
6,714 
Same Property - stable NOI - increase (decrease) over prior period (2) (7)
 4.4% 
 1.2% 
 5.2% 
Total Same Property NOI - increase (decrease) over prior period (2) (7)
 4.4% 
 1.3% 
 5.1% 
For the years ended December 31
 
2024 
 
2023 
 
2022 
Funds from Operations (2) (4)
OFFO
$ 
290,964 
$ 
253,286 
$ 
260,733 
OFFO per diluted unit
$ 
1.36 
$ 
1.18 
$ 
1.20 
OFFO payout ratio
 63.6% 
 73.1% 
 48.2 %
FFO
$ 
289,702 
$ 
243,977 
$ 
263,155 
FFO per diluted unit 
$ 
1.35 
$ 
1.14 
$ 
1.21 
FFO payout ratio 
 63.9% 
 75.9% 
 47.8% 
Weighted average number of units - diluted (in thousands)
 
214,234 
 
214,268 
 
218,162 
Adjusted Funds from Operations (2) (4)
AFFO
$ 
230,598 
$ 
202,654 
$ 
226,217 
AFFO per diluted unit
$ 
1.08 
$ 
0.95 
$ 
1.04 
AFFO payout ratio
 80.3% 
 91.4% 
 55.5% 
Weighted average number of units - diluted (in thousands)
 
214,234 
 
214,268 
 
218,162 
Adjusted Cash Flow from Operations (2) (4)
ACFO
$ 
220,732 
$ 
233,363 
$ 
235,452 
ACFO payout ratio on a rolling four quarter basis
 83.1% 
 78.7% 
 49.6% 
(1) As presented in First Capital's IFRS consolidated financial statements, except for weighted average number of diluted units and per unit amounts.
(2) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
(3) Includes properties and mortgages classified as held for sale.
(4) Reflects joint ventures proportionately consolidated. Total assets excludes cash balances. Refer to the "Non-IFRS Financial Measures – Proportionate Interest" section of 
this MD&A.
(5) At First Capital's ownership interest. 
(6) During the twelve months ended December 31.
(7) Calculated based on the year-to-date NOI. Prior period amounts not restated for current period property categories.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
9
FIRST CAPITAL REIT ANNUAL REPORT 2024

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 activities on its 
properties, including density and land use intensification, and its completed and planned disposition activities. In 
addition, FCR revises comparative information to reflect property categories consistent with current period status. The 
property categories are as follows:
Total Same Property consisting of:
Same Property – stable – includes stable properties where the only significant activities are leasing and ongoing 
maintenance. Properties that will be undergoing a redevelopment in a future period, including adjacent parcels of 
land, and those having planning activities underway are also in this category until such development activities 
commence. At that time, the property will be reclassified to either Same Property with redevelopment or to major 
redevelopment.
Same Property with redevelopment – includes properties that are largely stable, including adjacent parcels of land, 
but are undergoing incremental redevelopment or expansion activities (pads or building extensions) which intensify 
the land use. Such redevelopment activities often include façade, parking, lighting and building upgrades.
Major redevelopment – includes properties in planning or recently completed multi-year redevelopment projects with 
significant intensification, reconfiguration and building and tenant upgrades.
Ground-up development – consists of recently completed new construction, either on a vacant land parcel typically 
situated in an urban area or on an urban land site with conversion of an existing vacant building to retail use.
Properties under construction – consists of properties under major redevelopment or ground-up development that are 
under active construction.
Density and Development land – comprises land sites where there are no development activities underway, except for 
those in the planning stage and certain zoned or unzoned sites where specific density value has been ascribed.
Acquisitions and dispositions – consists of properties acquired during the period including those in close proximity to 
existing properties. Dispositions include information for properties disposed of in the period.
Assets classified as held for sale – consists of properties that meet the held for sale criteria under IFRS.
First Capital has applied the above property categorization to the fair value, capital expenditures as well as leasing and 
occupancy activity on its portfolio, and to its Same Property NOI analysis to further assist in understanding FCR’s real 
estate activities and its operating and financial performance.
Portfolio Overview
The Trust's Core Portfolio of grocery-anchored shopping centres had a value of approximately $7.2 billion as at 
December 31, 2024 compared to $7.1 billion as at December 31, 2023.
As at and for the three and twelve months ended (millions of dollars)
December 31, 2024
Portfolio
Income-Producing 
Properties
Properties Under 
Construction
Density and 
Development Land
Proportionate 
Interest (1) 
Net Operating 
Income (1)
Core Portfolio
$ 
7,126 $ 
7 $ 
57 $ 
7,190 $ 
103 $ 
404 
Other properties
 
894  
122  
319  
1,335  
12  
51 
Total Portfolio
$ 
8,020 $ 
129 $ 
376 $ 
8,525 $ 
115 $ 
455 
Residential development inventory
 
267 
Total real estate investments
$ 
8,792 
(1) At First Capital's proportionate interest for the three and twelve months ended December 31, 2024. Refer to the "Non-IFRS Financial Measures" section of this MD&A.
FIRST CAPITAL REIT ANNUAL REPORT 2024
10

As at and for the three and twelve months ended (millions of dollars)
December 31, 2023
Portfolio
Income-Producing 
Properties
Properties Under 
Construction
Density and 
Development Land
Proportionate 
Interest (1) 
Net Operating 
Income (1)
Core Portfolio
$ 
6,998 $ 
38 $ 
47 $ 
7,083 $ 
99 $ 
389 
Other properties
 
979  
86  
468  
1,533  
11  
43 
Total Portfolio
$ 
7,977 $ 
124 $ 
515 $ 
8,616 $ 
110 $ 
432 
Residential development inventory
 
212 
Total real estate investments
$ 
8,828 
(1) At First Capital's proportionate interest for the three and twelve months ended December 31, 2023. Refer to the "Non-IFRS Financial Measures" section of this MD&A.
As at December 31, 2024, First Capital had interests in 138 neighbourhoods, which were 96.8% occupied with a total GLA 
of 19.3 million square feet at FCR's ownership interest (22.1 million square feet at 100%) and a fair value of $8.5 billion. 
This compares to 142 neighbourhoods, which were 96.2% occupied with a total GLA of 19.4 million square feet at FCR's 
ownership interest (22.3 million square feet at 100%) and a fair value of $8.6 billion as at December 31, 2023. 
The Same Property portfolio includes properties sub-categorized in Same Property – stable and Same Property with 
redevelopment. The Same Property portfolio is comprised of 126 neighbourhoods with a total GLA of 18.2 million square 
feet at FCR's ownership interest (21.0 million square feet at 100%) and a fair value of $7.6 billion. These properties 
represent 91% of FCR's neighbourhood count, 94% of its GLA at FCR's ownership interest and 89% of its fair value as at 
December 31, 2024.
The balance of FCR’s real estate assets consists of properties which are in various stages of redevelopment, properties 
acquired in 2024 or 2023 and properties in close proximity to them, as well as properties held for sale.
First Capital's portfolio based on property categorization is summarized as follows:
As at
December 31, 2024
December 31, 2023
Property Type (1)
% of Total 
GLA
GLA
(000s
 sq. ft.)
Fair
Value (2)
Occupancy
Weighted 
Average 
Rate per 
Occupied 
Square 
Foot
% of Total 
GLA
GLA
(000s
 sq. ft.)
Fair
Value (2) 
Occupancy
Weighted 
Average 
Rate per 
Occupied 
Square 
Foot
Same Property – stable
 91.6%  17,677 $ 7,405 
 96.9% $ 24.20 
 91.3%  17,690 $ 7,345 
 96.1% $ 23.61 
Same Property with redevelopment 
 2.7%  
522  
163 
 99.1%  
18.16 
 2.4%  
461  
141 
 98.7%  
18.02 
Total Same Property
 94.3%  18,199  
7,568 
 97.0%  
24.02 
 93.7%  18,151  
7,486 
 96.2%  
23.46 
Major redevelopment
 2.7%  
530  
214 
 91.1%  
23.36 
 2.5%  
481  
181 
 97.8%  
22.30 
Properties under construction (3)
 —%  
—  
83 
 —%  
— 
 —%  
—  
88 
 —%  
— 
Acquisitions (4)
 1.0%  
188  
125 
 95.2%  
34.29 
 0.6%  
123  
82 
 97.0%  
30.35 
Density and Development land (5) (6)
 0.4%  
85  
338 
 95.3%  
25.29 
 0.5%  
90  
399 
 95.3%  
23.89 
Investment properties classified as 
held for sale
 1.6%  
306  
197 
 97.2%  
17.01 
 1.5%  
298  
174 
 94.9%  
18.34 
Dispositions (7) (8)
 —%  
—  
— 
 —%  
— 
 1.2%  
225  
206 
 92.0%  
17.76 
Total
 100.0%  19,308 $ 8,525 
 96.8% $ 24.00  100.0%  19,368 $ 8,616 
 96.2% $ 23.34 
(1) Prior periods restated to reflect current period property categories.
(2) At FCR's proportionate interest, including investment properties classified as held for sale as at December 31, 2024 and December 31, 2023, respectively. 
(3) Approximately $46 million (December 31, 2023 - $36 million) of properties under construction is included in investment properties classified as held for sale as at 
December 31, 2024.
(4) Includes current year and prior year acquisitions.  
(5) Approximately $19 million (December 31, 2023 - $14 million) of density and development land is included in acquisitions as at December 31, 2024. 
(6) Approximately $19 million (December 31, 2023 - $23 million) of density and development land is included in investment properties classified as held for sale as at 
December 31, 2024. 
(7) Comparative information presented relates to 2024 dispositions that have been completed and no longer form part of these metrics as at December 31, 2024.
(8) Approximately $Nil (December 31, 2023 - $79 million) of density and development land is included in dispositions as at December 31, 2024.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
11
FIRST CAPITAL REIT ANNUAL REPORT 2024

First Capital’s portfolio by major market is summarized as follows:
As at 
December 31, 2024
December 31, 2023
(millions of dollars, 
except other data)
Area
Number 
of
Neighbour-
hoods
GLA 
(000s 
sq. ft.)
Fair 
Value(1)
% of 
Total 
Fair 
Value
Occupancy
Weighted 
Average 
Rate per 
Occupied 
Square 
Foot
% of 
Annual
Minimum
Rent
Number 
of
Neighbour-
hoods
GLA  
(000s 
sq. ft.)
Fair
Value(1)
% of 
Total 
Fair 
Value
Occupancy
Weighted 
Average 
Rate per 
Occupied 
Square 
Foot
% of 
Annual
Minimum
Rent
Greater Toronto 
 
46  6,703 $ 4,006 
 47% 
 96.8% $ 
27.71 
 40%  
50  6,865 $ 4,101 
 48% 
 96.6% $ 
26.60 
 40% 
Greater Montreal 
 
27  3,583  1,046 
 12% 
 94.9%  
18.83 
 14%  
27  3,582  1,046 
 12% 
 95.3%  
18.50 
 14% 
Greater Calgary 
 
15  2,408  
999 
 12% 
 96.9%  
26.29 
 14%  
15  2,352  
949 
 11% 
 94.3%  
25.72 
 13% 
Greater Vancouver  
14  1,583  
954 
 11% 
 97.9%  
29.00 
 10%  
14  1,583  
994 
 12% 
 96.0%  
28.41 
 10% 
Greater Edmonton  
10  2,202  
599 
 7% 
 96.1%  
19.76 
 9%  
10  2,219  
621 
 7% 
 96.0%  
19.43 
 10% 
Greater Ottawa 
 
12  1,021  
339 
 4% 
 98.8%  
20.76 
 5%  
12  1,021  
340 
 4% 
 98.2%  
20.05 
 5% 
KW/Guelph (2)
 
5  1,052  
362 
 4% 
 98.7%  
20.60 
 5%  
5  
990  
352 
 4% 
 98.7%  
20.52 
 5% 
Other
 
9  
756  
220 
 3% 
 98.9%  
18.87 
 3%  
9  
756  
213 
 2% 
 97.3%  
18.36 
 3% 
Total 
 
138  19,308 $ 8,525 
 100% 
 96.8% $ 
24.00 
 100%  
142  19,368 $ 8,616 
 100% 
 96.2% $ 
23.34 
 100% 
(1) At FCR's proportionate interest, including investment properties classified as held for sale as at December 31, 2024 and December 31, 2023, respectively. 
(2) Includes Kitchener, Waterloo, and Guelph Area.
Investment Properties
A continuity of First Capital’s investment in its property acquisitions, dispositions, development and portfolio 
improvement activities is as follows:
Year ended December 31, 2024
(millions of dollars)
Consolidated 
Balance Sheet
Adjustments for 
Proportionate Interest
Proportionate 
Interest (2)
Balance at beginning of year
$ 
8,239 $ 
377 $ 
8,616 
Acquisitions 
Investment properties and additional adjacent spaces
 
33  
—  
33 
Development activities and property improvements
 
124  
11  
135 
Contribution of net assets from equity accounted joint venture
 
60  
(60)  
— 
Increase (decrease) in value of investment properties, net
 
(8)  
(42)  
(50) 
Dispositions
 
(218)  
1  
(217) 
Other changes
 
7  
1  
8 
Balance at end of year (1)
$ 
8,237 $ 
288 $ 
8,525 
(1) Includes assets classified as held for sale as at December 31, 2024 totaling $197 million ($197 million at First Capital's share) of investment properties.
(2) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
Year ended December 31, 2023
(millions of dollars)
Consolidated 
Balance Sheet
Adjustments for 
Proportionate Interest
Proportionate 
Interest (2)
Balance at beginning of year
$ 
8,628 $ 
324 $ 
8,952 
Acquisitions
Investment properties and additional adjacent spaces
 
78  
—  
78 
Development activities and property improvements
 
143  
6  
149 
Increase (decrease) in value of investment properties, net
 
(424)  
48  
(376) 
Dispositions
 
(186)  
—  
(186) 
Other changes
 
—  
(1)  
(1) 
Balance at end of year (1)
$ 
8,239 $ 
377 $ 
8,616 
(1) Includes assets classified as held for sale as at December 31, 2023 totaling $168 million ($227 million at First Capital's share) of investment properties.
(2) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
12

2024 Acquisitions
Income-producing properties and other
During the year ended December 31, 2024, First Capital acquired the remaining 50% interest in it's Seton Gateway 
property located in Calgary for $33.5 million, as summarized in the table below: 
Count
Property Name
City/Province
Quarter
Acquired
Interest 
Acquired
GLA
(sq. ft.)
Acreage
Acquisition Cost
(in millions)
1.
Seton Gateway
Calgary, AB
Q1
50%
 
63,879  
6.3 $ 
33.5 
Total
 
63,879  
6.3 $ 
33.5 
2023 Acquisitions
Income-producing properties and other
During the year ended December 31, 2023, First Capital acquired $78.1 million of income-producing properties including 
a 0.3 acre parking lot located in Liberty Village, as summarized in the table below:
Count
Property Name
City/Province
Quarter
Acquired
Interest 
Acquired
GLA 
(sq. ft.) 
Acreage
Acquisition Cost
(in millions)
1.
320 - 326 Bloor Street West
Toronto, ON
Q1
50%
 
8,979  
0.2 $ 
15.7 
2.
Centre Commercial Maisonneuve
Montreal, QC
Q2
100%
 
114,514  
8.6  
55.2 
3.
Molson Building
Calgary, AB
Q3
25%
 
720  
0.1  
1.9 
4.
30 Hanna Avenue (parking lot)
Toronto, ON
Q4
100%
 
—  
0.3  
5.3 
Total
 
124,213  
9.2 $ 
78.1 
2024 Dispositions
During the year ended December 31, 2024, First Capital completed $217.1 million of dispositions, as summarized in the 
table below:
Count
Property Name
City/Province
Quarter
Sold
Interest Sold
GLA
(sq. ft.)
Acreage
Gross Sales 
Price
(in millions)
1.
1071 King St. W. (land)
Toronto, ON
Q1
41.7%
 
—  
0.2 
2.
71 King St. W. (Medical Arts Building)
Mississauga, ON
Q1
100%
 
43,788  
1.0 
3.
Royal Orchard
Markham, ON
Q1
50%
 
20,845  
2.1 
4.
Yonge-Davis Centre
Newmarket, ON
Q1
100%
 
50,747  
4.6 
5.
Broadmoor Residences
Richmond, BC
Q1
100%
 
55,253  
— 
6.
Yorkville Condo
Toronto, ON 
Q2
100%
 
1,391  
— 
7.
1092 Kingston Rd. (retail at base of condo)
Scarborough, ON
Q2
42.5%
 
7,493  
— 
8.
1631-1633 The Queensway 
Toronto, ON
Q4
100%
 
95,813  
6.1 
9.
Yorkville Condo
Toronto, ON
Q4
100%
 
1,392  
— 
10.
200 West Esplanade
Vancouver, BC
Q4
50%
 
28,902  
0.2 
Total
 
305,624  
14.2 $ 
217.1 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
13
FIRST CAPITAL REIT ANNUAL REPORT 2024

2023 Dispositions
During the year ended December 31, 2023, First Capital completed $296.7 million of dispositions, as summarized in the 
table below:
Count
Property Name
City/Province
Quarter
Sold
Interest Sold
GLA
(sq. ft.)
Acreage
Gross Sales 
Price
(in millions)
1.
Yorkville Condo
Toronto, ON
Q1
100%
 
1,417  
— 
2.
Carre Queen-Mary
Montreal, QC
Q2
100%
 
35,863  
0.3 
3.
Yorkville Condo
Toronto, ON
Q2
100%
 
862  
— 
4.
Hazelton Hotel (Yorkville Village) (1)
Toronto, ON
Q2
100%/50%
 
60,766  
— 
5.
Yorkville Condo
Toronto, ON
Q3
100%
 
729  
— 
6.
30, 30A Hazelton Ave.
Toronto, ON
Q3
100%
 
11,783  
0.1 
7.
Wilderton Centre (land)
Montreal, QC
Q3
100%
 
—  
1.5 
8.
Place Panama (land)
Brossard, QC
Q3
100%
 
—  
3.2 
9.
5051-5061 Yonge St. (Hillcrest Plaza)
Toronto, ON
Q3
100%
 
37,307  
0.7 
10.
Yorkville Condo
Toronto, ON
Q4
100%
 
813  
— 
11.
Yonge & Roselawn (land)
Toronto, ON
Q4
25%
 
—  
0.5 
12.
6455 West Boulevard
Vancouver, BC
Q4
100%
 
30,395  
— 
Total
 
179,935  
6.3 $ 
296.7 
(1) First Capital sold its 100% and 50% interests in the Hazelton Hotel and ONE Restaurant, respectively.  
Impact of Acquisitions and Dispositions
The annualized NOI of properties acquired and disposed, at the time of acquisition or disposition, during the years ended 
December 31, 2024 and 2023 is summarized in the table below:
Acquired
Disposed
For the year ended December 31
2024
2023
2024
2023
Greater Toronto Area
$ 
— 
$ 
204 
$ 
3,536 
$ 
6,140 
Greater Montreal Area
 
— 
 
3,634 
 
— 
 
372 
Greater Calgary Area
 
2,531 
 
— 
 
— 
 
— 
Greater Vancouver Area
 
— 
 
— 
 
1,834 
 
984 
Total
$ 
2,531 
$ 
3,838 
$ 
5,370 
$ 
7,496 
Capital Expenditures
Capital expenditures are incurred by First Capital for maintaining and/or renovating its existing properties. In addition, 
FCR also incurs expenditures for the purposes of expansion, redevelopment, ground-up development as well as 
condominium and townhome development activities.
Revenue sustaining capital expenditures are required for maintaining First Capital’s property infrastructure and revenues 
from leasing of existing space. Revenue sustaining capital expenditures are generally not recoverable from tenants. 
However, certain leases provide the ability to recover from tenants, over time, a portion of capital expenditures to 
maintain the physical aspects of FCR’s properties. Revenue sustaining capital expenditures generally include tenant 
improvement costs related to new and renewal leasing, and capital expenditures required to maintain the physical 
aspects of the properties, such as roof replacements and resurfacing of parking lots. 
Revenue enhancing capital expenditures are those expenditures that increase the revenue generating ability of FCR’s 
properties. Revenue enhancing capital expenditures are incurred in conjunction with or in contemplation of a 
development or redevelopment strategy, a strategic repositioning after an acquisition, or in advance of a planned 
disposition to maximize the potential sale price. First Capital owns and actively seeks to acquire older, well-located 
FIRST CAPITAL REIT ANNUAL REPORT 2024
14

properties in urban locations, where expenditures tend to be higher when they are subsequently repaired or redeveloped 
to meet FCR’s standards.
Capital expenditures incurred in development and redevelopment projects include pre-development costs, direct 
construction costs, leasing costs, tenant improvements, borrowing costs, overhead including applicable salaries and direct 
costs of internal staff directly attributable to the projects under active development. 
Capital expenditures on investment properties and residential inventory by type are summarized in the table below:
Year ended December 31
2024
2023
Capital 
Expenditures
Adjustments for 
Proportionate 
Interest
Proportionate 
Interest (1)
Capital 
Expenditures
Adjustments for 
Proportionate 
Interest
Proportionate 
Interest (1)
Revenue sustaining
$ 
22,874 $ 
(5) $ 
22,869 $ 
24,340 $ 
17 $ 
24,357 
Revenue enhancing 
 
29,006  
(12)  
28,994  
30,686  
380  
31,066 
Expenditures recoverable from tenants
 
21,305  
13  
21,318  
9,966  
—  
9,966 
Development expenditures
 
50,583  
10,783  
61,366  
78,031  
5,407  
83,438 
Sub-total 
$ 
123,768 $ 
10,779 $ 
134,547 $ 
143,023 $ 
5,804 $ 
148,827 
Residential Inventory
$ 
35,179 $ 
20,019 $ 
55,198 $ 
34,242 $ 
11,854 $ 
46,096 
Total 
$ 
158,947 $ 
30,798 $ 
189,745 $ 
177,265 $ 
17,658 $ 
194,923 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
Capital expenditures for the year ended December 31, 2024 were $189.7 million, which was $5.2 million lower than the 
prior year, in large part due to the completion of the Trust's 200 West Esplanade development project during the fourth 
quarter of 2023, and both Cedarbrae Mall and Stanley Park Mall development projects during the first quarter of 2024. 
Valuation of Investment Properties 
The approach selected for valuing investment properties depends on the type of property and other factors such as stage of 
development. The components of First Capital's investment properties for the purposes of calculating fair values were as 
follows as at December 31, 2024 and December 31, 2023:
As at and for the three and twelve months ended (millions of dollars)
December 31, 2024
Property Type 
Valuation Method 
Fair Value
Adjustments for 
Proportionate 
Interest
Proportionate 
Interest (1) 
Net Operating 
Income (1)
Same Property - stable 
DCF (2)
$ 
7,256 $ 
149 $ 
7,405 $ 105 $ 419 
Same Property with redevelopment
DCF (2)
 
163  
—  
163  
2  
9 
Total Same Property
$ 
7,419 $ 
149 $ 
7,568 $ 107 $ 428 
Major redevelopment
DCF (2), Cost (2)
 
214  
—  
214  
3  
11 
Properties under construction (3)
DCF (2), Cost (2)
 
82  
1  
83  
—  
— 
Acquisitions
DCF (2), Cost (2) 
 
125  
—  
125  
2  
6 
Density and Development Land (4) (5)
Cost (2), comparable land sales  
200  
138  
338  
1  
2 
Assets classified as held for sale 
DCF (2), comparable land sales
 
197  
—  
197  
1  
5 
Dispositions
N/A
 
—  
—  
—  
1  
3 
Total investment properties
$ 
8,237 $ 
288 $ 
8,525 $ 115 $ 455 
NOI related to other investments 
 
—  
— 
Total NOI
$ 115 $ 455 
(1) At First Capital's proportionate interest for the three and twelve months ended December 31, 2024. Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
(2) Discounted Cash Flow ("DCF") is a valuation method under the Income Approach. At cost where cost approximates fair value. 
(3) Approximately $46 million ($46 million at First Capital's share) of properties under construction is included in assets classified as held for sale. 
(4) Approximately $19 million ($19 million at First Capital's share) of density and development land is included in assets classified as held for sale. 
(5) Approximately $19 million ($19 million at First Capital's share) of density and development land is included in acquisitions. 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
15
FIRST CAPITAL REIT ANNUAL REPORT 2024

As at and for the three and twelve months ended (millions of dollars)
December 31, 2023
Property Type (1)
Valuation Method 
Fair Value
Adjustments for 
Proportionate 
Interest
Proportionate 
Interest (2) 
Net Operating 
Income (2)
Same Property - stable
DCF (3)
$ 
7,194 $ 
151 $ 
7,345 $ 100 $ 394 
Same Property with redevelopment
DCF (3)
 
141  
—  
141  
3  
8 
Total Same Property
$ 
7,335 $ 
151 $ 
7,486 $ 103 $ 402 
Major redevelopment
DCF (3), Cost (3)
 
181  
—  
181  
3  
11 
Properties under construction (4)
DCF (3), Cost (3)
 
87  
1  
88  
—  
— 
Acquisitions
DCF (3), Cost (3)
 
82  
—  
82  
1  
3 
Density and Development Land (5) (6) (7)
Cost (3), comparable land sales
 
233  
166  
399  
1  
2 
Assets classified as held for sale
DCF (3), comparable land sales
 
174  
—  
174  
1  
5 
Dispositions (7)
N/A
 
147  
59  
206  
2  
7 
Total investment properties
$ 
8,239 $ 
377 $ 
8,616 $ 111 $ 430 
NOI related to other investments
 
(1)  
2 
Total NOI
$ 110 $ 432 
(1) Prior periods restated to reflect current period property categories.
(2) At First Capital's proportionate interest for the three and twelve months ended December 31, 2023. Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
(3) Discounted Cash Flow ("DCF") is a valuation method under the Income Approach. At cost where cost approximates fair value. 
(4) Approximately $36 million ($36 million at First Capital's share) of properties under construction is included in assets classified as held for sale. 
(5) Approximately $23 million ($23 million at First Capital's share) of density and development land is included in assets classified as held for sale. 
(6) Approximately $14 million ($14 million at First Capital's share) of density and development land is included in acquisitions. 
(7) Includes properties that were disposed of in 2024. Approximately $19 million ($79 million at First Capital's share) of density and development land is included in dispositions.
The majority of the Trust's portfolio is valued under the Income Approach using the discounted cash flow ("DCF") method. 
As at December 31, 2024, the weighted average valuation yields (stabilized overall capitalization, terminal capitalization and 
discount rates) used in valuing those investment properties under the Income Approach did not materially change from 
December 31, 2023.
During the fourth quarter of 2024, as part of its normal course internal valuations, the Trust made revisions to the cash flow 
models and yields on certain properties, and revalued certain development lands when considering comparable land sales 
and market activity. As a result, an overall net increase in the value of investment properties was recorded in the amount of 
$3.8 million ($3.6 million at FCR's share) for the three months ended December 31, 2024. For the year ended December 31, 
2024, an overall net decrease in the value of investment properties was recorded in the amount of $8.2 million 
($49.6 million at FCR's share).
The associated stabilized capitalization rates by major market for FCR's investment properties valued under the Income 
Approach were as follows as at December 31, 2024 and December 31, 2023: 
As at December 31, 2024
Stabilized Capitalization Rate
Area
Weighted 
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%
5.5%-6.5%
KW/Guelph (1)
5.6%
5.5%
5.3%-6.0%
Other
5.9%
5.9%
5.3%-6.8%
Weighted Average 
5.5%
5.5%
4.0%-7.5%
(1) Includes Kitchener, Waterloo, and Guelph Area. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
16

As at December 31, 2023
Stabilized Capitalization Rate
Area
Weighted 
Average
Median
Range
Greater Toronto 
5.1%
5.0%
3.8%-7.3%
Greater Montreal 
6.0%
6.0%
5.3%-7.3%
Greater Calgary 
5.9%
6.0%
5.5%-6.8%
Greater Vancouver 
4.7%
4.5%
3.5%-5.3%
Greater Edmonton 
6.5%
6.0%
5.5%-7.5%
Greater Ottawa 
5.8%
5.9%
5.3%-6.3%
KW/Guelph (1)
5.6%
5.5%
5.3%-6.0%
Other
5.9%
5.9%
5.3%-6.8%
Weighted Average 
5.5%
5.5%
3.5%-7.5%
(1) Includes Kitchener, Waterloo, and Guelph Area. 
Property Development Activities
As at December 31, 2024, the Trust's share of properties under construction, residential inventory and density and 
development land totaled approximately $772 million. These non-income producing properties represent approximately 9% 
of the Trust's total portfolio value and consists of development land, adjacent land parcels, properties slated for 
redevelopment with limited income and properties in active development. As at December 31, 2024, the invested cost of 
these non-income producing properties was $722 million as compared to a fair value of $772 million. Cumulative gains of 
approximately $50 million have been recognized to date and are expected to grow over time as development projects are 
entitled, advanced and completed.  
Development and redevelopment activities are completed selectively, based on opportunities in First Capital’s properties 
or in the markets where FCR operates. First Capital’s development activities include redevelopment of stable properties, 
major redevelopment, and ground-up projects. Additionally, properties under development include land with future 
development potential. All commercial development activities are strategically managed to reduce risk, and properties 
are generally developed after obtaining anchor tenant lease commitments. Individual commercial buildings within a 
development are generally constructed only after obtaining lease commitments on a substantial portion of the space. 
Development Pipeline
As at December 31, 2024, First Capital's portfolio is comprised of 19.3 million square feet of GLA at FCR's ownership 
interest. Substantially all of this GLA is located in Canada's six largest urban growth markets which are undergoing 
significant land use intensification. As such, Management has identified meaningful incremental density available for 
future development within its existing portfolio. As at December 31, 2024, Management had identified approximately 
23.4 million square feet of incremental density which currently exceeds FCR's existing portfolio of 19.3 million square 
feet.
Management undertakes a quarterly review of its entire portfolio and updates all of its future incremental density. 
Management stratifies the density by expected project commencement time frame. Medium term includes project 
commencement expected within the next 7 years, long term between 8 and 15 years and very long term beyond 15 
years. First Capital’s incremental density is classified by type between commercial and residential. Commercial density 
primarily consists of retail density.
As a substantial part of the portfolio is located in urban markets where significant land use intensification continues to 
occur, Management expects future incremental density will continue to grow and provide First Capital with increased 
opportunity to redevelop its generally low density properties. 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
17
FIRST CAPITAL REIT ANNUAL REPORT 2024

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 December 31, 2024
Square feet (in thousands)
Commercial
Residential
Total (1)
Recognized to date (2) Value recognized (1)(2)
(in millions)
Properties under construction
 
68  
260  
328  
328 $ 
129 
Density and development land
Medium term
 
800  
11,300  
12,100 
Long term
 
(100)  
3,000  
2,900 
Very long term
 
(100)  
7,800  
7,700 
 
600  
22,100  
22,700  
6,516 $ 
376 
Residential inventory
 
—  
372  
372  
372 $ 
267 
Total development pipeline
 
668  
22,732  
23,400  
7,216 $ 
772 
(1) At First Capital's proportionate interest. Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
(2) Represents the density that has been valued and included as part of the fair value of investment properties and the cost of residential inventory on the proportionate 
balance sheet.  
First Capital determines its course of action with respect to its potential residential density on a case by case basis given the 
specifics of each property. First Capital’s course of action for each property may include selling the property, selling the 
residential density rights, entering into a joint venture with a partner to develop the property or undertaking the 
development of the property on its own. Approximately 7.2 million or 31% of FCR's 23.4 million square feet of identified 
incremental density has been at least partially included as part of the fair value of investment properties and the cost of 
residential inventory on the proportionate balance sheet.  
The value of the Trust's density and development land recognized in the Trust's proportionate balance sheet totaling $376 
million, or $58 per buildable square foot, as presented below, consists of development land and adjacent land parcels, 
future pad developments and properties slated for redevelopment with limited income. As of December 31, 2024, the 
invested cost of the density and development land recognized in the Trust's proportionate balance sheet totaled 
$346 million representing acquisition cost and pre-development costs to date.
As at December 31, 2024 (1)
(in millions)
Unencumbered
Encumbered
Fair Value
Development land
Unzoned
$ 
59 $ 
11 $ 
70 
Zoned
 
165  
—  
165 
Total
 
224  
11  
235 
IPP with density 
Unzoned
 
14  
58  
72 
Zoned
 
69  
—  
69 
Total
 
83  
58  
141 
Value of density and development land
$ 
307 $ 
69 $ 
376 
(1) At First Capital's proportionate interest. Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
The remaining 16.2 million square feet of identified incremental density may be included in the value of the property in 
the future, based on certain factors including the expiry or removal of tenant encumbrances and zoning approvals. The 
majority of the incremental residential density is located above income-producing shopping centres or their parking area. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
18

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 December 31, 2024
(in thousands of square feet)
Incremental Density Pipeline 
Total 
% of Total 
Greater Toronto Area 
 
14,465 
 61.8% 
Greater Montreal Area 
 
4,630 
 19.8% 
Greater Vancouver Area
 
2,358 
 10.1% 
Greater Ottawa Area
 
1,290 
 5.5% 
Greater Edmonton Area
 
569 
 2.4% 
Greater Calgary Area
 
88 
 0.4% 
Total development pipeline
 
23,400 
 100.0% 
Entitlements Program
First Capital has a program in place to seek entitlements for the incremental density within its portfolio. Entitlement 
applications are submitted based on gross floor area (“GFA”). 
As of December 31, 2024, entitlement submissions to date total approximately 18.1 million square feet representing 77% 
of FCR's 23.4 million incremental density pipeline. To date, 9.7 million square feet has been zoned and the Trust expects 
up to 2.0 million square feet of existing entitlement submissions to be zoned throughout 2025.
Entitlement Applications (1)
000's of square feet submitted for (at FCR's share):
Residential
Commercial 
Total 
Existing Incremental
Zoned
1.
Pre-2019 Entitlement Applications (2)
 
2,986  
707  
3,693  
175  
3,518  
3,583 
2.
2019 Entitlement Applications
 
8,349  
1,020  
9,369  
317  
9,052  
5,901 
3.
2020 Entitlement Applications
 
2,903  
197  
3,100  
143  
2,957  
1,571 
4.
2021 Entitlement Applications
 
1,428  
14  
1,442  
104  
1,338  
528 
5.
2022 Entitlement Applications
 
1,655  
37  
1,692  
78  
1,614  
652 
6.
2023 Entitlement Applications
 
1,642  
69  
1,711  
106  
1,605  
— 
7.
2024 Entitlement Applications
 
1,556  
59  
1,615  
27  
1,588  
— 
Total Entitlement Applications Submitted
 
20,519  
2,103  
22,622  
950  
21,672  
12,235 
Dispositions (3)
 
(3,117)  
(594)  
(3,711)  
(101)  
(3,610)  
(2,530) 
Total Entitlement Applications Submitted - net
 
17,402  
1,509  
18,911  
849  
18,062  
9,705 
(1)   Certain prior period entitlement application data has been updated to reflect subsequent resubmissions.
(2)   As at December 31, 2024, all pre-2019 entitlement applications have been approved with final zoning as indicated above.
(3)   Includes properties that have been fully or partially disposed of for which entitlements had been previously submitted.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
19
FIRST CAPITAL REIT ANNUAL REPORT 2024

First Capital has approximately 7.3 million square feet of additional incremental density primarily related to the 
properties listed below, where entitlements have yet to be submitted.
Additional Incremental Density 
Property
Neighbourhood 
City, Province
Ownership 
Interest %
1.
Cliffcrest Plaza
Cliffcrest
Toronto, ON
 100% 
2.
Pemberton Plaza
Pemberton
North Vancouver, BC 
 100% 
3.
Olde Oakville (future phases)
South Oakville
Oakville, ON
 100% 
4.
Appleby Square
Appleby
Burlington, ON
 100% 
5.
1000 Wellington St.
Griffintown
Montreal, QC
 100% 
6.
Centre Commercial Domaine
Longue-Pointe
Montreal, QC
 100% 
7.
Galeries Normandie
Hwy. 15/Rue de Salaberry
Montreal, QC
 100% 
8.
College Square 
Nepean
Ottawa, ON
 50% 
9.
Place Anjou (future phase)
Anjou
Anjou, QC
 100% 
10.
Cedarbrae Mall (future phases)
Cedarbrae
Toronto, ON
 100% 
11.
Le Campanile
Nun's Island
Montreal, QC
 100% 
12.
Place Michelet
Saint - Leonard
Montreal, QC
 100% 
13.
5500 Dundas West
Etobicoke
Toronto, ON 
 100% 
14.
Plaza Baie d'Urfe
West Island
Montreal, QC
 100% 
15.
Westmount Shopping Centre (future phases)
Westmount
Edmonton, AB
 100% 
16.
Scott 72 Shopping Centre
120 St./72 Ave.
Delta, BC
 100% 
17.
Semiahmoo (future phases)
South Surrey
Surrey, BC
 100% 
18.
Gloucester City Centre (future phases)
Gloucester
Ottawa, ON
 50% 
FCR continues to review each of its properties and has identified meaningful incremental density in properties that have not 
progressed to the point of inclusion in First Capital's incremental density pipeline, that Management expects may be 
included in the future.
2024 Development and Redevelopment Coming Online and Space Going Offline 
Development and redevelopment coming online includes both leased and unleased space transferred from development 
to income-producing properties at completion of construction. Costs transferred to income-producing properties often 
involves judgment in cost allocations related to the space transferred in the period relative to the total project. Therefore, 
the cost per square foot transferred in any one period may not be indicative of the total project cost per square foot.
During the year ended December 31, 2024, First Capital completed the transfer of 91,000 square feet of new retail space 
to the income-producing portfolio at a total value of $42.6 million. Approximately 83,000 square feet of the retail space 
transferred became occupied at an average rental rate of $25.83 per square foot or approximately $2.1 million in annual 
NOI. 
For the year ended December 31, 2024, First Capital had tenant closures for redevelopment of 12,000 square feet at an 
average rental rate of $34.48 per square foot, of which 4,000 square feet was demolished. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
20

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 
amenities and accessibility, as well as development to Leadership in Energy and Environmental Design ("LEED") standards. 
Prospectively, First Capital’s development program also strives to achieve net zero carbon certification, where feasible.  
As construction on large projects occurs in phases, there continues to be ongoing lease negotiations in various stages 
with retailers for the planned space. Leasing of residential apartments begins as the project is nearing completion. 
Highlights of First Capital’s active projects as at December 31, 2024 are as follows:
As at December 31, 2024
Estimated GLA/GFA upon completion 
(thousands of square feet) (2)
Project
Ownership 
Interest %
Type
Target 
Completion 
Date (1)
Estimated Number 
of Residential  
Units (2)
Residential (2)
Commercial (2)
Total (2)
Edenbridge Condos, Toronto, ON
50%
Mixed-Use (condo)
H1 2026
105
123
—
123
Mixed-Use (retail)
H1 2026
—
—
4
4
400 King St. W., Toronto, ON
35%
Mixed-Use (condo)
H2 2026
219
151
—
151
Mixed-Use (retail)
H2 2026
—
—
12
12
Yonge & Roselawn, Toronto, ON
50% (3)
Mixed-Use (rental)
H2 2027
318
211
33
244
1071 King St. W., Toronto, ON
25%
Mixed-Use (retail)
H1 2028
75
49
1
50
138 Yorkville Ave., Toronto, ON
33%
Mixed-Use (condo)
H2 2028
22
98
—
98
Mixed-Use (retail)
H2 2028
—
—
18
18
Total at FCR's share (2)
739
632
68
700
(1)   H1 and H2 refer to the first six months of the year and the last six months of the year, respectively. 
(2)   At First Capital's proportionate interest. Refer to the "Non-IFRS Financial Measures" section of this MD&A.
(3)   As at December 31, 2024, 25% of this project is classified as held for sale.
As at December 31, 2024
Investment at cost (1)
(in millions)
Value recognized (1)
(in millions)
Project
Incurred
 to Date (1)
Estimated to 
Complete (1)
Total (1)
Properties 
Under 
Construction (1)
Income-
Producing 
Properties (1)
Residential 
Development 
Inventory (1) 
Total (1)
Edenbridge Condos, Toronto, ON (residential)
$ 
80 $ 
33 $ 
113 $ 
— $ 
— $ 
80 $ 
80 
Edenbridge Condos, Toronto, ON (retail)
 
3  
1  
4  
3  
—  
—  
3 
400 King St. W., Toronto, ON (residential)
 
81  
63  
144  
—  
—  
100  
100 
400 King St. W., Toronto, ON (retail)
 
7  
4  
11  
4  
—  
—  
4 
Yonge & Roselawn, Toronto, ON
 
97  
209  
306  
92  
—  
—  
92 
1071 King St. W., Toronto, ON
 
6  
40  
46  
15  
—  
—  
15 
Sub-total at FCR's share (1)
$ 
274 $ 
350 $ 
624 $ 
114 $ 
— $ 
180 $ 
294 
138 Yorkville Ave., Toronto, ON (residential)
 
87 
TBD
TBD  
—  
—  
87  
87 
138 Yorkville Ave., Toronto, ON (retail)
 
15 
TBD
TBD  
15  
—  
—  
15 
Total at FCR's share (1)
$ 
376 $ 
350 $ 
726 $ 
129 $ 
— $ 
267 $ 
396 
(1)   At First Capital's proportionate interest. Refer to the "Non-IFRS Financial Measures" section of this MD&A.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
21
FIRST CAPITAL REIT ANNUAL REPORT 2024

Edenbridge Condominiums
Edenbridge on the Kingsway, Etobicoke, is a 9-storey condominium development that includes 209 luxury suites and 
approximately 7,000 square feet of retail GLA at grade. The project is located on the southeast corner of the REIT’s 
Humbertown Shopping Centre and 89% of the units have been pre-sold. The two tower cranes have been removed from 
the site and interior finishing work is underway. The Trust’s 50% co-development partner in the project is Tridel.
400 King
400 King Street West, Toronto, is a 47-storey condominium development that includes 617 suites and approximately 
34,000 square feet of street front retail GLA located over two levels. Structural forming of the 34th floor is underway and 
exterior precast and window installation is underway. As of quarter end, 98% of the units have been pre-sold. The Trust’s 
co-development partners in the project are Plazacorp and Main & Main.
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-storey retail podium is included at grade, incorporating two existing heritage 
facades along the Yonge streetfront. In addition to the inclusion of a new public park on the site, the project includes an 
extensive geothermal heating and cooling system and is targeting Net Zero Carbon and LEED Gold certifications. 
Construction of the underground structure is underway, with the P2 parking level nearing completion. The Trust’s co-
development partner in the project is Woodbourne.
1071 King Street West
1071 King Street West, Toronto, is a 17-storey mixed-use development project located at the gateway to Liberty Village. 
The project includes 298 purpose-built rental units within an iconic flatiron building, along with streetfront retail, a new 
neighbourhood park, and a future connection to the West Toronto Railpath. Excavation is complete and underground 
waterproofing and formwork is underway. The Trust’s co-development partners in the project are Hullmark and 
Woodbourne.
138 Yorkville
138 Yorkville Avenue, Toronto, is a 31-storey ultra-luxury condominium tower that includes approximately 67 large-size 
suites and approximately 40,000 square feet of high-end retail at its base. Located on the northeast corner of Avenue 
Road and Yorkville Avenue, the property is situated prominently at the “gateway” to Toronto’s prestigious Yorkville 
neighbourhood, and it will be integrated into the REIT’s Yorkville Village shopping centre. The tower crane has been 
installed on site, and construction of the underground structure is underway. The Trust’s co-development partner in the 
project is Greybrook Realty Partners.
FIRST CAPITAL REIT ANNUAL REPORT 2024
22

Leasing and Occupancy
As at December 31, 2024, both total portfolio and Same Property occupancy increased 0.3% to 96.8% and 97.0%, 
respectively, compared to September 30, 2024 occupancy rates primarily due to tenant openings, net of closures. Total 
portfolio and Same Property occupancy increased 0.6% and 0.8%, respectively, compared to December 31, 2023 
occupancy rates.
For the year ended December 31, 2024, the monthly average occupancy for the total portfolio was 96.2% compared to 
95.9%, and the Same Property portfolio occupancy was 96.3% compared to 95.8% for the prior year, respectively.
Occupancy of First Capital's portfolio by property categorization was as follows:
As at
December 31, 2024
December 31, 2023
(square feet in thousands)
Total 
Occupied 
Square Feet
% Occupied
Weighted 
Average Rate 
per Occupied 
Square Foot
Total
Occupied 
Square Feet
% Occupied
Weighted 
Average Rate 
per Occupied 
Square Foot
Same Property – stable
 
17,129 
 96.9% $ 
24.20  
17,005 
 96.1% $ 
23.61 
Same Property with redevelopment
 
517 
 99.1%  
18.16  
455 
 98.7%  
18.02 
Total Same Property
 
17,646 
 97.0%  
24.02  
17,460 
 96.2%  
23.46 
Major redevelopment
 
483 
 91.1%  
23.36  
471 
 97.8%  
22.30 
Assets classified as held for sale
 
297 
 97.2%  
17.01  
282 
 94.9%  
18.34 
Total portfolio before acquisitions and dispositions
 
18,426 
 96.8%  
23.89  
18,213 
 96.2%  
23.35 
Acquisitions (1)
 
179 
 95.2%  
34.29  
120 
 97.0%  
30.35 
Dispositions (2)
 
— 
 —%  
—  
207 
 92.0%  
17.76 
Density and Development land
 
81 
 95.3%  
25.29  
86 
 95.3%  
23.89 
Total (3)
 
18,686 
 96.8% $ 
24.00  
18,626 
 96.2% $ 
23.34 
(1) Includes current year and prior year acquisitions.
(2) Comparative information presented relates to 2024 dispositions that have been completed and no longer form part of these metrics as at December 31, 2024.
(3) At FCR's ownership interest.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
23
FIRST CAPITAL REIT ANNUAL REPORT 2024

During the three months ended December 31, 2024, First Capital completed 749,000 square feet of lease renewals across 
the portfolio. First Capital achieved a 12.7% 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 net rental rate of the last year of the expiring term. For 
the three months ended December 31, 2024, First Capital achieved a 18.5% lease renewal rate increase when comparing 
the average net rental rate over the renewal term to the net rental rate in the last year of the expiring term.
The average rental rate per occupied square foot for the total portfolio increased 0.6% from $23.85 as at September 30, 
2024 to $24.00 as at December 31, 2024 primarily due to renewal lifts and rent escalations.
Changes in First Capital’s gross leasable area and occupancy for the total portfolio for the three months ended 
December 31, 2024 are set out below: 
Three months ended 
December 31, 2024
Total Same Property
Major redevelopment, ground-up, 
acquisitions, dispositions, density 
& development land
Vacancy
Total Portfolio (1)
Occupied 
Square Feet 
(thousands)
%
Weighted 
Average Rate 
per Occupied 
Square Foot
Occupied 
Square Feet 
(thousands)
%
Weighted 
Average Rate 
per Occupied 
Square Foot
Under 
Redevelop-
ment Square 
Feet 
(thousands)
%
Vacant 
Square Feet 
(thousands)
%
Total 
Square Feet 
(thousands)
Occupied 
Square 
Feet %
Weighted 
Average Rate 
per Occupied 
Square Foot
September 30, 2024 (2)  17,594  96.7% $ 23.92 
 
1,134 
 94.1% $ 22.78 
 
2 
 —%  
677  3.5%  19,407 
 96.5% $ 23.85 
Tenant possession
 
150 
 
21.18 
 
7 
 
17.94 
 
— 
 
(157) 
 
— 
 
21.03 
Tenant closures
 
(90) 
 (25.43) 
 
(2) 
 (42.85) 
 
— 
 
92 
 
— 
 (25.73) 
Tenant closures for 
redevelopment
 
— 
 
— 
 
(6) 
 (49.93) 
 
6 
 
— 
 
— 
 (49.93) 
Developments – tenants 
coming online (3)
 
— 
 
— 
 
5 
 
40.08 
 
— 
 
(5) 
 
— 
 
40.08 
Redevelopments – tenant 
possession
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
Demolitions
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
Reclassification
 
(8) 
 
— 
 
1 
 
— 
 
2 
 
6 
 
1 
 
— 
Total portfolio before Q4     
     2024 acquisitions
     and dispositions
 17,646  97.0% $ 24.02 
 
1,139 
 94.3% $ 22.74 
 
10  0.1%  
613  3.2%  19,408 
 96.8% $ 23.95 
Acquisitions (at date of 
acquisition)
 
— 
 —%  
— 
 
— 
 —%  
— 
 
— 
 —%  
— 
 
— 
 —%  
— 
Dispositions (at date of 
disposition)
 
— 
 —%  
— 
 
(99)  99.2%  (13.94) 
 
— 
 —%  
(1) 
 
(100)  99.2%  (13.94) 
December 31, 2024
 17,646  97.0% $ 24.02 
 
1,040 
 93.8% $ 23.58 
 
10  0.1%  
612  3.2%  19,308 
 96.8% $ 24.00 
Renewals
 
734 
$ 28.21 
 
15 
$ 20.02 
 
749 
$ 28.05 
Renewals – expired
 
(734) 
$ (25.04) 
 
(15) 
$ (17.65) 
 
(749) 
$ (24.90) 
Net change per square foot from renewals
$ 
3.17 
$ 
2.37 
$ 
3.15 
% Increase on renewal of expiring rents 
(first year of renewal term)
 12.7% 
 13.4% 
 12.7% 
% increase on renewal of expiring rents 
(average rate in renewal term)
 18.5% 
(1)    At FCR's ownership interest.
(2) Opening balances have been adjusted to reflect the current period presentation.
(3)    For further discussion of development and redevelopment coming online and under development vacancy, refer to the “Property Development Activities – 2024 
Development and Redevelopment Coming Online and Space Going Offline” section of this MD&A.
FIRST CAPITAL REIT ANNUAL REPORT 2024
24

During the year ended December 31, 2024, First Capital completed 2,372,000 square feet of lease renewals across the 
portfolio. First Capital achieved a 12.5% 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 net rental rate of the last year in the expiring term. For the 
year ended December 31, 2024, First Capital achieved a 17.3% lease renewal rate increase when comparing the average 
net rental rate over the renewal term to the net rental rate in the last year of the expiring term.
The average rental rate per occupied square foot for the total portfolio increased 2.8% from $23.34 as at December 31, 
2023 to $24.00 as at December 31, 2024 primarily due to rent escalations, renewal lifts, acquisitions and dispositions.
Changes in First Capital’s gross leasable area and occupancy for the total portfolio for the year ended December 31, 2024 
are set out below: 
Year ended December 31, 
2024
Total Same Property
Major redevelopment, ground-up, 
acquisitions, dispositions, density 
& development land
Vacancy
Total Portfolio (1)
Occupied 
Square Feet 
(thousands)
%
Weighted 
Average Rate 
per Occupied 
Square Foot
Occupied 
Square Feet 
(thousands)
%
Weighted 
Average Rate 
per Occupied 
Square Foot
Under 
Redevelop-
ment Square 
Feet 
(thousands)
%
Vacant 
Square Feet 
(thousands)
%
Total 
Square Feet 
(thousands)
Occupied 
Square 
Feet %
Weighted 
Average Rate 
per Occupied 
Square Foot
December 31, 2023 (2)
 17,460  96.2% $ 23.46 
 
1,166 
 95.8% $ 21.48 
 
— 
 — %  
742  3.8%  19,368 
 96.2% $ 23.34 
Tenant possession
 
593 
 
25.27 
 
49 
 
9.24 
 
— 
 
(642) 
 
— 
 
24.04 
Tenant closures
 
(460) 
 (21.98) 
 
(43) 
 (22.48) 
 
— 
 
503 
 
— 
 (22.02) 
Tenant closures for 
redevelopment
 
(4) 
 (25.07) 
 
(8) 
 (39.18) 
 
12 
 
— 
 
— 
 (34.48) 
Developments – tenants 
coming online (3)
 
61 
 
17.00 
 
22 
 
50.66 
 
— 
 
8 
 
91 
 
25.83 
Redevelopments – tenant 
possession
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
Demolitions
 
— 
 
— 
 
— 
 
— 
 
(15) 
 
— 
 
(15) 
 
— 
Reclassification
 
(4) 
 
— 
 
(1) 
 
— 
 
13 
 
15 
 
23 
 
— 
Total portfolio before 
     2024 acquisitions
     and dispositions
 17,646  97.0% $ 24.02 
 
1,185 
 93.5% $ 21.86 
 
10  0.1%  
626  3.2%  19,467 
 96.7% $ 23.89 
Acquisitions (at date of 
acquisition)
 
— 
 —%  
— 
 
63 
 98.2%  
38.34 
 
— 
 —%  
1 
 
64 
 98.2%  
38.34 
Dispositions (at date of 
disposition)
 
— 
 —%  
— 
 
(208)  93.5%  (18.23) 
 
— 
 —%  
(15) 
 
(223)  93.5%  (18.23) 
December 31, 2024
 17,646  97.0% $ 24.02 
 
1,040 
 93.8% $ 23.58 
 
10  0.1%  
612  3.2%  19,308 
 96.8% $ 24.00 
Renewals
 
2,334 
$ 27.58 
 
38 
$ 30.65 
 
2,372 
$ 27.63 
Renewals – expired
 
(2,334) 
$ (24.53) 
 
(38) 
$ (26.81) 
 
(2,372) 
$ (24.57) 
Net change per square foot from renewals
$ 
3.05 
$ 
3.84 
$ 
3.06 
% Increase on renewal of expiring rents 
(first year of renewal term)
 12.4% 
 14.3% 
 12.5% 
% increase on renewal of expiring rents  
(average rate in renewal term)
 17.3% 
(1)    At FCR's ownership interest.
(2) Opening balances have been adjusted to reflect the current period presentation.
(3)    For further discussion of development and redevelopment coming online and under development vacancy, refer to the “Property Development Activities – 2024 
Development and Redevelopment Coming Online and Space Going Offline” section of this MD&A.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
25
FIRST CAPITAL REIT ANNUAL REPORT 2024

Top Forty Tenants
As at December 31, 2024, 55.8% of First Capital's annualized minimum rent came from its top 40 tenants 
(December 31, 2023 – 54.9%). Of these rents, 71.1% (December 31, 2023 – 73.0%) came from tenants that have 
investment grade credit ratings and who represent many of Canada’s leading grocery stores, pharmacies, national and 
discount retailers, financial institutions and other familiar retailers. The weighted average remaining lease term for First 
Capital’s top 10 tenants was 5.8 years as at December 31, 2024, excluding contractual renewal options.
Rank
Tenant (1) (2)
Number
 of Stores
Square Feet
(thousands)
Percent of Total 
Gross Leasable 
Area
Percent of Total 
Annualized 
Minimum Rent
DBRS Credit 
Rating
S&P Credit 
Rating
Moody’s 
Credit Rating
1.
Loblaw Companies Limited ("Loblaw")
 
95  
1,932 
10.4%
10.6%
BBB (high)
BBB+
2.
Sobeys
 
49  
1,383 
7.4%
5.5%
BBB
BBB-
3.
Metro
 
34  
875 
4.7%
3.2%
BBB (high)
BBB
4.
Canadian Tire
 
19  
693 
3.7%
3.1%
BBB
BBB
5.
Walmart
 
10  
1,018 
5.5%
2.1%
AA
Aa2
6.
TD Canada Trust
 
43  
196 
1.1%
2.1%
AA (high)
A+
Aa2
7.
Dollarama
 
52  
468 
2.5%
1.9%
BBB
BBB
Baa2
8.
Save-On-Foods
 
8  
316 
1.7%
1.8%
9.
GoodLife Fitness
 
25  
466 
2.5%
1.7%
B2
10.
RBC Royal Bank
 
36  
192 
1.0%
1.7%
AA (high)
AA-
Aa1
Top 10 Tenants Total
 
371  
7,539 
40.5%
33.7%
11.
Scotiabank
 
29  
134 
0.7%
1.6%
AA
A+
Aa2
12.
RONA
 
4  
361 
1.9%
1.4%
13.
CIBC
 
33  
168 
0.9%
1.4%
AA
A+
Aa2
14.
LCBO
 
21  
190 
1.0%
1.3%
AA
AA-
Aa3
15.
Winners
 
13  
306 
1.6%
1.3%
A
A2
16.
Restaurant Brands International
 
54  
120 
0.6%
1.2%
BB
Ba3
17.
Rexall
 
17  
139 
0.7%
1.1%
18.
Longo's
 
5  
196 
1.1%
1.1%
19.
BMO
 
25  
105 
0.6%
1.1%
AA
A+
Aa2
20.
London Drugs
 
7  
172 
0.9%
0.9%
21.
Recipe Unlimited
 
27  
104 
0.6%
0.8%
22.
Petsmart
 
7  
118 
0.6%
0.7%
B+
B1
23.
Altea Active
 
1  
32 
0.2%
0.7%
24.
Staples
 
7  
140 
0.8%
0.7%
B-
B3
25.
Toys "R" Us
 
4  
141 
0.8%
0.6%
26.
Whole Foods Market
 
2  
90 
0.5%
0.6%
AA-
A1
27.
Starbucks
 
32  
45 
0.2%
0.6%
BBB+
Baa1
28.
McDonald's
 
19  
70 
0.4%
0.5%
BBB+
Baa1
29.
Pusateri's
 
1  
35 
0.2%
0.5%
30.
Subway
 
56  
56 
0.3%
0.5%
31.
The Beer Store
 
10  
59 
0.3%
0.5%
AA
AA-
Aa3
32.
Pet Valu
 
21  
60 
0.3%
0.4%
33.
The Home Depot
 
2  
153 
0.8%
0.4%
A
A
A2
34.
Williams-Sonoma
 
2  
38 
0.2%
0.4%
35.
Anytime Fitness
 
13  
66 
0.4%
0.3%
36.
Alcanna Inc.
 
13  
40 
0.2%
0.3%
37.
Bulk Barn
 
13  
55 
0.3%
0.3%
38.
CLSC (3)
 
1  
73 
0.4%
0.3%
AA (low)
AA-
Aa2
39.
Yum! Brands
 
21  
33 
0.2%
0.3%
BB+
Ba2
40.
Michaels
 
3  
54 
0.3%
0.3%
B-
B3
Top 40 Tenants Total
 
834  
10,892 
58.5%
55.8%
(1)   The names noted above may be the names of the parent entities and are not necessarily the covenants under the leases.
(2)   Tenants noted include all banners of the respective retailer.
(3)   Centre local de services communautaires.
FIRST CAPITAL REIT ANNUAL REPORT 2024
26

Lease Maturity Profile
First Capital’s lease maturity profile for its portfolio as at December 31, 2024, excluding any contractual renewal options, 
is as follows:
Maturity Date
 Number of 
Locations
Occupied Square 
Feet (thousands)
 Percent of Total
Square Feet
Annualized 
Minimum Rent at 
Expiration
(thousands)
Percent of Total 
Annualized 
Minimum Rent
Average Annual 
Minimum Rent 
per Square Foot 
at Expiration
Month-to-month tenants (1)
 
68  
176 
 0.9 %
$ 
3,855 
 0.8 %
$ 
21.87 
2025
 
371  
1,353 
 7.0 %
 
31,241 
 6.3 %
 
23.08 
2026
 
533  
1,834 
 9.5 %
 
48,309 
 9.8 %
 
26.34 
2027
 
604  
2,740 
 14.2 %
 
68,416 
 13.8 %
 
24.97 
2028
 
581  
3,093 
 16.0 %
 
73,902 
 14.9 %
 
23.89 
2029
 
587  
2,795 
 14.5 %
 
66,923 
 13.5 %
 
23.95 
2030
 
356  
1,536 
 8.0 %
 
43,596 
 8.8 %
 
28.39 
2031
 
149  
887 
 4.6 %
 
24,134 
 4.9 %
 
27.22 
2032
 
150  
895 
 4.6 %
 
22,799 
 4.6 %
 
25.48 
2033
 
141  
738 
 3.8 %
 
21,323 
 4.3 %
 
28.89 
2034
 
160  
806 
 4.2 %
 
28,564 
 5.8 %
 
35.44 
2035
 
95  
700 
 3.6 %
 
25,940 
 5.3 %
 
37.07 
Thereafter
 
58  
1,133 
 5.9 %
 
35,528 
 7.2 %
 
31.34 
Total or Weighted Average
 
3,853  
18,686 
 96.8 %
$ 
494,530 
 100.0 %
$ 
26.46 
(1)   Includes tenants on over hold including renewals and extensions under negotiation, month-to-month tenants and tenants in space at properties with future redevelopment.
The weighted average remaining lease term for the portfolio was 5.2 years as at December 31, 2024, excluding contractual 
renewal options, but including month-to-month and other short-term leases.
Investment in Joint Ventures
As at December 31, 2024, First Capital had interests in seven joint ventures that it accounts for using the equity method. 
First Capital's joint ventures are as follows: 
Name of Entity
Name of Property/Business Activity
Location
Effective Ownership
December 31, 2024
December 31, 2023
Aukland and Main Developments LP
Station Place
Toronto, ON
 35.4% 
 35.4% 
College Square General Partnership
College Square
Ottawa, ON
 50.0% 
 50.0% 
Edenbridge Kingsway (Humbertown)
Humbertown Condos (Phase 1)
Toronto, ON
 50.0% 
 50.0% 
Fashion Media Group GP Ltd. 
Toronto Fashion Week events
Toronto, ON
 78.0% 
 78.0% 
FC Urban Properties, LP
199 Avenue Rd.
Toronto, ON
 20.0% 
 20.0% 
Green Capital Limited Partnership (1)
Royal Orchard
Markham, ON
 —% 
 50.0% 
Lakeshore Development LP
2150 Lake Shore Blvd. W. 
Toronto, ON
 50.0% 
 50.0% 
Stackt Properties LP
Shipping Container marketplace
Toronto, ON
 94.0% 
 94.0% 
(1) During the first quarter of 2024, Green Capital Limited Partnership was dissolved and the net assets distributed to its limited partners.
First Capital has determined that these investments are joint ventures as all decisions regarding their activities are made 
unanimously between First Capital and its partners. 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
27
FIRST CAPITAL REIT ANNUAL REPORT 2024

The following table reconciles the changes in First Capital's interests in its equity accounted joint ventures for the years 
ended December 31, 2024 and 2023:
December 31, 2024
December 31, 2023
Balance at beginning of year
$ 
404,504 $ 
357,122 
Contributions to equity accounted joint ventures
 
20,037  
6,554 
Distributions from equity accounted joint ventures 
 
(5,533)  
(4,599) 
Disposition of equity accounted joint venture
 
—  
(3,074) 
Distribution of net assets from equity accounted joint venture
 
(60,028)  
— 
Share of profit (loss) from equity accounted joint ventures 
 
(38,938)  
48,501 
Balance at end of year
$ 
320,042 $ 
404,504 
On June 9, 2023, the Trust sold its 50% interest of the partnership units in the ONE Restaurant for $5.0 million. The sale was 
subject to working capital and closing adjustments of $0.9 million with the Trust receiving net proceeds of $4.1 million. The 
total gain on investment of $1.0 million was recognized in other gains (losses) and (expenses) during the second quarter of 
2023.
On February 28, 2024, Green Capital Limited Partnership was dissolved and the net assets distributed to its limited partners. 
The Trust held a 50% interest in the partnership and received net assets of $60.0 million. Concurrently with the dissolution, 
the Trust sold its 50% interest in the Royal Orchard property for net proceeds of $59.7 million.
Loans, Mortgages and Other Assets 
As at
December 31, 2024
December 31, 2023
Non-current
Loans and mortgages receivable classified as amortized cost (a)
$ 
14,178 
$ 
57,509 
Other investments
 
12,506 
 
11,393 
Due from co-owners (b)
 
62,044 
 
41,944 
Total non-current
 
88,728 
 
110,846 
Current
Loans and mortgages receivable classified as amortized cost (a)
 
81,657 
 
73,718 
FVTPL investments in securities (c)
 
3,246 
 
2,801 
Total current 
 
84,903 
 
76,519 
Total 
$ 
173,631 
$ 
187,365 
(a) Loans and mortgages receivable are secured by interests in investment properties or shares of entities owning 
investment properties. As at December 31, 2024, these receivables bear interest at weighted average effective 
interest rates of 8.9% (December 31, 2023 – 8.6%) and mature between 2025 and 2027. 
(b) The Trust has contributed equity to one of its co-ownerships whereas its partners made draws on the co-ownership's 
new credit facility to fund the co-ownership's development project. The due from co-owners in the principal amount 
of $55.8 million equals the Trust's proportionate share of the co-ownership's credit facility draws. As there is no right 
of offset for these two financial instruments they are presented on a gross basis on the consolidated balance sheets.
(c) From time to time, First Capital invests in publicly traded real estate and related securities. These securities are  
recorded at market value. Realized and unrealized gains and losses on FVTPL securities are recorded in other gains  
(losses) and (expenses).
FIRST CAPITAL REIT ANNUAL REPORT 2024
28

RESULTS OF OPERATIONS
Net Operating Income
First Capital’s net operating income for its portfolio is presented below:
Three months ended December 31
Year ended December 31
% change  
2024 
 
2023 
% change  
2024 
 
2023 
Property rental revenue
Base rent (1)
$ 111,097 
$ 107,872 
$ 440,372 
$ 429,050 
Operating cost recoveries
 
30,055 
 
27,867 
 114,751 
 110,891 
Realty tax recoveries
 
30,601 
 
29,342 
 121,015 
 117,634 
Lease termination fees
 
504 
 
525 
 
6,384 
 
878 
Percentage rent
 
825 
 
670 
 
2,947 
 
3,079 
Straight-line rent adjustment
 
2,365 
 
13 
 
7,168 
 
(414) 
Prior year operating cost and tax recovery adjustments
 
91 
 
(333) 
 
1,022 
 
1,050 
Temporary tenants, storage, parking and other (2)
 
4,834 
 
5,228 
 
19,865 
 
25,813 
Total Property rental revenue
 5.4%  180,372 
 171,184 
 3.7%  713,524 
 687,981 
Property operating costs 
Recoverable operating expenses
 
31,844 
 
30,736 
 125,804 
 123,606 
Recoverable realty tax expense
 
34,591 
 
32,882 
 137,288 
 133,208 
Prior year realty tax expense (recovery)
 
(17) 
 
(1,256) 
 
(178) 
 
(1,408) 
Other operating costs and adjustments (3)
 
1,038 
 
66 
 
3,322 
 
7,318 
Total Property operating costs
 
67,456 
 
62,428 
 266,236 
 262,724 
NOI (4)
 3.8% $ 112,916 
$ 108,756 
 5.2% $ 447,288 
$ 425,257 
NOI margin
 62.6% 
 63.5% 
 62.7% 
 61.8% 
(1) Includes residential revenue.
(2) Includes hotel property revenue.
(3) Includes residential operating costs, hotel property operating costs and bad debt expense (recovery). For the three months and year ended December 31, 2024, bad debt 
expense (recovery) totaled $Nil and ($0.7) million, respectively (three months and year ended December 31, 2023 - ($0.4) million and ($1.6) million, respectively).
(4)   Refer to the "Non-IFRS Financial Measures" section of this MD&A.
For the three months and year ended December 31, 2024, total NOI increased $4.2 million and $22.0 million, 
respectively, compared to the same prior year periods. For the three months ended December 31, 2024, the increase was 
primarily due to higher base rent and higher net operating cost and tax recoveries, partially offset by lower bad debt 
recovery in the fourth quarter of 2024 relative to the fourth quarter of 2023. For the year ended December 31, 2024, the 
increase was primarily due to significantly higher contributions from lease termination fees, higher base rent and lower 
non-recoverable expenditures. Excluding bad debt expense (recovery) and lease termination fees, total NOI increased 
$4.9 million and $17.8 million, respectively, compared to the same prior year periods. 
For the three months and year ended December 31, 2024, property operating costs include $6.3 million and 
$25.5 million, respectively (three months and year ended December 31, 2023 – $5.9 million and $24.5 million, 
respectively) related to employee compensation.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
29
FIRST CAPITAL REIT ANNUAL REPORT 2024

Same Property NOI Growth
First Capital’s net operating income for its portfolio by property category is presented below: 
Three months ended December 31
Year ended December 31
% change  
2024 
 
2023 
% change  
2024 
 
2023 
Property rental revenue
Base rent (1)
$ 106,367 
$ 103,226 
$ 421,362 
$ 410,599 
Operating cost recoveries
 
28,718 
 
26,161 
 109,102 
 104,421 
Realty tax recoveries
 
29,282 
 
28,040 
 115,712 
 112,499 
Lease termination fees
 
504 
 
525 
 
6,127 
 
878 
Percentage rent
 
749 
 
664 
 
2,688 
 
2,517 
Prior year operating cost and tax recovery adjustments
 
91 
 
(329) 
 
1,484 
 
884 
Temporary tenants, storage, parking and other (2)
 
4,496 
 
4,387 
 
18,003 
 
17,093 
Total Same Property rental revenue
 170,207 
 162,674 
 674,478 
 648,891 
Property operating costs 
Recoverable operating expenses
 
30,166 
 
28,905 
 118,859 
 115,720 
Recoverable realty tax expense
 
32,775 
 
31,280 
 130,080 
 126,281 
Prior year realty tax expense
 
55 
 
(1,211) 
 
(63) 
 
(1,208) 
Other operating costs and adjustments (3)
 
1,412 
 
651 
 
4,449 
 
4,643 
Total Same Property operating costs
 
64,408 
 
59,625 
 253,325 
 245,436 
Total Same Property NOI (4)
 2.7% $ 105,799 
$ 103,049 
 4.4% $ 421,153 
$ 403,455 
Major redevelopment
 
2,661 
 
2,706 
 
10,482 
 
10,240 
Acquisitions – 2024
 
648 
 
— 
 
2,319 
 
— 
Acquisitions – 2023
 
855 
 
887 
 
3,547 
 
2,990 
Assets classified as held for sale
 
1,207 
 
1,292 
 
4,841 
 
5,042 
Dispositions – 2024
 
364 
 
1,120 
 
2,735 
 
4,159 
Dispositions – 2023
 
169 
 
794 
 
390 
 
4,053 
Straight-line rent adjustment 
 
2,434 
 
28 
 
7,340 
 
(366) 
Development land 
 
767 
 
(92) 
 
2,068 
 
2,163 
NOI at First Capital's proportionate interest (4)
 4.7% $ 114,904 
$ 109,784 
 5.4% $ 454,875 
$ 431,736 
NOI related to equity accounted joint ventures & NCI
 
(1,988) 
 
(1,028) 
 
(7,587) 
 
(6,479) 
NOI per consolidated statements of income (loss)
$ 112,916 
$ 108,756 
$ 447,288 
$ 425,257 
NOI margin
 62.6% 
 63.5% 
 62.7% 
 61.8% 
(1) Includes residential revenue.
(2) Includes hotel property revenue.
(3) Includes residential operating costs, hotel property operating costs and bad debt expense.
(4)   Refer to the "Non-IFRS Financial Measures" section of this MD&A.
The components of Same Property ("SP") NOI growth and comparisons to the same prior year period are as follows:
Three months ended December 31
Year ended December 31
2024
2023 (1)
2024
2023 (1)
Same Property – Stable
 2.9% 
 (2.4%) 
 4.4% 
 1.2% 
Same Property with redevelopment
 (4.8%) 
 34.6% 
 5.5% 
 6.9% 
Total Same Property NOI Growth (2)
 2.7% 
 (1.8%) 
 4.4% 
 1.3% 
(1) Prior periods as reported; not restated to reflect current period property categories.
(2)   Refer to the "Non-IFRS Financial Measures" section of this MD&A.
FIRST CAPITAL REIT ANNUAL REPORT 2024
30

For the three months ended December 31, 2024, SP NOI increased by $2.8 million, or 2.7%, over the same prior year 
period due to higher base rent, partially offset by a year-over-year decrease in bad debt recovery of $0.7 million. Same 
Property NOI excluding bad debt expense (recovery) and lease termination fees increased 3.4%.
For the year ended December 31, 2024, SP NOI increased by $17.7 million, or 4.4%, inclusive of a $5.5 million settlement 
with Nordstrom with respect to the early termination of its lease at One Bloor East in June 2023. SP NOI growth excluding 
bad debt expense (recovery) and lease termination fees increased 3.3%, primarily due to higher base rent in 2024 relative 
to 2023. 
Interest and Other Income
Three months ended December 31
Year ended December 31
2024
2023
2024
2023
Interest, dividend and distribution income from cash,  
marketable securities and other investments
$ 
943 
$ 
2,509 
$ 
9,119 
$ 
5,491 
Interest income from loans and mortgages receivable 
classified as FVTPL 
 
— 
 
— 
 
— 
 
79 
Interest income from loans and mortgages receivable at 
amortized cost
 
3,511 
 
2,744 
 
12,045 
 
10,543 
Fees and other income (1)(2)(3)
 
1,634 
 
1,165 
 
25,954 
 
8,762 
Total
$ 
6,088 
$ 
6,418 
$ 
47,118 
$ 
24,875 
(1) For the year ended December 31, 2024, fees and other income includes a density bonus payment of $11.3 million related to a previously sold property which received final 
zoning approval in the third quarter of 2024.
(2) For the year ended December 31, 2024, fees and other income includes a $9.5 million fee related to the assignment of a purchase and sale agreement for a parcel of land.
(3) For the year ended December 31, 2023, fees and other income includes a legal settlement of $3.8 million recognized in the third quarter of 2023.
For the three months ended December 31, 2024, interest and other income decreased $0.3 million, over the same prior 
year period primarily due to lower bank interest income earned as a result of interest rate decreases year-over-year. 
For the year ended December 31, 2024, interest and other income increased $22.2 million, over prior year primarily 
due to the recognition of a $9.5 million assignment fee related to a small development parcel located in Montreal as 
well as a density bonus payment of $11.3 million in connection with a previously sold property, recognized in the first 
and third quarters of 2024, respectively.
Interest Expense
First Capital’s interest expense by type is as follows:
Three months ended December 31
Year ended December 31
2024
2023
2024
2023
Mortgages 
$ 
12,790 
$ 
13,442 
$ 
52,703 
$ 
52,987 
Credit facilities
 
11,790 
 
13,263 
 
47,109 
 
45,988 
Senior unsecured debentures
 
22,791 
 
17,499 
 
85,154 
 
75,614 
Distributions on Exchangeable Units (1)
 
— 
 
9 
 
— 
 
48 
Interest capitalized
 
(4,971)  
(5,214) 
 
(18,803)  
(20,541) 
Interest expense
$ 
42,400 
$ 
38,999 
$ 
166,163 
$ 
154,096 
(1) The distributions declared on the Exchangeable Units are accounted for as interest expense.
For the three months and year ended December 31, 2024, interest expense increased $3.4 million and $12.1 million, 
respectively, compared to the same prior year periods, primarily due to higher fixed interest rates on $800 million of 
senior unsecured debentures issued throughout 2024 and a $1.7 million loss due to the early termination of interest rate 
swaps, partially offset by the repayment of $200 million of fixed rate unsecured term loans during the fourth quarter of 
2024. 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
31
FIRST CAPITAL REIT ANNUAL REPORT 2024

During the years ended December 31, 2024 and 2023, approximately 10.2% or $18.8 million, and 11.8% or $20.5 million, 
respectively, of interest expense was capitalized to real estate investments under active development or redevelopment 
as well as for land or properties held for development.
Corporate Expenses
First Capital's corporate expenses are as follows:
Three months ended December 31
Year ended December 31
2024
2023
2024
2023
Salaries, wages and benefits
$ 
8,240 
$ 
7,154 
$ 
33,223 
$ 
32,060 
Unit-based compensation
 
2,684 
 
2,416 
 
10,372 
 
9,363 
Other corporate costs (1)
 
3,410 
 
3,202 
 
15,052 
 
20,310 
Total corporate expenses
 
14,334 
 
12,772 
 
58,647 
 
61,733 
Amounts capitalized to investment properties under 
development
 
(1,777)  
(1,818) 
 
(7,559)  
(7,831) 
Corporate expenses
$ 
12,557 
$ 
10,954 
$ 
51,088 
$ 
53,902 
(1) Includes $Nil in legal, advisory and settlement costs related to the Unitholder activism for the year ended December 31, 2024 (year ended December 31, 2023 - 
approximately $7 million).
For the three months ended December 31, 2024, gross corporate expenses, before capitalization, increased by $1.6 
million, over the same prior year period primarily due to higher compensation expense incurred in the fourth quarter of 
2024 relative to the fourth quarter of 2023. 
For the year ended December 31, 2024, gross corporate expenses, before capitalization, decreased by $3.1 million, 
over prior year primarily due to costs related to the non-recurring unitholder activism incurred in 2023 of 
approximately $7 million. The overall decrease was partially offset by higher other corporate costs and employee 
compensation. 
First Capital manages substantially all acquisitions, development and redevelopment and leasing activities internally. 
Certain internal costs directly related to development, including salaries and related costs for planning, zoning, 
construction and so forth, are capitalized in accordance with IFRS to development projects as incurred. During the years 
ended December 31, 2024 and 2023, approximately $7.6 million and $7.8 million, respectively, of compensation-
related and other corporate expenses were capitalized to real estate investments for properties undergoing 
development or redevelopment projects. Amounts capitalized are based on development and pre-development 
projects underway. Changes in capitalized corporate expenses are primarily the result of timing of completion of 
development and redevelopment projects and First Capital’s current level of pre-development and early 
redevelopment activity.
FIRST CAPITAL REIT ANNUAL REPORT 2024
32

Other Gains (Losses) and (Expenses)
First Capital's other gains, losses and expenses are as follows:
Three months ended December 31
2024
2023
Consolidated 
Statements of 
Income (Loss)
Included in 
FFO
Consolidated 
Statements of 
Income (Loss)
Included in 
FFO
Unrealized gain (loss) on marketable securities
$ 
(123) $ 
(123) $ 
(275) $ 
(275) 
Pre-selling costs of residential inventory
 
(1,459)  
(1,459)  
(9)  
(9) 
Investment property selling costs
 
(641)  
—  
(663)  
— 
Gain (loss) on foreign currency translation
 
(9,494)  
(9,494)  
10,919  
10,919 
Gain (loss) on mark-to-market of derivatives (1)
 
10,972  
10,972  
(20,270)  
(20,270) 
Total per consolidated statements of income (loss)
$ 
(745) $ 
(104) $ 
(10,298) $ 
(9,635) 
Pre-selling costs of residential inventory applicable to NCI 
 
2  
2  
3  
3 
Other gains (losses) and (expenses) under equity accounted joint ventures (2)
 
(77)  
(77)  
(23)  
(24) 
Total at First Capital's proportionate interest (3)
$ 
(820) $ 
(179) $ 
(10,318) $ 
(9,656) 
(1) The Trust enters into cross-currency swap derivatives to manage interest rate risk and foreign currency risk on its US denominated variable rate debt instruments.
(2)  Other gains (losses) and (expenses) under equity accounted joint ventures, included in FFO, is comprised of pre-selling costs of residential inventory of $0.1 million 
(December 31, 2023 - $24.0 thousand).
(3) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
Year ended December 31
2024
2023
Consolidated 
Statements of 
Income (Loss)
Included in 
FFO
Consolidated 
Statements of 
Income (Loss)
Included in 
FFO
Unrealized gain (loss) on marketable securities
$ 
445 $ 
445 $ 
(533) $ 
(533) 
Net gain (loss) on early settlement of debt
 
(8)  
(8)  
—  
— 
Gain on Investment (1)
 
—  
—  
1,007  
1,007 
Pre-selling costs of residential inventory
 
(1,467)  
(1,467)  
(36)  
(36) 
Investment property selling costs
 
(3,432)  
—  
(3,336)  
— 
Gain (loss) on foreign currency translation
 
(16,291)  
(16,291)  
8,659  
8,659 
Gain (loss) on mark-to-market of derivatives (2)
 
16,221  
16,221  
(18,008)  
(18,008) 
Total per consolidated statements of income (loss)
$ 
(4,532) $ 
(1,100) $ 
(12,247) $ 
(8,911) 
Pre-selling costs of residential inventory applicable to NCI
 
5  
5  
11  
11 
Investment property selling costs applicable to NCI
 
26  
—  
—  
— 
Other gains (losses) and (expenses) under equity accounted joint ventures (3)
 
(167)  
(167)  
(410)  
(409) 
Total at First Capital's proportionate interest (4)
$ 
(4,668) $ 
(1,262) $ 
(12,646) $ 
(9,309) 
(1) On June 9, 2023, the Trust sold its 50% interest of the partnership units in the ONE Restaurant.
(2) The Trust enters into cross-currency swap derivatives to manage interest rate risk and foreign currency risk on its US denominated variable rate debt instruments.
(3)    Other gains (losses) and (expenses) under equity accounted joint ventures, included in FFO, is comprised of pre-selling costs of residential inventory of $0.2 million 
(December 31, 2023 - $0.4 million). 
(4) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
For the three months ended December 31, 2024, First Capital recognized $0.7 million in other losses in its consolidated 
statements of income (loss) compared to $10.3 million in other losses for the same prior year period. The $9.6 million net 
decrease in other losses over prior year is primarily due to mark to market (non-cash) fluctuations on outstanding derivative 
financial instruments employed by the Trust to reduce its borrowing costs and fix the rate of interest on certain variable-
rate term loans. Also contributing to the variance is the movement in the US to CDN dollar exchange rate driving gains or 
losses on the translation of the Trust's US denominated debt.
For the year ended December 31, 2024, First Capital recognized $4.5 million in other losses in its consolidated statements of 
income (loss) compared to $12.2 million in other losses for the prior year. The $7.7 million net decrease in other losses over 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
33
FIRST CAPITAL REIT ANNUAL REPORT 2024

prior year is primarily due to a $34.2 million increase in unrealized gains on the mark to market of derivatives, largely offset 
by a $25.0 million increase in losses on foreign currency translation and higher residential selling costs of $1.4 million. 
Income Taxes
For the three months and years ended December 31, 2024 and 2023, deferred income tax expense (recovery) totaled 
$39.3 million and $14.3 million, respectively, compared to $46.3 million and ($4.8) million, respectively, over the same 
prior year periods. The increase of $19.1 million for the year ended December 31, 2024, in deferred income tax 
expense was primarily due to an increase in taxable temporary differences applicable to the Trust's corporate 
subsidiaries.
Net Income (Loss) Attributable to Unitholders 
For the three months ended December 31, 2024, net income (loss) attributable to Unitholders was $32.1 million or 
$0.15 per diluted unit compared to $173.8 million or $0.81 per diluted unit for the same prior year period. The $141.7 
million decrease in net income over prior year was primarily due to a $167.6 million increase in the fair value of 
investment property in the fourth quarter of 2023 versus a $3.6 million increase in fair value recognized in the fourth 
quarter of 2024, on a proportionate basis.
For the year ended December 31, 2024, net income (loss) attributable to Unitholders was $204.9 million or $0.96 per 
diluted unit compared to ($134.1) million or ($0.63) per diluted unit for the same prior year period. The $339.0 million 
increase in net income over prior year was primarily due to a $376.4 million decrease in the fair value of investment 
property for the year ended 2023 versus a $49.6 million decrease in fair value recognized during the year ended 2024, 
on a proportionate basis.
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 estate industry, financial leverage is used to enhance 
rates of return on invested capital. Management believes that the combination of debt and equity in FCR's capital 
structure provides stability and reduces risk, while generating an acceptable return on investment, taking into account 
the long-term business strategy of First Capital. 
As at 
December 31, 2024
December 31, 2023
Liabilities (principal amounts outstanding)
Mortgages (1)
$ 
1,336,596 
$ 
1,432,611 
Credit facilities (1)
 
741,449 
 
1,151,226 
Senior unsecured debentures
 
2,100,000 
 
1,600,000 
Total Debt (1) 
$ 
4,178,045 
$ 
4,183,837 
Cash and cash equivalents (1)
 
(158,941) 
 
(92,499) 
Net Debt (1) (2)
$ 
4,019,104 
$ 
4,091,338 
Equity market capitalization (3)
 
3,600,991 
 
3,254,907 
Enterprise value (1)
$ 
7,620,095 
$ 
7,346,245 
Trust Units outstanding (000's)
 
212,323 
 
212,184 
Closing market price
$ 
16.96 
$ 
15.34 
(1) At First Capital's proportionate interest. Refer to the "Non-IFRS Financial Measures" section of this MD&A.
(2) Net Debt is a non-IFRS measure that is calculated as the sum of total debt including principal amounts outstanding on credit facilities and mortgages, bank indebtedness and 
the par value of senior unsecured debentures reduced by the cash balances at the end of the period on a proportionate basis. 
(3) Equity market capitalization is the market value of FCR's units outstanding at a point in time. The measure is not defined by IFRS, does not have a standard definition and, as 
such, may not be comparable to similar measures disclosed by other issuers. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
34

Adjusted EBITDA
Adjusted EBITDA is a non-IFRS measure that is calculated as net income (loss), adding back income tax expense, interest 
expense and amortization and excluding the increase or decrease in the fair value of investment properties, fair value 
gains or losses on Exchangeable Units, fair value gains or losses on unit-based compensation and other non-cash or non-
recurring items on a proportionate basis. First Capital also adjusts for incremental leasing costs, which is a recognized 
adjustment to FFO, in accordance with the recommendations of REALPAC.
The following table reconciles First Capital's net income (loss) to Adjusted EBITDA for the three months and years ended 
December 31, 2024 and 2023: 
Three months ended December 31
Year ended December 31
2024
2023
2024
2023
Net income (loss) attributable to Unitholders
$ 
32,081 
$ 
173,801 
$ 
204,933 
$ 
(134,056) 
Add (deduct) (1):
Deferred income tax expense (recovery) 
 
39,271 
 
46,328 
 
14,253 
 
(4,779) 
Interest Expense
 
43,326 
 
40,005 
 
170,050 
 
158,195 
Amortization expense
 
754 
 
660 
 
2,951 
 
5,754 
(Increase) decrease in value of investment properties 
 
(3,585) 
 
(167,606) 
 
49,641 
 
376,403 
(Increase) decrease in value of hotel property 
 
— 
 
— 
 
— 
 
(3,646) 
Increase (decrease) in value of Exchangeable Units
 
— 
 
123 
 
— 
 
(88) 
Increase (decrease) in value of unit-based compensation
 
(3,926) 
 
1,920 
 
5,381 
 
(6,237) 
Incremental leasing costs 
 
1,834 
 
1,800 
 
7,577 
 
7,366 
Abandoned transaction (costs) recovery
 
10 
 
6 
 
46 
 
24 
Other non-cash and/or non-recurring items
 
820 
 
10,318 
 
4,668 
 
12,646 
Adjusted EBITDA (1)
$ 
110,585 
$ 
107,355 
$ 
459,500 
$ 
411,582 
(1) At First Capital's proportionate interest. Refer to the "Non-IFRS Financial Measures" section of this MD&A.
Key Metrics
The ratios below include measures not specifically defined in IFRS. 
As at 
December 31, 2024
December 31, 2023
Weighted average effective interest rate on mortgages, fixed rate unsecured term loans and 
senior unsecured debentures
 4.3% 
 3.9% 
Weighted average maturity on mortgages, fixed rate unsecured term loans and senior 
unsecured debentures (years)
3.7
3.3
Net debt to total assets (1)
 44.5% 
 45.0% 
Net debt to Adjusted EBITDA (1)
8.7
9.9
Unencumbered aggregate assets (1)
$ 6,249,755 
$ 6,019,249 
Unencumbered aggregate assets to unsecured debt, based on fair value (1)
2.3
2.3
Adjusted EBITDA interest coverage (1)
2.4
2.3
(1) Calculated with joint ventures proportionately consolidated in accordance with FCR's debt covenants. Total assets excludes cash balances. Refer to the "Non-IFRS Financial 
Measures" section of this MD&A. 
The Net debt to Adjusted EBITDA ratio decreased by 1.2x to 8.7x, as of December 31, 2024, primarily due to a $48 million 
increase in adjusted EBITDA on a rolling four quarter basis as well as a decrease in net debt of $72 million.
Measures used in these ratios are defined below:
• Debt consists of principal amounts outstanding on credit facilities and mortgages, and the par value of senior 
unsecured debentures;
• Net debt is calculated as Debt, as defined above, reduced by cash balances at the end of the period; 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
35
FIRST CAPITAL REIT ANNUAL REPORT 2024

• Adjusted EBITDA, is calculated as net income (loss), adding back income tax expense; interest expense; and 
amortization and excluding the increase or decrease in the value of investment properties, hotel property, 
Exchangeable units and unit-based compensation; other gains (losses) and (expenses); and other non-cash or non-
recurring items on a proportionate basis. The Trust also adjusts for incremental leasing costs, which is a recognized 
adjustment to Funds from Operations, in accordance with the recommendations of the REALPAC;
• 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 calculated as unencumbered assets divided by the principal 
amount of the unsecured debt, which consists of the bank indebtedness, unsecured bank term loans, unsecured credit 
facilities and senior unsecured debentures.
Credit Ratings
On June 10, 2024, DBRS confirmed FCR's Issuer Rating and Senior Unsecured Debentures rating at BBB and changed the 
trend to positive from stable.
According to DBRS, a credit rating in the BBB category is generally an indication of adequate credit quality and an 
acceptable capacity for the payment of financial obligations. DBRS indicates that BBB rated obligations may be vulnerable 
to future events. A rating trend, expressed as positive, stable or negative, provides guidance in respect of DBRS’ opinion 
regarding the outlook for the rating in question.
On November 9, 2023, S&P withdrew its BBB- issuer credit rating on First Capital and its BBB- issue-level ratings on its 
unsecured debentures at the issuer's request. At the time of the withdrawal, S&P's outlook was stable.
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 December 31, 2024 is summarized in the table below: 
As at December 31, 2024
Mortgages (1)
Credit Facilities (2)
Senior 
Unsecured 
Debentures
Total
% Due
2025
$ 
100,153 $ 
127,619 $ 
300,000 
$ 
527,772 
 13.0% 
2026
 
124,472  
339,943  
300,000 
 
764,415 
 18.8% 
2027
 
100,824  
55,773  
500,000 
 
656,597 
 16.1% 
2028
 
172,359  
—  
200,000 
 
372,359 
 9.1% 
2029
 
256,924  
200,000  
— 
 
456,924 
 11.2% 
2030
 
185,117  
—  
200,000 
 
385,117 
 9.5% 
2031
 
61,536  
—  
300,000 
 
361,536 
 8.9% 
2032
 
6,533  
—  
300,000 
 
306,533 
 7.5% 
2033
 
191,912  
—  
— 
 
191,912 
 4.7% 
2034
 
47,147  
—  
— 
 
47,147 
 1.2% 
$ 
1,246,977 $ 
723,335 $ 
2,100,000 
$ 
4,070,312 
 100.0% 
Add (deduct): unamortized deferred financing 
costs, premiums and discounts, net
 
(3,191)  
—  
(5,008) 
 
(8,199) 
Total
$ 
1,243,786 $ 
723,335 $ 
2,094,992 
$ 
4,062,113 
(1) Principal amount outstanding for mortgages on a proportionate basis is $1,336,596. 
(2) Principal amount outstanding for credit facilities on a proportionate basis is $741,449. 
First Capital’s strategy is to manage its long-term debt by staggering maturity dates in order to mitigate risk associated 
with short-term volatility in the debt markets. First Capital also intends to maintain financial flexibility to support a 
reasonable cost of debt and equity capital over the long term.   
FIRST CAPITAL REIT ANNUAL REPORT 2024
36

Mortgages
The changes in First Capital’s mortgages during the year ended December 31, 2024 are set out below:
Year ended December 31, 2024
Amount
Weighted Average 
Effective Interest Rate
Balance at beginning of year
$ 
1,338,041 
 3.8% 
Mortgage borrowings
 
10,690 
 5.2% 
Mortgage repayments
 
(70,278) 
 3.9% 
Scheduled amortization on mortgages
 
(35,252) 
 —% 
Amortization of financing costs and net premium
 
585 
 —% 
Balance at end of year
$ 
1,243,786 
 3.9% 
As at December 31, 2024, 100% (December 31, 2023 – 100%) of the outstanding mortgages bore interest at fixed interest 
rates. The average remaining term on mortgages outstanding was 4.8 years as at December 31, 2024 on $1.2 billion of 
mortgages (4.8 years as at December 31, 2023 on $1.3 billion of mortgages) after reflecting borrowing activity and 
repayments during the period.
Mortgage Maturity Profile
The maturity profile including scheduled amortization of First Capital’s mortgages as at December 31, 2024 is summarized 
in the table below: 
As at December 31, 2024
Scheduled
Amortization
Payments on 
Maturity
Total
Weighted 
Average 
Effective 
Interest Rate
2025
$ 
33,183 
$ 
66,970 
$ 
100,153 
 3.8 %
2026
 
30,112 
 
94,360 
 
124,472 
 3.2 %
2027
 
29,098 
 
71,726 
 
100,824 
 3.6 %
2028
 
26,636 
 
145,723 
 
172,359 
 3.8 %
2029
 
20,044 
 
236,880 
 
256,924 
 3.5 %
2030
 
13,067 
 
172,050 
 
185,117 
 3.3 %
2031
 
6,580 
 
54,956 
 
61,536 
 3.5 %
2032
 
6,533 
 
— 
 
6,533 
N/A
2033
 
1,689 
 
190,223 
 
191,912 
 5.1 %
2034
 
532 
 
46,615 
 
47,147 
 5.5 %
$ 
167,474 
$ 1,079,503 
$ 1,246,977 
 3.9 %
Add: unamortized deferred financing costs and premiums and 
discounts, net
 
(3,191) 
Total
$ 1,243,786 
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
37
FIRST CAPITAL REIT ANNUAL REPORT 2024

Credit Facilities
First Capital’s credit facilities as at December 31, 2024 are summarized in the table below:
As at December 31, 2024
Borrowing
Capacity
Amounts
Drawn
Outstanding 
Letters of Credit
Available to 
be Drawn
Interest Rates
Maturity Date
Unsecured Operating Facilities
Revolving unsecured operating 
facility
$ 
100,000 $ 
— $ 
— $ 100,000 CORRA + 1.55% or 
Prime + 0.25% or
SOFR + 1.35%
September 13, 2026
Revolving unsecured operating 
facility
 
150,000  
—  
—  150,000 CORRA + 1.55% or 
Prime + 0.25% or
SOFR + 1.35%
August 31, 2027
Revolving unsecured operating 
facility
 
450,000  
—  
(1,858)  448,142 CORRA + 1.75% or 
Prime + 0.45% or 
SOFR + 1.55%
June 30, 2029
Fixed rate unsecured term loans (1)(2)
 
250,000  
(250,000)  
—  
— 
3.39%
April 14, 2025 
-April 14, 2026 
Fixed rate unsecured term loan (1)(3)(5)  
150,000  
(158,188)  
—  
— 
5.985%
October 20, 2026
Fixed rate unsecured term loan (1)
 
200,000  
(200,000)  
—  
— 
5.80%
January 31, 2029
Secured Construction Facilities
Secured construction facility
 
62,665  
(52,619)  
(537)  
9,509 CORRA + 2.80% or 
Prime + 1.00%
October 1, 2025
Secured construction facility (4)
 
133,645  
(55,773)  
(702)  
77,170 
CORRA + 2.60%
February 1, 2027
Secured Facilities
Secured facility
 
6,755  
(6,755)  
—  
— CORRA + 1.75% or 
Prime + 0.45%
December 19, 2026
Sub-Total
$ 1,503,065 $ (723,335) $ 
(3,097) $ 784,821 
Proportionate Adjustments - Secured Construction Facilities
Secured construction facility (6)
 
71,450  
(34,355)  
—  
37,095 CORRA + 2.95% or 
Prime + 1.00%
November 28, 2025
Secured construction facility 
applicable to NCI
 
(38,918)  
16,241  
205  
(22,472) 
Total
$ 1,535,597 $ (741,449) $ 
(2,892) $ 799,444 
(1) These unsecured term loans are variable rate debt instruments. The Trust has entered into swaps which fix the rate of interest over their respective terms to maturity.
(2) As at December 31, 2024, $75.0 million of the unsecured term loans is due April 14, 2025. The remaining $175.0 million is due April 14, 2026.
(3) The Trust has drawn in U.S. dollars the equivalent of CAD$150.0 million which was revalued at CAD$158.2 million as at December 31, 2024.
(4) The borrowing capacity is reduced by the Trust's equity injections into the project where it has chosen not to draw on the facility and other adjustments in accordance 
with the facility agreement.
(5) The Trust has the option to extend the unsecured term loan for an additional two years, to October 20, 2028.
(6) This secured construction facility relates to one of the Trust's joint ventures that is equity accounted.
First Capital has the ability under its unsecured credit facilities to draw funds based on Canadian bank prime rates or 
Canadian Overnight Repo Rate Average (“CORRA rates”) for Canadian dollar-denominated borrowings, and secured 
overnight financing rates (“SOFR rates”) or U.S. prime rates for U.S. dollar-denominated borrowings. Concurrently with 
the U.S. dollar draws, the Trust enters into cross-currency swaps to exchange its U.S. dollar borrowings into Canadian 
dollar borrowings.
FIRST CAPITAL REIT ANNUAL REPORT 2024
38

Senior Unsecured Debentures
As at December 31, 2024
Interest Rate
Remaining 
Term to 
Maturity
Principal 
Outstanding
Series
Maturity Date 
Interest Payment Dates
Coupon
Effective
(years)
S
July 31, 2025
January 31, July 31
4.32%
4.24%
0.6
 
300,000 
T
May 6, 2026
May 6, November 6
3.60%
3.57%
1.3
 
300,000 
V
January 22, 2027
January 22, July 22
3.46%
3.54%
2.1
 
200,000 
U
July 12, 2027
January 12, July 12
3.75%
3.82%
2.5
 
300,000 
A
March 1, 2028
March 1, September 1
3.45%
3.54%
3.2
 
200,000 
D
June 3, 2030
June 3, December 3
4.51%
4.62%
5.4
 
200,000 
B
March 1, 2031
March 1, September 1
5.57%
5.67%
6.2
 
300,000 
C
June 12, 2032
June 12, December 12
5.46%
5.54%
7.5
 
300,000 
Weighted Average or Total
4.33%
4.37%
3.6
$ 2,100,000 
Interest on the senior unsecured debentures is payable semi-annually and principal is payable on maturity. 
On March 1, 2024, the Trust completed the issuance of $300 million principal amount of Series B senior unsecured 
debentures due March 1, 2031. These debentures bear interest at a coupon rate of 5.57% per annum, payable semi-
annually commencing September 1, 2024.
On June 12, 2024, the Trust completed the issuance of $300 million principal amount of Series C senior unsecured 
debentures due June 12, 2032. These debentures bear interest at a coupon rate of 5.46% per annum, payable semi-annually 
commencing December 12, 2024.
On August 30, 2024, upon maturity, the Trust repaid its remaining 4.79% Series R senior unsecured debentures in the 
amount of $281.0 million.
On November 1, 2024, the Trust completed the issuance of $200 million principal amount of Series D senior unsecured 
debentures due June 3, 2030. These debentures bear interest at a coupon rate of 4.51% per annum, payable semi-annually 
commencing June 3, 2025.
Unitholders' Equity
Unitholders’ equity amounted to $3.9 billion as at December 31, 2024, compared to Unitholders' equity of $3.9 billion as at 
December 31, 2023.
As at February 11, 2025, there were 212.3 million Trust Units outstanding.
Normal Course Issuer Bid (“NCIB”)
On May 16, 2024, First Capital received TSX approval for the renewal of its Normal Course Issuer Bid ("NCIB") pursuant to 
which it may repurchase and cancel up to 21,113,939 of its outstanding units until May 20, 2025.
For the year ended December 31, 2024, the Trust acquired and cancelled Nil Units (December 31, 2023 - 1.7 million Units) 
at a weighted average purchase price of N/A (December 31, 2023 - $15.19 per unit), for a total cost of $Nil (December 31, 
2023 - $25.7 million). The excess of the purchase price over the carrying amount of the Units purchased, representing the 
unit price increase over the weighted average historical issuance price, was recorded as a reduction to retained earnings of 
$Nil (December 31, 2023 - $3.4 million). On a cumulative basis, as of December 31, 2024, 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.
Unit Options
As at December 31, 2024, First Capital had 5.3 million unit options outstanding, with an average exercise price of $19.90, 
which, if exercised, would result in First Capital receiving proceeds of $105.1 million.
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
39
FIRST CAPITAL REIT ANNUAL REPORT 2024

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 manages its liquidity risk by staggering debt maturities, renegotiating expiring credit 
arrangements proactively, using revolving credit facilities, maintaining a large pool of unencumbered assets, and issuing 
equity when deemed appropriate.
Sources of liquidity primarily consist of cash flow from operations, cash and cash equivalents, and available capacity 
under First Capital’s existing revolving credit facilities. If necessary, FCR is also able to obtain financing on its 
unencumbered assets.
The following table summarizes First Capital's liquidity position: 
As at (millions of dollars)
December 31, 2024
December 31, 2023
Total available under credit facilities
$ 
785 
$ 
829 
Cash and cash equivalents
$ 
150 
$ 
87 
Unencumbered aggregate assets
$ 
6,250 
$ 
6,019 
First Capital has historically used mortgages, credit facilities, senior unsecured debentures, convertible debentures and 
equity issuances to finance its growth and repay debt. The actual level and type of future borrowings will be determined 
based on prevailing interest rates, various costs of debt and equity capital, capital market conditions and Management’s 
view of the appropriate leverage for the business. Management believes that it has sufficient resources to meet its 
operational and investing requirements in the near and longer term based on the availability of capital. 
Planned and completed financings subsequent to December 31, 2024, and availability on existing credit facilities, address 
substantially all of the contractual 2025 debt maturities and contractually committed costs to complete current 
development projects.
Cash Flows
Cash flow from operating activities represents First Capital's primary source of liquidity for servicing debt and funding 
planned revenue sustaining expenditures, corporate expenses and distributions to Unitholders. Interest and other income 
and cash on hand are other sources of liquidity. 
Three months ended December 31
Year ended December 31
2024
2023
2024
2023
Cash provided by (used in) operating activities
$ 
79,837 
$ 
90,083 
$ 
233,790 
$ 
227,734 
Cash provided by (used in) financing activities
 
(48,589) 
 
(196,065) 
 
(204,300) 
 
(256,700) 
Cash provided by (used in) investing activities
 
56,911 
 
(85) 
 
33,380 
 
83,693 
Net change in cash and cash equivalents
$ 
88,159 
$ 
(106,067) 
$ 
62,870 
$ 
54,727 
The following table presents the excess (shortfall) of cash provided by operating activities over distributions declared:
Three months ended December 31
Year ended December 31
2024
2023
2024
2023
Cash provided by operating activities
$ 
79,837 
$ 
90,083 
$ 
233,790 
$ 
227,734 
Distributions declared 
 
(45,861) 
 
(45,823) 
 
(183,397) 
 
(183,561) 
Excess (shortfall) of cash provided by operating activities 
over distributions declared
$ 
33,976 
$ 
44,260 
$ 
50,393 
$ 
44,173 
Cash provided by operating activities exceeded distributions declared for the three months and years ended December 
31, 2024 and 2023. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
40

Contractual Obligations
An analysis of First Capital’s contractual maturities of its material financial liabilities and other contractual commitments, 
as at December 31, 2024 is set out below:
As at December 31, 2024
Payments due by period
2025
2026 to 2027
2028 to 2029 
Thereafter
Total
Scheduled mortgage principal amortization
$ 
33,183 $ 
59,210 $ 
46,680 $ 
28,401 $ 
167,474 
Mortgage principal repayments on maturity
 
66,970  
166,086  
382,603  
463,844  
1,079,503 
Credit facilities
 
127,619  
395,716  
200,000  
—  
723,335 
Senior unsecured debentures
 
300,000  
800,000  
200,000  
800,000  
2,100,000 
Interest obligations (1)
 
163,556  
240,572  
157,635  
112,534  
674,297 
Land leases (expiring between 2027 and 2061)
 
678  
1,335  
1,265  
15,008  
18,286 
 Contractually committed costs to complete current 
development projects (2)
 
58,236  
39,210  
—  
—  
97,446 
Other commitments 
 
21,886  
—  
—  
—  
21,886 
Total contractual obligations
$ 
772,128 $ 1,702,129 $ 
988,183 $ 1,419,787 $ 4,882,227 
(1) Interest obligations include expected interest payments on mortgages and credit facilities as at December 31, 2024 (assuming balances remain outstanding through to 
maturity) and senior unsecured debentures, as well as standby credit facility fees.
(2) Includes amounts related to equity accounted joint ventures.
First Capital had $31.4 million of outstanding letters of credit issued by financial institutions to support certain of FCR’s 
contractual obligations and $Nil of bank overdrafts.
As of December 31, 2024, contractually committed costs related to the Trust's development projects is $97.4 million ($87.0 
million at First Capital's interest). These contractual and potential obligations primarily consist of construction contracts and 
additional planned development expenditures and are expected to be funded in the normal course as the work is 
completed. 
Contingencies
(a) First Capital is involved in litigation and claims which arise from time to time in the normal course of business. None 
of these contingencies, individually or in aggregate, would result in a liability that would have a significant adverse 
effect on the financial position of FCR.
(b) First Capital is contingently liable, jointly and severally or as guarantor, for approximately $194.1 million 
(December 31, 2023 – $168.1 million) to various lenders in connection with certain third-party obligations, including, 
without limitation, loans advanced to its joint arrangement partners secured by the partners’ interest in the joint 
arrangements and underlying assets.
(c) First Capital is contingently liable by way of letters of credit in the amount of $31.4 million (December 31, 2023 – 
$28.6 million), issued by financial institutions on FCR's behalf in the ordinary course of business.
(d) First Capital has obligations as lessee under long-term leases for land. Annual commitments under these ground 
leases are approximately $0.7 million (December 31, 2023 – $0.7 million) with a total obligation of $18.3 million 
(December 31, 2023 – $19.0 million).
MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
41
FIRST CAPITAL REIT ANNUAL REPORT 2024

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 audited 
annual consolidated financial statements, to its proportionate interest.
As at 
December 31, 2024
December 31, 2023
Consolidated 
Balance 
Sheet (1)
Adjustments for 
Proportionate 
Interest
Proportionate 
Interest (2)
Consolidated 
Balance 
Sheet (1)
Adjustments for 
Proportionate 
Interest
Proportionate 
Interest (2)
ASSETS
Investment properties
$ 
8,040,375 
$ 287,877 
$ 8,328,252 $ 
8,070,985 
$ 318,570 
$ 8,389,555 
Residential development inventory
 
227,303 
 
40,037 
 
267,340  
192,125 
 
20,017 
 
212,142 
Loans, mortgages and other assets
 
173,631 
 
(18,068) 
 
155,563  
187,365 
 
(12,107) 
 
175,258 
Cash and cash equivalents
 
150,291 
 
8,650 
 
158,941  
87,421 
 
5,078 
 
92,499 
Amounts receivable
 
14,449 
 
3,495 
 
17,944  
20,393 
 
1,899 
 
22,292 
Other assets
 
58,457 
 
1,865 
 
60,322  
63,233 
 
1,814 
 
65,047 
Investment in joint ventures
 
320,042 
 (320,042) 
 
—  
404,504 
 
(404,504) 
 
— 
Assets classified as held for sale
 
196,625 
 
— 
 
196,625  
168,275 
 
58,602 
 
226,877 
Total assets
$ 
9,181,173 
$ 
3,814 
$ 9,184,987 $ 
9,194,301 
$ 
(10,631) 
$ 9,183,670 
LIABILITIES
Mortgages
$ 
1,226,031 
$ 
87,249 
$ 1,313,280 $ 
1,329,043 
$ 
90,682 
$ 1,419,725 
Credit facilities
 
723,335 
 
18,114 
 
741,449  
1,153,907 
 
(2,681) 
 
1,151,226 
Senior unsecured debentures
 
2,094,992 
 
— 
 
2,094,992  
1,598,941 
 
— 
 
1,598,941 
Deferred tax liabilities
 
760,148 
 
(1,231) 
 
758,917  
753,020 
 
(1,231) 
 
751,789 
Mortgages classified as held for sale
 
17,755 
 
— 
 
17,755  
8,998 
 
— 
 
8,998 
Accounts payable and other liabilities
 
344,813 
 
(32,319) 
 
312,494  
354,235 
 
(34,621) 
 
319,614 
Total liabilities
 
5,167,074 
 
71,813 
 
5,238,887  
5,198,144 
 
52,149 
 
5,250,293 
EQUITY
Unitholders' equity
 
3,946,100 
 
— 
 
3,946,100  
3,933,377 
 
— 
 
3,933,377 
Non-controlling interest
 
67,999 
 
(67,999) 
 
—  
62,780 
 
(62,780) 
 
— 
Total equity
 
4,014,099 
 
(67,999) 
 
3,946,100  
3,996,157 
 
(62,780) 
 
3,933,377 
Total liabilities and equity
$ 
9,181,173 
$ 
3,814 
$ 9,184,987 $ 
9,194,301 
$ 
(10,631) 
$ 9,183,670 
(1)   The consolidated balance sheets have been presented on a non-classified basis for purposes of this reconciliation. 
(2)   Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
42

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 December 31, 2024 and 2023, to its proportionate interest.
Three months ended December 31
2024
2023
Consolidated 
Statements of 
Income (Loss)
Adjustment to 
proportionate 
interest
Proportionate 
interest (1)
Consolidated 
Statements of 
Income (Loss)
Adjustment to 
proportionate 
interest
Proportionate 
interest (1)
Property rental revenue
$ 
180,372 $ 
3,985 $ 
184,357 $ 
171,184 $ 
3,716 $ 
174,900 
Property operating costs
 
67,456  
1,997  
69,453  
62,428  
2,688  
65,116 
Net operating income
 
112,916  
1,988  
114,904  
108,756  
1,028  
109,784 
Other income and expenses
Interest and other income
 
6,088  
267  
6,355  
6,418  
245  
6,663 
Interest expense
 
(42,400)  
(926)  
(43,326)  
(38,999)  
(1,006)  
(40,005) 
Corporate expenses 
 
(12,557)  
49  
(12,508)  
(10,954)  
62  
(10,892) 
Abandoned transaction (costs) recovery
 
(10)  
—  
(10)  
(6)  
—  
(6) 
Amortization expense 
 
(677)  
(77)  
(754)  
(587)  
(73)  
(660) 
Share of profit from joint ventures
 
1,146  
(1,146)  
—  
45,406  
(45,406)  
— 
Other gains (losses) and (expenses)
 
(745)  
(75)  
(820)  
(10,298)  
(20)  
(10,318) 
(Increase) decrease in value of unit-based 
compensation
 
3,926  
—  
3,926  
(1,920)  
—  
(1,920) 
(Increase) decrease in value of Exchangeable 
Units
 
—  
—  
—  
(123)  
—  
(123) 
Increase (decrease) in value of investment 
properties, net 
 
3,809  
(224)  
3,585  
123,384  
44,222  
167,606 
 
(41,420)  
(2,132)  
(43,552)  
112,321  
(1,976)  
110,345 
Income (loss) before income taxes
 
71,496  
(144)  
71,352  
221,077  
(948)  
220,129 
Deferred income tax expense (recovery)
 
39,271  
—  
39,271  
46,328  
—  
46,328 
Net income (loss)
$ 
32,225 $ 
(144) $ 
32,081 $ 
174,749 $ 
(948) $ 
173,801 
Net income (loss) attributable to:
Unitholders 
$ 
32,081 $ 
— $ 
32,081 $ 
173,801 $ 
— $ 
173,801 
Non-controlling interest
 
144  
(144)  
—  
948  
(948)  
— 
$ 
32,225 $ 
(144) $ 
32,081 $ 
174,749 $ 
(948) $ 
173,801 
Net income (loss) per unit attributable to 
Unitholders:
Basic
$ 
0.15 
$ 
0.82 
Diluted
$ 
0.15 
$ 
0.81 
(1)   Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
43
FIRST CAPITAL REIT ANNUAL REPORT 2024

The following table provides a reconciliation of First Capital's consolidated statements of income (loss) for the years ended 
December 31, 2024 and 2023, as presented in its audited annual consolidated financial statements, to its proportionate 
interest.
Year ended December 31
2024
2023
Consolidated 
Statements of 
Income (Loss)
Adjustment for 
proportionate 
interest
Proportionate 
interest (1)
Consolidated 
Statements of 
Income (Loss)
Adjustment for 
proportionate 
interest
Proportionate 
interest (1)
Property rental revenue
$ 
713,524 $ 
16,521 $ 
730,045 $ 
687,981 $ 
19,730 $ 
707,711 
Property operating costs
 
266,236  
8,934  
275,170  
262,724  
13,251  
275,975 
Net operating income
 
447,288  
7,587  
454,875  
425,257  
6,479  
431,736 
Other income and expenses
Interest and other income
 
47,118  
934  
48,052  
24,875  
1,275  
26,150 
Interest expense
 
(166,163)  
(3,887)  
(170,050)  
(154,096)  
(4,099)  
(158,195) 
Corporate expenses
 
(51,088)  
84  
(51,004)  
(53,902)  
232  
(53,670) 
Abandoned transaction (costs) recovery
 
(46)  
—  
(46)  
(24)  
—  
(24) 
Amortization expense
 
(2,567)  
(384)  
(2,951)  
(3,897)  
(1,857)  
(5,754) 
Share of profit from joint ventures
 
(38,938)  
38,938  
—  
48,501  
(48,501)  
— 
Other gains (losses) and (expenses)
 
(4,532)  
(136)  
(4,668)  
(12,247)  
(399)  
(12,646) 
(Increase) decrease in value of unit-based 
compensation
 
(5,381)  
—  
(5,381)  
6,237  
—  
6,237 
(Increase) decrease in value of Exchangeable 
Units
 
—  
—  
—  
88  
—  
88 
Increase (decrease) in value of hotel property
 
—  
—  
—  
3,646  
—  
3,646 
Increase (decrease) in value of investment 
properties, net 
 
(8,155)  
(41,486)  
(49,641)  
(423,598)  
47,195  
(376,403) 
 
(229,752)  
(5,937)  
(235,689)  
(564,417)  
(6,154)  
(570,571) 
Income (loss) before income taxes
 
217,536  
1,650  
219,186  
(139,160)  
325  
(138,835) 
Deferred income tax expense (recovery)
 
14,290  
(37)  
14,253  
(4,796)  
17  
(4,779) 
Net income (loss)
$ 
203,246 $ 
1,687 $ 
204,933 $ 
(134,364) $ 
308 $ 
(134,056) 
Net income (loss) attributable to:
Unitholders
$ 
204,933 $ 
— $ 
204,933 $ 
(134,056) $ 
— $ 
(134,056) 
Non-controlling interest
 
(1,687)  
1,687  
—  
(308)  
308  
— 
$ 
203,246 $ 
1,687 $ 
204,933 $ 
(134,364) $ 
308 $ 
(134,056) 
Net income (loss) per unit attributable to 
Unitholders:
Basic
$ 
0.97 
$ 
(0.63) 
Diluted
$ 
0.96 
$ 
(0.63) 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
44

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: 
Three months and years ended, respectively
2024
2023
2024
2023
Net income (loss) attributable to Unitholders
$ 
32,081 
$ 
173,801 
$ 
204,933 
$ 
(134,056) 
Add (deduct):
(Increase) decrease in value of investment properties (1)
 
(3,585)  
(167,606)  
49,641 
 
376,403 
(Increase) decrease in value of hotel property (1)
 
— 
 
— 
 
— 
 
(3,646) 
Adjustment for equity accounted joint ventures (2)
 
77 
 
73 
 
384 
 
1,857 
Adjustment for capitalized interest related to equity accounted 
joint ventures (2)
 
1,092 
 
933 
 
4,127 
 
3,582 
Incremental leasing costs (3)
 
1,834 
 
1,800 
 
7,577 
 
7,366 
Amortization expense (4)
 
— 
 
— 
 
— 
 
190 
Distributions on Exchangeable Units (5)
 
— 
 
9 
 
— 
 
48 
Increase (decrease) in value of Exchangeable Units (5)
 
— 
 
123 
 
— 
 
(88) 
Increase (decrease) in value of unit-based compensation (6)
 
(3,926)  
1,920 
 
5,381 
 
(6,237) 
Investment property selling costs (1)
 
641 
 
662 
 
3,406 
 
3,337 
Deferred income taxes (recovery) (1)
 
39,271 
 
46,328 
 
14,253 
 
(4,779) 
FFO (7)
$ 
67,485 
$ 
58,043 
$ 
289,702 
$ 
243,977 
Deduct: Other gains (losses) and (expenses) included in FFO (8)
 
179 
 
9,656 
 
1,262 
 
9,309 
OFFO (7)
$ 
67,664 
$ 
67,699 
$ 
290,964 
$ 
253,286 
(1) At FCR's proportionate interest. 
(2) Adjustment related to FCR's equity accounted joint ventures in accordance with the recommendations of REALPAC.
(3) Adjustment to capitalize incremental leasing costs in accordance with the recommendations of REALPAC.
(4) Adjustment to exclude hotel property amortization in accordance with the recommendations of REALPAC.
(5) Adjustment to exclude distributions and fair value adjustments on Exchangeable Units in accordance with the recommendations of REALPAC.
(6) Adjustment to exclude fair value adjustments on unit-based compensation plans in accordance with the recommendations of REALPAC.
(7) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
(8) At FCR's proportionate interest, adjusted to exclude investment property selling costs in accordance with the recommendations of REALPAC. 
Operating Funds from Operations
The components of OFFO and FFO at proportionate interest are as follows:
Three months and years ended, respectively
% change
2024
2023
% change
2024
2023
Net operating income
$ 
114,904 
$ 
109,784 
$ 
454,875 
$ 
431,736 
Interest and other income
 
6,355 
 
6,663 
 
48,052 
 
26,150 
Interest expense (1)(2)
 
(42,234)  
(39,063) 
 
(165,923)  
(154,565) 
Corporate expenses (3)
 
(10,674)  
(9,092) 
 
(43,427)  
(46,304) 
Abandoned transaction (costs) recovery
 
(10)  
(6) 
 
(46)  
(24) 
Amortization expense (4)
 
(677)  
(587) 
 
(2,567)  
(3,707) 
OFFO (6)
 (0.1%) $ 
67,664 
$ 
67,699 
 14.9% 
 
290,964 
 
253,286 
Other gains (losses) and (expenses) (5)
 
(179)  
(9,656) 
 
(1,262)  
(9,309) 
FFO (6)
 16.3% 
$ 
67,485 
$ 
58,043 
 18.7% 
$ 
289,702 
$ 
243,977 
OFFO per diluted unit
 (0.3%) $ 
0.32 
$ 
0.32 
 14.9% 
$ 
1.36 
$ 
1.18 
FFO per diluted unit 
 16.0% 
$ 
0.31 
$ 
0.27 
 18.8% 
$ 
1.35 
$ 
1.14 
Weighted average number of units – diluted 
(in thousands)
 0.2% 
 
214,355 
 
213,855 
 —% 
 
214,234 
 
214,268 
(1) Includes an adjustment to capitalize interest related to FCR's equity accounted joint ventures in accordance with the recommendations of REALPAC.
(2) Adjustment to exclude distributions on Exchangeable Units in accordance with the recommendations of REALPAC.
(3) Includes an adjustment to capitalize incremental leasing costs in accordance with the recommendations of REALPAC.
(4) Excludes certain amortization expense in accordance with the recommendations of REALPAC. 
(5) At FCR's proportionate interest, adjusted to exclude investment property selling costs in accordance with the recommendations of REALPAC. 
(6) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
45
FIRST CAPITAL REIT ANNUAL REPORT 2024

For the three months ended December 31, 2024, OFFO of $67.7 million, or $0.32 per unit, remained consistent with prior 
year. On a year-over-year basis, NOI increased $5.1 million, or $0.02 per unit, primarily driven by higher base rent, largely 
offset by higher interest expense and corporate G&A for a total of $4.8 million, or $0.02 per unit. 
For the year ended December 31, 2024, OFFO increased $37.7 million, or $0.18 per unit, over prior year. The increase was 
primarily due to higher NOI of $23.1 million driven by base rent, straight-line rent and lease termination fees, partially 
offset by higher interest expense of $11.4 million due to increased activity of debenture issuances in 2024 and higher 
interest rates. Additionally, interest and other income increased $21.9 million owing to the recognition of a $9.5 million 
assignment fee related to a small development parcel located in Montreal as well as a density bonus payment of $11.3 
million in connection with a previously sold property, recognized in the first and third quarters of 2024, respectively.
For the three months and year ended December 31, 2024, FFO increased $9.4 million and $45.7 million, or $0.04 and 
$0.21 per unit, respectively, over the same prior year periods. The increases were driven by the year-over-year change in 
Operating FFO of ($35.0) thousand and $37.7 million, respectively, and year-over-year increases in other gains (losses) 
and (expenses). These other gains (losses) and (expenses) are comprised primarily of mark-to-market (non-cash) gains 
and losses related to derivative financial instruments employed by First Capital to reduce its borrowing costs and fix the 
rate of interest on certain variable-rate term loans.
Adjusted Funds from Operations
A reconciliation from FFO to AFFO can be found in the table below: 
Three months and years ended, respectively
% change
2024
2023
% change
2024
2023
FFO (1)
$ 
67,485 
$ 
58,043 
$ 
289,702 
$ 
243,977 
Add (deduct):
Revenue sustaining capital expenditures
 
(9,399)  
(8,232) 
 
(22,869)  
(24,357) 
Recoverable capital expenditures
 
(10,488)  
(4,105) 
 
(21,318)  
(9,966) 
Incremental leasing costs
 
(1,834)  
(1,800) 
 
(7,577)  
(7,366) 
Straight-line rent adjustment
 
(2,434)  
(28) 
 
(7,340)  
366 
AFFO (1)
 (1.2%) $ 
43,330 
$ 
43,878 
 13.8% 
$ 
230,598 
$ 
202,654 
AFFO per diluted unit 
 (1.5%) $ 
0.20 
$ 
0.21 
 13.8% 
$ 
1.08 
$ 
0.95 
Weighted average number of units – diluted   
(in thousands)
 0.2% 
 
214,355 
 
213,855 
 —% 
 
214,234 
 
214,268 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
For the three months and year ended December 31, 2024, AFFO totaled $43.3 million and $230.6 million compared to 
$43.9 million and $202.7 million for the prior years, respectively. For the year ended December 31, 2024, AFFO increased 
$27.9 million, or $0.13 per unit, over prior year primarily due to higher FFO, partially offset by higher capital expenditures 
and higher straight-line rent adjustment. 
Adjusted Cash Flow from Operations 
A reconciliation of cash provided by operating activities to ACFO is presented below:
Three months and years ended, respectively
2024
2023
2024
2023
Cash provided by operating activities
$ 
79,837 
$ 
90,083 
$ 
233,790 
$ 
227,734 
Add (deduct):
Working capital adjustments (1)
 
(17,815)  
(12,488) 
 
24,956 
 
35,900 
Adjustment for equity accounted joint ventures
 
1,426 
 
512 
 
4,702 
 
2,506 
Revenue sustaining capital expenditures
 
(9,399)  
(8,232) 
 
(22,869)  
(24,357) 
Recoverable capital expenditures
 
(10,488)  
(4,105) 
 
(21,318)  
(9,966) 
Leasing costs on properties under development
 
458 
 
450 
 
1,894 
 
1,842 
Non-controlling interest
 
(271)  
126 
 
(423)  
(296) 
ACFO (2)
$ 
43,748 
$ 
66,346 
$ 
220,732 
$ 
233,363 
(1)   Working capital adjustments primarily include adjustments for prepaid as well as accrued property taxes as their levels vary considerably over the course of the year as 
well as certain other adjustments as specified in the most recent REALPAC guidance on ACFO issued in January 2023. 
(2) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
46

For the three months and year ended December 31, 2024, ACFO totaled $43.7 million and $220.7 million compared to 
$66.3 million and $233.4 million for the prior years, respectively. The $22.6 million and $12.6 million decrease, 
respectively, in ACFO was primarily due to higher capital expenditures and changes in working capital year-over-year.
ACFO Payout Ratio 
First Capital's ACFO payout ratio for the four quarters ended December 31, 2024 is calculated as follows: 
Year ended December 31, 2024
Q4 2024
Q3 2024
Q2 2024
Q1 2024
ACFO (1)
$ 
220,732 
$ 
43,748 $ 
67,649 $ 
64,147 $ 
45,188 
Cash distributions paid
 
183,388 
 
45,862  
45,850  
45,844  
45,832 
ACFO payout ratio (1)
 83.1% 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
First Capital's ACFO payout ratio for the four quarters ended December 31, 2023 is calculated as follows: 
Year ended December 31, 2023
Q4 2023
Q3 2023
Q2 2023
Q1 2023
ACFO (1)
$ 
233,363 
$ 
66,346 $ 
55,458 $ 
72,787 $ 
38,772 
Cash distributions paid
 
183,657 
 
45,819  
45,845  
45,868  
46,125 
ACFO payout ratio (1)
 78.7% 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
First Capital considers a rolling four quarter payout ratio (cash distributions / ACFO) to be more relevant than a payout 
ratio in any given quarter due to seasonal fluctuations in ACFO. For the four quarters ended December 31, 2024, the 
ACFO payout was 83.1% (December 31, 2023 - 78.7%).  
Net Asset Value 
The following table provides FCR's calculation of NAV for the years ended December 31, 2024 and 2023:
As at 
December 31, 2024
December 31, 2023
Unitholders' equity
$ 
3,946,100 $ 
3,933,377 
Deferred tax liabilities 
 
758,917  
751,789 
Net Asset Value (NAV) (1)
$ 
4,705,017 $ 
4,685,166 
Units outstanding
 
212,323  
212,184 
NAV per unit - diluted (2)
$ 
22.05 $ 
21.95 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
(2) Adjusted for 2.0 million Deferred Units, Restricted Units and Performance Units and 5.3 million unit options outstanding with an average exercise price of $19.90 (implied 
option proceeds of $105.1 million) and the exclusion of the unit-based compensation plan liability.
The increase in NAV per diluted unit from $21.95 to $22.05 is primarily driven by retained FFO, partially offset by fair 
value decreases on investment property and other comprehensive losses for the year. 
DISTRIBUTIONS
Distributions on the Trust Units are declared at the discretion of the Board of Trustees. In determining the annual level or 
monthly amount of distributions, the Board of Trustees considers many factors including the macro economic and industry 
specific environment, common industry cash distribution practices, investor expectations, capital market conditions, 
forecasted cash flows and debt metrics, anticipated capital requirements, estimated taxable income, and the overall 
financial condition of the Trust. 
The Trust does not use net income (loss), as calculated in accordance with IFRS, as the basis to determine the annual 
distribution rate. Net income (loss) is impacted by non-cash adjustments, including fair value changes to investment 
properties and Exchangeable Units, and is not equivalent to taxable income and therefore is expected to vary from the 
distributions declared.
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
47
FIRST CAPITAL REIT ANNUAL REPORT 2024

On December 16, 2024, First Capital announced a 3% increase of its monthly distribution to Unitholders from $0.072 per 
unit to $0.074167 per unit, or $0.89 on an annualized basis. The increase is effective for First Capital's January 2025 
distribution, payable to Unitholders in February 2025.
The following chart specifies distributions declared by First Capital: 
Three months ended December 31
Year ended December 31
(in dollars)
2024
2023
2024
2023
Distributions declared per unit
$ 
0.216 
$ 
0.216 
$ 
0.864 
$ 
0.864 
SUMMARY OF FINANCIAL RESULTS OF LONG-TERM DEBT GUARANTORS
First Capital's senior unsecured debentures are guaranteed by the wholly owned subsidiaries of the Trust, other than 
nominee subsidiaries and inactive subsidiaries. All such current and future wholly owned subsidiaries will provide a 
guarantee of the debentures. In the case of default by First Capital, the indenture trustee will, subject to the indenture, 
be entitled to seek redress from such wholly owned subsidiaries for the guaranteed obligations in the same manner and 
upon the same terms that it may seek to enforce the obligations of First Capital. These guarantees are intended to 
eliminate structural subordination, which arises as a consequence of a significant portion of First Capital’s assets being 
held primarily in two significant subsidiaries.
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 
subsidiaries; (iv) consolidation adjustments; and (v) the total consolidated amounts.
(millions of dollars)
Three months ended December 31
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
FCR (1)
Guarantors (2)
Non-Guarantors (3)
Consolidation Adjustments (4)
Total Consolidated
Property rental revenue
$ 
76 $ 
72 $ 
105 $ 
100 $ 
— $ 
— $ 
(1) $ 
(1) $ 
180 $ 
171 
NOI (5)
$ 
48 $ 
46 $ 
65 $ 
63 $ 
— $ 
— $ 
— $ 
— $ 
113 $ 
109 
Net income (loss) attributable to 
Unitholders
$ 
32 $ 
174 $ 
125 $ 
235 $ 
— $ 
2 $ 
(125) $ 
(237) $ 
32 $ 
174 
(millions of dollars)
Year ended December 31
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
FCR (1)
Guarantors (2)
Non-Guarantors (3)
Consolidation Adjustments (4)
Total Consolidated
Property rental revenue
$ 
305 $ 
288 $ 
413 $ 
404 $ 
— $ 
1 $ 
(4) $ 
(5) $ 
714 $ 
688 
NOI (5)
$ 
193 $ 
179 $ 
256 $ 
248 $ 
— $ 
1 $ 
(2) $ 
(3) $ 
447 $ 
425 
Net income (loss) attributable to 
Unitholders 
$ 
205 $ 
(134) $ 
407 $ 
364 $ 
(2) $ 
— $ 
(405) $ 
(364) $ 
205 $ 
(134) 
(millions of dollars)
As at December 31, 2024
FCR (1)
Guarantors (2)
Non-Guarantors (3)
Consolidation 
Adjustments (4)
Total Consolidated
Current assets
$ 
607 $ 
93 $ 
143 $ 
(140) $ 
703 
Non-current assets
$ 
4,138 $ 
5,642 $ 
186 $ 
(1,488) $ 
8,478 
Current liabilities
$ 
672 $ 
86 $ 
3 $ 
7 $ 
768 
Non-current liabilities
$ 
6,279 $ 
(1,871) $ 
92 $ 
(101) $ 
4,399 
(1) This column represents FCR and all of its subsidiaries; FCR's subsidiaries are presented under the equity method.
(2) This column represents the aggregate of all Guarantor subsidiaries.
(3) This column represents the aggregate of all Non-Guarantor subsidiaries.
(4) This column includes the necessary amounts to eliminate the inter-company balances between FCR, the Guarantors, and Non-Guarantors to arrive at the information for 
FCR on a consolidated basis.
(5) Refer to the "Non-IFRS Financial Measures" section of this MD&A. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
48

(millions of dollars)
As at December 31, 2023
FCR (1)
Guarantors (2)
Non-Guarantors (3)
Consolidation 
Adjustments (4)
Total Consolidated
Current assets
$ 
619 $ 
(51) $ 
121 $ 
(113) $ 
576 
Non-current assets
$ 
4,162 $ 
5,574 $ 
173 $ 
(1,291) $ 
8,618 
Current liabilities
$ 
644 $ 
55 $ 
1 $ 
7 $ 
707 
Non-current liabilities
$ 
6,694 $ 
(2,198) $ 
75 $ 
(80) $ 
4,491 
(1) This column represents FCR and all of its subsidiaries; FCR's subsidiaries are presented under the equity method.
(2) This column represents the aggregate of all Guarantor subsidiaries.
(3) This column represents the aggregate of all Non-Guarantor subsidiaries.
(4) This column includes the necessary amounts to eliminate the inter-company balances between FCR, the Guarantors, and Non-Guarantors to arrive at the information for 
FCR on a consolidated basis.
RELATED PARTY TRANSACTIONS
Subsidiaries of the Trust 
The audited annual consolidated financial statements include the financial statements of First Capital Real Estate 
Investment Trust and all of its subsidiaries, including First Capital Realty Inc., First Capital REIT Limited Partnership and 
First Capital Holdings Trust. First Capital Realty Inc. and First Capital Holdings Trust are the significant subsidiaries of the 
Trust and are wholly owned. 
QUARTERLY FINANCIAL INFORMATION
2024
2023
(unit counts in thousands)
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Property rental revenue
$ 
180,372 
$ 
174,016 
$ 
176,247 
$ 
182,889 
$ 
171,184 
$ 
168,883 
$ 
171,904 
$ 
176,010 
Net operating income (1)
$ 
112,916 
$ 
109,818 
$ 
112,341 
$ 
112,213 
$ 
108,756 
$ 
106,938 
$ 
106,510 
$ 
103,053 
Net income (loss) attributable to 
Unitholders
$ 
32,081 
$ 
81,107 
$ 
16,948 
$ 
74,797 
$ 
173,801 
$ (327,546) 
$ 
(29,049) 
$ 
48,738 
Net income (loss) per unit 
attributable to Unitholders:
Basic 
$ 
0.15 
$ 
0.38 
$ 
0.08 
$ 
0.35 
$ 
0.82 
$ 
(1.54) 
$ 
(0.14) 
$ 
0.23 
Diluted 
$ 
0.15 
$ 
0.38 
$ 
0.08 
$ 
0.35 
$ 
0.81 
$ 
(1.53) 
$ 
(0.14) 
$ 
0.23 
OFFO (1)
$ 
67,664 
$ 
76,861 
$ 
68,384 
$ 
78,055 
$ 
67,699 
$ 
68,832 
$ 
63,041 
$ 
53,714 
OFFO per diluted unit (1)
$ 
0.32 
$ 
0.36 
$ 
0.32 
$ 
0.36 
$ 
0.32 
$ 
0.32 
$ 
0.30 
$ 
0.25 
FFO (1)
$ 
67,485 
$ 
72,340 
$ 
68,248 
$ 
81,629 
$ 
58,043 
$ 
68,615 
$ 
63,784 
$ 
53,535 
FFO per diluted unit (1)
$ 
0.31 
$ 
0.34 
$ 
0.32 
$ 
0.38 
$ 
0.27 
$ 
0.32 
$ 
0.30 
$ 
0.25 
Weighted average number of 
diluted units outstanding
 
214,355 
 
214,342 
 
214,287 
 
213,988 
 
213,855 
 
213,952 
 
214,056 
 
215,262 
Cash provided by operating 
activities
$ 
79,837 
$ 
51,870 
$ 
72,305 
$ 
29,778 
$ 
90,083 
$ 
41,910 
$ 
67,022 
$ 
28,719 
AFFO (1)
$ 
43,330 
$ 
58,875 
$ 
55,236 
$ 
73,156 
$ 
43,878 
$ 
58,961 
$ 
55,897 
$ 
43,918 
AFFO per diluted unit (1)
$ 
0.20 
$ 
0.27 
$ 
0.26 
$ 
0.34 
$ 
0.21 
$ 
0.28 
$ 
0.26 
$ 
0.20 
ACFO (1)
$ 
43,748 
$ 
67,649 
$ 
64,147 
$ 
45,188 
$ 
66,346 
$ 
55,458 
$ 
72,787 
$ 
38,772 
Distribution declared per unit
$ 
0.216 
$ 
0.216 
$ 
0.216 
$ 
0.216 
$ 
0.216 
$ 
0.216 
$ 
0.216 
$ 
0.216 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
49
FIRST CAPITAL REIT ANNUAL REPORT 2024

2024
2023
(unit counts in thousands)
Q4
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Total assets
$ 9,181,173 
$ 9,167,729 
$ 9,476,116 
$ 9,245,786 
$ 9,194,301 
$ 9,163,855 
$ 9,596,650 
$ 9,641,604 
Total mortgages and credit 
facilities
$ 1,967,121 
$ 2,179,420 
$ 2,245,167 
$ 2,247,644 
$ 2,491,948 
$ 2,353,650 
$ 2,349,517 
$ 2,343,579 
Unitholders' equity
$ 3,946,100 
$ 3,958,090 
$ 3,934,573 
$ 3,967,870 
$ 3,933,377 
$ 3,820,718 
$ 4,194,618 
$ 4,268,128 
Other
Number of neighbourhoods
 
138 
 
138 
 
138 
 
139 
 
142 
 
143 
 
144 
 
145 
GLA - at 100% (in thousands)
 
22,145 
 
22,247 
 
22,222 
 
22,232 
 
22,298 
 
22,307 
 
22,334 
 
22,322 
GLA - at ownership interest (in 
thousands)
 
19,308 
 
19,407 
 
19,379 
 
19,384 
 
19,368 
 
19,400 
 
19,425 
 
19,415 
Monthly average occupancy % 
 96.5% 
 96.2% 
 96.2% 
 96.1% 
 95.9% 
 95.8% 
 96.0% 
 95.8% 
Total portfolio occupancy %
 96.8% 
 96.5% 
 96.3% 
 96.2% 
 96.2% 
 95.9% 
 95.9% 
 96.2% 
(1) Refer to the "Non-IFRS Financial Measures" section of this MD&A.
CRITICAL ACCOUNTING ESTIMATES
First Capital makes estimates and assumptions that affect the carrying amounts of assets and liabilities, disclosure of 
contingent assets and liabilities and the reported amount of earnings for the reporting periods. Actual results could differ 
from those estimates. Management believes that the policies that are most subject to estimation and Management’s 
judgment are those outlined below.
Judgments
Investment properties
In applying the Trust’s policy with respect to investment properties, judgment is applied in determining whether certain 
costs are additions to the carrying amount of the property and, for properties under development, identifying the point 
at which capitalization of borrowing and other costs ceases.
Hedge accounting
Where First Capital undertakes to apply cash flow hedge accounting, it must determine whether such hedges are 
expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to 
determine that they actually have been highly effective throughout the reporting periods for which they were designated. 
Income taxes
First Capital retains its REIT status if it meets the prescribed conditions under the Income Tax Act (Canada) (the "Tax 
Act").  Management uses judgment in its interpretation and application of these conditions. First Capital determined that 
it qualifies as a REIT for the current period and expects to meet the prescribed conditions going forward. However, should 
the Trust no longer meet the REIT conditions, substantial adverse tax consequences may result.
With respect to its corporate subsidiaries, the Trust exercises judgment in estimating deferred tax assets and liabilities. 
Income tax laws may be subject to different interpretations, and the income tax expense recorded by the Trust reflects 
the Trust's interpretation of the relevant tax laws. The Trust is also required to estimate the timing of reversals of 
temporary differences between accounting and taxable income in determining the appropriate rate to apply in 
calculating deferred taxes.
For the determination of deferred tax assets and liabilities where investment property is measured using the fair value 
model, the presumption is that the carrying amount of an investment property is recovered through sale, as opposed to 
presuming that the economic benefits of the investment property will be substantially consumed through use over time. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
50

Estimates and Assumptions
Valuation of Investment properties
First Capital's policy in determining the fair value of its investment properties at the end of each reporting period, 
includes the following approaches:
1. Internal valuations - by certified staff appraisers employed by FCR, in accordance with professional appraisal standards 
and IFRS. Every investment property has an internal valuation completed at least once a year.
2. Value updates - primarily consisting of Management's review of the key assumptions from previous internal valuations 
and updating the value for changes in the property cash flow, physical condition and changes in market conditions.
External appraisals are obtained periodically by Management. These appraisals are used as data points, together with 
other market information accumulated by Management, in arriving at its conclusions on key assumptions and values. 
External appraisals are completed by an independent appraisal firm, in accordance with professional appraisal standards 
and IFRS.
Income-producing properties are appraised primarily based on an income approach that reflects stabilized cash flows or 
net operating income from existing tenants with the property in its existing state, since purchasers typically focus on 
expected income. Internal valuations are conducted using and placing reliance on both the direct capitalization method 
and the discounted cash flow method (including the estimated proceeds from a potential future disposition).
Properties undergoing development, redevelopment or expansion are valued either (i) using the discounted cash flow 
method, with a deduction for costs to complete the project, or (ii) at cost, when cost approximates fair value. Stabilized 
capitalization rates, discount rates and terminal capitalization rates, as applicable, are adjusted to reflect lease-up 
assumptions and construction risk, when appropriate. Adjacent land parcels held for future development are valued 
based on comparable sales of commercial land.
The primary method of appraisal for development land is the comparable sales approach, which considers recent sales 
activity for similar land parcels in the same or similar markets to estimate a value on either a per acre basis or on a basis 
of per square foot buildable. Such values are applied to First Capital's properties after adjusting for factors specific to the 
site, including its location, zoning, servicing and configuration.
Refer to Note 2(g) of the audited consolidated financial statements for the year ended December 31, 2024 for further 
information on the estimates and assumptions made by Management in connection with the fair values of investment 
properties.
Valuation of Financial Instruments
First Capital is required to determine the fair value of its loans, mortgages and credit facilities, senior unsecured 
debentures, Exchangeable Units, unit-based compensation plans, loans and mortgages receivable, other equity 
investments, marketable securities and derivatives. The fair values of the marketable securities are based on quoted 
market prices. The fair values of the other financial instruments are calculated using internally developed models as 
follows:
• Mortgages and credit facilities are calculated based on market interest rates plus a risk-adjusted spread on discounted 
cash flows;
• Senior unsecured debentures are based on closing bid risk-adjusted spreads and current underlying Government of 
Canada bond yields on discounted cash flows, also incorporating interest rate quotations provided by financial 
institutions;
• The fair value of the unit-based compensation plans are based on the following: 
Unit Options: Fair value of each tranche is valued separately using a Black-Scholes option pricing model;
Deferred Units/Restricted Units: Fair value is based on the closing price of FCR's Trust Units at each period end; and
Performance Units: Fair value is calculated using a Monte-Carlo simulation model;
• Derivative instruments are determined using present value forward pricing and swap calculations at interest rates that 
reflect current market conditions;
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
51
FIRST CAPITAL REIT ANNUAL REPORT 2024

• Loans and mortgages receivable are calculated based on current market rates plus borrower level risk-adjusted spreads 
on discounted cash flows, adjusted for allowances for non-payment and collateral related risk;
• Equity investments in certain funds are based on the fair value of the properties held in the funds. The fair value of the 
equity investment in a private entity approximates its cost.
Estimates of risk-adjusted credit spreads applicable to a specific financial instrument and its underlying collateral could 
vary and result in a different disclosed fair value.
Future Changes in Accounting Policies
Refer to Note 2(r) of the audited annual consolidated financial statements for the years ended December 31, 2024 and 
2023 for details on the impact of material accounting policy changes including those related to the adoption of new IFRS 
pronouncements. 
The IASB has issued a new IFRS accounting standard, IFRS 18, "Presentation and Disclosure in Financial Statements" ("IFRS 
18"). IFRS 18 is not yet adopted by First Capital and will have an impact on future periods. These changes are described in 
detail below:
In April 2024, the IASB issued IFRS 18, which replaces IAS 1, "Presentation of Financial Statements". IFRS 18 aims to 
improve the comparability and transparency of communication in financial statements by introducing a number of new 
requirements:
(i) classify income and expenses in the statement of profit or loss into categories such as, operating, investing, financing, 
income taxes and discontinued operations as well as present defined subtotals;
(ii) provide note disclosure on management-defined performance measures that are used in communications outside 
the entity's financial statements;
(iii) enhance the aggregation or disaggregation of information to ensure that items are classified and aggregated based 
on shared characteristics and material information is not obscured; and 
(iv) implement narrow scope amendments that have been made to IAS 7 "Statement of Cash Flows", IAS 34 "Interim 
Financial Reporting", and other minor amendments to other standards. Some requirements previously included 
within IAS 1 have been moved to IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", which has 
been renamed IAS 8 "Basis of Preparation of Financial Statements".
IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and requires retrospective 
application. Early adoption is permitted but will need to be disclosed. Management is evaluating the impact of IFRS 18, 
including the impact of the amendments to the other accounting standards, on First Capital's consolidated financial 
statements.
CONTROLS AND PROCEDURES
As at December 31, 2024, the Chief Executive Officer and the Chief Financial Officer of First Capital, with the assistance of 
other staff and Management of FCR to the extent deemed necessary, have designed FCR’s disclosure controls and 
procedures to provide reasonable assurance that information required to be disclosed in the various reports filed or 
submitted by FCR under securities legislation is recorded, processed, summarized and reported accurately and have 
designed internal controls over financial reporting to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with IFRS. 
In the design of its internal controls over financial reporting, First Capital used the 2013 framework published by the 
Committee of Sponsoring Organizations of the Treadway Commission.
The Chief Executive Officer and the Chief Financial Officer of First Capital have evaluated, or caused the evaluation of, 
under their supervision, the effectiveness of FCR’s disclosure controls and procedures and its internal controls over 
financial reporting (each as defined in National Instrument 52-109-Certification of Disclosure in Issuers’ Annual and 
Interim Filings) as at December 31, 2024, and have concluded that such disclosure controls and procedures and internal 
controls over financial reporting were operating effectively.
FIRST CAPITAL REIT ANNUAL REPORT 2024
52

First Capital did not make any changes in its internal controls over financial reporting during the quarter ended 
December 31, 2024 that have had, or are reasonably likely to have, a material effect on FCR's internal controls over 
financial reporting. On an ongoing basis, FCR will continue to analyze its controls and procedures for potential areas of 
improvement.
Management does recognize that any controls and procedures, no matter how well designed and operated, can only 
provide reasonable assurance and not absolute assurance of achieving the desired control objectives. In the unforeseen 
event that lapses in the disclosure controls and procedures or internal controls over financial reporting occur and/or 
mistakes happen, First Capital intends to take the necessary steps to minimize the consequences thereof.
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 general economic conditions and local market conditions such as oversupply of 
similar properties or a reduction in tenant demand. It is the responsibility of Management, under the supervision of the 
Board of Trustees, to identify and, to the extent possible, mitigate or minimize the impact of all such business risks. The 
major categories of risk First Capital encounters in conducting its business and some of the actions it takes to mitigate 
these risks are outlined below. First Capital's most current Annual Information Form, which provides a detailed 
description of these and other risks that may affect FCR, can be found on the SEDAR+ website at www.sedarplus.ca and 
on FCR’s website at www.fcr.ca.
Economic Conditions and Ownership of Real Estate
Real property investments are affected by various factors including changes in general economic conditions (such as the 
availability of long-term mortgage and unsecured debenture financings, fluctuations in interest rates and unemployment 
levels) and in local market conditions (such as inflation, an oversupply of space or a reduction in demand for real estate in 
the area), the attractiveness of the properties to tenants, competition from other real estate developers, managers and 
owners in seeking tenants, the ability of the owner to provide adequate maintenance at an economic cost, and various 
other factors. The economic conditions in the markets in which First Capital operates can also have a significant impact on 
FCR’s tenants and, in turn, FCR’s financial success. Adverse changes in general or local economic conditions can result in 
some retailers being unable to sustain viable businesses and meet their lease obligations to FCR, and may also limit FCR’s 
ability to attract new or replacement tenants. Should inflation remain high and more persistent than expected, any 
additional increases in interest rates may adversely affect consumer spending and debt levels, which may impact FCR’s 
tenants and/or FCR’s financial performance. 
First Capital’s portfolio has major concentrations in Ontario, Alberta, Quebec and British Columbia. Moreover, within 
each of these provinces, FCR’s portfolio is concentrated predominantly in selected urban markets. As a result, economic 
and real estate conditions in these regions will significantly affect FCR’s revenues and the value of its properties.
Revenue from First Capital’s properties depends primarily on the ability of FCR’s tenants to pay the full amount of rent 
and other charges due under their leases on a timely basis. Leases comprise any agreements relating to the occupancy or 
use of FCR’s real property. There can be no assurance that tenants and other parties will be willing or able to perform 
their obligations under any such leases. If a significant tenant or a number of smaller tenants were to become unable or 
unwilling to meet their obligations to FCR, FCR’s financial position and results of operations would be adversely affected. 
In the event of default by a tenant, FCR may experience delays and unexpected costs in enforcing its rights as landlord 
under lease terms, which may also adversely affect FCR’s financial position and results of operations. FCR may also incur 
significant costs in making improvements or repairs to a property required in order to re-lease vacated premises to a new 
tenant.
First Capital’s portfolio has more concentration with certain tenants. In the event that one or more tenants that 
individually or collectively account for an important amount of First Capital's annual minimum rent experience financial 
difficulty and are unable to pay rent or fulfill their lease commitments, FCR’s financial position, results of operation and 
the value of its properties concerned would be adversely affected.
  
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
53
FIRST CAPITAL REIT ANNUAL REPORT 2024

First Capital’s net income (loss) could be adversely affected in the event of a downturn in the business, or the bankruptcy 
or insolvency, of any anchor store or anchor tenant. Anchor tenants generally occupy large amounts of leasable area, pay 
a significant portion of the total rents at a property and contribute to the success of other tenants by drawing significant 
numbers of customers to a property. The closing of one or more anchor stores at a property could have a significant 
adverse effect on that property. 
Unpredictability and Volatility of Trust Unit Price
A publicly-traded real estate investment trust will not necessarily trade at values determined by reference to the underlying 
value of its business. The prices at which the Trust Units will trade cannot be predicted. The market price of the Trust Units 
could be subject to significant fluctuations in response to variations in quarterly operating results, distributions and other 
factors. The annual yield on the Trust Units as compared to the annual yield on other financial instruments may also 
influence the price of the Trust Units in the public trading markets. In addition, the securities markets have experienced 
significant price and volume fluctuations from time to time in recent years that often have been unrelated or 
disproportionate to the operating performance of particular issuers. These broad fluctuations may adversely affect the 
market price of the Trust Units.
Lease Renewals and Rental Increases
Upon the expiry of any lease, there can be no assurance that the lease will be renewed or the tenant replaced. Expiries of 
certain leases will occur in both the short and long term, including expiry of leases of certain significant tenants, and 
although certain lease renewals and/or rental increases are expected to occur in the future, there can be no assurance 
that such renewals or rental increases will in fact occur. The failure to achieve renewals and/or rental increases may have 
an adverse effect on the financial position and results of operations of First Capital. In addition, the terms of any 
subsequent lease may be less favourable to FCR than the existing lease. 
Changes in lease accounting rules may require tenants to account for real property leases differently and, as a result, may 
incentivize tenants to seek new and renewal leases on different terms. Tenants may favour shorter lease terms, fewer 
renewals and a heavier weighting to variable as opposed to fixed rents, which could adversely affect the stability of First 
Capital’s rental income, the level of secured financing available, the value of its properties and FCR’s financial position 
and results of operations.
Financing, Interest Rates, Repayment of Indebtedness and Access to Capital
First Capital has outstanding indebtedness in the form of mortgages, credit facilities, senior unsecured debentures and 
bank indebtedness and, as such, is subject to the risks normally associated with debt financing, including the risk that 
FCR’s cash flow will be insufficient to meet required payments of principal and interest.
The amount of indebtedness outstanding could require FCR to dedicate a substantial portion of its cash flow from 
operations to service its debt, thereby reducing funds available for operations, acquisitions, development activities and 
other business opportunities that may arise. FCR’s internally generated cash may not be sufficient to repay all of its 
outstanding indebtedness. Upon the expiry of the term of the financing on any particular property owned by FCR, 
refinancing on a conventional mortgage loan basis may not be available in the amount required or may be available only 
on terms less favourable to FCR than the existing financing. FCR may elect to repay certain indebtedness through the 
issuance of equity securities or the sale of assets, where appropriate. 
Interest rates have a significant effect on the profitability of commercial properties as interest represents a significant 
cost in the ownership of real property where debt financing is used as a source of capital. FCR has a total of $1.8 billion 
principal amount of fixed rate interest-bearing instruments outstanding including mortgages, senior unsecured 
debentures and unsecured term loans maturing between January 1, 2025 and December 31, 2027 at a weighted 
average coupon interest rate of 3.9%. If these amounts were refinanced at an average interest rate that was 100 basis 
points higher or lower than the existing rate, FCR’s annual interest cost would increase or decrease, respectively, by 
$18.3 million. In addition, as at December 31, 2024, First Capital had $133.3 million at FCR's share, principal amount of 
debt (or 3% of FCR’s aggregate debt as of such date) at floating interest rates.
FIRST CAPITAL REIT ANNUAL REPORT 2024
54

First Capital seeks to reduce its interest rate risk by staggering the maturities of long-term debt and limiting the use of 
floating rate debt so as to minimize exposure to interest rate fluctuations. Moreover, from time to time, FCR may enter 
into interest rate swap transactions to modify the interest rate profile of its current or future variable rate debts without 
an exchange of the underlying principal amount.
Management and the Board have discretion under the Declaration of Trust to increase the amount of outstanding debt. 
The decisions with regard to the incurrence and maintenance of debt are based on available investment opportunities for 
which capital is required, the cost of debt in relation to such investment opportunities, whether secured or unsecured 
debt is available, the effect of additional debt on existing financial ratios and the maturity of the proposed new debt 
relative to maturities of existing debt. First Capital could become more highly leveraged, resulting in increased debt 
service costs that could adversely affect cash flows and operating results. First Capital's intention is to gradually return its 
leverage to levels prior to the share buy back that took place in 2019 and may do so in a number of ways, including by 
disposing of selected assets. Any failure to gradually return its leverage to levels prior to the share buy back may have a 
material adverse impact on First Capital's requirements, its financial position or its ability to achieve its business 
objectives. 
Credit Ratings
Any credit rating that is assigned to the senior unsecured debentures may not remain in effect for any given period of 
time or may be lowered, withdrawn or revised by one or more of the rating agencies if, in their judgment, circumstances 
so warrant. Refer to "Capital Structure and Liquidity - Credit Ratings". Any lowering, withdrawal or revision of a credit 
rating may have an adverse effect on the market price of the senior unsecured debentures and the other securities of 
First Capital, may adversely affect a securityholder’s ability to sell its senior unsecured debentures or other securities of 
FCR and may adversely affect FCR’s access to financial markets and its cost of borrowing.
Acquisitions, Expansions, Development, Redevelopment and Strategic Dispositions
First Capital’s acquisition and investment strategy and market selection process may not ultimately be successful and may 
not provide positive returns on investment. The acquisition of properties or portfolios of properties entails risks that 
include the following, any of which could adversely affect FCR’s financial position and results of operations and its ability 
to meet its obligations: (i) FCR may not be able to identify suitable properties to acquire or may be unable to complete 
the acquisition of the properties identified; (ii) FCR may not be able to successfully integrate any acquisitions into its 
existing operations; (iii) properties acquired may fail to achieve the occupancy or rental rates projected at the time of the 
acquisition decision, which may result in the properties’ failure to achieve the returns projected; (iv) FCR’s pre-acquisition 
evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs, 
which could significantly increase FCR’s total acquisition costs; (v) FCR’s investigation of a property or building prior to 
acquisition, may fail to reveal various liabilities, which could reduce the cash flow from the property or increase its 
acquisition cost; and (vi) representations and warranties obtained from third party vendors may not adequately protect 
against unknown, unexpected or undisclosed liabilities and any recourse against such vendors may be limited by the 
financial capacity of such vendors.
Further, FCR’s development and redevelopment commitments are subject to those risks usually attributable to 
construction projects, which include: (i) construction or other unforeseen delays; (ii) cost overruns; (iii) the failure of 
tenants to occupy and pay rent in accordance with existing lease agreements, some of which are conditional; (iv) the 
inability to achieve projected rental rates or anticipated pace of lease-ups; and (v) an increase in interest rates during the 
life of the development or redevelopment.
Where FCR’s development commitments relate to properties intended for sale, such as the residential portion of certain 
projects, FCR is also subject to the risk that purchasers of such properties may become unable or unwilling to meet their 
obligations to FCR or that FCR may not be able to close the sale of a significant number of units in a development project 
on economically favourable terms.
In addition, FCR undertakes strategic property dispositions in order to recycle its capital and maintain an optimal portfolio 
composition. FCR may be subject to unexpected costs or liabilities related to such dispositions, which could adversely 
affect FCR's financial position and results of operations and its ability to meet its obligations.
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
55
FIRST CAPITAL REIT ANNUAL REPORT 2024

Competition
The real estate business is competitive. Numerous other developers, managers and owners of retail properties compete 
with First Capital in seeking tenants. Some of the properties located in the same markets as FCR’s properties may be 
newer, better located and/or have stronger anchor tenants than FCR’s properties. The existence of developers, managers 
and owners in the markets in which FCR operates, or any increase in supply of available space in such markets (due to 
new construction, tenant insolvencies or other vacancy) and competition for FCR’s tenants could adversely affect FCR’s 
ability to lease space in its properties in such markets and on the rents charged or concessions granted. In addition, the 
internet and other technologies increasingly play a more significant role in consumer preferences and shopping patterns, 
which presents an evolving competitive risk to FCR that is not easily assessed. Any of the aforementioned factors could 
have an adverse effect on FCR’s financial position and results of operations.
Unitholder Activism
Responding to activist campaigns that contest or conflict with FCR’s governance and strategic direction can be costly and 
time-consuming, disrupting business operations and diverting the attention and resources of the Board of Trustees, 
Management and employees. Unitholder activism may result in uncertainty relating to the leadership, governance and 
strategic direction of FCR, which could adversely affect or undermine FCR’s ability to execute on its real estate strategy, 
harm FCR’s business and create adverse volatility in the market price and trading volume of Trust Units. Events such as 
these could adversely affect FCR’s operating and financial results.
Residential Development Sales and Leasing
First Capital is involved in the development of mixed-use properties that include residential condominiums and rental 
apartments. These developments are often carried out with an experienced residential developer as FCR's partner. 
Purchaser demand for residential condominiums is cyclical and is significantly affected by changes in general and local 
economic and industry conditions, such as employment levels, availability of financing for homebuyers, interest rates, 
consumer confidence, levels of new and existing homes for sale, demographic trends and housing demand.
As a residential landlord in its properties that include rental apartments, FCR is subject to the risks inherent in the multi-
unit residential rental property industry. In addition to the risks highlighted above, these include exposure to private 
individual tenants (as opposed to commercial tenants in FCR's retail properties), fluctuations in occupancy levels, the 
inability to achieve economic rents (including anticipated increases in rent), controlling bad debt exposure, rent control 
regulations, increases in operating costs including the costs of utilities (residential leases are often “gross” leases under 
which the landlord is not able to pass on costs to its residents), the imposition of increased taxes or new taxes and capital 
investment requirements.
Environmental Matters
First Capital maintains comprehensive environmental insurance and conducts environmental due diligence upon the 
acquisition of new properties. There is, however, a risk that the value of any given property in FCR’s portfolio could be 
adversely affected as a result of unforeseen or uninsured environmental matters or changes in governmental regulations.
Under various federal, provincial and local laws, FCR, as an owner, and potentially as a person in control of or managing 
real property, could potentially be liable for costs of investigation, remediation and monitoring of certain contaminants, 
hazardous or toxic substances present at or released from its properties or disposed of at other locations, whether FCR 
knows of, or is responsible for, the environmental contamination and whether the contamination occurred before or 
after FCR acquired the property. The costs of investigation, removal or remediation of hazardous or toxic substances are 
not estimable, may be substantial and could adversely affect FCR’s results of operations or financial position. The 
presence of contamination or the failure to remediate such substances, if any, may adversely affect FCR’s ability to sell 
such real estate or to borrow using such real estate as collateral and could potentially also result in claims, including 
proceedings by government regulators or third-party lawsuits. Environmental legislation can change rapidly and FCR may 
become subject to more stringent environmental laws in the future, and compliance with more stringent environmental 
laws, or increased enforcement of the same, could have a material adverse effect on its business, financial position or 
results of operations.
FIRST CAPITAL REIT ANNUAL REPORT 2024
56

Partnerships
First Capital has investments in properties with non-affiliated partners through partnership, co-ownership and limited 
liability corporate venture arrangements (collectively, "partnerships"). As a result, FCR does not control all decisions 
regarding those properties and may be required to take actions that are in the interest of the partners collectively, but 
not in FCR’s sole best interests. Accordingly, FCR may not be able to favourably resolve any issues that arise with respect 
to such decisions, or FCR may have to take legal action or provide financial or other inducements to partners to obtain 
such resolution. In addition, FCR may be exposed to risks resulting from the actions, omissions or financial situation of a 
partner, which may result in harm to FCR’s reputation or adversely affect the value of FCR’s investments.
Investments Subject to Credit and Market Risk
First Capital provides co-owner financing, priority mortgages and mezzanine loans to third parties in connection with certain 
transactions and partnerships ("Loans and Mortgages Receivable"). First Capital also invests in marketable and other 
securities. FCR is exposed to customary risks in the event that the values of its Loans and Mortgages Receivable and/or its 
investments, in marketable and other securities, decrease due to overall market conditions, business failure, and/or other 
non-performance/defaults by the counterparties or investees. Not all lending activities will translate into acquisitions or 
equity participation in a project and the value of the assets securing FCR’s Loans and Mortgages Receivable is dependent on 
real estate market conditions and in the event of a large market correction, their value may be unable to support the 
investments. There can also be no assurance FCR will advance new Loans and Mortgages Receivable at the same rate or in 
the same amount repaid, which could negatively impact future earnings. Additionally, repayment of one or more of the 
current loans outstanding would result in an immediate decrease of FCR’s Loans and Mortgages Receivable unless and until 
such time that FCR advances new loans.
Climate Change and Carbon Reduction Initiatives
Changing weather patterns and other effects of climate change have created uncertainty as to future trends and weather 
conditions and could have an impact on FCR's properties, adversely impacting its results. First Capital's properties, tenants, 
and communities may become impacted by more severe weather events and natural disasters. Over time, these conditions 
could result in a decreased demand for space in FCR’s impacted properties or, in extreme cases, it may impact FCR’s ability 
to operate the properties at all. Climate change may also have indirect effects on First Capital’s business by increasing the 
cost of (or making unavailable) property insurance on favourable terms, resulting in additional costs to repair or replace 
damaged properties or protect its properties against such risks, which could negatively impact FCR’s earnings, liquidity or 
capital resources. The occurrence of natural disasters or severe weather conditions can also delay new development 
projects. In addition, compliance with new laws or regulations related to climate change may require First Capital to make 
improvements to its existing properties or increase taxes and fee assessments, which could result in declining demand for 
FCR’s properties and increased expenses and may adversely affect operating and financial results.
As the Trust continues to work towards achieving its science-based 2030 greenhouse gas reduction targets and net-zero 
commitment, its progress may be deterred by challenges such as the availability of the necessary technology or the cost of 
adopting carbon reduction initiatives. This could result in the Trust being unable to meet its decarbonization goals. The 
failure or perceived failure by the Trust to execute its carbon reduction initiatives, maintain its environmental and 
sustainability practices or comply with emerging and evolving regulatory requirements or stakeholder expectations could 
result in fines or adversely affect the Trust’s reputation, operations or financial performance.
Cybersecurity 
A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of FCR’s 
information technology resources. More specifically, a cyber incident is an intentional attack or an unintentional event that 
can include gaining unauthorized access to information systems to disrupt operations, corrupt data or steal confidential 
information. As FCR’s reliance on technology has increased, so have the risks posed to its systems. First Capital's primary 
risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to its 
reputation, damage to its business relationships with tenants as well as the disclosure of confidential information. Events 
such as these could adversely affect First Capital’s financial position and results of operations.
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
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FIRST CAPITAL REIT ANNUAL REPORT 2024

Cash Distributions Are Not Guaranteed; Non-Cash Distributions 
Distributions on the Trust Units are established by the Board of Trustees and are subject to change at the discretion of the 
Board of Trustees. While First Capital’s distribution policy has been established pursuant to the Declaration of Trust and 
may only be changed with the approval of a majority of Unitholders, the actual amount of distributions paid in respect of 
the Trust Units will depend upon numerous factors, all of which are susceptible to a number of risks and other factors 
beyond the control of First Capital. The market value of the Trust Units may deteriorate if First Capital is unable to meet its 
distribution targets in the future, and that deterioration could be significant. In addition, the composition of the cash 
distributions for tax purposes may change over time and could affect the after-tax return for Unitholders.
In addition, certain distributions declared by the Trustees on the Trust Units may be payable in cash, Trust Units or a 
combination of cash and Trust Units. Immediately after any pro rata distribution of additional Trust Units to all Unitholders, 
the number of the outstanding Trust Units may be automatically consolidated such that each such holder will hold after the 
consolidation the same number of Trust Units as such holder held before the distribution of additional Trust Units (provided 
that Unitholders not resident in Canada for Canadian federal income tax purposes may be subject to applicable withholding 
taxes in connection therewith). Such an automatic consolidation may affect a Unitholder’s after-tax return relating to their 
investment in Trust Units.
Taxation Matters
The Trust or its subsidiary First Capital Realty Inc. ("FCR Inc.") may not qualify as a "mutual fund trust or MFT" or a "mutual 
fund corporation or MFC" (as applicable) for purposes of the Tax Act, or it may cease to so qualify. If the Trust or FCR Inc. 
did not so qualify for such purposes continuously throughout a taxation year, it would be subject to adverse tax 
consequences which likely may materially reduce its ability to make distributions on the Trust Units. Furthermore, if the 
Trust or FCR Inc. was considered to have been established primarily for the benefit of non-resident persons, it would be 
permanently disqualified from qualifying as a MFT or a MFC (as applicable) for such purposes.
There is a risk (for example, as a result of an unanticipated event) that the Trust will not qualify (under the exception for 
real estate investment trusts from the rules applicable to SIFT trusts or SIFT partnerships in the Tax Act) as a “real estate 
investment trust” under the Tax Act for one or more of its taxation years. Were this to occur, the level of monthly cash 
distributions made on the Trust Units may be materially reduced. Furthermore, there is no assurance that the provisions of 
the Tax Act regarding the exemption afforded to REITs from the SIFT rules will not change in a manner that adversely 
impacts the Unitholders.
Although First Capital is of the view that all expenses to be claimed by it and its subsidiaries will be reasonable and 
deductible and that the cost amount and capital cost allowance claims of entities indirectly owned by First Capital will have 
been correctly determined, there can be no assurance that the Tax Act, or the interpretation of the Tax Act, will not change, 
or that the Canada Revenue Agency (the “CRA”) will agree. If the CRA successfully challenges the deductibility of such 
expenses or the allocation of such income, First Capital's taxable income, and indirectly the taxable income of Unitholders, 
will increase or change.
The bill containing the excessive interest and financing expenses limitation ("EIFEL") rules received Royal Assent on June 20, 
2024, which are effective for taxation periods beginning on or after October 1, 2023. The EIFEL rules limit the deductibility 
of net interest and financing expenses in certain circumstances. The Trust’s position is that it and its subsidiaries should not 
be subject to these deduction limitations. However, there is no assurance that the Tax Act, or the interpretation of the Tax 
Act, will not change, or that the CRA will agree with the Trust’s position, which could result in an increase in the amount of 
taxable income in FCR's taxable subsidiaries. 
Pursuant to proposed amendments to the Income Tax Act introduced in 2024, certain corporations controlled by or for the 
benefit of certain shareholder(s) would be disqualified from being an MFC for taxation years commencing after 2024.  
Pursuant to such proposed amendments and if enacted as proposed, First Capital Realty Inc., a subsidiary of the Trust which 
currently qualifies as an MFC, would cease to be an MFC for its taxation year beginning December 30, 2025. The Trust is 
continuing to monitor the status of the proposed legislation and analyzing its potential effects on First Capital Realty Inc. 
and the Trust.
FIRST CAPITAL REIT ANNUAL REPORT 2024
58

Pandemics, Epidemics or Other Outbreaks
A pandemic, epidemic or other outbreak (collectively, a "public health crisis") could have a materially adverse impact on the 
Trust’s financial position and results of operations. A substantial portion of First Capital’s tenants could be forced to close in 
accordance with government regulations or operate at a reduced capacity, which may negatively impact their ability to pay 
rent in accordance with the terms of their lease. Additionally, First Capital may be required to take further action that 
negatively impacts its financial results and operations in response to directives of government and public health authorities 
or that are in the best interests of the health and safety of its employees, tenants, partners and other stakeholders, as 
necessary. 
In addition to the risks described above and the potential macroeconomic impact, specific effects of a public health crisis 
that may impact FCR’s business operations, financial results and its ability to execute on its strategy, may include: consumer 
demand for tenants’ products or services, changing consumer habits, a temporary or long-term increase in vacancy, 
temporary or long-term stoppage of development projects, temporary or long-term stoppage of construction projects, 
temporary or long-term labour shortages or disruptions, temporary or long-term impacts on global supply chains, closures 
or slowdowns of government offices and increased risks to employee engagement, IT systems and networks. Changes to 
operations in response to these and other effects of a public health crisis on the economy and consumer habits could 
materially adversely impact First Capital’s financial results and may negatively impact several aspects of FCR’s business, 
including but not limited to: the fair value of its properties and other investments; the net realizable value of residential 
inventory and ability to lease residential space; the carrying amount of its investment in joint ventures; its ability to execute 
on its strategy, including dispositions and acquisitions and surfacing value from its density pipeline; tenants’ ability to pay 
rent in full or at all (including deferred rent); its ability to complete construction required to transfer possession of leased 
premises to tenants; its ability to renew expiring leases and to lease vacant space; its ability to collect on interest and loans 
receivables; its ability to meet deleveraging targets, maintain current and/or achieve target debt metrics, maintain current 
credit ratings and to comply with debt covenants; its ability to make distributions; its ability to maintain its balance sheet 
and to access capital on acceptable terms or at all.
A public health crisis may cause economic uncertainty and increased volatility in financial markets, which may negatively 
impact the market price for FCR’s securities and could adversely impact FCR’s operations and financial performance.
  MANAGEMENT’S DISCUSSION AND ANALYSIS – continued
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FIRST CAPITAL REIT ANNUAL REPORT 2024

FS
CONSOLIDATED FINANCIAL STATEMENTS
Table of Contents
61
Management's Responsibility
62
Independent Auditor's Report
65
Consolidated Balance Sheets
66
Consolidated Statements of Income (Loss)
67
Consolidated Statements of Comprehensive Income (Loss)
68
Consolidated Statements of Changes in Equity
69
Consolidated Statements of Cash Flows
70
Notes to the Consolidated Financial Statements
70
1 Description of the Trust
70
2 Material Accounting Policy Information
78
3 Investment Properties
81
4 Investment in Joint Ventures
82
5 Hotel Property
83
6 Loans, Mortgages and Other Assets 
84
7 Amounts Receivable
84
8 Other Assets
84
9 Capital Management
86
10 Mortgages and Credit Facilities
88
11 Senior Unsecured Debentures
89
12 Accounts Payable and Other Liabilities
89
13 Unitholders' Equity
90
14 Unit-based Compensation Plans
92
15 Net Operating Income
93
16 Interest and Other Income
93
17 Interest Expense
93
18 Corporate Expenses
94
19 Other Gains (Losses) and (Expenses)
94
20 Income Taxes
95
21 Risk Management
97
22 Fair Value Measurement
99
23 Subsidiaries with Non-controlling Interest
100
24 Co-ownership Interests
101
25 Supplemental Other Comprehensive Income (Loss) Information
101
26 Supplemental Cash Flow Information
102
27 Commitments and Contingencies
103
28 Related Party Transactions

First Capital Real Estate Investment Trust’s consolidated financial statements and Management’s Discussion and Analysis 
("MD&A") are the responsibility of Management and have been prepared in accordance with IFRS® Accounting Standards 
("IFRS").
The preparation of consolidated financial statements and the MD&A necessarily involves the use of estimates based on 
Management’s judgment, particularly when transactions affecting the current accounting period cannot be finalized with 
certainty until future periods. In addition, in preparing this financial information, Management must make determinations 
as to the relevancy of information to be included, and estimates and assumptions that affect the reported information. The 
MD&A also includes information regarding the impact of current transactions and events, sources of liquidity and capital 
resources, operating trends, risks and uncertainties. Actual results in the future may differ materially from the present 
assessment of this information because future events and circumstances may not occur as expected. The consolidated 
financial statements have been properly prepared within reasonable limits of materiality and in light of information 
available up to February 11, 2025.
Management is also responsible for the maintenance of financial and operating systems, which include effective controls to 
provide reasonable assurance that First Capital's assets are safeguarded, transactions are properly authorized and recorded, 
and that reliable financial information is produced.
The Board of Trustees is responsible for ensuring that Management fulfills its responsibilities, including the preparation and 
presentation of the consolidated financial statements and all of the information in the MD&A, and the maintenance of 
financial and operating systems, through its Audit Committee, that is comprised of independent Trustees who are not 
involved in the day-to-day operations of First Capital. Each quarter, the Audit Committee meets with Management and, as 
necessary, with the independent auditor, Ernst & Young LLP, to satisfy itself that Management’s responsibilities are 
properly discharged and to review and report to the Board of Trustees on the consolidated financial statements.
In accordance with generally accepted auditing standards, the independent auditor conducts an examination each year in 
order to express a professional opinion on the consolidated financial statements.
Adam E. Paul 
 
 
 
 
Neil Downey
President and Chief Executive Officer 
 
 
Executive Vice President, Enterprise Strategies and Chief Financial Officer
Toronto, Ontario
February 11, 2025 
 Management's Responsibility
61
FIRST CAPITAL REIT ANNUAL REPORT 2024

To the Unitholders of 
First Capital Real Estate Investment Trust
Opinion
We have audited the consolidated financial statements of First Capital Real Estate Investment Trust (the "Trust"), which 
comprise the consolidated balance sheets as at December 31, 2024 and 2023, and the consolidated statements of income 
(loss), consolidated statements of comprehensive income (loss), consolidated statements of changes in equity and 
consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, 
including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the 
consolidated financial position of the Trust as at December 31, 2024 and 2023, and its consolidated financial performance 
and its consolidated cash flows for the years then ended in accordance with IFRS Accounting Standards ("IFRS").
Basis for opinion 
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under 
those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements 
section of our report.  We are independent of the Trust in accordance with the ethical requirements that are relevant to our 
audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in 
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion.  
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in the audit of the 
consolidated financial statements of the current period. These matters were addressed in the context of the audit of the 
consolidated financial statements as a whole, and in forming the auditor’s opinion thereon, and we do not provide a 
separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is 
provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated financial 
statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of 
procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial 
statements. The results of our audit procedures, including the procedures performed to address the matter below, provide 
the basis for our audit opinion on the accompanying consolidated financial statements.
Independent Auditor's Report
FIRST CAPITAL REIT ANNUAL REPORT 2024
62

Key Audit Matter
How our audit addressed the key audit matter 
Valuation of Investment Properties
With the assistance of our real estate valuation specialists, we 
evaluated the appropriateness of the underlying valuation 
methodology, and performed the following audit procedures, among 
others:
We assessed the competence and objectivity of Management’s 
valuation department, including the certified staff appraisers, by 
reviewing the qualifications and expertise of the individuals involved in 
the preparation and review of the valuations.
We selected a sample of properties where either the fair value change 
from prior year or significant assumptions fell outside our 
expectations, based on our understanding of the geographical real 
estate market for the specific asset type. For this sample of investment 
properties, we evaluated the significant assumptions by comparison to 
the expected real estate market benchmark range for similar assets 
and tenancies, in similar locations. We also considered whether there 
were any additional asset-specific characteristics that may impact the 
significant assumptions utilized and whether these were appropriately 
considered in the overall assessment of fair value.
We assessed the accuracy of Management’s historical fair value 
estimates through comparison to transactions to acquire and dispose 
of interests in investment properties completed by the Trust.
We evaluated the Trust’s critical accounting policies and related 
disclosures in the consolidated financial statements to assess 
appropriateness and conformity with IFRS.
The Trust’s investment property portfolio has a fair value of 
$8.2 billion, which represents 89.7% of total assets as at 
December 31, 2024.
The Trust employs certified staff appraisers to value the 
investment property portfolio. The valuation methodology for 
these investment properties is primarily based on an income 
approach, utilizing the direct capitalization method and/or the 
discounted cash flow method.
The valuation of the Trust’s investment property portfolio is a 
key audit matter given the inherently subjective nature of 
significant assumptions including discount rates, stabilized 
capitalization rates, terminal capitalization rates and stabilized 
cash flows or net operating income, which are based on 
vacancy and leasing assumptions, as applicable. These 
assumptions are influenced by property-specific characteristics 
including location, type and quality of the properties and 
tenancy agreements.
Note 2(g) of the consolidated financial statements describes the 
accounting policy for investment properties, including the 
valuation method and valuation inputs.
Note 3(b) of the consolidated financial statements discloses the 
sensitivity of the fair value of investment properties to a change 
in stabilized capitalization rates and stabilized net operating 
income.
Other information 
Management is responsible for the other information. The other information comprises:
• Management’s Discussion and Analysis; and
• The information, other than the consolidated financial statements and our auditor’s report thereon, in the Annual Report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form 
of assurance conclusion thereon. 
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, 
and in doing so, consider whether the other information is materially inconsistent with the consolidated financial 
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 
We obtained Management’s Discussion and Analysis prior to the date of this auditor’s report. If, based on the work we have 
performed, we conclude that there is a material misstatement of this other information, we are required to report that fact 
in this auditor's report. We have nothing to report in this regard. 
The Annual Report is expected to be made available to us after the date of the auditor’s report. If, based on the work we 
will perform on this other information, we conclude there is a material misstatement of other information, we are required 
to report that fact to those charged with governance.
Responsibilities of Management and those charged with governance for the consolidated financial statements 
Management is responsible for the preparation and fair presentation of the consolidated financial statements in 
accordance with IFRS, and for such internal control as Management determines is necessary to enable the preparation of 
consolidated financial statements that are free from material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, Management is responsible for assessing the Trust’s ability to continue 
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of 
accounting unless Management either intends to liquidate the Trust or to cease operations, or has no realistic alternative 
but to do so. Those charged with governance are responsible for overseeing the Trust’s financial reporting process.
Auditor's responsibilities for the audit of the consolidated financial statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free 
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. 
Independent Auditor's Report
63
FIRST CAPITAL REIT ANNUAL REPORT 2024

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 
Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements 
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be 
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment 
and maintain professional skepticism throughout the audit. We also: 
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or 
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is 
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control. 
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate 
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control. 
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related 
disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and, based on the audit 
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt 
on the Trust’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to 
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such 
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the 
date of our auditor’s report. However, future events or conditions may cause the Trust to cease to continue as a going 
concern. 
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the 
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a 
manner that achieves fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of 
the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements. 
We are responsible for the direction, supervision and review of the audit work performed for the purposes of the group 
audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of 
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 
audit. 
We also provide those charged with governance with a statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most 
significance in the audit of the consolidated financial statements of the current period and are, therefore, the key audit 
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the 
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report 
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of 
such communication. 
The engagement partner on the audit resulting in this independent auditor’s report is Stephanie Lamont.
Toronto, Canada
February 11, 2025
Independent Auditor's Report
FIRST CAPITAL REIT ANNUAL REPORT 2024
64

As at
(thousands of dollars)
Note
December 31, 2024
December 31, 2023
ASSETS
Non-current Assets
Real Estate Investments
Investment properties
3
$ 
8,040,375 
$ 
8,070,985 
Investment in joint ventures
4
 
320,042 
 
404,504 
Loans, mortgages and other assets
6
 
88,728 
 
110,846 
Total non-current real estate investments
 
8,449,145 
 
8,586,335 
Other non-current assets
8
 
28,947 
 
31,711 
Total non-current assets
 
8,478,092 
 
8,618,046 
Current Assets
Cash and cash equivalents
26(d)
 
150,291 
 
87,421 
Loans, mortgages and other assets
6
 
84,903 
 
76,519 
Residential development inventory
 
227,303 
 
192,125 
Amounts receivable
7
 
14,449 
 
20,393 
Other current assets
8
 
29,510 
 
31,522 
 
506,456 
 
407,980 
Assets classified as held for sale
3(d)
 
196,625 
 
168,275 
Total current assets
 
703,081 
 
576,255 
Total assets
$ 
9,181,173 
$ 
9,194,301 
LIABILITIES
Non-current Liabilities
Mortgages
10
$ 
1,127,171 
$ 
1,185,872 
Credit facilities
10
 
595,716 
 
1,125,856 
Senior unsecured debentures
11
 
1,794,854 
 
1,298,810 
Other liabilities 
12
 
121,208 
 
127,376 
Deferred tax liabilities
20
 
760,148 
 
753,020 
Total non-current liabilities
 
4,399,097 
 
4,490,934 
Current Liabilities
Mortgages
10
 
98,860 
 
143,171 
Credit facilities
10
 
127,619 
 
28,051 
Senior unsecured debentures
11
 
300,138 
 
300,131 
Accounts payable and other liabilities
12
 
223,605 
 
226,859 
 
750,222 
 
698,212 
Mortgages classified as held for sale
3(d), 10  
17,755 
 
8,998 
Total current liabilities
 
767,977 
 
707,210 
Total liabilities
 
5,167,074 
 
5,198,144 
EQUITY
Unitholders' equity
13
 
3,946,100 
 
3,933,377 
Non-controlling interest
23
 
67,999 
 
62,780 
Total equity
 
4,014,099 
 
3,996,157 
Total liabilities and equity
$ 
9,181,173 
$ 
9,194,301 
Refer to accompanying notes to the consolidated financial statements.
Approved by the Board of Trustees: 
  lan Clarke,  
 
 
       Adam E. Paul,
  Trustee  
 
 
        Trustee
Consolidated Balance Sheets
65
FIRST CAPITAL REIT ANNUAL REPORT 2024

Year ended December 31
(thousands of dollars)
Note
2024
2023
Property rental revenue
$ 
713,524 
$ 
687,981 
Property operating costs
 
266,236 
 
262,724 
Net operating income
15
 
447,288 
 
425,257 
Other income and expenses
Interest and other income
16
 
47,118 
 
24,875 
Interest expense
17
 
(166,163) 
 
(154,096) 
Corporate expenses
18
 
(51,088) 
 
(53,902) 
Abandoned transaction (costs) recovery
 
(46) 
 
(24) 
Amortization expense
 
(2,567) 
 
(3,897) 
Share of profit (loss) from joint ventures
4
 
(38,938) 
 
48,501 
Other gains (losses) and (expenses)
19
 
(4,532) 
 
(12,247) 
(Increase) decrease in value of unit-based compensation
14
 
(5,381) 
 
6,237 
(Increase) decrease in value of Exchangeable Units
 
— 
 
88 
Increase (decrease) in value of hotel property
5
 
— 
 
3,646 
Increase (decrease) in value of investment properties, net
3
 
(8,155) 
 
(423,598) 
 
(229,752) 
 
(564,417) 
Income (loss) before income taxes
 
217,536 
 
(139,160) 
Deferred income tax expense (recovery)
20
 
14,290 
 
(4,796) 
Net income (loss)
$ 
203,246 
$ 
(134,364) 
Net income (loss) attributable to:
Unitholders
13
$ 
204,933 
$ 
(134,056) 
Non-controlling interest
23
 
(1,687) 
 
(308) 
$ 
203,246 
$ 
(134,364) 
Refer to accompanying notes to the consolidated financial statements.
Consolidated Statements of Income (Loss)
FIRST CAPITAL REIT ANNUAL REPORT 2024
66

Year ended December 31
(thousands of dollars)
Note
2024
2023
Net income (loss)
$ 
203,246 
$ 
(134,364) 
Other comprehensive income (loss)
Unrealized gain (loss) on revaluation of hotel property (1)
5
 
— 
 
10,669 
Reclassification of net (gain) loss on revaluation of hotel property to retained 
earnings
5
 
— 
 
(10,669) 
Unrealized gain (loss) on cash flow hedges (2)
25(b)
 
(23,274) 
 
(32,727) 
Reclassification of net (gain) loss on cash flow hedges to net income (loss)
25(b)
 
5,180 
 
3,845 
 
(18,094) 
 
(28,882) 
Deferred tax expense (recovery)
20/25(b)  
(7,057) 
 
(11,264) 
Other comprehensive income (loss)
 
(11,037) 
 
(17,618) 
Comprehensive income (loss)
$ 
192,209 
$ 
(151,982) 
Comprehensive income (loss) attributable to:
Unitholders
13
$ 
193,896 
$ 
(151,674) 
Non-controlling interest
23
 
(1,687) 
 
(308) 
$ 
192,209 
$ 
(151,982) 
(1) Items that will not be reclassified to net income (loss). 
(2) Items that may subsequently be reclassified to net income (loss). 
Refer to accompanying notes to the consolidated financial statements.
Consolidated Statements of Comprehensive Income 
(Loss)
67
FIRST CAPITAL REIT ANNUAL REPORT 2024

(thousands of dollars)
Retained 
Earnings
Accumulated 
Other 
Comprehensive 
Income (Loss)
Trust Units
Total 
Unitholders' 
Equity
Non- 
Controlling 
Interest 
Total
Equity
(Note 13(a))
December 31, 2023
$ 
1,133,172 $ 
(3,122) $ 
2,803,327 $ 
3,933,377 $ 
62,780 $ 
3,996,157 
Changes during the year:
Net income (loss)
 
204,933  
—  
—  
204,933  
(1,687)  
203,246 
Options, deferred units, 
restricted units and performance units, 
net
 
—  
—  
2,224  
2,224  
—  
2,224 
Other comprehensive income (loss)
 
—  
(11,037)  
—  
(11,037)  
—  
(11,037) 
Contributions from (distributions to) non-
controlling interest, net
 
—  
—  
—  
—  
6,906  
6,906 
Distributions (Note 13(b))
 
(183,397)  
—  
—  
(183,397)  
—  
(183,397) 
December 31, 2024
$ 
1,154,708 $ 
(14,159) $ 
2,805,551 $ 
3,946,100 $ 
67,999 $ 
4,014,099 
(thousands of dollars)
Retained 
Earnings
Accumulated 
Other 
Comprehensive  
Income (Loss) 
Trust Units
Total 
Unitholders’ 
Equity
Non- 
Controlling 
Interest
Total
Equity
(Note 13(a))
December 31, 2022
$ 
1,445,238 $ 
14,496 $ 
2,819,639 $ 
4,279,373 $ 
55,922 $ 
4,335,295 
Changes during the year:
Net income (loss)
 
(134,056)  
—  
—  
(134,056)  
(308)  
(134,364) 
Conversion of Exchangeable Units
 
—  
—  
921  
921  
—  
921 
Repurchase of Trust Units (Note 13(a))
 
(3,354)  
—  
(22,339)  
(25,693)  
—  
(25,693) 
Options, deferred units, 
restricted units and performance units, 
net
 
—  
—  
5,106  
5,106  
—  
5,106 
Other comprehensive income (loss)
 
—  
(6,949)  
—  
(6,949)  
—  
(6,949) 
Contributions from (distributions to) non-
controlling interest, net
 
—  
—  
—  
—  
7,166  
7,166 
Disposal of Hotel Property (Note 5)
 
8,905  
(10,669)  
—  
(1,764)  
—  
(1,764) 
Distributions (Note 13(b))
 
(183,561)  
—  
—  
(183,561)  
—  
(183,561) 
December 31, 2023
$ 
1,133,172 $ 
(3,122) $ 
2,803,327 $ 
3,933,377 $ 
62,780 $ 
3,996,157 
Refer to accompanying notes to the consolidated financial statements.
Consolidated Statements of Changes in Equity
FIRST CAPITAL REIT ANNUAL REPORT 2024
68

Year ended December 31
(thousands of dollars)
Note
2024
2023
OPERATING ACTIVITIES
Net income (loss)
$ 
203,246 
$ 
(134,364) 
Adjustments for:
(Increase) decrease in value of investment properties, net
3
 
8,155 
 
423,598 
(Increase) decrease in value of hotel property
5
 
— 
 
(3,646) 
Interest expense
17
 
166,163 
 
154,096 
Amortization expense
 
2,567 
 
3,897 
Share of (profit) loss from joint ventures
4
 
38,938 
 
(48,501) 
Cash interest paid associated with operating activities
17
 
(154,736) 
 
(150,112) 
Items not affecting cash and other items
26(a)  
26,183 
 
11,087 
Net changes in other working capital items
26(b)  
(56,726) 
 
(28,321) 
Cash provided by (used in) operating activities
 
233,790 
 
227,734 
FINANCING ACTIVITIES
Mortgage borrowings, net of financing costs
10
 
10,690 
 
232,542 
Mortgage principal instalment payments
10
 
(35,252) 
 
(35,739) 
Mortgage repayments
10
 
(70,342) 
 
— 
Credit facilities, net advances (repayments)
10
 
(428,469) 
 
53,671 
Issuance of senior unsecured debentures, net of issue costs
11
 
795,753 
 
— 
Repurchase of senior unsecured debentures
11
 
(18,944) 
 
— 
Repayment of senior unsecured debentures
11
 
(281,000) 
 
(300,000) 
Settlement of hedges, net
 
(254) 
 
(4,990) 
Repurchase of Trust Units
13(a)  
— 
 
(25,693) 
Payment of distributions
13(b)  
(183,388) 
 
(183,657) 
Net contributions from (distributions to) non-controlling interest
23
 
6,906 
 
7,166 
Cash provided by (used in) financing activities
 
(204,300) 
 
(256,700) 
INVESTING ACTIVITIES
Acquisition of investment properties
3(c)
 
(33,453) 
 
(76,490) 
Disposition of Hotel property, net of selling costs
5
 
— 
 
102,775 
Net proceeds (costs) from property dispositions
3(d)  
195,617 
 
176,113 
Net proceeds from sale of joint ventures
4
 
— 
 
4,081 
Distributions from joint ventures
4
 
5,533 
 
4,599 
Contributions to joint ventures
4
 
(20,037) 
 
(6,554) 
Capital expenditures on investment properties
3(a)
 
(123,768) 
 
(143,023) 
Changes in investing-related prepaid expenses and other liabilities
 
(25,603) 
 
(31,598) 
Changes in loans, mortgages and other assets
26(c)  
35,091 
 
53,790 
Cash provided by (used in) investing activities
 
33,380 
 
83,693 
Net increase (decrease) in cash and cash equivalents
 
62,870 
 
54,727 
Cash and cash equivalents, beginning of year
 
87,421 
 
32,694 
Cash and cash equivalents, end of year
26(d) $ 
150,291 
$ 
87,421 
Refer to accompanying notes to the consolidated financial statements.
Consolidated Statements of Cash Flows
69
FIRST CAPITAL REIT ANNUAL REPORT 2024

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 declaration of trust dated October 16, 
2019, as may be amended from time to time (the "Declaration of Trust"). First Capital owns, operates and develops 
grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada. The Trust is listed on 
the Toronto Stock Exchange ("TSX") under the symbol "FCR.UN", and its head office is located at 85 Hanna Avenue, Suite 
400, Toronto, Ontario, M6K 3S3.
2. MATERIAL ACCOUNTING POLICY INFORMATION
(a) Statement of compliance
These consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards ("IFRS") as 
issued by the International Accounting Standards Board ("IASB").
(b) Basis of presentation
The audited annual consolidated financial statements are prepared on a going concern basis and have been presented in 
Canadian dollars rounded to the nearest thousand, unless otherwise indicated. The accounting policies set out below 
have been applied consistently in all material respects to all years presented, unless otherwise noted.
Certain comparative balances in the consolidated balance sheets have been reclassified to conform with the current 
period classification of such items. The current period classification more appropriately reflects the financial position of 
the Trust. These changes are not material to the consolidated financial statements as a whole.
In measuring performance or allocating resources, the Trust does not distinguish or group its operations on a 
geographical or any other basis and, accordingly, has a single reportable segment for disclosure purposes. Individual 
segments have been aggregated based on Management's judgement, which considered the nature of operations, type of 
tenants and that the aggregated segments would have similar long-term economic characteristics. The Trust has one 
reportable segment for financial reporting purposes, which comprises the ownership, management and development of 
investment properties located across Canada.
These audited annual consolidated financial statements were approved by the Board of Trustees and authorized for issue 
on February 11, 2025.
(c) Basis of Consolidation
The consolidated financial statements include the financial statements of the Trust as well as the entities that are 
controlled by the Trust (subsidiaries). The Trust controls an entity when the Trust is exposed to, or has rights to, variable 
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. 
Subsidiaries are fully consolidated from the date on which control is transferred to the Trust. They are deconsolidated 
from the date that control ceases. Inter-company transactions, balances and other transactions between consolidated 
entities are eliminated.
(d) Trust Units 
First Capital's Trust Units are redeemable at the option of the holder and, therefore, are considered puttable instruments 
in accordance with IAS 32, "Financial Instruments – Presentation" ("IAS 32"). Puttable instruments are required to be 
accounted for as financial liabilities, except where certain conditions are met in accordance with IAS 32, in which case, the 
puttable instruments may be presented as equity. 
To be presented as equity, a puttable instrument must meet all of the following conditions: (i) it must entitle the holder 
to a pro-rata share of the entity's net assets in the event of the entity's dissolution; (ii) it must be in the class of 
Notes to the Consolidated Financial Statements 
FIRST CAPITAL REIT ANNUAL REPORT 2024
70

instruments that is subordinate to all other instruments; (iii) all instruments in the class in (ii) above must have identical 
features; (iv) other than the redemption feature, there can be no other contractual obligations that meet the definition of 
a liability; and (v) the expected cash flows for the instrument must be based substantially on the profit or loss of the 
entity or change in the fair value of the instrument.
The Trust Units meet the conditions of IAS 32 and, accordingly, are presented as equity in the consolidated financial 
statements.
Earnings per Unit
As First Capital's Trust Units are puttable instruments and, therefore, financial liabilities, they may not be considered as 
equity for the purposes of calculating net income (loss) on a per unit basis under IAS 33, "Earnings per Share". 
Consequently, the Trust has not reported earnings per unit.
(e) Business combinations
At the time of acquisition of property, First Capital considers whether the acquisition represents the acquisition of a 
business. The Trust accounts for an acquisition as a business combination where an integrated set of activities is acquired 
in addition to the property.
The cost of a business combination is measured as the aggregate of the consideration transferred at acquisition date fair 
value. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are 
measured initially at fair value at the acquisition date. The Trust recognizes any contingent consideration to be 
transferred by the Trust at its acquisition date fair value. Goodwill is initially measured at cost, being the excess of the 
purchase price over the fair value of the net identifiable assets acquired and liabilities assumed. Acquisition-related costs 
are expensed in the period incurred. 
When the acquisition of property does not represent a business, it is accounted for as an acquisition of a group of assets 
and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair 
values, and no goodwill is recognized. Acquisition-related costs are capitalized to investment property at the time the 
acquisition is completed.
(f) Investments in joint arrangements
First Capital accounts for its investment in joint ventures using the equity method and accounts for investments in joint 
operations by recognizing the Trust’s direct rights to assets, obligations for liabilities, revenues and expenses. Under the 
equity method, the interest in the joint venture is carried in the consolidated balance sheets at cost plus post-acquisition 
changes in the Trust’s share of the net assets of the joint ventures, less distributions received and less any impairment in 
the value of individual investments. First Capital's consolidated statements of income (loss) reflect its share of the results 
of operations of the joint ventures after tax, if applicable.
(g) Investment properties
Investment properties consist of income-producing properties and development land that are held to earn rental income 
or for capital appreciation, or both. Investment properties also include properties that are being constructed or 
developed for future use, as well as ground leases to which the Trust is the lessee. The Trust classifies its investment 
properties on its consolidated balance sheets as follows:
(i) Investment properties
Investment properties include First Capital's income-producing portfolio, properties currently under development or 
redevelopment and any adjacent land parcels available for expansion but not currently under development. Also included 
in investment properties is development land, which includes land parcels at various stages of development planning, 
primarily for future retail or mixed-use occupancy.
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
71
FIRST CAPITAL REIT ANNUAL REPORT 2024

(ii) Assets classified as held for sale
Assets, including investment properties, are classified as held for sale when it is expected that the carrying amount will be 
recovered principally through sale rather than from continuing use. For this to be the case, the property must be available 
for immediate sale in its present condition, subject only to terms that are usual and customary for sale of such property, 
and its sale must be highly probable, generally within one year. Upon designation as held for sale, assets, including 
investment properties continue to be measured at fair value and are presented separately on the consolidated balance 
sheets.
Valuation method
Investment properties are recorded at fair value, which reflects current market conditions, at each reporting period-end 
date. Gains and losses from changes in fair values are recorded in net income (loss) in the period in which they arise.
The determination of fair values requires Management to make estimates and assumptions that affect the values 
presented, such that actual values in sales transactions may differ from those presented.
First Capital's policy in determining the fair value of its investment properties at the end of each reporting period includes 
the following approaches:
1. Internal valuations – by certified staff appraisers employed by the Trust, in accordance with professional appraisal 
standards and IFRS. Every investment property has an internal valuation completed at least once a year.
2. Value updates – primarily consisting of Management's review of the key assumptions from previous internal valuations 
and updating the value for changes in the property cash flow, physical condition and changes in market conditions.
External appraisals are obtained periodically by Management. These appraisals are used as data points, together with 
other market information accumulated by Management, in arriving at its conclusions on key assumptions and values. 
External appraisals are completed by an independent appraisal firm, in accordance with professional appraisal standards 
and IFRS.
The selection of the approach for each property is made based upon the following criteria:
• Property type – this includes an evaluation of a property's complexity, stage of development, time since acquisition and 
other specific opportunities or risks associated with the property. Stable properties and recently acquired properties 
will generally receive a value update, while properties under development will typically be valued using internal 
valuations until completion.
• Market risks – specific risks in a region or a trade area may warrant an internal valuation for certain properties.
• Changes in overall economic conditions – significant changes in overall economic conditions may increase the number 
of external or internal appraisals performed.
• Business needs – financings or acquisitions and dispositions may require an external appraisal.
Valuation Inputs
First Capital's investment property is measured using Level 3 inputs (in accordance with the IFRS fair value hierarchy), as 
not all significant inputs are based on observable market data (unobservable inputs). These unobservable inputs reflect 
the Trust’s own assumptions of how market participants would price investment property, and are developed based on 
the best information available, including the Trust’s own data. These significant unobservable inputs include:
• Stabilized cash flows or net operating income, which is based on the location, type and quality of the properties and 
supported by the terms of any existing lease, other contracts or external evidence, such as current market rents for 
similar properties, adjusted for estimated vacancy rates based on current and expected future market conditions after 
expiry of any current lease and expected maintenance costs. 
• Stabilized capitalization rates, discount rates and terminal capitalization rates, which are based on location, size and 
quality of the properties and taking into account market data at the valuation date. Stabilized capitalization rates are 
used for the direct capitalization method and discount and terminal capitalization rates are used in the discounted cash 
flow method described below.
• Costs to complete for properties under development.
FIRST CAPITAL REIT ANNUAL REPORT 2024
72

(i) Investment properties
Investment properties that are income-producing are appraised primarily based on an income approach that reflects 
stabilized cash flows or net operating income from existing tenants with the property in its existing state, since 
purchasers typically focus on expected income. Internal valuations are conducted using and placing reliance on both the 
direct capitalization method and the discounted cash flow method (including the estimated proceeds from a potential 
future disposition). 
(ii) Properties under development 
Properties undergoing development, redevelopment or expansion are valued either (i) using the discounted cash flow 
method, with a deduction for costs to complete the project, or (ii) at cost, when cost approximates fair value. Stabilized 
capitalization rates, discount rates and terminal capitalization rates, as applicable, are adjusted to reflect lease-up 
assumptions and construction risk, when appropriate. Adjacent land parcels held for future development are valued 
based on comparable sales of commercial land.
The primary method of appraisal for development land is the comparable sales approach, which considers recent sales 
activity for similar land parcels in the same or similar markets to estimate a value on either a per acre basis or on a basis 
of per square foot buildable. Such values are applied to First Capital’s properties after adjusting for factors specific to the 
site, including its location, zoning, servicing and configuration.
The cost of development properties includes direct development costs, including internal development costs, realty taxes 
and borrowing costs attributable to the development. Borrowing costs associated with expenditures on properties under 
development or redevelopment are capitalized. Borrowing costs are also capitalized on land or properties acquired 
specifically for development or redevelopment when activities necessary to prepare the asset for development or 
redevelopment are in progress. The amount of borrowing costs capitalized is determined first by reference to borrowings 
specific to the project, where relevant, and otherwise by applying a weighted average cost of borrowings to eligible 
expenditures after adjusting for borrowings associated with other specific developments. Where borrowings are 
associated with specific developments, the amount capitalized is the gross cost incurred on those borrowings, less any 
interest income earned on funds not yet employed in construction funding.
Capitalization of borrowing costs and all other costs commences when the activities necessary to prepare an asset for 
development or redevelopment begin, and continue until the date that construction is complete and all necessary 
occupancy and related permits have been received, whether or not the space is leased. If the Trust is required as a 
condition of a lease to construct tenant improvements that enhance the value of the property, then capitalization of costs 
continues until such improvements are completed. Capitalization ceases if there are prolonged periods when 
development activity is interrupted.
As required by IFRS in determining investment property fair value, the Trust makes no adjustments for portfolio 
premiums and discounts, nor for any value attributable to the Trust's management platform.
(h) Hotel property 
First Capital accounts for its hotel property which was sold on June 9, 2023, as property, plant and equipment under the 
revaluation model. Hotel property is recognized initially at fair value if acquired in a business combination and is 
subsequently carried at fair value at the revaluation date less any accumulated impairment and subsequent accumulated 
amortization. The Trust amortizes these assets on a straight-line basis over their relevant estimated useful lives. The 
estimated useful lives of the assets range from 3 to 40 years. The fair value of the hotel property is based on an income 
approach and determined using a discounted cash flow model. 
Revaluation of the hotel property is typically performed annually, unless market conditions arise that would require 
quarterly revaluations. Where the carrying amount of an asset is increased as a result of a revaluation, the increase is 
recognized in other comprehensive income (loss) ("OCI") and accumulated in equity within revaluation surplus, unless the 
increase reverses a previously recognized revaluation loss recorded through prior period net income (loss), in which case 
that portion of the increase is recognized in net income (loss). Where the carrying amount of an asset is decreased, the 
decrease is recognized in OCI to the extent of any balance existing in revaluation surplus in respect of the asset, with the 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
73
FIRST CAPITAL REIT ANNUAL REPORT 2024

remainder recognized in net income (loss). Revaluation gains are recognized in OCI, and are not subsequently recycled into 
profit or loss. The cumulative revaluation surplus is transferred directly to retained earnings when the asset is derecognized. 
The revenue and operating expenses of the hotel property are included within net operating income in First Capital's 
consolidated statements of income (loss).
(i) Residential development inventory
Residential development inventory, which is developed for sale, is recorded at the lower of cost and estimated net 
realizable value. Residential development inventory is reviewed for impairment at each reporting date. An impairment 
loss is recognized in net income (loss) when the carrying value of the property exceeds its net realizable value. Net 
realizable value is based on projections of future cash flows, which take into account the development plans for each 
project and Management’s best estimate of the most probable set of anticipated economic conditions. 
The cost of residential development inventory includes borrowing costs directly attributable to projects under active 
development. The amount of borrowing costs capitalized is determined first by reference to borrowings specific to the 
project, where relevant, and otherwise by applying a weighted average capitalization rate for the Trust’s other 
borrowings to eligible expenditures. Borrowing costs are not capitalized on residential development inventory where no 
development activity is taking place. 
Transfers into residential inventory are based on a change in use, evidenced by the commencement of development 
activities with a view to sell, at which point an investment property would be transferred to inventory. Transfers from 
residential inventory to investment property are based on a change in use, evidenced by Management's commitment to 
use the property for rental income purposes and the establishment of an operating lease.
(j) Taxation 
First Capital qualifies as a mutual fund trust under the Income Tax Act (Canada)(the "Act"). 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 
complies with certain tests and distributes all of its taxable income in a taxation year to its Unitholders. The Trust is a 
flow-through vehicle and accounts only for income taxes pertaining to its corporate subsidiaries. The Trust's most 
significant corporate subsidiary, First Capital Realty Inc., is a mutual fund corporation ("MFC").
Current income tax assets and liabilities are measured at the amount expected to be received from or paid to tax 
authorities based on the tax rates and laws enacted or substantively enacted at the consolidated balance sheet dates. 
Deferred tax liabilities are measured by applying the appropriate tax rate to temporary differences between the carrying 
amounts of assets and liabilities and their respective tax basis. The appropriate tax rate is determined by reference to the 
rates that are expected to apply to the year and the jurisdiction in which the assets are expected to be realized or the 
liabilities settled.
Deferred tax assets are recorded for all deductible temporary differences, carryforward of unused tax credits and unused 
tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary 
differences, unused tax credits and unused tax losses can be utilized. For the determination of deferred tax assets and 
liabilities where an investment property is measured using the fair value model, the presumption is that the carrying 
amount of an investment property is recovered through sale, as opposed to presuming that the economic benefits of the 
investment property will be substantially consumed through use over time. 
Current and deferred income taxes are recognized in correlation to the underlying transaction either in OCI or directly in 
equity.
(k) Provisions
A provision is a liability of uncertain timing or amount. First Capital records provisions, including asset retirement 
obligations, when it has a present legal or constructive obligation as a result of past events, it is probable that an outflow 
of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not 
recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be 
FIRST CAPITAL REIT ANNUAL REPORT 2024
74

required to settle the obligation using a discount rate that reflects current market assessments of the time value of 
money and the risks specific to the obligation. Provisions are remeasured at each consolidated balance sheet date using 
the current discount rate. The increase in the provision due to passage of time is recognized as interest expense.
(l) Unit-based Compensation Plans 
Restricted Units (“RUs”), Performance Units (“PUs”) and Trustee Deferred Units (“DUs”) are issued by First Capital from 
time to time as non-cash compensation. Up until March 2021, First Capital also periodically issued unit options as non-
cash compensation. These unit-based compensation plans are measured at fair value at the grant date and compensation 
expense is recognized in the consolidated statements of income (loss) consistent with the vesting features of each plan. 
The unit-based compensation plans are accounted for as cash-settled awards as the Trust is an open-ended trust making 
its units redeemable, and thus requiring outstanding Unit Options, RUs, PUs and DUs to be recognized as a liability and 
carried at fair value. The liability is adjusted for changes in fair value with such adjustments being recognized as increase/
decrease in value of unit-based compensation in the consolidated statements of income (loss) in the period in which they 
occur.  The liability balance is reduced as Unit Options are exercised or RUs, PUs and DUs are settled for cash or for Trust 
Units and recorded in equity.  
(m) Revenue recognition
First Capital retains substantially all of the risks and benefits of ownership of its investment properties and, therefore, 
accounts for leases with its tenants as operating leases.
Revenue recognition under a lease commences when the tenant has a right to use the leased asset, which is typically 
when the space is turned over to the tenant to begin fixturing. Where the Trust is required to make additions to the 
property in the form of tenant improvements that enhance the value of the property, revenue recognition begins upon 
substantial completion of those improvements.
First Capital's revenues are earned from lease contracts with tenants and include both a lease component and a non-
lease component. 
Base rent, straight-line rent, realty tax recoveries, lease termination fees and percentage rent are considered lease 
components and are in the scope of IFRS 16, "Leases" ("IFRS 16"). 
The total amount of contractual base rent to be received from operating leases is recognized on a straight-line basis over 
the term of the lease, including any fixturing period. A receivable, which is included in the carrying amount of an 
investment property, is recorded for the difference between the straight-line rental revenue recorded and the 
contractual amount received.
Realty tax recoveries are variable recoveries relating to the leased property and do not transfer a good or service to the 
lessee and as a result are recognized as costs are incurred and chargeable to tenants. 
Lease termination fees are earned from tenants in connection with the cancellation or early termination of their 
remaining lease obligations, and are recognized when a lease termination agreement is signed and collection is 
reasonably assured. 
Percentage rents are recognized when the sales thresholds set out in the leases have been met. 
Operating cost recoveries relate to the property management services provided to maintain the property and are 
considered non-lease components subject to the guidance in IFRS 15, "Revenue from Contracts with Customers" ("IFRS 
15"). The property management services are considered a performance obligation, meeting the criteria for over-time 
recognition, and are recognized in the period that recoverable costs are incurred or services are performed.  
(n) Financial instruments and derivatives
In accordance with IFRS 9, "Financial Instruments" ("IFRS 9"), all financial instruments are required to be measured at fair 
value on initial recognition. Measurement in subsequent periods depends on whether the financial instrument has been 
classified as fair value through profit and loss ("FVTPL"), fair value through other comprehensive income ("FVOCI") or 
amortized cost.
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
75
FIRST CAPITAL REIT ANNUAL REPORT 2024

Derivative instruments are recorded in the consolidated balance sheets at fair value, including those derivatives that are 
embedded in financial or non-financial contracts.
First Capital enters into forward contracts, interest rate swaps and cross-currency swaps to hedge its risks associated with 
movements in interest rates and the movement in the Canadian to U.S. dollar exchange rate. Derivatives are carried as 
assets when the fair value is positive and as liabilities when the fair value is negative. Hedge accounting is discontinued 
prospectively when the hedging relationship is terminated, when the instrument no longer qualifies as a hedge, or when 
the hedged item is sold or terminated. In cash flow hedging relationships, the portion of the change in the fair value of 
the hedging derivative that is considered to be effective is recognized in OCI while the portion considered to be 
ineffective is recognized in net income (loss). Unrealized hedging gains and losses in accumulated other comprehensive 
income (loss) are reclassified to net income (loss) in the periods when the hedged item affects net income (loss). Gains 
and losses on derivatives are immediately reclassified to net income (loss) when the hedged item is sold or terminated or 
when it is determined that a hedged forecasted transaction is no longer probable.
Changes in the fair value of derivative instruments, including embedded derivatives that are not designated as hedges for 
accounting purposes, are recognized in other gains (losses) and (expenses).
The following summarizes the Trust’s classification and measurement of financial assets and liabilities for the years ended 
December 31, 2024 and 2023:
Classification & 
Measurement 
Financial assets
Other investments 
FVTPL
Derivative assets
FVTPL
Loans and mortgages receivable
Amortized Cost
Loans and mortgages receivable (1)
FVTPL
Equity securities designated as FVTPL
FVTPL
Amounts receivable
Amortized Cost
Cash and cash equivalents
Amortized Cost
Restricted cash
Amortized Cost
Bond asset
Amortized Cost
Financial liabilities
Bank indebtedness 
Amortized Cost
Mortgages 
Amortized Cost
Credit facilities 
Amortized Cost
Senior unsecured debentures 
Amortized Cost
Exchangeable Units
FVTPL
Accounts payable and other liabilities 
Amortized Cost
Unit-based compensation plans
FVTPL
Derivative liabilities
FVTPL
(1)   The loans whose cash flows are not solely payments of principal or interest are classified as FVTPL.
In determining fair values, the Trust evaluates counterparty credit risks and makes adjustments to fair values and credit 
spreads based upon changes in these risks.
Fair value measurements recognized in the consolidated balance sheets are categorized using a fair value hierarchy that 
reflects the significance of inputs used in determining the fair values as follows:
(i) Level 1 Inputs – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the 
ability to access at the measurement date. The Trust’s investments in equity securities are measured using Level 1 
inputs;
(ii) Level 2 Inputs – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, 
either directly (i.e., as prices) or indirectly (i.e., derived from prices). The Trust’s derivative assets and liabilities are 
measured using Level 2 inputs; and
FIRST CAPITAL REIT ANNUAL REPORT 2024
76

(iii) Level 3 Inputs – inputs for the asset or liability that are not based on observable market data (unobservable inputs). 
These unobservable inputs reflect the Trust's own assumptions about the data that market participants would use in 
pricing the asset or liability, and are developed based on the best information available, including the Trust’s own 
data. The Trust's loans and mortgages receivable classified as FVTPL and other investments are measured using Level 
3 inputs. 
For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Trust 
determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the 
lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
(o) Cash and cash equivalents
Cash and cash equivalents include cash and short-term investments with original maturities at the time of acquisition of 
three months or less.
(p) Critical judgments in applying accounting policies
The following are the critical judgments that have been made in applying First Capital's accounting policies and that have 
the most significant effect on the amounts in the consolidated financial statements:
(i) Investment properties
In applying the Trust’s policy with respect to investment properties, judgment is applied in determining whether certain 
costs are additions to the carrying amount of the property and, for properties under development, identifying the point 
at which capitalization of borrowing and other costs ceases.
(ii) Hedge accounting
Where the Trust undertakes to apply cash flow hedge accounting, it must determine whether such hedges are expected 
to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine that 
they actually have been highly effective throughout the reporting periods for which they were designated. 
(iii) Income taxes
First Capital retains its REIT status if it meets the prescribed conditions under the Act. Management uses judgment in its 
interpretation and application of these conditions. First Capital determined that it qualifies as a REIT for the current 
period and expects to meet the prescribed conditions going forward. However, should the Trust no longer meet the REIT 
conditions, substantial adverse tax consequences may result.
With respect to its corporate subsidiaries, the Trust exercises judgment in estimating deferred tax assets and liabilities. 
Income tax laws may be subject to different interpretations, and the income tax expense recorded by the Trust reflects 
the Trust's interpretation of the relevant tax laws. The Trust is also required to estimate the timing of reversals of 
temporary differences between accounting and taxable income in determining the appropriate rate to apply in 
calculating deferred taxes.
(q) Critical accounting estimates and assumptions
First Capital makes estimates and assumptions that affect the carrying amounts of assets and liabilities, disclosure of 
contingent assets and liabilities, and the reported amount of earnings for the reporting periods. Actual results could differ 
from those estimates. The estimates and assumptions that the Trust considers critical include those underlying the 
valuation of investment properties, as set out above, which describes the process by which investment properties are 
valued, and the determination of which properties are externally and internally appraised and how often.
Additional critical accounting estimates and assumptions include those used for determining the values of financial 
instruments for disclosure purposes (Note 22), estimating deferred taxes (Note 20) and estimating the fair value of unit-
based compensation arrangements (Note 14).
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
77
FIRST CAPITAL REIT ANNUAL REPORT 2024

(r) Future Changes in Accounting Policies
IFRS 18, "Presentation and Disclosure in Financial Statements"
In April 2024, the IASB issued IFRS 18, "Presentation and Disclosure in Financial Statements" ("IFRS 18"), which replaces 
IAS 1, "Presentation of Financial Statements". IFRS 18 aims to improve the comparability and transparency of 
communication in financial statements by introducing a number of new requirements:
(i) classify income and expenses in the statement of profit or loss into categories such as, operating, investing, financing, 
income taxes and discontinued operations as well as present defined subtotals;
(ii) provide note disclosure on management-defined performance measures that are used in communications outside 
the entity's financial statements;
(iii) enhance the aggregation or disaggregation of information to ensure that items are classified and aggregated based 
on shared characteristics and material information is not obscured; and 
(iv) implement narrow scope amendments that have been made to IAS 7 "Statement of Cash Flows", IAS 34 "Interim 
Financial Reporting", and other minor amendments to other standards. Some requirements previously included 
within IAS 1 have been moved to IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors", which has 
been renamed IAS 8 "Basis of Preparation of Financial Statements".
IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, and requires retrospective 
application. Early adoption is permitted but will need to be disclosed. Management is evaluating the impact of IFRS 18, 
including the impact of the amendments to the other accounting standards, on First Capital's consolidated financial 
statements.
3. INVESTMENT PROPERTIES
(a) Activity
The following tables summarize the changes in First Capital’s investment properties for the years ended December 
31, 2024 and 2023: 
Year ended December 31, 2024
Income-Producing 
Properties
Properties under 
Construction
Density & 
Development Land
Total
Balance at beginning of year
$ 
7,827,543 $ 
123,342 $ 
288,375 $ 
8,239,260 
Acquisitions
 
33,453  
—  
—  
33,453 
Capital expenditures
 
83,990  
31,798  
7,980  
123,768 
Contribution of net assets from equity accounted 
joint venture (Note 4)
 
—  
—  
60,028  
60,028 
Developments transferred offline/online, net
 
33,163  
(32,556)  
(607)  
— 
Increase (decrease) in value of investment 
properties, net
 
24,483  
5,273  
(37,911)  
(8,155) 
Straight-line rent and other changes
 
7,044  
—  
(28)  
7,016 
Dispositions
 
(139,150)  
—  
(79,220)  
(218,370) 
Balance at end of year
$ 
7,870,526 $ 
127,857 $ 
238,617 $ 
8,237,000 
Investment properties 
$ 
7,739,226 $ 
81,932 $ 
219,217 $ 
8,040,375 
Assets classified as held for sale
 
131,300  
45,925  
19,400  
196,625 
Total
$ 
7,870,526 $ 
127,857 $ 
238,617 $ 
8,237,000 
FIRST CAPITAL REIT ANNUAL REPORT 2024
78

Year ended December 31, 2023
Income-Producing 
Properties
Properties under 
Construction
Density & 
Development Land
Total
Balance at beginning of year
$ 
8,213,224 $ 
89,029 $ 
325,535 $ 
8,627,788 
Acquisitions
 
62,324  
—  
15,740  
78,064 
Capital expenditures
 
67,043  
48,854  
27,126  
143,023 
Developments transferred offline/online, net
 
(2,628)  
(9,234)  
11,862  
— 
Increase (decrease) in value of investment 
properties, net
 
(462,839)  
(5,307)  
44,548  
(423,598) 
Straight-line rent and other changes
 
30  
—  
—  
30 
Dispositions
 
(49,611)  
—  
(136,436)  
(186,047) 
Balance at end of year
$ 
7,827,543 $ 
123,342 $ 
288,375 $ 
8,239,260 
Investment properties 
$ 
7,725,176 $ 
87,492 $ 
258,317 $ 
8,070,985 
Assets classified as held for sale
 
102,367  
35,850  
30,058  
168,275 
Total
$ 
7,827,543 $ 
123,342 $ 
288,375 $ 
8,239,260 
Investment properties with a fair value of $2.7 billion (December 31, 2023 – $2.9 billion) are pledged as security for 
$1.4 billion (December 31, 2023 – $1.5 billion) in mortgages and secured credit facilities.
(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
December 31, 2024
December 31, 2023
Weighted Average Total 
Overall Capitalization Rate 
 5.5% 
 5.5% 
Terminal Capitalization Rate
 5.7% 
 5.6% 
Discount Rate 
 6.4% 
 6.3% 
The majority of the Trust's portfolio is valued under the Income Approach using the discounted cash flow ("DCF") method. 
As at December 31, 2024, the weighted average valuation yields (stabilized overall capitalization, terminal capitalization and 
discount rates) used in valuing those investment properties under the Income Approach did not materially change from 
December 31, 2023.
Throughout 2024, as part of its normal course internal valuations, the Trust made revisions to the cash flow models and 
yields on certain properties, and revalued certain development lands when considering comparable land sales and market 
activity. As a result, an overall net decrease in the value of investment properties was recorded in the amount of 
$8.2 million ($49.6 million at FCR's share) for the year ended December 31, 2024.
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
79
FIRST CAPITAL REIT ANNUAL REPORT 2024

The sensitivity of the fair values of investment properties to stabilized overall capitalization rates as at December 31, 2024 is 
set out in the table below:
As at December 31, 2024
(millions of dollars)
(Decrease) Increase in stabilized overall capitalization rate
Resulting increase (decrease) in fair 
value of investment properties
(1.00%)
$ 
1,770 
(0.75%)
$ 
1,258 
(0.50%)
$ 
797 
(0.25%)
$ 
380 
0.25%
$ 
(347) 
0.50%
$ 
(665) 
0.75%
$ 
(957) 
1.00%
$ 
(1,228) 
Additionally, a 1% increase or decrease in stabilized net operating income ("SNOI") would result in a $80 million increase or 
a $80 million decrease, respectively, in the fair value of investment properties. SNOI is not a measure defined by IFRS. SNOI 
reflects stable property operations, assuming a certain level of vacancy, capital and operating expenditures required to 
maintain a stable occupancy rate. The average vacancy rates used in determining SNOI for non-anchor tenants generally 
range from 2% to 5%. A 1% increase in SNOI coupled with a 0.25% decrease in the stabilized capitalization rate would result 
in an increase in the fair value of investment properties of $463 million, and a 1% decrease in SNOI coupled with a 0.25% 
increase in the stabilized capitalization rate would result in a decrease in the fair value of investment properties of $423 
million.
(c) Investment properties – Acquisitions
For the years ended December 31, 2024 and 2023, First Capital acquired investment properties as follows:
Year ended December 31
2024
2023
Total purchase price, including acquisition costs
$ 
33,453 $ 
78,064 
Settlement of loans receivable on acquisition 
 
—  
(1,574) 
Total cash paid
$ 
33,453 $ 
76,490 
(d) Assets classified as held for sale and dispositions
First Capital has certain assets classified as held for sale. These assets typically include a mix of properties where FCR's 
value-enhancing objectives have been achieved or those that are considered to be non-core to the business, and are as 
follows: 
As at
December 31, 2024
December 31, 2023
Aggregate fair value
$ 
196,625 
$ 
168,275 
Mortgages secured by assets classified as held for sale
$ 
17,755 
$ 
8,998 
Weighted average effective interest rate of mortgages secured by assets classified as held for sale
 3.5% 
 3.2% 
For the years ended December 31, 2024 and 2023, First Capital sold investment properties as follows: 
Year ended December 31
Note
2024
2023
Total selling price
$ 
218,370 $ 
186,047 
Secured construction facility assumed by purchaser on sale of investment properties
 
(19,321)  
— 
Vendor take-back mortgage on sale
 
—  
(7,800) 
Property selling costs
19
 
(3,432)  
(2,134) 
Net cash proceeds (costs)
$ 
195,617 $ 
176,113 
FIRST CAPITAL REIT ANNUAL REPORT 2024
80

4. INVESTMENT IN JOINT VENTURES
As at December 31, 2024, First Capital had interests in seven joint ventures that it accounts for using the equity method. 
First Capital's joint ventures are as follows: 
Name of Entity
Name of Property/Business Activity
Location
Effective Ownership
December 31, 2024
December 31, 2023
Aukland and Main Developments LP
Station Place
Toronto, ON
 35.4% 
 35.4% 
College Square General Partnership
College Square
Ottawa, ON
 50.0% 
 50.0% 
Edenbridge Kingsway (Humbertown)
Humbertown Condos (Phase 1)
Toronto, ON
 50.0% 
 50.0% 
Fashion Media Group GP Ltd. 
Toronto Fashion Week events
Toronto, ON
 78.0% 
 78.0% 
FC Urban Properties, LP
199 Avenue Rd.
Toronto, ON
 20.0% 
 20.0% 
Green Capital Limited Partnership (1)
Royal Orchard
Markham, ON
 —% 
 50.0% 
Lakeshore Development LP
2150 Lake Shore Blvd. W. 
Toronto, ON
 50.0% 
 50.0% 
Stackt Properties LP
Shipping Container marketplace
Toronto, ON
 94.0% 
 94.0% 
(1) During the first quarter of 2024, Green Capital Limited Partnership was dissolved and the net assets distributed to its limited partners.
First Capital has determined that these investments are joint ventures as all decisions regarding their activities are made 
unanimously between First Capital and its partners. 
The following table reconciles the changes in First Capital's interests in its equity accounted joint ventures for the years 
ended December 31, 2024 and 2023:
Note
December 31, 2024
December 31, 2023
Balance at beginning of year
$ 
404,504 $ 
357,122 
Contributions to equity accounted joint ventures
 
20,037  
6,554 
Distributions from equity accounted joint ventures 
 
(5,533)  
(4,599) 
Disposition of equity accounted joint venture
 
—  
(3,074) 
Distribution of net assets from equity accounted joint venture
3(a)  
(60,028)  
— 
Share of profit (loss) from equity accounted joint ventures 
 
(38,938)  
48,501 
Balance at end of year
$ 
320,042 $ 
404,504 
On June 9, 2023, the Trust sold its 50% interest of the partnership units in the ONE Restaurant for $5.0 million. The sale was 
subject to working capital and closing adjustments of $0.9 million with the Trust receiving net proceeds of $4.1 million. The 
total gain on investment of $1.0 million was recognized in other gains (losses) and (expenses) during the second quarter of 
2023.
On February 28, 2024, Green Capital Limited Partnership was dissolved and the net assets distributed to its limited partners. 
The Trust held a 50% interest in the partnership and received net assets of $60.0 million. Concurrently with the dissolution, 
the Trust sold its 50% interest in the Royal Orchard property for net proceeds of $59.7 million.
Summarized financial information of the joint ventures’ financial position and performance is set out below:
As at
December 31, 2024
December 31, 2023
Total assets
$ 
992,165 
$ 1,113,381 
Total liabilities
 
(330,306) 
 
(281,891) 
Net assets at 100%
 
661,859 
 
831,490 
First Capital's investment in equity accounted joint ventures
$ 
320,042 
$ 
404,504 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
81
FIRST CAPITAL REIT ANNUAL REPORT 2024

For the year ended
December 31, 2024
December 31, 2023
Property revenue
$ 
32,347 
$ 
38,291 
Property expenses
 
(14,912) 
 
(21,923) 
Increase (decrease) in value of investment properties, net
 
(87,709) 
 
89,377 
Other income and (expenses)
 
(1,595) 
 
(3,466) 
Net income (loss) and total comprehensive income (loss) at 100%
$ 
(71,869) 
$ 
102,279 
First Capital's share of profit (loss) from equity accounted joint ventures 
$ 
(38,938) 
$ 
48,501 
During 2024, First Capital received distributions from its joint ventures of $5.5 million (2023 – $4.6 million) and made 
contributions to its joint ventures of $20.0 million (2023 – $6.6 million).
As at December 31, 2024, there were approximately $15.0 million of outstanding commitments, $5.4 million of outstanding 
letters of credit issued by financial institutions and no contingent liabilities for the seven equity accounted joint ventures.
5. HOTEL PROPERTY
First Capital owned a 100% interest in the Hazelton Hotel ("hotel property") located in Toronto, Ontario. The hotel property 
is a mixed-use luxury hotel located in Yorkville Village.
On June 9, 2023, First Capital sold it's 100% interest in the hotel property. The total sale price before closing costs was 
$105.0 million. First Capital recognized a cumulative gain on the sale of the hotel property of $8.9 million that was 
recognized in retained earnings in accordance with the Trust's accounting policy for the hotel. The Trust also incurred 
closing costs of $1.2 million, which were expensed in 'Other gains (losses) and (expenses)' in the consolidated statements of 
income (loss) for the year ended December 31, 2023.
The following table summarizes the invested cost of the assets sold and net gain recognized in retained earnings as at the 
disposition date:
Sale price
$ 
105,000 
Closing adjustments (1)
 
(1,023) 
Sale price, net
$ 
103,977 
Hotel Property, invested cost
 
(94,331) 
Working capital, net (1)
 
(741) 
Net gain on disposal of hotel property (2)
$ 
8,905 
Sale price, net 
$ 
103,977 
Property selling costs
 
(1,202) 
Net proceeds received
$ 
102,775 
(1) Excludes cash. 
(2) In accordance with the revaluation model accounting for the hotel property, the gain of $8.9 million was transferred directly to retained earnings upon sale. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
82

6. LOANS, MORTGAGES AND OTHER ASSETS
As at
December 31, 2024
December 31, 2023
Non-current
Loans and mortgages receivable classified as amortized cost (a)
$ 
14,178 
$ 
57,509 
Other investments
 
12,506 
 
11,393 
Due from co-owners (b)
 
62,044 
 
41,944 
Total non-current
 
88,728 
 
110,846 
Current
Loans and mortgages receivable classified as amortized cost (a)
 
81,657 
 
73,718 
FVTPL investments in securities (c)
 
3,246 
 
2,801 
Total current 
 
84,903 
 
76,519 
Total 
$ 
173,631 
$ 
187,365 
(a) Loans and mortgages receivable are secured by interests in investment properties or shares of entities owning 
investment properties. As at December 31, 2024, these receivables bear interest at weighted average effective 
interest rates of 8.9% (December 31, 2023 – 8.6%) and mature between 2025 and 2027. 
(b) The Trust has contributed equity to one of its co-ownerships whereas its partners made draws on the co-ownership's 
new credit facility to fund the co-ownership's development project. The due from co-owners in the principal amount 
of $55.8 million equals the Trust's proportionate share of the co-ownership's credit facility draws. As there is no right 
of offset for these two financial instruments they are presented on a gross basis on the consolidated balance sheets.
(c) From time to time, First Capital invests in publicly traded real estate and related securities. These securities are  
recorded at market value. Realized and unrealized gains and losses on FVTPL securities are recorded in other gains  
(losses) and (expenses).
Scheduled principal receipts of loans and mortgages receivable and the weighted average effective floating or fixed 
interest rates as at December 31, 2024 are as follows:
Scheduled 
Receipts
Weighted Average 
Effective Interest Rate
2025
$ 
76,913 
 8.8 %
2026
 
7,800 
 12.4 %
2027
 
5,000 
 5.8 %
Sub-Total
$ 
89,713 
 8.9 %
Unamortized deferred financing fees and accrued interest
 
6,122 
Total scheduled principal receipts of loans and mortgages receivable
$ 
95,835 
Current
$ 
81,657 
 8.8 %
Non-current
 
14,178 
 9.8 %
Total
$ 
95,835 
 8.9 %
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
83
FIRST CAPITAL REIT ANNUAL REPORT 2024

7. AMOUNTS RECEIVABLE
As at 
December 31, 2024
December 31, 2023
Tenant receivables (net of allowance for expected credit losses of $4.5 million; December 
31, 2023 – $6.2 million)
$ 
13,948 
$ 
20,063 
Corporate and other amounts receivable
 
501 
 
330 
Total
$ 
14,449 
$ 
20,393 
First Capital determines its allowance for expected credit losses on a tenant-by-tenant basis considering lease terms, credit 
risk, industry conditions and the status of the tenant’s account, among other factors.
The change in the allowance for expected credit losses is summarized below: 
As at 
December 31, 2024
December 31, 2023
Allowance for expected credit losses, beginning of year
$ 
6,203 
$ 
9,499 
Receivables written off during the year
 
(1,534) 
 
(2,236) 
Additional provision (recovery) and other adjustments recorded during the year
 
(125) 
 
(1,060) 
Allowance for expected credit losses, end of year
$ 
4,544 
$ 
6,203 
8. OTHER ASSETS
As at 
Note
December 31, 2024
December 31, 2023
Non-current
Fixtures, equipment and computer hardware and software (net of accumulated 
amortization of $27.3 million; December 31, 2023 – $24.8 million)
$ 
6,986 
$ 
7,182 
Deferred financing costs on credit facilities (net of accumulated amortization of 
$11.5 million; December 31, 2023 – $9.8 million)
 
3,586 
 
4,628 
Environmental indemnity and insurance proceeds receivable
12(a)
 
561 
 
525 
Derivatives at fair value
22
 
4,844 
 
18,608 
Other non-current assets (1)
 
12,970 
 
768 
Total non-current
 
28,947 
 
31,711 
Current
Deposits and costs on investment properties under option
 
4,647 
 
3,746 
Prepaid expenses
 
10,590 
 
10,723 
Restricted cash
 
3,045 
 
2,858 
Derivatives at fair value
22
 
809 
 
5,094 
Other current assets
 
10,419 
 
9,101 
Total current
 
29,510 
 
31,522 
Total
$ 
58,457 
$ 
63,233 
(1) Other non-current assets includes an $11.6 million long-term bonus density payment owing to the Trust related to a previously sold property which received final zoning 
approval in the third quarter of 2024.
9. CAPITAL MANAGEMENT
First Capital manages its capital, taking into account the long-term business objectives of the Trust, to provide stability 
and reduce risk while generating an acceptable return on investment to Unitholders over the long term. The Trust’s 
capital structure currently includes Trust Units, Exchangeable Units, senior unsecured debentures, mortgages, credit 
facilities, bank term loans and bank indebtedness, which together provide First Capital with financing flexibility to meet 
FIRST CAPITAL REIT ANNUAL REPORT 2024
84

its capital needs. Primary uses of capital include development activities, acquisitions, capital improvements and leasing 
costs. The actual level and type of future financings to fund these capital requirements will be determined based on 
prevailing interest rates, various costs of 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 
December 31, 2024
December 31, 2023
Liabilities (principal amounts outstanding)
Mortgages
$ 
1,246,977 
$ 
1,341,817 
Credit facilities
 
723,335 
 
1,153,907 
Mortgages under equity accounted joint ventures (at the Trust’s interest)
 
89,619 
 
90,794 
Credit facilities under equity accounted joint ventures (at the Trust's interest)
 
34,355 
 
8,659 
Senior unsecured debentures
 
2,100,000 
 
1,600,000 
 
4,194,286 
 
4,195,177 
Equity market capitalization (1)
 
3,600,991 
 
3,254,907 
Total capital employed
$ 
7,795,277 
$ 
7,450,084 
Trust Units outstanding (000's)
 
212,323 
 
212,184 
Closing market price
$ 
16.96 
$ 
15.34 
(1) Equity market capitalization is the market value of FCR's units outstanding at December 31, 2024 and December 31, 2023.
First Capital is subject to financial covenants in agreements governing its senior unsecured debentures and its credit 
facilities. In accordance with the terms of the Trust's credit agreements, all ratios are calculated with joint ventures 
proportionately consolidated. As at December 31, 2024, First Capital remains in compliance with all of its applicable 
financial covenants. 
The following table summarizes a number of First Capital's key ratios:
As at
Measure/
Covenant
December 31, 2024
December 31, 2023
Net debt to total assets (1)
≤65%
 44.5% 
 45.0% 
Unencumbered aggregate assets to unsecured debt, using 10 quarter average
capitalization rate (1)
>1.3
 
2.4 
 
2.4 
Unitholders' equity, using four quarter average (billions) (2)
 >$2.0B
$ 
4.0 
$ 
4.1 
Secured indebtedness to total assets (2)
≤35%
 16.0% 
 16.8% 
For the rolling four quarters ended
Interest coverage (Adjusted EBITDA to interest expense) (2)
>1.65
 
2.4 
 
2.3 
Fixed charge coverage (Adjusted EBITDA to debt service) (2)
>1.50
 
2.0 
 
1.9 
(1)   Total assets excludes cash balances. 
(2)   Calculations required under the Trust's credit facility agreements or indentures governing the senior unsecured debentures.
The above ratios include measures not specifically defined in IFRS. Certain calculations are required pursuant to debt 
covenants and are meaningful measures for this reason. Measures used in these ratios are defined below:
• Debt consists of principal amounts outstanding on credit facilities and mortgages, and the par value of senior 
unsecured debentures;
• Net debt is calculated as Debt, as defined above, reduced by cash balances at the end of the period; 
• Secured indebtedness includes mortgages and any draws under the secured facilities that are collateralized against 
investment property;
• Adjusted EBITDA, is calculated as net income, adding back income tax expense; interest expense; and amortization and 
excluding the increase or decrease in the fair value of investment properties, Exchangeable Units and unit-based 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
85
FIRST CAPITAL REIT ANNUAL REPORT 2024

compensation; other gains (losses) and (expenses); and other non-cash or non-recurring items. The Trust also adjusts 
for incremental leasing costs, which is a recognized adjustment to Funds from Operations, in accordance with the 
recommendations of the Real Property Association of Canada;
• 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 calculated as unencumbered assets divided by the principal 
amount of the unsecured debt, which consists of the bank indebtedness, unsecured bank term loans, unsecured credit 
facilities, and senior unsecured debentures.
10. MORTGAGES AND CREDIT FACILITIES
As at 
December 31, 2024
December 31, 2023
Fixed rate mortgages
$ 
1,243,786 
$ 
1,338,041 
Unsecured facilities
 
608,188 
 
1,041,908 
Secured facilities
 
115,147 
 
111,999 
Mortgages and credit facilities
$ 
1,967,121 
$ 
2,491,948 
Current
$ 
226,479 
$ 
171,222 
Mortgages classified as held for sale
 
17,755 
 
8,998 
Non-current
 
1,722,887 
2,311,728
Total 
$ 
1,967,121 
$ 
2,491,948 
Mortgages and secured facilities are secured by First Capital's investment properties. As at December 31, 2024, 
approximately $2.7 billion (December 31, 2023 – $2.9 billion) of investment properties out of $8.2 billion 
(December 31, 2023 – $8.2 billion) (Note 3(a)) had been pledged as security under the mortgages and the secured 
facilities.
As at December 31, 2024, mortgages bear coupon interest at a weighted average coupon rate of 3.8% (December 31, 2023 
– 3.7%) and mature in the years ranging from 2025 to 2034. The weighted average effective interest rate on all mortgages 
as at December 31, 2024 is 3.9% (December 31, 2023 – 3.8%).
Principal repayments of mortgages outstanding as at December 31, 2024 are as follows:
Scheduled
Amortization
Payments on
Maturity
Total
Weighted 
Average Effective 
Interest Rate
2025
$ 
33,183 $ 
66,970 $ 
100,153 
 3.8 %
2026
30,112
94,360
124,472
 3.2 %
2027
29,098
71,726
100,824
 3.6 %
2028
26,636  
145,723 
172,359
 3.8 %
2029
20,044  
236,880 
256,924
 3.5 %
2030 to 2034
28,401
463,844
492,245
 4.3 %
$ 
167,474 $ 
1,079,503 $ 
1,246,977 
 3.9 %
Unamortized deferred financing costs and premiums, net
 
(3,191) 
Total
$ 
1,243,786 
FIRST CAPITAL REIT ANNUAL REPORT 2024
86

First Capital’s credit facilities as at December 31, 2024 are summarized in the table below: 
As at December 31, 2024
Borrowing
Capacity
Amounts
Drawn
Outstanding 
Letters of Credit
Available to 
be Drawn
Interest Rates
Maturity Date
Unsecured Operating Facilities
Revolving unsecured operating 
facility
$ 
100,000 $ 
— $ 
— $ 100,000 CORRA + 1.55% or 
Prime + 0.25% or
SOFR + 1.35%
September 13, 2026
Revolving unsecured operating 
facility
 
150,000  
—  
—  150,000 CORRA + 1.55% or 
Prime + 0.25% or
SOFR + 1.35%
August 31, 2027
Revolving unsecured operating 
facility
 
450,000  
—  
(1,858)  448,142 CORRA + 1.75% or 
Prime + 0.45% or 
SOFR + 1.55%
June 30, 2029
Fixed rate unsecured term loans (1)(2)
 
250,000  
(250,000)  
—  
— 
3.39%
April 14, 2025 
-April 14, 2026 
Fixed rate unsecured term loan (1)(3)(5)  
150,000  
(158,188)  
—  
— 
5.985%
October 20, 2026
Fixed rate unsecured term loan (1)
 
200,000  
(200,000)  
—  
— 
5.80%
January 31, 2029
Secured Construction Facilities
Secured construction facility
 
62,665  
(52,619)  
(537)  
9,509 CORRA + 2.80% or 
Prime + 1.00%
October 1, 2025
Secured construction facility (4)
 
133,645  
(55,773)  
(702)  
77,170 
CORRA + 2.60%
February 1, 2027
Secured Facilities
Secured facility
 
6,755  
(6,755)  
—  
— CORRA + 1.75% or 
Prime + 0.45%
December 19, 2026
Sub-Total 
$ 1,503,065 $ (723,335) $ 
(3,097) $ 784,821 
Secured Construction Facility
Secured construction facility (6)
 
71,450  
(34,355)  
—  
37,095 CORRA + 2.95% or 
Prime + 1.00%
November 28, 2025
Total
$ 1,574,515 $ (757,690) $ 
(3,097) $ 821,916 
(1) These unsecured term loans are variable rate debt instruments. The Trust has entered into swaps which fix the rate of interest over their respective terms to maturity.
(2) As at December 31, 2024, $75.0 million of the unsecured term loans is due April 14, 2025. The remaining $175.0 million is due April 14, 2026.
(3) The Trust has drawn in U.S. dollars the equivalent of CAD$150.0 million which was revalued at CAD$158.2 million as at December 31, 2024.
(4) The borrowing capacity is reduced by the Trust's equity injections into the project where it has chosen not to draw on the facility and other adjustments in accordance 
with the facility agreement.
(5) The Trust has the option to extend the unsecured term loan for an additional two years, to October 20, 2028.
(6) This secured construction facility relates to one of the Trust's joint ventures that is equity accounted.
First Capital has the ability under its unsecured credit facilities to draw funds based on Canadian bank prime rates or 
Canadian Overnight Repo Rate Average (“CORRA rates”) for Canadian dollar-denominated borrowings, and secured 
overnight financing rates (“SOFR rates”) or U.S. prime rates for U.S. dollar-denominated borrowings. Concurrently with 
the U.S. dollar draws, the Trust enters into cross-currency swaps to exchange its U.S. dollar borrowings into Canadian 
dollar borrowings.
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
87
FIRST CAPITAL REIT ANNUAL REPORT 2024

11. SENIOR UNSECURED DEBENTURES
As at 
December 31, 2024
December 31, 2023
Interest Rate
Series
Maturity Date
Coupon
Effective
Principal
Outstanding
Liability
Liability
R
August 30, 2024
4.79%
4.71%
$ 
— $ 
— $ 
300,131 
S
July 31, 2025
4.32%
4.24%
 
300,000  
300,138  
300,366 
T
May 6, 2026
3.60%
3.57%
 
300,000  
300,173  
300,282 
V
January 22, 2027
3.46%
3.54%
 
200,000  
199,683  
199,537 
U
July 12, 2027
3.75%
3.82%
 
300,000  
299,492  
299,305 
A
March 1, 2028
3.45%
3.54%
 
200,000  
199,474  
199,320 
D
June 3, 2030
4.51%
4.62%
 
200,000  
199,001  
— 
B
March 1, 2031
5.57%
5.67%
 
300,000  
298,541  
— 
C
June 12, 2032
5.46%
5.54%
 
300,000  
298,490  
— 
Weighted Average or Total
4.33%
4.37%
$ 
2,100,000 $ 
2,094,992 $ 
1,598,941 
Current
$ 
300,000 $ 
300,138 $ 
300,131 
Non-current
 
1,800,000  
1,794,854  
1,298,810 
Total
$ 
2,100,000 $ 
2,094,992 $ 
1,598,941 
Interest on the senior unsecured debentures is payable semi-annually and principal is payable on maturity. 
On March 1, 2024, the Trust completed the issuance of $300 million principal amount of Series B senior unsecured 
debentures due March 1, 2031. These debentures bear interest at a coupon rate of 5.57% per annum, payable semi-
annually commencing September 1, 2024.
On June 12, 2024, the Trust completed the issuance of $300 million principal amount of Series C senior unsecured 
debentures due June 12, 2032. These debentures bear interest at a coupon rate of 5.46% per annum, payable semi-annually 
commencing December 12, 2024.
On August 30, 2024, upon maturity, the Trust repaid its remaining 4.79% Series R senior unsecured debentures in the 
amount of $281.0 million.
On November 1, 2024, the Trust completed the issuance of $200 million principal amount of Series D senior unsecured 
debentures due June 3, 2030. These debentures bear interest at a coupon rate of 4.51% per annum, payable semi-annually 
commencing June 3, 2025.
FIRST CAPITAL REIT ANNUAL REPORT 2024
88

12. ACCOUNTS PAYABLE AND OTHER LIABILITIES
As at
Note
December 31, 2024
December 31, 2023
Non-current
Asset retirement obligations (a)
$ 
905 
$ 
1,365 
Ground leases payable
 
8,287 
 
8,438 
Derivatives at fair value
22
 
14,336 
 
21,891 
Unit-based compensation plans
14(c)
 
8,179 
 
6,586 
Other liabilities (b)
 
89,501 
 
89,096 
Total non-current
 
121,208 
 
127,376 
Current
Trade payables and accruals
 
57,517 
 
76,578 
Construction and development payables
 
52,040 
 
47,878 
Unit-based compensation plans
14(c)
 
23,456 
 
15,422 
Distributions payable
13(b)
 
15,287 
 
15,277 
Interest payable 
 
30,484 
 
27,061 
Tenant deposits
 
44,821 
 
40,948 
Derivatives at fair value
22
 
— 
 
3,695 
Total current
 
223,605 
 
226,859 
Total
$ 
344,813 
$ 
354,235 
(a) First Capital has obligations for environmental remediation at certain sites within its property portfolio. FCR has also 
recognized a related environmental indemnity and insurance proceeds receivable totaling $0.6 million (December 31, 
2023 - $0.5 million) in other assets (Note 8). 
(b)  Other liabilities includes a loan payable to one of the Trust's joint ventures in the amount of $53.0 million in relation to 
mortgage proceeds received by the joint venture. The loan proceeds were concurrently advanced to the Trust and to 
the joint venture's other limited partners by way of a new loan arrangement that cannot be eliminated in the 
consolidated financial statements under IFRS. 
13. UNITHOLDERS’ EQUITY
The Declaration of Trust authorizes the issuance of an unlimited number of Trust Units:
Trust Units: Each Trust Unit is transferable and represents an equal, undivided beneficial interest in the Trust and any 
distributions from the Trust and entitles the holder to one vote at a meeting of Unitholders. With certain restrictions, a 
Unitholder has the right to require First Capital to redeem its Trust Units on demand. Upon receipt of a redemption 
notice by First Capital, all rights to and under the Trust Units tendered for redemption shall be surrendered and the 
holder thereof shall be entitled to receive a price per unit as determined by a market formula and shall be paid in 
accordance with the conditions provided for in the Declaration of Trust.
(a) Trust Units
The following table sets forth the particulars of First Capital's Trust Units outstanding:
As at 
December 31, 2024
December 31, 2023
Number of
Trust Units
Value of 
Trust Units
Number of
Trust Units
Value of 
Trust Units
Balance at beginning of year
 
212,184 $ 
2,803,327 
 
213,518 $ 
2,819,639 
Trust Units repurchased
 
—  
— 
 
(1,692)  
(22,339) 
Exercise of options and settlement of any restricted, 
performance and deferred trust units
 
139  
2,224 
 
298  
5,106 
Conversion of Exchangeable Units
 
—  
— 
 
60  
921 
Balance at end of year
 
212,323 $ 
2,805,551 
 
212,184 $ 
2,803,327 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
89
FIRST CAPITAL REIT ANNUAL REPORT 2024

On May 16, 2024, First Capital received TSX approval for the renewal of its Normal Course Issuer Bid ("NCIB") pursuant to 
which it may repurchase and cancel up to 21,113,939 of its outstanding units until May 20, 2025.
For the year ended December 31, 2024, the Trust acquired and cancelled Nil Units (December 31, 2023 - 1.7 million Units) 
at a weighted average purchase price of N/A (December 31, 2023 - $15.19 per unit), for a total cost of $Nil (December 31, 
2023 - $25.7 million). The excess of the purchase price over the carrying amount of the Units purchased, representing the 
unit price increase over the weighted average historical issuance price, was recorded as a reduction to retained earnings of 
$Nil (December 31, 2023 - $3.4 million). On a cumulative basis, as of December 31, 2024, 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) Distributions
First Capital declared monthly distributions totaling $0.864 per Trust Unit for the year ended December 31, 2024 (year 
ended December 31, 2023 - $0.864 per Trust Unit).
14. UNIT-BASED COMPENSATION PLANS
(a) Unit Option Plan
First Capital's unit option plan was terminated in 2021 following the final grants issued on March 1, 2021. Any options 
granted prior to termination of the plan expire 10 years from the date of grant and vest over five years. As at 
December 31, 2024, 5.3 million unit options were outstanding (December 31, 2023 - 5.6 million). 
The outstanding options as at December 31, 2024 have exercise prices ranging from $15.53 - $21.24 (December 31, 
2023 – $15.53 - $21.24).
As at
December 31, 2024
December 31, 2023
Outstanding Options
Vested Options
Outstanding Options
 Vested Options
Exercise Price
Range ($)
Number of
Trust Units
Issuable
(in thousands)
Weighted
Average
Exercise
Price per
Trust Unit
Weighted
Average
Remaining
Life
(years)
Number of
Trust Units
Issuable
(in thousands)
Weighted
Average
Exercise
Price per
Trust Unit
Number of
Trust Units
Issuable
(in thousands)
Weighted
Average
Exercise
Price per
Trust Unit
Weighted
Average
Remaining
Life
(years)
Number of
Trust Units
Issuable
(in thousands)
Weighted
Average
Exercise
Price per
Trust Unit
15.53 - 19.29
 
905 $ 
16.48  
4.3  
662 $ 16.83  
1,243 $ 
16.95  
4.0  
880 $ 17.54 
19.30 - 20.05
 
1,364 $ 
19.87  
2.3  
1,364 $ 19.87  
1,366 $ 
19.87  
3.3  
1,366 $ 19.87 
20.06 - 21.19
 
1,632 $ 
20.68  
3.2  
1,632 $ 20.68  
1,632 $ 
20.68  
4.2  
1,451 $ 20.62 
21.20 - 21.24
 
1,379 $ 
21.24  
5.2  
1,104 $ 21.24  
1,380 $ 
21.24  
6.2  
828 $ 21.24 
15.53 - 21.24
 
5,280 $ 
19.90  
3.7  
4,762 $ 20.04  
5,621 $ 
19.79  
4.4  
4,525 $ 19.91 
During the year ended December 31, 2024, $0.2 million (year ended December 31, 2023 – $0.4 million) was 
recorded as an expense related to stock options.
Year ended December 31
2024
2023
Number of
Trust Units
Issuable
(in thousands)
Weighted 
Average
Exercise Price
Number of
Trust Units
Issuable
(in thousands)
Weighted 
Average
Exercise Price
Outstanding at beginning of year
 
5,621 
$ 
19.79  
6,275 
$ 
19.76 
Forfeited
 
— 
 
—  
(3) 
 
19.15 
Expired
 
(341) 
 
18.23  
(651) 
 
19.46 
Outstanding at end of year
 
5,280 
$ 
19.90  
5,621 
$ 
19.79 
FIRST CAPITAL REIT ANNUAL REPORT 2024
90

The assumptions used to measure the fair value of the unit options under the Black-Scholes model (level 2) as at 
December 31, 2024 and 2023 were as follows: 
As at December 31
2024
2023
Expected Trust Unit price volatility
15.19% - 23.96%
17.15% - 30.07%
Expected life of options
0.2 - 4.7 years
0.0 - 5.5 years
Expected distribution yield
 5.22% 
 5.61% 
Risk free interest rate 
2.91% - 3.09%
3.12% - 4.88%
(b) Trust Unit arrangements
First Capital’s Trust Unit plans include a Trustees' Deferred Unit ("DU") plan and a Restricted Unit ("RU") plan that 
provides for the issuance of Restricted Units and Performance Units ("PU"). Under the DU and RU arrangements, a 
participant is entitled to receive one Trust Unit, or equivalent cash value for RU arrangements only, at First Capital’s 
option, (i) in the case of a DU, upon redemption by the holder after the date that the holder ceases to be a Trustee of FCR 
and any of its subsidiaries (the “Retirement Date”) but no later than December 15 of the first calendar year commencing 
after the Retirement Date, and (ii) in the case of an RU, on the third anniversary of the grant date. Under the PU 
arrangement, a participant is entitled to receive Nil – 2.0 Trust Units per PU granted, or equivalent cash value at First 
Capital's option, on the third anniversary of the grant date. Holders of units granted under each plan receive distributions 
in the form of additional units when First Capital declares distributions on its Trust Units.
Year ended December 31
2024
2023
(in thousands)
DUs
RUs / PUs
DUs
RUs / PUs
Outstanding at beginning of year
 
450  
1,261  
402  
1,083 
Granted (a) (b)
 
89  
468  
102  
427 
Performance Factor adjustment
 
—  
42  
—  
— 
Distributions reinvested
 
23  
81  
24  
71 
Exercised
 
(167)  
(231)  
(78)  
(287) 
Forfeited
 
—  
(15)  
—  
(33) 
Outstanding at end of year
 
395  
1,606  
450  
1,261 
Expense recorded for the year
$1,842
$8,584
$1,847
$7,362
(a) The fair value of the DUs granted during the year ended December 31, 2024 was $1.5 million (year ended December 
31, 2023 – $1.5 million), measured based on First Capital’s prevailing Trust Unit price on the date of grant. The fair 
value of the RUs granted during the year ended December 31, 2024 was $4.6 million (year ended December 31, 2023 – 
$4.9 million), measured based on First Capital’s Trust Unit price on the date of grant. 
(b) The fair value of the PUs granted during the year ended December 31, 2024 was $3.6 million (year ended December 31, 
2023 – $3.0 million). The fair value is calculated using the Monte-Carlo simulation model based on the assumptions 
below, as well as a market adjustment factor based on the total Unitholder return of First Capital's Trust Units relative 
to the S&P/TSX Capped REIT Index and relative to a customized index of publicly-listed peers.
Year ended December 31
2024
2023
Grant date
March 8, 2024
February 16, 2023
PUs granted (thousands)
180
154
Term to expiry
3 years
3 years
Weighted average volatility rate
 21.4% 
 32.5% 
Weighted average correlation
 75.1% 
 76.5% 
Weighted average total Unitholder return
 9.4% 
 6.6% 
Weighted average risk free interest rate
 3.79% 
 3.87% 
Fair value (thousands)
$3,626
$3,038
 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
91
FIRST CAPITAL REIT ANNUAL REPORT 2024

(c) Increase (decrease) in the value of unit-based compensation 
First Capital’s unit-based compensation plans are accounted for as cash-settled awards. Therefore, outstanding Unit 
Options, Deferred Units, Restricted Units and Performance Units are recognized as a liability and carried at FVTPL. As at 
December 31, 2024, the carrying value of the unit-based compensation liability was $31.6 million (December 31, 2023 – 
$22.0 million)(Note 12). FCR's liability for unit-based compensation plans has increased since December 31, 2023 which 
resulted in a revaluation loss of $5.4 million in the consolidated statements of income (loss) due to (i) an increase in the 
Trust Unit's price since December 31, 2023 and (ii) a larger number of vested units outstanding that have yet to be 
converted to Trust Units.
15. NET OPERATING INCOME
Net Operating Income by Component 
First Capital’s net operating income by component is presented below:
Year ended December 31
% change  
2024 
 
2023 
Property rental revenue
Base rent (1)
$ 
440,372 
$ 
429,050 
Operating cost recoveries
 
114,751 
 
110,891 
Realty tax recoveries
 
121,015 
 
117,634 
Lease termination fees
 
6,384 
 
878 
Percentage rent
 
2,947 
 
3,079 
Straight-line rent adjustment
 
7,168 
 
(414) 
Prior year operating cost and tax recovery adjustments
 
1,022 
 
1,050 
Temporary tenants, storage, parking and other (2)
 
19,865 
 
25,813 
Total Property rental revenue
 3.7%  
713,524 
 
687,981 
Property operating costs 
Recoverable operating expenses
 
125,804 
 
123,606 
Recoverable realty tax expense
 
137,288 
 
133,208 
Prior year realty tax expense (recovery)
 
(178) 
 
(1,408) 
Other operating costs and adjustments (3)
 
3,322 
 
7,318 
Total Property operating costs
 
266,236 
 
262,724 
Total NOI 
 5.2% $ 
447,288 
$ 
425,257 
NOI margin
 62.7% 
 61.8% 
(1) Includes residential revenue.
(2) Includes hotel property revenue.
(3) Includes residential operating costs, hotel property operating costs and bad debt expense (recovery). For the year ended December 31, 2024, bad debt expense (recovery) 
totaled ($0.7) million (year ended December 31, 2023 - ($1.6) million).
For the year ended December 31, 2024, property operating costs include $25.5 million (year ended December 31, 2023 – 
$24.5 million) related to employee compensation. 
FIRST CAPITAL REIT ANNUAL REPORT 2024
92

16. INTEREST AND OTHER INCOME 
Year ended December 31
Note
2024
2023
Interest, dividend and distribution income from cash, marketable securities and other 
investments
6
$ 
9,119 
$ 
5,491 
Interest income from loans and mortgages receivable classified as FVTPL 
6
 
— 
 
79 
Interest income from loans and mortgages receivable at amortized cost
6
 
12,045 
 
10,543 
Fees and other income (1)(2)(3)
 
25,954 
 
8,762 
Total
$ 
47,118 
$ 
24,875 
(1) For the year ended December 31, 2024, fees and other income includes a density bonus payment of $11.3 million related to a previously sold property which received final 
zoning approval in the third quarter of 2024.
(2) For the year ended December 31, 2024, fees and other income includes a $9.5 million fee related to the assignment of a purchase and sale agreement for a parcel of land.
(3) For the year ended December 31, 2023, fees and other income includes a legal settlement of $3.8 million recognized in the third quarter of 2023.
17. INTEREST EXPENSE 
Year ended December 31
Note
2024
2023
Mortgages
10
$ 
52,703 
$ 
52,987 
Credit facilities
10
 
47,109 
 
45,988 
Senior unsecured debentures
11
 
85,154 
 
75,614 
Distributions on Exchangeable Units (1)
 
— 
 
48 
Total interest expense
 
184,966 
 
174,637 
Interest capitalized to investment properties under development
 
(18,803) 
 
(20,541) 
Interest expense
$ 
166,163 
$ 
154,096 
Change in accrued interest
 
(3,452) 
 
1,852 
Coupon interest rate in excess of effective interest rate on senior unsecured debentures
 
1,331 
 
1,570 
Coupon interest rate in excess of effective interest rate on assumed mortgages
 
7 
 
13 
Amortization of deferred financing costs
 
(9,313) 
 
(7,419) 
Cash interest paid associated with operating activities
$ 
154,736 
$ 
150,112 
(1) The distributions declared on the Exchangeable Units are accounted for as interest expense.
18. CORPORATE EXPENSES
Year ended December 31
2024
2023
Salaries, wages and benefits
$ 
33,223 
$ 
32,060 
Unit-based compensation 
 
10,372 
 
9,363 
Other corporate costs (1)
 
15,052 
 
20,310 
Total corporate expenses
 
58,647 
 
61,733 
Amounts capitalized to investment properties under development
 
(7,559) 
 
(7,831) 
Corporate expenses
$ 
51,088 
$ 
53,902 
(1) Includes $Nil in legal, advisory and settlement costs related to the Unitholder activism for the year ended December 31, 2024 (year ended December 31, 2023 - 
approximately $7 million).
 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
93
FIRST CAPITAL REIT ANNUAL REPORT 2024

19. OTHER GAINS (LOSSES) AND (EXPENSES)
Year ended December 31
2024
2023
Unrealized gain (loss) on marketable securities
$ 
445 
$ 
(533) 
Net gain (loss) on early settlement of debt
 
(8) 
 
— 
Gain on Investment (1)
 
— 
 
1,007 
Pre-selling costs of residential inventory
 
(1,467) 
 
(36) 
Investment property selling costs
 
(3,432) 
 
(3,336) 
Gain (loss) on foreign currency translation
 
(16,291) 
 
8,659 
Gain (loss) on mark-to-market of derivatives (2)
 
16,221 
 
(18,008) 
Total
$ 
(4,532) 
$ 
(12,247) 
(1) On June 9, 2023, the Trust sold its 50% interest of the partnership units in the ONE Restaurant.
(2) The Trust enters into cross-currency swap derivatives to manage interest rate risk and foreign currency risk on its US denominated variable rate debt instruments.
20. 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 complies with certain tests and distributes all of its taxable income in a taxation year to its 
Unitholders. The Trust is a flow-through vehicle and accounts only for income taxes pertaining to its corporate subsidiaries. 
The Trust's most significant corporate subsidiary, First Capital Realty Inc., is a Mutual Fund Corporation.
The sources of deferred tax balances and movements are as follows:
December 31, 2023
Net income (loss)
Recognized in OCI
Equity and other
December 31, 2024
Deferred taxes related to non-capital losses
$ 
(76,945) $ 
(11,370) $ 
164 $ 
838 $ 
(87,313) 
Deferred tax liabilities related to difference 
in tax and book basis primarily related to 
real estate, net
 
829,965  
25,660  
(7,221)  
(943)  
847,461 
Net deferred taxes
$ 
753,020 $ 
14,290 $ 
(7,057) $ 
(105) $ 
760,148 
As at December 31, 2024, the corporate subsidiaries of the Trust had approximately $232.2 million of non-capital losses, 
which expire between 2028 and 2044.
December 31, 2022
Net income (loss)
Recognized in OCI
Equity and other
December 31, 2023
Deferred taxes related to non-capital losses $ 
(11,356) $ 
(65,024) $ 
— $ 
(565) $ 
(76,945) 
Deferred tax liabilities related to difference 
in tax and book basis primarily related to 
real estate, net
 
780,744  
60,228  
(11,264)  
257  
829,965 
Net deferred taxes
$ 
769,388 $ 
(4,796) $ 
(11,264) $ 
(308) $ 
753,020 
As at December 31, 2023, the corporate subsidiaries of the Trust had approximately $204.4 million of non-capital losses, 
which expire between 2028 and 2043.
FIRST CAPITAL REIT ANNUAL REPORT 2024
94

The following reconciles the expected tax expense computed at the statutory tax rate to the actual tax expense (recovery) 
for the years ended December 31, 2024 and 2023.  
Year ended December 31
2024
2023
Income tax computed at the Canadian statutory rate of Nil applicable to the Trust at 
December 31, 2024 and 2023
$ 
— 
$ 
— 
Increase (decrease) in income taxes due to:
Deferred income taxes (recoveries) applicable to corporate subsidiaries 
 
32,900 
 
56,654 
Deferred income tax recovery related to temporary differences associated with investment 
property applicable to corporate subsidiaries
 
(18,525) 
 
(61,495) 
Other
 
(85) 
 
45 
Deferred income taxes expense (recovery)
$ 
14,290 
$ 
(4,796) 
21. RISK MANAGEMENT
In the normal course of its business, First Capital is exposed to a number of risks that can affect its operating 
performance. Certain of these risks, and the actions taken to manage them, are as follows:
(a) Interest rate risk
First Capital structures its financings so as to stagger the maturities of its debt, thereby mitigating its exposure to interest 
rate and other credit market fluctuations. A portion of FCR’s mortgages, loans and credit facilities are floating rate 
instruments. From time to time, FCR may enter into interest rate swap contracts, bond forwards or other financial 
instruments to modify the interest rate profile of its outstanding debt or highly probable future debt issuances without an 
exchange of the underlying principal amount. 
Interest represents a significant cost in financing the ownership of real property. As at December 31, 2024, First Capital 
has a total of $115.1 million of outstanding debt bearing interest at variable rates on a consolidated basis. If the average 
variable interest rate was 100 basis points higher or lower than the existing rate, FCR’s annual interest cost would 
increase or decrease, respectively, by $1.2 million.
First Capital has a total of $1.8 billion principal amount of fixed rate interest-bearing instruments outstanding including 
mortgages, senior unsecured debentures and unsecured term loans maturing between January 1, 2025 and December 31, 
2027 at a weighted average coupon interest rate of 3.9%. If these amounts were refinanced at an average interest rate 
that was 100 basis points higher or lower than the existing rate, FCR’s annual interest cost would increase or decrease, 
respectively, by $18.3 million. 
As at December 31, 2024, First Capital’s loans and mortgages receivable that earn interest at variable rates total                       
$75.5 million. If the average variable interest rate was 100 basis points higher than the existing rate, FCR’s annual interest 
income would increase by approximately $0.8 million. If the loans were refinanced at 100 basis points lower than the 
existing rate, FCR’s annual interest income would decrease by approximately $0.4 million.
First Capital’s loans and mortgages receivable that earn interest at fixed rates total $14.2 million. If the loans were 
refinanced at 100 basis points higher or lower than the existing rate, FCR’s annual interest income would increase or 
decrease, respectively, by approximately $0.1 million. 
(b) Credit risk
Credit risk arises from the possibility that tenants and/or debtors may experience financial difficulty and be unable or 
unwilling to fulfill their lease commitments or loan obligations. First Capital mitigates the risk of credit loss from tenants 
by investing in well-located properties in urban markets that attract high quality tenants, ensuring that its tenant mix is 
diversified, and by limiting its exposure to any one tenant. As at December 31, 2024, Loblaw Companies Limited 
(“Loblaw”) is FCR's largest tenant and accounts for 10.6% of FCR’s annualized minimum rent and has an investment grade 
credit rating. Other than Loblaw, no other tenant accounts for more than 10% of the annualized minimum rent. A 
 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
95
FIRST CAPITAL REIT ANNUAL REPORT 2024

tenant’s success over the term of its lease and its ability to fulfill its lease obligations is subject to many factors. There can 
be no assurance that a tenant will be able to fulfill all of its existing commitments and leases up to the expiry date. First 
Capital mitigates the risk of credit loss from debtors by undertaking a number of activities typical in lending arrangements 
including obtaining registered mortgages on the real estate properties.
First Capital’s leases typically have lease terms between 5 and 20 years and may include clauses to enable periodic 
upward revision of the rental rates and lease contract extension at the option of the lessee.
Future minimum rentals receivable under non-cancellable operating leases as at December 31 are as follows:
(thousands of dollars)
2024
Within 1 year
$ 
417,522 
After 1 year, but not more than 5 years
 
1,068,625 
More than 5 years
 
599,656 
$ 
2,085,803 
(c) Liquidity risk
Real estate investments are relatively illiquid. This tends to limit First Capital’s ability to sell components of its portfolio 
promptly in response to changing economic or investment conditions. If FCR were required to quickly liquidate its assets, 
there is a risk that it would realize sale proceeds of less than the current value of its real estate investments. 
An analysis of First Capital’s contractual maturities of its material financial liabilities and other contractual commitments 
as at December 31, 2024 is set out below:
As at December 31, 2024
Payments due by period
2025
2026 to 2027
2028 to 2029 
Thereafter
Total
Scheduled mortgage principal amortization
$ 
33,183 $ 
59,210 $ 
46,680 $ 
28,401 $ 
167,474 
Mortgage principal repayments on maturity
 
66,970  
166,086  
382,603  
463,844  
1,079,503 
Credit facilities
 
127,619  
395,716  
200,000  
—  
723,335 
Senior unsecured debentures
 
300,000  
800,000  
200,000  
800,000  
2,100,000 
Interest obligations (1)
 
163,556  
240,572  
157,635  
112,534  
674,297 
Land leases (expiring between 2027 and 2061)
 
678  
1,335  
1,265  
15,008  
18,286 
 Contractually committed costs to complete current 
development projects (2)
 
58,236  
39,210  
—  
—  
97,446 
Other committed costs
 
21,886  
—  
—  
—  
21,886 
Total contractual obligations
$ 
772,128 $ 1,702,129 $ 
988,183 $ 1,419,787 $ 4,882,227 
(1) Interest obligations include expected interest payments on mortgages and credit facilities as at December 31, 2024 (assuming balances remain outstanding through to 
maturity) and senior unsecured debentures, as well as standby credit facility fees.
(2) Includes amounts related to equity accounted joint ventures.
First Capital manages its liquidity risk by staggering debt maturities; renegotiating expiring credit arrangements 
proactively; using secured and unsecured credit facilities, mortgages and unsecured debentures; and issuing equity when 
considered appropriate. As at December 31, 2024, there was $0.6 billion (December 31, 2023 – $1.0 billion) of cash 
advances drawn against First Capital’s unsecured credit facilities.
In addition, as at December 31, 2024, First Capital had $31.4 million (December 31, 2023 – $28.6 million) of outstanding 
letters of credit issued by financial institutions primarily to support certain of FCR’s contractual obligations and $Nil 
(December 31, 2023 – $Nil) of bank overdrafts.
(d) Unit price risk
First Capital is exposed to Trust Unit price risk through the issuance of unit-based compensation. Unit-based 
compensation liabilities are recorded at their fair value based on market trading prices. Unit-based compensation 
FIRST CAPITAL REIT ANNUAL REPORT 2024
96

negatively impacts net income when the Trust Unit price rises and positively impacts net income when the Trust Unit 
price declines. An increase of $1 dollar in the underlying price of First Capital's Trust Units would result in an increase to 
unit-based compensation liabilities and a decrease to net income of $3.1 million (December 31, 2023 – $2.7 million).
22. FAIR VALUE MEASUREMENT
A comparison of the carrying amounts and fair values, by class, of First Capital’s financial instruments, other than those 
whose carrying amounts approximate their fair values, is as follows: 
Carrying Amount
Fair Value
Note
2024
2023
2024
2023
Financial assets
FVTPL investments in securities
6
$ 
3,246 $ 
2,801 $ 
3,246 $ 
2,801 
Loans and mortgages receivable classified as amortized cost
6
 
95,835  
131,227  
95,658  
129,882 
Other investments 
6
 
12,506  
11,393  
12,506  
11,393 
Derivatives at fair value
8
 
5,653  
23,702  
5,653  
23,702 
Financial liabilities
Mortgages
10
$ 1,243,786 $ 1,338,041 $ 1,219,510 $ 1,272,874 
Credit facilities
10
 
723,335  1,153,907  
723,335  
1,153,907 
Senior unsecured debentures
11
 2,094,992  1,598,941  2,131,837  
1,535,423 
Unit-based compensation plans
14
 
31,635  
22,008  
31,635  
22,008 
Derivatives at fair value
12
 
14,336  
25,586  
14,336  
25,586 
The fair values of First Capital’s FVTPL investments in securities are based on quoted market prices. First Capital has an 
investment in certain funds classified as Level 3, for which the fair values are based on the fair value of the properties 
held in the funds. 
The fair value of First Capital’s loans and mortgages receivable classified as Level 3 are calculated based on current 
market rates plus borrower level risk-adjusted spreads on discounted cash flows, adjusted for allowances for non-
payment and collateral related risk. As at December 31, 2024, the risk-adjusted interest rates ranged from 5.3% to 12.3% 
(December 31, 2023 – 6.7% to 14.0%).
The fair value of First Capital’s mortgages and credit facilities payable are calculated based on current market rates plus 
risk-adjusted spreads on discounted cash flows. As at December 31, 2024, these rates ranged from 4.4% to 4.8% 
(December 31, 2023 – 5.0% to 6.9%).
The fair value of the senior unsecured debentures are based on closing bid risk-adjusted spreads and current underlying 
Government of Canada bond yields on discounted cash flows. For the purpose of this calculation, the Trust uses, among 
others, interest rate quotations provided by financial institutions. As at December 31, 2024, these rates ranged from 3.6% 
to 4.7% (December 31, 2023 – 5.4% to 6.1%).
The fair value of the unit-based compensation plans are based on the following: 
• Unit Option Plan: Fair value of each tranche is valued separately using a Black-Scholes option pricing model.
• Deferred Units/Restricted Units: Fair value is based on the Trust's closing price as of December 31, 2024.
• Performance Units: Fair Value is calculated using a Monte-Carlo simulation model.
 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
97
FIRST CAPITAL REIT ANNUAL REPORT 2024

The fair value hierarchy of financial instruments in the consolidated balance sheets is as follows:
As at
December 31, 2024
December 31, 2023
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Fair value of financial instruments measured at fair value
Financial Assets
FVTPL investments in securities 
$ 
3,246 $ 
— $ 
— $ 
2,801 $ 
— $ 
— 
Loans and mortgages receivable
 
—  
—  
—  
—  
—  
— 
Other investments
 
—  
—  
12,506  
—  
—  
11,393 
Derivatives at fair value – assets
 
—  
5,653  
—  
—  
23,702  
— 
Financial Liabilities
Exchangeable Units 
 
—  
—  
—  
—  
—  
— 
Unit-based compensation plans
 
—  
31,635  
—  
—  
22,008  
— 
Derivatives at fair value – liabilities 
 
—  
14,336  
—  
—  
25,586  
— 
Fair value of financial instruments measured at amortized cost
Financial Assets
Loans and mortgages receivable
$ 
— $ 
— $ 
95,658 $ 
— $ 
— $ 
129,882 
Financial Liabilities
Mortgages
 
—  1,219,510  
—  
—  1,272,874  
— 
Credit facilities
 
—  
723,335  
—  
—  1,153,907  
— 
Senior unsecured debentures
 
—  2,131,837  
—  
—  1,535,423  
— 
First Capital enters into derivative instruments including bond forward contracts, interest rate swaps and cross-currency 
swaps as part of its strategy for managing certain interest rate risks as well as currency risk in relation to movements in 
the Canadian to U.S. exchange rate. For those derivative instruments to which First Capital has applied hedge accounting, 
the change in fair value for the effective portion of the derivative is recorded in OCI from the date of designation. For 
those derivative instruments to which First Capital does not apply hedge accounting, the change in fair value is 
recognized in other gains (losses) and (expenses).  
The fair value of derivative instruments is determined using present value forward pricing and swap calculations at 
interest rates that reflect current market conditions. The models also take into consideration the credit quality of 
counterparties, interest rate curves and forward rate curves. As at December 31, 2024, the interest rates ranged from 
4.5% to 5.3% (December 31, 2023 – 5.2% to 7.0%). The fair values of First Capital's asset (liability) hedging instruments 
are as follows:
Designated as 
Hedging Instrument
Maturity as at December 31, 2024
December 31, 2024
December 31, 2023
Derivative assets
Interest rate swaps
Yes
April 2025 - March 2027
$ 
5,653 
$ 
23,702 
Total
$ 
5,653 
$ 
23,702 
Derivative liabilities
Interest rate swaps 
Yes
January 2029 - May 2034
$ 
13,114 
$ 
8,143 
Cross-currency swaps 
No
October 2028
 
1,222 
 
17,443 
Total
$ 
14,336 
$ 
25,586 
FIRST CAPITAL REIT ANNUAL REPORT 2024
98

23. SUBSIDIARIES WITH NON-CONTROLLING INTEREST
As at December 31, 2024, First Capital has interests in two entities that it controls and consolidates 100% of the assets, 
liabilities, revenues and expenses of each entity subject to a non-controlling interest. 
Name of Entity
Primary Investment
Effective Ownership
December 31, 2024
December 31, 2023
Main and Main Developments LP ("MMLP")
46.875% Interest in MMUR (1)
 67.0% 
 67.0% 
Maincore Equities Inc. 
46.875% Interest in MMUR (1)
 70.9% 
 70.9% 
(1)  FCR has owned a 6.25% direct interest in M+M Realty LP ("MMUR") since 2014. 
First Capital controls MMLP, a subsidiary in which it holds a 67% ownership interest.
Non-controlling interest in the equity and the results of these subsidiaries, before any inter-company eliminations, are as 
follows:
As at 
December 31, 2024
December 31, 2023
Non-current assets
$ 
224,341 
$ 
206,595 
Current assets
 
246 
 
1,040 
Total assets
 
224,587 
 
207,635 
Non-current liabilities
 
3,938 
 
3,938 
Current liabilities
 
3 
 
14 
Total liabilities
 
3,941 
 
3,952 
Net assets
$ 
220,646 
$ 
203,683 
Non-controlling interest
$ 
67,999 
$ 
62,780 
Year ended December 31
2024
2023
Revenue
$ 
8 
$ 
6 
Share of profit (loss) from joint ventures
 
(4,618) 
 
(320) 
Expenses
 
(789) 
 
(841) 
Net income (loss)
$ 
(5,399) 
$ 
(1,155) 
Non-controlling interest
$ 
(1,687) 
$ 
(308) 
Year ended December 31
2024
2023
Cash provided by (used in) operating activities
$ 
(660) 
$ 
(646) 
Cash provided by (used in) financing activities
 
10,846 
 
10,607 
Cash provided by (used in) investing activities
 
(10,146) 
 
(9,951) 
Net increase (decrease) in cash and cash equivalents
$ 
40 
$ 
10 
 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
99
FIRST CAPITAL REIT ANNUAL REPORT 2024

24. CO-OWNERSHIP INTERESTS
First Capital has co-ownership interests in several properties, as listed below, that are subject to joint control and represent 
joint operations under IFRS 11, "Joint Arrangements". First Capital recognizes its share of the direct rights to the assets and 
obligations for the liabilities of these co-ownerships in the consolidated financial statements.
Ownership Interest
Property 
Location
December 31, 2024
December 31, 2023
101 Yorkville Avenue
Toronto, ON
50%
50%
102 Atlantic Avenue
Toronto, ON
50%
50%
328 Bloor Street West
Toronto, ON
50%
50%
897-901 Eglinton Avenue West
Toronto, ON
50%
50%
Yonge & Roselawn
Toronto, ON
50%
50%
Amberlea Shopping Centre
Pickering, ON
50%
50%
Gloucester City Centre
Ottawa, ON
50%
50%
Carrefour du Plateau
Gatineau, QC
50%
50%
Merivale Mall
Ottawa, ON
50%
50%
Galeries de Repentigny
Repentigny, QC
50%
50%
Galeries Brien Ouest/Est
Repentigny, QC
50%
50%
Gateway Village
St. Albert, AB
50%
50%
320-326 Bloor Street West
Toronto, ON
50%
50%
261 Queens Quay East (Bayside Village)
Toronto, ON
50%
50%
Midland (land)
Midland, ON
50%
50%
Hunt Club – Petrocan
Ottawa, ON
50%
50%
Gatineau Portfolio (1)
Gatineau, QC
50%
50%
Hunt Club Marketplace
Ottawa, ON
66.6%
66.6%
Lachenaie Properties
Lachenaie, QC
50%
50%
South Oakville Properties (2)
Oakville, ON
50%
50%
Whitby Mall
Whitby, ON
50%
50%
Thickson Mall
Whitby, ON
50%
50%
St. Hubert Portfolio (3)
St. Hubert, QC
50%
50%
Ottawa Portfolio (3)
Ottawa, ON
50%
50%
West Island Portfolio (4)
Beaconsfield, QC / Kirkland, QC
50%
50%
Burlington Portfolio (5)
Burlington, ON
50%
50%
Seton Gateway
Calgary, AB
100%
50%
Sherwood Park (6)
Sherwood Park, AB
50%
50%
The Edmonton Brewery District
Edmonton, AB
50%
50%
138 Yorkville Avenue
Toronto, ON
33.3%
33.3%
Meadowbrook Centre
Edmonton, AB
50%
50%
Lakeview Plaza
Calgary, AB
50%
50%
West Springs Village
Calgary, AB
50%
50%
216 Elgin Street
Ottawa, ON
50%
50%
221 - 227 Sterling
Toronto, ON
35%
35%
London Portfolio (7)
London, ON
49.5%
49.5%
1071 King Street West
Toronto, ON
25.0%
66.6%
(1)  Gatineau Portfolio includes Place Cite des Jeunes, Place Nelligan and Carrefour du Versant Ouest/Est.
(2)  South Oakville Properties includes one property at 50% interest, with the remaining properties held at 100% interest.
(3)  St. Hubert Portfolio includes Carrefour St-Hubert, Plaza Actuel and Promenades du Parc. Ottawa Portfolio includes Loblaws Plaza, Eagleson Place and Strandherd Crossing.
(4)  West Island Portfolio includes Centre Commercial Beaconsfield, Plaza Beaconsfield, Centre St-Charles, Centre Kirkland and Place Kirkland.
(5)  Burlington Portfolio includes Burlingwood Shopping Centre and Beacon Hill Plaza.
(6)  Sherwood Park includes Sherwood Centre, Sherwood Towne Square, Village Market and Sherwood Centre 1000 Alder Avenue.
(7)  London Portfolio includes Wellington Corners, Sunningdale Village, Byron Village, Hyde Park Plaza, Stoneybrook Plaza and Adelaide Shoppers.
FIRST CAPITAL REIT ANNUAL REPORT 2024
100

Ownership Interest
Property 
Location
December 31, 2024
December 31, 2023
200 West Esplanade (Empire Theatres)
North Vancouver, BC
—%
50%
400 King Street West (1)
Toronto, ON
50%
50%
1120 Kingston Road (1)
Toronto, ON
—%
60%
(1)   Co-ownership interests held by MMUR. 
25. SUPPLEMENTAL OTHER COMPREHENSIVE INCOME (LOSS) 
INFORMATION 
(a) Accumulated other comprehensive income (loss)
Year ended December 31
2024
2023
Opening
Balance
January 1
Net Change
During
the Year
Closing
Balance
December 31
Opening
Balance
January 1
Net Change
During
the Year
Closing
Balance
December 31
Unrealized gain (loss) on cash flow 
hedges
 
(3,122)  
(11,037)  
(14,159)  
14,496  
(17,618)  
(3,122) 
Accumulated other comprehensive 
income (loss)
$ 
(3,122) $ 
(11,037) $ 
(14,159) $ 
14,496 $ 
(17,618) $ 
(3,122) 
(b) Tax effects relating to each component of other comprehensive income (loss)
Year ended December 31
2024
2023
Before-Tax
Amount
Tax (Expense) 
Recovery
Net of Tax
Amount
Before-Tax
Amount
Tax (Expense) 
Recovery
Net of Tax
Amount
Unrealized gain (loss) on cash flow 
hedges
$ 
(23,274) $ 
9,077 $ 
(14,197) $ 
(32,727) $ 
12,764 $ 
(19,963) 
Reclassification of net (gain) loss on 
cash flow hedges to net income 
(loss)
 
5,180  
(2,020)  
3,160  
3,845  
(1,500)  
2,345 
Other comprehensive income (loss)
$ 
(18,094) $ 
7,057 $ 
(11,037) $ 
(28,882) $ 
11,264 $ 
(17,618) 
26. SUPPLEMENTAL CASH FLOW INFORMATION
(a) Items not affecting cash and other items 
Year ended December 31
Note
2024
2023
Straight-line rent adjustment
15
$ 
(7,168) $ 
414 
Unit-based compensation expense
14
 
10,615  
9,583 
Unrealized (gain) loss on marketable securities classified as FVTPL
19
 
(445)  
533 
Net (gain) loss on early settlement of debt
19
 
8  
— 
(Gain) loss on Investment
19
 
—  
(1,007) 
Investment property selling costs
19
 
3,432  
3,336 
(Gain) loss on foreign currency translation
19
 
16,291  
(8,659) 
(Gain) loss on mark-to-market of derivatives
19
 
(16,221)  
18,008 
Increase (decrease) in value of unit-based compensation
14
 
5,381  
(6,237) 
Increase (decrease) in value of Exchangeable Units
 
—  
(88) 
Deferred income taxes expense (recovery)
20
 
14,290  
(4,796) 
Total
$ 
26,183 $ 
11,087 
 
  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
101
FIRST CAPITAL REIT ANNUAL REPORT 2024

(b) Net changes in other working capital items 
The net changes in other working capital assets and liabilities consists of the following: 
Year ended December 31
2024
2023
Amounts receivable
$ 
5,944 $ 
4,522 
Prepaid expenses
 
133  
2,788 
Trade payables and accruals
 
(17,728)  
9,247 
Tenant security and other deposits
 
3,873  
2,261 
Residential development inventory
 
(35,179)  
(34,242) 
Other working capital changes
 
(13,769)  
(12,897) 
Total
$ 
(56,726) $ 
(28,321) 
(c) Changes in loans, mortgages and other assets
Year ended December 31
2024
2023
Advances of loans and mortgages receivable
$ 
(17,566) $ 
(10,558) 
Repayments of loans and mortgages receivable
 
53,771  
66,146 
Other investments, net
 
(1,114)  
(1,798) 
Total
$ 
35,091 $ 
53,790 
(d) Cash and cash equivalents
As at 
December 31, 2024
December 31, 2023
Cash and cash equivalents
$ 
150,291 
$ 
87,421 
27. COMMITMENTS AND CONTINGENCIES
(a) First Capital is involved in litigation and claims which arise from time to time in the normal course of business. None 
of these contingencies, individually or in aggregate, would result in a liability that would have a significant adverse 
effect on the financial position of FCR.
(b) First Capital is contingently liable, jointly and severally or as guarantor, for approximately $194.1 million 
(December 31, 2023 – $168.1 million) to various lenders in connection with certain third-party obligations, including, 
without limitation, loans advanced to its joint arrangement partners secured by the partners’ interest in the joint 
arrangements and underlying assets.
(c) First Capital is contingently liable by way of letters of credit in the amount of $31.4 million (December 31, 2023 – 
$28.6 million), issued by financial institutions on FCR's behalf in the ordinary course of business.
(d) First Capital has obligations as lessee under long-term leases for land. Annual commitments under these ground 
leases are approximately $0.7 million (December 31, 2023 – $0.7 million) with a total obligation of $18.3 million 
(December 31, 2023 – $19.0 million).
FIRST CAPITAL REIT ANNUAL REPORT 2024
102

28. RELATED PARTY TRANSACTIONS
(a) Subsidiaries of the Trust 
The audited annual consolidated financial statements include the financial statements of First Capital Real Estate 
Investment Trust and all of its subsidiaries, including First Capital Realty Inc., First Capital REIT Limited Partnership and 
First Capital Holdings Trust. First Capital Realty Inc. and First Capital Holdings Trust are the significant subsidiaries of the 
Trust and are wholly owned. 
(b) Compensation of Key Management Personnel
Aggregate compensation for Trustees and the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer 
included in corporate expenses is as follows:
Year ended December 31
2024
2023
Salaries and short-term employee benefits 
$ 
4,783 
$ 
4,483 
Unit-based compensation (non-cash compensation expense)
 
7,672 
 
6,822 
$ 
12,455 
$ 
11,305 
  
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS – continued
103
FIRST CAPITAL REIT ANNUAL REPORT 2024

Unitholder Information
HEAD OFFICE
Shops at King Liberty




MONTREAL OFFICE
Place Viau




CALGARY OFFICE




EDMONTON OFFICE
Edmonton Brewery District



VANCOUVER OFFICE
Shops at New West




TRANSFER AGENT
Computershare Trust Company  
  of Canada



EXECUTIVE LEADERSHIP TEAM
Adam Paul

Neil Downey



Jordan Robins


Carmine Francella


Alison Harnick


Michele Walkau

AUDITOR
Ernst & Young LLP

TRUSTEES
Paul Douglas

Leonard Abramsky

Sheila Botting

Ian Clarke

Dayna Gibbs 
 
Ira Gluskin   

Annalisa King

Al Mawani  

Richard Nesbitt  

Adam Paul

FCR.CA   

