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FIRST CAPITAL FIRST CAPITAL REIT ANNOUNCES FOURTH QUARTER AND 2020 ANNUAL RESULTS Toronto , Ontario ( February 9 , 2021 ) - First Capital Real Estate Investment Trust ( " First Capital " or the " Trust " ) ( TSX : FCR.UN ) , announced today financial results for the fourth quarter and year ended December 31 , 2020 . COVID - 19 Update First Capital's urban portfolio , which is focused on everyday essentials , continues to attract strong tenant demand . During 2020 , the Trust completed approximately 2.8 million square feet of leasing activity across the portfolio . At the Trust's proportionate share , 2020 leasing activity totaled 2.5 million square feet and was comprised of approximately 2.1 million square feet of renewals with an average net rental rate increase of 9.3 % , and 0.4 million square feet of new leasing . This leasing activity contributed to a December 31 , 2020 portfolio occupancy of 96.2 % and solid growth in the Trust's average net rental rate , which increased by 3.0 % to $ 21.89 over the prior year . Throughout 2020 , First Capital supported its tenants through its Small Business Support Program ( " SBSP " ) and participation in the government's Canada Emergency Commercial Rent Assistance ( " CECRA " ) program , which was applicable for six months from April through September 2020. For the year ended December 31 , 2020 , First Capital recorded a net CECRA abatement of $ 13.2 million and other bad debt expense of $ 9.6 million . to June 2021 . As 2020 came to a close , provincial directives for increased restrictions or the closure of non - essential businesses were implemented in several provinces in which the Trust operates . To continue to assist businesses amid these difficult conditions , the government implemented a new improved rent support program , the Canada Emergency Rent Subsidy ( " CERS ” ) that provides funding directly to tenants . The CERS program is expected to continue through Overall , gross rent collections for 2020 totaled 94 % prior to any deferrals or abatements , or 98 % adjusting for approved deferrals and abatements . First Capital collected 93 % of gross rent due in the fourth quarter , prior to any deferrals or abatements .