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FIRST CAPITAL Toronto , Ontario ( May 4 , 2021 ) - First Capital Real Estate Investment Trust ( " First Capital " or the " Trust " ) ( TSX : FCR.UN ) , announced today financial results for the first quarter ended March 31 , 2021. The 2021 First Quarter Report is available in the Investors section of the Trust's website at www.fcr.ca and has been filed on SEDAR at www.sedar.com . SELECTED FINANCIAL INFORMATION ( unaudited ) FFO ( ¹ ) ( $ millions ) FFO per diluted unit FIRST CAPITAL REIT ANNOUNCES FIRST QUARTER 2021 RESULTS ( 1 ) Total Same Property NOI ( ¹ ) ( $ millions ) ( 1 ) ( 2 ) Total Same Property NOI growth ( 3 ) Total portfolio occupancy Total Same Property occupancy ( ¹ ) ( 3 ) ● Net income ( loss ) attributable to unitholders ( $ millions ) Net income ( loss ) attributable to unitholders per diluted unit Weighted average diluted units for FFO and net income ( 000s ) Three months ended March 31 2021 2020 $ 55.0 $ 53.9 $ 0.25 $ 0.24 $ 96.8 0.4 % 95.8 % 95.8 % $ 38.0 $ 0.17 220,667 $ 96.4 ( 2.6 % ) 96.4 % 96.4 % ( $ 56.4 ) ( $ 0.26 ) 220,470 ( 1 ) Refer to " Non - IFRS Financial Measures " section of this press release . ( 2 ) Prior periods as reported ; not restated to reflect current period categories . ( 3 ) As at March 31 . FIRST QUARTER OPERATIONAL AND FINANCIAL HIGHLIGHTS Same Property NOI Growth : Total Same Property NOI increased 0.4 % primarily due to higher rental rates over the prior year period , partially offset by the impact of COVID - 19 including increased bad debt expense and lower variable revenues , including percentage rent , hotel income and parking . Portfolio Occupancy : Total portfolio occupancy declined 0.4 % from 96.2 % at December 31 , 2020 to 95.8 % at March 31 , 2021. The decline from year - end 2020 is primarily due to tenant closures exceeding new tenant possessions . On a year - over - year basis , total portfolio occupancy declined 0.6 % from 96.4 % at March 31 , 2020 to 95.8 % at March 31 , 2021 . Lease Renewal Rate Increase : Net rental rates for the quarter increased 8.4 % on 450,000 square feet of lease renewals , when comparing the rental rate in the last year of the expiring term versus the first year of the renewal term . Net rental rates on the leases renewed in the quarter increased 10.4 % when comparing the rental rate in the last year of the expiring term versus the average rental rate over the renewal term .