Page 1

FIRST CAPITAL Toronto , Ontario ( August 4 , 2021 ) - First Capital Real Estate Investment Trust ( " First Capital " or the " Trust " ) ( TSX : FCR.UN ) , announced today financial results for the second quarter ended June 30 , 2021. The 2021 Second 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 ) ( 1 ) FIRST CAPITAL REIT ANNOUNCES SECOND QUARTER 2021 RESULTS ( $ millions ) FFO FFO per diluted unit Other gains and losses included in FFO ( per diluted unit ) ( ¹ ) ( 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 ) ( 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 June 30 . SECOND QUARTER OPERATIONAL AND FINANCIAL HIGHLIGHTS Three months ended June 30 2021 $ 76.1 $ 0.35 $ 0.08 $ 96.1 16.6 % 95.9 % 95.9 % 2020 2021 $ 47.5 $ 131.1 2020 $ 101.3 $ 0.22 $ 0.59 $ 0.46 $ 0.00 $ 0.08 ( $ 0.02 ) Six months ended June 30 $ 82.4 $ 191.6 $ 177.8 ( 16.5 % ) 7.8 % ( 9.5 % ) 96.3 % 96.3 % Toronto Montréal | Calgary | Edmonton | Vancouver $ 212.0 ( $ 45.8 ) $ 0.96 ( $ 0.21 ) 220,863 220,492 220,749 220,460 $ 10.5 $ 0.05 $ 250.0 $ 1.13 Same Property NOI Growth : Total Same Property NOI increased 16.6 % primarily due to a $ 13.1 million decrease in bad debt expense related to CECRA and other COVID - 19 provisions incurred in the prior year period . Total Same Property NOI increased 0.3 % , excluding bad debt expense and lease termination fees , primarily due to rent escalations . Portfolio Occupancy : Total portfolio occupancy increased 0.1 % from 95.8 % at March 31 , 2021 to 95.9 % at June 30 , 2021. On a year - over - year basis , total portfolio occupancy declined 0.4 % from 96.3 % at June 30 , 2020 to 95.9 % at June 30 , 2021 . Lease Renewal Rate Increase : Net rental rates for the quarter increased 8.0 % on 713,000 square feet of lease renewals , when comparing the rental rate in the first year of the renewal term to the rental rate in the last year of the expiring term . Net rental rates on the leases renewed in the quarter increased 9.3 % when comparing average rental rate over the renewal term to the rental rate in the last year of the expiring term . fcr.ca