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FIRST CAPITAL FIRST CAPITAL REIT ANNOUNCES THIRD QUARTER 2021 RESULTS Toronto , Ontario ( November 2 , 2021 ) - First Capital Real Estate Investment Trust ( " First Capital " or the " Trust " ) ( TSX : FCR.UN ) , announced today financial results for the third quarter ended September 30 , 2021. The 2021 Third 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 ) ( $ millions ) FFO FFO per diluted unit Other gains and losses included in FFO ( per diluted unit ) ( ¹ ) ( 1 ) ( 1 ) Total Same Property NOI ( $ 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 September 30 . THIRD QUARTER OPERATIONAL AND FINANCIAL HIGHLIGHTS Three months ended September 30 2021 $ 59.0 $ 0.27 $ 0.00 $ 99.0 4.2 % 95.9 % 96.1 % $ 181.5 $ 0.82 2020 $ 58.1 $ 0.26 $ 0.00 $ 95.0 ( 5.4 % ) 96.0 % 96.1 % Toronto Montréal | Calgary | Edmonton | Vancouver Nine months ended September 30 $ 11.3 $ 0.05 2021 2020 $ 190.2 $ 159.5 $ 0.86 $ 0.72 $ 0.08 ( $ 0.02 ) ( $ 34.6 ) ( $ 0.16 ) 220,899 220,522 220,794 220,478 $ 290.8 6.6 % $ 272.7 ( 8.2 % ) $ 431.5 $ 1.95 Same Property NOI Growth : Total Same Property NOI increased 4.2 % primarily due to rent escalations and a $ 1.5 million decrease in bad debt expense over the prior year period . Total Same Property NOI increased 2.6 % , excluding bad debt expense and lease termination fees , primarily due to rent escalations . Portfolio Occupancy : On a quarter - over - quarter basis , total portfolio occupancy remained stable at 95.9 % . On a year - over - year basis , total portfolio occupancy declined 0.1 % from 96.0 % at September 30 , 2020 to 95.9 % at September 30 , 2021 . Lease Renewal Rate Increase : Net rental rates for the quarter increased 8.8 % on 466,000 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 11.5 % when comparing average rental rate over the renewal term to the rental rate in the last year of the expiring term . Growth in Average Net Rental Rate : The average net rental rate increased by 1.8 % or $ 0.40 per square foot over the same prior year period to $ 22.24 per square foot , primarily due to rent escalations , renewal lifts , and fcr.ca