Docstoc

First Capital Realty Inc

Document Sample
First Capital Realty Inc Powered By Docstoc
					Essentially
Urban.
First Capital Realty Inc.
Investor Presentation – August, 2011




LOCATION
LOCATION
LOCATION                                                     ®
                                       First Capital Realty Inc.
Forward Looking Statements
    This material may contain forward-looking statements, including those identified by the expressions
    “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the
    Company or its management. The forward-looking statements are not historical facts but reflect the Company’s
    current beliefs and are based on information currently available to management. Certain material factors and
    assumptions were applied in providing these forward-looking statements, many of which are beyond our control.

    Management believes that the forward-looking statements are based upon reasonable assumptions;
    however, management can give no assurance that actual results will be consistent with those expressed or implied in
    these forward-looking statements. These forward-looking statements are subject to a number of risks and
    uncertainties that could cause actual results or events to differ materially from those expressed or implied in these
    forward-looking statements. Additional information about the risks and uncertainties that could cause actual results
    to differ materially, and the material factors or assumptions that were applied in providing these forward-looking
    statements, are contained in our various securities filings, including our current annual information form, our MD&A
    for the 2010 financial year both of which are available on SEDAR at www.sedar.com and on our web site.

    You should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement
    speaks only as of the date on which such statement is made. These forward-looking statements are made as of the
    date of this presentation. Except as required by securities laws, First Capital Realty undertakes no obligation to
    publicly update or revise any such statements whether to reflect new information, the occurrence of future events or
    circumstances, or otherwise.




2                                                                                                                 First Capital Realty Inc.
Shopping for
Everyday Life®

3            First Capital Realty Inc.
Growth Strategy in Stable Business

7 Target Urban Markets
Canada’s leading owner, developer and operator of supermarket
and drugstore-anchored neighbourhood and community shopping centres in
growing metropolitan areas.


     WESTERN
      CANADA


        EDMONTON                                       EASTERN
                                     CENTRAL               CANADA
           CALGARY                    CANADA
       VANCOUVER                                 QUEBEC CITY

                                                                MONTREAL

                                                  OTTAWA
                                GREATER TORONTO AREA


4                                                                          First Capital Realty Inc.
Growth Strategy in Stable Business


        Urban Markets
    +   Non Discretionary
        Goods & Services

    = Defensive Asset Class




5                                    First Capital Realty Inc.
Defensive Asset Class


 Over 80% of our rents come
from tenants providing daily
necessities
 Over 90% of our rents are
from properties anchored by
supermarkets or drugstores
 Over 90% of our rents are
from Urban Markets
6                              First Capital Realty Inc.
First Capital Realty Today
As of August 8, 2011                                   Annual Minimum Rent by Market

•     165 properties, 22.7 mil. sq. ft. of                 Golden
                                                          Horseshoe
                                                                                           GVA &
                                                                                       Vancouver Island
      gross leasable area
                                                                                       11%
•     281 acres of active and future          Greater
                                                                             8%                            Calgary/
                                                                                                          Edmonton/
      development land                        Toronto
                                               Area
                                                                                                           Red Deer
                                                                                                21%
•     Total equity capitalization: $3.1B                           27%

•     Total enterprise value: $5.7B                                                              1%         Quebec
                                                                                                             City
                                                                    4%                     18%
•     Management team:                             South              4% 6%
                                                  Western                                          Greater
        – Substantial ownership                   Ontario
                                                                Other
                                                                                                   Montreal
                                                                                                    Area
                                                                              Ottawa/
                                                                              Gatineau
        – Over 100 years of collective
          experience                                        Median Household Income *
                                                            • Canada $53,830
•     Three strong operating platforms                      • All FCR properties $64,000
      across three regions                                  Average population within 3 km
                                                                radius = 62,700
        – Central, East and West
                                             *1 km radius, based on 2006 census data
7                                                                                                    First Capital Realty Inc.
 Diversified Geographically
                                                                                                                         As of June 30, 2011



               Central   Eastern   Western                                          Demographic Positioning - FCR
               Canada    Canada    Canada                                                 163 Properties
                                                                         $160




                                              Average HH Icome (000's)
Properties       65        51        47                                  $140
                                                                         $120
                                                                         $100
               9.9M      6.0M       6.4M
GLA                                                                       $80
               sq. ft.   sq. ft.    sq. ft.                               $60
                                                                          $40
                                                                          $20
Occupancy      97.7%     94.6%     95.4%                                   $0
                                                                                -       50,000   100,000    150,000    200,000     250,000      300,000
                                                                                                 Average Population within 3 KMs

NOI Run
               $153M     $71M      $118M
Rate                                                                                Canadian Average HH Income : $69,548 charted
                                                                                    against average population within 3 KMs of all FCR
Fair Values                                                                         shopping centres
               $2.4 B    $1.0 B    $1.7 B
(IFRS)
Fair Value
               47.1%     19.6%     33.3%
(% of Total)

8                                                                                                                              First Capital Realty Inc.
Funds from Operations ($ millions)
Conservative FFO Payout ratio
                                                                                                    $157
                                                                         $146         $151

                                                $117       $125
                                                                                                                    $77
                                      $95


    FFO Payout Ratio –
    Regular dividends
                                                                                                       82%         86%
                                     81%       78%         79%             77%           79%

                                     2005      2006       2007         2008         2009           2010 (*)     YTD 2011

    Increasing Dividends                                             Adjusted to reflect the May 25, 2010 3.2:2 stock split

       FFO Per Share                   $0.93      $0.99      $1.00          $1.04          $1.01       $0.98      $0.47

       Regular Dividends               $0.75                                               $0.80       $0.80      $0.40
                                                  $0.77      $0.79          $0.80
       Special Dividends               $0.13                                               $0.28
* 2005 – 2010 not restated to IFRS
9                                                                                                                         First Capital Realty Inc.
Capital Structure
                                                                              As of August 8, 2011

                              Mortgages and Secured Credit Facilities
     Enterprise Value $5.7B
                              Mortgages Payable = $1.33B
                              Secured Credit Facilities availability = $100M (UNDRAWN)
                              Senior Unsecured Debentures
       23%                    $1.35B par value issues due Dec 2011, June 2012, April
                              2013, January 2014, October 2014, June 2015, January
                              2017, November 2017, August 2018, November 2018, July 2019
                              and April 2020.
                              Unsecured Credit Facilities availability = $250M (UNDRAWN)
       23%
                              Convertible Debentures (INTEREST PAID IN SHARES)
                              $213M par value due Sept 2017 – 5.50% Coupon (Conversion = $16.425)
       8%                     $68M par value due Dec 2016 – 6.25% Coupon (Conversion = $14.313)
                              $50M par value due June 2017 – 5.70% Coupon (Conversion = $18.75)
                              $57.5M par value due Jan 2019 – 5.40% Coupon (Conversion = $22.62)
                              $57.5M par value due Jan 2019 – 5.25% Coupon (Conversion = $23.77)
       46%                    Equity Capitalization – 169.1M shares
                              Two Major Real Estate Investment Shareholders
                              – Gazit Globe (49.2%)
                              – Alony Hetz Properties (12.3%)

10                                                                                  First Capital Realty Inc.
      Financial Strength
                                                                                     Q2 – 2011          Q2 - 2010            2010
 Investment grade ratings
   DBRS (reaffirmed in Q2-11)                                                                    BBB           BBB                   BBB
   Moody’s (reaffirmed in Q1-11)                                                                Baa3          Baa3                  Baa3
 Unencumbered assets available as defined by debt covenants                            $2.1 billion     $1.4 billion      $1.5 billion
 Other Unencumbered real estate assets including properties
 under development                                                                          $237M           $164M               $216M
 Unencumbered Assets (IFRS) to Unsecured Debt                                                    1.60          1.44                  1.36
 Secured Debt as % of Aggregate Assets                                                          24.0%        29.0%                26.4%
 Debt to total assets (IFRS)                                                                    47.2%        49.4%                48.4%
 EBITDA interest coverage (2)                                                                   2.42x         2.43x                2.43x
 FFO payout ratio                                                                               87.7%        89.2%                83.8%
 AFFO payout ratio                                                                              90.9%        98.0%                90.1%

 Weighted Average Interest Rate (total term debt)                                               5.83%        6.00%                5.89%
 Weighted Average Term (total term debt)                                                  4.8 years       4.4 years          4.4 years
(1)    Calculated, on a trailing basis, in accordance with the unsecured debentures indenture
       definitions for the period
(2)    With development interest capitalized excluding interest paid in shares
      11                                                                                                               First Capital Realty Inc.
Financial Liquidity and Financing Activities
                                                              2011                                 2010
                                              $ 350M (June 2013 $250M, Mar 2012 $50M,
Revolving credit facilities - approved                                                            $ 300M
                                                         Dec 2012 $50M)
Drawn on approved facilities                                     -                                   _
Average Cash Held                                             $63.3M                              $55.2M
Net Equity capital raised
                                                              $29.7M                              $125.5M
(share issue, PIK, warrants and options)


                                                  $         All-in Rate       Term         $       Rate             Term

Convertible Debentures Issues (cashless)                     Coupon
Apr 28, 2011 issue (convertible @ $22.62)     $57.5M          5.40%          7.8 yrs

Aug 9, 2011 issue (convertible @ $23.77)      $57.5M          5.25%          7.5 yrs
Unsecured Financing:                                           All-in                              All-in
         Series H – January 2010 (5.85%)                                                $125M      5.99%          7.0yrs
         Series I – April 2010 (5.70%) and                                               $75M      5.84%          7.6yrs
                    June 2010 (5.70%)                                                    $50M      5.70%          7.5yrs
         Series J - July 2010 (5.25%)                                                    $50M      5.66%          8.2yrs
         Series K – August 2010 (4.95%) and                                              $50M      5.30%          8.3yrs
                   October 2010                                                          $50M      5.06%          8.1yrs
         Series L - January 2011 (5.48%)       $150M          5.60%          8.5yrs
         Series M - March 2011 (5.60%) and     $110M          5.72%          9.3yrs
                   June 2011                   $65M           5.40%          8.9yrs

12
Secured Financing Completed                     $48M           5.0%          10.0yrs    $101.4M                   8 yrs
                                                                                                   4.78% Capital Realty Inc.
                                                                                                       First
      Well-Staggered Debt Maturities
                Weighted average interest rate 5.83%, term to maturity 4.8 years
     25.0%




     20.0%




     15.0%                           7.5%


                              3.6%

                                                4.7%
     10.0%
                      3.7%                                          9.3%                5.6%
                                                                                 5.6%
                                                                                                6.5%

     5.0%                    10.1%   9.9%
              3.7%
                      6.1%                     6.9%
                                                                                        5.1%
                                                                                 3.5%
              1.8%                                        2.4%                                  1.8%
                                                                    1.1%                                         0.9%
     0.0%                                                                                       Mat – 04/20

             2011    2012    2013    2014      2015       2016       2017        2018    2019    2020            Thereafter

                                      Secured Mortgages   Unsecured Debentures


             All unsecured debt maturities are staggered by at least 6 months
13                                                                                                            First Capital Realty Inc.
                                                                                                                                    13
     Well-Balanced Lease Maturities

Lease maturity schedule                                                                         27.8%




                 10.2% 9.5%                       11.2%
                                     9.3%
      6.9%                                                  6.2% 5.8%         6.5%    6.6%

         2011     2012      2013      2014         2015     2016     2017      2018      2019       Thereafter

         Top 40 tenants Lease maturities

         2.2%      4.3%      4.2%          4.1%      5.4%     3.6%     3.7%       3.6%       3.7%        22.4%


     o     Average Remaining Term Top 10 Tenants: 8.1 years; 36% of AMR
     o     Excludes options in favour of tenants



14                                                                                                    First Capital Realty Inc.
Growth Strategy in a Stable Business


       Focused       Proactive        Selective
     Acquisitions   Management      Development



                          Canada’s leading owner,
                          developer and operator of
                          supermarket and drugstore-
                          anchored neighborhood and
                          community shopping centres in
                          growing urban markets



15                                             First Capital Realty Inc.
  Shopping for Everyday Life®
  165 Properties(2)                                                               111 properties have been developed, redeveloped,
                                                                                  expanded or repositioned since 2002.
 # of                                                                                                                                                                         % of
stores                                          Over 80% of revenues come from daily necessities                                                                              Rent

130(1) Supermarket                                                                                                                                                           19.5

 119 Drugstore                                                                                                                                                                9.8
               Banks & other
 289 Financial Institutions                                                                                                                                                   8.9

               National &
 190 Discount Retailers                                                                                                                                                      15.5

  87           Liquor Stores                                                                                                                                                  3.6

 400 Medical Use & Fitness                                                                                                                                                    6.5

               Fast-food &
 481 Coffee Shops                                                                                                                                                             6.4

               Daycare Centres
  51           and Schools
                                                                                                                                                                              0.7
      (1)   38 of 130 supermarkets have a pharmacy                                                                                                                                    16
 16   (2)   Property counts of shopping centres undergoing development are included in the total property count for income-producing shopping centres of 163.
                                                                                                                                                                First Capital Realty Inc.
Top-Forty Tenants
       Top 40 Tenants – 57.0% of rents – 77.0% investment grade ratings




            46.3% of total rent from investment grade tenants
17                                                                        First Capital Realty Inc.
                                                                                                17
Focused Acquisitions

            Create                                      Right real estate in
         redevelopment                                    right location and
         opportunities                                    demographics




      Leasing and
       Operating                                               Appropriate
       synergies                                           long term return and
                                                                   growth




                             Reinforce strong
                                                              LOCATION
                               market position                LOCATION
                                                              LOCATION
     149 properties acquired, developed or redeveloped since 2000
18                                                                         First Capital Realty Inc.
 Total Investments

                              $4.1 Billion over 10 years
Total Assets ($billions)
$6.0                                                             YTD 2011 - $228 M Invested
$5.0
                                                                   Acquisitions – Income Producing
$4.0


$3.0


$2.0                                                       40%                            55%
$1.0                                                       20%


                                                           0%
                                                                 41%
$0.0
       2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD
                                                    2011                                 4%
                 IFRS
                 Aggregate Assets (Cost)                          Development,              Land Held for
                                                                 Redevelopment                 Future
                 Investment as % of Aggregate Assets
                                                                   & Expansion              Development

 19                                                                                                  First Capital Realty Inc.
Where People Want To Be
                           Greater Toronto Area
                           50 properties
                           7.5 million sq. ft.




     London Area
     7 properties
     0.7 million sq. ft.




20                                                First Capital Realty Inc.
 Where People Want To Be
   Where
35 properties People Want To Be   Quebec
4.8 million sq. ft.               3 properties
                                  0.4 million sq. ft.




                                                                     Ottawa
                                                           14 properties
                                                        1.8 million sq. ft.

 21                                                        First Capital Realty Inc.
Where People Want To Be
                                       14 properties
                                       2.1 million sq. ft.




                                                        12 properties
                                                    2.6 million sq. ft.



                 22 properties
                 2.1 million sq. ft.



22                                                           First Capital Realty Inc.
Retail Property Fundamental




                     >
       GROWTH IN         GROWTH IN
     POPULATION OR       RETAIL SPACE
       IN INCOME          PER CAPITA
                                        LOCATION
                                        LOCATION

     =    INCREASE in overall           LOCATION
          retail sales performance

     =    INCREASE in rent
23                                         First Capital Realty Inc.
Proactive, Hands-on Management
                           Rent Growth Opportunities


Expand Space & TermTerm of                                 New Anchor Anchor
     Expand Space &                                                New
 of Anchor Tenant(s)                                      Or Major Tenant Tenant
        Anchor Tenant(s)                                         Or Major




   Acquire Adjacent                   Renovate All/                          Expand
                                                                              Expand
       Site/Space                    Part of Centre                          Centre
                                     Renovate All/                            Centre
 Acquire Adjacent
    Site/Space                       Part of Centre

     58 land parcels totalling 242 acres of which 135 acres are near 42 existing properties
24                                                                                      First Capital Realty Inc.
Shoppers Drug Mart   Past & Present




25                                    First Capital Realty Inc.
Banks - Past & Present
     TD Canada Trust     Bank of Montreal   Royal Bank of Canada




26                                                      First Capital Realty Inc.
McDonald’s Past & Present




27                          First Capital Realty Inc.
Sobeys Past and Present




28                        First Capital Realty Inc.
Starbucks Past & Present




29                         First Capital Realty Inc.
Revenue Enhancement

Occupancy & Average Lease Rates
                                                                            $21 - $23

                                                        $15.71    $16.35
                   $13.61   $13.95   $14.56    $15.17
Avg. Lease rates



     Occupancy     95.0% 95.7%       95.3%    96.4%     96.0%    96.4%
     Rates




                   2005     2006     2007     2008      2009     2010      Market Rate

30                                                                                      First Capital Realty Inc.
  Operating Highlights
                                           YTD 2011               YTD 2010                  2010

Same property NOI growth                       3.2%                  2.9%                   3.9%

Same property NOI growth
                                               2.9%                  1.3%                   2.2%
(excluding re-development & expansion)


Net new leasing and development
                                            236,000                202,000                416,000
coming on-line (sq. ft.)

Renewal leasing (sq. ft.)                   799,000                410,000                858,000

Lease renewal rate increase                    9.1%                  9.4%                  11.3%

New lease rates vs. closed lease rates        23.5%                 16.7%                  16.1%

                                         291,000 sq. ft.       72,000 sq. ft.
                                                                                      148,000 sq. ft.
Coming off-line for redevelopment        @ $9.53 per sq. ft.   @ $14.40 per sq. ft.
                                                                                      @ $13.25 per sq. ft.


Average lease rate                           $16.45                 $16.05                 $16.35

Occupancy (period-end)                        96.2%                 96.4%                  96.4%



  31                                                                                     First Capital Realty Inc.
Internal Growth Continues
                                            # OF   PROPERTIES W/
                                      PROPERTIES      HOLDOVER
                                         (TODAY)         INCOME
     Stabilized                            125                          7
     Stabilized – with expansion             12                          -
     underway
     Currently under development/             8                         3
     re-development
     Pre-development planning                26                     11
     underway (3-5 year completion)
Properties Total                           171                      21
(including sites in planning stage)            6
32                                                     First Capital Realty Inc.
  Selective Development
   June 30, 2011                                                           Redevt. &
                                                                                          Greenfield
                   16 properties with approx.                              Expansion
                    393,000 sq .ft. currently      Development
~2-3% of assets     under redevelopment or         initiated after
                           expansion               obtaining committed
                                                   leases
                                                   Low risk development
                    135 acres of land provide      in established retail
                                                   nodes
                        future expansion
                          opportunities            Property upgrades
                        at or adjacent to          enhance value
                          42 properties
                                                   Increase tenant mix
                                                   at existing centres

                   4 properties currently under    Adapt to changing
                                                   tenant needs
                   development for total sq. ft.
~2-3% of assets      of 80,000 on completion       Strengthens
                                                   relationships with
                                                   existing tenants
                                                   Increases FCR
                      107 acres of potential       penetration in
                     Greenfield development        existing and new
                     provides future growth        retail nodes
                          opportunities
                                                   Generates higher
                                                   returns
  33                                                                               First Capital Realty Inc.
                                                      LOCATION
Going Green – May 2006                                LOCATION
                                                      LOCATION



          First Shopping Centre Developer
               Fully Committed To LEED




     75 projects located at 47 properties (totaling over 2 million
     square feet) initiated, underway or completed in accordance
                   with LEED certification standards

34                                                          First Capital Realty Inc.
Our Long-Term Focus
         Proactive asset management
     1   and value creation

         Acquisition of older urban
     2   centres for repositioning and
         redevelopment

         Acquisition of adjacent
     3   properties/sites

         Densification -
     4   retail, office, residential

         Improving our cost of both
     5   debt and equity capital
35                                       First Capital Realty Inc.
FCR 2000 and Q2 2011

                                 2000         Q2 2011
                                                            ACGR
                                                            19.6%
NOI run rate                        $52M         $342M

Gross leasable area (millions)   6.2 sq.ft.   22.3 sq.ft.

Properties                               40          163
                                                            ACGR
Occupancy                               92%       96.2%     13.0%

Rate per square foot               $12.10        $16.45

Leverage                           84.2%          52.4%


36                                                          First Capital Realty Inc.
 Properties
 Our Strategy in Action…


37                   First Capital Realty Inc.
Shops at King Liberty, Toronto, ON
                                       2006 Census                  1KM AVG
                                     Population                       21,000
                                     Household Income                $65,000
                                     Household income Change
                                                                       25%
                                     vs 2001 census




38                                                       First Capital Realty Inc.
Shops at King Liberty, Toronto, ON
                                     Assembly of various pieces (approximately 12 acres):
                                   1.   Main Site (Q2 2004) – major tenants include:
                                        Metro, TD Canada Trust and Blockbuster Video
      3
                                   2.   1071 King St. (Q3 2005) – future redevelopment
          4
                                   3.   1005 King St. (Q4 2006) – major tenants include Royal
                                        Bank of Canada and Starbucks

                   1
                               7
                                   4.   1029 King St. (Q4 2006)
          2
                                   5.   85 Hanna Ave. (development completion – Q4 2006) –
                                        major tenants include: First Capital Realty Head
               5
                           9            Office, Starbucks, GoodLife Fitness, LCBO and Mildred
                       6                Pierce
                                   6.   Barrymore Building (acquisition – Q4
                                        2005, development completion – Q4 2008) – major
                                        tenants include: Gazit America, West Elm (Williams
                                        Sonoma), EMI Music Canada and Knoll Furniture
                                   7. 120 Lynn Williams St. (acquisition – Q4 2007)
          10                       8. 1100 King St. (acquisition – Q3 2009)
                                   9. 43 Hanna Ave (acquisition – Q1 2010)
          8
                                   10.1100 King St. (acquisition – Q4 2010)

39                                                                             First Capital Realty Inc.
Fuzion & King’s Club, Toronto, ON




 40                                 First Capital Realty Inc.
Steeple Hill Shopping Centre, Pickering, ON
                          Before




41                                            First Capital Realty Inc.
 Steeple Hill Shopping Centre, Pickering, ON
                                     After
  2006 Census             1KM AVG
Population                 6,000
Household Income          $101,000
Household income Change
                            13%
vs 2001 census




 42                                            First Capital Realty Inc.
Morningside Crossing, Toronto, ON
                       Before




                            Vacant




43                                   First Capital Realty Inc.
 Morningside Crossing, Toronto, ON
Current                                 2006 Census                     1KM AVG
                                     Population                          13,000
                                     Household Income                    $50,000
                                     Household income Change vs
                                     2001 census
                                                                           11%




 44                                                         First Capital Realty Inc.
Clairfield Commons, Guelph, ON

                            Before




                                        2006 Census                  1KM AVG
                                      Population                       5,000
                                      Household Income               $100,000
                                      Household income Change
                                                                         n/a
                                      vs 2001 census




 After 




45                                                         First Capital Realty Inc.
Strandherd Crossing, Ottawa, ON

                            Before


                                        2006 Census                   1KM AVG
                                      Population                        7,000
                                      Household Income                 $95,000
                                      Household income Change
                                                                          4%
                                      vs 2001 census




 After 




46                                                          First Capital Realty Inc.
  Humbertown Shopping Centre, Toronto, ON
  2006 Census             1KM AVG
Population                 8,000
Household Income          $156,000
Household income Change
                            31%
vs 2001 census




  47                                        First Capital Realty Inc.
  Meadowvale Town Centre, Mississauga, ON
   2006 Census               1KM AVG
Population                    19,000
Household Income             $72,000
Household income Change vs
2001 census
                               3%




  48                                        First Capital Realty Inc.
  Appleby Village, Burlington, ON
  2006 Census             1KM AVG
Population                 8,000
Household Income          $83,000
Household income Change
                            6%
vs 2001 census




  49                                First Capital Realty Inc.
Appleby Village, Burlington, ON
                           After




50                                 First Capital Realty Inc.
Appleby Mall, Burlington, ON
                        Potential




 51                                 First Capital Realty Inc.
 Parkway Mall, Toronto
                            2006 Census                     1KM AVG
                         Population                          17,000
                         Household Income                    $62,000
                         Household income Change vs
                         2001 census
                                                               8%




52                                              First Capital Realty Inc.
   Leaside Village,                  Toronto, ON
  2006 Census             1KM AVG
Population                 9,000
Household Income          $132,000
Household income Change
                             25%
vs 2001 census




  53                                               First Capital Realty Inc.
Leaside Village,Toronto, ON
                        After




54                              First Capital Realty Inc.
   Rutherford Marketplace,          Vaughan, ON

  2006 Census             1KM AVG
Population                 4,000
Household Income          $99,000
Household income Change
                            14%
vs 2001 census




  55                                              First Capital Realty Inc.
Rutherford Marketplace , Vaughan, ON
                  Under Construction




56                                     First Capital Realty Inc.
Rutherford Marketplace,    Vaughan, ON

               Potential




57                                       First Capital Realty Inc.
 Tomken Plaza, Mississauga, ON
     2006 Census          1KM AVG
Population                 10,000
Household Income          $86,000
Household income Change
                            7%
vs 2001 census




58                                  First Capital Realty Inc.
York Mills Gardens - 1859 Leslie St., Toronto, ON



     Site purchased by                        Site purchased by
     Minto                                    Home Depot




59                                                           First Capital Realty Inc.
York Mills Gardens - 1859 Leslie St., Toronto, ON




 60                                                 First Capital Realty Inc.
  Promenades du Parc, Longueuil, QC
  2006 Census             1KM AVG
Population                 10,000
Household Income          $59,000
Household income Change
                            6%
vs 2001 census




  61                                  First Capital Realty Inc.
 Galeries Normandie, Montreal, QC



Before

                                      2006 Census                  1KM AVG
                                    Population                       15,000
                                    Household Income                $62,000
                                    Household income Change
                                                                       6%
                                    vs 2001 census




After




 62                                                     First Capital Realty Inc.
Promenades Lévis, Lévis, QC
                      Before




63                             First Capital Realty Inc.
Promenades Lévis, Lévis, QC
                                    After
     2006 Census          1KM AVG
Population                 8,000
Household Income          $48,000
Household income Change
                            21%
vs 2001 census




64                                          First Capital Realty Inc.
Marche du Vieux-Longueuil, Longueuil, QC


                               Before




                                             2006 Census                  1KM AVG
                                           Population                       12,000
                                           Household Income                $47,000
                                           Household income Change
                                                                             16%
                                           vs 2001 census




      After 




65                                                             First Capital Realty Inc.
Place Portobello, Montreal, QC




                                   2006 Census                  1KM AVG
                                 Population                        7,500
                                 Household Income                $69,000
                                 Household income Change
                                                                    6%
                                 vs 2001 census

 66                                                  First Capital Realty Inc.
Deer Valley Shopping Centre, Calgary, AB




67                                         First Capital Realty Inc.
Deer Valley Shopping Centre, Calgary, AB


                            After




68                                         First Capital Realty Inc.
   McKenzie Towne Centre,           Calgary, AB
  2006 Census             1KM AVG
Population                 12,000
Household Income          $84,000
Household income Change
                            3%
vs 2001 census




                                                   FUTURE
                                                  LRT Station




  69                                                            First Capital Realty Inc.
  TransCanada Centre, Calgary, AB
  2006 Census             1KM AVG
Population                 11,000
Household Income          $69,000
Household income Change
                            10%
vs 2001 census




  70                                First Capital Realty Inc.
  Richmond Square, Calgary, AB
  2006 Census                1KM AVG
Population                    9,000
Household Income             $80,000
Household income Change
                               46%
vs 2001 census




                     London Place West




  71                                     First Capital Realty Inc.
Meadowlark, Edmonton, AB
                              2006 Census                     1KM AVG
                           Population                           9,952
                           Household Income                    $83,412
                           Household income Change vs
                           2001 census
                                                                 25%




72                                                First Capital Realty Inc.
  Time Marketplace, N. Vancouver, BC
  2006 Census             1KM AVG
Population                 15,000
Household Income          $53,000
Household income Change
                            18%
vs 2001 census




  73                                   First Capital Realty Inc.
  Port Place Shopping Centre, Nanaimo, BC
                                    Current
  2006 Census             1KM AVG
Population                 4,000
Household Income          $37,000
Household income Change
                            13%
vs 2001 census




  74                                          First Capital Realty Inc.
Port Place Shopping Centre, Nanaimo, BC
                       After




75                                        First Capital Realty Inc.
Broadmoor Shopping Centre ,                  Richmond, BC

  2006 Census             1KM AVG   Before
Population                 11,000
Household Income          $70,000
Household income Change
                            18%
vs 2001 census




  76                                                        First Capital Realty Inc.
Broadmoor Shopping Centre ,   Richmond, BC


      Under Construction




77                                           First Capital Realty Inc.
Broadmoor Shopping Centre ,    Richmond, BC

                       After




                                 Opening Fall 2010




                          No. 3 Road




78                                                   First Capital Realty Inc.
  Staples Lougheed, Burnaby, BC
  2006 Census             1KM AVG
Population                 6,000
Household Income          $62,000
Household income Change
                            11%
vs 2001 census




  79                                First Capital Realty Inc.
  The Olive, Vancouver, BC
  2006 Census             1KM AVG
Population                 21,000
Household Income          $69,000
Household income Change
                            14%
vs 2001 census




  80                                First Capital Realty Inc.
Semiahmoo Shopping Centre, Surrey, BC
                                        2006 Census                    1KM AVG
                                    Population                          19,000
                                    Household Income                    $56,000
                                    Household income Change vs
                                    2001 census
                                                                          12%




81                                                         First Capital Realty Inc.
 Langford Plaza, Langford, BC
   2006 Census               1KM AVG
Population                    6,247
Household Income             $62,514
Household income Change vs
2001 census
                               17%

                                                                         Millstream Centre

                                                                                             Goldstream Station Mall


                                      Langford Centre




                                                        Langford Plaza




 82                                                                                                     First Capital Realty Inc.
       LOCATION
       LOCATION
       LOCATION
     GOOD THINGS HAPPEN WHEN
     YOU OWN GOOD REAL ESTATE
83                          First Capital Realty Inc.
Appendices

             LOCATION
             LOCATION
             LOCATION
84             First Capital Realty Inc.
Table of Contents


 Senior Management Team
 Top 40 Tenants
 Analysis of FCR Capitalization
 Summary of Debt, Credit Facilities, and Debentures
 Consolidated Balance Sheet
 Consolidated Statement of Income



85                                              First Capital Realty Inc.
Senior Management Team
CHAIM KATZMAN - Chairman
Also serves as Chairman of Equity One, Inc. and Chairman of Gazit-Globe, the Company’s largest shareholder.
DORI J. SEGAL – President and Chief Executive Officer
Joined the Company in 2000. President and Chief Executive Officer. Also Executive Vice Chairman of Gazit-Globe, Vice Chairman,
Director of Equity One, Inc. , Director of Citycon Oyj, Chairman of Gazit America Inc. and Vice-Chairman of Realpac , the Real Property
Association of Canada.
KAREN H. WEAVER, CPA – Executive Vice President and Chief Financial Officer
Joined the Company in 2004. Previously SVP & CFO at Brookfield Properties Corporation, Canadian Operations and Gentra Inc. (BPO
Properties Ltd). Ms. Weaver has significant experience in public financial accounting, reporting and corporate operations with over 15
years of real estate experience, and is a Certified Public Accountant.
BRIAN KOZAK – Senior Vice President, Western Canada
Joined the Company in 2004. Previously Vice President, Western Canada for Canadian Tire Real Estate Limited and as Area Real Estate
Manager for Safeway Canada. Mr. Kozak has over 15 years of real estate experience.

GREGORY MENZIES– Vice President, Eastern Canada (FCAM)
Previously President with Mingus Capital Inc. and Co-founder and President of Crofton Moore. Mr. Menzies has over 25 years of real
estate experience encompassing development, acquisition and management of office, mixed-use and retail properties.

GORDON DRIEDGER– Senior Vice President, Central Canada (FCAM)
Previously Vice President Corporate Real Estate for the Bank of Montreal. Gordon also owned a consulting business and held senior
executive positions with Canadian Tire and Sobeys. Mr. Driedger brings 25 years of real estate experience.

ROGER J. CHOUINARD– General Counsel
Previously Partner, McCarthy Tétrault LLP. Mr. Chouinard has over 10 years of experience representing real estate and other companies in
connection with some of their most critical transactions, including mergers, acquisitions, dispositions, public and private offerings of
equity and debt securities, and numerous other commercial transactions. He also has strong expertise advising public companies and
their boards of directors on corporate governance and regulatory compliance matters.

86                                                                                                                       First Capital Realty Inc.
 Senior Management Team
RALPH HUIZINGA – Vice President, Acquisitions & Development, Western Canada (FCAM)
Previously Real Estate Manager for Canada Safeway. Mr. Huizinga has 25 years experience in real estate development, acquisition and
management.

FRANÇOIS J. LE ROUZÈS – Vice President, Acquisitions and Development, Eastern Canada (FCAM)
Previously Director, Asset Management at Ivanhoé Cambridge. Mr. Le Rouzès has over 12 years of real estate experience and is a
Chartered Appraiser.

MARYANNE MCDOUGALD – Vice President, Property Management (FCAM)
Previously Senior Vice President, Retail Management and National Client Services at O&Y Enterprise which included overseeing the
delivery of retail property and client management services for a national portfolio comprising of over 24 million square feet. Ms.
McDougald has over 20 years experience in shopping centre operations and asset management encompassing a diverse range of
national real estate portfolios.
SHERI LANGER – Managing Director, Human Resources (FCAM)
Previously Vice President, Human Resources with CBRE Global Corporate Services. Ms. Langer has 11 years of real estate service
industry as the head of human resources.
JOHN TODD – Vice President and Chief Accounting Officer (FCAM)
Previously Vice President and Controller of O&Y REIT and Senior Manager at Deloitte & Touche. Mr. Todd has over 18 years of real
estate and business experience, primarily working with TSX-listed REITs and real estate companies, and is a Chartered Accountant
(Ontario) and a Certified Public Accountant (Illinois).

MICHAEL KIRCHMAIR – Director of Finance (FCAM)
Previously CFO at Urbancorp, a large private residential and commercial developer. He was also Senior Manager, Commercial Real
Estate with TD Bank. Mr. Kirchmair has over 16 years of commercial and residential real-estate and business experience. He holds
both a Masters of Business Administration and is a Certified Management Accountant.




 87                                                                                                                     First Capital Realty Inc.
High Quality Tenants
                                                                                     % of Total
                                                Num ber                % of Total   Annualized
                                                   of     Square        Square       Minim um     DBRS Credit   S&P Credit     Moody's
                           Tenant                Stores    Feet          Feet          Rent         Rating        Rating     Credit Rating


                              (1)
          Top Forty Tenants


      1     1 SOBEYS                                 51    1,713,000         7.7%          7.0%      BBB          BBB-
      2     2 SHOPPERS DRUG MART                     67     977,000          4.4%          6.7%    A (LOW)        BBB+
      3     3 LOBLAW COMPANIES LIMITED               30    1,561,000         7.0%          5.1%      BBB           BBB
      4     4 METRO                                  30    1,169,000         5.2%          4.1%      BBB           BBB
      5     5 ZELLERS/HOME OUTFITTERS                21    1,848,000         8.3%          3.8%
      6     6 CANADIAN TIRE                          21     786,000          3.5%          3.0%    A (LOW)        BBB+
      7     7 TD CANADA TRUST                        42     226,000          1.0%          2.0%       AA           AA-           Aaa
      8     8 ROYAL BANK                             38     220,000          1.0%          1.8%       AA           AA-           Aa1
      9     9 LCBO                                   20     195,000          0.9%          1.3%    AA (LOW)        AA-           Aa1
     12    10 CIBC                                   30     162,000          0.7%          1.3%       AA           A+            Aa2
     10    11 CANADA SAFEWAY                          7     345,000          1.5%          1.2%      BBB           BBB
     11    12 WAL-MART                                4     473,000          2.1%          1.1%       AA           AA            Aa2
     13    13 STAPLES                                13     276,000          1.2%          1.1%                    BBB           Baa2
     14    14 DOLLARAMA                              28     264,000          1.2%          1.1%
     15    15 H.Y. LOUIE GROUP (LONDON DRUGS)         8     217,000          1.0%          1.0%
     17    16 BANK OF NOVA SCOTIA                    23     123,000          0.6%          1.0%       AA           AA-           Aa1
     16    17 REXALL                                 18     149,000          0.7%          1.0%
     19    18 GOODLIFE FITNESS CLUB                  10     226,000          1.0%          0.9%
     18    19 BANK OF MONTREAL                       23     107,000          0.5%          0.9%       AA           A+            Aa2
     20    20 RONA                                    2     257,000          1.2%          0.9%      BBB          BBB-




88                                                                                                                           First Capital Realty Inc.
High Quality Tenants
                                                                                          % of Total
                                                     Num ber                % of Total   Annualized
                                                        of     Square        Square       Minim um     DBRS Credit   S&P Credit     Moody's
                                       Tenant         Stores    Feet          Feet          Rent         Rating        Rating     Credit Rating

                                        (1)
          Top Forty Tenants


     22         21 CARA OPERATIONS                        32     103,000          0.5%          0.8%
     21         22 SAQ                                    20      95,000          0.4%          0.8%     A(High)        A+            Aa2
     23         23 SAVE ON FOODS                           4     196,000          0.9%          0.7%
     24         24 TIM HORTONS                            40     106,000          0.5%          0.7%     A(LOW)

     26         25 STARBUCKS                              36      59,000          0.3%          0.6%                   BBB+           Baa3
     25         26 PHARMACIE JEAN COUTU                   10     142,000          0.6%          0.6%
     28         27 WINNERS MERCHANTS INC                   5     177,000          0.8%          0.6%                     A             A3
     29         28 ROGERS                                 33      90,000          0.4%          0.6%      BBB           BBB           Baa2

     27         29 REITMANS                               30     147,000          0.7%          0.6%
     30         30 FUTURE SHOP                             5     140,000          0.6%          0.5%                   BBB-           Baa2
     31         31 SUBWAY                                 57      68,000          0.3%          0.5%
     32         32 LONGO'S                                 2      78,000          0.3%          0.5%
     34         33 MCDONALD'S                             21      64,000          0.3%          0.4%                     A             A2
     33         34 HOME DEPOT                              2     236,000          1.1%          0.4%    A(LOW)         BBB+           Baa1
     35         35 BLOCKBUSTER                            13      66,000          0.3%          0.4%
     35         36 BREWERS RETAIL (THE BEER STORE)        10      59,000          0.3%          0.4%
     36         37 BELL CANADA                            39      55,000          0.2%          0.4%      BBB          BBB+           Baa1
     38         38 TOYS "R" US (CANADA) LTD.               3     113,000          0.5%          0.4%                     B             B1
     39         39 FORZANI GROUP                           6      80,000          0.4%          0.4%
     40         40 UNIPRIX                                 7      72,000          0.3%          0.3%


          Total: Top 40 Tenants                          861   13,440,000        60.4%         56.9%

89        (1)
                Includes all related retail brands                                                                                First Capital Realty Inc.
Analysis of FCR Capitalization
                                                                              As of June 30, 2011




        Capitalization      Calculated FCR                   Calculated
           Rate              Share Price                  Trading Price PSF
           6.00 %                 $ 18.30                      $ 263
           6.25%                  $ 17.10                      $ 252
           6.50%                  $ 15.90                      $ 242
                         Adjusted to reflect the
                         May 25, 2010 3.2:2 stock split




90                                                                                  First Capital Realty Inc.
Analysis of FCR Capitalization
     Estimated net operating income - run rate at June 30, 2011                                                              $               342,000


           Equity market capitalization (1)(2)                                                                                             3,018,251

           Mortgage and credit facilities outstanding, plus net w orking capital                                                           1,385,518

           Senior Unsecured Debentures at par                                                                                              1,346,900

                                                                 (2)
           Convertible Debentures (cashless) at par                                                                                          107,500


     Total market capitalization                                                                                                           5,858,169



     Less:


           Properties under development - cost                                                                                               328,040

           Loans, Mortgages, Other Real Estate Assets and Other Assets                                                                       171,404

     Market capitalization of property holdings                                                                              $             5,358,725



     Proform a im plied capitalization rate @ June 30, 2011                                                                                        6.38%

                                    (2)
     Shares Outstanding                                                                                                                 183,146,322

                                      (3)
     Price Per Square Foot                                                                                                   $                    247.00

     (1)
           June 30th, 2011 share price of $16.48
     (2)
           Assumes convertible debentures treated as debt, with the exception of 5.50% & 6.25% Convertible Debentures as these are in-the-money
     (3)
           FCR share of total square footage: 21,699,000



91                                                                                                                                                         First Capital Realty Inc.
Summary of Debt, Credit Facilities, and Debentures

First Capital Realty Inc.
Sum m ary of Debt, Credit Facilities and Debentures
June 30, 2011
(in thousands of dollars)
[unaudited]                                                                                                                  Schedule 2E
                                                                                                               Weighted
                                                                                                               Average
         Maturity Schedule                      Scheduled             Paym ents                                Interest      Rem aining
                                                                                                                       (1)
               by Year                      Am ortization             On Maturity             Total             Rate            Term

                2011                        $        18,195       $              29,294   $      47,489         6.47%
                2012                                 34,549                     128,879         163,428         6.65%
                2013                                 31,590                     237,344         268,934         5.86%
                2014                                 23,635                     240,556         264,191         6.27%
                2015                                 15,557                     170,255         185,812         5.43%
                2016                                 11,917                      51,323          63,240         5.53%
                2017                                 11,427                      19,234          30,661         5.85%
                2018                                  8,822                      85,053          93,875         6.20%
                2019                                  5,110                     131,216         136,326         6.41%
                2020                                  2,478                      45,858          48,336         5.20%
              Thereafter                              5,917                      18,743          24,660         5.11%
Total Mortgages                             $       169,197       $        1,157,755      $   1,326,952         6.02%             4.5


$CDN Denominated Operating Lines and Credit Facilities outstanding - Floating                         -         4.00%             0.7

                                      (2)
Total Credit Facilities Outstanding                                                       $           -         4.00%             0.7

Unamortized deferred financing costs and premiums and discounts, net                                      40

Sub-total Mortgages & Credit Facilities Outstanding                                       $   1,326,992         6.02%             4.5



92                                                                                                                             First Capital Realty Inc.
Summary of Debt, Credit Facilities, and Debentures – cont.
                                                                                                                  Weighted Average Interest
                                                                                               Total                       Rate (1)         Rem aining Term
     Senior Unsecured Debentures            - Series A - 5.08%                                    100,000                   5.29%                  1.0
       (Maturity June 21, 2012)
     Senior Unsecured Debentures            - Series C - 5.49%                                     99,900                     5.67%                        0.4
       (Maturity December 1, 2011)
     Senior Unsecured Debentures            - Series D - 5.34%                                     97,000                     5.51%                        1.8
       (Maturity April 1, 2013)
     Senior Unsecured Debentures            - Series E - 5.36%                                    100,000                     5.52%                        2.6
       (Maturity Jan, 2014)
     Senior Unsecured Debentures            - Series F - 5.32%                                    100,000                     5.47%                        3.3
       (Maturity October 30, 2014)
     Senior Unsecured Debentures            - Series G - 5.95%                                    125,000                     6.13%                        3.9
       (Maturity June 1, 2015)
     Senior Unsecured Debentures            - Series H - 5.85%                                    125,000                     5.99%                        5.5
       (Maturity January 31, 2017)
     Senior Unsecured Debentures - Series I - 5.70%                                               125,000                     5.78%                        6.4
       (Maturity November 30, 2017)
     Senior Unsecured Debentures - Series J - 5.25%                                                50,000                     5.66%                        7.2
       (Maturity August 30, 2018)
     Senior Unsecured Debentures - Series K - 4.95%                                                50,000                     5.30%                        7.4
       (Maturity November 30, 2018)
     Senior Unsecured Debentures - Series K - 4.95%                                                50,000                     5.06%                        7.4
       (Maturity November 30, 2018)
     Senior Unsecured Debentures - Series L - 5.48%                                               150,000                     5.61%                        8.1
       (Maturity July 30, 2019)
     Senior Unsecured Debentures - Series M - 5.60%                                               110,000                     5.73%                        8.8
       (Maturity April 30, 2020)
     Senior Unsecured Debentures - Series M - 5.60%                                                65,000                     5.39%                        8.8
       (Maturity April 30, 2020)
     Deferred Issue Cost                                                                            (7,298)

     Total Senior Unsecured Debentures                                                    $     1,339,602                     5.64%                        5.0


                                                                              (1) (2)
     Debt, Credit Facilities and Debentures (Interest paid in cash)                       $     2,666,594                     5.83%                        4.8
     (1)
           Weighted average interest rates for the Senior Unsecured Debentures and Convertible Debentures are based on effective interest rates
93   (2)
           The credit facilities, w hich are short term and revolving by nature have been excluded from the calculation of average interest rate and remaining term   First Capital Realty Inc.
Summary of Debt, Credit Facilities, and Debentures – cont.


     First Capital Realty Inc.
     Sum m ary of Debt, Credit Facilities and Debentures
     June 30, 2011
     (in thousands of dollars)
     [unaudited]                                                                                                Schedule 2E
                                                                                                  Weighted
                                                                                                  Average
                                                                                                  Interest       Rem aining
                                                                                                          (1)
                                                                                    Total          Rate            Term


     5.50% (cashless) Convertible Unsecured Subordinated Debentures                   205,695      6.46%            6.3
        (Maturity September 30, 2017)
     6.25% (cashless) Convertible Unsecured Subordinated Debentures                    65,760      7.64%            5.5
        (Maturity December 31, 2016)
     5.70% (cashless) Convertible Unsecured Subordinated Debentures                    48,762      6.88%            6.0
        (Maturity June 30, 2017)
     5.40% (cashless) Convertible Unsecured Subordinated Debentures                    54,581      6.94%            7.6
        (Maturity January 31, 2019)
     Deferred Issue Cost                                                               (9,351)
                                                                            .

     Total Convertible Debentures (Interest paid in shares)                     $     365,447       6.79%           6.3




     Consistent with First Capital Realty’s existing practice it is the Company’s current intention to continue to satisfy its
     obligations of principal interest payments in respect of all of its outstanding convertible debentures, by the issuance of
     common shares. Since issuance, the Company has made all interest payments on its convertible debentures using common
     shares.


94                                                                                                                   First Capital Realty Inc.
Balance Sheet - IFRS
     (unaudited)                                            June 30 December 31    January 1
     (thousands of dollars)                                    2011       2010         2010


     ASSETS
     Non-current assets
     Real Estate Investments
        Investment properties - shopping centres        $ 5,128,150 $ 4,734,574 $ 4,113,466
        Investment properties - development land            112,127      88,859      64,106
        Loans, mortgages and other real estate assets        61,800      62,010      53,176
        Total real estate investments                     5,302,077   4,885,443   4,230,748
     Other Non-Current Assets
        Other assets                                        18,432       12,619      13,937
     Current Assets
        Cash and cash equivalents                          102,846       31,735       4,548
        Loans, mortgages and other real estate assets       42,877       30,832       7,210
        Amounts receivable                                  19,547       10,030      13,793
        Other assets                                        48,295       17,358      14,789
        Total current assets                               213,565       89,955      40,340


        Total assets                                    $ 5,534,074 $ 4,988,017 $ 4,285,025
95                                                                                    First Capital Realty Inc.
Balance Sheet – IFRS – cont.
(unaudited)                                                 June 30 December 31       January 1
(thousands of dollars)                                         2011       2010            2010

LIABILITIES
Non-Current Liabilities
   Mortgages and credit facilities                        1,189,621   1,222,400       1,201,104
   Unsecured debentures                                   1,139,703     915,232         717,040
   Convertible debentures                                   365,447     324,535         329,739
   Other liabilities                                         18,116       9,721             6,321
   Deferred income tax liabilities                          298,788     235,687         154,548
   Total non-current liabilities                          3,011,675   2,707,575       2,408,752
Current liabilities
   Current portion of mortgages and credit facilities      137,371       95,941         153,564
   Current portion of unsecured debentures                 199,900      198,799                 -
   Accounts payable and other liabilities                  180,919      149,199         136,342
   Total current liabilities                               518,190      443,939         289,906
EQUITY
   Shareholders' equity                                   1,999,692   1,832,597       1,586,367
   Non-controlling interests                                  4,517       3,906                 -
   Total equity                                           2,004,209   1,836,503       1,586,367


     Total liabilities and equity                       $ 5,534,074 $ 4,988,017   $   4,285,025

96                                                                                    First Capital Realty Inc.
Income Statement - IFRS
                                              Three months ended
     (unaudited)                                June 30       June 30
     (thousands of dollars)                        2011          2010



     Net operating income
     Property rental revenue              $    129,437    $   116,470
     Property operating costs                   45,761         40,995
     Net operating income                       83,676         75,475
     Interest and other income                   1,576          1,020
                                                85,252         76,495
     Expenses
     Interest expense                           39,860         35,587
     Corporate expenses                          5,187          5,484
     Amortization                                  978              822
                                                46,025         41,893
     Income before the undernoted items         39,227         34,602

97                                                             First Capital Realty Inc.
Income Statement – IFRS – cont.
                                           Three months ended

 (unaudited)                                 June 30        June 30
 (thousands of dollars)                         2011           2010

 Increase in value of
    investment property, net                163,508         21,522
 Other gains (losses) and (expenses)          (1,182)             696
                                            162,326         22,218
 Income before income taxes                 201,553         56,820
 Income taxes
 Deferred income taxes                       47,386         13,086
 Net income                            $    154,167     $   43,734


 Net income attributable to:
   Common shareholders                 $    154,247     $   43,734
   Non-controlling interests                     (80)              -
                                       $    154,167     $   43,734


98                                                           First Capital Realty Inc.
Income Statement - IFRS
                                          Six months ended             YTD

 (unaudited)                               June 30     June 30   December 31
 (thousands of dollars)                       2011        2010         2010



 Net operating income
 Property rental revenue              $   258,819 $    234,071   $      482,475
 Property operating costs                  93,666       84,369          168,460
 Net operating income                     165,153      149,702          314,015
 Interest and other income                  3,126        2,300              5,020
                                          168,279      152,002          319,035
 Expenses
 Interest expense                          78,573       70,543          145,655
 Corporate expenses                        10,561       10,850            21,442
 Amortization                               2,022        1,635              3,530
                                           91,156       83,028          170,627
 Income before the undernoted items        77,123       68,974          148,408

99                                                                   First Capital Realty Inc.
Income Statement – IFRS - cont.
                                           Six months ended            YTD

 (unaudited)                                June 30     June 30   December 31
 (thousands of dollars)                        2011        2010         2010

 Increase in value of
    investment property, net               185,618       12,653         178,078
 Other gains (losses) and (expenses)           248        2,423             4,332
                                           185,866       15,076         182,410
 Income before income taxes                262,989       84,050         330,818
 Income taxes
 Deferred income taxes                      62,391       19,894           81,321
 Net income                            $   200,598 $     64,156   $     249,497


 Net income attributable to:
   Common shareholders                 $   200,678 $     64,156   $     249,497
   Non-controlling interests                   (80)           -                 -
                                       $   200,598 $     64,156   $     249,497

100                                                                   First Capital Realty Inc.
      LOCATION
      LOCATION
      LOCATION
101              First Capital Realty Inc.
Contact Information
Dori J. Segal, President & CEO
Karen H. Weaver, Executive Vice President & CFO


King Liberty Village
85 Hanna Ave, Suite 400
Toronto, Ontario
M6K 3S3

T: (416) 504-4114
F: (416) 941-1655
Website: www.firstcapitalrealty.ca

                                                  LOCATION
                                                  LOCATION
                                                  LOCATION
                                                    First Capital Realty Inc.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:20
posted:9/2/2011
language:English
pages:102