Investor Presentaiton

2.0 HIGHLIGHTS - Q2 2023 BALANCE SHEET, LIQUIDITY AND ASSET QUALITY Maintaining a Flexible Balance Sheet and Liquidity Position $938m, including $796m of availability on revolving credit facilities and $142m of cash on proportionate basis ~ ⚫ Unencumbered properties with an IFRS value of $6.3b (65% of total assets) • Q2 2023 Debt to EBITDA of 10.1x (1) (versus 10.9x at Q2 2022) Enhancing Asset Quality • • Asset quality has never been higher due to extensive disposition program, ongoing urban investments, and new leasing activity Invested $120m in Q2 2023 primarily in development, redevelopment and a strategic acquisition 5km population is 295,000. Leader amongst North American peers 5km household income +25% from 2016 to $132k. Leader amongst Canadian peers o Average base rent +18% from 2016 to $22.97 psf. Leader amongst Canadian peers (1) Net debt to Adjusted EBITDA was 10.3x as at June 30, 2023. Excluding non-recurring costs related to Unitholder activism, the ratio was 10.1x First Capital 7

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