Investor Presentaiton
2.0 HIGHLIGHTS - Q2 2023
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Executing upon the Enhanced Capital Allocation and Portfolio Optimization Plan announced in September, 2022
Announced in April 2023, that the company entered into firm agreements to sell four properties totaling $184m
To date, First Capital has completed or has under firm agreement, approximately $460m of dispositions (46% of the
two-year target) under the Plan, at a premium to IFRS value, and with a cumulative yield of less than 3%
Q2 2023 FFO per unit of $0.30, +7.6% YoY
• FFO per unit of $0.29 unchanged YoY, excluding OGLE(1)
Q2 2023 SP NOI growth of 2.2%
• Primarily due to higher variable revenues and rent escalations
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Leasing and Occupancy
Strong leasing activity: 287k sf of new leasing plus 510k sf of renewals at average net rental rate increase of 14%
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$22.97 net rent psf +1.1% (+$0.25) YoY: Primarily due to renewal lifts, and rent escalations
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Occupancy of 95.9%: 0.3% lower than Q1 2023 (96.2%), and 0.4% higher than Q2 2022 (95.6%)
(1) OGLE Other Gains/(Losses) and Expenses
First Capital
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