CONFERENCE CALLQ4 2019

Forward-looking Statements and Non-IFRS Financial Measures

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 First Capital REIT (“First Capital”) or its management. The forward-looking statements are not historical facts but reflect First Capital’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 fourth quarter and 2019 annual results press release dated February 11, 2020, our Management’s Discussion and Analysis for the year ended December 31, 2019 (“MD&A”) and our current Annual Information Form, all of which are available on SEDAR at www.sedar.com and on our website at www.fcr.ca.

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 February 11, 2020. Except as required by securities law, First Capital 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.

This material references certain non-IFRS financial measures, including but not limited to FFO, FFO per share, NOI and NAV. These non-IFRS measures are further defined and discussed in First Capital’s MD&A, which should be read in conjunction with this material and the conference call. Since these non-IFRS measures do not have standardized meanings prescribed by IFRS, they may not be comparable to similar measures reported by other issuers. First Capital uses and presents the above non-IFRS measures as management believes they are commonly accepted and meaningful financial measures of operating performance. Reconciliations of certain non-IFRS measures to their nearest IFRS measures are included in First Capital’s MD&A. These non-IFRS measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS as measures of First Capital’s operating performance.

All figures in this presentation are as of February 11, 2020 unless otherwise noted.

2First Capital

ADAM PAUL PRESIDENT & CHIEF EXECUTIVE OFFICER

Opening Remarks

First Capital 3

2019 Highlights

4First Capital

Occupancy Average Net Rental Rate

NAV per unit

96.9% $21.25 $23.39

20bps 5.0% 3.5%

Key Metrics:

Year over Year Growth:

One Bloor EastToronto, ON

Griffintown CentreMontreal, QC

FFO per unit

$1.234

2.0%

KAY BREKKENEVP & CHIEF FINANCIAL OFFICER

Financial Overview

First Capital 5

6First Capital

2019 FFO per unit up 2.0%Q4 2019 Q4 2018 Variance % Change 2019 2018 Variance % Change

FFO/unit $0.288 $0.287 $0.001 0.3% $1.234 $1.210 $0.024 2.0%

FFO ($ millions) $63.4 $73.4 ($9.9) (13.5%) $284.9 $303.0 ($18.1) (6.0%)

Q4 and 2019 FFO Results

Major Contributors(YOY Change in $ millions) Q4 2019 vs Q4 2018 2019 vs 2018

NOI: Same Property $2.5 $10.9

Acquisitions 0.2 4.7

Dispositions (7.3) (14.6)

Other Non-Same Property NOI 2.8 2.4

($1.8) $3.4

Other: Interest and Other Income (1.9) 3.9

Interest Expense (3.9) (19.0)

G&A (0.7) (1.8)

Other Gains (Losses) and (Expenses) (1.5) (3.1)

Other (1) (0.1) (1.5)

(8.1) (21.5)

Change in FFO: ($9.9) ($18.1)

(1) Comprised of amortization expense and abandoned transactions costs

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Q4 and 2019 Highlights – Operating Metrics

Same Property NOI Growth Q4 2019 Q4 2018 (1) 2019 2018 (1)

Same Property – Stable 2.6% 2.1% 2.7% 2.7%

Total Same Property 3.0% 3.1% 3.3% 3.1%

Shops at King LibertyToronto, ON

False Creek VillageVancouver, BC

(1) Prior periods as reported; not restated to reflect current period property categories

2019 Same Property NOI increase of 3.3%

8First Capital

Q4 and 2019 Highlights – Operating Metrics

Q4 2019 Q4 2018 2019 2018

(GLA reported at FCR %)Total Same Property

Other Property Categories

Total Portfolio Total Portfolio

Renewal leasing (sq. ft.) 571,000 135,000 706,000 825,000 2,454,000 2,868,000

Renewal leasing (average rate psf) $22.13 $19.52 $21.63 $18.96 $21.17 $18.58

Lease renewal rate increase (first year of renewal term)

10.9% 6.8% 10.1% 9.2% 10.7% 8.4%

Lease renewal rate increase(average rent in renewal term)

11.6% 11.9% 12.4% 10.9%

2019 strong lease renewal rate increases of 10.7% and 12.4%

Hazelton Hotel Toronto, ON

Edmonton Brewery DistrictEdmonton, AB

9First Capital

Q4 and 2019 Highlights – Operating Metrics

Q4 2019 Q4 2018 2019 2018

(GLA reported at FCR %)Total Same

PropertyOther Property

CategoriesTotal

Portfolio Total Portfolio

Commercial Developments coming online (sq. ft.) (1) 5,000 18,000 23,000 86,000 201,000 283,000

Commercial Developments coming online occupied(average rate per occupied sq. ft.)

$30.43 $89.44 $76.10 $29.65 $35.89 $37.33

Average net rental rate per occupied square foot (entire portfolio)

$20.61 $23.86 $21.25 $20.24 $21.25 $20.24

Average Net Rental Rate grew 5.0% over prior year

Mount Royal WestCalgary, AB

Yorkville VillageToronto, ON

(1) In addition to Commercial Developments coming online, First Capital completed the transfer of 247 residential units to the income-producing portfolio

10First Capital

Q4 and 2019 Highlights – Operating Metrics

Q4 2019 Q4 2018 Q3 2019

(GLA reported at FCR %)Total Same

PropertyTotal

PortfolioTotal Same Property (1)

Total Portfolio

Total Same Property (1)

Total Portfolio

Gross Leasable Area (sq. ft.) 16,733,000 20,927,000 16,727,000 23,854,000 16,735,000 22,936,000

End of Period Occupancy 97.5% 96.9% 97.4% 96.7% 97.4% 96.7%

Average Occupancy 97.4% 96.6% 97.4% 96.6% 97.1% 96.4%

Occupancy rate up 20 basis points from Q4 2018 to 96.9%

(1) Prior periods restated to reflect current property categories

11First Capital

Investment in Development and Redevelopment

King High LineToronto, ON

Yorkville Village AssetsToronto, ON

3080 Yonge StreetToronto, ON

Edmonton Brewery DistrictEdmonton, AB

Centre Commercial WildertonMontreal, QC

$165.8 million during 2019

12First Capital

FFO

($ millions) Q4 2019 Q4 2018 Variance 2019 2018 Variance

Net operating income $114.3 $116.1 ($1.8) $463.8 $460.3 $3.4

Interest and other income 4.3 6.2 (1.9) 32.2 28.4 3.9

Interest expense (43.3) (39.3) (3.9) (172.9) (153.9) (19.0)

Corporate expenses (7.7) (7.0) (0.7) (31.3) (29.5) (1.8)

Abandoned transaction costs - (0.1) 0.1 (0.7) (0.2) (0.5)

Amortization expense (1.0) (0.9) (0.2) (3.8) (2.8) (1.0)

Other gains (losses) and (expenses) (3.1) (1.6) (1.5) (2.4) 0.7 (3.1)

FFO $63.4 $73.4 ($9.9) $284.9 $303.0 ($18.1)

Weighted average diluted units 220.5 255.8 (35.3) 230.8 250.5 (19.7)

FFO per unit (diluted) $0.288 $0.287 $0.001 $1.234 $1.210 $0.024

FFO Payout Ratio (1) 74.7% 74.9% 0.2% 69.7% 71.1% 1.4%

2019 FFO per unit up 2.0%

0.3 % 2.0 %

(1) For 2019 only, FFO payout ratio was calculated using cash dividends

13First Capital

Other Gains (Losses) and (Expenses) - FFO

($ millions) Q4 2019 Q4 2018 Variance 2019 2018 Variance

Realized gain (loss) on marketable securities

$ - $ - $ - $1.2 $4.2 ($3.0)

Unrealized gain (loss) on marketable securities

0.2 (0.9) 1.1 0.5 (0.6) 1.1

Net gain (loss) on prepayments of debt (1) - - - - (0.7) 0.7

Gain on investment (2) - - - 4.0 - 4.0

Proceeds from Target (3) - - - 0.7 - 0.7

REIT conversion costs (3.0) (0.9) (2.1) (5.0) (1.5) (3.5)

Transaction costs (4) - - - (3.4) - (3.4)

Other (0.3) 0.2 (0.5) (0.4) (0.7) 0.3

Total OGLE for FFO ($3.1) ($1.6) ($1.5) ($2.4) $0.7 ($3.1)

Excluding REIT conversion costs, 2019 Other Gain of $2.6 million

(1) Primarily non-cash losses on early redemption of convertible debentures(2) One of First Capital’s other investments was acquired for cash and share consideration resulting in the recognition of a $4.0 million gain on investment(3) In connection with proceeds recognized under Target Canada’s CCAA plan of arrangement related to the closure of two Target stores in First Capital’s portfolio in 2015(4) Transaction costs related to Gazit secondary offering

14First Capital

ACFO

Q4 2019 Q4 2018 Variance 2019 2018 Variance

Cash provided by operating activities $106.9 $114.1 ($7.2) $269.1 $283.0 ($13.9)

Add (deduct):

Working capital adjustments (35.1) (34.2) (0.9) 4.4 (1.2) 5.6

Adjustment for equity accounted joint ventures

0.4 1.1 (0.7) 2.6 3.5 (0.9)

Revenue sustaining capital expenditures

(2.3) (5.5) 3.1 (17.3) (15.5) (1.8)

Recoverable capital expenditures

(1.6) (4.8) 3.2 (6.8) (7.9) 1.1

Leasing costs on properties under development

0.4 0.4 - 1.7 1.6 0.1

Realized gain (loss) on sale of marketable securities

- - -1.2 4.2 (3.1)

Non-controlling interest (0.2) 0.1 (0.3) (2.5) (0.6) (1.9)

ACFO $68.6 $71.4 ($2.8) $252.4 $267.2 ($14.8)

ACFO Payout Ratio* 80.8% 79.6% (1.2%)

2019 ACFO of $252.4 million

* Based on rolling four quarters: Cash dividends / ACFO

15First Capital

2019 Financing Activities

Effective Rate Term at Issuance $ Millions

2019 Activity:

Unsecured Bank Term Loans – Fixed 3.3% 5.0 – 7.0 $550.0

Unsecured Bank Term Loans – Floating 2.9% 4.0 $300.0

Repayment of Unsecured Bank Term Loans – Floating 2.8% 4.0 ($100.0)

Share Repurchase ($741.6)

New Mortgages 3.4% 10.0 $392.9

Mortgage Repayments 4.9% ($222.7)

Issuance of Series V Unsecured Debentures 3.5% 7.5 $200.0

Repayment of Series L Unsecured Debentures 5.6% ($150.0)

Rates on new debt significantly lower than maturing debt

16First Capital

Financial Strength and Flexibility

2019 2018

Unsecured revolving credit facility $800M $800M

Unencumbered assets ($ billions) $7.0 $7.3

Unencumbered assets to unsecured debt 2.2x 2.5x

Secured indebtedness to total assets 14.5% 14.0%

Net debt to total assets 46.7% 42.1%

Net debt to EBITDA (1) 10.0x 9.6x

EBITDA interest coverage (1) 2.4x 2.5x

Unencumbered asset pool at $7.0 billion

69% of total assets

(1) EBITDA is calculated on a rolling four quarter basis.

17First Capital

Well-Staggered Term Debt Maturities (as at December 31, 2019)

* Percentage Due does not include scheduled principal amortization for mortgages

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

$-

$100

$200

$300

$400

$500

$600

$700

$800

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Mill

ion

s Unsecured Term Loans

Mortgages

Senior Unsecured Debentures

Weighted Average Effective Interest %

% Due * 5.3% 5.7% 12.5% 11.5% 16.2% 9.9% 13.8% 13.3% 3.3% 5.4% 1.8% 1.3%

Weighted Average Interest Rate 4.0%Term to Maturity 5.1 years95% of Term Debt is Fixed Rate

Adam PaulPresident & CEO

Kay BrekkenExecutive VP & CFO

Contact InfoFirst Capital REIT

Shops at King Liberty

85 Hanna Ave, Suite 400

Toronto, Ontario

Tel: 416.504.4114

Fax: 416.941.1655

www.fcr.ca

TSX: FCR.UN