First Capital Real Estate Investment Trust (FCR.UN) AGM 2025 summary

Opening remarks and agenda

• The meeting was held in a hybrid format, allowing both virtual and in-person participation for all unit holders, trustees, and executive leadership.

• Voting and question procedures were explained, with most unit holders submitting proxies in advance and a small number voting during the meeting.

• Notice of the meeting and agenda was mailed to unit holders, and a quorum was confirmed with over 81% of units represented.

Financial performance review

• 2024 operating FFO per unit grew nearly 6%, exceeding expectations and key metrics outlined in the three-year plan.

• Debt to EBITDA improved significantly, and all major financial targets for the year were met or surpassed.

Board and executive committee updates

• Two retiring board members, Sheila Botting and Richard Nesbitt, were thanked for their service; Vivian Abdelmasih and Gary Whitelaw were welcomed as new trustees.

• The governance committee regularly reviews board composition, with changes made to ensure future governance needs.