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

Opening remarks and agenda

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

• Voting procedures and question protocols were explained, with most unit holders submitting proxies in advance.

• 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

• The 2024 audited consolidated financial statements and auditor's report were tabled and made available online.

• Operating FFO per unit growth averaged nearly 6% in 2024, exceeding expectations and key plan metrics.

• Debt to EBITDA improved, and all key metrics from the three-year plan were met or exceeded.

Board and executive committee updates

• Ten trustees were nominated and elected, with each receiving at least 93% of votes cast.

• Two retiring board members were thanked, and two new trustees with significant industry experience were welcomed.