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0.20392156862745098 0.20784313725490197 rg BT 324.00 140.50 Td ( 81 Significant Shareholders) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 50.00 731.65 Td (Managements Discussion and Analysis of ) Tj ET Q BT /F4 22.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 50.00 705.25 Td (Financial Position and Results of Operations) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.00 46.01 Td (7) Tj ET Q BT /F7 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 673.30 Td (INTRODUCTION) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 653.35 Td (This Managements Discussion and Analysis \(MD&A\) of the financial position and results of operations for First Capital Realty Inc. \(First Capital ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 639.45 Td (Realty or the Company\) is intended to provide readers with an assessment of performance and summarize the results of operations and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 625.50 Td (financial position for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 137.13 625.50 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 249.16 625.50 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 266.51 625.50 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 284.30 625.50 Td (. It should be read in conjunction with the Companys Audited Consolidated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 611.60 Td (Financial Statements for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.91 611.60 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 262.95 611.60 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 280.29 611.60 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 298.09 611.60 Td (. Additional information, including the Companys current Annual ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 597.70 Td (Information Form, is available on the SEDAR website at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.48 597.70 Td (www.sedar.com) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 295.23 597.70 Td ( and on the Companys website at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.71 597.70 Td (www.firstcapitalrealty.ca.) Tj ET Q BT /F6 8.00 Tf ET BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.75 Td (All amounts are in Canadian dollars unless otherwise noted. Historical results and percentage relationships contained in the Companys interim ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.85 Td (and annual consolidated financial statements and MD&A, including trends which might appear, should not be taken as indicative of its future ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.90 Td (operations. The information contained in this MD&A is based on information available to Management, and is dated as of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.30 549.90 Td (February20, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 527.89 549.90 Td (. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 530.00 Td (First Capital Realty was incorporated in November 1993 and conducts its business directly and through subsidiaries.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 504.85 Td (FORWARD-LOOKING STATEMENT ADVISORY) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 487.15 Td (Certain statements contained in the Business Overview and Strategy, Business and Operations Review, Results of Operations, Capital Structure and ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 475.45 Td (Liquidity, Outlook and Current Business Environment, Summary of Significant Accounting Estimates and Policies and Controls and Procedures sections ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 463.75 Td (of this MD&A constitute forward-looking statements. Other statements concerning First Capital Realtys objectives and strategies and Managements beliefs, ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 452.05 Td (plans, estimates and intentions also constitute forward-looking statements. Forward-looking statements can generally be identified by the expressions ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 440.35 Td (anticipate, believe, plan, estimate, project, expect, intend, outlook, objective, may, will, should, continue and similar expressions. ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 428.65 Td (The forward-looking statements are not historical facts but, rather, reflect the Companys current expectations regarding future results or events and are based ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 416.95 Td (on information currently available to Management. Certain material factors and assumptions were applied in providing these forward-looking statements. ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 405.25 Td (Forward-looking information involves numerous assumptions such as rental income \(including assumptions on timing of lease-up, development coming on line ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 393.55 Td (and levels of percentage rent\), interest rates, tenant defaults, borrowing costs \(including the underlying interest rates and credit spreads\), the general ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 381.85 Td (availability of capital and the stability of the capital markets, amount of corporate expenses, level and timing of acquisitions of income-producing properties, ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 370.15 Td (number of shares outstanding and numerous other factors. Moreover, the assumptions underlying the Companys forward-looking statements contained in the ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 358.45 Td (Outlook and Current Business Environment section of this MD&A also include that consumer demand will remain stable, demographic trends will continue ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 346.75 Td (and there will continue to be barriers to entry in the markets in which the Company operates.) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 329.05 Td (Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 317.35 Td (no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 305.65 Td (and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under Risks and ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 293.95 Td (Uncertainties and the matters discussed under Risk Factors in the Companys current Annual Information Form from time to time.) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 276.25 Td (Factors that could cause actual results or events to differ materially from those expressed, implied or projected by forward-looking statements, in addition to ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 264.55 Td (those factors referenced above, include, but are not limited to: general economic conditions; real property ownership; the availability of new competitive supply ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 252.85 Td (of retail properties which may become available either through construction, lease or sublease; First Capital Realtys ability to maintain occupancy and to lease ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 241.15 Td (or re-lease space at current or anticipated rents; repayment of indebtedness and the availability of debt and equity financing; changes in interest rates and ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 229.45 Td (credit spreads; changes to credit ratings; tenant financial difficulties, defaults and bankruptcies; the relative illiquidity of real property; unexpected costs or ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 217.75 Td (liabilities related to acquisitions, development and construction; increases in operating costs and property taxes; changes in governmental regulation; ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 206.05 Td (environmental liability and compliance costs; residential development, sales and leasing; unexpected costs or liabilities related to dispositions; challenges ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 194.35 Td (associated with the integration of acquisitions into the Company; uninsured losses and First Capital Realtys ability to obtain insurance coverage at a reasonable ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 182.65 Td (cost; compliance with financial covenants; risks in joint ventures; matters associated with significant shareholders; geographic concentration of assets; ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 170.95 Td (investments subject to credit and market risk; and loss of key personnel.) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 153.25 Td (Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 141.55 Td (on which such statement is made. First Capital Realty undertakes no obligation to publicly update any such statement or to reflect new information or the ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 129.85 Td (occurrence of future events or circumstances except as required by applicable securities law.) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 112.15 Td (All forward-looking statements in this MD&A are made as of ) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 244.84 112.15 Td (February20, 2013) Tj ET Q BT /F8 7.50 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 304.45 112.15 Td ( and are qualified by these cautionary statements.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (8) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 691.30 Td (BUSINESS OVERVIEW AND STRATEGY) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 671.35 Td (First Capital Realty \(TSX:FCR\) is Canadas leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 657.45 Td (community shopping centres located predominantly in growing urban markets. As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 341.60 657.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.07 657.45 Td (, the Company owned interests in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.21 657.45 Td (175) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 538.55 657.45 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 643.50 Td (properties, including ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 125.57 643.50 Td (six) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 134.45 643.50 Td ( ground-up development projects, totalling approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 329.14 643.50 Td (25.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.15 643.50 Td ( square feet of gross leasable area \("GLA"\) and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 528.71 643.50 Td (four) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 542.05 643.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 629.60 Td (land sites in the planning stage for future retail development.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 609.70 Td (First Capital Realtys primary strategy is the creation of value over the long term by generating sustainable cash flow and capital appreciation of its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 595.75 Td (shopping centre portfolio. To achieve the Companys strategic objectives, Management continues to:) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 581.85 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 581.85 Td (be focussed and disciplined in acquiring well-located properties, primarily centres where there are value creation opportunities and sites ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 567.90 Td (adjacent to existing properties in the Companys target urban markets;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 554.00 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 554.00 Td (undertake selective development, redevelopment and repositioning activities on its properties including land use intensification;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 540.10 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 540.10 Td (proactively manage its existing shopping centre portfolio to drive rent growth;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 526.15 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 526.15 Td (increase efficiency and productivity of operations; and) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 512.25 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 512.25 Td (maintain financial strength to achieve the lowest cost of capital.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 485.25 Td (Shopping for Everyday Life) Tj ET Q BT /F4 10.00 Tf ET BT /F4 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 175.43 488.75 Td () Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 464.66 Td (The Company looks to own and operate properties that provide consumers with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 450.76 Td (products and services that are considered to be daily necessities or non-discretionary ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 436.86 Td (expenditures. Currently, over 80% of the Companys revenues come from tenants ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 422.91 Td (providing these daily necessity products and services, including supermarkets, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 409.01 Td (drugstores, banks, liquor stores, national discount retailers, quick service restaurants, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 395.06 Td (fitness, medical and other personal services. Management looks to implement a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 381.16 Td (specific complementary tenant offering at each of its properties to best serve the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 367.26 Td (needs of the local community. The Company is highly focussed on ensuring the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 353.31 Td (competitive position of its assets in various urban and retail trade areas and closely ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 339.41 Td (follows demographics and shopping trends for both goods and services. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 315.30 Td (The Company continues to observe two demographic trends that may affect retail goods and service needs: firstly, a new and younger generation ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 301.40 Td (of consumers whose shopping patterns are influenced by wireless communications and internet business and information; secondly, an aging ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 287.50 Td (population whose needs will increasingly focus on convenience and health related goods and services. In Managements view, shopping centres ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 273.55 Td (and mixed-use properties located in urban markets with tenants providing daily necessities including non-discretionary services and other ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 259.65 Td (personal services, will be less sensitive to both economic cycles and the current demographic trends, thus providing stable and growing cash ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 245.70 Td (flow over the long term.) Tj ET Q /GS0 gs q 197.00 0 0 126.88 357.00 339.21 cm /I8 Do Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (9) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 692.25 Td (Urban Focus) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 678.35 Td (The Company targets specific urban markets with stable and/or growing populations. Specifically, the Company intends to continue to operate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 664.40 Td (primarily in and around its target urban markets of the greater Toronto area, including the Golden Horseshoe area and London; the Calgary and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 650.50 Td (Edmonton area; the greater Vancouver area, including Vancouver Island; the greater Montreal area; the Ottawa and Gatineau region, and Qubec ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 636.55 Td (City. Over 90% of the Companys annual minimum rent is derived from these urban markets.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 609.96 Td (The Company has achieved critical mass in its target markets, which helps generate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 596.06 Td (economies of scale and operating synergies, as well as real-time local knowledge of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 582.16 Td (its properties, tenants, neighbourhoods and the markets in which it operates. Within ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 568.21 Td (each of these markets, the Company targets well-located properties with strong ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 554.31 Td (demographics that Management expects will attract quality tenants with long lease ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 540.36 Td (terms. First Capital Realty assesses the quality of locations based on a number of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 526.46 Td (factors in the trade area of a property, including demographic trends, potential for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 512.56 Td (competitive retail space and existing and potential tenants in the market.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 483.15 Td (Acquisitions ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 469.25 Td (Management seeks to acquire well-located neighbourhood and community shopping centres and mixed-use properties in the Companys target ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 455.35 Td (urban markets focussing on the quality, sustainability and growth potential of rental income. These properties are acquired where they ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 441.40 Td (complement or add value to the existing portfolio or provide opportunity for redevelopment or repositioning. Once the Company has acquired a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 427.50 Td (property in a specific retail trade area, it will look to acquire adjacent or nearby properties. These adjacent properties allow the Company to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 413.55 Td (provide maximum flexibility to its tenant base to meet changing formats and size requirements over the long term. Adjacent properties also allow ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 399.65 Td (the Company to expand or intensify its existing property, providing a better retail product and service offering for consumers. Management ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 385.75 Td (believes that its adjacent site acquisitions result in a better mix of goods and services offered and, ultimately, a long term return on investment, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 371.80 Td (with a lower level of risk.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 351.90 Td (Through acquisitions, the Company expands its presence in its target urban markets in Canada, and continues to generate greater economies of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 337.95 Td (scale and leasing and operating synergies. Management will continue to look for strategic or portfolio acquisitions, in both existing markets and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 324.05 Td (markets where the Company does not yet have a presence. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 304.15 Td (The Company also recycles its capital to fund new investments by selling assets in certain markets that are no longer aligned with its core ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 290.20 Td (strategies.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 263.20 Td (Development, Redevelopment and Land Use Intensification) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 249.30 Td (The Company pursues selective development and redevelopment activities including land use intensification projects, primarily on its own, but ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 235.35 Td (also with joint venture partners, in order to achieve a better return on its portfolio over the long term. The redevelopment activities are focussed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 221.45 Td (primarily on the older, well-located shopping centres that the Company owns and actively seeks to acquire. These properties are redeveloped and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 207.55 Td (expanded, over time, in conjunction with anchor tenant repositioning and changing retail environments. Redevelopment of existing properties ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 193.60 Td (generally carries a lower market risk due to the urban locations, existing tenant base and the intensification opportunities. Redevelopment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 179.70 Td (projects are carefully managed to minimize tenant downtime. Typically, tenants continue to operate during the planning, zoning and leasing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 165.75 Td (phases of the project with modest holdover income from tenants operating during this period. The Company will sometimes carry vacant space ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.50 151.85 Td (in a property for a planned future expansion of tenants or reconfiguration of a property.) Tj ET Q /GS0 gs q 191.95 0 0 114.00 360.00 503.57 cm /I9 Do Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (10) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Management believes that the Companys shopping centres, along with its portfolio of adjacent sites, gives it a unique opportunity to participate in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (urban intensification in its various markets. The land use intensification trend in the Companys target urban markets is driven by the costs for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (municipalities to expand infrastructure beyond existing urban boundaries, the desire by municipalities to increase their tax base, environmental ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 652.65 Td (considerations and the migration of people to vibrant urban centres. The Companys intensification activities are focussed primarily on increasing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 638.75 Td (retail space on a property and, to a lesser degree, adding mixed-use density, including residential projects and office uses. The Company has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 624.85 Td (proven development and redevelopment capabilities across the country to enable it to capitalize on these opportunities and expects these ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 610.90 Td (intensification activities to increase over the next several years.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (To a lesser degree, the Company develops new properties on ground-up sites and typically has at least one ground-up development project in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (planning stage or underway in each region. At December 31, 2012, the Company has a total of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.98 577.05 Td (six) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.86 577.05 Td ( ground-up projects in progress at various ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.15 Td (stages, from planning to near completion.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.25 Td (Investments in redevelopment and development activities are generally less than ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 327.79 543.25 Td (10%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.80 543.25 Td ( of the Companys total assets \(at fair value\) at any given ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.30 Td (time. Development activities are strategically managed to reduce leasing risks by obtaining lease commitments from anchor and major tenants ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.40 Td (prior to commencing construction. The Company also uses experts including architects, engineers and urban planning consultants, and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 501.45 Td (negotiates competitive fixed-price construction contracts.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.55 Td (These development and intensification activities provide the Company with an opportunity to use its existing platform to sustain and improve cash ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.65 Td (flows and realize capital appreciation over the long term through its ownership and development activities.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 440.65 Td (Proactive Management) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 426.70 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.01 426.70 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.13 426.70 Td (views ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 123.46 426.70 Td (proactive ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.24 426.70 Td (management ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.80 426.70 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.14 426.70 Td (its ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 220.81 426.70 Td (existing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 248.25 426.70 Td (portfolio ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 277.48 426.70 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 292.49 426.70 Td (newly ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 313.72 426.70 Td (acquired ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 345.62 426.70 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 381.51 426.70 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 391.18 426.70 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 397.30 426.70 Td (core ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 414.08 426.70 Td (competency ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 457.53 426.70 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 472.54 426.70 Td (an ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.11 426.70 Td (important ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 517.67 426.70 Td (part ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 533.12 426.70 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 541.46 426.70 Td (its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 412.80 Td (strategy. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 85.05 412.80 Td (Proactive ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 118.77 412.80 Td (management ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.83 412.80 Td (means ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 191.11 412.80 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 204.40 412.80 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 239.01 412.80 Td (continues ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.52 412.80 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 283.36 412.80 Td (invest ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 305.53 412.80 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.36 412.80 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.75 412.80 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.59 412.80 Td (ensure ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 385.32 412.80 Td (it ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 391.93 412.80 Td (remains ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 421.65 412.80 Td (competitive ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 462.93 412.80 Td (by ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.54 412.80 Td (attracting ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 507.72 412.80 Td (quality ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 532.55 412.80 Td (retail ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 398.85 Td (tenants ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 81.20 398.85 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.40 398.85 Td (their ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 113.82 398.85 Td (customers ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 151.23 398.85 Td (over ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 167.75 398.85 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 180.73 398.85 Td (long ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 197.25 398.85 Td (term. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 217.34 398.85 Td (Specifically, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 259.64 398.85 Td (Management ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.39 398.85 Td (strives ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 330.02 398.85 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 338.55 398.85 Td (create ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 361.74 398.85 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 376.94 398.85 Td (maintain ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 408.58 398.85 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 421.56 398.85 Td (highest ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 448.31 398.85 Td (standards ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.95 398.85 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 492.48 398.85 Td (lighting, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.46 398.85 Td (parking, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 384.95 Td (access ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.23 384.95 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.26 384.95 Td (general ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 124.28 384.95 Td (appearance ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 167.42 384.95 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 176.78 384.95 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 190.58 384.95 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 231.04 384.95 Td (properties. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.17 384.95 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 286.20 384.95 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.66 384.95 Td (proactive ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 360.45 384.95 Td (management ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 408.03 384.95 Td (strategies ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 443.15 384.95 Td (have ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 462.28 384.95 Td (historically ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 500.96 384.95 Td (contributed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 542.77 384.95 Td (to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 371.05 Td (improvements ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 104.22 371.05 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 112.66 371.05 Td (occupancy ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 151.79 371.05 Td (levels ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 172.66 371.05 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 187.79 371.05 Td (average ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 216.23 371.05 Td (lease ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.78 371.05 Td (rates ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.44 371.05 Td (throughout ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 293.57 371.05 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.47 371.05 Td (portfolio.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 351.10 Td (The Company is fully internalized and all value creation activities, including development management, leasing, property management, lease ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 337.20 Td (administration and legal, construction management and tenant co-ordination functions, are directly managed and executed by experienced real ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 323.25 Td (estate professionals. Employees with these real estate capabilities are located in the Companys offices in Toronto, Montreal, Ottawa, Calgary, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 309.35 Td (Edmonton and Vancouver in order to effectively serve the major urban markets where First Capital Realty operates. In addition, a number of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 295.45 Td (Companys management team members possess significant retail experience which contributes to the Companys in-depth knowledge of its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 281.50 Td (tenants and market trends.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 261.60 Td (The Company operates solely in Canada, in three operating regions: Eastern region, which primarily includes operations in Qubec; Central region, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 247.65 Td (which includes the Companys Ontario operations; and Western region, which includes operations in Alberta and British Columbia.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 220.65 Td (Increasing Efficiency and Productivity of Operations) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 206.75 Td (The Company continues to focus on operating efficiency as it grows its business. Management is implementing new processes and systems ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 192.85 Td (necessary to capture, record and report both operating and financial results, and effectively manage business execution while achieving higher ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 178.90 Td (levels of efficiency.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (11) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 692.25 Td (Cost of Capital) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 678.35 Td (The Company seeks to maintain financial strength to achieve the lowest cost of debt and equity capital over the long term. The Companys capital ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 664.40 Td (structure is key to financing growth and providing sustainable cash dividends to its shareholders. In the real estate industry, financial leverage is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 650.50 Td (used to enhance rates of return on invested capital. Management believes that First Capital Realtys composition of senior unsecured debt, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 636.55 Td (mortgage debt, convertible debentures and equity in its capital base provides financing flexibility and reduces risks, while generating an ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 622.65 Td (acceptable return on investment, taking into account the long-term business strategy of the Company. The Company uses convertible debentures ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 608.75 Td (where both the interest and principal is payable in shares. The Company also recycles capital through selective disposition of full or partial ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 594.80 Td (interests in properties. Where it is deemed appropriate, the Company will raise equity to finance its growth and strengthen its financial position.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 574.90 Td (As of December 31, 2012, the Company has DBRS Limited \("DBRS"\) and Moodys Investors Service \(Moodys\) ratings of BBB\(high\) and Baa2, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 560.95 Td (respectively, making it the highest rated real estate entity in Canada. This is a key factor, along with the quality of the portfolio and other business ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 547.05 Td (attributes that contribute to reducing the cost of capital. Refer to the Leverage discussion in this section for further discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 520.05 Td (Company Key Performance Measures) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 506.15 Td (There are many factors that contribute to the successful operation of First Capital Realtys business including rental rates, renewal rates, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 492.20 Td (occupancy rates, tenant quality, availability of properties and development sites that meet the Companys acquisition criteria, financing rates, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 478.30 Td (tenant inducements, maintenance and general capital expenditure requirements, development costs and the broader economic environment. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 464.35 Td (Company quantifies the collective results of all of these factors into key measures: funds from operations and adjusted funds from operations ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 450.45 Td (\(FFO and AFFO respectively\) per diluted share and the overall leverage level. FFO and AFFO are measures of operating performance that are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 436.55 Td (not defined by IFRS and are reconciled to relevant IFRS measures in the Results of Operations section of this MD&A. ) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 410.75 Td (FFO and AFFO) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 396.80 Td (The Companys FFO and AFFO have shown consistent performance, resulting primarily from growth in net operating income. FFO and AFFO for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 382.90 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 166.03 382.90 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 183.38 382.90 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.17 382.90 Td ( are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 366.4 m 438.5 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 366.4 m 498.5 366.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 366.4 m 558.5 366.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 354.4 m 438.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 354.4 m 498.5 354.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 354.4 m 558.5 354.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 303.4 m 438.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 303.4 m 498.5 303.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 303.4 m 558.5 303.4 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 357.26 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.85 357.06 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 357.26 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 344.36 Td (FFO per diluted share ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 133.03 347.16 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 344.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.15 344.13 Td (1.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 344.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 344.36 Td (0.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 332.36 Td (FFO per diluted share excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 332.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.15 332.13 Td (1.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 332.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 332.36 Td (0.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 320.36 Td (AFFO per diluted share ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 137.91 323.16 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 320.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.15 320.13 Td (0.93) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 320.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 320.36 Td (0.91) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 307.61 Td (AFFO per diluted share excluding gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 307.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.15 307.73 Td (0.92) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 307.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 307.66 Td (0.88) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 291.60 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 289.50 Td (FFO and AFFO are measures of operating performance that are not defined by IFRS. See the Results of Operations section of this MD&A) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 414.08 289.50 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 269.55 Td (The Company achieved growth in FFO and AFFO while continuing disciplined execution of its strategy, including:) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 252.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 252.65 Td ( acquiring properties in quality urban locations that are well-located that added strategic value and/or operating synergies, however, typically ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 238.75 Td (do not provide material accretion in the immediate term; ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 221.80 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 221.80 Td (capital recycling from dispositions of non-core assets where properties sold typically had higher short-term yields than those in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 207.90 Td (Company's core urban portfolio; ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 193.95 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 193.95 Td (development and redevelopment, which sometimes results in lower going-in yields in order to best position properties for the long term; ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 180.05 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 180.05 Td (the Company's unsecured debt strategy and commitment to extending its maturities, which historically tends to increase interest costs ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 166.15 Td (compared to secured and short-term financing; and) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 152.20 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 152.20 Td (investing in the business infrastructure, to increase the Company's efficiency of operations and quality of the management platform to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 138.30 Td (facilitate growth. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 118.35 Td (Management believes these activities are fundamental to a long-term strategy of a best-in-class shopping centre company and will maximize ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 104.45 Td (shareholder value by generating sustainable cash flow and capital appreciation in its shopping centre portfolio.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (12) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Leverage) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 679.35 Td (The key leverage ratios demonstrate that the Company has continued to maintain a conservative balance sheet while growing the portfolio. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 665.45 Td (Management believes that maintaining financial strength will continue to provide the Company with financial flexibility which is critical against a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 651.55 Td (backdrop of changing debt and equity markets. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 631.60 Td (On November 14, 2012, DBRS upgraded the senior unsecured debenture rating of First Capital Realty to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.55 631.60 Td (BBB \(high\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 448.78 631.60 Td (, from BBB, and changed the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 617.70 Td (trend to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.46 617.70 Td (stable) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 102.46 617.70 Td (, from positive. The rating upgrade acknowledges the Company's progress in terms of enhancing the quality, size and market ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 603.75 Td (position of its portfolio of supermarket- and drugstore-anchored shopping centres in high barrier-to-entry major urban markets across Canada. In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 589.85 Td (addition, according to DBRS, the Company has meaningfully reduced the proportion of debt in its capital structure and improved key credit ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 575.95 Td (metrics to levels that are more in line with the BBB \(high\) rating category. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 556.00 Td (On November 20, 2012, Moodys upgraded the senior unsecured debenture rating of First Capital Realty to Baa2 \(from Baa3\) and revised the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 542.10 Td (rating outlook to stable, from positive. This action follows the Moody's December 8, 2011 outlook change to positive on the Company's senior ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 528.15 Td (unsecured debenture rating. According to Moodys, the upgrade reflects the Company's steady growth in its shopping centre franchise throughout ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 514.25 Td (Canada's major markets while improving its financial profile with key metrics such as secured debt, unencumbered assets and fixed charge ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 500.35 Td (coverage moving solidly into the mid-Baa range. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 480.40 Td (For further discussion refer to the "Capital Structure and Liquidity section of this MD&A. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 463.9 m 438.5 463.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 463.9 m 498.5 463.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 463.9 m 558.5 463.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 451.9 m 438.5 451.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 451.9 m 498.5 451.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 451.9 m 558.5 451.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 415.9 m 438.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 415.9 m 498.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 415.9 m 558.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 388.9 m 438.5 388.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 388.9 m 498.5 388.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 388.9 m 558.5 388.9 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 454.76 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.85 454.56 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 454.76 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 442.81 Td (Debt ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.23 442.81 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 83.68 442.81 Td (total ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 100.13 442.81 Td (assets ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 123.23 442.81 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 129.46 442.81 Td (at ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 137.90 442.81 Td (year ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 154.34 442.81 Td (end ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.70 441.63 Td (42.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 441.63 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 441.86 Td (46.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 441.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 430.81 Td (Debt ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.23 430.81 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 83.68 430.81 Td (total ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 100.13 430.81 Td (assets ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 123.23 430.81 Td (\(based ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 148.57 430.81 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.24 430.81 Td (debt ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 176.59 430.81 Td (covenants\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.70 429.63 Td (45.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 429.63 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 429.86 Td (51.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 429.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 418.81 Td (Debt ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.23 418.81 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 83.68 418.81 Td (market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.46 418.81 Td (capitalization ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.68 418.81 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 161.91 418.81 Td (at ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 170.35 418.81 Td (year ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 186.79 418.81 Td (end ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.70 417.63 Td (41.8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 417.63 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 417.86 Td (45.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 417.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 406.81 Td (Debt/EBITDA ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 104.14 409.61 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.85 405.63 Td (8.50) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 405.86 Td (8.59) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 393.11 Td (Debt/EBITDA ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 104.14 393.11 Td (- ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.03 393.11 Td (run ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.81 393.11 Td (rate ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 137.92 395.91 Td (\(1\) ) Tj ET Q BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 145.12 395.91 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.85 393.23 Td (7.81) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 393.11 Td (8.08) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 375.30 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 61.20 372.50 Td (EBITDA is calculated as net income, adding back income tax expense, interest expense, amortization expense and excluding the impact of increases in value of investment properties, gains ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 362.05 Td (and losses and other non-cash items. EBITDA is used in analyzing the Companys compliance with the senior unsecured debentures indenture. EBITDA is not a measure defined by IFRS and ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 351.60 Td (as such there is no standard definition. As a result, EBITDA may not be comparable with similar measures presented by other entities. EBITDA is not to be construed as an alternative to net ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 341.15 Td (income or cash flow from operating activities determined in accordance with IFRS. EBITDA is calculated on a trailing four quarter basis.) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 330.05 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 61.20 327.25 Td (Run rate is an annualized net operating income for a property based upon the existing tenants in place at the period end and current operating cost profile for the property.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 307.35 Td (In addition to these annual metrics, FFO, AFFO and leverage, the Company looked to achieve its long term objectives through the following in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 293.40 Td (2011 and 2012:) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 279.50 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 279.50 Td (selective acquisitions of strategic assets and adjacent sites;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 265.55 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 265.55 Td (development, redevelopment and repositioning activities including land use intensification;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 251.65 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 251.65 Td (proactive portfolio management that results in higher rent growth;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 237.75 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 237.75 Td (selective dispositions of non-core assets;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 223.80 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 223.80 Td (increasing efficiency and productivity of operations; and) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 209.90 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 209.90 Td (maintain financial strength to achieve the lowest cost of capital.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (13) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (The Company's activities in 2012 and 2011 for each of the above are summarized below:) Tj ET Q BT /F4 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 668.65 Td (Selective acquisitions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 654.70 Td (In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.90 654.70 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 654.70 Td (, the Company invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.48 654.70 Td ($799 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 204.72 654.70 Td ( in acquisitions compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.51 654.70 Td ($444 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 344.74 654.70 Td ( in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 355.41 654.70 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 373.21 654.70 Td (. The increase reflects the increase in opportunities ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 640.80 Td (in the market to acquire properties that fit the Companys criteria. The Company expanded within its urban markets to new retail nodes thereby ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 626.85 Td (increasing its overall footprint by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.11 626.85 Td (16) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.01 626.85 Td ( properties. The Company has also increased its footprint in many of its retail nodes where it already has a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.95 Td (property through the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 172.70 612.95 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.60 612.95 Td ( adjacent sites and an increased interest in ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 328.73 612.95 Td (one) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 341.18 612.95 Td ( existing property.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 596.45 m 438.5 596.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 596.45 m 498.5 596.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 596.45 m 558.5 596.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 584.45 m 438.5 584.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 584.45 m 498.5 584.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 584.45 m 558.5 584.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 413.45 m 438.5 413.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 413.45 m 498.5 413.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 413.45 m 558.5 413.45 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 587.31 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.85 587.11 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 587.31 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 574.41 Td (Total investment in acquisitions \(millions\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 574.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.60 574.18 Td (799) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 574.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 574.41 Td (444) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 562.41 Td (Income-producing properties) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 550.41 Td (Number of properties in new retail trade areas) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.50 550.18 Td (16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 550.41 Td (7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 538.41 Td (Square feet \(thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 538.18 Td (1,494) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 538.41 Td (1,359) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 526.41 Td (Additional space and adjacent land parcels in existing properties ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 514.41 Td (Number of acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.50 514.18 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 514.41 Td (15) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 502.41 Td (Square feet \(thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.60 502.18 Td (903) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 502.41 Td (316) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 490.41 Td (Acres ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.05 490.18 Td (7.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 490.41 Td (3.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 478.41 Td (Additional interests in the existing portfolio ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 466.41 Td (Number of additional interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.40 466.18 Td (1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 466.41 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 454.41 Td (Square feet \(thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.60 454.18 Td (150) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 454.41 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 442.41 Td (Development lands ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 430.41 Td (Number of parcels) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.50 430.18 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 430.41 Td (6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 417.66 Td (Acres) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.05 417.83 Td (8.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 417.66 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 388.15 Td (Development, redevelopment and intensification activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 374.25 Td (The Company continued to invest in development, redevelopment and repositioning of its existing properties, residential inventories, as well as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 360.30 Td (ongoing portfolio capital improvements, which include access, facades, lighting, signage, roofing, parking lots, bike racks and pedestrian ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 346.40 Td (amenities. The investments during 2012 and 2011 totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.51 346.40 Td ($355 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 296.74 346.40 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.09 346.40 Td ($244 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 356.32 346.40 Td (, respectively. Development investments have increased ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 332.45 Td (in 2012 due to the number of projects underway during the year. The Company's development activities are typically on existing or adjacent ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 318.55 Td (properties rather than on ground-up sites and may include additional retail use, ancillary office uses and, in certain projects, residential density. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 304.65 Td (Currently, the Company has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.46 304.65 Td (two) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.02 304.65 Td ( residential density projects underway, and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.71 304.65 Td (three) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.04 304.65 Td ( more in the entitlements process with municipalities. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 290.70 Td (residential density projects are ancillary to the Companys retail projects and are typically completed with a joint venture partner.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 270.80 Td (The Company completed and brought on line gross leasable area of 853,000 square feet and 514,000 square feet during 2012 and 2011, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 256.85 Td (respectively. As at December 31, 2012, 813,000 square feet was under development. ) Tj ET Q BT /F4 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 231.05 Td (Dispositions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 217.15 Td (During 2012 the Company recycled capital through the dispositions of 13 assets comprising 1.2 million square feet and one term loan ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 203.25 Td (receivable for gross proceeds of $340 million. The proceeds were used to fund further investment in the Company's projects in core urban ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 189.30 Td (markets. The 2011 dispositions totalled $52.8 million. This capital recycling program is expected to continue into 2013.) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (14) Tj ET Q BT /F2 10.00 Tf ET BT /F4 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.25 Td (Increasing efficiency and productivity of operations) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 679.30 Td (Measures currently used to monitor the Companys operating efficiencies are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 668.8 m 438.5 668.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 668.8 m 498.5 668.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 668.8 m 558.5 668.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 656.8 m 438.5 656.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 656.8 m 498.5 656.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 656.8 m 558.5 656.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 593.8 m 438.5 593.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 593.8 m 498.5 593.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 593.8 m 558.5 593.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 659.66 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.70 659.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 659.71 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 646.76 Td (GLA \(weighted average\) per average full time employee) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.95 646.53 Td (63,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 646.76 Td (68,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 634.76 Td (Net operating income per employee - run rate \(thousands of dollars\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 634.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 634.53 Td (1,014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 634.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 634.76 Td (1,105) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 622.76 Td (Corporate expenses, excluding non-cash compensation) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 610.76 Td (As a percent of rental revenue) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.60 610.53 Td (3.9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 610.53 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 610.76 Td (3.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 610.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 598.01 Td (As a percent of total assets) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.70 598.13 Td (0.31) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 598.13 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 598.06 Td (0.30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 598.01 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 574.40 Td (The 2012 productivity measures as compared to 2011 reflect the impact of an increasing investment in development activities, which are not yet ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 560.45 Td (income producing and the increase in staff involved in the management and execution of these activities. The costs related to development ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 546.55 Td (activities are typically capitalized until such activities are complete. These productivity measures are expected to fluctuate based on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 532.65 Td (Company's level of development activity.) Tj ET Q BT /F4 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 506.85 Td (Capital access and cost) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 492.90 Td (The Company utilized multiple sources of debt and equity capital to finance its growth and replace maturing debt financings in the year, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 479.00 Td (demonstrating its successes in ensuring access to capital to fund its growth. The pricing reduction on the spread component, was a result of a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 465.05 Td (combination of market factors and internal factors, such as the continued quality growth of the Company and higher credit ratings on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 451.15 Td (Company's unsecured debentures.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 434.65 m 229.5 434.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 434.65 m 289.5 434.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 434.65 m 389.5 434.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 434.65 m 449.5 434.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 434.65 m 558.5 434.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 422.65 m 229.5 422.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 393.65 m 229.5 393.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 229.5 422.65 m 289.5 422.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 229.5 393.65 m 289.5 393.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 422.65 m 389.5 422.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 393.65 m 389.5 393.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389.5 422.65 m 449.5 422.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 389.5 393.65 m 449.5 393.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 422.65 m 558.5 422.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 393.65 m 558.5 393.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 393.65 m 389.5 393.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 318.65 m 229.5 318.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 318.65 m 289.5 318.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 318.65 m 389.5 318.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 318.65 m 449.5 318.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 318.65 m 558.5 318.65 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 425.51 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.85 426.31 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 530.40 426.51 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 397.86 Td (Sources of capital) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 258.85 412.33 Td (Amount) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 246.65 404.33 Td (\(millions of ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 260.20 396.33 Td (dollars\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 294.00 397.98 Td (Pricing \(weighted average\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.30 412.56 Td (Amount ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 409.10 404.56 Td (\(millions of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.10 396.56 Td (dollars\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 465.20 397.86 Td (Pricing \(weighted average\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 383.61 Td (Canadian credit facility capacity unsecured) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.00 383.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.60 383.38 Td (500) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.85 383.38 Td (BA + 1.50%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.00 383.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 383.61 Td (500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 464.00 383.61 Td (BA + 2.00% / BA + 1.75%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 371.61 Td (Canadian credit facilities capacity secured) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.00 371.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 276.50 371.38 Td (75) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.85 371.38 Td (BA + 1.50%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.00 371.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 437.40 371.61 Td (50) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.80 371.61 Td (BA + 1.75%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 359.61 Td (New ten-year mortgage financings in the year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.00 359.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.60 359.38 Td (181) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 364.70 359.38 Td (3.86) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.85 359.38 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.00 359.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 437.40 359.61 Td (84) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 359.61 Td (4.44) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 359.61 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 347.61 Td (Senior unsecured debentures issued) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.00 347.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.60 347.38 Td (475) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 364.70 347.38 Td (4.31) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.85 347.38 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.00 347.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 347.61 Td (325) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 347.61 Td (5.54) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 347.61 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 335.61 Td (Convertible debentures issued) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.00 335.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.60 335.38 Td (128) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 364.70 335.38 Td (4.87) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.85 335.38 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.00 335.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 335.61 Td (165) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 335.61 Td (5.30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 335.61 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 322.86 Td (Equity ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 80.12 325.66 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 232.00 322.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.60 322.98 Td (498) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 292.00 322.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 359.85 322.98 Td (17.59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.00 322.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 322.91 Td (240) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 452.00 322.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 322.91 Td (16.22) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 310.80 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 308.70 Td (Includes issuance of common shares, payment of interest on convertible debentures, conversion of convertible debentures and exercises of options and warrants and including share issue ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 298.25 Td (costs.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 270.30 Td (OUTLOOK AND CURRENT BUSINESS ENVIRONMENT) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 250.35 Td (The forward-looking statements contained in this section and elsewhere in this MD&A are not historical facts but, rather, reflect the Companys ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 236.45 Td (current expectations regarding future results or events and are based on information currently available to Management. Certain material factors ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 222.50 Td (and assumptions were applied in providing these forward-looking statements. See the Forward-Looking Statement Advisory section of this ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 208.60 Td (MD&A.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 188.70 Td (Over the last decade, First Capital Realty has successfully grown its business across the country, focussing on key urban markets, reducing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 174.75 Td (leverage and achieving the highest credit rating of a real estate entity in Canada, while dramatically enhancing the quality of its portfolio and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 160.85 Td (generating modest accretion in funds from operations. The Company will continue to grow its business and property portfolio in the context of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 146.90 Td (acquisition, financing, tenant dynamics and demographic and shopping trends in Canada and its long-term value creation strategy.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 127.00 Td (The urban property acquisition environment remains competitive for assets of similar quality to those the Company owns. The transaction activity ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 113.10 Td (in all classes of commercial real estate is high with many bids on quality properties, and asset valuations reflect this strong demand for well-) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 99.15 Td (located income-producing assets.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (15) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Urban municipalities where the Company operates continue to focus on increasing density within the existing boundaries of infrastructure. This ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (provides the Company with multiple density development and redevelopment opportunities in its existing portfolio of urban properties, which ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (includes an inventory of adjacent land sites and development land. Development activities continue to provide the Company with growth within its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 652.65 Td (existing portfolio of assets. These activities also typically generate higher returns on investment over the long term and improve the quality and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 638.75 Td (increase sustainable growth of property rental income.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (The Company is now seeing a surge in entry and expansion into the Canadian retail landscape from major U.S. retailers, including Whole Foods, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (Target, Marshalls, Dollar Tree and others, which is serving as a catalyst for growth and repositioning of retail tenants and space in most of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (Companys markets. This typically will result in new opportunities for the Company, but also brings increased competition. The Company is also ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (focussed on changes it sees occurring in its industry first with a new and younger generation of consumers whose shopping patterns will be more ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.15 Td (difficult to predict and that are significantly influenced by wireless communications and internet business and information. Secondly, with an aging ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.25 Td (population whose needs will increasingly focus on convenience and health related goods and services. As a result, the Company is highly focussed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 535.30 Td (on ensuring the competitive position of its assets in various retail trade areas and continues to closely follow demographics and goods and services ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 521.40 Td (shopping trends. The Company's property leasing strategy takes these factors into consideration in each trade area. In addition, the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 507.45 Td (proactive management strategy helps ensure its properties remain attractive to high quality tenants and their customers.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 487.55 Td (Canadas economy is growing at a relatively moderate pace and uncertainty remains due to ongoing sluggish growth and high levels of debt in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 473.65 Td (many of the worlds major economies. However, on a relative basis, Canada currently has a healthier economy than Europe. The ongoing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 459.70 Td (uncertainty with respect to sovereign and consumer debt issues in the United States and Europe also continues to contribute to the maintenance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 445.80 Td (of a low interest rate environment. Both the equity and long-term debt markets are accessible but sometimes volatile from a price perspective, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 431.85 Td (primarily due to the aforementioned factors external to the Company and the Canadian economy. In this environment, the Company will continue ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 417.95 Td (to focus on maintaining access to all sources of long-term capital at the lowest possible cost. In particular, the Company is focussed on continuing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 404.05 Td (to extend the term, and staggering the maturity of its debt.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 384.10 Td (Currently, financing availability in Canada from both financial institutions and the capital markets is robust, particularly for entities with better ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 370.20 Td (credit and larger real estate companies. However, relative to pricing currently sought by vendors of high quality, well-located urban properties that ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 356.25 Td (meet the Companys criteria, spreads also continue to be very tight. In addition, well-located urban properties rarely trade in the market and attract ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 342.35 Td (significant competition. As a result, the urban property acquisitions completed by the Company typically do not provide material accretion to the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 328.45 Td (Companys results in the immediate term. However, the Company will continue to selectively acquire high quality, well-located properties that add ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 314.50 Td (strategic value and/or operating synergies, provided that they will be accretive to FFO over the long term, and that equity and long-term debt ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 300.60 Td (capital can be priced and committed to maintain conservative leverage. The Company is also recycling its capital by selling assets in certain ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 286.65 Td (markets that are no longer aligned with our core strategies.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 266.75 Td (With respect to acquisitions of both income-producing and development properties, as well as in its existing portfolio, the Company will continue to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 252.85 Td (focus on the quality, sustainability and growth potential of rental income. Consistent with First Capital Realtys past practices and in the normal ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 238.90 Td (course of business, the Company is engaged in discussions, and has various agreements, with respect to possible acquisitions of new properties ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 225.00 Td (and dispositions of existing properties in its portfolio. However, there can be no assurance that these discussions or agreements will result in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 211.05 Td (acquisitions or dispositions, or if they do, what the final terms or timing of such acquisitions or dispositions would be. The Company expects to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 197.15 Td (continue current discussions and actively pursue other acquisition, investment and disposition opportunities.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 177.25 Td (Specifically, Management is focussed on the following six areas to achieve its objectives through 2013 and into 2014:) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 163.30 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 163.30 Td (selective acquisitions of strategic properties and adjacent sites;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 149.40 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 149.40 Td (development, redevelopment and repositioning activities including land use intensification;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 135.45 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 135.45 Td (selective dispositions of non-core assets;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 121.55 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 121.55 Td (continued focus on proactive asset management that results in higher rent growth;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 107.65 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 107.65 Td (increasing efficiency and productivity of operations; and) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 93.70 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 93.70 Td (maintain financial strength to achieve the lowest cost of capital.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (16) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Overall, Management is confident that the quality of the Companys balance sheet and the defensive nature of its assets and operations will ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (continue to serve it well in the current environment.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 647.25 Td (Guidance) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 633.35 Td (Readers should refer to the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 187.79 633.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 205.59 633.35 Td ( year end press release dated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 307.37 633.35 Td (February20, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.96 633.35 Td (, as filed on SEDAR at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.43 633.35 Td (www.sedar.com,) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.41 633.35 Td ( for a discussion ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 619.40 Td (of the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.90 619.40 Td (2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 132.69 619.40 Td ( specific guidance.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 599.50 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 68.81 599.50 Td (purpose ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.29 599.50 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.44 599.50 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 119.03 599.50 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.27 599.50 Td (guidance ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 191.31 599.50 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.56 599.50 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.70 599.50 Td (provide ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 233.50 599.50 Td (readers ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 260.75 599.50 Td (with ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 276.45 599.50 Td (Managements ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 328.15 599.50 Td (view ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 344.73 599.50 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 354.20 599.50 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 362.34 599.50 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 374.93 599.50 Td (expected ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.52 599.50 Td (financial ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 437.89 599.50 Td (performance ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 482.92 599.50 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 491.06 599.50 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 503.65 599.50 Td (Company, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.79 599.50 Td (using ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 585.55 Td (factors ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.89 585.55 Td (that ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.01 585.55 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.90 585.55 Td (commonly ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.23 585.55 Td (accepted ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 177.57 585.55 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 192.69 585.55 Td (viewed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.03 585.55 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.80 585.55 Td (meaningful ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.81 585.55 Td (indicators ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.92 585.55 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 311.37 585.55 Td (financial ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 342.04 585.55 Td (performance ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.38 585.55 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 395.83 585.55 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 408.73 585.55 Td (real ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 423.39 585.55 Td (estate ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 445.61 585.55 Td (industry.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 561.25 Td (Corporate Responsibility and Sustainability) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 547.35 Td (First Capital Realty builds value by creating and managing high-quality properties with long-term appeal in neighbourhoods and communities that the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 533.40 Td (Company believes will have a good and growing customer base well into the future. The Company also takes a highly disciplined approach to the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 519.50 Td (development and redevelopment of the Companys properties across Canada. In May 2006, the Company embarked on the path towards ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 505.55 Td (sustainability with a commitment to develop all future properties to Leadership in Energy and Environmental Design \(LEED\) standards. In 2009, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 491.65 Td (Company published its first Corporate Sustainability Report identifying five long-term goals. Since then, the Company published its Corporate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 477.75 Td (Responsibility and Sustainability \(CSR\) Report for each of the years 2010 and 2011. These CSR reports comply with the Global Reporting Initiative) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 463.80 Td (\(GRI\), an international non-profit organization whose mandate is to establish guidelines for CSR reports. The Company is proud to be Canadas first ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 449.90 Td (publicly traded real estate company to issue a GRI-compliant and externally assured CSR report.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 429.95 Td (On the environmental front, the Company continues to develop its properties to LEED standards. As of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 399.85 429.95 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 468.33 429.95 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 472.78 429.95 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 481.67 429.95 Td ( projects at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.23 429.95 Td (19) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 530.13 429.95 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 416.05 Td (properties comprising ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 129.55 416.05 Td (603,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.47 416.05 Td ( square feet of gross leasable area \(GLA\) were certified to LEED standards. Another ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.83 416.05 Td (78) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 456.73 416.05 Td ( projects at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 496.29 416.05 Td (45) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 505.18 416.05 Td ( properties ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 402.15 Td (comprising over ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.99 402.15 Td (2.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 145.55 402.15 Td ( square feet of GLA are under development, in the process of construction or awaiting LEED certification. Reducing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 388.20 Td (energy consumption is also key, and the Company has implemented several energy conservation measures, such as retrofitting lighting to more ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 374.30 Td (efficient technology. The Company entered the Barrymore and 85 Hanna Avenue buildings into Race to Reduce, a Greening Greater Toronto initiative ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 360.35 Td (aimed at reducing total energy use by 10% in participating office buildings in the Greater Toronto Area. The Company also installed geothermal ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 346.45 Td (technology at three properties during 2012: Broadmoor Shopping Centre in Richmond, British Columbia, Leaside Village in Toronto, Ontario and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 332.55 Td (Fuzion condominium, a residential and retail property in Toronto, Ontario. Geothermal technology typically uses heat pumps to transfer heat from the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 318.60 Td (ground to a building during the winter season. Conversely, in the summer season this cycle is reversed, with the heat being transferred from a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 304.70 Td (building and rejected into the ground. Finally, the Company implemented water conservation measures, such as installing sensors and retrofitting ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 290.75 Td (sprinklers, at several properties. All of these initiatives enhance the Company's environmental performance, and many of them reduce operating ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 276.85 Td (costs, benefitting the Company's tenants and shareholders. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 256.95 Td (The people at First Capital Realty remain the most important asset, and Management of the Company continues to build a culture that is committed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 243.00 Td (to treating people with respect and providing them with the opportunity to grow their capabilities. This approach has been fundamental to delivering ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 229.10 Td (economic success to the Companys investors, tenants, employees and the communities it serves. The Company promotes respect in the workplace ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 215.15 Td (since Management believes that it is the right thing to do, because when people feel valued, they care more about their work and contribute ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 201.25 Td (immeasurably to strong financial performance.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 181.35 Td (Most importantly, Management strives to maintain the highest levels of integrity and ethical business practices in all that it does. The Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 167.40 Td (governance structure, Code of Conduct and Ethics, and all of its employee guidelines and policies are aimed at ensuring that all employees remain ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 153.50 Td (good corporate citizens focussed on building the long-term value of the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 133.55 Td (For more information on the Companys Corporate Responsibility and Sustainability, refer to the full report at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 420.72 133.55 Td (www.firstcapitalrealty.ca.) Tj ET Q BT /F6 8.00 Tf ET endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (17) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 689.30 Td (SUMMARY CONSOLIDATED INFORMATION AND HIGHLIGHTS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 678.8 m 378.5 678.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 678.8 m 438.5 678.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 678.8 m 498.5 678.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 678.8 m 558.5 678.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 654.8 m 378.5 654.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 654.8 m 438.5 654.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 654.8 m 498.5 654.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 654.8 m 558.5 654.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 507.8 m 378.5 507.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 507.8 m 438.5 507.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 507.8 m 498.5 507.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 507.8 m 558.5 507.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 407.8 m 498.5 407.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 407.8 m 558.5 407.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 407.8 m 378.5 407.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 407.8 m 438.5 407.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 407.8 m 498.5 407.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 407.8 m 558.5 407.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 332.8 m 378.5 332.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 332.8 m 438.5 332.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 332.8 m 498.5 332.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 332.8 m 558.5 332.8 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 669.66 Td (As at December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 657.66 Td (\(thousands of dollars, except other financial data\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 413.70 657.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 475.25 657.71 Td (2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 535.25 657.71 Td (2010) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 644.53 Td (Operations Information) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 632.76 Td (Number of properties ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 143.67 635.56 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 416.15 632.53 Td (175) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 477.50 632.76 Td (169) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.50 632.76 Td (162) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 620.76 Td (GLA \(square feet\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 386.80 620.53 Td (24,969,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.80 620.76 Td (23,227,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.80 620.76 Td (21,624,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 608.76 Td (Total portfolio occupancy) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 413.70 608.53 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 608.53 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 608.76 Td (96.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 608.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 608.76 Td (96.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 608.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 596.76 Td (Occupancy same property stable) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 413.70 596.53 Td (97.5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 596.53 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 596.76 Td (97.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 596.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.30 596.76 Td (n/a) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 584.76 Td (Pipeline of development and adjacent land \(GLA\) ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 237.48 587.56 Td (\(3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.75 584.53 Td (4,329,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.25 584.76 Td (3,938,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 584.76 Td (3,388,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 572.76 Td (Average rate per occupied square foot) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 572.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.80 572.53 Td (17.51) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 572.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 572.76 Td (16.81) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 572.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 572.76 Td (16.35) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 560.76 Td (GLA developed and brought on line for the year \(square feet\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 560.53 Td (853,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 560.76 Td (514,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 560.76 Td (384,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 548.76 Td (Same property stable net operating income \(NOI\) ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 250.79 551.56 Td (\(4\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 536.76 Td ( increase over prior year-to-date) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.55 536.53 Td (1.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 536.53 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.70 536.76 Td (2.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 536.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 536.76 Td (3.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 536.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 524.76 Td (Total same property NOI) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.00 512.01 Td ( increase over prior year-to-date) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.55 512.13 Td (2.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 512.13 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.70 512.01 Td (2.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 512.01 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 512.01 Td (3.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 512.01 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 497.53 Td (Financial Information) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 70.50 485.76 Td (Investment properties shopping centres ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 485.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.75 485.53 Td (6,903,340) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 485.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.25 485.76 Td (5,811,288) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 485.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 485.76 Td (4,734,574) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 70.50 473.76 Td (Investment properties development land) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 473.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 473.53 Td (135,466) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 473.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 473.76 Td (100,845) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 473.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 473.76 Td (88,859) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 461.76 Td (Total ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 86.94 461.76 Td (assets) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.00 461.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.75 461.53 Td (7,318,792) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 461.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.25 461.76 Td (6,111,144) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 461.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 461.76 Td (4,988,017) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 449.76 Td (Mortgages, loans and credit facilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 449.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.75 449.53 Td (1,623,340) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 449.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.25 449.76 Td (1,584,168) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 449.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 449.76 Td (1,318,341) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 437.76 Td (Senior unsecured debentures payable) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 437.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.75 437.53 Td (1,469,073) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 437.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.25 437.76 Td (1,240,594) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 437.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 437.76 Td (1,114,031) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 425.71 Td (Convertible debentures ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.00 425.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 425.48 Td (318,794) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 425.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 425.71 Td (282,328) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 425.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 425.71 Td (324,535) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 412.01 Td (Shareholders equity) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.00 412.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.75 412.18 Td (3,245,612) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 412.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.25 412.06 Td (2,511,848) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 412.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 412.06 Td (1,875,407) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 397.53 Td (Capitalization and Leverage) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 385.76 Td (Shares outstanding \(in thousands\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 385.53 Td (206,546) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 385.76 Td (178,225) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 385.76 Td (163,456) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 373.76 Td (Enterprise value ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 125.45 376.56 Td (\(5\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.00 373.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 391.75 373.53 Td (7,315,810) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 373.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.25 373.76 Td (6,215,230) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 373.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 373.76 Td (5,252,706) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 361.76 Td (Debt to total assets ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 135.23 364.56 Td (\(6\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 361.53 Td (42.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 361.53 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 361.76 Td (46.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 361.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 361.76 Td (48.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 361.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 349.76 Td (Debt to total assets \(based on debt covenants\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 349.53 Td (45.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 349.53 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 349.76 Td (51.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 349.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.30 349.76 Td (n/a) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 337.01 Td (Debt to total market capitalization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 337.13 Td (41.8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 337.13 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 337.06 Td (45.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 337.01 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 337.06 Td (46.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 337.01 Td (%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (18) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 701.5 m 378.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 701.5 m 438.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 701.5 m 498.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 701.5 m 558.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 677.5 m 378.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 677.5 m 438.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 677.5 m 498.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 677.5 m 558.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 554.5 m 378.5 554.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 554.5 m 438.5 554.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 554.5 m 498.5 554.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 554.5 m 558.5 554.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 515.5 m 378.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 515.5 m 438.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 515.5 m 498.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 515.5 m 558.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 437.5 m 378.5 437.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 437.5 m 438.5 437.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 437.5 m 498.5 437.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 437.5 m 558.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 359.5 m 378.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 359.5 m 438.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 359.5 m 498.5 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 359.5 m 558.5 359.5 l s BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 692.36 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 680.36 Td (\(thousands of dollars, except per share and other financial data\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 413.70 680.16 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 475.25 680.41 Td (2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 535.25 680.41 Td (2010) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 667.23 Td (Revenues, Income and Cash Flow) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.00 655.46 Td (Revenues) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 655.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 655.23 Td (591,560) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 655.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 655.46 Td (534,219) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 655.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 655.46 Td (487,495) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 643.46 Td (Net operating income) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 135.90 646.26 Td ( \(4\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 643.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 643.23 Td (371,537) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 643.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 643.46 Td (340,088) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 643.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 643.46 Td (314,015) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 631.46 Td (Corporate expenses, excluding non-cash compensation) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 72.00 619.46 Td (As a percentage of rental revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.55 619.23 Td (3.9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 619.23 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.70 619.46 Td (3.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 619.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 619.46 Td (3.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 619.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 607.46 Td (As a percentage of total assets) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 413.70 607.23 Td (0.31) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.85 607.23 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 607.46 Td (0.30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 607.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 607.46 Td (0.37) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 607.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 595.46 Td (Increase in value of investment properties, net) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 595.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 595.23 Td (291,851) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 595.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 595.46 Td (466,214) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 595.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 595.46 Td (178,078) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 583.46 Td (Net income attributable to common shareholders ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 231.02 586.26 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 583.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 583.23 Td (392,959) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 583.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 583.46 Td (548,932) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 583.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 583.46 Td (249,497) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 571.46 Td (Net income per share attributable to common shareholders \(diluted\) ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 295.92 574.26 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 571.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 571.23 Td (1.98) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 571.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 571.46 Td (3.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 571.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 571.46 Td (1.47) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 558.71 Td (Adjusted cash flow from operating activities ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 211.46 561.51 Td (\(7\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 558.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 558.83 Td (192,695) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 558.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 558.71 Td (179,249) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 558.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 558.71 Td (164,228) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 544.23 Td (Dividends) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 532.46 Td (Regular dividends) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 532.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 532.23 Td (159,157) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 532.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 532.46 Td (136,186) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 532.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 532.46 Td (127,768) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 519.71 Td (Regular dividends per common share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 519.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 519.83 Td (0.82) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 519.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 519.76 Td (0.80) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 519.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 519.76 Td (0.80) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 504.83 Td (Funds from Operations \(FFO\) ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.10 507.63 Td (\(4\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.00 490.46 Td (FFO) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 490.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 490.23 Td (188,938) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 490.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 490.46 Td (161,302) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 490.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 490.46 Td (152,717) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 478.46 Td (FFO per diluted share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 478.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 478.23 Td (1.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 478.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 478.46 Td (0.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 478.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 478.46 Td (0.95) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 466.46 Td (FFO excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 466.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 466.23 Td (189,679) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 466.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 466.46 Td (162,424) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 466.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 466.46 Td (148,408) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 454.46 Td (FFO per diluted share excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 454.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 454.23 Td (1.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 454.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 454.46 Td (0.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 454.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 454.46 Td (0.93) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 441.71 Td (Weighted average number of common shares \(diluted\) FFO \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 441.83 Td (189,876) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 441.71 Td (168,632) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 441.71 Td (160,031) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 427.18 Td (Adjusted Funds from Operations \(AFFO\) ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.10 429.98 Td (\(4\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.00 412.46 Td (AFFO) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 412.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 412.23 Td (192,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 412.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 412.46 Td (171,957) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 412.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 412.46 Td (160,578) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 400.46 Td (AFFO per diluted share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 400.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 400.23 Td (0.93) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 400.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 400.46 Td (0.91) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 400.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 400.46 Td (0.89) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 388.46 Td (AFFO excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 388.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 388.23 Td (189,112) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 388.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 388.46 Td (167,369) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 388.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 388.46 Td (152,857) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 376.46 Td (AFFO per diluted share excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 376.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.70 376.23 Td (0.92) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 376.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 376.46 Td (0.88) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 376.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 376.46 Td (0.85) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 363.71 Td (Weighted average number of common shares \(diluted\) AFFO \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 399.00 363.83 Td (206,573) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.90 363.71 Td (189,132) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 363.71 Td (180,917) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 348.70 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 346.60 Td (Prior period comparative information has been restated, where applicable, for the effects of the adoption of IAS 12, "Income Taxes" \(IAS 12\). Refer to Note 3 to the consolidated financial ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 336.15 Td (statements ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 92.33 336.15 Td (for the year ended December 31, 2012) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 191.70 336.15 Td ( and the Results of Operations - Income Taxes section of this MD&A for further information.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 327.80 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 325.70 Td (Includes properties currently under development.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 317.35 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 315.25 Td (Net of co-ownership interests. Refer to the Investment Property Development and Redevelopment Activities section of this MD&A.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 306.90 Td (\(4\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 304.80 Td (NOI, FFO and AFFO and adjusted cash flow from operating activities are measures of operating performance that are not defined by IFRS. See the Results of Operations section of this MD&A.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 296.50 Td (\(5\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 294.40 Td (Enterprise value is a non-IFRS measure and is calculated as equity market capitalization plus the book value of mortgages and credit facilities, and the principal amount of unsecured ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 283.95 Td (debentures and convertible debentures outstanding.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 275.60 Td (\(6\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 273.50 Td (Calculated with all joint ventures proportionately consolidated and cash balances reducing debt.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 265.15 Td (\(7\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 263.05 Td (Adjusted for the net change in non-cash operating items and expenditures on residential development inventory.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (19) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 691.30 Td (BUSINESS AND OPERATIONS REVIEW) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 671.25 Td (Real Estate Investments) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 657.35 Td (The Companys portfolio is summarized as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 640.85 m 141.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 628.85 m 141.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 640.85 m 193.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 141.5 628.85 m 193.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 640.85 m 245.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 193.5 628.85 m 245.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 640.85 m 297.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245.5 628.85 m 297.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 640.85 m 349.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 628.85 m 349.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 640.85 m 401.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 349.5 628.85 m 401.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 640.85 m 453.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 628.85 m 453.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 640.85 m 505.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 628.85 m 505.5 628.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 640.85 m 557.5 640.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 505.5 628.85 m 557.5 628.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 601.85 m 141.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 141.5 601.85 m 193.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 193.5 601.85 m 245.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245.5 601.85 m 297.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 601.85 m 349.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 349.5 601.85 m 401.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 601.85 m 453.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 601.85 m 505.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 505.5 601.85 m 557.5 601.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 505.85 m 141.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 490.85 m 141.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 141.5 505.85 m 193.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 141.5 490.85 m 193.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 193.5 505.85 m 245.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 490.85 m 245.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245.5 505.85 m 297.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 490.85 m 297.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 505.85 m 349.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 490.85 m 349.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 349.5 505.85 m 401.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 490.85 m 401.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 505.85 m 453.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 490.85 m 453.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 505.85 m 505.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 490.85 m 505.5 490.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 505.5 505.85 m 557.5 505.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 490.85 m 557.5 490.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.00 631.71 Td (December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 328.85 631.51 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.40 631.71 Td (2011) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 157.50 612.96 Td (Number of) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 159.25 605.96 Td (Properties ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 225.25 619.51 Td (Gross) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 199.40 612.51 Td (Leasable Area ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 199.60 605.51 Td (\(000's sq. ft.\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 270.65 612.96 Td (Percent) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 265.20 605.96 Td (Occupied) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 308.25 619.51 Td (% of Annual) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 316.80 612.51 Td (Minimum) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 331.60 605.51 Td (Rent) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 366.10 612.86 Td (Number of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 368.05 605.86 Td (Properties ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 433.25 619.71 Td (Gross) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 408.35 612.71 Td (Leasable Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 410.30 605.71 Td (\(000's sq. ft.\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 479.05 612.86 Td (Percent) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 473.60 605.86 Td (Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 517.40 619.71 Td (% of Annual) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.60 612.71 Td (Minimum) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.95 605.71 Td (Rent) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 591.58 Td (Central Region) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 579.81 Td (Ontario) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.50 579.58 Td (74) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 215.40 579.58 Td (10,921) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.70 579.58 Td (96.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.85 579.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 332.05 579.58 Td (46) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.85 579.58 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 389.40 579.81 Td (70) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 425.80 579.81 Td (10,283) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.25 579.81 Td (97.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.85 579.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.95 579.81 Td (45) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 579.81 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 56.00 567.58 Td (Eastern Region) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 555.72 Td (Qubec) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.50 555.58 Td (51) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 220.30 555.58 Td (6,506) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.70 555.58 Td (95.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.85 555.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 332.05 555.58 Td (22) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.85 555.58 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 389.40 555.81 Td (49) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.25 555.81 Td (5,847) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.25 555.81 Td (95.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.85 555.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.95 555.81 Td (21) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 555.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 543.81 Td (Other provinces) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 185.40 543.58 Td (2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 227.60 543.58 Td (116) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.70 543.58 Td (65.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.85 543.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.85 543.58 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.80 543.81 Td (2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.40 543.81 Td (91) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.25 543.81 Td (71.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.85 543.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.85 543.81 Td () Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 531.58 Td (Western Region) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 519.81 Td (Alberta) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.50 519.58 Td (29) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 220.30 519.58 Td (5,198) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.70 519.58 Td (95.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.85 519.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 332.05 519.58 Td (22) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.85 519.58 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 389.40 519.81 Td (27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.25 519.81 Td (4,877) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.25 519.81 Td (95.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.85 519.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.95 519.81 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 519.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 507.81 Td (British Columbia) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 180.50 507.58 Td (19) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 220.30 507.58 Td (2,228) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.70 507.58 Td (93.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.85 507.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 332.05 507.58 Td (10) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.85 507.58 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 389.40 507.81 Td (21) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.25 507.81 Td (2,129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.25 507.81 Td (95.8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.85 507.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.95 507.81 Td (11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 507.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 495.06 Td (Total) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 175.60 495.18 Td (175) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 215.40 495.18 Td (24,969) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.70 495.18 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.85 495.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 327.15 495.18 Td (100) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.85 495.18 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 384.95 495.11 Td (169) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 425.80 495.11 Td (23,227) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.25 495.11 Td (96.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.85 495.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.50 495.11 Td (100) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 495.06 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 471.40 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 471.40 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 471.40 Td (, the Company had interests in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 247.39 471.40 Td (175) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 260.73 471.40 Td ( income-producing properties, which were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 405.65 471.40 Td (95.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 428.33 471.40 Td ( occupied with a total GLA of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 457.50 Td (24,969,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.03 457.50 Td ( square feet. This compares to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.94 457.50 Td (96.2%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 221.62 457.50 Td ( occupied and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.31 457.50 Td (23,227,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.34 457.50 Td ( square feet at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 363.03 457.50 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 431.50 457.50 Td (. The occupancy in the portfolio is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 443.55 Td (discussed in more detail under the Leasing and Occupancy section of this MD&A. The average size of the shopping centres is approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 429.65 Td (143,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.91 429.65 Td ( square feet, with sizes ranging from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.37 429.65 Td (20,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 231.84 429.65 Td ( to over ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.95 429.65 Td (500,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 287.86 429.65 Td ( square feet.) Tj ET Q BT /F11 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 402.65 Td (Investment Properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 388.75 Td (Effective in 2012 the Company modified its categories for its properties for the purposes of evaluating operating performance including same ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 374.80 Td (property NOI. This reflects its increased development, redevelopment and repositioning activities on its properties, including land use ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 360.90 Td (intensification, and its planned disposition activities. The property categories are as follows:) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 339.25 Td (Same property stable ) Tj ET Q BT /F12 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 142.00 339.25 Td () Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 146.00 339.25 Td ( includes stable properties where the only significant activities are leasing and ongoing maintenance. Properties that ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.30 Td (will be undergoing a redevelopment in a future period and have planning activities underway are also in this category until such development ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.40 Td (activities commence. At that time, the property will be reclassified to either same property with incremental redevelopment or expansion activities ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 297.45 Td (or to major redevelopment.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 275.80 Td (Same property with incremental redevelopment and expansion) Tj ET Q BT /F12 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 285.00 275.80 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 291.23 275.80 Td ( includes properties that are largely stable but are undergoing incremental ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 261.90 Td (redevelopment or expansions including facade, parking or lighting upgrades, building upgrades or have expansion pads or building extensions ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 247.95 Td (underway which intensify the land use.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 226.30 Td (Major redevelopment) Tj ET Q BT /F12 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 132.50 226.30 Td ( ) Tj ET Q BT /F12 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 135.00 226.30 Td () Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 139.00 226.30 Td ( includes properties undergoing multi-yea) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 279.46 226.30 Td (r redevelopment projects with significant intensification, reconfiguration and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 212.40 Td (buildi) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.67 212.40 Td (ng and tenant upgrades.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 190.75 Td (Ground-up development) Tj ET Q BT /F12 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.50 190.75 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 148.50 190.75 Td ( consists of new construction, either on a vacant land parcel or on a land site with conve) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 445.90 190.75 Td (rsion of an existing vacant ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 176.80 Td (building to retail use.) Tj ET Q BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 155.15 Td (Acquisitions and dispositions) Tj ET Q BT /F12 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.50 155.15 Td ( ) Tj ET Q BT /F12 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.01 155.15 Td () Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 169.01 155.15 Td ( includes properties acquired or divested during the period including adjacent buildings or sites. ) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 133.50 Td (Investment properties classified as held for sale) Tj ET Q BT /F12 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 232.50 133.50 Td ( ) Tj ET Q BT /F12 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.00 133.50 Td () Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 239.00 133.50 Td ( represent those properties classified on the balance sheet which meet the criteria as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 119.55 Td (described in the Investment Properties Classified As Held For Sale section of this MD&A.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 97.90 Td (Development land) Tj ET Q BT /F12 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 120.01 97.90 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 126.23 97.90 Td ( comprised of land sites and adjacent parcels of land where there are no development activities underway.) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (20) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (The Company has applied the above property categorization to the fair value, and capital expenditures, leasing and occupancy activity on its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (shopping centre portfolio, and to its same property NOI analysis.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td (Prior to 2012, the same property analysis was completed on a unit basis, segregating expansion or development space for each property. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (Management is now segregating entire properties owned in the comparative period into the above classifications for the purposes of evaluating ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (same property performance.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.85 Td (This revised method of classifying and reporting on properties, their income, leasing operations, and investing activities provides more information ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 598.90 Td (on the Companys properties given the extent of expansion, redevelopment and development activities and the planned disposition activities.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 579.00 Td (The Companys shopping centre portfolio by category based on property categorization as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 366.48 579.00 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 434.96 579.00 Td ( is summarized as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 562.5 m 205.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 562.5 m 247.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 562.5 m 297.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 562.5 m 338.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 562.5 m 381.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 562.5 m 420.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 562.5 m 470.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 562.5 m 514.5 562.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 562.5 m 558.5 562.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 550.5 m 205.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 520.5 m 205.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 550.5 m 247.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 520.5 m 247.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 247.5 550.5 m 297.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 247.5 520.5 m 297.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 550.5 m 338.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 520.5 m 338.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 550.5 m 381.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 520.5 m 381.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 550.5 m 420.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 520.5 m 420.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 550.5 m 470.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 520.5 m 470.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 550.5 m 514.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 520.5 m 514.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 550.5 m 558.5 550.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 520.5 m 558.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 520.5 m 381.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 520.5 m 558.5 520.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 484.5 m 205.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 469.5 m 205.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 484.5 m 247.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 469.5 m 247.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 247.5 484.5 m 297.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 247.5 469.5 m 297.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 484.5 m 338.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 469.5 m 338.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 484.5 m 381.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 469.5 m 381.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 484.5 m 420.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 469.5 m 420.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 484.5 m 470.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 469.5 m 470.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 484.5 m 514.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 469.5 m 514.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 484.5 m 558.5 484.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 469.5 m 558.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 384.5 m 205.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 384.5 m 247.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 247.5 384.5 m 297.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 384.5 m 338.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 384.5 m 381.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 384.5 m 420.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 384.5 m 470.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 470.5 384.5 m 514.5 384.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 384.5 m 558.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 369.5 m 205.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 369.5 m 247.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 247.5 369.5 m 297.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 369.5 m 338.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 369.5 m 381.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 369.5 m 420.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 369.5 m 470.5 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 369.5 m 514.5 369.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 514.5 384.5 m 558.5 384.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 369.5 m 558.5 369.5 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 315.20 553.16 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 553.36 Td (December 31, 2011) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 541.36 Td (\(millions of dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 211.50 531.61 Td (Number of) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 213.25 524.61 Td (Properties ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 277.25 538.61 Td (Gross ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 251.40 531.61 Td (Leasable Area) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 253.35 524.61 Td ( 000s sq. ft.\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 304.70 524.61 Td (Fair Value) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.50 531.61 Td (Occupancy ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 371.75 524.61 Td (% ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 385.10 531.51 Td (Number of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 387.05 524.51 Td (Properties ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 450.25 538.51 Td (Gross) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 425.35 531.51 Td (Leasable Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 428.85 524.51 Td (\(000s sq. ft.\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 481.55 524.51 Td (Fair Value) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 521.50 531.51 Td (Occupancy ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.75 524.51 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 510.46 Td (Same property stable) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 234.50 510.23 Td (96) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 267.40 510.23 Td (12,046) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 300.00 510.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.30 510.23 Td (3,143) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 510.23 Td (97.5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 510.23 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.40 510.46 Td (96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.80 510.46 Td (12,006) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.00 510.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.25 510.46 Td (2,954) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 510.46 Td (97.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 510.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 496.71 Td (Same property with incremental) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 488.71 Td (redevelopment and expansion) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 234.50 488.83 Td (24) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.30 488.83 Td (4,976) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.30 488.83 Td (1,355) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 488.83 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 488.83 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.40 488.71 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 488.76 Td (4,697) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.25 488.76 Td (1,177) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 488.76 Td (96.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 488.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 473.71 Td (Total same property) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 229.60 473.83 Td (120) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 267.40 473.83 Td (17,022) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.30 473.83 Td (4,498) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 473.83 Td (96.9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 473.83 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.95 473.71 Td (119) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.80 473.76 Td (16,703) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.25 473.76 Td (4,131) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 473.76 Td (96.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 473.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 459.46 Td (Major redevelopment) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 234.50 459.23 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.30 459.23 Td (1,565) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.60 459.23 Td (543) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 459.23 Td (93.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 459.23 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.40 459.46 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 459.46 Td (1,566) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.95 459.46 Td (461) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 459.46 Td (91.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 459.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 447.46 Td (Ground-up development ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 239.40 447.23 Td (6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 279.60 447.23 Td (867) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.60 447.23 Td (402) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 447.23 Td (95.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 447.23 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.80 447.46 Td (6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 453.95 447.46 Td (547) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.95 447.46 Td (269) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 447.46 Td (97.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 447.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 435.46 Td (Acquisitions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 234.50 435.23 Td (16) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.30 435.23 Td (2,367) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.60 435.23 Td (739) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 435.23 Td (91.5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 435.23 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 409.25 435.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.25 435.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.25 435.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 435.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 423.46 Td (Acquisitions 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 239.40 423.23 Td (7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.30 423.23 Td (1,618) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.60 423.23 Td (440) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 423.23 Td (92.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 423.23 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.80 423.46 Td (7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 423.46 Td (1,648) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.95 423.46 Td (405) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 423.46 Td (94.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 423.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 411.41 Td (Investment properties classified as ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 403.41 Td (held for sale) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 234.50 403.83 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 272.30 403.83 Td (1,530) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.60 403.83 Td (281) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 403.83 Td (93.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 403.83 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.40 403.71 Td (15) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 403.76 Td (1,518) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.95 403.76 Td (266) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 403.76 Td (94.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 403.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 388.71 Td (Dispositions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 236.30 388.83 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 286.30 388.83 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 327.30 388.83 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.80 388.83 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.80 388.71 Td (9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 388.76 Td (1,245) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.95 388.76 Td (279) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 388.76 Td (96.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 388.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 373.71 Td (Total) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 229.60 373.83 Td (175) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 267.40 373.83 Td (24,969) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 300.00 373.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 313.30 373.83 Td (6,903) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.70 373.83 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 373.85 373.83 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.95 373.71 Td (169) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.80 373.76 Td (23,227) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.00 373.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.25 373.76 Td (5,811) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 373.76 Td (96.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 373.71 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 341.05 Td (The Companys investments in its shopping centre acquisition, development and portfolio improvement activities are summarized below:) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 324.25 Td (Investment Properties Shopping Centres) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 313.75 m 318.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 313.75 m 378.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 313.75 m 438.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 313.75 m 498.5 313.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 313.75 m 558.5 313.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 301.75 m 318.5 301.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 289.75 m 318.5 289.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 301.75 m 378.5 301.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 289.75 m 378.5 289.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 301.75 m 438.5 301.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 289.75 m 438.5 289.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 301.75 m 498.5 301.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 289.75 m 498.5 289.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 301.75 m 558.5 301.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 289.75 m 558.5 289.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 142.75 m 318.5 142.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 142.75 m 378.5 142.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 142.75 m 438.5 142.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 142.75 m 498.5 142.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 142.75 m 558.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 127.75 m 318.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 127.75 m 378.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 127.75 m 438.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 127.75 m 498.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 127.75 m 558.5 127.75 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 417.85 304.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 304.61 Td (2011) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 291.66 Td (\(millions of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 344.70 292.41 Td (Fair Value) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 421.75 292.41 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.55 292.61 Td (Fair Value) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.15 292.61 Td (Cost) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 279.71 Td (Balance at beginning of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 279.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.25 279.48 Td (5,811) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 279.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.25 279.48 Td (4,931) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 279.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 279.71 Td (4,735) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 279.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 279.71 Td (4,307) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 267.71 Td (Acquisitions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 255.71 Td (Income-producing properties) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 360.55 255.48 Td (426) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.55 255.48 Td (426) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 255.71 Td (326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 255.71 Td (326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 243.71 Td (Additional space adjacent to existing properties) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 243.48 Td (255) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.55 243.48 Td (255) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 243.71 Td (86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 243.71 Td (86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 231.71 Td (Additional interest in existing property) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.50 231.48 Td (42) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.50 231.48 Td (42) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 231.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 231.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 219.71 Td (Additional land parcels adjacent to existing properties) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.50 219.48 Td (32) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.50 219.48 Td (32) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 219.71 Td (1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 219.71 Td (1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 207.71 Td (Development activities and portfolio improvements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 207.48 Td (315) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.55 207.48 Td (315) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 207.71 Td (215) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 207.71 Td (215) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 195.71 Td (Reclassifications from development land) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.50 195.48 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.40 195.48 Td (9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 195.71 Td (35) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 195.71 Td (44) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 183.71 Td (Reclassification to residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 367.25 183.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 183.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 488.15 183.71 Td (\(3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 183.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.15 183.71 Td (\(2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 183.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 171.71 Td (Fair value increase) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 171.48 Td (293) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 171.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 171.71 Td (459) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 171.71 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 159.71 Td (Dispositions) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 357.95 159.48 Td (\(297) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 159.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.95 159.48 Td (\(232) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 159.48 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 483.70 159.71 Td (\(53) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 159.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.70 159.71 Td (\(35) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 159.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 146.96 Td (Other changes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.50 147.13 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.70 147.13 Td (\(1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 147.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 146.96 Td (10) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.70 147.01 Td (\(11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 146.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 131.96 Td (Balance at end of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 132.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.25 132.08 Td (6,903) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 132.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.25 132.08 Td (5,777) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 131.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 132.01 Td (5,811) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 131.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 132.01 Td (4,931) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (21) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Investment Properties Development Land) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 682.8 m 318.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 682.8 m 378.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 682.8 m 438.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 682.8 m 498.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 682.8 m 558.5 682.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 670.8 m 318.5 670.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 658.8 m 318.5 658.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 670.8 m 378.5 670.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 658.8 m 378.5 658.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 670.8 m 438.5 670.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 658.8 m 438.5 658.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 670.8 m 498.5 670.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 658.8 m 498.5 658.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 670.8 m 558.5 670.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 658.8 m 558.5 658.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 574.8 m 318.5 574.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 574.8 m 378.5 574.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 574.8 m 438.5 574.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 574.8 m 498.5 574.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 574.8 m 558.5 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 559.8 m 318.5 559.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 559.8 m 378.5 559.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 559.8 m 438.5 559.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 559.8 m 498.5 559.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 559.8 m 558.5 559.8 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 417.85 673.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 673.66 Td (2011) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 660.71 Td (\(millions of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 344.70 660.51 Td (Fair Value) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 421.75 660.51 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.55 660.71 Td (Fair Value) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 542.15 660.71 Td (Cost) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 648.76 Td (Balance at beginning of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 648.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 648.53 Td (101) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 648.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.50 648.53 Td (91) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 648.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 648.76 Td (89) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 648.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 648.76 Td (95) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 636.76 Td (Acquisitions) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 365.50 636.53 Td (44) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.50 636.53 Td (44) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 636.76 Td (30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 636.76 Td (30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 624.76 Td (Development activities and portfolio improvements) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.50 624.53 Td (11) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.50 624.53 Td (11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 624.76 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 624.76 Td (12) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 612.76 Td (Dispositions) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 367.70 612.53 Td (\(6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 612.53 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.70 612.53 Td (\(7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 612.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 488.15 612.76 Td (\(2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 612.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.15 612.76 Td (\(2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 612.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 600.76 Td (Reclassifications to shopping centres) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 362.80 600.53 Td (\(13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 600.53 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.70 600.53 Td (\(9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 600.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 483.70 600.76 Td (\(35) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 600.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.70 600.76 Td (\(44) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 600.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 588.76 Td (Fair value \(decrease\) increase) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 367.70 588.53 Td (\(1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 588.53 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 588.53 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 588.76 Td (7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 588.76 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 576.76 Td (Other) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 367.25 576.53 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 430.40 576.53 Td (1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 576.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 576.76 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 564.01 Td (Balance at end of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 564.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 564.13 Td (136) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 564.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.55 564.13 Td (131) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 564.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 564.06 Td (101) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 564.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 564.01 Td (91) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 536.10 Td (Residential Development Inventory) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 525.6 m 438.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 525.6 m 498.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 525.6 m 558.5 525.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 513.6 m 438.5 513.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 513.6 m 498.5 513.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 513.6 m 558.5 513.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 477.6 m 438.5 477.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 477.6 m 498.5 477.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 477.6 m 558.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 462.6 m 438.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 462.6 m 498.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 462.6 m 558.5 462.6 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 515.51 Td (\(millions of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.85 515.31 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 515.51 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 503.56 Td (Balance at beginning of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 503.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.50 503.33 Td (37) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 503.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 503.56 Td (17) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 491.56 Td (Expenditures) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 485.50 491.33 Td (29) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 491.56 Td (17) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 481.51 Td (Reclassification from shopping centres) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 487.30 479.33 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 479.56 Td (3) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 466.81 Td (Balance at end of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 466.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.50 466.98 Td (66) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 466.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 466.81 Td (37) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 430.70 Td (Valuation of Investment Properties Under IFRS) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 416.80 Td (The Company continues to see increases in the fair value of its investment properties as the weighted average stabilized capitalization rates declined ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 402.85 Td (from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.78 402.85 Td (6.34%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.46 402.85 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 105.13 402.85 Td (6.00%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.81 402.85 Td ( during the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 166.94 402.85 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 275.42 402.85 Td (. The fair value of the Companys investment properties increased by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 509.23 402.85 Td ($292 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 551.46 402.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 388.95 Td (\(shopping centres increase of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.46 388.95 Td ($293 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 204.69 388.95 Td (; development land decrease of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 319.38 388.95 Td ($1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 352.72 388.95 Td (\) from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 375.38 388.95 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 443.86 388.95 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 454.53 388.95 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 523.00 388.95 Td (. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 369.05 Td (The values of shopping centres and associated capitalization rates by region are as follows for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 384.26 369.05 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 496.29 369.05 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 513.64 369.05 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 531.43 369.05 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 352.54999999999995 m 134.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 340.54999999999995 m 134.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134.5 352.54999999999995 m 168.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134.5 340.54999999999995 m 168.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 352.54999999999995 m 209.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 352.54999999999995 m 250.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 352.54999999999995 m 309.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 352.54999999999995 m 355.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 309.5 340.54999999999995 m 355.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 352.54999999999995 m 395.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 340.54999999999995 m 395.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 352.54999999999995 m 449.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 352.54999999999995 m 503.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 352.54999999999995 m 557.5 352.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168.5 340.54999999999995 m 209.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168.5 328.54999999999995 m 209.5 328.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209.5 340.54999999999995 m 250.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209.5 328.54999999999995 m 250.5 328.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250.5 340.54999999999995 m 309.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250.5 328.54999999999995 m 309.5 328.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 340.54999999999995 m 449.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 328.54999999999995 m 449.5 328.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 340.54999999999995 m 503.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 328.54999999999995 m 503.5 328.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 340.54999999999995 m 557.5 340.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 328.54999999999995 m 557.5 328.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 300.54999999999995 m 134.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134.5 300.54999999999995 m 168.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168.5 300.54999999999995 m 209.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209.5 300.54999999999995 m 250.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250.5 300.54999999999995 m 309.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 309.5 300.54999999999995 m 355.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 300.54999999999995 m 395.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 300.54999999999995 m 449.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 300.54999999999995 m 503.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 300.54999999999995 m 557.5 300.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 264.54999999999995 m 134.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134.5 264.54999999999995 m 168.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168.5 264.54999999999995 m 209.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209.5 264.54999999999995 m 250.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250.5 264.54999999999995 m 309.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 309.5 264.54999999999995 m 355.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 264.54999999999995 m 395.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 395.5 264.54999999999995 m 449.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 264.54999999999995 m 503.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 264.54999999999995 m 557.5 264.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 249.54999999999995 m 134.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134.5 249.54999999999995 m 168.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168.5 249.54999999999995 m 209.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 249.54999999999995 m 250.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 249.54999999999995 m 309.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 249.54999999999995 m 355.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 249.54999999999995 m 395.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 249.54999999999995 m 449.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 249.54999999999995 m 503.5 249.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 249.54999999999995 m 557.5 249.54999999999995 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.00 343.41 Td (December 31, 2012) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 209.60 331.21 Td (Capitalization Rate) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 440.45 331.21 Td (Weighted Average Yield) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 137.15 310.44 Td (Number of) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 138.65 304.44 Td (Properties) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 181.85 310.44 Td (Weighted) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 185.75 304.44 Td (Average) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 227.65 304.44 Td (Median) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 289.65 304.44 Td (Range) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 326.05 316.44 Td (Fair Value) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 322.50 310.44 Td (\(millions of ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 332.65 304.44 Td (dollars\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 361.30 320.19 Td (Revaluation ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 377.30 314.19 Td (Gains ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 362.50 308.19 Td (\(millions of ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 366.20 302.24 Td (dollars\) ) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 387.36 304.34 Td (\(1\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 398.50 310.44 Td (Actual NOI to Fair ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 408.75 304.44 Td (Value Yields) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 440.26 306.54 Td ( \(2\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 456.80 310.44 Td (Run Rate to Fair ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 464.70 304.44 Td (Value Yield ) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 495.38 306.54 Td (\(3\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 511.50 310.44 Td (Run rate to Cost ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 534.65 304.44 Td (Yield ) Tj ET Q BT /F4 6.00 Tf ET BT /F4 3.60 Tf ET q 0 0 0 rg BT 549.38 306.54 Td (\(4\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 56.00 290.51 Td (Central Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 157.05 291.21 Td (74) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.75 291.21 Td (5.93) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 202.75 291.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 228.75 291.21 Td (6.00) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 243.75 291.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.25 291.21 Td (5.50%-8.50%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 312.00 291.21 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 326.95 291.21 Td (3,147.6) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 358.00 291.21 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 379.80 291.21 Td (149) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 427.75 291.21 Td (5.29) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 442.75 291.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 481.75 291.21 Td (5.64) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 496.75 291.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.75 291.21 Td (6.79) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 550.75 291.21 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 56.00 278.51 Td (Eastern Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 157.05 279.21 Td (53) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.75 279.21 Td (6.55) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 202.75 279.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 228.75 279.21 Td (6.50) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 243.75 279.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 257.00 279.21 Td (5.75%-10.00%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 326.95 279.21 Td (1,371.0) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 384.05 279.21 Td (31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 427.75 279.21 Td (5.92) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 442.75 279.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 481.75 279.21 Td (6.10) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 496.75 279.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.75 279.21 Td (7.11) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 550.75 279.21 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 56.00 266.51 Td (Western Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 157.05 267.21 Td (48) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.75 267.21 Td (5.80) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 202.75 267.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 228.75 267.21 Td (6.00) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 243.75 267.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.25 267.21 Td (5.00%-6.50%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 326.95 267.21 Td (2,384.7) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 379.80 267.21 Td (113) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 427.75 267.21 Td (5.31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 442.75 267.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 481.75 267.21 Td (5.37) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 496.75 267.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.75 267.21 Td (6.66) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 550.75 267.21 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 152.80 253.66 Td (175) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.75 253.66 Td (6.00) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 202.75 253.66 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 228.75 253.66 Td (6.00) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 243.75 253.66 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 257.00 253.66 Td (5.00%-10.00%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 312.00 253.66 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 326.95 253.66 Td (6,903.3) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 358.00 253.66 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 379.80 253.66 Td (293) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 427.75 253.66 Td (5.41) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 442.75 253.66 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 481.75 253.66 Td (5.63) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 496.75 253.66 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.75 253.66 Td (6.81) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 550.75 253.66 Td (%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (22) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 701.5 m 134 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53 689.5 m 134 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 701.5 m 168 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134 689.5 m 168 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 701.5 m 209 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168 689.5 m 209 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 701.5 m 250 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209 689.5 m 250 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 701.5 m 309 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250 689.5 m 309 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 701.5 m 356 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 309 689.5 m 356 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 701.5 m 396 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356 689.5 m 396 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 701.5 m 450 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396 689.5 m 450 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 701.5 m 504 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 450 689.5 m 504 689.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 701.5 m 558 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504 689.5 m 558 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168 677.5 m 209 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209 677.5 m 250 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250 677.5 m 309 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396 677.5 m 450 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 450 677.5 m 504 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504 677.5 m 558 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53 648.5 m 134 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134 648.5 m 168 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168 648.5 m 209 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209 648.5 m 250 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250 648.5 m 309 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 309 648.5 m 356 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356 648.5 m 396 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396 648.5 m 450 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 450 648.5 m 504 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504 648.5 m 558 648.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53 612.5 m 134 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 597.5 m 134 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134 612.5 m 168 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134 597.5 m 168 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 168 612.5 m 209 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 168 597.5 m 209 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 209 612.5 m 250 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209 597.5 m 250 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 250 612.5 m 309 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250 597.5 m 309 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 309 612.5 m 356 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 597.5 m 356 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356 612.5 m 396 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 597.5 m 396 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396 612.5 m 450 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 597.5 m 450 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 450 612.5 m 504 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 597.5 m 504 597.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504 612.5 m 558 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 597.5 m 558 597.5 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 55.50 692.36 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 680.36 Td (Capitalization Rate) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.00 680.36 Td (Weighted Average Yield) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 137.15 658.31 Td (Number of) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 138.80 652.31 Td (Properties) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 181.90 658.31 Td (Weighted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 185.50 652.31 Td (Average) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 227.45 652.31 Td (Median) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 289.15 652.31 Td (Range) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 327.25 664.31 Td (Fair Value) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 324.80 658.31 Td (\(millions of ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 333.80 652.31 Td (dollars\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 362.80 669.31 Td (Revaluation ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 378.15 663.31 Td (Gains ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 364.80 657.31 Td (\(millions of ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 367.75 651.31 Td (dollars\) ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 388.08 653.41 Td (\(1\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 401.15 658.31 Td (Actual NOI to Fair ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 410.60 652.31 Td (Value Yields) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 441.06 654.41 Td ( \(2\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 458.80 658.31 Td (Run Rate to Fair ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 466.60 652.31 Td (Value Yield ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 496.06 654.41 Td (\(3\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 513.45 658.31 Td (Run rate to Cost ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 536.20 652.31 Td (Yield ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 550.10 654.41 Td (\(4\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 638.46 Td (Central Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 157.35 639.36 Td (70) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 188.60 639.36 Td (6.27) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 202.25 639.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 229.60 639.36 Td (6.25) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 243.25 639.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 263.45 639.36 Td (5.53%-9.50%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.50 639.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.75 639.36 Td (2,713.1) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 358.50 639.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 381.45 639.36 Td (190) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 429.55 639.36 Td (5.86) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 443.25 639.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 483.60 639.36 Td (6.12) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 497.25 639.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 537.60 639.36 Td (7.09) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 551.25 639.36 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 626.46 Td (Eastern Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 157.35 627.36 Td (51) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 188.60 627.36 Td (6.80) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 202.25 627.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 229.60 627.36 Td (6.75) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 243.25 627.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 259.55 627.36 Td (6.00%-10.00%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.75 627.36 Td (1,098.3) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 385.30 627.36 Td (52) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 429.55 627.36 Td (6.29) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 443.25 627.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 483.60 627.36 Td (6.53) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 497.25 627.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 537.60 627.36 Td (7.50) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 551.25 627.36 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 614.46 Td (Western Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 157.35 615.36 Td (48) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 188.60 615.36 Td (6.19) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 202.25 615.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 229.60 615.36 Td (6.25) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 243.25 615.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 263.45 615.36 Td (5.00%-7.50%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.75 615.36 Td (1,999.9) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 381.45 615.36 Td (217) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 429.55 615.36 Td (5.68) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 443.25 615.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 483.60 615.36 Td (5.92) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 497.25 615.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 537.60 615.36 Td (7.23) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 551.25 615.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 153.45 601.51 Td (169) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 188.60 601.51 Td (6.34) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 202.25 601.51 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 229.60 601.51 Td (6.25) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 243.25 601.51 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 259.55 601.51 Td (5.00%-10.00%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.50 601.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.75 601.51 Td (5,811.3) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 358.50 601.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 381.45 601.51 Td (459) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 429.55 601.51 Td (5.87) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 443.25 601.51 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 483.60 601.51 Td (6.12) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 497.25 601.51 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 537.60 601.51 Td (7.21) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 551.25 601.51 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 589.70 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 587.60 Td (As reported in the consolidated statements of income. ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 579.25 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 577.15 Td (Calculated as normalized NOI divided by the fair value of investment property. Normalized NOI is calculated on the basis that all acquisitions and dispositions occurred at the beginning of the ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 566.70 Td (reporting period \(assuming a run rate\), and does not include the ground-up development projects discussed in the 2012 Investment Property Development and Redevelopment Activities section ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 556.25 Td (of this MD&A. Run rate is an annualized NOI for a property based upon the existing tenants in place and current operating cost profile for the property.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 547.90 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 545.80 Td (Calculated as run rate NOI divided by the fair value of investment property. ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 537.50 Td (\(4\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 535.40 Td (Calculated as run rate NOI divided by cost of investment property.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.45 Td (The sensitivity of the fair values of shopping centres to capitalization rates as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 322.03 515.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 390.50 515.45 Td ( is set out in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 504.95 m 404 504.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 504.95 m 509 504.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 504.95 m 557 504.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509 484.95 m 557 484.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 55 484.95 m 404 484.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 55 472.95 m 404 472.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404 484.95 m 509 484.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404 472.95 m 509 472.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509 484.95 m 557 484.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509 472.95 m 557 472.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55 397.95 m 404 397.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 397.95 m 509 397.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 397.95 m 557 397.95 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 488.96 Td (Capitalization rate) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.60 494.81 Td (Resulting increase \(decrease\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 470.25 487.81 Td (in value of shopping centres) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 475.81 Td (\(decrease\) increase) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 520.45 474.86 Td (\($ millions\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 461.91 Td (\(0.75\)%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.50 462.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.45 462.91 Td (961) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 449.91 Td (\(0.50\)%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.50 450.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.45 450.91 Td (611) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 437.91 Td (\(0.25\)%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.50 438.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.45 438.91 Td (292) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 425.91 Td (0.25%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.50 426.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.75 426.91 Td (\(269) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 553.80 426.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 413.91 Td (0.50%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.50 414.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.75 414.91 Td (\(517) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 553.80 414.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.50 401.86 Td (0.75%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.50 402.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.75 402.21 Td (\(747) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 553.80 402.16 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 375.55 Td (The determination of fair values requires Management to make estimates and assumptions that affect the values presented, such that actual values ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 361.60 Td (in sales transactions may differ from those presented.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 341.70 Td (As a result of changes in IFRS with respect to the fair value of investment properties that are effective in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 405.62 341.70 Td (January1, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 461.20 341.70 Td (, and the ongoing review by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 327.80 Td (Management of industry practices, the Company refined its risk-based approach to determining which properties will be selected for external ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 313.85 Td (appraisal, and which will be internally appraised. This refined policy was adopted with effect for the fourth quarter of 2012. In previous periods, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 299.95 Td (properties were selected for external appraisal based upon a fixed rotation plan, taking into account factors such as property size, local market ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 286.00 Td (conditions and geography. The previous policy also included specific size thresholds to be met. The key components of the refined risk-based ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 272.10 Td (approach are set out below.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 252.20 Td (The Company has three approaches to determine the fair value of an investment property at the end of each reporting period:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 238.25 Td (1. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 238.25 Td (External appraisals by an independent national appraisal firm, according to professional appraisal standards and IFRS;) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 224.35 Td (2. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 224.35 Td (Internal appraisals by certified staff appraisers employed by the Company, according to professional appraisal standards and IFRS;) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 210.40 Td (3. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 210.40 Td (Value updates performed by certified staff appraisers and primarily consisting of reviewing the key assumptions from previous appraisals ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 196.50 Td (and updating the value for changes in the property cash flow, physical condition and changes in market conditions.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 176.60 Td (The selection of the approach for each property is made based upon the following criteria:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 162.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 162.65 Td (Property type this includes an evaluation of a property's complexity, stage of development, time since acquisition, and other specific ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 148.75 Td (opportunities or risks with properties. Stable properties and recently acquired properties will generally receive a value update, while properties ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 134.80 Td (under development will be valued using internal or external appraisals until completion.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 120.90 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 120.90 Td (Market risks specific risks in a region or a trade area may warrant a full external or internal appraisal for certain properties.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 107.00 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 107.00 Td (Changes in overall economic conditions significant changes in overall economic conditions may increase the number of external or internal ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 93.05 Td (appraisals performed.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 79.15 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 79.15 Td (Business needs financings or acquisitions and dispositions may require an external appraisal.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (23) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 694.45 Td (Minimum thresholds for the proportion of the portfolio valued using external appraisals.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 674.50 Td (The Company makes no adjustments for portfolio premiums and discounts, nor for any value attributable to the Company's management platform, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td (consistent with IFRS requirements.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 637.20 Td (Shopping Centres Valuation Method) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 617.25 Td (Shopping centres are appraised primarily using stabilized cash flows from existing tenants with the property in its existing state, since purchasers ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 603.35 Td (typically focus on expected income. External and internal appraisals conduct and place reliance on both the direct capitalization method and the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 589.45 Td (discounted cash flow method \(including the estimated proceeds from a potential future disposition\). Value updates use the direct capitalization ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 575.50 Td (method.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 555.60 Td (Properties undergoing development, redevelopment or expansion are valued using the stabilized cash flows expected upon completion, with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 541.65 Td (deduction for costs to complete the project; capitalization rates are adjusted to reflect lease-up assumptions and construction risk, when ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 527.75 Td (appropriate. Adjacent land parcels held for future development are valued based on comparable sales of commercial land.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 507.85 Td (During the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.79 507.85 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 200.28 507.85 Td (, approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.05 507.85 Td (35%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.06 507.85 Td ( \(year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.96 507.85 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 383.43 507.85 Td ( approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 441.21 507.85 Td (45%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 457.22 507.85 Td (\) of the total fair value of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 493.90 Td (shopping centres was determined through external appraisals. ) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 470.50 Td (Development Land Valuation Method) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 450.60 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 68.54 450.60 Td (primary ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.95 450.60 Td (method ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 123.37 450.60 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.24 450.60 Td (appraisal ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.54 450.60 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.07 450.60 Td (development ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 219.27 450.60 Td (land ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.59 450.60 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.56 450.60 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.87 450.60 Td (comparable ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 296.51 450.60 Td (sales ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 315.03 450.60 Td (approach, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.91 450.60 Td (which ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 372.56 450.60 Td (considers ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 406.64 450.60 Td (recent ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 429.61 450.60 Td (sales ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 448.13 450.60 Td (activity ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 472.88 450.60 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.41 450.60 Td (similar ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 507.26 450.60 Td (land ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 523.57 450.60 Td (parcels ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 436.65 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.59 436.65 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.63 436.65 Td (same ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.22 436.65 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 105.25 436.65 Td (similar ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 129.83 436.65 Td (markets ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.30 436.65 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 167.89 436.65 Td (estimate ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.70 436.65 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 205.07 436.65 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 225.21 436.65 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.03 436.65 Td (either ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 257.51 436.65 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 263.88 436.65 Td (per ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 277.36 436.65 Td (acre ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.39 436.65 Td (basis ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.09 436.65 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.12 436.65 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.94 436.65 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 340.31 436.65 Td (basis ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 360.01 436.65 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 368.60 436.65 Td (per ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 382.08 436.65 Td (square ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.56 436.65 Td (foot ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 422.38 436.65 Td (buildable. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.09 436.65 Td (Such ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.80 436.65 Td (values ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 501.50 436.65 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 514.53 436.65 Td (applied ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 541.80 436.65 Td (to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 422.75 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.44 422.75 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.53 422.75 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.07 422.75 Td (after ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 161.94 422.75 Td (adjusting ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 195.38 422.75 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.03 422.75 Td (factors ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 232.46 422.75 Td (specific ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.00 422.75 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 269.99 422.75 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 283.42 422.75 Td (site, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 299.96 422.75 Td (including ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.85 422.75 Td (its ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 344.16 422.75 Td (location, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 375.37 422.75 Td (zoning, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.59 422.75 Td (servicing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 435.12 422.75 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 450.78 422.75 Td (configuration. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 499.77 422.75 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.54 422.75 Td (During ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 527.97 422.75 Td (2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 545.77 422.75 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 408.85 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.99 408.85 Td (17%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 120.00 408.85 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.88 408.85 Td (\(year ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 142.65 408.85 Td (ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 166.88 408.85 Td (December31, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.22 408.85 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.01 408.85 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.90 408.85 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 245.78 408.85 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 295.77 408.85 Td (23%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 311.78 408.85 Td (\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 317.33 408.85 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.44 408.85 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 340.00 408.85 Td (total ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 357.11 408.85 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.66 408.85 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 391.32 408.85 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.43 408.85 Td (development ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.87 408.85 Td (land ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.43 408.85 Td (was ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.20 408.85 Td (determined ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.76 408.85 Td (through ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 394.90 Td (external ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.89 394.90 Td (appraisals.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 371.50 Td (2012) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.44 371.50 Td ( Acquisitions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 351.60 Td (Total acquisitions of investment properties amounted to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.63 351.60 Td ($798.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 291.53 351.60 Td (, adding ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 321.32 351.60 Td (2.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 356.89 351.60 Td ( square feet of gross leasable area and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 489.34 351.60 Td (15.4) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 504.91 351.60 Td ( acres of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 337.65 Td (land for future development.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 317.75 Td (Management will continue to be selective and take a highly disciplined approach to increasing the size and quality of the Companys property ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 303.85 Td (portfolio, seeking acquisitions that are operationally, financially and qualitatively accretive over the long term. Management looks for benefits from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 289.90 Td (economies of scale and operating synergies in order to strengthen the Companys competitive position in its target urban markets. As well, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 276.00 Td (Management seeks to enhance the tenant and geographic diversification of the portfolio. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 256.05 Td (On ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.01 256.05 Td (August 8, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 118.48 256.05 Td (, a court-approved plan of arrangement for Gazit America Inc. \(Gazit America\) was completed involving First Capital Realty ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 242.15 Td (and Gazit-Globe Ltd. \(Gazit\). Under the plan of arrangement, First Capital Realty acquired the shares of Gazit Americas subsidiaries, ProMed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 228.25 Td (Properties \(CA\) Inc. and ProMed Asset Management Inc., which together owned and managed all of the medical office and retail properties of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.30 Td (Gazit America, and certain property related inter-company indebtedness owing to Gazit America \(hereinafter referred to as the First Medical ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 200.40 Td (acquisition\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 180.45 Td (The acquired subsidiaries include the portfolio of real estate properties, property management contracts and leasing and management personnel ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 166.55 Td (and represent a business. The transaction was accounted for as a common control business combination using the acquisition method.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 146.65 Td (The reason for First Capital Realty to complete this transaction was to acquire from Gazit America ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 384.25 146.65 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.15 146.65 Td ( medical office and retail properties generally ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 132.70 Td (adjacent to existing First Capital Realty properties and a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.80 132.70 Td (50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 259.81 132.70 Td ( interest in a thirteenth property jointly owned with First Capital Realty. As ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 118.80 Td (consideration for the acquisition of these assets and liabilities, the Company issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 335.81 118.80 Td (5,461,786) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 371.40 118.80 Td ( common shares and assumed certain property-) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 104.85 Td (related indebtedness. The common shares issued were valued at their quoted trading price at the time of issue.) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (24) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (The allocation of the purchase price to the assets acquired and liabilities assumed is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 677.95 m 498.5 677.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 677.95 m 558.5 677.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 664.95 m 498.5 664.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 664.95 m 558.5 664.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 613.95 m 498.5 613.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 613.95 m 558.5 613.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 598.95 m 498.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 598.95 m 558.5 598.95 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 668.81 Td (\(thousands of dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.10 668.81 Td (Assets \(Liabilities\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 654.91 Td (Investment property) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 654.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 654.91 Td (225,664) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 642.91 Td (Other assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 642.91 Td (3,843) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 630.91 Td (Secured mortgage debt) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 523.70 630.91 Td (\(122,804) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 630.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 618.16 Td (Other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.60 618.21 Td (\(3,639) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 618.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 603.16 Td (Total share consideration paid) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 603.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 603.21 Td (103,064) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 579.50 Td (Had the transaction occurred as at January1, 2012, First Capital Realtys property rental revenue and net income for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 565.60 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 565.60 Td ( would have increased by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 210.49 565.60 Td ($14.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.95 565.60 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.29 565.60 Td ($6.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.30 565.60 Td (, respectively.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 545.65 Td (Property rental revenue and net income of the acquired business since the acquisition date included in the consolidated statements of income is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 531.75 Td (not significant to the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 511.85 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 511.85 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 511.85 Td (, the acquired businesss total assets and total liabilities were approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.04 511.85 Td ($224.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.95 511.85 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.29 511.85 Td ($130.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 513.20 511.85 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 497.90 Td (respectively \(January1, 2011 approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.79 497.90 Td ($34.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.24 497.90 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 273.59 497.90 Td ($12.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 318.04 497.90 Td (, respectively\). The acquired businesss property rental revenue and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 484.00 Td (net income for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.03 484.00 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 226.50 484.00 Td ( were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.95 484.00 Td ($15.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 291.41 484.00 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.75 484.00 Td ($1.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.76 484.00 Td (, respectively, and were not significant to the Company. ) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (25) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 687.30 Td (Shopping Centres Income-Producing Properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 673.35 Td (In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.90 673.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 673.35 Td (, the Company invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.48 673.35 Td ($425.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.39 673.35 Td ( in the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 282.08 673.35 Td (10) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 290.97 673.35 Td ( shopping centres and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 368.78 673.35 Td (six) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 377.66 673.35 Td ( medical office and retail properties, comprising ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 659.45 Td (1,494,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 89.59 659.45 Td ( square feet. These acquisitions are in new trade areas in the Companys target urban markets and demonstrate the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 645.55 Td (continuing focus on acquiring well-located retail and mixed-use properties in these urban markets. The acquisitions are summarized in the table ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 631.60 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 615.1 m 163.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 615.1 m 195.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 615.1 m 251.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 615.1 m 285.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 615.1 m 325.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 615.1 m 366.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 615.1 m 413.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 615.1 m 458.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 615.1 m 507.5 615.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 615.1 m 555.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 583.1 m 163.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 163.5 583.1 m 195.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 195.5 583.1 m 251.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 583.1 m 285.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 583.1 m 325.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 583.1 m 366.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 583.1 m 413.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 583.1 m 458.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 583.1 m 507.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 583.1 m 555.5 583.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 333.1 m 163.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 163.5 333.1 m 195.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 195.5 333.1 m 251.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 333.1 m 285.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 333.1 m 325.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 333.1 m 366.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 333.1 m 413.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 333.1 m 458.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 333.1 m 507.5 333.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 333.1 m 555.5 333.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 318.1 m 163.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 163.5 318.1 m 195.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 318.1 m 251.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 318.1 m 285.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 318.1 m 325.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 318.1 m 366.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 318.1 m 413.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 318.1 m 458.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 318.1 m 507.5 318.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 318.1 m 555.5 318.1 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 587.11 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 172.00 587.11 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 198.00 587.11 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 256.30 587.11 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 293.90 594.11 Td (Quarter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 291.55 587.11 Td (Acquired) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 338.85 594.11 Td (New) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.45 587.11 Td (Trade Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.25 594.11 Td (Supermarket-) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 375.10 587.11 Td (Anchored) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.90 594.11 Td (Drugstore-) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.10 587.11 Td (Anchored) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 487.25 601.11 Td (Gross) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 462.35 594.11 Td (Leasable Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 466.25 587.11 Td (\(square feet\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 519.30 598.96 Td (Acquisition ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.15 591.96 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 517.35 585.01 Td (\(in millions\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 572.43 Td (Central Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 558.06 Td (3080 Yonge Street) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 558.06 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 558.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 558.06 Td (Q2) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 557.79 cm /I10 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 558.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 558.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.35 558.06 Td (226,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 558.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 558.06 Td (58.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 546.06 Td (Belmont Professional Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 546.06 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 546.06 Td (Kitchener) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 546.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 546.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 545.79 cm /I11 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 546.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 546.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 546.06 Td (46,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 546.06 Td (10.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 534.06 Td (71 King Street West) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 534.06 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 534.06 Td (Mississauga) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 534.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 534.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 533.79 cm /I12 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 534.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 534.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 534.06 Td (42,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 534.06 Td (12.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 522.06 Td (Nepean Medical Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 522.06 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 522.06 Td (Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 522.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 522.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 521.79 cm /I13 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 522.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 522.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 522.06 Td (47,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 522.06 Td (18.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 510.06 Td (1670 Bayview Avenue) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 510.06 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 510.06 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 510.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 510.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 509.79 cm /I14 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 510.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 510.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 510.06 Td (40,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 510.06 Td (12.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 498.06 Td (Queen Street) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 498.06 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 498.06 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 498.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 498.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 497.79 cm /I15 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 498.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 498.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 498.06 Td (13,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 498.06 Td (11.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 486.06 Td (King Street) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 486.06 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 486.06 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 486.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 486.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 485.79 cm /I16 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 486.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 486.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 484.25 486.06 Td (9,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.15 486.06 Td (9.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 474.06 Td (895 Lawrence Avenue East) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 474.06 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.40 474.06 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 474.06 Td (Q4) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 473.79 cm /I17 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 474.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 474.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 474.06 Td (30,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 474.06 Td (11.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 461.43 Td (Eastern Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 447.06 Td (Place des Quatre-Bourgeois) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 447.06 Td (Qubec City) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 447.06 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 447.06 Td (Q2) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 446.79 cm /I18 Do Q /GS0 gs q 6.29 0 0 7.81 386.35 446.79 cm /I19 Do Q /GS0 gs q 6.29 0 0 7.81 432.35 446.79 cm /I20 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.35 447.06 Td (243,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 447.06 Td (33.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 435.06 Td (Jardins Millen) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 435.06 Td (\(3\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 435.06 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 435.06 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 435.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 434.79 cm /I21 Do Q /GS0 gs q 6.29 0 0 7.81 386.35 434.79 cm /I22 Do Q /GS0 gs q 6.29 0 0 7.81 432.35 434.79 cm /I23 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 435.06 Td (56,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 435.06 Td (16.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 423.06 Td (Les Galeries Charlesbourg) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 423.06 Td (Qubec City) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 423.06 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 423.06 Td (Q4) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 422.79 cm /I24 Do Q /GS0 gs q 6.29 0 0 7.81 386.35 422.79 cm /I25 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 423.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.35 423.06 Td (255,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 423.06 Td (35.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 411.06 Td (2600 Daniel Johnson Blvd) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 411.06 Td (Laval) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 411.06 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 411.06 Td (Q4) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 410.79 cm /I26 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 411.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 411.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 411.06 Td (68,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 411.06 Td (16.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 398.43 Td (Western Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 384.01 Td (Shops at New West Station) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 384.01 Td (\(4\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 384.01 Td (New) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 376.01 Td (Westminster) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 384.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 384.01 Td (Q2) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 383.79 cm /I27 Do Q /GS0 gs q 6.29 0 0 7.81 386.35 383.79 cm /I28 Do Q /GS0 gs q 6.29 0 0 7.81 432.35 383.79 cm /I29 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.35 384.06 Td (193,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.25 384.06 Td (119.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 362.06 Td (31 Sunpark Plaza) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 362.06 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 362.06 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 362.06 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 362.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 361.79 cm /I30 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 362.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 362.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.35 362.06 Td (125,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 362.06 Td (36.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 350.06 Td (Kingway Mews) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 350.06 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 350.06 Td (Edmonton) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 350.06 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 350.06 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 349.79 cm /I31 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 350.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.50 350.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 350.06 Td (42,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 350.06 Td (11.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 337.31 Td (West Springs Village) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 174.10 337.31 Td (\(5\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.00 337.31 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.85 337.31 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 300.10 337.31 Td (Q4) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.35 335.64 cm /I32 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.50 337.31 Td () Tj ET Q /GS0 gs q 6.29 0 0 7.81 432.35 335.64 cm /I33 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 337.36 Td (59,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.70 337.36 Td (15.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 322.31 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.70 322.36 Td (1,494,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 322.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.25 322.36 Td (425.7) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 310.25 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 308.15 Td (Acquired in the First Medical acquisition.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 299.85 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 297.75 Td ( Acquired in the Companys Main & Main Developments joint venture.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 289.40 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 287.30 Td (Costs to complete are estimated at ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 152.00 287.30 Td ($3 million) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 177.01 287.30 Td (. Approximately ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.00 287.30 Td (51,000) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.35 287.30 Td ( square feet was under construction at acquisition and was not included in the Companys gross leasable area. This space ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 276.85 Td (came on line in the three months ended December 31, 2012. ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 268.50 Td (\(4\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 266.40 Td (At acquisition, approximately ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 137.67 266.40 Td (45,000) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.02 266.40 Td ( square feet was under development and was not included in the Companys gross leasable area. This space came on line in the three months ended ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 255.95 Td (December 31, 2012. ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 247.65 Td (\(5\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 245.55 Td (The property was acquired on a 50% co-ownership basis. The acquisition cost represents the Company's proportionate participation in this property and the square footage is at 100%. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 216.60 Td (In addition, as part of the First Medical acquisition, the Company acquired the remaining ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 355.85 216.60 Td (50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 371.85 216.60 Td ( interest in an existing property as set out in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 202.70 Td (table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 192.20000000000005 m 158.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 192.20000000000005 m 208.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 192.20000000000005 m 258.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 192.20000000000005 m 308.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 192.20000000000005 m 358.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 192.20000000000005 m 408.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 192.20000000000005 m 458.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 192.20000000000005 m 508.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 192.20000000000005 m 558.5 192.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 160.20000000000005 m 158.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 145.20000000000005 m 158.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 158.5 160.20000000000005 m 208.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 145.20000000000005 m 208.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 208.5 160.20000000000005 m 258.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 145.20000000000005 m 258.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 160.20000000000005 m 308.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 145.20000000000005 m 308.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 160.20000000000005 m 358.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 145.20000000000005 m 358.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 160.20000000000005 m 408.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 145.20000000000005 m 408.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 160.20000000000005 m 458.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 145.20000000000005 m 458.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 160.20000000000005 m 508.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 145.20000000000005 m 508.5 145.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 160.20000000000005 m 558.5 160.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 145.20000000000005 m 558.5 145.20000000000005 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 164.21 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 161.00 164.21 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 220.15 164.21 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 271.90 171.21 Td (Quarter ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 269.55 164.21 Td (Acquired) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 317.15 171.21 Td (New Trade) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 326.15 164.21 Td (Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 362.75 171.21 Td (Supermarket- ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 368.60 164.21 Td (Anchored) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.40 171.21 Td (Drugstore-) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 418.60 164.21 Td (Anchored) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.25 178.21 Td (Gross ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.35 171.21 Td (Leasable Area ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 467.25 164.21 Td (\(square feet\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 522.30 178.21 Td (Acquisition ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.15 171.21 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 164.21 Td (\(in millions\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 149.41 Td (Meadowlark) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 161.00 149.41 Td (Edmonton) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.85 149.41 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 278.10 149.41 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 329.00 149.41 Td () Tj ET Q /GS0 gs q 6.29 0 0 7.81 379.85 147.74 cm /I34 Do Q /GS0 gs q 6.29 0 0 7.81 429.85 147.74 cm /I35 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 476.35 149.46 Td (150,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 149.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 149.46 Td (41.8) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (26) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 687.30 Td (Shopping Centres Additional Space and Adjacent Land Parcels) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 673.35 Td (In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.90 673.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 673.35 Td (, the Company acquired ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 164.27 673.35 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.16 673.35 Td ( properties adjacent to existing shopping centres adding ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.31 673.35 Td (903,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.22 673.35 Td ( square feet of gross leasable area and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.68 673.35 Td (7.4) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 536.80 673.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 659.45 Td (acres adjacent to existing properties in established retail nodes. Total expenditures on these adjacent parcels amounted to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 467.55 659.45 Td ($286.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 516.45 659.45 Td (. These ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 645.55 Td (acquisitions are set out in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 629.05 m 232.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 597.05 m 232.5 597.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 629.05 m 264.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 232.5 597.05 m 264.5 597.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 629.05 m 320.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 597.05 m 320.5 597.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 629.05 m 367.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 597.05 m 367.5 597.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 629.05 m 410.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 597.05 m 410.5 597.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 629.05 m 460.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 597.05 m 460.5 597.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 629.05 m 507.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 597.05 m 507.5 597.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 629.05 m 554.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 597.05 m 554.5 597.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 216.04999999999995 m 232.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 201.04999999999995 m 232.5 201.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 232.5 216.04999999999995 m 264.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.5 201.04999999999995 m 264.5 201.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 216.04999999999995 m 320.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 201.04999999999995 m 320.5 201.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 216.04999999999995 m 367.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 201.04999999999995 m 367.5 201.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 216.04999999999995 m 410.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 201.04999999999995 m 410.5 201.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 410.5 216.04999999999995 m 460.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 201.04999999999995 m 460.5 201.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 216.04999999999995 m 507.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 201.04999999999995 m 507.5 201.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 216.04999999999995 m 554.5 216.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 201.04999999999995 m 554.5 201.04999999999995 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 601.06 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 241.00 601.06 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 267.00 601.06 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 330.65 601.06 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 377.40 608.06 Td (Quarter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 375.05 601.06 Td (Acquired) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 440.25 615.06 Td (Gross ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 415.35 608.06 Td (Leasable Area ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.25 601.06 Td (\(square feet\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 479.85 601.06 Td (Acreage) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.30 615.06 Td (Acquisition ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.15 608.06 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 516.35 601.06 Td (\(in millions\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 586.38 Td (Central Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 572.01 Td (Loblaws Plaza \(1450 Merivale Road\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 572.01 Td (Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 572.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 572.01 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.00 572.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 572.01 Td (0.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 572.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 572.01 Td (2.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 560.01 Td (Hazelton Lanes \(Yorkville Avenue\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 560.01 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 560.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 560.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 560.01 Td (18,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.25 560.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 560.01 Td (15.8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 548.01 Td (Morningside Crossing \(West Hill Shopping Centre\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 548.01 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 548.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 548.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 548.01 Td (43,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.25 548.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 548.01 Td (7.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 536.01 Td (Delta Centre \(Coronation Medical Centre\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.10 536.01 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 536.01 Td (Cambridge) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 536.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 536.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 536.01 Td (64,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 536.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 536.01 Td (8.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 524.01 Td (Wellington Corners \(Base Line Medical Centre\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.10 524.01 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 524.01 Td (London) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 524.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 524.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 524.01 Td (49,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.25 524.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 524.01 Td (7.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 512.01 Td (Wellington Corners \(Westminster Centre\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.10 512.01 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 512.01 Td (London) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 512.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 512.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.30 512.01 Td (109,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.25 512.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 512.01 Td (14.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 500.01 Td (216 Elgin Street \(Kent Professional Building\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.10 500.01 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 500.01 Td (Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 500.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 500.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 500.01 Td (39,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 500.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 500.01 Td (11.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 488.01 Td (Parkway Mall \(Victoria Park Centres\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 488.01 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 488.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 488.01 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.30 488.01 Td (234,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 488.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 488.01 Td (61.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 475.96 Td (Other) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 475.96 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 337.90 475.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 371.55 475.96 Td (Q1/Q3/Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.00 475.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 475.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 475.96 Td (5.8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 462.38 Td (Eastern Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 448.01 Td (Carrefour St. David \(Boston Pizza\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 448.01 Td (Qubec City) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 448.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 448.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 437.25 448.01 Td (7,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 448.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 448.01 Td (1.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 436.01 Td (Place Viau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 436.01 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 436.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 436.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.00 436.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 436.01 Td (1.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 436.01 Td (1.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 423.96 Td (Cole Harbour Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 415.96 Td (\(Cumberland Court\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 417.26 Td (Cole Harbour) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 417.26 Td (NS) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 417.26 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 417.31 Td (21,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 417.26 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 417.26 Td (3.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 403.01 Td (Place Fleury \(10370-10372 Papineau\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 403.01 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 403.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 403.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.00 403.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 403.01 Td (0.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 403.01 Td (0.8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 391.01 Td (Place des Quatre-Bourgeois \(Place Naviles\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 391.01 Td (Qubec City) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 391.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 391.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 391.01 Td (21,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 391.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 391.01 Td (4.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 379.01 Td (Place Roland Therrien \(Place Adoncour\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.10 379.01 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 379.01 Td (Longueuil) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 379.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 379.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 379.01 Td (58,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 371.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 379.01 Td (15.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 366.96 Td (Centre Commercial Van Horne) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 359.01 Td (\(5700 Cote-des-Neiges\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.10 362.26 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 362.26 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 362.26 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 362.26 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 362.31 Td (92,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 362.26 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 362.31 Td (25.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 348.01 Td (Jardins Millen \(Jardins Millen II\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 348.01 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 348.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 348.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.25 348.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 348.01 Td (0.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 348.01 Td (0.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 336.01 Td (Place Fleury \(10360-10362 Papineau\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 336.01 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 336.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 336.01 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.25 336.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 336.01 Td (0.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 336.01 Td (0.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 324.01 Td (Place Nelligan) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 324.01 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 324.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 324.01 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.25 324.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 324.01 Td (0.8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 324.01 Td (0.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 311.38 Td (Western Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 297.01 Td (Mount Royal Village \(The Devenish\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.10 297.01 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 297.01 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 297.01 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 297.01 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 297.01 Td (43,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 297.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 297.01 Td (22.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 285.01 Td (Langford Centre \(2800 Bryn Maur Road\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 285.01 Td (Langford) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 285.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 285.01 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 285.01 Td (16,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.25 285.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 285.01 Td (3.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 273.01 Td (Macleod Trail \(9206 Macleod Trail\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 273.01 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 273.01 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 273.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.25 273.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 273.01 Td (2.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 273.01 Td (11.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 261.01 Td (Mount Royal Village \(1515 - 8th Street\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 261.01 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 261.01 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 261.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.25 261.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 261.01 Td (1.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 261.01 Td (6.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 249.01 Td (Mount Royal Village \(815 - 17th Avenue\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 249.01 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 249.01 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 249.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 249.01 Td (50,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 249.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 249.01 Td (39.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 236.96 Td (Time Marketplace) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 229.01 Td (\(Empire Theatre, 200 West Esplanade\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 232.26 Td (Vancouver) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 232.26 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 232.26 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.80 232.31 Td (39,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 232.26 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.70 232.31 Td (12.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 218.01 Td (Broadmoor Shopping Centre \(9900 No. 3 Road\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 218.01 Td (Richmond) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.35 218.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.60 218.01 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 449.25 218.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 218.01 Td (0.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.15 218.01 Td (2.8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 205.26 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.30 205.26 Td (903,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.15 205.26 Td (7.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 205.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 205.31 Td (286.9) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 193.20 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 191.10 Td (Acquired in the First Medical acquisition.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 182.75 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 180.65 Td (The Company also acquired a residential component of approximately 13,000 square feet, which is not included in the Companys gross leasable area.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (27) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 687.30 Td (Development Lands) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 673.35 Td (In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.90 673.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 673.35 Td (, the Company invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.48 673.35 Td ($44.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.94 673.35 Td ( in the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 277.63 673.35 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 286.53 673.35 Td ( development land parcels, comprising ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.87 673.35 Td (8) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 424.32 673.35 Td ( acres for future development of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 659.45 Td (retail and mixed-use space. See the 2012 Investment Property Development and Redevelopment Activities section of this MD&A for further ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 645.55 Td (discussion.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 629.05 m 220.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 605.05 m 220.5 605.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 629.05 m 252.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 220.5 605.05 m 252.5 605.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 629.05 m 338.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 605.05 m 338.5 605.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 629.05 m 385.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 605.05 m 385.5 605.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 629.05 m 456.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 605.05 m 456.5 605.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 629.05 m 503.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 605.05 m 503.5 605.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 629.05 m 558.5 629.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 605.05 m 558.5 605.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 566.05 m 220.5 566.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 551.05 m 220.5 551.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 220.5 566.05 m 252.5 566.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220.5 551.05 m 252.5 551.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 566.05 m 338.5 566.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 551.05 m 338.5 551.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 338.5 566.05 m 385.5 566.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 551.05 m 385.5 551.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 385.5 566.05 m 456.5 566.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 551.05 m 456.5 551.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 456.5 566.05 m 503.5 566.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 551.05 m 503.5 551.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 566.05 m 558.5 566.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 551.05 m 558.5 551.05 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 609.06 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 229.00 609.06 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.00 609.06 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 348.65 609.06 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 409.40 616.06 Td (Quarter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.05 609.06 Td (Acquired) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 475.85 609.06 Td (Acreage) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 507.55 616.06 Td (Acquisition Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 609.06 Td (\(in millions\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 595.01 Td (Main & Main) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.10 595.01 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 255.00 595.01 Td (Toronto/Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 355.90 595.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 394.25 595.01 Td (Q1, Q2, Q3, Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 488.85 595.01 Td (2.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 506.00 595.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 595.01 Td (30.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 583.01 Td (5500 Dundas Street West) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 255.00 583.01 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 355.90 583.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.60 583.01 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 488.85 583.01 Td (2.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 583.01 Td (6.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 570.26 Td (Crosstown) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.10 570.26 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 255.00 570.26 Td (Edmonton) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 356.35 570.26 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.60 570.26 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 488.85 570.26 Td (3.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 570.26 Td (8.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 555.26 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 488.85 555.26 Td (8.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 506.00 555.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 555.31 Td (44.4) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 543.20 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 541.10 Td (Acquired through the Companys Main & Main Developments joint venture. In ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 260.70 541.10 Td (2012) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.04 541.10 Td (, the joint venture completed the acquisition of ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 393.41 541.10 Td (ten) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 401.41 541.10 Td ( land parcels in ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 442.09 541.10 Td (two) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 450.76 541.10 Td ( existing assembly projects and ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 531.42 541.10 Td (five) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 540.08 541.10 Td ( ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 530.65 Td (new assembly projects.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 522.30 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 520.20 Td (The property was acquired on a 50% co-ownership basis. The acquisition cost and acreage represents the Companys proportionate participation in this property. The property is adjacent to ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 509.75 Td (the Company's existing Longstreet Shopping Centre. ) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 486.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.44 486.25 Td ( Dispositions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 472.35 Td (In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.90 472.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 472.35 Td (, the Company sold ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.26 472.35 Td (nine) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.93 472.35 Td ( shopping centres and 50% interests in ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 298.08 472.35 Td (two) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 309.64 472.35 Td ( shopping centres representing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 416.77 472.35 Td (1,206,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 452.35 472.35 Td ( square feet of gross ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 458.40 Td (leasable area and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 115.78 458.40 Td (two) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.34 458.40 Td ( land parcels adjacent to a shopping centre of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 284.28 458.40 Td (2.9) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 295.40 458.40 Td ( acres. Gross proceeds of these dispositions were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 466.07 458.40 Td ($302.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 514.97 458.40 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 441.9 m 210.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 409.9 m 210.5 409.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 441.9 m 242.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 210.5 409.9 m 242.5 409.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 441.9 m 321.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 409.9 m 321.5 409.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 441.9 m 357.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321.5 409.9 m 357.5 409.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 441.9 m 402.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 357.5 409.9 m 402.5 409.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 441.9 m 454.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 409.9 m 454.5 409.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 441.9 m 506.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 409.9 m 506.5 409.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 441.9 m 558.5 441.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 409.9 m 558.5 409.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 212.89999999999998 m 210.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 197.89999999999998 m 210.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 210.5 212.89999999999998 m 242.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 210.5 197.89999999999998 m 242.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 242.5 212.89999999999998 m 321.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 197.89999999999998 m 321.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 321.5 212.89999999999998 m 357.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 197.89999999999998 m 357.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 357.5 212.89999999999998 m 402.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 197.89999999999998 m 402.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 212.89999999999998 m 454.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 197.89999999999998 m 454.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 454.5 212.89999999999998 m 506.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 197.89999999999998 m 506.5 197.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 212.89999999999998 m 558.5 212.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 197.89999999999998 m 558.5 197.89999999999998 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 413.91 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 219.00 413.91 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 245.00 413.91 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 326.15 413.91 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 368.40 420.91 Td (Quarter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 373.05 413.91 Td (Sold) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 427.91 Td (Gross) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.40 420.91 Td ( Leasable Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 413.25 413.91 Td (\(square feet\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 478.85 413.91 Td (Acreage) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.75 425.76 Td (Gross Sales ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.80 418.76 Td (Price) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 411.81 Td (\(in millions\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 399.23 Td (Central Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 384.86 Td (Orleans Gardens) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 221.10 384.86 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 384.86 Td (Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 384.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 384.86 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.80 384.86 Td (55,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 384.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 372.86 Td (Brantford Commons) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 372.86 Td (Brantford) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 372.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 372.86 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.30 372.86 Td (315,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.25 372.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 360.86 Td (Chemong Park Plaza) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 360.86 Td (Peterborough) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 360.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 360.86 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.80 360.86 Td (75,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.25 360.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 348.86 Td (Parkway Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 348.86 Td (Peterborough) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 348.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 348.86 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.30 348.86 Td (264,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.25 348.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 336.86 Td (2255 Dundas St.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 336.86 Td (Mississauga) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 336.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 336.86 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.25 336.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.15 336.86 Td (2.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 324.23 Td (Eastern Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 309.81 Td (Place des Cormiers & Place de la Colline) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 309.81 Td (Sept-Iles &) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 301.86 Td (Chicoutimi) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 309.81 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 309.81 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.30 309.81 Td (125,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 309.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 289.86 Td (Carr Normandie \(Galeries Normandies\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 289.86 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 289.86 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 289.86 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.25 289.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.15 289.86 Td (0.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 277.23 Td (Western Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 262.86 Td (Woodgrove Crossing) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 262.86 Td (Nanaimo) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 262.86 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 262.86 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.80 262.86 Td (59,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 262.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 250.86 Td (Woolridge Building) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 250.86 Td (Coquitlam) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 250.86 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 250.86 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.80 250.86 Td (37,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 250.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 238.86 Td (Village Market & Sherwood Towne Square) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 221.10 238.86 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 238.86 Td (Sherwood Park) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 238.86 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 238.86 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.30 238.86 Td (173,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 238.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 226.86 Td (Dickson Trail) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 226.86 Td (Airdrie) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 226.86 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 226.86 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.80 226.86 Td (52,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.25 226.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 214.86 Td (Coronation Mall) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 245.00 214.86 Td (Duncan) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 214.86 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.60 214.86 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.80 214.86 Td (51,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.25 214.86 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 202.11 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 415.70 202.16 Td (1,206,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.15 202.81 Td (2.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 509.00 202.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 202.16 Td (302.8) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 190.05 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 187.95 Td (The Company sold its ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 118.34 187.95 Td (50%) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.35 187.95 Td ( interest in this shopping centre.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 179.65 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 177.55 Td (The Company has retained a ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.68 177.55 Td (50%) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 148.69 177.55 Td ( interest in this shopping centre and provides asset and property management services.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 157.60 Td (In aggregate, the gross sales price on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.91 157.60 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 212.70 157.60 Td ( sales have exceeded invested cost by approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 392.70 157.60 Td ($64.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 437.16 157.60 Td (. Total mortgages assumed by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 143.70 Td (the purchasers aggregated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 146.46 143.70 Td ($37.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 190.91 143.70 Td (, with a weighted average cash interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 347.39 143.70 Td (6.36%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.07 143.70 Td (. The 2012 dispositions were in line with the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 129.75 Td (Company's ongoing strategy of increasing the portfolio's focus on core urban markets.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 109.85 Td (In addition, the Company received payment of the US$36 million non-revolving unsecured term loan from Gazit America on August 14, 2012.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (28) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 692.25 Td (Impact of Acquisitions and Dispositions on Continuing Operations) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 678.35 Td (The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.12 678.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 86.91 678.35 Td ( acquisitions are in line with the Companys business strategy based on their locations, tenancies and redevelopment, repositioning or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 664.40 Td (expansion opportunities.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 644.50 Td (The NOI effect of properties acquired and sold, based on the run rate, for the years ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 360.31 644.50 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 428.79 644.50 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.13 644.50 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 463.92 644.50 Td ( is set out in the table ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 630.55 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 620.05 m 318.5 620.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 620.05 m 378.5 620.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 620.05 m 438.5 620.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 620.05 m 498.5 620.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 620.05 m 558.5 620.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 600.05 m 318.5 600.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 585.05 m 318.5 585.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 600.05 m 378.5 600.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 585.05 m 378.5 585.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 600.05 m 438.5 600.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 585.05 m 438.5 585.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 600.05 m 498.5 600.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 585.05 m 498.5 585.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 600.05 m 558.5 600.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 585.05 m 558.5 585.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 546.05 m 318.5 546.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 531.05 m 318.5 531.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 546.05 m 378.5 546.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 531.05 m 378.5 531.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 546.05 m 438.5 546.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 531.05 m 438.5 531.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 546.05 m 498.5 546.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 531.05 m 498.5 531.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 546.05 m 558.5 546.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 531.05 m 558.5 531.05 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 361.40 610.91 Td (Run rate NOI of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 355.95 603.91 Td (properties acquired ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 487.40 610.91 Td (Run rate NOI at ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 493.80 603.91 Td (date of sale) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 588.96 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 357.85 589.16 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.40 589.06 Td (2011) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 477.85 589.16 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 589.06 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 574.01 Td (Central Region) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.00 574.78 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 348.40 574.78 Td (14,432) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 575.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.25 575.01 Td (7,466) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 574.78 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 574.78 Td (9,386) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 575.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 575.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 562.01 Td (Eastern Region ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.25 562.78 Td (8,618) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.25 563.01 Td (5,148) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 562.78 Td (1,144) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 563.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 549.96 Td (Western Region ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 348.40 550.58 Td (15,006) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.25 550.66 Td (8,717) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 550.63 Td (7,437) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 550.31 Td (2,743) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 534.96 Td (Total) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.00 535.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 348.40 535.38 Td (38,056) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 535.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.80 535.31 Td (21,331) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 535.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 535.38 Td (17,967) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 535.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 535.31 Td (2,743) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 508.15 Td (Investment Properties Classified As Held For Sale) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 494.25 Td (Investment property is classified as an asset held for sale when it is expected that the carrying amount will be recovered principally through sale ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 480.35 Td (rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition, subject only to ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 466.40 Td (terms that are usual and customary for sales of such property, and its sale must be highly probable. Upon designation as held for sale, the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 452.50 Td (investment property continues to be measured at fair value and is presented separately on the consolidated balance sheets.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 432.55 Td (Included in investment properties at ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 178.03 432.55 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 246.50 432.55 Td ( are ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 261.61 432.55 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 270.51 432.55 Td ( shopping centres and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.31 432.55 Td (four) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.65 432.55 Td ( development land parcels with an approximate value ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 418.65 Td (of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 62.45 418.65 Td ($283.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 111.35 418.65 Td ( that meet the financial reporting criteria to be classified as held for sale. These properties are considered to be non-core assets. ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 404.75 Td (Disposition of these investment properties will provide the Company with the opportunity to redeploy capital to uses more aligned with the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 390.80 Td (Companys urban focus.) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 367.40 Td (Acquisitions and Dispositions Subsequent to ) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 251.50 367.40 Td (December31, 2012) Tj ET Q BT /F4 10.00 Tf ET BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 353.50 Td (Consistent with past practices and in the normal course of business, the Company is engaged in discussions, and has various agreements, with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 339.55 Td (respect to possible acquisitions of new properties and dispositions of existing properties in its portfolio. However, there can be no assurance that ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.65 Td (these discussions or agreements will result in acquisitions or dispositions or, if they do, what the final terms or timing of such acquisitions or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.75 Td (dispositions would be. First Capital Realty expects to continue current discussions and actively pursue other acquisition, investment and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 297.80 Td (disposition opportunities.) Tj ET Q endstream endobj 63 0 obj <> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (29) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 692.25 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.44 692.25 Td ( Acquisitions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (Total acquisitions of investment properties in ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 206.17 672.35 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 223.96 672.35 Td ( amounted to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 271.09 672.35 Td ($444 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 313.32 672.35 Td (, adding ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.12 672.35 Td (1.7) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 354.24 672.35 Td ( million square feet of gross leasable area and ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.14 672.35 Td (6.6) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 522.26 672.35 Td ( acres of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 658.40 Td (development land to the portfolio.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 641.60 Td (Shopping Centres Income-Producing Properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 627.70 Td (In ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 62.90 627.70 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 627.70 Td (, the Company invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.48 627.70 Td ($326.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.39 627.70 Td ( in the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 282.08 627.70 Td (seven) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.63 627.70 Td ( income-producing shopping centres, comprising ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 470.10 627.70 Td (1,358,500) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 505.68 627.70 Td ( square feet. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 613.75 Td (These acquisitions are in the Companys target urban markets and demonstrate the Companys continuing focus on increasing its presence in these ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 599.85 Td (urban markets. The acquisitions, each of which was acquired from a different vendor, are summarized in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 589.35 m 145.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 561.35 m 145.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 589.35 m 178.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 145.5 561.35 m 178.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 589.35 m 234.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 178.5 561.35 m 234.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 589.35 m 276.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 234.5 561.35 m 276.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 589.35 m 325.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 561.35 m 325.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 589.35 m 367.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 561.35 m 367.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 589.35 m 415.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 561.35 m 415.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 589.35 m 460.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 561.35 m 460.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 589.35 m 509.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 561.35 m 509.5 561.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 589.35 m 558.5 589.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 561.35 m 558.5 561.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 429.35 m 145.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 414.35 m 145.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 145.5 429.35 m 178.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 145.5 414.35 m 178.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 178.5 429.35 m 234.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.5 414.35 m 234.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 234.5 429.35 m 276.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 234.5 414.35 m 276.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 429.35 m 325.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 414.35 m 325.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 325.5 429.35 m 367.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 414.35 m 367.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 367.5 429.35 m 415.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 414.35 m 415.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 429.35 m 460.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 414.35 m 460.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 460.5 429.35 m 509.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 414.35 m 509.5 414.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 509.5 429.35 m 558.5 429.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 414.35 m 558.5 414.35 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 565.36 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 154.50 565.36 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 181.00 565.36 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 242.15 565.36 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 289.40 572.36 Td (Quarter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 287.05 565.36 Td (Acquired) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 339.35 572.36 Td (New) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.95 565.36 Td (Trade Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 370.75 572.36 Td (Supermarket- ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 376.60 565.36 Td (Anchored) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 425.85 572.36 Td (Drugstore- ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 428.20 565.36 Td (Anchored) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.25 579.36 Td (Gross ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 464.35 572.36 Td (Leasable Area ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 468.25 565.36 Td (\(square feet\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 522.30 579.36 Td (Acquisition) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.15 572.36 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 565.36 Td (\(in millions\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 550.68 Td (Central Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 536.31 Td (Tomken Plaza) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 181.00 536.31 Td (Mississauga) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.40 536.31 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.60 536.31 Td (Q1) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.85 536.04 cm /I36 Do Q /GS0 gs q 6.29 0 0 7.81 387.85 536.04 cm /I37 Do Q /GS0 gs q 6.29 0 0 7.81 434.35 536.04 cm /I38 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.80 536.31 Td (88,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.00 536.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 536.31 Td (22.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 524.31 Td (Rona Stockyards) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 181.00 524.31 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.40 524.31 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.60 524.31 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.85 524.04 cm /I39 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.00 524.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 433.50 524.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.80 524.31 Td (84,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 524.31 Td (18.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 512.31 Td (Hazelton Lanes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 181.00 512.31 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.40 512.31 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.60 512.31 Td (Q4) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.85 512.04 cm /I40 Do Q /GS0 gs q 6.29 0 0 7.81 387.85 512.04 cm /I41 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 433.50 512.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 477.35 512.31 Td (213,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 512.31 Td (117.9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 499.68 Td (Eastern Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 485.31 Td (Place Portobello) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 181.00 485.31 Td (Brossard) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.85 485.31 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.60 485.31 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.00 485.31 Td () Tj ET Q /GS0 gs q 6.29 0 0 7.81 387.85 485.04 cm /I42 Do Q /GS0 gs q 6.29 0 0 7.81 434.35 485.04 cm /I43 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 477.35 485.31 Td (505,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 485.31 Td (73.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 472.68 Td (Western Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 458.31 Td (Meadowlark) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 156.60 458.31 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 181.00 458.31 Td (Edmonton) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.85 458.31 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.60 458.31 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.00 458.31 Td () Tj ET Q /GS0 gs q 6.29 0 0 7.81 387.85 458.04 cm /I44 Do Q /GS0 gs q 6.29 0 0 7.81 434.35 458.04 cm /I45 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 477.35 458.31 Td (305,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 458.31 Td (42.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 446.31 Td (Longstreet) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 181.00 446.31 Td (Edmonton) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.85 446.31 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.60 446.31 Td (Q3) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.85 446.04 cm /I46 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.00 446.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 433.50 446.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.80 446.31 Td (44,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 446.31 Td (17.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 433.56 Td (Mount Royal Village) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 181.00 433.56 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.85 433.56 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.60 433.56 Td (Q4) Tj ET Q /GS0 gs q 6.29 0 0 7.81 342.85 431.89 cm /I47 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.00 433.56 Td () Tj ET Q /GS0 gs q 6.29 0 0 7.81 434.35 431.89 cm /I48 Do Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 477.35 433.61 Td (118,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 433.61 Td (35.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 418.56 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.70 418.61 Td (1,358,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.00 418.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 418.61 Td (326.4) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 406.50 Td (\(1\)) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.40 404.40 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 404.40 Td (The property was originally acquired on a 50% co-ownership basis. The acquisition cost represents the Companys proportionate participation in this property and the square footage is at 100%.) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (30) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Shopping Centres Additional Space and Adjacent Land Parcels) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 679.35 Td (In 2011, the Company acquired ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 164.27 679.35 Td (15) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.16 679.35 Td ( properties adjacent to existing shopping centres adding ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.31 679.35 Td (316,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.22 679.35 Td ( square feet of gross leasable area and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.68 679.35 Td (3.6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 536.80 679.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 665.45 Td (acres adjacent to existing properties. Total expenditures on these additional interests amount to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 376.87 665.45 Td ($87.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 421.33 665.45 Td (. These acquisitions are set out in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 651.55 Td (table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 641.05 m 261.5 641.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 607.05 m 261.5 607.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 641.05 m 314.5 641.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 261.5 607.05 m 314.5 607.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 641.05 m 364.5 641.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 607.05 m 364.5 607.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 641.05 m 417.5 641.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 607.05 m 417.5 607.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 641.05 m 464.5 641.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 607.05 m 464.5 607.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 641.05 m 511.5 641.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 607.05 m 511.5 607.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 641.05 m 558.5 641.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 607.05 m 558.5 607.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 379.05 m 261.5 379.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 364.05 m 261.5 364.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 261.5 379.05 m 314.5 379.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 364.05 m 314.5 364.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 314.5 379.05 m 364.5 379.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 364.05 m 364.5 364.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 364.5 379.05 m 417.5 379.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.5 364.05 m 417.5 364.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 379.05 m 464.5 379.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 364.05 m 464.5 364.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 464.5 379.05 m 511.5 379.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464.5 364.05 m 511.5 364.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 379.05 m 558.5 379.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 364.05 m 558.5 364.05 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 611.06 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 264.00 611.06 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 326.15 611.06 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.40 618.06 Td (Quarter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 377.05 611.06 Td (Acquired) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.25 631.91 Td (Gross ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.90 624.91 Td (Leasable ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 447.35 617.91 Td (Area) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 423.25 610.91 Td (\(square feet\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 483.85 611.06 Td (Acreage) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 522.30 624.91 Td (Acquisition ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.15 617.91 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 610.91 Td (\(in millions\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 596.38 Td (Central Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 582.01 Td (Queensway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 582.01 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 582.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 582.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.80 582.01 Td (11,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 582.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 514.00 582.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 582.01 Td (4.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 570.01 Td (Queensway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 570.01 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 570.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 570.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.25 570.01 Td (2,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.25 570.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 570.01 Td (1.8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 558.01 Td (Fairway Plaza \(685 Fairway Road\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 558.01 Td (Kitchener) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.40 558.01 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 558.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.80 558.01 Td (27,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.25 558.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 558.01 Td (7.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 546.01 Td (Shops at King Liberty \(116 Atlantic\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 546.01 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 332.30 546.01 Td ( ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 546.01 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.25 546.01 Td (4,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 546.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 546.01 Td (1.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 533.38 Td (Eastern Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 519.01 Td (Queen Mary \(5150-5164 Queen Mary\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 519.01 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 519.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 519.01 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.80 519.01 Td (35,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 519.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 519.01 Td (6.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 507.01 Td (Carrefour du Plateau Grives) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 507.01 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 507.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 507.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 453.25 507.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.15 507.01 Td (1.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 507.01 Td (0.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 495.01 Td (Centre Kirkland \(Place Hymus\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 495.01 Td (Kirkland) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 495.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 495.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 453.25 495.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.15 495.01 Td (0.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 495.01 Td (0.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 483.01 Td (Centre St. Hubert) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 483.01 Td (Longueuil) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 483.01 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 483.01 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 453.25 483.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.15 483.01 Td (1.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 483.01 Td (1.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 470.38 Td (Western Region) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 456.01 Td (Macleod Plaza \(9250 MacLeod Trail\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 456.01 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 456.01 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 456.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.30 456.01 Td (124,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 456.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 456.01 Td (35.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 444.01 Td (Langford Centre \(Langford Plaza\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 444.01 Td (Langford) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 444.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 444.01 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.80 444.01 Td (33,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.25 444.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 444.01 Td (6.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 432.01 Td (Coronation Mall \(Robertson Street\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 432.01 Td (Duncan) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 432.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 432.01 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 453.25 432.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.15 432.01 Td (0.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 432.01 Td (0.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 420.01 Td (Langford Centre \(Millstream Centre\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 420.01 Td (Langford) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 420.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 420.01 Td (Q2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.80 420.01 Td (19,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.25 420.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 420.01 Td (3.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 408.01 Td (Langford Centre \(Goldstream Station Mall\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 408.01 Td (Langford) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 408.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 408.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.80 408.01 Td (10,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.25 408.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 408.01 Td (2.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 396.01 Td (Semiahmoo Shopping Centre \(1706-1717 152nd Street\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 396.01 Td (Surrey) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 396.01 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 396.01 Td (Q3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.25 396.01 Td (7,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 396.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.15 396.01 Td (2.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 383.26 Td (Tuscany Village \(McKenzie Professional Centre\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.00 383.26 Td (Victoria) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.85 383.26 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.60 383.26 Td (Q4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.80 383.31 Td (44,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 383.26 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 383.31 Td (13.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 368.26 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.30 368.26 Td (316,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.15 368.26 Td (3.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 514.00 368.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 368.31 Td (87.3) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 342.85 Td (Development Lands) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 328.95 Td (In ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 62.90 328.95 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 328.95 Td (, the Company through its Main & Main Developments joint venture invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 340.73 328.95 Td ($29.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 385.19 328.95 Td ( in the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 455.88 328.95 Td (six) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.76 328.95 Td ( assembly projects, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 315.05 Td (comprising ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 93.55 315.05 Td (three) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 110.89 315.05 Td ( acres of land in Toronto, Ontario for future development of retail and mixed-use space. See Development and Redevelopment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 301.10 Td (Activities section of this MD&A for further discussion.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 277.70 Td (2011) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.44 277.70 Td ( Dispositions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 263.80 Td (The Company completed the sale of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 190.92 263.80 Td (103,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 219.84 263.80 Td ( square foot West Lethbridge Towne Centre in Lethbridge, Alberta. The sale price of the property ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 249.85 Td (was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.11 249.85 Td ($42.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 113.57 249.85 Td (, which was satisfied by a combination of cash and the assumption of the mortgage payable aggregating ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 466.53 249.85 Td ($8.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 506.53 249.85 Td (. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 229.95 Td (The Company also completed the sale of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.47 229.95 Td (30,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.94 229.95 Td ( square foot Terminal Park Shopping Centre in Nanaimo, British Columbia for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 493.80 229.95 Td ($10.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 538.26 229.95 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 216.05 Td (which was satisfied in cash. ) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (31) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 686.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.44 686.25 Td ( Investment Property Development and Redevelopment Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (Development and redevelopment activities are completed selectively, based on opportunities in the markets where the Company operates. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 658.40 Td (Companys development projects are comprised of ground-up projects, major redevelopment and other incremental redevelopment and expansions ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 644.50 Td (on stable same properties. All development activities are strategically managed to reduce risk and properties are generally developed after obtaining ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 630.55 Td (anchor lease commitments.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 610.65 Td (In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.90 610.65 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 610.65 Td (, development of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 139.37 610.65 Td (731,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.28 610.65 Td ( square feet was brought on line with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.99 610.65 Td (600,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.90 610.65 Td ( square feet leased at an average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 461.26 610.65 Td ($25.24) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 485.72 610.65 Td ( per square foot.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 596.75 Td (Development and redevelopment coming on line in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 228.70 596.75 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.49 596.75 Td ( included the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 586.25 m 198.5 586.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 568.25 m 198.5 568.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 586.25 m 230.5 586.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 568.25 m 230.5 568.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 586.25 m 282.5 586.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 568.25 m 282.5 568.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 282.5 586.25 m 323.5 586.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 282.5 568.25 m 323.5 568.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 586.25 m 366.5 586.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 568.25 m 366.5 568.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 586.25 m 378.5 586.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 568.25 m 378.5 568.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 586.25 m 555.5 586.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 568.25 m 555.5 568.25 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 572.26 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 207.00 572.26 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 233.00 572.26 Td (City) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 293.15 572.26 Td (Province) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 341.95 577.11 Td (Square ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 343.05 570.16 Td (Feet ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 357.83 572.61 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 381.00 572.26 Td (Major Tenants of Developed Space) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 557.58 Td (Same property with incremental redevelopment and expansion) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 543.21 Td (Brooklin Towne Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 543.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 543.21 Td (Whitby) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 543.21 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.95 543.21 Td (7,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 543.21 Td (The Beer Store) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 531.16 Td (Cedarbrae Mall) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 531.16 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 531.16 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 531.16 Td (19,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 531.16 Td (Shoppers Drug Mart, Scarborough Centre For ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 523.21 Td (Healthy Communities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 512.21 Td (Gloucester City Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 512.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 512.21 Td (Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 512.21 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 512.21 Td (12,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 512.21 Td (LCBO) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 500.21 Td (Queenston Place) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 500.21 Td (St Catharines) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 500.21 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.95 500.21 Td (5,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 500.21 Td (Kelsey's) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 488.21 Td (Shops at King Liberty) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 488.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 488.21 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 488.21 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 488.21 Td (21,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 488.21 Td (RBC, EQ3, Pearl Vision) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 476.21 Td (Thickson Place) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 476.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 476.21 Td (Whitby) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 476.21 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 476.21 Td (12,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 476.21 Td (Starbucks, LCBO) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 464.21 Td (Carrefour du Versant) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 464.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 464.21 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 464.21 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 464.21 Td (17,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 464.21 Td (CIBC, Dollarama, Second Cup) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 452.16 Td (Carrefour St. Hubert) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 452.16 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 452.16 Td (Longueuil) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 452.16 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 452.16 Td (14,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 452.16 Td (RBC, Magicuts, and space with leasing underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 433.21 Td (Carrefour Charlemagne) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 433.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 433.21 Td (Charlemagne) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 433.21 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.55 433.21 Td (8,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 433.21 Td (Leasing underway ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 421.21 Td (Place Nelligan) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 421.21 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 421.21 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.55 421.21 Td (5,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 421.21 Td (Sobeys) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 409.21 Td (Centre commercial Beaconsfield) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 409.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 409.21 Td (Beaconsfield) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 409.21 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.55 409.21 Td (5,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 409.21 Td (TD Bank) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 397.21 Td (Centre Kirkland) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 397.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 397.21 Td (Kirkland) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 397.21 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.55 397.21 Td (7,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 397.21 Td (SAQ, Second Cup) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 385.16 Td (Westmount Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 385.16 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 385.16 Td (Edmonton) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 385.16 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 385.16 Td (25,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 385.16 Td (Rexall, Wind Mobile, Calwood Medical Clinic, ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 377.16 Td (Medicine Shoppe Pharmacy, Woodcroft Medical ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 369.16 Td (Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 354.21 Td (Red Deer Village) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 354.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 354.21 Td (Red Deer) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 354.21 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 354.21 Td (19,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 354.21 Td (Canadian Tire) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 342.16 Td (McKenzie Towne Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 342.16 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 342.16 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 342.16 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 342.16 Td (13,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 342.16 Td (McKenzie Ortho, Servus Credit Union, various ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 334.21 Td (other tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 323.21 Td (Other) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 323.21 Td (31,000) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 310.58 Td (Major redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 296.16 Td (Chartwell Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 296.16 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 296.16 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 296.16 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 296.16 Td (85,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 296.16 Td (Bestco Food, CIBC, Dollarama, various other ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 288.21 Td (tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 277.16 Td (Appleby Village) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 277.16 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 277.16 Td (Burlington) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 277.16 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 277.16 Td (49,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 277.16 Td (Harvey's, Womens Fitness Clubs of Canada, Great ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 269.16 Td (Clips, various other tenants and space with leasing ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 261.21 Td (underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 250.21 Td (5051-5061 Yonge Street) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 250.21 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 250.21 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.15 250.21 Td (34,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 250.21 Td (Jack Astor's Bar and Grill, Michael's) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 238.16 Td (134, 146-150 Lakeshore Road W.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 238.16 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 238.16 Td (Oakville) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 238.16 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 238.16 Td (16,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 238.16 Td (Starbucks, Pizza Hut, Royal Cleaners, Bark n Fitz) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 219.21 Td (Carrefour Soumande) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 219.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 219.21 Td (Qubec City) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 219.21 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 219.21 Td (42,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 219.21 Td (Metro) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 207.16 Td (Deer Valley Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.10 207.16 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 207.16 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 207.16 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 207.16 Td (10,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 207.16 Td (CIBC, Deer Valley Health Foods, Medical Clinic ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 199.21 Td (and space with leasing underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 187.16 Td (Port Place Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 187.16 Td (Nanaimo) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 187.16 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.95 187.16 Td (6,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 187.16 Td (Starbucks and space with leasing underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 167.21 Td (Place Pointe-aux-Trembles) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 167.21 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 167.21 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.55 167.21 Td (7,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 167.21 Td (Tim Hortons) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 155.21 Td (Other) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.55 155.21 Td (4,000) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (32) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Development and redevelopment coming on line in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 228.70 694.45 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.49 694.45 Td (, continued:) Tj ET Q 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 55.5 683.95 m 199.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 55.5 665.95 m 199.5 665.95 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 683.95 m 230.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 665.95 m 230.5 665.95 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 683.95 m 282.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 665.95 m 282.5 665.95 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 282.5 683.95 m 323.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 282.5 665.95 m 323.5 665.95 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 683.95 m 366.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 665.95 m 366.5 665.95 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 683.95 m 378.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 665.95 m 378.5 665.95 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 683.95 m 555.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 665.95 m 555.5 665.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 55.5 459.95 m 199.5 459.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 55.5 444.95 m 199.5 444.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 459.95 m 230.5 459.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 444.95 m 230.5 444.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 459.95 m 282.5 459.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 444.95 m 282.5 444.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 282.5 459.95 m 323.5 459.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 282.5 444.95 m 323.5 444.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 459.95 m 366.5 459.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 444.95 m 366.5 444.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 459.95 m 378.5 459.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 444.95 m 378.5 444.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 459.95 m 555.5 459.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 444.95 m 555.5 444.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 55.5 413.95 m 199.5 413.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 55.5 398.95 m 199.5 398.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 413.95 m 230.5 413.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 398.95 m 230.5 398.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 413.95 m 282.5 413.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 398.95 m 282.5 398.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 282.5 413.95 m 323.5 413.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282.5 398.95 m 323.5 398.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 413.95 m 366.5 413.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 398.95 m 366.5 398.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 413.95 m 378.5 413.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 398.95 m 378.5 398.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 413.95 m 555.5 413.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 398.95 m 555.5 398.95 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 60.00 669.96 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 204.00 669.96 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.00 669.96 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 287.00 669.96 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 341.95 674.81 Td (Square ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.05 666.46 Td (Feet ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 357.83 668.91 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 383.00 669.96 Td (Major Tenants of Developed Space) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 58.00 655.28 Td (Ground-up development) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 60.00 642.86 Td (Leaside Village) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 209.60 640.86 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 640.86 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 640.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 334.30 640.86 Td (104,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 640.86 Td (CIBC, Longo's, Bulk Barn, Linen Chest, Pet ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 632.86 Td (Valu,Tim Hortons, The Beer Store, 5 Guys ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 624.86 Td (Burgers, various other tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 611.86 Td (Clairfield Commons \(Pergola Commons\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.60 611.86 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 611.86 Td (Guelph) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 611.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 334.30 611.86 Td (113,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 611.86 Td (Bank of Montreal, RBC, Cineplex, Goodlife ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 603.91 Td (Fitness, Dollarama, various other tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 592.86 Td (Rutherford Market Place) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.60 592.86 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 592.86 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.90 592.86 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 343.25 592.91 Td (5,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 592.86 Td (Booster Juice, My Sushi and space with leasing) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 584.91 Td (underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 573.86 Td (Carrefour St-David) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.60 573.86 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 573.86 Td (Qubec City) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 573.86 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 573.86 Td (15,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 573.86 Td (The Co-Operators, Optometrist and space with) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 565.91 Td (leasing underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 554.91 Td (Carrefour du Plateau-Grives) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.60 554.91 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 554.91 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 554.91 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 554.91 Td (10,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 554.91 Td (National Bank) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 58.00 542.28 Td (Acquisitions 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 527.91 Td (Shops at New West Station) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 527.91 Td (Vancouver) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 527.91 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 527.91 Td (38,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 527.91 Td (Various tenants and space with leasing underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 515.91 Td (Jardins Millen) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.60 515.91 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 515.91 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 515.91 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 515.91 Td (50,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 515.91 Td (IGA and other leasing underway) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 58.00 503.28 Td (Acquisitions 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 488.91 Td (9630 Macleod Trail) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 488.91 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.35 488.91 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.50 488.91 Td (13,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 488.91 Td (Fit 4 Less) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 58.00 476.91 Td (Other) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.95 476.91 Td (1,000) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 58.00 464.28 Td (Assets Held For Sale) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.80 464.21 Td (31,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 464.16 Td (Various tenants) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 60.00 449.16 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 334.05 449.16 Td (853,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 60.00 436.86 Td (Total development brought on line) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 334.05 434.91 Td (731,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.00 424.86 Td (Total other redevelopment brought) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.00 416.86 Td (on line) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 334.05 418.16 Td (122,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 334.05 403.16 Td (853,000) Tj ET Q BT /F2 10.00 Tf ET BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 54.00 389.70 Td (\(1\) ) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 387.25 Td (Includes new space in development projects.) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 377.50 Td (\(2\) ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 375.05 Td (Constructed in accordance with LEED standards.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 355.15 Td (Total development and redevelopment of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 193.74 355.15 Td (853,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 222.65 355.15 Td ( square feet was completed in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.23 355.15 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 344.02 355.15 Td ( compared with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.70 355.15 Td (514,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.62 355.15 Td ( square feet developed in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 515.19 355.15 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 532.99 355.15 Td (. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 341.25 Td (occupied space when transferred to income-producing shopping centres was leased at an average rental rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 433.62 341.25 Td ($23.88) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.09 341.25 Td ( per square foot. These ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 327.30 Td (successfully completed development projects illustrate the potential future value of investments in ongoing development initiatives that are not yet ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 313.40 Td (generating income, but are expected to contribute to the growth of the Company. The balance of the space brought on line is expected to be leased ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 299.45 Td (in the next ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 91.79 299.45 Td (12) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 100.69 299.45 Td ( months.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (33) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Highlights of the Companys current development projects underway include:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 683.95 m 196.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 671.95 m 196.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 683.95 m 228.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 196.5 671.95 m 228.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 683.95 m 303.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 671.95 m 303.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 683.95 m 356.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 303.5 671.95 m 356.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 683.95 m 409.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356.5 671.95 m 409.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 683.95 m 458.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 671.95 m 458.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 683.95 m 507.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 671.95 m 507.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 683.95 m 556.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 671.95 m 556.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.95 m 196.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 633.95 m 196.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 196.5 659.95 m 228.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 196.5 633.95 m 228.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 659.95 m 303.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 633.95 m 303.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 303.5 659.95 m 356.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 303.5 633.95 m 356.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356.5 659.95 m 409.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356.5 633.95 m 409.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 659.95 m 458.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 633.95 m 458.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 659.95 m 507.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 633.95 m 507.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 659.95 m 556.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 633.95 m 556.5 633.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 506.95 m 196.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 485.95 m 196.5 485.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 196.5 506.95 m 228.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196.5 485.95 m 228.5 485.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 228.5 506.95 m 303.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 485.95 m 303.5 485.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 303.5 506.95 m 356.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 485.95 m 356.5 485.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356.5 506.95 m 409.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 485.95 m 409.5 485.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 506.95 m 458.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 485.95 m 458.5 485.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 506.95 m 507.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 485.95 m 507.5 485.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 507.5 506.95 m 556.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 485.95 m 556.5 485.95 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 674.81 Td (As at December 31, 2012) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 662.81 Td (\(thousands of dollars, except for other data\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 637.96 Td (Property) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.00 637.96 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 233.00 637.96 Td (Major Tenants) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 317.20 650.81 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 334.30 643.81 Td (Under) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 314.10 636.81 Td (Development) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 387.95 650.81 Td (Target) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 372.55 643.81 Td (Completion) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 392.35 636.81 Td (Date) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.90 644.96 Td (Est. Cost incl.) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.40 637.96 Td (Land Total ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 449.82 640.41 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.30 644.96 Td (Investment) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 484.05 637.96 Td (Cost ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 498.83 640.41 Td (\(4\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 532.75 644.96 Td (Cost to) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.00 637.96 Td (Complete) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 623.28 Td (Same property with incremental redevelopment and expansion) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 608.91 Td (Gloucester City Centre, Gloucester, ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 608.91 Td (Various tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 328.80 608.91 Td (21,048) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 373.95 608.91 Td (Q4, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.00 608.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 608.91 Td (7,452) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.00 608.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 484.25 608.91 Td (2,439) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 608.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 608.91 Td (5,013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 596.86 Td (Eagleson Place, Ottawa, ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 207.10 596.86 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 596.86 Td (Goodlife Fitness,) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 588.91 Td (The Beer Store) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 328.80 596.91 Td (26,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 373.95 596.86 Td (Q2, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 596.91 Td (9,488) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 484.25 596.91 Td (7,675) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 596.91 Td (1,813) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 577.86 Td (Carrefour du Versant, Gatineau, QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 207.10 577.86 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 577.86 Td (CIBC, Second Cup,) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 569.91 Td (Dollarama) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 333.25 577.91 Td (6,900) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 373.95 577.86 Td (Q2, 2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 577.91 Td (2,085) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.95 577.91 Td (295) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 577.91 Td (1,790) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 558.91 Td (Place Nelligan, Gatineau, QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 558.91 Td (IGA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 328.80 558.91 Td (11,408) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 373.95 558.91 Td (Q3, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 558.91 Td (8,305) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 484.25 558.91 Td (4,114) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 558.91 Td (4,191) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 546.86 Td (Hunt Club Place, Ottawa, ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 199.95 546.86 Td (\(2\), \(3\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 546.86 Td (T&T Supermarket,) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 538.86 Td (TD Bank, Second) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 530.86 Td (Cup, Dollarama) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 328.80 546.91 Td (27,950) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 373.95 546.86 Td (Q4, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 546.91 Td (2,450) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 484.25 546.91 Td (1,381) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 546.91 Td (1,069) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 517.86 Td (Plaza Actuel/ Carrefour St. Hubert,) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 509.86 Td (Longueuil, QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.00 517.86 Td (St-Hubert BBQ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 328.80 517.91 Td (12,200) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 373.95 517.86 Td (Q3, 2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 517.91 Td (5,861) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.95 517.91 Td (858) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 517.91 Td (5,003) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 496.86 Td (Total same property with redevelopment ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 488.86 Td (and expansion) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 324.30 490.16 Td (106,006) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.00 490.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.80 490.21 Td (35,641) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.00 490.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.80 490.21 Td (16,762) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 490.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.80 490.21 Td (18,879) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 469.95000000000005 m 173.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 457.95000000000005 m 173.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 469.95000000000005 m 197.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 173.5 457.95000000000005 m 197.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 469.95000000000005 m 258.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 457.95000000000005 m 258.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 469.95000000000005 m 296.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 457.95000000000005 m 296.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 469.95000000000005 m 334.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 457.95000000000005 m 334.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 469.95000000000005 m 376.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 457.95000000000005 m 376.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 469.95000000000005 m 411.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 457.95000000000005 m 411.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 469.95000000000005 m 449.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 457.95000000000005 m 449.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 469.95000000000005 m 488.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 457.95000000000005 m 488.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 469.95000000000005 m 521.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 457.95000000000005 m 521.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 469.95000000000005 m 558.5 469.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 457.95000000000005 m 558.5 457.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 445.95000000000005 m 173.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 422.95000000000005 m 173.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 173.5 445.95000000000005 m 197.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 173.5 422.95000000000005 m 197.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 445.95000000000005 m 258.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 422.95000000000005 m 258.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 445.95000000000005 m 296.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 422.95000000000005 m 296.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 445.95000000000005 m 334.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 422.95000000000005 m 334.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 445.95000000000005 m 376.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 422.95000000000005 m 376.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 445.95000000000005 m 411.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 422.95000000000005 m 411.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 445.95000000000005 m 449.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 422.95000000000005 m 449.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 445.95000000000005 m 488.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 422.95000000000005 m 488.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 445.95000000000005 m 521.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 422.95000000000005 m 521.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 445.95000000000005 m 558.5 445.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 422.95000000000005 m 558.5 422.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 236.95000000000005 m 173.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 221.95000000000005 m 173.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 173.5 236.95000000000005 m 197.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 221.95000000000005 m 197.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 236.95000000000005 m 258.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 221.95000000000005 m 258.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 236.95000000000005 m 296.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 221.95000000000005 m 296.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 236.95000000000005 m 334.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 221.95000000000005 m 334.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 236.95000000000005 m 376.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 221.95000000000005 m 376.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 236.95000000000005 m 411.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 221.95000000000005 m 411.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 236.95000000000005 m 449.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 221.95000000000005 m 449.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 236.95000000000005 m 488.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 221.95000000000005 m 488.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 236.95000000000005 m 521.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 221.95000000000005 m 521.5 221.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 521.5 236.95000000000005 m 558.5 236.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.5 221.95000000000005 m 558.5 221.95000000000005 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 460.81 Td (As at December 31, 2012) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 448.81 Td (\(thousands of dollars, except for other data\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 57.00 426.76 Td (Property) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 179.00 426.76 Td (Note) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 200.00 426.76 Td (Major Tenants) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 281.20 432.76 Td (Total ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 262.30 426.76 Td (Square Feet) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 303.65 432.76 Td (Completed ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 300.30 426.76 Td (Square Feet) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 342.30 437.76 Td (Square Feet ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 356.95 431.76 Td (Under ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 339.65 425.76 Td (Development) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 392.50 437.76 Td (Target ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 379.30 431.76 Td (Completion ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.30 425.76 Td (Date) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 423.20 437.76 Td (Total Est. ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 422.65 431.76 Td (Cost incl. ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 427.25 425.76 Td (Land ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 441.59 427.86 Td (\(1\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 456.95 432.76 Td (Investment ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 467.90 426.76 Td (Cost ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 480.57 428.86 Td (\(1\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 492.95 437.76 Td (Estimated ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 500.65 431.76 Td (Cost to ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 494.00 425.76 Td (Complete) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 529.75 426.76 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 412.63 Td (Major Redevelopment ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 398.81 Td (Chartwell Shopping Centre,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 391.81 Td (Toronto, ON) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 180.70 398.81 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 398.81 Td (Bestco Food,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 391.81 Td (CIBC, BMO) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 268.00 398.81 Td (181,792) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 306.00 398.81 Td (141,732) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 351.80 398.81 Td (40,060) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.95 398.81 Td (Q1, 2014) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.00 398.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.80 398.81 Td (55,117) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 452.00 398.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.85 398.86 Td (47,562) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 491.00 398.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 500.75 398.86 Td (7,555) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 379.81 Td (5051-5061 Yonge St.,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 372.81 Td (Toronto, ON) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 379.81 Td (Michaels, Jack) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 372.81 Td (Astors) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 271.85 379.81 Td (37,279) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 309.85 379.81 Td (33,659) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 355.75 379.86 Td (3,620) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.95 379.81 Td (Q1, 2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.80 379.81 Td (27,246) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.85 379.86 Td (25,154) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 500.75 379.86 Td (2,092) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 360.81 Td (Carrefour Soumande, ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 353.81 Td (Qubec City, QC) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 180.70 360.81 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 360.81 Td (Super C, Bouclair) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 268.00 360.81 Td (121,568) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 306.00 360.81 Td (114,451) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 355.75 360.86 Td (7,117) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.95 360.81 Td (Q2, 2015) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.80 360.81 Td (21,331) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.85 360.86 Td (19,877) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 500.75 360.86 Td (1,454) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 341.81 Td (Centre Ville Mont-Royal,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 334.81 Td (Montreal, QC) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 180.70 341.81 Td (\(5\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 341.81 Td (Provigo, Shoppers) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 334.81 Td (Drug Mart) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 268.00 341.81 Td (103,952) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 306.00 341.81 Td (103,952) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 366.25 341.81 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.95 341.81 Td (Q3, 2015) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.80 341.81 Td (20,482) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.85 341.86 Td (20,482) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 511.30 341.86 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 322.81 Td (Broadmoor Shopping Centre &) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 315.81 Td (Residential, Richmond, BC) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 180.70 322.81 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 322.81 Td (Shoppers Drug) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 315.81 Td (Mart, RBC, Coast) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 308.86 Td (Capital) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 268.00 322.81 Td (115,167) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 309.85 322.81 Td (47,043) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 351.80 322.81 Td (68,124) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.95 322.81 Td (Q1, 2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.80 322.81 Td (57,065) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.85 322.86 Td (55,119) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 500.75 322.86 Td (1,946) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 297.81 Td (Deer Valley Shopping Centre,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 290.81 Td (Calgary, AB) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 180.70 297.81 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 297.81 Td (Walmart,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 290.81 Td (Shoppers Drug) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 283.81 Td (Mart, RBC, CIBC,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 276.86 Td (Liquor Depot) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 268.00 297.81 Td (211,352) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 306.00 297.81 Td (190,763) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 351.80 297.81 Td (20,589) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.95 297.81 Td (Q1, 2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.80 297.81 Td (52,319) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.85 297.86 Td (48,944) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 500.75 297.86 Td (3,375) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 265.81 Td (Port Place Shopping Centre,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 258.81 Td (Nanaimo, BC) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 180.70 265.81 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 265.81 Td (London Drugs,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 200.00 258.81 Td (CIBC, TD Bank) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 268.00 265.81 Td (154,945) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 306.00 265.81 Td (104,025) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 351.80 265.81 Td (50,920) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 379.95 265.81 Td (Q3, 2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.80 265.81 Td (56,608) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.85 265.86 Td (46,548) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 496.85 265.86 Td (10,060) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 246.81 Td (Properties near completion and pre-) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 239.81 Td (development projects) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 268.00 240.96 Td (504,002) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 306.00 240.96 Td (453,730) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 351.80 240.96 Td (50,272) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 401.25 240.96 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.00 241.01 Td (250,337) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 460.00 241.01 Td (246,747) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 500.75 241.01 Td (3,590) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 225.96 Td (Total major redevelopment) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 262.15 225.96 Td (1,430,057) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 300.15 225.96 Td (1,189,355) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 348.00 226.01 Td (240,702) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.00 225.96 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.00 226.01 Td (540,505) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 452.00 225.96 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 460.00 226.01 Td (510,433) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 491.00 225.96 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 496.85 226.01 Td (30,072) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.00 225.96 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.35 226.01 Td (543,184) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (34) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 701.5 m 160.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 701.5 m 184.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 701.5 m 246.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 701.5 m 285.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 701.5 m 324.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 701.5 m 369.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 701.5 m 409.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 701.5 m 446.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 701.5 m 485.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 701.5 m 522.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 701.5 m 557.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 689.5 m 160.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 160.5 689.5 m 184.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 184.5 689.5 m 246.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 689.5 m 285.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 689.5 m 324.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 689.5 m 369.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 369.5 689.5 m 409.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 689.5 m 446.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 689.5 m 485.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 689.5 m 522.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 522.5 689.5 m 557.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 677.5 m 160.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 653.5 m 160.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 160.5 677.5 m 184.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 160.5 653.5 m 184.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 184.5 677.5 m 246.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 184.5 653.5 m 246.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 677.5 m 285.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 653.5 m 285.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 677.5 m 324.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 653.5 m 324.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 677.5 m 369.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 653.5 m 369.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 369.5 677.5 m 409.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 369.5 653.5 m 409.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 677.5 m 446.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 653.5 m 446.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 677.5 m 485.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 653.5 m 485.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 677.5 m 522.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 653.5 m 522.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 522.5 677.5 m 557.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 522.5 653.5 m 557.5 653.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 441.5 m 522.5 441.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 441.5 m 160.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 426.5 m 160.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 160.5 441.5 m 184.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 160.5 426.5 m 184.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 184.5 441.5 m 246.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184.5 426.5 m 246.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 441.5 m 285.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 426.5 m 285.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 441.5 m 324.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 426.5 m 324.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 441.5 m 369.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 426.5 m 369.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 369.5 441.5 m 409.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 426.5 m 409.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 441.5 m 446.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 426.5 m 446.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 446.5 441.5 m 485.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 446.5 426.5 m 485.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 485.5 441.5 m 522.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 426.5 m 522.5 426.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 522.5 441.5 m 557.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522.5 426.5 m 557.5 426.5 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 692.36 Td (As at December 31, 2012) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 680.36 Td (\(thousands of dollars, except for other data\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 59.00 657.31 Td (Property) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 167.00 657.31 Td (Note) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 189.00 657.31 Td (Major Tenants) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 270.20 663.31 Td (Total) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 251.30 657.31 Td (Square Feet) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 293.65 663.31 Td (Completed ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 290.30 657.31 Td (Square Feet) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 335.30 669.31 Td (Square Feet ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 349.95 663.31 Td (Under ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 332.65 657.31 Td (Development) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 390.50 669.31 Td (Target ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 377.30 663.31 Td (Completion ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 394.30 657.31 Td (Date) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 420.20 669.31 Td (Total Est. ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 419.65 663.31 Td (Cost incl. ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 424.25 657.31 Td (Land ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 438.59 659.41 Td (\(1\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 453.95 663.31 Td (Investment ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 464.90 657.31 Td (Cost ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 477.57 659.41 Td (\(1\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 493.95 669.31 Td (Estimated ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 501.65 663.31 Td (Cost to ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 495.00 657.31 Td (Complete) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 528.75 657.31 Td (Fair Value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 642.83 Td (Ground-up Development) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 629.36 Td (Clairfield Commons) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 622.36 Td (\(Pergola Commons\),) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 615.36 Td (Guelph, ON) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 167.70 629.36 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 629.36 Td (Cineplex, BMO,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 622.36 Td (RBC, GoodLife) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 615.36 Td (Fitness,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 608.36 Td (Dollarama, JYSK,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 601.36 Td (Scotiabank,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 594.36 Td (Shoppers Drug) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 587.36 Td (Mart, Shoeless) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 580.36 Td (Joe's, Food Basics) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 256.70 629.36 Td (232,708) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 295.70 629.36 Td (213,168) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 344.55 629.36 Td (19,540) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 374.95 629.36 Td (Q1, 2014) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.00 629.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 422.20 629.36 Td (66,522) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 449.00 629.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.20 629.36 Td (62,565) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.00 629.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.10 629.41 Td (3,957) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 561.36 Td (Leaside Village,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 554.36 Td (Toronto, ON) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 167.70 561.36 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 561.36 Td (Longos, The Beer) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 554.36 Td (Store, CIBC, Pet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 547.36 Td (Valu, Linen Chest) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 256.70 561.36 Td (112,157) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 295.70 561.36 Td (104,690) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 348.45 561.36 Td (7,467) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 374.95 561.36 Td (Q1, 2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 422.20 561.36 Td (48,240) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.20 561.36 Td (45,626) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.10 561.41 Td (2,614) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 532.36 Td (Carrefour St. David,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 525.36 Td (Beauport, QC) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 167.70 532.36 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 532.36 Td (Metro, CIBC, TD) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 525.36 Td (Bank, National) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 518.36 Td (Bank, Starbucks,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 511.36 Td (Uniprix) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 256.70 532.36 Td (180,077) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 295.70 532.36 Td (170,341) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 348.45 532.36 Td (9,736) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 374.95 532.36 Td (Q2, 2014) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 422.20 532.36 Td (43,654) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.20 532.36 Td (40,583) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.10 532.41 Td (3,071) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 495.36 Td (Carrefour du Plateau Grives,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 488.36 Td (Gatineau, QC) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 167.70 495.36 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 495.36 Td (IGA, Jean-Coutu,) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 488.36 Td (Royal Bank) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 256.70 495.36 Td (146,641) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 299.55 495.36 Td (88,984) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 344.55 495.36 Td (57,657) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 374.95 495.36 Td (Q2, 2015) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 422.20 495.36 Td (40,010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.20 495.36 Td (28,925) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 498.20 495.36 Td (11,085) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 474.36 Td (Place Viau) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 467.36 Td (Montreal, QC) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 167.70 474.36 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 187.00 474.36 Td (Walmart) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 256.70 474.36 Td (468,544) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 295.70 474.36 Td (106,864) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 340.70 474.36 Td (361,680) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 374.95 474.36 Td (Q4, 2015) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 418.30 474.36 Td (143,840) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.20 474.36 Td (65,803) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 498.20 474.36 Td (78,037) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 452.36 Td (Property near completion and ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 445.36 Td (other) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 257.35 445.51 Td (213,864) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 296.35 445.51 Td (203,864) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 345.20 445.51 Td (10,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 385.50 445.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 418.30 445.51 Td (116,655) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 457.30 445.51 Td (115,723) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 507.95 445.51 Td (932) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 432.36 Td (Total ground-up development ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 145.82 434.81 Td (\(6\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.50 430.51 Td (1,353,991) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 295.70 430.51 Td (887,911) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 340.70 430.51 Td (466,080) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 399.65 430.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.00 430.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 418.30 430.51 Td (458,921) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 449.00 430.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 457.30 430.51 Td (359,225) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.00 430.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 498.20 430.51 Td (99,696) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.00 430.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.35 430.56 Td (401,783) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 418.70 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 416.60 Td (Includes costs for completed phases.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 408.25 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 406.15 Td (Constructed in accordance with LEED standards.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 397.80 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 63.00 395.70 Td (33%) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.01 395.70 Td ( interest owned by First Capital Realty. Costs include the Companys percentage only.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 387.35 Td (\(4\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 385.25 Td (Information included is for the current phase only. May also include facade, parking lot, lighting and signage upgrades completed concurrent with expansion activities.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 376.90 Td (\(5\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 374.80 Td (In pre-development phase, therefore no cost estimate is available at ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.02 374.80 Td (December31, 2012) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 287.37 374.80 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 354.90 Td (Costs to complete the development, redevelopment and expansion activities underway are estimated to be approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 463.82 354.90 Td ($160.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 512.73 354.90 Td ( including ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 341.00 Td ($11.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.46 341.00 Td ( related to the residential development inventory \(at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.04 341.00 Td (100%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.49 341.00 Td (\). In the management of its development and expansion program, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 327.05 Td (Company utilizes dedicated internal professional staff. Direct and incremental costs of development, including applicable salaries and other direct ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 313.15 Td (costs of internal staff, are capitalized to the cost of the property under development.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 293.20 Td (The Company has residential development underway at Broadmoor Shopping Centre in Richmond, British Columbia where it is constructing ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 529.20 293.20 Td (68) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 538.10 293.20 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 279.30 Td (luxury residential rental units above and adjacent to its retail space. The project is substantially complete with rental income expected to start in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 265.40 Td (Q2 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 83.80 265.40 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 245.45 Td (The Company currently has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 149.57 245.45 Td (813,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 178.48 245.45 Td ( square feet of retail and parking space that is planned with some buildings under construction. Individual ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 231.55 Td (buildings within a development are constructed only after obtaining commitments on a substantial portion of the space to be brought on line. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 217.60 Td (168,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.91 217.60 Td ( square feet of this planned space is subject to committed leases at a weighted average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.97 217.60 Td ($20.76) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.43 217.60 Td ( per square foot. The Company is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 203.70 Td (underway on a number of lease negotiations for the remaining planned space.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 180.30 Td (Main and Main Developments) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 166.40 Td (The Company has a joint venture \(Main and Main Developments\) with a private developer \(who is currently a partner in other joint ventures with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 152.45 Td (the Company\) to assemble urban sites primarily within the Cities of Toronto and Ottawa and to develop and operate them for retail and/or mixed-) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 138.55 Td (use. The private developer's team brings a skill set and focus to the assembly of sites which are much smaller than the Company's typical ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 124.60 Td (properties and are normally assembled via multiple adjacent parcel acquisitions often from private individuals. The Company has a 67% equity ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 110.70 Td (interest in and consolidates the activities of the joint venture in its consolidated financial statements. During 2012, Main and Main Developments ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 96.80 Td (completed the acquisition of two income producing properties with retail tenants and ten development land parcels in five new assembly projects ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 82.85 Td (and two existing assembly projects for $51 million. Since inception, the joint venture has completed acquisitions in fourteen assembly projects ) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (35) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (which have a fair value of approximately $97.8 million and has additional acquisitions underway. Each of the fourteen existing assemblies is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (located on a major street in the core of Toronto or Ottawa. The first development on one assembly in Toronto is currently in the predevelopment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (planning stage.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (Main and Main developments generally expects to partner with residential developers in executing value creation opportunities on sites with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (residential density and intends to retain the retail component on completion. The joint venture agreement currently contemplates up to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (approximately $125 million of acquisitions and development sites investment, including senior and mezzanine debt financing which the Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (has agreed to provide to the joint venture.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 576.00 Td (A summary of the Company's total investment properties at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 255.79 576.00 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 324.26 576.00 Td (, by component, is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 559.5 m 333.5 559.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 536.5 m 333.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 559.5 m 391.5 559.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 536.5 m 391.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 559.5 m 449.5 559.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 536.5 m 449.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 559.5 m 504.5 559.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 536.5 m 504.5 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 559.5 m 552.5 559.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 536.5 m 552.5 536.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 404.5 m 333.5 404.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 404.5 m 391.5 404.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 404.5 m 449.5 404.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 404.5 m 504.5 404.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 404.5 m 552.5 404.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 382.5 m 333.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 382.5 m 391.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 382.5 m 449.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 382.5 m 504.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 382.5 m 552.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 367.5 m 333.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 367.5 m 391.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 367.5 m 449.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 367.5 m 504.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 367.5 m 552.5 367.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 352.5 m 333.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 337.5 m 333.5 337.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 352.5 m 391.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 337.5 m 391.5 337.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 352.5 m 449.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 337.5 m 449.5 337.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 449.5 352.5 m 504.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 337.5 m 504.5 337.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 504.5 352.5 m 552.5 352.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 337.5 m 552.5 337.5 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 338.20 547.51 Td (Number of Sites/ ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 350.95 540.51 Td (Properties ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 382.83 542.96 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 396.05 547.51 Td (Square Feet ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 433.79 549.96 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 438.92 547.51 Td ( ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 440.86 549.96 Td (\(3\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 446.00 547.51 Td ( ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 403.20 540.51 Td (\(in thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.15 547.51 Td (Cost) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 466.35 540.51 Td (\(in millions\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 519.55 547.51 Td (Fair Value) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 514.35 540.51 Td (\(in millions\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 525.83 Td (Shopping centres income-producing) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 374.95 525.76 Td (175) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.80 525.76 Td (24,969) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 452.00 525.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.25 525.76 Td (5,444) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 510.83 Td (Shopping centres with development activities ) Tj ET Q BT /F4 8.00 Tf ET BT /F4 4.80 Tf ET q 0 0 0 rg BT 217.66 513.63 Td (\(4\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 496.46 Td (Same property with incremental redevelopment and expansion) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.80 496.46 Td (6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 496.46 Td (106) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.40 496.46 Td (17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 484.46 Td (Major redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 379.40 484.46 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 484.46 Td (241) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.40 484.46 Td (83) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 472.46 Td (Ground-up development) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.80 472.46 Td (6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 472.46 Td (466) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.40 472.46 Td (80) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 459.83 Td (Land parcels) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 445.46 Td (Land parcels adjacent to/part of existing properties) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 379.40 445.46 Td (33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 445.46 Td (839) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.40 445.46 Td (87) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 433.46 Td (Land parcels adjacent to/part of existing properties available for expansion) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.80 433.46 Td (3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 437.40 433.46 Td (27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.25 433.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 421.46 Td (Property held for redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.80 421.46 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.95 421.46 Td (331) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.40 421.46 Td (55) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 409.06 Td (Other development related costs) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 380.25 408.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 438.25 408.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.40 408.71 Td (11) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 394.18 Td (Total shopping centres with development activities or) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 66.00 386.18 Td (potential development activities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 379.40 386.71 Td (65) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.25 386.76 Td (2,010) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.95 386.76 Td (333) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 386.71 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 372.03 Td (Total shopping centres) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 452.00 371.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.25 371.76 Td (5,777) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 507.00 372.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 372.46 Td (6,903) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 357.03 Td (Development land) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 379.40 356.71 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.25 356.76 Td (2,329) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.95 356.76 Td (131) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.95 357.46 Td (135) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 342.03 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 452.00 341.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.25 341.76 Td (5,908) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 507.00 342.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 342.46 Td (7,038) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 326.65 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 324.55 Td (Square feet is net of co-ownership interests for shopping centres with development activities and development land.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 316.20 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 314.10 Td (Property counts of shopping centres undergoing development activities are included in the total property count for income-producing shopping-centres of ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 453.06 314.10 Td (175) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 463.07 314.10 Td (.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 305.75 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 303.65 Td (Includes both municipally approved developable square feet and square feet the Company expects to be approved.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 295.35 Td (\(4\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 293.25 Td (Includes cost for phases under development only. Aggregate cost of the Companys investment under development are approximately ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 402.70 293.25 Td ($530 million) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 434.38 293.25 Td (, which includes shopping centres with ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 282.80 Td (development activities or potential of approximately ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 194.00 282.80 Td ($333 million) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 225.68 282.80 Td (, development land of approximately ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 319.36 282.80 Td ($131 million) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 351.03 282.80 Td ( and residential development inventory of approximately ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 494.04 282.80 Td ($66 million) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 522.38 282.80 Td ( \(see below\).) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (36) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 692.25 Td (Residential Development Inventory ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 681.75 m 206.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 669.75 m 206.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 681.75 m 245.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 669.75 m 245.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 681.75 m 286.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245.5 669.75 m 286.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 681.75 m 324.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 669.75 m 324.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 681.75 m 363.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 669.75 m 363.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 681.75 m 409.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 669.75 m 409.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 681.75 m 440.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 669.75 m 440.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 681.75 m 478.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 669.75 m 478.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 681.75 m 513.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 669.75 m 513.5 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 681.75 m 558.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 669.75 m 558.5 669.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 657.75 m 206.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 632.75 m 206.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 657.75 m 245.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 632.75 m 245.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245.5 657.75 m 286.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245.5 632.75 m 286.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 657.75 m 324.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 632.75 m 324.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 657.75 m 363.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 632.75 m 363.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 657.75 m 409.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 632.75 m 409.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 657.75 m 440.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 632.75 m 440.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 657.75 m 478.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 632.75 m 478.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 657.75 m 513.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 632.75 m 513.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 657.75 m 558.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 632.75 m 558.5 632.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 593.75 m 206.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 578.75 m 206.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 593.75 m 245.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 578.75 m 245.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 245.5 593.75 m 286.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 578.75 m 286.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 593.75 m 324.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 578.75 m 324.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 593.75 m 363.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 578.75 m 363.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 363.5 593.75 m 409.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 578.75 m 409.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 593.75 m 440.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 578.75 m 440.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 593.75 m 478.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 578.75 m 478.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 478.5 593.75 m 513.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478.5 578.75 m 513.5 578.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 593.75 m 558.5 593.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 578.75 m 558.5 578.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 672.61 Td (As at December 31, 2012) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 660.61 Td (\(thousands of dollars, except for other data\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 57.00 636.56 Td (Property) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 219.50 636.56 Td (Note) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 255.65 648.56 Td (Number of ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 253.95 642.56 Td (Units being ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 252.30 636.56 Td (Constructed) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 293.65 648.56 Td (Number of ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 307.65 642.56 Td (Units) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 300.00 636.56 Td (Pre-sold) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 333.30 642.56 Td (% of Units ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 339.00 636.56 Td (Pre-sold) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 390.50 648.56 Td (Target ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 377.30 642.56 Td (Completion ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 394.30 636.56 Td (Date) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 414.20 648.56 Td (Total Est. ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 413.65 642.56 Td (Cost incl. ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 424.30 636.56 Td (Land) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 446.95 642.56 Td (Investment ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 457.90 636.56 Td (Cost ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 470.57 638.66 Td (\(5\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 484.95 648.56 Td (Estimated ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 490.00 642.56 Td (Costs to ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 486.00 636.56 Td (Complete) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 542.95 648.56 Td (Debt) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 527.65 642.56 Td (Funded by) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 516.55 636.56 Td (Third Parties ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 550.55 638.66 Td (\(4\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 623.61 Td (Shops at King Liberty \(Fuzion\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.70 623.61 Td (\(1\) \(2\) \(6\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 271.30 623.61 Td (249) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 309.30 623.61 Td (249) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 339.20 623.61 Td (100.0) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 356.75 623.61 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 377.95 623.61 Td (Q1, 2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.00 623.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 416.20 623.61 Td (52,547) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 443.00 623.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 454.20 623.61 Td (41,104) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 481.00 623.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.20 623.61 Td (11,443) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 516.00 623.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.20 623.61 Td (39,070) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 611.61 Td (Shops at King Liberty \(KingsClub\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 221.20 611.61 Td (\(3\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 269.75 611.61 Td (TBD) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 309.30 611.61 Td (184) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 346.75 611.61 Td (TBD) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 372.90 611.61 Td (2015/2016) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 430.65 611.61 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 454.20 611.61 Td (18,944) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 503.65 611.61 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 611.66 Td (7,145) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 597.76 Td (Land held as inventory) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 430.65 597.76 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 458.05 597.76 Td (5,843) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 503.65 597.76 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.65 597.76 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 443.00 582.76 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 454.20 582.76 Td (65,891) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 570.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 568.80 Td (The development includes ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 131.68 568.80 Td (10,000) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 150.03 568.80 Td ( square feet of retail space. Estimated cost and investment cost excludes the retail space, which is accounted for as investment property.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 560.45 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 558.35 Td (Under development.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 550.05 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 547.95 Td (Site preparation and pre-sale phase.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 539.60 Td (\(4\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 537.50 Td (The Company has a construction facility with a Canadian chartered bank which provides for up to ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 311.39 537.50 Td ($45 million) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 339.72 537.50 Td ( of construction costs, maturing ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 421.40 537.50 Td (December31, 2013) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 472.76 537.50 Td (, with a per annum interest ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 527.05 Td (rate of either \(i\) prime plus ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 132.34 527.05 Td (1.15%) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 149.35 527.05 Td (, or \(ii\) bankers acceptance rate plus ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 245.80 527.05 Td (2.15%) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 262.81 527.05 Td (, against which ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 302.48 527.05 Td ($29.7 million) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 335.82 527.05 Td ( has been drawn at ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 386.18 527.05 Td (December31, 2012) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 437.53 527.05 Td (. In addition, the Company has a ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 521.89 527.05 Td ($16.5 ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 516.60 Td (million) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 79.66 516.60 Td ( loan bearing interest at an effective rate of ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 189.35 516.60 Td (1%) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 198.02 516.60 Td ( per annum relating to residential development inventory.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 508.25 Td (\(5\) ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 506.15 Td (The Company's residential development inventory comprises the construction and sale of residential condominium units. The Company will recognize revenue from the sale of residential units ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 495.75 Td (upon substantial completion. The Company considers substantial completion for each residential unit to be the point in which the purchaser has paid all amounts due on interim closing has ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 485.30 Td (the right to occupy the premises, has demonstrated collectability of the balance due at closing, and has received an undertaking from the Company to be assigned title in due course, or when ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 474.85 Td (title has transferred. ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 466.50 Td (\(6\) ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0 0 0 rg BT 63.00 466.50 Td ( ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 64.00 464.40 Td (Includes four non-sellable guest suites.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 444.50 Td (The Company has a joint venture with a Toronto-based condominium developer to develop its residential density project at Shops at King Liberty in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 430.55 Td (Toronto. The Company has a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 153.29 430.55 Td (50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 169.30 430.55 Td ( interest in the joint venture and consolidates the activities of the joint venture in its financial results. The project ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 416.65 Td (includes two phases: Fuzion and KingsClub. Fuzion consists of ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 268.27 416.65 Td (249) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 281.61 416.65 Td ( residential units \(245 sellable and 4 non-sellable guest suites\) in a condominium ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 402.75 Td (tower and approximately 10,000 square feet of retail based on First Capital Realty's entitlements. The Company has the option to acquire the retail ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 388.80 Td (space from the joint venture. Occupancy for the Fuzion residential units is scheduled to start in Q1 2013 and registration and closing is expected by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 374.90 Td (Q4 2013. The second phase, KingsClub, was launched to the market in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 310.98 374.90 Td (fourth quarter of 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 386.13 374.90 Td (. Management expects that there will be ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 360.95 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 360.95 Td (130,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 132.24 360.95 Td ( square feet of retail in this phase and more than ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 298.95 360.95 Td (650) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.29 360.95 Td ( residential units for sale or rental once entitlements are completed, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 347.05 Td (based on current market and site conditions. The expected timing for occupancy is estimated to be 2015 with unit closings in 2016. Site preparation ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 333.15 Td (and excavation has started for KingsClub and a new sales centre has opened at 1071 King Street that will serve the project.) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (37) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 692.25 Td (2011) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 77.44 692.25 Td ( Investment Property Development and Redevelopment Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (In ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 62.90 672.35 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.69 672.35 Td (, development of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 139.37 672.35 Td (471,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.28 672.35 Td ( square feet was brought on line with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.99 672.35 Td (411,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.90 672.35 Td ( square feet leased at an average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 461.26 672.35 Td ($25.63) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 485.72 672.35 Td ( per square foot; ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 658.40 Td (43,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.47 658.40 Td ( square feet was re-opened following redevelopment at an average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 327.84 658.40 Td ($21.39) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 352.30 658.40 Td ( per square foot. Development and redevelopment in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 644.50 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.79 644.50 Td ( included the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 634 m 189.5 634 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 622 m 189.5 622 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 634 m 224.5 634 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 189.5 622 m 224.5 622 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 634 m 285.5 634 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 224.5 622 m 285.5 622 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 634 m 323.5 634 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 622 m 323.5 622 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 634 m 376.5 634 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 622 m 376.5 622 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 634 m 400.5 634 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 622 m 400.5 622 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 634 m 558.5 634 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 622 m 558.5 622 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 205 m 189.5 205 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 190 m 189.5 190 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 189.5 205 m 224.5 205 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 190 m 224.5 190 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 224.5 205 m 285.5 205 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 190 m 285.5 190 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 205 m 323.5 205 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 190 m 323.5 190 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 205 m 376.5 205 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 190 m 376.5 190 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 376.5 205 m 400.5 205 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 190 m 400.5 190 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 205 m 558.5 205 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 190 m 558.5 190 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 624.86 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 199.50 624.86 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 227.00 624.86 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 291.15 624.86 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 330.10 624.86 Td (Square Feet ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 367.84 627.31 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 403.00 624.86 Td (Major tenants of Developed Space) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 611.68 Td (Same property with incremental) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 603.68 Td (redevelopment and expansion) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 590.96 Td (York Mills Gardens) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 590.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 590.96 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 590.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 590.96 Td (22,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 590.96 Td (Shoppers Drug Mart) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 578.96 Td (Loblaws Plaza) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 578.96 Td (Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 578.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 578.96 Td (13,950) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 578.96 Td (Dollar Giant) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 566.96 Td (Hunt Club Place) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 195.60 566.96 Td (\(2\) \(3\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 566.96 Td (Ottawa) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 566.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 566.96 Td (11,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 566.96 Td (Various tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 554.96 Td (Burlingwood Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 554.96 Td (Burlington) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 554.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 554.96 Td (6,150) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 554.96 Td (Pharma Plus) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 542.96 Td (Cedarbrae Mall) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 542.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 542.96 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 542.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 542.96 Td (5,600) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 542.96 Td (Royal Bank of Canada) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 530.96 Td (La Porte de Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 530.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 530.96 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 530.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 530.96 Td (10,800) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 530.96 Td (Tim Hortons) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 518.96 Td (Galeries de Repentigny) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 518.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 518.96 Td (Repentigny) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 518.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 518.96 Td (6,800) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 518.96 Td (Laurentian Bank) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 506.96 Td (Plaza Delson) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 506.96 Td (Delson) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 506.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 506.96 Td (6,600) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 506.96 Td (Loblaws, Pharmaprix) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 494.96 Td (Carrefour St-Hubert) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 494.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 494.96 Td (St-Hubert) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 494.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 494.96 Td (5,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 494.96 Td (CIBC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 482.96 Td (Other space various properties) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 482.96 Td (82,350) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 470.33 Td (Major redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 455.96 Td (Appleby Village) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 455.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 455.96 Td (Burlington) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 455.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 455.96 Td (63,400) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 455.96 Td (LCBO, Home Hardware, Dollarama) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 443.96 Td (Carrefour Soumande) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 443.96 Td (Quebec) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 443.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 443.96 Td (7,800) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 443.96 Td (Bouclair) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 431.96 Td (Deer Valley Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 431.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 431.96 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 431.96 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 431.96 Td (14,600) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 431.96 Td (Royal Bank of Canada, Liquor Barn) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 419.96 Td (Port Place Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 419.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 419.96 Td (Nanaimo) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 419.96 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 419.96 Td (28,200) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 419.96 Td (CIBC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 407.91 Td (Broadmoor Shopping Centre &) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 399.91 Td (Residential) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 407.91 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 407.91 Td (Richmond) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 407.91 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 407.91 Td (26,700) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 407.91 Td (Shoppers Drug Mart) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 386.96 Td (Semiahmoo Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 386.96 Td (Surrey) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 386.96 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 386.96 Td (18,400) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 386.96 Td (Shoppers Drug Mart) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 374.33 Td (Ground-up development) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 359.21 Td (Rutherford Marketplace) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 359.21 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 359.21 Td (Vaughan) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 359.21 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.80 359.26 Td (47,800) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 359.21 Td (LA Fitness) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 344.96 Td (Clairfield Commons) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 344.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 344.96 Td (Guelph) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 344.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 344.96 Td (9,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 344.96 Td (Royal Bank of Canada) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 332.96 Td (Carrefour du Plateau Grives) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 332.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 332.96 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 332.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 332.96 Td (50,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 332.96 Td (IGA \(Sobeys\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 320.96 Td (Carrefour St. David) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 320.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 320.96 Td (Beauport) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 320.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 320.96 Td (18,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 320.96 Td (SAQ, Banque Nationale) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 308.33 Td (Dispositions) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 293.96 Td (Brantford Commons) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 293.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 293.96 Td (Brantford) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 293.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 293.96 Td (18,150) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 293.96 Td (Beer Store, Shoeless Joes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 281.96 Td (West Lethbridge Town Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 281.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 281.96 Td (Lethbridge) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 281.96 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 281.96 Td (6,300) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 281.96 Td (CIBC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 269.96 Td (Coronation Mall) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 269.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 269.96 Td (Duncan) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 269.96 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 269.96 Td (4,800) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 269.96 Td (Vancouver Island Health Authority) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 257.33 Td (Assets Held For Sale) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 242.96 Td (Bowmanville Mall) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 242.96 Td (Bowmanville) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.40 242.96 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 242.96 Td (5,300) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 242.96 Td (Royal Bank of Canada) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 230.96 Td (Carrefour des Forges) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.60 230.96 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 230.96 Td (Drummondville) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 230.96 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.50 230.96 Td (16,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 230.96 Td (Dollarama, Banque Nationale) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 218.96 Td (Cole Harbour) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.00 218.96 Td (Cole Harbour) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.85 218.96 Td (NS) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 352.95 218.96 Td (7,300) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.00 218.96 Td (Various tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 344.05 194.21 Td (514,000) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 182.15 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 180.05 Td (Includes new space in development projects and redevelopment and expansion projects.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 171.70 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 169.60 Td (Constructed in accordance with LEED certification standards.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 161.25 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 62.00 159.15 Td (33%) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 74.01 159.15 Td ( interest owned by the Company.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (38) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 692.25 Td (Expenditures on Investment Properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 678.35 Td (Revenue sustaining and enhancing expenditures on investment properties are as follows:) Tj ET Q 0.21176470588235294 0.20392156862745098 0.20784313725490197 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 667.85 m 438.5 667.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 655.85 m 438.5 655.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 667.85 m 498.5 667.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 655.85 m 498.5 655.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.85 m 558.5 667.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 655.85 m 558.5 655.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 643.85 m 438.5 643.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 643.85 m 498.5 643.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 643.85 m 558.5 643.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 583.85 m 438.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 568.85 m 438.5 568.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 583.85 m 498.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 568.85 m 498.5 568.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 583.85 m 558.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 568.85 m 558.5 568.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 479.10 658.71 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 645.76 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.85 646.51 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.00 646.71 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 633.81 Td (Revenue sustaining) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 633.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 633.58 Td (19,933) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 633.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 633.81 Td (17,240) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 621.81 Td (Revenue enhancing) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.40 621.58 Td (51,089) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 621.81 Td (25,038) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 609.81 Td (Expenditures recoverable from tenants) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.30 609.58 Td (8,706) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 609.81 Td (4,796) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 597.81 Td (Property repositioning and other items) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 597.58 Td (6,073) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 597.81 Td (1,952) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 585.81 Td (Development expenditures) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.50 585.58 Td (239,809) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 585.81 Td (178,359) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 573.06 Td (Total) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 573.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 573.23 Td (325,610) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 573.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 573.11 Td (227,385) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.40 Td (Expenditures on investment properties by property categorization are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 538.9 m 438.5 538.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 538.9 m 498.5 538.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 538.9 m 558.5 538.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 526.9 m 438.5 526.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 514.9 m 438.5 514.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 526.9 m 498.5 526.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 514.9 m 498.5 514.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 526.9 m 558.5 526.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 514.9 m 558.5 514.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 406.9 m 438.5 406.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 391.9 m 438.5 391.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 406.9 m 498.5 406.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 391.9 m 498.5 391.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 406.9 m 558.5 406.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 391.9 m 558.5 391.9 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 479.10 529.76 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 516.81 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 475.00 517.56 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.00 517.76 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 504.86 Td (Same property - stable) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 504.63 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 504.63 Td (38,131) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 504.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 504.86 Td (25,524) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 492.86 Td (Same property with incremental redevelopment and expansion) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 492.63 Td (80,206) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 492.86 Td (60,349) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 480.86 Td (Major redevelopment) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 480.63 Td (69,111) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 480.86 Td (64,595) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 468.86 Td (Ground-up development) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 468.63 Td (94,246) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 468.86 Td (57,132) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 456.86 Td (Acquisitions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 456.63 Td (8,022) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 456.86 Td (2,159) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 444.86 Td (Acquisitions 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 444.63 Td (14,204) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 444.86 Td (5,661) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 432.86 Td (Investment properties classified as held for sale) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 432.63 Td (13,350) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 432.86 Td (1,473) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 420.86 Td (Dispositions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 420.63 Td (1,556) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 420.86 Td (5,983) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 408.86 Td (Development land) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 408.63 Td (6,784) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 408.86 Td (4,509) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 396.11 Td (Total) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 396.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 396.28 Td (325,610) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 396.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 396.16 Td (227,385) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 372.50 Td (Revenue sustaining capital expenditures are expenditures required for maintaining shopping centre infrastructure and revenues from current leases. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 358.55 Td (Typically, these expenditures range from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 192.39 358.55 Td ($0.74 to $0.83) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.09 358.55 Td ( per square foot per annum over a longer term with a three-year weighted average of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 529.80 358.55 Td ($0.78) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 549.82 358.55 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 344.65 Td (per square foot, for the three years ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 196.70 344.65 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 265.17 344.65 Td (. Revenue sustaining costs for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 381.64 344.65 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 490.12 344.65 Td ( totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 519.02 344.65 Td ($0.83) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.04 344.65 Td ( per ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 330.75 Td (square foot on an annualized basis compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.92 330.75 Td ($0.77) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.94 330.75 Td ( per square foot on an annualized basis for 2011. Over the past three years the Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 316.80 Td (increased its expenditures on roof and parking lot replacements at several of its shopping centres, which will reduce its ongoing maintenance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 302.90 Td (expenditures at these centres going forward.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 282.95 Td (Revenue enhancing including repositioning expenditures are those expenditures which increase the revenue generating ability of the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 269.05 Td (shopping centres. Management considers the potential effects on occupancy and future rents per square foot, development activities, the time ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 255.15 Td (leasable space has been vacant and other factors when assessing whether an expenditure is revenue enhancing or sustaining. Revenue enhancing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 241.20 Td (expenditures increased from the prior year due to facade work performed on several of the Companys shopping centres.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (39) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 686.25 Td (2012) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.44 686.25 Td ( Leasing and Occupancy) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (Occupancy comparing the Companys properties by their categorization as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 315.80 672.35 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 384.28 672.35 Td ( for the periods is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 658.85 m 258.5 658.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 658.85 m 308.5 658.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 658.85 m 358.5 658.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 658.85 m 408.5 658.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 658.85 m 458.5 658.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 658.85 m 508.5 658.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 658.85 m 558.5 658.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 644.85 m 258.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 616.85 m 258.5 616.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 644.85 m 308.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 616.85 m 308.5 616.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 644.85 m 358.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 616.85 m 358.5 616.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 644.85 m 408.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 616.85 m 408.5 616.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 644.85 m 458.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 616.85 m 458.5 616.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 644.85 m 508.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 616.85 m 508.5 616.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 644.85 m 558.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 616.85 m 558.5 616.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 542.85 m 258.5 542.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 527.85 m 258.5 527.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 542.85 m 308.5 542.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 527.85 m 308.5 527.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 542.85 m 358.5 542.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 527.85 m 358.5 527.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 542.85 m 408.5 542.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 527.85 m 408.5 527.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 542.85 m 458.5 542.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 527.85 m 458.5 527.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 542.85 m 508.5 542.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 527.85 m 508.5 527.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 542.85 m 558.5 542.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 527.85 m 558.5 527.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 488.85 m 258.5 488.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 473.85 m 258.5 473.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 488.85 m 308.5 488.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 473.85 m 308.5 473.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 488.85 m 358.5 488.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 473.85 m 358.5 473.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 488.85 m 408.5 488.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 473.85 m 408.5 473.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 488.85 m 458.5 488.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 473.85 m 458.5 473.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 488.85 m 508.5 488.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 473.85 m 508.5 473.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 488.85 m 558.5 488.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 473.85 m 558.5 473.85 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 342.20 648.96 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 648.86 Td (December 31, 2011) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 635.71 Td (\(square feet in thousands, except other data\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 290.30 634.96 Td (Total ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 276.20 627.96 Td (Occupied ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 268.25 620.96 Td (Square Feet) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 317.85 620.96 Td (% Occupied) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 379.10 634.96 Td (Rate per ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 376.20 627.96 Td (Occupied ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 368.25 620.96 Td (Square Foot) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 441.25 634.86 Td (Total) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 426.60 627.86 Td (Occupied ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.20 620.86 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 468.40 620.86 Td (% Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.70 634.86 Td (Rate per ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.60 627.86 Td (Occupied ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 519.20 620.86 Td (Square Foot) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 606.81 Td (Same property stable) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 278.40 606.58 Td (11,742) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 606.58 Td (97.5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 606.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 606.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 606.58 Td (17.42) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.80 606.81 Td (11,678) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 606.81 Td (97.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 606.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 606.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 606.81 Td (17.01) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 594.76 Td (Same property with incremental redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 586.81 Td (and expansion) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 589.18 Td (4,756) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 589.18 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 589.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 589.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 589.18 Td (17.81) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 589.11 Td (4,513) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 589.11 Td (96.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 589.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 589.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 589.11 Td (17.19) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 574.81 Td (Major redevelopment) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 283.30 574.58 Td (1,462) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 574.58 Td (93.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 574.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 574.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 574.58 Td (19.29) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 574.81 Td (1,426) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 574.81 Td (91.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 574.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 574.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 574.81 Td (17.19) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 562.06 Td (Ground-up development) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 290.60 562.18 Td (826) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 562.18 Td (95.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 562.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 562.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 562.18 Td (22.75) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.95 562.11 Td (533) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 562.11 Td (97.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 562.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 562.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 562.11 Td (21.19) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 547.06 Td (Investment properties classified as held for sale) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 283.30 547.18 Td (1,425) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 547.18 Td (93.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 547.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 547.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 547.18 Td (13.72) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 547.11 Td (1,437) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 547.11 Td (94.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 547.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 547.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 547.11 Td (13.18) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 532.06 Td (Total portfolio before acquisitions and dispositions) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.40 532.18 Td (20,211) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 532.18 Td (96.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 532.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 532.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 532.18 Td (17.60) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.80 532.11 Td (19,587) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 532.11 Td (96.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 532.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 532.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 532.11 Td (16.90) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 517.81 Td (Acquisitions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 517.58 Td (2,167) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 517.58 Td (91.5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 517.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 517.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 517.58 Td (16.74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 517.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.85 517.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 517.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 517.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 505.81 Td (Acquisitions 2011 ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 505.58 Td (1,495) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.70 505.58 Td (92.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.85 505.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 505.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 505.58 Td (17.33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 505.81 Td (1,558) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 505.81 Td (94.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 505.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 505.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 505.81 Td (17.13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 493.06 Td (Dispositions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 297.30 493.18 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 342.80 493.18 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 493.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 493.18 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 493.11 Td (1,206) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 493.11 Td (96.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.85 493.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 493.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 493.11 Td (15.71) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 478.06 Td (Total) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.40 478.18 Td (23,873) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.70 478.18 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.85 478.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 361.00 478.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 478.18 Td (17.51) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 430.80 478.11 Td (22,351) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 485.25 478.11 Td (96.2) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 500.85 478.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 511.00 478.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 478.11 Td (16.81) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 454.40 Td (Changes in the Companys gross leasable area and occupancy are set out below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 443.9 m 197.5 443.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 443.9 m 244.5 443.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 443.9 m 287.5 443.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 424.9 m 287.5 424.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 443.9 m 320.5 443.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 424.9 m 320.5 424.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 443.9 m 370.5 443.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 424.9 m 370.5 424.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 443.9 m 400.5 443.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 424.9 m 400.5 424.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 443.9 m 443.5 443.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 424.9 m 443.5 424.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 443.9 m 471.5 443.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 424.9 m 471.5 424.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 443.9 m 511.5 443.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 443.9 m 554.5 443.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 412.9 m 197.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 424.9 m 244.5 424.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 412.9 m 244.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 412.9 m 287.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 412.9 m 320.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 412.9 m 370.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 412.9 m 400.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 412.9 m 443.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 412.9 m 471.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 412.9 m 511.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 412.9 m 554.5 412.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 313.9 m 197.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 313.9 m 244.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 313.9 m 287.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 313.9 m 320.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 313.9 m 370.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 313.9 m 400.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 313.9 m 443.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 313.9 m 471.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 313.9 m 511.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 313.9 m 554.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 313.9 m 197.5 313.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 266.9 m 197.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 251.89999999999998 m 197.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 266.9 m 244.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 251.89999999999998 m 244.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 266.9 m 287.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 251.89999999999998 m 287.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 266.9 m 320.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 251.89999999999998 m 320.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 266.9 m 370.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 251.89999999999998 m 370.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 266.9 m 400.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 251.89999999999998 m 400.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 266.9 m 443.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 251.89999999999998 m 443.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 266.9 m 471.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 251.89999999999998 m 471.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 266.9 m 511.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 251.89999999999998 m 511.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 266.9 m 554.5 266.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 251.89999999999998 m 554.5 251.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 227.89999999999998 m 197.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 227.89999999999998 m 244.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 227.89999999999998 m 287.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 227.89999999999998 m 320.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 227.89999999999998 m 370.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 227.89999999999998 m 400.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 227.89999999999998 m 443.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 227.89999999999998 m 471.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 227.89999999999998 m 511.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 227.89999999999998 m 554.5 227.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 208.89999999999998 m 197.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 185.89999999999998 m 197.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 208.89999999999998 m 244.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 185.89999999999998 m 244.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 208.89999999999998 m 287.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 244.5 185.89999999999998 m 287.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 208.89999999999998 m 320.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 287.5 185.89999999999998 m 320.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 208.89999999999998 m 370.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 320.5 185.89999999999998 m 370.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 208.89999999999998 m 400.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 185.89999999999998 m 400.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 208.89999999999998 m 443.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 400.5 185.89999999999998 m 443.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 208.89999999999998 m 471.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 185.89999999999998 m 471.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 208.89999999999998 m 511.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 185.89999999999998 m 511.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 208.89999999999998 m 554.5 208.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 185.89999999999998 m 554.5 185.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 170.89999999999998 m 197.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 170.89999999999998 m 244.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244.5 170.89999999999998 m 287.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 170.89999999999998 m 320.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 170.89999999999998 m 370.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 170.89999999999998 m 400.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 170.89999999999998 m 443.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 170.89999999999998 m 471.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 170.89999999999998 m 511.5 170.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 170.89999999999998 m 554.5 170.89999999999998 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 416.91 Td (Year ended December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 227.25 434.76 Td (Total ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 205.20 427.76 Td (Square Feet ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 267.80 434.76 Td (Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 264.10 427.76 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 326.55 434.76 Td (Under Redevelopment) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 342.10 427.76 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 425.40 434.76 Td (Vacant) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.60 427.76 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 423.91 Td (No. of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 487.75 416.91 Td (Leases) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.70 430.91 Td (Rate per) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 522.60 423.91 Td (Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 515.20 416.91 Td (Square Foot) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 205.60 415.76 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 248.60 415.76 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 300.35 415.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 331.60 415.76 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 381.85 415.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.60 415.76 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 453.85 415.76 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 402.63 Td (December 31, 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 214.40 402.63 Td (23,227) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 257.40 402.63 Td (22,351) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 295.70 402.63 Td (96.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 312.85 402.63 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 352.55 402.63 Td (127) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 380.55 402.63 Td (0.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.85 402.63 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.55 402.63 Td (749) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.55 402.63 Td (3.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.85 402.63 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.00 402.63 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 524.85 402.63 Td (16.81) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 390.77 Td (Tenant openings) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 233.25 390.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 270.95 390.86 Td (685) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.25 390.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 424.25 390.86 Td (\(685) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.30 390.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.95 390.86 Td (231) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 390.86 Td (18.92) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 378.77 Td (Tenant closures) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 233.25 378.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 268.25 378.86 Td (\(741) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.30 378.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.25 378.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.95 378.86 Td (741) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.25 378.86 Td (\(243) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 508.30 378.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.15 378.86 Td (\(16.04) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.85 378.86 Td (\)) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 366.77 Td (Closures for redevelopment) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 233.25 366.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 268.25 366.86 Td (\(206) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.30 366.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 353.95 366.86 Td (190) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 431.40 366.86 Td (16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.70 366.86 Td (\(47) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 508.30 366.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.15 366.86 Td (\(14.76) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.85 366.86 Td (\)) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 354.77 Td (Developments coming on line) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 227.95 354.86 Td (731) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 270.95 354.86 Td (600) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.25 354.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.95 354.86 Td (131) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.95 354.86 Td (167) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 354.86 Td (25.24) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 342.77 Td (Redevelopments coming on line) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 233.25 342.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 270.95 342.86 Td (122) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 351.25 342.86 Td (\(106) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.30 342.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.70 342.86 Td (\(16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.30 342.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.40 342.86 Td (27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 342.86 Td (17.20) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 330.77 Td (Demolitions) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 225.25 330.86 Td (\(173) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 241.30 330.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 276.25 330.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 351.25 330.86 Td (\(173) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.30 330.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.25 330.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.25 330.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 538.85 330.86 Td () Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 318.22 Td (Reclassification) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 232.35 318.46 Td (16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 275.40 318.16 Td (14) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 353.95 318.16 Td (134) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 424.25 318.16 Td (\(132) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.30 318.11 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.25 318.11 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 538.85 318.16 Td () Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 303.22 Td (Total portfolio before dispositions) Tj ET Q BT /F10 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 295.22 Td (and acquisitions) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 216.75 295.11 Td (23,801) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 259.80 295.16 Td (22,825) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.25 295.16 Td (95.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 312.85 295.11 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 353.95 295.16 Td (172) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.70 295.11 Td (0.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.85 295.11 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.95 295.16 Td (804) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 452.70 295.11 Td (3.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 463.85 295.11 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 514.00 295.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 295.16 Td (17.40) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 280.77 Td (Dispositions \(at date of disposition\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 218.60 280.86 Td (\(1,087) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 241.30 280.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 261.60 280.86 Td (\(1,054) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.30 280.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.25 280.86 Td (97.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 312.85 280.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.25 280.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.70 280.86 Td (\(33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.30 280.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.25 280.86 Td (\(191) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 508.30 280.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.15 280.86 Td (\(14.16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.85 280.86 Td (\)) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 268.77 Td (Acquisitions \(at date of acquisition\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 221.25 268.86 Td (2,255) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.25 268.86 Td (2,102) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 297.25 268.86 Td (93.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 312.85 268.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.25 268.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.95 268.86 Td (153) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.95 268.86 Td (741) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 268.86 Td (16.94) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 256.23 Td (December 31, 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 214.40 256.43 Td (24,969) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 257.40 256.23 Td (23,873) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 295.70 256.43 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 312.85 256.43 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 352.55 256.23 Td (172) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 380.55 256.43 Td (0.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.85 256.43 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.55 256.23 Td (924) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.55 256.43 Td (3.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.85 256.43 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 514.00 256.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 524.85 256.28 Td (17.51) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 241.77 Td (Renewals) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 264.25 241.86 Td (1,301) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.95 241.86 Td (393) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 514.00 241.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 241.86 Td (18.65) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 229.77 Td (Renewals expired) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 261.60 229.86 Td (\(1,301) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.30 229.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.25 229.86 Td (\(393) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 508.30 229.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 514.00 229.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.15 229.86 Td (\(16.95) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.85 229.86 Td (\)) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 217.72 Td (Net increase per square foot) Tj ET Q BT /F10 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 209.77 Td (from renewals) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 514.00 215.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 215.51 Td (1.70) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 198.22 Td (% Increase on renewal of ) Tj ET Q BT /F10 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 190.22 Td (expiring rents) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 531.25 194.51 Td (10.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.85 194.46 Td (%) Tj ET Q BT /F10 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 175.22 Td (% Increase in rate per square foot openings versus all closures) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 531.25 175.16 Td (18.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.85 175.11 Td (%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 85 0 obj <> endobj 86 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (40) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (For the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 120.24 694.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 188.72 694.45 Td (, gross new leasing totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 281.61 694.45 Td (1,407,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 317.20 694.45 Td ( square feet including development and redevelopment spaces ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (coming on line. This gross new leasing will generate additional minimum rent of approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 374.03 680.50 Td ($30.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 418.48 680.50 Td (. The Company achieved a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 513.17 680.50 Td (10.0%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.85 680.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (increase on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.34 666.60 Td (1,301,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.92 666.60 Td ( square feet of renewal leases over the expiring lease rates.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (The average rate per occupied square foot increased to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.92 646.65 Td ($17.40) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.39 646.65 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.06 646.65 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 346.54 646.65 Td ( before acquisitions and dispositions from total portfolio of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td ($16.81) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.47 632.75 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 89.14 632.75 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 157.61 632.75 Td ( as a result of leasing and development activity. Management believes that the weighted average rental rate per ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (square foot for the portfolio would be in the range of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 231.39 618.85 Td ($21.50 to $23.50) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 290.99 618.85 Td (, if the portfolio were at market. The Company continues to seek well-) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (located properties in urban markets with below market rent for future value creation activities. The weighted average lease term for the portfolio is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (5.9) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 65.12 591.00 Td ( years at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.78 591.00 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 164.26 591.00 Td (, excluding options in favour of tenants.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 571.05 Td (Portfolio occupancy at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.35 571.05 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.82 571.05 Td ( of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 210.49 571.05 Td (95.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 233.17 571.05 Td ( compares to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.40 571.05 Td (96.2%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.08 571.05 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.75 571.05 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 381.22 571.05 Td (. Included in the vacant square feet amount is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 557.15 Td (172,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.91 557.15 Td ( square feet of space under redevelopment providing potential for future income growth.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 537.25 Td (In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.93 537.25 Td (October ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.86 537.25 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.66 537.25 Td (, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.14 537.25 Td (Blockbuster ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.85 537.25 Td (Canada ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 184.89 537.25 Td (\(Blockbuster\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 240.03 537.25 Td (filed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.52 537.25 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.67 537.25 Td (bankruptcy ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.16 537.25 Td (and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.31 537.25 Td (24) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 332.21 537.25 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.47 537.25 Td (Blockbuster ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 377.18 537.25 Td (stores ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 399.43 537.25 Td (closed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 423.47 537.25 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 431.95 537.25 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 444.88 537.25 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 484.47 537.25 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 520.51 537.25 Td (in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 528.99 537.25 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 546.78 537.25 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 523.30 Td (representing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.13 523.30 Td (117,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.04 523.30 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 128.95 523.30 Td (square ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 153.96 523.30 Td (feet ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.31 523.30 Td (and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 183.11 523.30 Td ($2.5 ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 200.59 523.30 Td (million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 222.80 523.30 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 224.71 523.30 Td (annual ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 249.73 523.30 Td (minimum ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 284.08 523.30 Td (rent. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.54 523.30 Td (Of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 311.00 523.30 Td (these ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 331.13 523.30 Td (closures, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 363.25 523.30 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 375.83 523.30 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 409.73 523.30 Td (has ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 423.64 523.30 Td (received ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 453.98 523.30 Td (firm ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.21 523.30 Td (commitments ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 517.33 523.30 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 528.12 523.30 Td (leases ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 509.40 Td (for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 65.32 509.40 Td (31) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 74.22 509.40 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.65 509.40 Td (tenants, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.21 509.40 Td (representing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.87 509.40 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 200.41 509.40 Td (97,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 224.87 509.40 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.31 509.40 Td (square ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 252.85 509.40 Td (feet ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.74 509.40 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 283.07 509.40 Td (annual ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.62 509.40 Td (minimum ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.50 509.40 Td (rent ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.27 509.40 Td (of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 367.93 509.40 Td ($2.8 ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 385.93 509.40 Td (million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 408.15 509.40 Td (. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 412.81 509.40 Td (Of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 422.80 509.40 Td (these ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 443.46 509.40 Td (commitments, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 494.33 509.40 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 503.23 509.40 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 505.66 509.40 Td (tenants ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 533.00 509.40 Td (have ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.45 Td (taken ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.42 495.45 Td (occupancy ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 115.06 495.45 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 125.36 495.45 Td (of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 134.33 495.45 Td (December31, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 185.54 495.45 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 203.33 495.45 Td (. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 208.30 495.45 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 223.95 495.45 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.70 495.45 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 266.77 495.45 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 275.74 495.45 Td (various ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.48 495.45 Td (stages ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.56 495.45 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 335.53 495.45 Td (negotiations ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.73 495.45 Td (with ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 395.26 495.45 Td (tenants ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 422.90 495.45 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 434.10 495.45 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.52 495.45 Td (remaining ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 484.04 495.45 Td (space ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 506.79 495.45 Td (representing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.55 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 481.55 Td (20,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.79 481.55 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.02 481.55 Td (square ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.35 481.55 Td (feet. ) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 458.15 Td (2011) Tj ET Q BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.44 458.15 Td ( Leasing and Occupancy) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 444.25 Td (Changes in the Companys gross leasable area and occupancy are set out below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 433.75 m 199.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 433.75 m 246.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 433.75 m 289.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 414.75 m 289.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 433.75 m 324.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 414.75 m 324.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 433.75 m 374.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 414.75 m 374.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 433.75 m 404.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 414.75 m 404.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 433.75 m 447.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 414.75 m 447.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 433.75 m 475.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 414.75 m 475.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 433.75 m 515.5 433.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 433.75 m 558.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 402.75 m 199.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 414.75 m 246.5 414.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 402.75 m 246.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 402.75 m 289.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 402.75 m 324.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 402.75 m 374.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 402.75 m 404.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 402.75 m 447.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 402.75 m 475.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 402.75 m 515.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 515.5 402.75 m 558.5 402.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 303.75 m 199.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 303.75 m 246.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 303.75 m 289.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 303.75 m 324.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 303.75 m 374.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 303.75 m 404.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 303.75 m 447.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 303.75 m 475.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 303.75 m 515.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 515.5 303.75 m 558.5 303.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 257.75 m 199.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 242.75 m 199.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 257.75 m 246.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 242.75 m 246.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 257.75 m 289.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 242.75 m 289.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 257.75 m 324.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 242.75 m 324.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 257.75 m 374.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 242.75 m 374.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 257.75 m 404.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 242.75 m 404.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 257.75 m 447.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 242.75 m 447.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 257.75 m 475.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 242.75 m 475.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 257.75 m 515.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 242.75 m 515.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 515.5 257.75 m 558.5 257.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 515.5 242.75 m 558.5 242.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 215.75 m 199.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 215.75 m 246.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 215.75 m 289.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 215.75 m 324.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 215.75 m 374.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 215.75 m 404.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 215.75 m 447.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 215.75 m 475.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 215.75 m 515.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 515.5 215.75 m 558.5 215.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 200.75 m 199.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 200.75 m 246.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 200.75 m 289.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 200.75 m 324.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 200.75 m 374.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 200.75 m 404.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 200.75 m 447.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 200.75 m 475.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 200.75 m 515.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 515.5 200.75 m 558.5 200.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 185.75 m 199.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 172.75 m 199.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 199.5 185.75 m 246.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 199.5 172.75 m 246.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 246.5 185.75 m 289.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 172.75 m 289.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 289.5 185.75 m 324.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 172.75 m 324.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 324.5 185.75 m 374.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 172.75 m 374.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 374.5 185.75 m 404.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 172.75 m 404.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 185.75 m 447.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 172.75 m 447.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 447.5 185.75 m 475.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 172.75 m 475.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 475.5 185.75 m 515.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 172.75 m 515.5 172.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 515.5 185.75 m 558.5 185.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 515.5 172.75 m 558.5 172.75 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 406.76 Td (Year ended December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 229.25 424.61 Td (Total ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 207.20 417.61 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 270.80 424.61 Td (Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 267.10 417.61 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 330.55 424.61 Td (Under Redevelopment) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 346.10 417.61 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 429.40 424.61 Td (Vacant) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.60 417.61 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 494.10 413.76 Td (No. of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 491.75 406.76 Td (Leases) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.70 420.76 Td (Rate per) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.60 413.76 Td (Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 519.20 406.76 Td (Square Foot) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 205.65 405.61 Td ( \(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 250.60 405.61 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 314.75 405.61 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 335.60 405.61 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.75 405.61 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 408.60 405.61 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.75 405.61 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 392.48 Td (December 31, 2010) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 216.40 392.48 Td (21,624) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 259.40 392.48 Td (20,852) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 299.70 392.48 Td (96.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 316.85 392.48 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.55 392.48 Td (126) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.55 392.48 Td (0.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.85 392.48 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 429.55 392.48 Td (646) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.55 392.48 Td (3.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.85 392.48 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.00 392.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.85 392.48 Td (16.35) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 380.71 Td (Tenant openings) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 235.25 380.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 272.95 380.71 Td (666) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 363.25 380.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.25 380.71 Td (\(666) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 444.30 380.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.95 380.71 Td (238) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.85 380.71 Td (19.43 ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 549.09 383.51 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 368.71 Td (Tenant closures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 235.25 368.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 270.25 368.71 Td (\(694) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.30 368.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 363.25 368.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.95 368.71 Td (694) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.25 368.71 Td (\(231) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.30 368.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.55 368.71 Td (\(18.62\) ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 549.12 371.51 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 356.71 Td (Closures for redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 235.25 356.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 270.25 356.71 Td (\(328) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.30 356.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 357.95 356.71 Td (328) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.25 356.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.70 356.71 Td (\(69) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.30 356.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 356.71 Td (\(11.16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 356.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 344.71 Td (Developments coming on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 229.95 344.71 Td (471) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 272.95 344.71 Td (411) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 363.25 344.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.40 344.71 Td (60) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.95 344.71 Td (118) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 344.71 Td (25.63) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 332.71 Td (Redevelopments coming on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 235.25 332.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 277.40 332.71 Td (43) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.70 332.71 Td (\(43) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 371.30 332.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.25 332.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.40 332.71 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 332.71 Td (21.39) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 320.71 Td (Demolitions) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.25 320.71 Td (\(334) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.30 320.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 278.25 320.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 355.25 320.71 Td (\(330) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 371.30 320.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 437.15 320.71 Td (\(4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 444.30 320.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 504.25 320.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 320.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 307.96 Td (Reclassification) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 231.70 307.96 Td (\(69) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.30 307.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.70 307.96 Td (\(71) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.30 307.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 362.40 307.96 Td (14) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.70 308.01 Td (\(12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 444.30 307.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 504.25 307.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 308.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 293.66 Td (Total portfolio before dispositions and) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 285.66 Td (acquisitions) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 218.75 285.96 Td (21,692) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 261.80 286.01 Td (20,879) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 301.25 286.01 Td (96.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 316.85 285.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 362.40 285.96 Td (95) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.70 285.96 Td (0.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 396.85 285.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 430.95 286.01 Td (718) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 456.70 285.96 Td (3.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 467.85 285.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 286.01 Td (16.86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 271.71 Td (Dispositions \(at date of disposition\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 227.25 271.71 Td (\(139) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.30 271.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 270.25 271.71 Td (\(135) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.30 271.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 301.25 271.71 Td (97.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 316.85 271.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 363.25 271.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 437.15 271.71 Td (\(4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 444.30 271.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.70 271.71 Td (\(36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.30 271.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 271.71 Td (\(19.88) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 271.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 259.71 Td (Acquisitions \(at date of acquisition\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.25 259.71 Td (1,674) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 266.25 259.71 Td (1,607) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 301.25 259.71 Td (96.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 316.85 259.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 362.40 259.71 Td (32) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.40 259.71 Td (35) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.95 259.71 Td (475) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 259.71 Td (16.34) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 247.08 Td (December 31, 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 216.40 247.08 Td (23,227) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 259.40 247.08 Td (22,351) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 299.70 247.08 Td (96.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 316.85 247.08 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.55 247.08 Td (127) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.55 247.08 Td (0.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.85 247.08 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 429.55 247.08 Td (749) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.55 247.08 Td (3.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.85 247.08 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 518.00 247.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.85 247.13 Td (16.81) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 232.71 Td (Renewals) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 266.25 232.71 Td (1,402) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 363.25 232.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.25 232.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.95 232.71 Td (325) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.00 232.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 232.71 Td (15.73) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 219.96 Td (Renewals expired) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 263.60 219.96 Td (\(1,402) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.30 219.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 363.25 219.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.25 219.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.25 220.01 Td (\(325) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.30 219.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.00 219.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 219.96 Td (\(14.31) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 219.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 204.96 Td (Net increase per square foot from renewals) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.00 204.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 205.01 Td (1.42) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 189.96 Td (% Increase on renewal of expiring rents) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 189.96 Td (9.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 189.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 175.66 Td (% Increase in rate per square foot openings versus all closures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 175.71 Td (22.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 175.66 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 164.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 162.80 Td (Excluding temporary tenant openings and closings at a major redevelopment site totalling ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 290.36 162.80 Td (88,000) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.71 162.80 Td ( square feet. Opening and closing rates per square foot would be ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.41 162.80 Td ($16.99 and $16.89) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 524.12 162.80 Td ( ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 152.35 Td (including these temporary tenants.) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (41) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (For the year ended December 31, 2011, gross new leasing totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 281.61 694.45 Td (1,120,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 317.20 694.45 Td ( square feet including development and redevelopment space ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (coming on line. This gross new leasing will generate additional annual minimum rent of approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 399.37 680.50 Td ($22.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 443.83 680.50 Td (. The Company achieved a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (9.9%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.23 666.60 Td ( increase on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 115.79 666.60 Td (1,402,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 151.38 666.60 Td ( square feet of renewal leases over the expiring lease rates. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (The weighted average rate per occupied square foot increased to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 275.38 646.65 Td ($16.86) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 299.85 646.65 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 310.52 646.65 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.99 646.65 Td ( before acquisitions and dispositions from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.67 646.65 Td ($16.35) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 546.14 646.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.45 632.75 Td (December31, 2010) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.92 632.75 Td ( as a result of leasing and development activity.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.85 Td (Portfolio occupancy at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.35 612.85 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.82 612.85 Td ( of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 210.49 612.85 Td (96.2%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 233.17 612.85 Td ( compares to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.40 612.85 Td (96.4%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.08 612.85 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.75 612.85 Td (December31, 2010) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 381.22 612.85 Td (. Included in the vacant amount is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 499.04 612.85 Td (127,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 527.96 612.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 598.90 Td (square feet of space under redevelopment providing potential for future income growth.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 579.00 Td (Average rental rate per occupied square foot for tenant openings, development and redevelopment coming on line, and renewals during the year ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 565.05 Td (ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 77.57 565.05 Td (December 31) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 123.80 565.05 Td ( by region are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 554.55 m 318.5 554.55 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 534.55 m 318.5 534.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 554.55 m 378.5 554.55 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 534.55 m 378.5 534.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 554.55 m 438.5 554.55 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 534.55 m 438.5 534.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 554.55 m 498.5 554.55 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 534.55 m 498.5 534.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 554.55 m 558.5 554.55 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 534.55 m 558.5 534.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 507.55 m 318.5 507.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 507.55 m 378.5 507.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 507.55 m 438.5 507.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 507.55 m 498.5 507.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 507.55 m 558.5 507.55 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 538.41 Td (\(per occupied square foot\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 354.00 545.41 Td (Central) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 354.35 538.41 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.80 545.41 Td (Eastern) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.35 538.41 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.00 545.41 Td (Western) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 474.35 538.41 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.25 538.41 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 524.51 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 524.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 355.25 524.51 Td (21.04) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 524.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.25 524.51 Td (16.34) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 524.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 524.51 Td (22.82) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 524.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 524.51 Td (20.11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 511.76 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 511.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 355.25 511.81 Td (18.63) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 511.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.25 511.81 Td (12.11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 511.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 511.81 Td (23.88) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 511.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 511.81 Td (17.77) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 488.15 Td (Average estimated operating cost recoveries and realty tax recoveries during the year ended ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 365.12 488.15 Td (December 31) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.36 488.15 Td ( by region are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 477.65 m 318.5 477.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 454.65 m 318.5 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 477.65 m 378.5 477.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 454.65 m 378.5 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 477.65 m 438.5 477.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 454.65 m 438.5 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 477.65 m 498.5 477.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 454.65 m 498.5 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 477.65 m 558.5 477.65 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 454.65 m 558.5 454.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 425.65 m 318.5 425.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 425.65 m 378.5 425.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 425.65 m 438.5 425.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 425.65 m 498.5 425.65 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 425.65 m 558.5 425.65 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 458.66 Td (\(per occupied square foot\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 354.00 465.66 Td (Central) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 354.35 458.66 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.80 465.66 Td (Eastern) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.35 458.66 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.00 465.66 Td (Western) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 474.35 458.66 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.25 458.66 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 444.56 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 444.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.70 444.61 Td (8.92) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 444.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.70 444.61 Td (6.90) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 444.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.70 444.61 Td (7.98) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 444.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 444.61 Td (8.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 429.86 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 429.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 359.70 429.91 Td (8.59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 429.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.70 429.91 Td (6.93) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 429.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.70 429.91 Td (7.68) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 429.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 429.91 Td (7.87) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 89 0 obj <> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (42) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 687.30 Td (Top Forty Tenants) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 673.35 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.34 673.35 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.81 673.35 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.26 673.35 Td (54.4%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.94 673.35 Td ( of the Companys annualized minimum rent came from its top 40 tenants \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 413.65 673.35 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 482.12 673.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 490.57 673.35 Td (56.0%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 513.25 673.35 Td (\). Of those ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 659.45 Td (rents, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.34 659.45 Td (81.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.02 659.45 Td ( in the top 40 are from tenants who have investment grade credit ratings and who represent many of Canadas leading supermarket ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 645.55 Td (operators, drugstore chains, discount retailers, banks and other familiar shopping destinations. Furthermore, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 422.49 645.55 Td (44.4%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 445.17 645.55 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 450.06 645.55 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 518.54 645.55 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 631.60 Td (46.1%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.68 631.60 Td (\) of the Companys total annualized minimum rents came from tenants with investment grade credit ratings.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 615.1 m 76.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 590.1 m 76.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 615.1 m 198.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 76.5 590.1 m 198.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 615.1 m 243.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 590.1 m 243.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 615.1 m 297.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 590.1 m 297.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 615.1 m 349.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 590.1 m 349.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 615.1 m 402.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 349.5 590.1 m 402.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 615.1 m 452.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 590.1 m 452.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 615.1 m 502.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 590.1 m 502.5 590.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 615.1 m 552.5 615.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 502.5 590.1 m 552.5 590.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 467.1 m 76.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 452.1 m 76.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 76.5 467.1 m 198.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 76.5 452.1 m 198.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 467.1 m 243.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 452.1 m 243.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 467.1 m 297.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 452.1 m 297.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 467.1 m 349.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 452.1 m 349.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 349.5 467.1 m 402.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 349.5 452.1 m 402.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 467.1 m 452.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 452.1 m 452.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 467.1 m 502.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 452.1 m 502.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 502.5 467.1 m 552.5 467.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 502.5 452.1 m 552.5 452.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 89.10000000000002 m 76.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 74.10000000000002 m 76.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 76.5 89.10000000000002 m 198.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 76.5 74.10000000000002 m 198.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 89.10000000000002 m 243.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 74.10000000000002 m 243.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 89.10000000000002 m 297.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 74.10000000000002 m 297.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 89.10000000000002 m 349.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 74.10000000000002 m 349.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 349.5 89.10000000000002 m 402.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 74.10000000000002 m 402.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 89.10000000000002 m 452.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 74.10000000000002 m 452.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 452.5 89.10000000000002 m 502.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 74.10000000000002 m 502.5 74.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 502.5 89.10000000000002 m 552.5 89.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 74.10000000000002 m 552.5 74.10000000000002 l s BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 593.91 Td (Tenant) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 219.00 599.91 Td (Number) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 216.30 593.91 Td ( of Stores) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 263.30 599.91 Td (Square Feet) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 257.30 593.91 Td (\(in thousands\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 303.25 605.91 Td (Percent of Total ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 303.80 599.91 Td (Gross Leasable ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 317.15 593.91 Td (Area) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 355.75 605.91 Td (Percent of Total) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 361.30 599.91 Td (Annualized) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 356.45 593.91 Td (Minimum Rent) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 410.95 599.91 Td (DBRS Credit ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 418.80 593.91 Td (Rating) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 463.15 599.91 Td (S&P Credit ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 468.80 593.91 Td (Rating) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 516.50 599.91 Td (Moodys) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 510.45 593.91 Td (Credit Rating) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 64.00 580.06 Td (1) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 580.06 Td (Shoppers Drug Mart) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 580.06 Td (73) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.25 580.06 Td (1,067) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 580.06 Td (4.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 580.06 Td (6.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.20 580.06 Td (A \(low\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.55 580.06 Td (BBB+) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 570.01 Td (2) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 568.06 Td (Sobeys) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 568.06 Td (51) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.25 568.06 Td (1,816) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 568.06 Td (7.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 568.06 Td (6.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.95 568.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 467.65 568.06 Td (BBB-) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 558.01 Td (3) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 556.06 Td (Loblaws) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 556.06 Td (29) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.25 556.06 Td (1,455) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 556.06 Td (5.8%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 556.06 Td (4.2%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.95 556.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.95 556.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 546.01 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 544.06 Td (Metro) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 544.06 Td (31) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.25 544.06 Td (1,224) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 544.06 Td (4.9%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 544.06 Td (3.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.95 544.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.95 544.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 534.01 Td (5) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 532.06 Td (Canadian Tire) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 532.06 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 532.06 Td (893) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 532.06 Td (3.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 532.06 Td (3.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 407.85 532.06 Td (BBB \(high\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.55 532.06 Td (BBB+) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 522.01 Td (6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 520.06 Td (Walmart) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 520.06 Td (16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.25 520.06 Td (1,520) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 520.06 Td (6.1%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 520.06 Td (2.8%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.10 520.06 Td (AA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.10 520.06 Td (AA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 520.06 Td (Aa2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 510.01 Td (7) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 508.06 Td (TD Canada Trust) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 508.06 Td (46) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 508.06 Td (252) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 508.06 Td (1.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 508.06 Td (2.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.10 508.06 Td (AA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.75 508.06 Td (AA-) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 508.06 Td (Aa1) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 498.01 Td (8) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 496.06 Td (RBC Royal Bank) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 496.06 Td (47) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 496.06 Td (257) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 496.06 Td (1.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 496.06 Td (2.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.10 496.06 Td (AA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.75 496.06 Td (AA-) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 496.06 Td (Aa3) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 486.01 Td (9) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 484.06 Td (CIBC) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 484.06 Td (37) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 484.06 Td (210) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 484.06 Td (0.8%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 484.06 Td (1.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.10 484.06 Td (AA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.15 484.06 Td (A+) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 484.06 Td (Aa3) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 474.01 Td (10) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 472.01 Td (Rona) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 471.31 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 471.31 Td (421) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 471.31 Td (1.7%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 471.31 Td (1.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 409.65 471.31 Td (BBB \(low\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 467.65 471.31 Td (BBB-) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 456.31 Td (Sub-total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 226.95 456.31 Td (362) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.25 456.36 Td (9,115) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.65 456.31 Td (36.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 364.15 456.31 Td (33.3%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 444.01 Td (11) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 442.06 Td (LCBO) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 442.06 Td (22) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 442.06 Td (213) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 442.06 Td (0.9%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 442.06 Td (1.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.75 442.06 Td (AA \(low\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.75 442.06 Td (AA-) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 442.06 Td (Aa1) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 432.01 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 430.06 Td (Safeway) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 430.06 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 430.06 Td (384) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 430.06 Td (1.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 430.06 Td (1.2%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.95 430.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.95 430.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.10 430.06 Td (Baa2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 420.01 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 418.06 Td (Dollarama) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 418.06 Td (35) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 418.06 Td (339) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 418.06 Td (1.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 418.06 Td (1.2%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 408.01 Td (14) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 406.06 Td (Staples) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 406.06 Td (14) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 406.06 Td (328) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 406.06 Td (1.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 406.06 Td (1.1%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.95 406.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.10 406.06 Td (Baa2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 396.01 Td (15) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 394.06 Td (Goodlife Fitness) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 394.06 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 394.06 Td (297) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 394.06 Td (1.2%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 394.06 Td (1.1%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 384.01 Td (16) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 382.06 Td (Scotiabank) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 382.06 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 382.06 Td (132) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 382.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 382.06 Td (1.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.10 382.06 Td (AA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.15 382.06 Td (A+) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 382.06 Td (Aa2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 372.01 Td (17) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 370.06 Td (Rexall) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 370.06 Td (20) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 370.06 Td (159) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 370.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 370.06 Td (1.0%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 360.01 Td (18) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 358.06 Td (BMO) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 358.06 Td (26) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 358.06 Td (121) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 358.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 358.06 Td (0.9%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.10 358.06 Td (AA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.15 358.06 Td (A+) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 358.06 Td (Aa3) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 348.01 Td (19) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 346.06 Td (London Drugs) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 346.06 Td (8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 346.06 Td (216) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 346.06 Td (0.9%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 346.06 Td (0.9%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 336.01 Td (20) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 334.06 Td (Tim Hortons) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 334.06 Td (50) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 334.06 Td (139) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 334.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 334.06 Td (0.8%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.20 334.06 Td (A \(low\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 324.01 Td (21) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 322.06 Td (Alberta Health Services) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 322.06 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 322.06 Td (164) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 322.06 Td (0.7%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 322.06 Td (0.7%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.65 322.06 Td (AAA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.65 322.06 Td (AAA) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.65 322.06 Td (AAA) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 312.01 Td (22) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 310.06 Td (Starbucks) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 310.06 Td (44) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 310.06 Td (74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 310.06 Td (0.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 310.06 Td (0.7%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.20 310.06 Td (A-) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.10 310.06 Td (Baa3) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 300.01 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 298.06 Td (Longo's) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 298.06 Td (3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 298.06 Td (126) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 298.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 298.06 Td (0.7%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 288.01 Td (24) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 286.06 Td (Save-On-Foods) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 286.06 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 286.06 Td (200) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 286.06 Td (0.8%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 286.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 276.01 Td (25) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 274.06 Td (Jean Coutu) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 274.06 Td (11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 274.06 Td (150) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 274.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 274.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 264.01 Td (26) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 262.06 Td (Subway) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 262.06 Td (70) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 262.06 Td (84) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 262.06 Td (0.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 262.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 252.01 Td (27) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 250.06 Td (SAQ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 250.06 Td (22) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 250.06 Td (105) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 250.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 250.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.40 250.06 Td (A \(high\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.15 250.06 Td (A+) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 250.06 Td (Aa2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 240.01 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 238.06 Td (Hudson's Bay Company) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 238.06 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 238.06 Td (253) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 238.06 Td (1.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 238.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 228.01 Td (29) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 226.06 Td (Cara) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 226.06 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 226.06 Td (95) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 226.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 226.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 424.30 226.06 Td (B) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.30 226.06 Td (BB-) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 216.01 Td (30) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 214.06 Td (Whole Foods Market) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 214.06 Td (2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 214.06 Td (90) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 214.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 214.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 467.65 214.06 Td (BBB-) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 204.01 Td (31) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 202.06 Td (Michaels) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 202.06 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 202.06 Td (87) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 202.06 Td (0.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 202.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 474.30 202.06 Td (B) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.10 202.06 Td (B1) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 192.01 Td (32) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 190.06 Td (Toys "R" Us) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 190.06 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 190.06 Td (156) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 190.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 190.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 474.30 190.06 Td (B) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.10 190.06 Td (B1) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 180.01 Td (33) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 178.06 Td (Best Buy) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 178.06 Td (5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 178.06 Td (140) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 178.06 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 178.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.65 178.06 Td (BB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.10 178.06 Td (Baa2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 168.01 Td (34) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 166.06 Td (Target) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 166.06 Td (2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 166.06 Td (246) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 166.06 Td (1.0%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 166.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.15 166.06 Td (A+) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.30 166.06 Td (A2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 156.01 Td (35) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 154.06 Td (The Beer Store) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 154.06 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 154.06 Td (69) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 154.06 Td (0.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 154.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.75 154.06 Td (AA \(low\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.75 154.06 Td (AA-) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.30 154.06 Td (Aa1) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 144.01 Td (36) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 142.06 Td (Reitmans) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 142.06 Td (27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 142.06 Td (135) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 142.06 Td (0.5%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 142.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 132.01 Td (37) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 130.06 Td (Yum! Brands) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 130.06 Td (30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 130.06 Td (59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 130.06 Td (0.2%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 130.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.95 130.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.10 130.06 Td (Baa3) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 120.01 Td (38) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 118.06 Td (Mcdonald's) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 118.06 Td (21) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 118.06 Td (69) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 118.06 Td (0.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 118.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 474.55 118.06 Td (A) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.30 118.06 Td (A2) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 108.01 Td (39) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 106.06 Td (Rogers) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 231.35 106.06 Td (26) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.40 106.06 Td (68) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 106.06 Td (0.3%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 106.06 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.95 106.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.95 106.06 Td (BBB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.10 106.06 Td (Baa1) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 96.01 Td (40) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.00 94.01 Td (Winners) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 235.85 93.31 Td (5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.95 93.31 Td (164) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 313.85 93.31 Td (0.7%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.35 93.31 Td (0.4%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 474.55 93.31 Td (A) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.30 93.31 Td (A4) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 78.43 Td (Total: Top 40 Tenants) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 226.95 78.31 Td (908) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.80 78.36 Td (13,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.65 78.31 Td (56.1%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 364.15 78.31 Td (54.4%) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 91 0 obj <> endobj 92 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (43) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Lease Maturities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 679.35 Td (The Companys lease maturity profile at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 189.56 679.35 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.04 679.35 Td ( is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 668.85 m 170.5 668.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 633.85 m 170.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 668.85 m 224.5 668.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 170.5 633.85 m 224.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 668.85 m 295.5 668.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 224.5 633.85 m 295.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 668.85 m 356.5 668.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 295.5 633.85 m 356.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 668.85 m 428.5 668.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356.5 633.85 m 428.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 668.85 m 488.5 668.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 633.85 m 488.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 668.85 m 548.5 668.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 633.85 m 548.5 633.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 489.85 m 170.5 489.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 474.85 m 170.5 474.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 170.5 489.85 m 224.5 489.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170.5 474.85 m 224.5 474.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 224.5 489.85 m 295.5 489.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 474.85 m 295.5 474.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 295.5 489.85 m 356.5 489.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 474.85 m 356.5 474.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 356.5 489.85 m 428.5 489.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356.5 474.85 m 428.5 474.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 489.85 m 488.5 489.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 474.85 m 488.5 474.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 489.85 m 548.5 489.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 474.85 m 548.5 474.85 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 637.86 Td (Maturity Date ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.61 640.31 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 187.15 644.86 Td ( Number of) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.70 637.86 Td (Stores) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 240.60 644.86 Td (Occupied Square ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.40 637.86 Td (Feet \(in thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 305.00 644.86 Td ( Percent of Total) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 317.20 637.86 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 361.60 651.86 Td (Annualized Minimum ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 372.45 644.86 Td (Rent at Expiration) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.15 637.86 Td (\($ 000s\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.95 651.86 Td (Percent of Total ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 451.90 644.86 Td (Annualized ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 440.65 637.86 Td (Minimum Rent) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 498.70 658.86 Td (Average Annual) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 500.65 651.86 Td (Minimum Rent) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 497.50 644.86 Td (per Square Foot) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 508.40 637.86 Td (at Expiration) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 623.81 Td (2013) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 74.79 626.61 Td ( \(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.25 622.81 Td (1,047) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 623.81 Td (3,242) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.25 625.81 Td (13.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 625.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.00 623.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 623.81 Td (57,557) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.25 625.81 Td (13.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 625.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 491.00 623.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 623.81 Td (17.75) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 611.81 Td (2014) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 610.81 Td (621) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 613.81 Td (2,303) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 613.76 Td (9.2) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 613.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 613.81 Td (40,056) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 613.76 Td (9.1) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 613.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 613.81 Td (17.39) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 599.81 Td (2015) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 598.81 Td (591) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 601.81 Td (2,534) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.25 601.81 Td (10.1) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 601.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 601.81 Td (43,523) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 601.76 Td (9.9) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 601.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 601.81 Td (17.18) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 587.81 Td (2016) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 586.81 Td (517) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 589.81 Td (2,244) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 589.76 Td (9.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 589.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 589.81 Td (36,972) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 589.76 Td (8.4) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 589.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 589.81 Td (16.47) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 575.81 Td (2017) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 574.81 Td (519) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 577.81 Td (2,883) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.25 577.81 Td (11.5) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 577.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 577.81 Td (50,544) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.25 577.81 Td (11.5) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 577.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 577.81 Td (17.53) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 563.81 Td (2018) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 562.81 Td (207) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 565.81 Td (1,637) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 565.76 Td (6.6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 565.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 565.81 Td (26,537) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 565.76 Td (6.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 565.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 565.81 Td (16.21) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 551.81 Td (2019) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 550.81 Td (177) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 553.81 Td (1,382) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 553.76 Td (5.5) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 553.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 553.81 Td (27,249) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 553.76 Td (6.2) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 553.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 553.81 Td (19.72) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 539.81 Td (2020) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 538.81 Td (171) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.95 541.76 Td (993) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 541.76 Td (4.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 541.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 541.81 Td (20,590) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 541.76 Td (4.7) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 541.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 541.81 Td (20.73) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 527.81 Td (2021) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 526.81 Td (197) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 529.81 Td (1,293) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 529.76 Td (5.2) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 529.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 529.81 Td (28,223) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 529.76 Td (6.4) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 529.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 529.81 Td (21.83) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 515.81 Td (2022) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 514.81 Td (233) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 517.81 Td (1,431) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 517.76 Td (5.7) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 517.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 517.81 Td (35,633) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 517.76 Td (8.1) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 517.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 517.81 Td (24.91) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 503.81 Td (2023) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 212.40 502.81 Td (71) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 505.81 Td (1,192) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.70 505.76 Td (4.8) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 505.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 505.81 Td (19,470) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.70 505.76 Td (4.4) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 505.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 505.81 Td (16.33) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 493.76 Td (Thereafter) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.95 490.81 Td (124) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.25 493.81 Td (2,739) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.25 493.81 Td (11.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 493.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.80 493.81 Td (54,298) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.25 493.81 Td (12.3) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 493.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 493.81 Td (19.81) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 479.06 Td (Total/Average) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.25 479.06 Td (4,475) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.80 479.11 Td (23,873) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.25 479.11 Td (95.6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.85 479.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.00 479.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 396.30 479.06 Td (440,652) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 460.80 479.11 Td (100.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.85 479.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 491.00 479.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.25 479.11 Td (18.46) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.05 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 464.95 Td (Excluding any contractual renewal options in favour of the tenants.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 456.60 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 454.50 Td ( Contains tenants on over hold including new leases under negotiation, month-to-month tenants and tenants in space at properties with future redevelopment.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 434.55 Td (The Companys expected future income through maturity from its existing in-place leases at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 365.14 434.55 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 433.61 434.55 Td ( includes:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 424.04999999999995 m 435.5 424.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 387.04999999999995 m 435.5 387.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 424.04999999999995 m 495.5 424.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 435.5 387.04999999999995 m 495.5 387.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 424.04999999999995 m 555.5 424.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 495.5 387.04999999999995 m 555.5 387.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 336.04999999999995 m 435.5 336.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 321.04999999999995 m 435.5 321.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 435.5 336.04999999999995 m 495.5 336.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 435.5 321.04999999999995 m 495.5 321.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 495.5 336.04999999999995 m 555.5 336.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 495.5 321.04999999999995 m 555.5 321.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 258.04999999999995 m 435.5 258.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 243.04999999999995 m 435.5 243.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 435.5 258.04999999999995 m 495.5 258.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 243.04999999999995 m 495.5 243.04999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 495.5 258.04999999999995 m 555.5 258.04999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 243.04999999999995 m 555.5 243.04999999999995 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 414.91 Td (\(in thousands of dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 404.51 Td (Revenue Recognition Period) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.60 398.06 Td (Minimum) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 470.90 391.06 Td (Rent ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 486.85 393.51 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 498.70 412.06 Td (Estimated Income) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 507.65 405.06 Td (from Operating) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.90 398.06 Td (and Tax) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 519.70 391.06 Td (Recoveries) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 376.01 Td (Q1, 2013) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 438.00 377.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 467.80 377.01 Td (99,648) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.00 377.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 377.01 Td (51,287) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 364.01 Td (Q2, 2013) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.80 365.01 Td (99,184) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 365.01 Td (51,060) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 352.01 Td (Q3, 2013) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.80 353.01 Td (98,031) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 353.01 Td (50,456) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 339.96 Td (Q4, 2013) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.80 340.31 Td (95,965) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 340.31 Td (49,406) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 324.96 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 438.00 325.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 463.30 325.26 Td (392,828) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.00 325.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 325.31 Td (202,209) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 310.01 Td (2014) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.30 311.01 Td (351,435) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 311.01 Td (181,106) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 298.01 Td (2015) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.30 299.01 Td (311,190) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 299.01 Td (160,630) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 286.01 Td (2016) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.30 287.01 Td (275,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 287.01 Td (142,433) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 274.01 Td (2017) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.30 275.01 Td (235,973) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 275.01 Td (122,021) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 261.96 Td (Thereafter) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 456.70 262.31 Td (1,008,244) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 262.31 Td (523,020) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 246.96 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 438.00 247.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 456.70 247.31 Td (2,575,647) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.00 247.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.70 247.31 Td (1,331,419) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 233.50 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 231.40 Td (Assumes non-exercise of optional periods by tenants) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 196.34 231.40 Td (.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (44) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 685.30 Td (RESULTS OF OPERATIONS) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 659.25 Td (Net Income) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 648.75 m 423.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 648.75 m 483.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 648.75 m 543.5 648.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 636.75 m 423.5 636.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 624.75 m 423.5 624.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 636.75 m 483.5 636.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 624.75 m 483.5 624.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 636.75 m 543.5 636.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 624.75 m 543.5 624.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 596.75 m 423.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 581.75 m 423.5 581.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 596.75 m 483.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 581.75 m 483.5 581.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 596.75 m 543.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 581.75 m 543.5 581.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.10 639.61 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 627.61 Td (\(thousands of dollars, except share and per share amounts\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 462.85 627.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.40 627.61 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 614.66 Td (Net income attributable to common shareholders ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 225.02 617.46 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 426.00 614.43 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 448.50 614.48 Td (392,959) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 614.66 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.35 614.71 Td (548,932) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 600.96 Td (Net income per share attributable to common shareholders \(diluted\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 426.00 601.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.15 601.08 Td (1.98) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 600.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.70 601.01 Td (3.00) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 586.66 Td (Weighted average number of common shares diluted ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 244.44 589.46 Td (\(2\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 251.63 586.66 Td (\(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 448.50 586.13 Td (206,573) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.35 586.01 Td (189,132) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 573.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 571.80 Td (Prior period has been restated for the effects of the adoption of IAS 12. Refer to Note 3 to the consolidated financial statements for the ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 404.42 571.80 Td (year ended December 31, 2012) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 485.78 571.80 Td (.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.45 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 561.35 Td (Includes the weighted average number of outstanding shares that would result from the conversion of all dilutive outstanding convertible debentures.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 541.45 Td (Net income attributable to common shareholders for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.03 541.45 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 354.51 541.45 Td ( was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 371.85 541.45 Td ($393.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 420.75 541.45 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 431.86 541.45 Td ($1.98) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 451.88 541.45 Td ( per share \(diluted\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 527.55 Td (compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.90 527.55 Td ($548.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.80 527.55 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.91 527.55 Td ($3.00) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 178.93 527.55 Td ( per share \(diluted\) for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.06 527.55 Td (year ended December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.54 527.55 Td (. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.11 527.55 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 428.78 527.55 Td ( in net income is primarily due to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 513.60 Td (the $174.4 million difference in the fair value gain of investment properties, offset by an increase in NOI resulting from net acquisitions, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 499.70 Td (development and redevelopment projects coming on line and same property NOI growth. On a per share basis, the decrease is also partially due ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 485.75 Td (to the increase in the weighted average number of common shares outstanding resulting from various financing activities and growth of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 471.85 Td (Company.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 438.25 Td (Funds from Operations and Adjusted Funds from Operations) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 418.35 Td (In Managements view, funds from operations \(FFO\) and adjusted funds from operations \(AFFO\) are commonly accepted and meaningful ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 404.40 Td (indicators of financial performance in the real estate industry. First Capital Realty believes that financial analysts, investors and shareholders are ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 390.50 Td (better served when the clear presentation of comparable period operating results generated from FFO and AFFO disclosures supplement IFRS ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 376.55 Td (disclosure. These measures are the primary methods used in analyzing real estate organizations in Canada. FFO and AFFO are not measures ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 362.65 Td (defined by IFRS and, as such, neither of them has a standard definition. The Companys method of calculating FFO and AFFO may be different ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 348.75 Td (from methods used by other corporations or REITs \(real estate investment trusts\) and, accordingly, may not be comparable to such other ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 334.80 Td (corporations or REITs. FFO and AFFO are presented to assist investors in analyzing the Companys performance. FFO and AFFO: \(i\) do not ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 320.90 Td (represent cash flow from operating activities as defined by IFRS, \(ii\) are not indicative of cash available to fund all liquidity requirements, including ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 306.95 Td (payment of dividends and capital for growth and \(iii\) are not to be considered as alternatives to IFRS net income for the purpose of evaluating ) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 293.05 Td (operating performance.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (45) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Funds from Operations) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 679.35 Td (First Capital Realty calculates FFO in accordance with the recommendations of the Real Property Association of Canada \(REALpac\), as issued in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 665.45 Td (a White Paper on FFO for IFRS. It includes certain additional adjustments to FFO under IFRS from the previous definition of FFO under GAAP. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 651.55 Td (use of FFO has been included for the purpose of improving the understanding of the operating results of the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 631.60 Td (FFO is considered a meaningful additional financial measure of operating performance, as it excludes fair value gains and losses on investment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 617.70 Td (properties. FFO also adjusts for certain items included in IFRS net income that may not be the most appropriate determinants of the long-term ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 603.75 Td (operating performance of the Company including certain cash and non-cash gains and losses, and provides a perspective of the financial ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 589.85 Td (performance that is not immediately apparent from net income determined in accordance with IFRS.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 569.95 Td (The Companys net income is reconciled to funds from operations below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 559.45 m 432.5 559.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 559.45 m 492.5 559.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 559.45 m 552.5 559.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 547.45 m 432.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 535.45 m 432.5 535.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 547.45 m 492.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 535.45 m 492.5 535.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 547.45 m 552.5 547.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 535.45 m 552.5 535.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 436.45 m 432.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 421.45 m 432.5 421.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 436.45 m 492.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 421.45 m 492.5 421.45 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 436.45 m 552.5 436.45 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 421.45 m 552.5 421.45 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.10 550.31 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 537.36 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.85 538.11 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 533.40 538.31 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 525.41 Td (Net income for the year ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.79 528.21 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 435.00 525.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.50 525.18 Td (392,995) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 525.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 525.41 Td (548,961) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 513.41 Td (Add \(deduct\):) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.00 501.41 Td (Increase in value of investment properties, net) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 501.18 Td (\(291,851) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 501.18 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 517.70 501.41 Td (\(466,214) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 501.41 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 489.41 Td (Investment properties selling costs ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 193.89 492.21 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 489.18 Td (4,081) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 489.41 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 477.41 Td (Change in fair value of interest rate hedges ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 215.69 480.21 Td (\(3\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 477.18 Td (\(1,469) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 477.18 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 477.41 Td (\(312) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 477.41 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 465.41 Td (Transaction costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.30 465.18 Td (2,895) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 465.41 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 453.41 Td (Deferred income taxes ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.22 456.21 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 462.40 453.18 Td (82,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 453.41 Td (78,867) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 70.50 440.66 Td (Non-controlling interest ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.60 440.83 Td (129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 440.66 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 425.66 Td (FFO) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 435.00 425.78 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.50 425.83 Td (188,938) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 425.66 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 425.71 Td (161,302) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 393.00 Td (The components of FFO are as follows:) Tj ET Q 1 1 1 rg /GS0 gs 54.50 382.50 321.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 54.50 370.50 321.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 421.50 370.50 20.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 496.50 370.50 56.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 382.5 m 375.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 382.5 m 421.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 382.5 m 441.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 382.5 m 496.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 382.5 m 552.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 370.5 m 375.5 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 358.5 m 375.5 358.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 370.5 m 421.5 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 358.5 m 421.5 358.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 370.5 m 441.5 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 358.5 m 441.5 358.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 370.5 m 496.5 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 358.5 m 496.5 358.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 370.5 m 552.5 370.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 358.5 m 552.5 358.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 283.5 m 375.5 283.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 283.5 m 421.5 283.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 283.5 m 441.5 283.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 283.5 m 496.5 283.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 283.5 m 552.5 283.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 268.5 m 375.5 268.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 268.5 m 421.5 268.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 268.5 m 441.5 268.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 268.5 m 496.5 268.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 268.5 m 552.5 268.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 253.5 m 375.5 253.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 253.5 m 421.5 253.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 253.5 m 441.5 253.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 253.5 m 496.5 253.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 253.5 m 552.5 253.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 238.5 m 375.5 238.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 238.5 m 421.5 238.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 238.5 m 441.5 238.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 238.5 m 496.5 238.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 238.5 m 552.5 238.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 223.5 m 375.5 223.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 223.5 m 421.5 223.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 223.5 m 441.5 223.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 223.5 m 496.5 223.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 223.5 m 552.5 223.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 208.5 m 375.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 193.5 m 375.5 193.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 208.5 m 421.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 193.5 m 421.5 193.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 208.5 m 441.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 193.5 m 441.5 193.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 208.5 m 496.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 193.5 m 496.5 193.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 208.5 m 552.5 208.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 193.5 m 552.5 193.5 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.10 373.36 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 361.36 Td (\(thousands of dollars, except share and per share amounts and percentages\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 382.20 361.16 Td ( % increase) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 475.85 361.16 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 533.40 361.36 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 348.46 Td (Net operating income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.00 348.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.50 348.23 Td (371,537) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 348.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 348.46 Td (340,088) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 336.46 Td (Interest expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.80 336.23 Td (\(160,839) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 493.30 336.23 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 517.70 336.46 Td (\(159,981) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 336.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 324.46 Td (Corporate expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.75 324.23 Td (\(25,509) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 493.30 324.23 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.15 324.46 Td (\(21,230) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 324.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 312.46 Td (Amortization of corporate assets and credit facility costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.60 312.23 Td (\(4,103) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 493.30 312.23 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 312.46 Td (\(3,937) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 312.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 300.46 Td (Interest and other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.30 300.23 Td (8,464) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 300.46 Td (7,484) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 287.41 Td (Non-controlling interest ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.60 287.88 Td (129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 287.71 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 272.41 Td (FFO excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.70 272.83 Td (16.8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.85 272.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.50 272.88 Td (189,679) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 272.76 Td (162,424) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 257.71 Td (Other gains \(losses\) and \(expenses\)) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 177.88 260.51 Td ( \(3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.95 257.88 Td (\(741) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 493.30 257.83 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 257.76 Td (\(1,122) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 257.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 242.41 Td (FFO) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.70 242.83 Td (17.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.85 242.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.00 242.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.50 242.88 Td (188,938) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 242.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 242.76 Td (161,302) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 228.41 Td (FFO per diluted share ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 401.55 227.83 Td (4.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.85 227.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.00 227.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 476.15 227.83 Td (1.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 227.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.70 227.76 Td (0.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 212.71 Td (FFO per diluted share excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.55 212.83 Td (4.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.85 212.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 444.00 212.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 476.15 212.83 Td (1.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 212.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.70 212.76 Td (0.96) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 198.41 Td (Weighted average number of common shares diluted FFO \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.70 197.83 Td (12.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.85 197.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.50 197.88 Td (189,876) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 197.76 Td (168,632) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 185.65 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 183.55 Td (Prior period net income and deferred taxes has been restated for the effects of the adoption of IAS 12. Refer to Note 3 to the consolidated financial statements for the ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.43 183.55 Td (year ended ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 173.15 Td (December 31, 2012) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.35 173.15 Td (.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 164.80 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 162.70 Td (Refer to the "Other Gains \(Losses\) and \(Expenses\)" section in the following pages for details.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 154.35 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 152.25 Td (The gains \(losses\) on hedges represents the change in fair value for those derivatives to which the Company does not apply hedge accounting.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 133.75 Td (FFO increased to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.02 133.75 Td ($188.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.92 133.75 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.03 133.75 Td ($1.00) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.05 133.75 Td ( per share \(diluted\) from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.95 133.75 Td ($161.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 327.85 133.75 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 338.97 133.75 Td ($0.96) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 358.98 133.75 Td ( per share \(diluted\). The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 443.45 133.75 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.89 133.75 Td ( in FFO is primarily ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 121.30 Td (due to the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 90.47 121.30 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 118.91 121.30 Td ( in NOI resulting from net acquisitions, development and redevelopment projects coming on line, same property NOI growth, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 108.80 Td (and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.12 108.80 Td (increased) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 102.01 108.80 Td ( interest income. The effect of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.04 108.80 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.48 108.80 Td ( in NOI was partially offset by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 346.94 108.80 Td (increases) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.93 108.80 Td ( in interest expense, and corporate expenses ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 96.35 Td (primarily relating to staffing costs associated with the growth and performance of the Company. On a per share basis, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.29 96.35 Td (increases) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 496.28 96.35 Td ( in FFO were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 83.85 Td (partially offset by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 113.11 83.85 Td (an increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 152.22 83.85 Td ( in the weighted average number of common shares outstanding resulting from various financing activities.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (46) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Adjusted Funds from Operations) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 679.35 Td (AFFO is calculated by adjusting FFO for non-cash and other items including interest payable in shares, straight-line rent adjustments, non-cash ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 665.45 Td (compensation expense, actual costs incurred for capital expenditures and leasing costs for maintaining shopping centre infrastructures and revenues ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 651.55 Td (and other gains or losses. Gains or losses on land sales are excluded from AFFO. Residential inventory units pre-sale costs are recognized in AFFO ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 637.60 Td (when the Company recognizes revenue from the sale of residential units. The weighted average number of diluted shares outstanding for AFFO is ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 623.70 Td (adjusted to assume conversion of the outstanding convertible debentures.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 613.2 m 370.5 613.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 613.2 m 416.5 613.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 613.2 m 436.5 613.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 613.2 m 493.5 613.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 613.2 m 550.5 613.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 601.2 m 370.5 601.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 587.2 m 370.5 587.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 601.2 m 416.5 601.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 587.2 m 416.5 587.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 601.2 m 436.5 601.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 587.2 m 436.5 587.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 601.2 m 493.5 601.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 587.2 m 493.5 587.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 601.2 m 550.5 601.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 587.2 m 550.5 587.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 428.2 m 370.5 428.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 428.2 m 416.5 428.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 428.2 m 436.5 428.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 428.2 m 493.5 428.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 428.2 m 550.5 428.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 413.2 m 370.5 413.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 413.2 m 416.5 413.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 413.2 m 436.5 413.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 413.2 m 493.5 413.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 413.2 m 550.5 413.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 398.2 m 370.5 398.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 398.2 m 416.5 398.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 398.2 m 436.5 398.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 398.2 m 493.5 398.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 398.2 m 550.5 398.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 383.2 m 370.5 383.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 383.2 m 416.5 383.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 383.2 m 436.5 383.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 383.2 m 493.5 383.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 383.2 m 550.5 383.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 368.2 m 370.5 368.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 368.2 m 416.5 368.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 368.2 m 436.5 368.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 368.2 m 493.5 368.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 368.2 m 550.5 368.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 353.2 m 370.5 353.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 338.2 m 370.5 338.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 353.2 m 416.5 353.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 338.2 m 416.5 338.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 353.2 m 436.5 353.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 338.2 m 436.5 338.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 353.2 m 493.5 353.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 338.2 m 493.5 338.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 353.2 m 550.5 353.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 338.2 m 550.5 338.2 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.10 603.11 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 592.06 Td (\(thousands of dollars, except share and per share amounts and percentages\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 379.35 591.31 Td (% increase) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 472.85 591.31 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 531.40 591.21 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 577.16 Td (FFO ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.00 576.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.50 576.93 Td (188,938) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 577.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.35 577.16 Td (161,302) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 565.16 Td (Add \(deduct\):) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 553.16 Td (Interest expense payable in shares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.40 552.93 Td (22,796) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.80 553.16 Td (23,128) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 541.16 Td (Rental revenue recorded on a straight-line basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.75 540.93 Td (\(13,117) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.30 540.93 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.60 541.16 Td (\(8,490) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.30 541.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 529.16 Td (Non-cash compensation expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.30 528.93 Td (2,897) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.25 529.16 Td (3,055) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 517.16 Td (Revenue sustaining capital expenditures and leasing costs ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 262.14 519.96 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.75 516.93 Td (\(17,640) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.30 516.93 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.15 517.16 Td (\(15,984) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.30 517.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 505.16 Td (Change in cumulative unrealized \(gains\) losses on marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 465.60 504.93 Td (\(2,677) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.30 504.93 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.25 505.16 Td (1,296) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 493.16 Td (Loss on settlement of debt and purchase of convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.30 492.93 Td (6,550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.25 493.16 Td (1,486) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 481.16 Td (Loss on temporary change of conversion privilege of convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 482.30 480.93 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.25 481.16 Td (2,501) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 469.16 Td (Hedge accounting losses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.50 468.93 Td (10) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.95 469.16 Td (638) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 457.16 Td (Pre-selling costs of residential inventory units ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.60 456.93 Td (337) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.25 457.16 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 445.16 Td (Costs not capitalized during development period ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 227.91 447.96 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.30 444.93 Td (4,759) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.25 445.16 Td (3,455) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 432.41 Td (Other adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.95 432.58 Td (\(262) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.30 432.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 432.46 Td (\(430) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.30 432.41 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 418.26 Td (AFFO ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 391.70 417.53 Td (12.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.85 417.53 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.50 417.78 Td (192,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.35 417.81 Td (171,957) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 402.76 Td (Add/Deduct: Other \(gains\) losses and expenses ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 219.69 405.56 Td (\(3\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 465.60 402.78 Td (\(3,479) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.30 402.73 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.60 402.81 Td (\(4,588) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.30 402.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 388.26 Td (AFFO excluding other \(gains\) losses and expenses) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 391.70 387.53 Td (13.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.85 387.53 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.00 387.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.50 387.78 Td (189,112) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 387.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.35 387.81 Td (167,369) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 373.26 Td (AFFO per diluted share) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.55 372.53 Td (2.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.85 372.53 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.00 372.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.15 372.73 Td (0.93) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 372.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.70 372.81 Td (0.91) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 358.11 Td (AFFO per diluted share excluding other \(gains\) losses and expenses) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.55 357.53 Td (4.5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.85 357.53 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.00 357.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.15 357.53 Td (0.92) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 357.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.70 357.46 Td (0.88) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 343.11 Td (Weighted average number of common shares diluted AFFO \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.55 342.53 Td (9.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.85 342.53 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.50 342.58 Td (206,573) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.35 342.46 Td (189,132) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 330.35 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.40 328.25 Td (Estimated at ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 92.41 328.25 Td ($0.78) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.42 328.25 Td ( per square foot per annum on average gross leasable area \(based on a three-year weighted average\) for the ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 382.77 328.25 Td (year ended December 31, 2012) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.13 328.25 Td ( \() Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 467.80 328.25 Td ($0.74) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 482.81 328.25 Td ( per square foot per ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 317.80 Td (annum in the ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.68 317.80 Td (year ended December 31, 2011) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 180.04 317.80 Td (\).) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 309.45 Td (\(2\)) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.40 307.35 Td ( The Company has added back costs not capitalized during the development period for accounting purposes that, in Managements view forms part of the cost of its development projects.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 299.05 Td (\(3\)) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 58.40 296.95 Td ( Refer to the "Other Gains \(Losses\) and \(Expenses\)" section in the following pages for details.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 277.00 Td (AFFO was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 90.46 277.00 Td ($192.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 139.36 277.00 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.47 277.00 Td ($0.93) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 170.49 277.00 Td ( per share \(diluted\) in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.06 277.00 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 263.85 277.00 Td ( compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 310.98 277.00 Td ($172.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.88 277.00 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.99 277.00 Td ($0.91) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 391.01 277.00 Td ( per share \(diluted\) in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 466.58 277.00 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 484.37 277.00 Td (. AFFO included ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 263.10 Td ($3.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.01 263.10 Td ( of other net gains compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.04 263.10 Td ($4.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.04 263.10 Td ( of other net gains for prior year.) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (47) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (A reconciliation of cash provided by operating activities \(an IFRS measure\) to AFFO is presented below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 683.95 m 432.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 683.95 m 492.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 683.95 m 552.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 671.95 m 432.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.95 m 432.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 671.95 m 492.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 659.95 m 492.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 671.95 m 552.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 659.95 m 552.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 452.95 m 432.5 452.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 437.95 m 432.5 437.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 452.95 m 492.5 452.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 437.95 m 492.5 437.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 452.95 m 552.5 452.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 437.95 m 552.5 437.95 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.10 674.81 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 661.86 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 471.85 662.61 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 533.40 662.81 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 649.91 Td (Cash provided by operating activities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 435.00 649.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.50 649.68 Td (182,901) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 649.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 649.91 Td (152,956) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 637.91 Td (Realized gains on sale of marketable securities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.30 637.68 Td (3,538) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 637.91 Td (4,320) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 625.91 Td (Deferred leasing costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.30 625.68 Td (9,648) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 625.91 Td (6,013) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 613.91 Td (Net change in non-cash operating items) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 459.75 613.68 Td (\(18,931) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 613.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 613.91 Td (9,280) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 601.91 Td (Expenditures on residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 601.68 Td (28,725) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 601.91 Td (17,013) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 589.91 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.60 589.68 Td (\(4,103) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 589.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 589.91 Td (\(3,937) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 589.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 577.91 Td (Transaction costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.30 577.68 Td (2,895) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 577.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 565.91 Td (Non-cash interest expense and change in accrued interest) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 565.68 Td (\(4,005) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 565.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 565.91 Td (\(6,921) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 565.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 553.91 Td (Settlement of restricted share units) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 553.68 Td (2,396) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 553.91 Td (2,380) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 541.91 Td (Convertible debenture interest paid in common shares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.75 541.68 Td (\(20,533) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 541.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.15 541.91 Td (\(19,797) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 541.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 529.91 Td (Convertible debenture interest payable in common shares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 529.68 Td (22,796) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 529.91 Td (23,128) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 517.91 Td (Costs not capitalized during development period) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 517.68 Td (4,759) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 517.91 Td (3,455) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 505.91 Td (Pre-selling costs of residential inventory units other adjustments) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.60 505.68 Td (337) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 505.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 493.91 Td (Revenue sustaining capital expenditures and leasing costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.75 493.68 Td (\(17,640) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 493.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.15 493.91 Td (\(15,984) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 493.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 481.91 Td (Non-controlling interest) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 474.60 481.68 Td (129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 481.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 469.91 Td (Other adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.95 469.68 Td (\(262) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 469.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 469.91 Td (\(217) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 469.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 457.16 Td (\(Loss\) gain on foreign currency exchange) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 476.85 457.33 Td (\(59) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 457.28 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.95 457.21 Td (268) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 442.16 Td (AFFO) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 435.00 442.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.50 442.33 Td (192,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 442.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 442.21 Td (171,957) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (48) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Net Operating Income \(NOI\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.35 Td (NOI is defined as property rental revenue less property operating costs. In Managements opinion, NOI is useful in analyzing the operating ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 652.40 Td (performance of the Companys shopping centre portfolio. NOI is not a measure defined by IFRS and as such there is no standard definition. As a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 638.50 Td (result, NOI may not be comparable with similar measures presented by other entities. NOI is not to be construed as an alternative to net income or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 624.55 Td (cash flow from operating activities determined in accordance with IFRS.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 608.05 m 436.5 608.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 596.05 m 436.5 596.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 608.05 m 496.5 608.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 596.05 m 496.5 596.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 608.05 m 556.5 608.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 596.05 m 556.5 596.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 584.05 m 436.5 584.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 584.05 m 496.5 584.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 584.05 m 556.5 584.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 473.05 m 436.5 473.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 458.05 m 436.5 458.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 473.05 m 496.5 473.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 458.05 m 496.5 458.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 473.05 m 556.5 473.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 458.05 m 556.5 458.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 395.05 m 436.5 395.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 395.05 m 496.5 395.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 395.05 m 556.5 395.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 380.05 m 436.5 380.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 380.05 m 496.5 380.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 380.05 m 556.5 380.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 365.05 m 436.5 365.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 365.05 m 496.5 365.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 365.05 m 556.5 365.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 350.05 m 436.5 350.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 350.05 m 496.5 350.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 350.05 m 556.5 350.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 335.05 m 436.5 335.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 320.05 m 436.5 320.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 335.05 m 496.5 335.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 320.05 m 496.5 320.05 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 335.05 m 556.5 335.05 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 320.05 m 556.5 320.05 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 471.10 598.91 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 585.96 Td (\(thousands of dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 471.70 586.71 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 533.25 586.96 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 574.01 Td (Property rental revenue) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 562.01 Td (Base rent ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.67 564.81 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 439.00 561.78 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.00 561.78 Td (364,188) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 562.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.90 562.01 Td (338,561) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 550.01 Td (Operating cost recoveries) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.95 549.78 Td (81,712) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.35 550.01 Td (72,768) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 538.01 Td (Realty tax recoveries) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.00 537.78 Td (105,173) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.35 538.01 Td (97,253) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 526.01 Td (Straight-line rent) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.95 525.78 Td (13,117) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.80 526.01 Td (8,490) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 514.01 Td (Lease surrender fees) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.85 513.78 Td (1,617) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.50 514.01 Td (885) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 502.01 Td (Percentage rent) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.85 501.78 Td (2,822) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.80 502.01 Td (2,195) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 490.01 Td (Prior year operating cost and tax recovery adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 476.40 489.78 Td (\(94) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.85 489.78 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.80 490.01 Td (\(859) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.85 490.01 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 477.26 Td (Temporary tenants, storage, parking and other) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.95 477.38 Td (14,561) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.80 477.31 Td (7,442) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 462.26 Td (Total property rental revenue) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 439.00 462.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.00 462.38 Td (583,096) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 462.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.90 462.26 Td (526,735) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 448.01 Td (Property operating costs ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.00 436.01 Td (Recoverable operating expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.00 435.78 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.95 435.78 Td (95,872) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 436.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.35 436.01 Td (83,382) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 424.01 Td (Recoverable realty tax expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.00 423.78 Td (115,399) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.90 424.01 Td (105,012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 412.01 Td (Prior year operating cost and tax expense adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.50 411.78 Td (\(184) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.85 411.78 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.15 412.01 Td (\(1,313) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.85 412.01 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 399.26 Td (Other operating costs and adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 474.15 399.38 Td (472) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.80 399.31 Td (\(434) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.85 399.26 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 384.26 Td (Total property operating costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.00 384.38 Td (211,559) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.90 384.26 Td (186,647) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 369.26 Td (NOI) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 439.00 369.38 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.00 369.38 Td (371,537) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 369.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.90 369.26 Td (340,088) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 354.26 Td (NOI margin) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.70 354.38 Td (63.7) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.85 354.38 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 533.25 354.31 Td (64.6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 548.85 354.26 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 339.26 Td (Operating cost recovery percentage) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.70 339.38 Td (85.2) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.85 339.38 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 533.25 339.31 Td (87.3) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 548.85 339.26 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 324.26 Td (Tax recovery percentage) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.70 324.38 Td (91.1) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.85 324.38 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 533.25 324.31 Td (92.6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 548.85 324.26 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 312.25 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 310.15 Td (Base rent includes annual minimum rents from gross and semi-gross leases.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 290.20 Td (The Company experienced growth in base rent and recoveries from tenants as a result of growth in the portfolio due to net acquisitions and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 276.30 Td (development coming on line, as well as increases in rental rates due to step-ups and lease renewals. On a comparative period basis, the portfolio ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 262.35 Td (size increased by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.44 262.35 Td (1.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.00 262.35 Td ( square feet, the effects of which were partially offset by a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 346.04 262.35 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.28 262.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 366.50 262.35 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 397.16 262.35 Td ( in overall occupancy. This decrease is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.45 Td (primarily due to the change in the portfolio mix of properties. Note that the occupancy for same property stable has increased year over year ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 234.55 Td (from 97.3% to 97.5%. Operating costs and property taxes similarly increased due to the increase in the portfolio size; however, the operating and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 220.60 Td (tax recovery percentages have decreased due to decreased occupancy, including vacancies related to development and redevelopment activities. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 206.70 Td (Temporary tenants, storage, parking and other income has increased commensurate with the increase in portfolio size as well as an increase in ) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (49) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (incidental short-term tenants in those properties for which the Company is in the pre-development stage.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 683.95 m 372.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 683.95 m 418.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 683.95 m 438.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 683.95 m 494.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 683.95 m 551.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 671.95 m 372.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 372.5 671.95 m 418.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 671.95 m 438.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 671.95 m 494.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 671.95 m 551.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.95 m 372.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 372.5 659.95 m 418.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 659.95 m 438.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 659.95 m 494.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 659.95 m 551.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 635.95 m 372.5 635.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 620.95 m 372.5 620.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 372.5 635.95 m 418.5 635.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 372.5 620.95 m 418.5 620.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 635.95 m 438.5 635.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 620.95 m 438.5 620.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 635.95 m 494.5 635.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 620.95 m 494.5 620.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 635.95 m 551.5 635.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 620.95 m 551.5 620.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 509.95 m 372.5 509.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 494.95 m 372.5 494.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 372.5 509.95 m 418.5 509.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 494.95 m 418.5 494.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 509.95 m 438.5 509.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 494.95 m 438.5 494.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 509.95 m 494.5 509.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 494.95 m 494.5 494.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 509.95 m 551.5 509.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 494.95 m 551.5 494.95 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 472.10 674.81 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 662.81 Td (\(thousands of dollars, except for percentages\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.35 662.61 Td (% increase) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.85 662.61 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 532.40 662.81 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 649.91 Td (Same property stable NOI) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 398.55 649.68 Td (1.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 410.85 649.68 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 649.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.50 649.68 Td (189,346) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 649.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 649.91 Td (186,797) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 637.91 Td (Same property with incremental redevelopment and expansion NOI) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.40 637.68 Td (75,036) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 637.91 Td (71,552) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 625.16 Td (Total same property) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 398.55 625.28 Td (2.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 410.85 625.28 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.50 625.33 Td (264,382) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 625.21 Td (258,349) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 610.91 Td (Investment properties classified as held for sale) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.40 610.68 Td (16,247) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 610.91 Td (16,098) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 598.91 Td (Major redevelopment) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.40 598.68 Td (21,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 598.91 Td (19,832) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 586.91 Td (Ground-up development) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.40 586.68 Td (12,055) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 586.91 Td (9,959) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 574.91 Td (Acquisitions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.40 574.68 Td (14,617) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.25 574.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 562.91 Td (Acquisitions 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.40 562.68 Td (22,884) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 562.91 Td (10,002) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 550.91 Td (Dispositions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.30 550.68 Td (6,343) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 550.91 Td (15,138) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 538.91 Td (Dispositions 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.30 538.68 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 538.91 Td (1,878) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 526.91 Td (Rental revenue recognized on a straight-line basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.40 526.68 Td (13,117) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 526.91 Td (8,490) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 514.16 Td (Development land) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 476.60 514.33 Td (392) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.95 514.21 Td (342) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 499.16 Td (NOI) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 499.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.50 499.33 Td (371,537) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 499.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 499.21 Td (340,088) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 475.50 Td (Same property stable NOI ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 149.57 475.50 Td (increased) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 182.46 475.50 Td ( by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.91 475.50 Td (1.4%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 213.14 475.50 Td ( for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 239.37 475.50 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 347.85 475.50 Td (, compared to the same prior year period, primarily ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 461.60 Td (attributed to increases in rental rates due to step-ups, lease renewals and termination fees offset by tenant closures as well as other decreases in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.65 Td (occupancy \(as discussed in the Business and Operations Review Leasing and Occupancy section of this MD&A\).) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 423.25 Td (Interest Expense) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 412.75 m 436.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 412.75 m 496.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 412.75 m 556.5 412.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 400.75 m 436.5 400.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 388.75 m 436.5 388.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 400.75 m 496.5 400.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 388.75 m 496.5 388.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 400.75 m 556.5 400.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 388.75 m 556.5 388.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 313.75 m 436.5 313.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 313.75 m 496.5 313.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 313.75 m 556.5 313.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 298.75 m 436.5 298.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 298.75 m 496.5 298.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 298.75 m 556.5 298.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 283.75 m 436.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 268.75 m 436.5 268.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 436.5 283.75 m 496.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 268.75 m 496.5 268.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 283.75 m 556.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 268.75 m 556.5 268.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.10 403.61 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 390.66 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 475.85 391.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 537.00 391.61 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 378.71 Td (Mortgages and credit facilities ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 439.00 378.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.40 378.48 Td (87,515) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 378.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.80 378.71 Td (82,556) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 366.71 Td (Senior unsecured debentures) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.40 366.48 Td (75,401) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.80 366.71 Td (72,746) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 354.71 Td (Convertible debentures \(cashless\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 342.71 Td (Coupon interest \(payable in shares\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.40 342.48 Td (19,450) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.80 342.71 Td (20,470) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 330.71 Td (Accretion of discounts ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 146.35 333.51 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 471.30 330.48 Td (1,496) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 330.71 Td (1,530) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 317.96 Td (Amortization of deferred issue costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 471.30 318.13 Td (1,850) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 318.01 Td (1,128) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 466.40 303.08 Td (22,796) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 528.80 303.01 Td (23,128) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 287.96 Td (Interest capitalized to investment properties and residential inventory under development) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.75 288.13 Td (\(24,873) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 493.30 288.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.15 287.96 Td (\(18,449) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 553.30 287.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 272.96 Td (Total interest expense) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 442.00 273.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 461.50 273.13 Td (160,839) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 508.00 272.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 524.35 273.01 Td (159,981) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 260.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 258.80 Td (Discounts result from the bifurcation of the convertible debentures into the liability and equity components under IFRS on the date of issue, and consists of amortization of the difference ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 248.35 Td (between the principal and the amount assigned to the liability component as a result of assigning value to the equity component.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 228.45 Td (Mortgage and credit facilities interest expense has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 225.12 228.45 Td (increased) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.01 228.45 Td ( due to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 283.80 228.45 Td (increased) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 316.69 228.45 Td ( borrowings over prior year, partially offset by the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 482.32 228.45 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 512.99 228.45 Td ( in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.55 Td (weighted average borrowing rate.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 194.60 Td (The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.12 194.60 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 97.56 194.60 Td ( in interest expense for the senior unsecured debentures is primarily due to the issuances of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.49 194.60 Td ($325 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 452.73 194.60 Td ( principal amount of senior ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 180.70 Td (unsecured debentures in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.14 180.70 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.93 180.70 Td ( and the issuances of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 233.17 180.70 Td ($475 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 275.41 180.70 Td ( principal amount of senior unsecured debentures during ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.01 180.70 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.80 180.70 Td (, offset by the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 166.75 Td (repayment of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 100.67 166.75 Td ($199 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 142.91 166.75 Td ( of principal amount during the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 290.06 166.75 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 358.54 166.75 Td ( and the repayment of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 435.45 166.75 Td ($243 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.68 166.75 Td ( principal amount in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 152.85 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.79 152.85 Td (, as described in the Capital Structure and Liquidity Senior Unsecured Debentures section of this MD&A. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 455.88 152.85 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 484.32 152.85 Td ( was partially offset ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 138.95 Td (by the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 77.12 138.95 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.78 138.95 Td ( in the weighted average effective interest rate on senior unsecured debentures from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.50 138.95 Td (5.63%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 417.18 138.95 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.85 138.95 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 496.33 138.95 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 507.00 138.95 Td (5.29%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 529.68 138.95 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 125.00 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 125.00 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 105.10 Td (The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.12 105.10 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.78 105.10 Td ( in convertible debentures coupon interest expense for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 286.04 105.10 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 303.84 105.10 Td ( is a result of the net issuances in 2011 and 2012 at lower interest ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 91.15 Td (rates than those redeemed and converted, offset by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.48 91.15 Td (an increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 269.60 91.15 Td ( in the amortization of deferred issue costs due to issuances in the current ) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (50) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (year. The weighted average effective interest rate on convertible debentures decreased from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 365.89 694.45 Td (6.85%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 388.57 694.45 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 399.25 694.45 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 467.72 694.45 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 478.39 694.45 Td (6.53%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 501.07 694.45 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 680.50 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td (Consistent with First Capital Realtys practice, it is the Companys current intention to continue to satisfy its obligations of principal and interest ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (payments in respect of all of its outstanding convertible debentures by the issuance of common shares. Since issuance, the Company has made ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (all principal and interest payments on its convertible debentures using common shares.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.85 Td (Interest capitalized to investment properties under development has increased commensurate with the development activities underway including ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 598.90 Td (residential development inventory.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 574.25 Td (Corporate Expenses) Tj ET Q 1 1 1 rg /GS0 gs 54.50 563.75 384.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 563.75 m 438.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 563.75 m 498.5 563.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 551.75 m 498.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 563.75 m 558.5 563.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 551.75 m 558.5 551.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 551.75 m 438.5 551.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 539.75 m 438.5 539.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 551.75 m 498.5 551.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 539.75 m 498.5 539.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 551.75 m 558.5 551.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 539.75 m 558.5 539.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 488.75 m 438.5 488.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 488.75 m 498.5 488.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 488.75 m 558.5 488.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 455.75 m 438.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 440.75 m 438.5 440.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 455.75 m 498.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 440.75 m 498.5 440.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 455.75 m 558.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 440.75 m 558.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 401.75 m 438.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 401.75 m 498.5 401.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 401.75 m 558.5 401.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.10 554.61 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 541.66 Td (\(thousands of dollars, except for percentages\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.00 542.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 533.00 542.61 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 529.71 Td (Salaries, wages and benefits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 529.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 529.48 Td (22,897) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 529.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 529.71 Td (17,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 517.71 Td (Non-cash compensation) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 517.48 Td (2,897) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 517.71 Td (3,055) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 505.71 Td (Other corporate costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 505.48 Td (9,298) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 505.71 Td (8,984) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 492.96 Td (Abandoned transaction costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 493.13 Td (2,096) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 493.01 Td (1,267) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 478.48 Td (37,188) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 478.71 Td (30,464) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 466.66 Td (Amounts capitalized to investment properties under development and redevelopment, residential inventory and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 458.66 Td (deferred leasing costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.25 460.08 Td (\(11,679) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 460.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 459.96 Td (\(9,234) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 459.96 Td (\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 444.00 445.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 463.95 445.08 Td (25,509) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.00 444.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 445.01 Td (21,230) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 430.71 Td (Corporate expenses, excluding non-cash compensation) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 418.71 Td (As a percentage of rental revenue) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.60 418.48 Td (3.9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 418.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 418.71 Td (3.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 418.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 405.96 Td (As a percentage of total assets) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.70 406.08 Td (0.31) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 406.08 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 406.01 Td (0.30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 405.96 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 382.35 Td (The overall level of corporate expenses has) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 198.89 382.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 201.11 382.35 Td (increased) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 234.00 382.35 Td ( by ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 246.45 382.35 Td (20.2%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.13 382.35 Td ( for the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.36 382.35 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 403.85 382.35 Td (, as compared to the prior year, primarily ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 368.40 Td (as a result of increased staffing levels commensurate with the increase in the activity within the shopping centre portfolio, increased development ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 354.50 Td (activities and ongoing investments in processes and systems. Incentive compensation has also increased as a result of the Companys 2012 ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 340.55 Td (operating and financial performance and its growth.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 320.65 Td (Non-cash compensation is recognized over the respective vesting periods for options, restricted share ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.90 320.65 Td (units and deferred share units. These items ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 306.75 Td (are considered part of the total compensation for directors, senior management, other team members and periodically to select service providers ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 292.80 Td (to the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 272.90 Td (The Company manages all of its acquisitions, development and redevelopment and leasing activities internally. Certain internal costs directly ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 258.95 Td (related to development and initial leasing of the properties, including salaries and related costs, are capitalized in accordance with IFRS to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 245.05 Td (development projects and residential inventory, as incurred. Certain costs associated with the Companys internal leasing staff are capitalized to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 231.15 Td (investment properties. During each of ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 183.35 231.15 Td (2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.15 231.15 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.49 231.15 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.28 231.15 Td (, respectively, approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.05 231.15 Td (34.1%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 356.73 231.15 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 374.08 231.15 Td (33.7%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 396.76 231.15 Td ( of compensation related and other ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 217.20 Td (corporate expenses were capitalized to real estate investments for properties undergoing development or redevelopment and leasing costs ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 203.30 Td (\(including leasing for development projects and residential inventory\). Amounts capitalized are based on specific leasing activities and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 189.35 Td (development projects underway.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (51) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Other Gains \(Losses\) and \(Expenses\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 675.75 m 258.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 663.75 m 258.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 675.75 m 308.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 663.75 m 308.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 675.75 m 358.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 663.75 m 358.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 675.75 m 408.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 663.75 m 408.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 675.75 m 458.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 663.75 m 458.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 675.75 m 508.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 663.75 m 508.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 675.75 m 558.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 663.75 m 558.5 663.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 651.75 m 258.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 617.75 m 258.5 617.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 651.75 m 308.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 617.75 m 308.5 617.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 651.75 m 358.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 617.75 m 358.5 617.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 651.75 m 408.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 617.75 m 408.5 617.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 651.75 m 458.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 617.75 m 458.5 617.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 651.75 m 508.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 617.75 m 508.5 617.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 651.75 m 558.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 617.75 m 558.5 617.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 476.75 m 258.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 461.75 m 258.5 461.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 476.75 m 308.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 461.75 m 308.5 461.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 476.75 m 358.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 461.75 m 358.5 461.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 476.75 m 408.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 461.75 m 408.5 461.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 476.75 m 458.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 461.75 m 458.5 461.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 476.75 m 508.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 461.75 m 508.5 461.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 476.75 m 558.5 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 461.75 m 558.5 461.75 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 479.10 666.61 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 387.85 654.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 654.61 Td (2011) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 642.61 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 270.15 642.41 Td (Included in) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 265.70 635.41 Td (Consolidated) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 262.40 628.41 Td (Statements of ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 282.40 621.41 Td (Income) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 320.15 628.86 Td (Included in ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 342.50 621.86 Td (FFO) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 370.15 628.86 Td (Included in ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 388.25 621.86 Td (AFFO) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.50 642.61 Td (Included in) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 416.85 635.61 Td (Consolidated) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.50 628.61 Td (Statements of ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 432.80 621.61 Td (Income) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.50 628.76 Td (Included in ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.50 621.76 Td (FFO) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.50 628.76 Td (Included in ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.25 621.76 Td (AFFO) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 607.71 Td (Realized gains on sale of marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 261.00 607.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 607.48 Td (3,538) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 311.00 607.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.25 607.48 Td (3,538) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 607.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 607.48 Td (3,538) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 411.00 607.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 607.71 Td (4,320) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.00 607.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 607.71 Td (4,320) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 607.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 607.71 Td (4,320) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 595.66 Td (Change in cumulative unrealized gains \(losses\) on ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 587.66 Td (marketable securities classified as FVTPL) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 589.08 Td (2,677) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.25 589.08 Td (2,677) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 589.08 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.55 588.96 Td (\(1,296) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 588.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.60 589.01 Td (\(1,296) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 588.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 588.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 574.71 Td (Losses on settlement of debt) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 280.60 574.48 Td (\(6,550) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 574.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 330.55 574.48 Td (\(6,550) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 574.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 574.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.55 574.71 Td (\(1,486) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 574.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.60 574.71 Td (\(1,486) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 574.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 574.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 562.66 Td (Loss on temporary change of conversion privilege of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 554.66 Td (convertible debentures ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 297.30 556.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 556.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 556.08 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 432.55 555.96 Td (\(2,501) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 555.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.60 556.01 Td (\(2,501) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 555.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 555.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 541.71 Td (Unrealized gains \(losses\) on hedges) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 541.48 Td (1,459) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 342.80 541.48 Td (\(10) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 541.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 541.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 439.25 541.71 Td (\(326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 541.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 541.71 Td (\(638) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 541.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 541.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 529.71 Td (\(Loss\) gain on foreign currency exchange) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 292.85 529.48 Td (\(59) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 529.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 342.80 529.48 Td (\(59) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 529.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 392.80 529.48 Td (\(59) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 405.30 529.48 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.95 529.71 Td (268) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.95 529.71 Td (268) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 529.71 Td (268) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 517.71 Td (Transaction costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 280.60 517.48 Td (\(2,895) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 517.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 517.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 517.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 517.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 517.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 517.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 505.71 Td (Pre-selling costs of residential units) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 287.95 505.48 Td (\(337) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 505.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.95 505.48 Td (\(337) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 505.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 505.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 505.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 505.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 505.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 493.71 Td (Investment properties - selling costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 280.60 493.48 Td (\(4,081) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 493.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 493.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 493.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 493.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 493.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 493.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 481.66 Td (Other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 297.30 481.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 481.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 481.08 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.95 481.01 Td (211) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.95 481.01 Td (211) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 480.96 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 261.00 466.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 280.60 466.08 Td (\(6,248) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 466.08 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 311.00 466.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.95 466.13 Td (\(741) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 466.08 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 466.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 466.08 Td (3,479) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 411.00 465.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 439.25 466.01 Td (\(810) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 465.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.00 465.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.60 466.01 Td (\(1,122) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 465.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 465.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 466.01 Td (4,588) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 448.35 Td (The loss on settlement of debt in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 179.37 448.35 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 287.85 448.35 Td ( primarily relates to the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 367.41 448.35 Td ($4.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.42 448.35 Td ( loss in connection with the redemption of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 434.40 Td (the $97 million principal amount outstanding of the Companys 5.34% Series D senior unsecured debentures and the partial redemption of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 420.50 Td ($44.1 million principal amount outstanding of the 5.36% Series E senior unsecured debentures, which represents the difference between the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 406.55 Td (respective carrying values and the consideration paid. The remaining $2.2 million relates to prepayment of certain mortgages.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 386.65 Td (The gains \(losses\) on hedges represent the change in fair value for those derivatives to which the Company does not apply hedge accounting, as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 372.75 Td (well as the ineffectiveness of those hedges to which the Company applies hedge accounting.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 352.80 Td (Transaction costs represent those costs incurred in connection with the First Medical acquisition.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 332.90 Td (Investment properties selling costs were incurred on the dispositions of properties.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 308.25 Td (Income Taxes) Tj ET Q 1 1 1 rg /GS0 gs 54.50 291.75 376.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 54.50 279.75 376.00 -12.00 re f /GS0 gs 1 1 1 rg /GS0 gs 490.50 279.75 60.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 291.75 m 430.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 291.75 m 490.5 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 291.75 m 550.5 291.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 279.75 m 430.5 279.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 267.75 m 430.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 279.75 m 490.5 279.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 430.5 267.75 m 490.5 267.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 279.75 m 550.5 279.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 267.75 m 550.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 240.75 m 430.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 240.75 m 490.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 240.75 m 550.5 240.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 471.10 282.61 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 269.66 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 469.85 270.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 531.40 270.61 Td (2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 516.25 258.61 Td (\(Restated\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 245.66 Td (Deferred income taxes) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 433.00 245.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.40 245.08 Td (82,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.00 244.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.80 245.01 Td (78,867) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 221.35 Td (Deferred tax expense increased compared to the same prior year period primarily as a result of a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 382.01 221.35 Td ($10 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.80 221.35 Td ( increase relating to the change in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 207.40 Td (income tax rate by the Province of Ontario on its general corporate income taxes, partially offset by the decrease in the fair value of investment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 193.50 Td (properties as compared to prior year period.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 173.55 Td (The International Accounting Standards Board amended IAS 12, "Income Taxes", effective for annual periods on or after January1, 2012, with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 159.65 Td (retrospective restatement of prior periods.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 139.75 Td (IAS 12 has been amended in certain areas applicable to the determination of deferred taxes where investment property is measured using the fair ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 125.80 Td (value model in IAS 40, Investment Property. The amendment provides for the presumption that the carrying amount of an investment property ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 111.90 Td (is recovered through sale, as opposed to presuming that the economic benefits of the investment property will be substantially consumed through ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 97.95 Td (use over time.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (52) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Effective on the adoption of the amended IAS 12, First Capital Realty, and other real estate entities measuring investment property using the fair ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (value model, were required to apply taxation rates applicable to capital gains or losses to the extent the reversal of the temporary difference ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (through sale would result in a capital gain or loss.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (The non-cash impact of the Companys adoption of the amendment to IAS 12 on the consolidated balance sheets is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 636.15 m 420.5 636.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 624.15 m 420.5 624.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 636.15 m 489.5 636.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 624.15 m 489.5 624.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 636.15 m 558.5 636.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 624.15 m 558.5 624.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 612.15 m 489.5 612.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 612.15 m 558.5 612.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 612.15 m 420.5 612.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 612.15 m 489.5 612.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 612.15 m 558.5 612.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 585.15 m 420.5 585.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 585.15 m 489.5 585.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 585.15 m 558.5 585.15 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 627.01 Td (\(thousands of dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 616.01 Td (Increase \(decrease\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 426.05 615.01 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 506.35 615.01 Td (January 1, 2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 601.11 Td (Deferred tax liabilities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 423.00 602.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.15 602.11 Td (\(90,120) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.30 602.11 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 602.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 602.11 Td (\(42,810) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 602.11 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 589.06 Td (Retained earnings) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.50 589.36 Td (90,120) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.50 589.36 Td (42,810) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 565.75 Td (The non-cash impact of the Companys adoption of the amendment to IAS 12 on the consolidated statements of income is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 555.25 m 488.5 555.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 555.25 m 558.5 555.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 531.25 m 488.5 531.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 531.25 m 558.5 531.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 471.25 m 488.5 471.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 471.25 m 558.5 471.25 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 546.11 Td (\(thousands of dollars, except per share amounts\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 521.50 546.11 Td (Year ended) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 534.11 Td (Increase \(decrease\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 495.05 534.11 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 520.21 Td (Deferred income taxes) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 491.00 521.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 521.21 Td (\(47,310) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 521.21 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 508.21 Td (Net income) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 530.80 509.21 Td (47,310) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 497.21 Td (Net income per share attributable to common shareholders) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 65.00 487.16 Td (Basic) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 491.00 485.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 485.21 Td (0.28) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 65.00 475.16 Td (Diluted) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 539.70 473.21 Td (0.25) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 111 0 obj <> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (53) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 685.30 Td (CAPITAL STRUCTURE AND LIQUIDITY) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 659.25 Td (Capital Employed) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 648.75 m 438.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 648.75 m 498.5 648.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 648.75 m 558.5 648.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 636.75 m 438.5 636.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 624.75 m 438.5 624.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 636.75 m 498.5 636.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 624.75 m 498.5 624.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 636.75 m 558.5 636.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 624.75 m 558.5 624.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 585.75 m 438.5 585.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 585.75 m 498.5 585.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 585.75 m 558.5 585.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 585.75 m 498.5 585.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 511.75 m 438.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 496.75 m 438.5 496.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 511.75 m 498.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 496.75 m 498.5 496.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 511.75 m 558.5 511.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 496.75 m 558.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 349.75 m 438.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 349.75 m 498.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 349.75 m 558.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 322.75 m 438.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 322.75 m 498.5 322.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 322.75 m 558.5 322.75 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 497.80 640.61 Td (As at December 31) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 626.66 Td (\(thousands of dollars, except for other data\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 475.00 627.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.00 627.61 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 614.71 Td (Equity capitalization) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 602.71 Td (Common shares outstanding \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.00 602.48 Td (206,546) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 602.71 Td (178,225) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 589.96 Td (Common share purchase warrants \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 590.13 Td (5,625) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 590.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 575.71 Td (Mortgages and credit facilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 575.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.75 575.48 Td (1,609,112) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 575.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 575.71 Td (1,584,168) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 563.71 Td (Senior unsecured debentures \(principal amount\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.75 563.48 Td (1,478,943) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 563.71 Td (1,247,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 551.71 Td (Convertible debentures \(principal amount\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.00 551.48 Td (338,592) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 551.71 Td (300,772) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 539.71 Td (Shareholders' equity) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 525.56 Td (Common shares \(based on closing per share price of $18.82; December 31, 2011 $17.30\) and common ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 515.96 Td (share purchase warrants \(based on closing price of $0.35; December 31, 2011 n/a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.75 516.13 Td (3,889,163) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 516.01 Td (3,083,290) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 500.96 Td (Total capital employed \(total enterprise value\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 501.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.75 501.13 Td (7,315,810) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 500.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.25 501.01 Td (6,215,230) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 486.71 Td (Debt to total assets ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 123.23 489.51 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.70 486.48 Td (42.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 486.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 486.71 Td (46.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 486.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 474.71 Td (Debt to total assets \(at invested cost\)) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 181.01 477.51 Td ( \(1\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.70 474.48 Td (49.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 474.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 474.71 Td (53.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 474.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 462.71 Td (Debt to total assets \(based on debt covenants\) ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 215.70 465.51 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.70 462.48 Td (45.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 462.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 462.71 Td (51.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 462.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 450.71 Td (Debt to total market capitalization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.70 450.48 Td (41.8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 450.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 450.71 Td (45.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 450.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 438.71 Td (Weighted average interest rate on fixed rate debt and senior unsecured debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.70 438.48 Td (5.28) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 438.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 438.71 Td (5.75) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 438.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 426.71 Td (Maximum proportion of debt maturing in any one year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 426.48 Td (15.25) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 426.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 426.71 Td (18.65) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 426.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 414.71 Td (Debt/EBITDA ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 104.14 417.51 Td (\(5\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.85 414.48 Td (8.50) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 414.71 Td (8.59) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 402.71 Td (Debt/EBITDA ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 104.14 402.71 Td (- ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.03 402.71 Td (based ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.70 402.71 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 142.37 402.71 Td (run ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.15 402.71 Td (rate ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 171.27 405.51 Td (\(5\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.85 402.48 Td (7.81) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 402.71 Td (8.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 390.71 Td (Weighted average maturity on mortgages and senior unsecured debentures \(years\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 482.75 390.48 Td (5.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.85 390.71 Td (4.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 378.71 Td (Unencumbered aggregate assets to unsecured debt) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 366.71 Td (Total, based on IFRS value ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 155.19 369.51 Td (\(3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.85 366.48 Td (2.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 366.71 Td (1.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 353.96 Td (Based on debt covenants ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 151.03 356.76 Td (\(4\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.85 354.08 Td (2.09) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 353.96 Td (1.60) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 339.71 Td (EBITDA interest coverage ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 145.46 342.51 Td (\(5\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.85 339.48 Td (2.19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 339.71 Td (2.12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 326.96 Td (EBITDA interest coverage excluding capitalized interest on development ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 301.92 329.76 Td (\(5\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 477.85 327.08 Td (2.59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 326.96 Td (2.41) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 309.80 Td (Calculated with all joint ventures proportionately consolidated and cash balances reducing debt.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 301.45 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 299.35 Td ( Includes investment properties at IFRS value, valued using the average capitalization rate used to calculate IFRS value for the last ten fiscal quarters.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 291.05 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 288.95 Td ( Includes all unencumbered assets at IFRS values.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 280.60 Td (\(4\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 278.50 Td ( Includes unencumbered assets as defined by debt covenants, with shopping centres valued at the average capitalization rate used to calculate IFRS value for the last ten fiscal quarters.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 270.15 Td (\(5\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 268.05 Td (EBITDA is calculated as net income, adding back income tax expense, interest expense, amortization expense and excluding the impact of increases in value of investment properties, gains ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 257.60 Td (and losses and other non-cash items. EBITDA is used in analyzing the Companys compliance with the senior unsecured debentures indenture. EBITDA is not a measure defined by IFRS and ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 247.15 Td (as such there is no standard definition. As a result, EBITDA may not be comparable with similar measures presented by other entities. EBITDA is not to be construed as an alternative to net ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 236.75 Td (income or cash flow from operating activities determined in accordance with IFRS. EBITDA is calculated on a trailing four quarter basis.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 216.80 Td (The real estate business is capital intensive by nature. The Companys capital structure is key to financing growth and providing sustainable cash ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 202.90 Td (dividends to shareholders. In the real estate industry, financial leverage is used to enhance rates of return on invested capital. Management ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 188.95 Td (believes that the combination of debt, convertible debentures and equity in First Capital Realtys capital structure provides stability and reduces ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 175.05 Td (risk, while generating an acceptable return on investment, taking into account the long-term business strategy of the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 155.15 Td (In 2012, the Company made substantial progress in continuing to reduce the cost of debt and equity capital and extending and staggering debt ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 141.20 Td (maturities. Improvements were made in all key debt metrics including weighted average interest rate, weighted average remaining term, maximum ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 127.30 Td (debt maturities and overall leverage ratios. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 107.35 Td (DBRS provided First Capital Realty with its initial credit rating in 2005 of BBB \(low\) with a stable trend, and upgraded this rating to BBB with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 93.45 Td (stable trend in 2007. On June 27, 2012, DBRS confirmed the BBB rating and changed the trend to positive. On November 14, 2012, DBRS ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 79.55 Td (upgraded the ratings of the Company's senior unsecured debentures to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 297.17 79.55 Td (BBB \(high\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 335.40 79.55 Td ( and changed the trend to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 425.66 79.55 Td (stable) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 445.66 79.55 Td (, from positive. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 497.67 79.55 Td (The rating ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (54) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 694.45 Td (upgrade acknowledges First Capital Realty's progress in terms of enhancing the quality, size and market position of its portfolio of supermarket- ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 680.50 Td (and drugstore-anchored shopping centres in high barrier-to-entry major urban markets across Canada. In addition, according to DBRS the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 666.60 Td (Company has meaningfully reduced the proportion of debt in its capital structure and improved key credit metrics to levels that are more in line ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 652.65 Td (with the BBB \(high\) rating category. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 177.59 652.65 Td (According to DBRS, a credit rating in the BBB category is generally an indication of adequate credit quality ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 638.75 Td (and an acceptable capacity for the payment of financial obligations. DBRS indicates that BBB \(high\) rated obligations may be vulnerable to future ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 624.85 Td (events. A rating trend, expressed as positive, stable or negative, provides guidance in respect of DBRS opinion regarding the outlook for the rating ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 610.90 Td (in question. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (Moodys provided First Capital Realty with a credit rating of Baa3, with a stable outlook in 2006, and then in December 2011, while confirming its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (rating, revised the rating outlook to positive. On November 20, 2012, Moodys upgraded the senior unsecured debenture rating of First Capital ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.15 Td (Realty to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 85.56 563.15 Td (Baa2) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.34 563.15 Td ( \(from Baa3\) and revised the rating outlook to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 259.37 563.15 Td (stable) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.37 563.15 Td (, from positive. According to Moodys, the upgrade reflects the Company's ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.25 Td (steady growth in its shopping centre franchise throughout Canada's major markets, while improving its financial profile with key metrics, such as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 535.30 Td (secured debt, unencumbered assets and fixed charge coverage moving solidly into the mid-Baa range. As defined by Moodys, a credit rating of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 521.40 Td (Baa2 denotes that these debentures are subject to moderate credit risk and are of medium grade and, as such, may possess certain speculative ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 507.45 Td (characteristics. A rating outlook provided by Moodys, expressed as positive, stable, negative or developing, is an opinion regarding the outlook for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 493.55 Td (the rating in question over the medium term.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 473.65 Td (The Company completed the issuance of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.47 473.65 Td ($475 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.71 473.65 Td ( principal amount of senior unsecured subordinated debentures and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 470.10 473.65 Td ($127.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 519.01 473.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 459.70 Td (principal amount of convertible unsecured subordinated debentures in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.95 459.70 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.74 459.70 Td (. This compares to the issuance of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 430.98 459.70 Td ($325 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.22 459.70 Td ( principal amount of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 445.80 Td (senior unsecured subordinated debentures and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 217.16 445.80 Td ($165 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 259.39 445.80 Td ( principal amount of convertible unsecured subordinated debentures in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.56 445.80 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 520.35 445.80 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 425.85 Td (The Company completed the issuance of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.47 425.85 Td (28.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.48 425.85 Td ( common shares and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.27 425.85 Td (5.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.83 425.85 Td ( common share purchase warrants for gross proceeds of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 411.95 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 411.95 Td ($507 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 145.56 411.95 Td ( in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.23 411.95 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.03 411.95 Td (. By issuing approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 264.69 411.95 Td ($507 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.92 411.95 Td ( of equity in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.72 411.95 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 366.51 411.95 Td (, and approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 435.41 411.95 Td ($744 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.64 411.95 Td ( since the beginning ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 398.05 Td (of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.45 398.05 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.24 398.05 Td (, the Company has significantly reduced its leverage which Management expects will result in a continued decrease in the Companys cost ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 384.10 Td (of capital.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 364.20 Td (These financings, along with planned financings and availability on existing credit facilities, address substantially all of the remaining contractual ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 350.25 Td (2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.79 350.25 Td ( debt maturities and contractually committed costs to complete current development projects.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 330.35 Td (The Company uses convertible debentures as a part of its overall capital structure. Consistent with First Capital Realtys practice, it is the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 316.45 Td (Companys current intention to continue to satisfy its obligations of principal and interest payments in respect of all of its outstanding convertible ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 302.50 Td (debentures through the issuance of common shares. Since issuance, the Company has made all principal and interest payments on its convertible ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 288.60 Td (debentures using common shares.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 268.65 Td (The Company intends to maintain financial strength to achieve the lowest cost of debt and equity capital over the long term. When it is deemed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 254.75 Td (appropriate, the Company will raise equity as a source of financing and may strategically sell non-core assets to best redeploy capital and take ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 240.85 Td (advantage of market opportunities.) Tj ET Q endstream endobj 115 0 obj <> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (55) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Consolidated Debt and Principal Amortization Maturity Profile) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 675.75 m 249.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 656.75 m 249.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 675.75 m 312.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 249.5 656.75 m 312.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 675.75 m 372.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 656.75 m 372.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 675.75 m 432.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 372.5 656.75 m 432.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 675.75 m 492.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 656.75 m 492.5 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 675.75 m 552.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 656.75 m 552.5 656.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 249.5 503.75 m 312.5 503.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 312.5 503.75 m 372.5 503.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 372.5 503.75 m 432.5 503.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 503.75 m 492.5 503.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 503.75 m 249.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 488.75 m 249.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 488.75 m 312.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 488.75 m 372.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 488.75 m 432.5 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 488.75 m 492.5 488.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 503.75 m 552.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 488.75 m 552.5 488.75 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.50 660.76 Td (\(thousands of dollars, except for other data\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.25 660.76 Td (Mortgages) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.85 660.76 Td (Credit Facilities) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 375.70 666.61 Td (Senior Unsecured) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.75 659.61 Td (Debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 475.25 660.76 Td (Total) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 528.75 660.76 Td (% Due) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 646.71 Td (2013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 252.00 646.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.35 646.71 Td (241,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 315.00 646.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 646.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 375.00 646.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.25 646.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.00 646.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 646.71 Td (241,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 646.71 Td (7.84) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 646.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 634.71 Td (2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.35 634.71 Td (301,801) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 634.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 634.71 Td (153,943) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 634.71 Td (455,744) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 634.71 Td (14.76) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 634.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 622.71 Td (2015) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.35 622.71 Td (251,867) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 622.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 622.71 Td (125,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 622.71 Td (376,867) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 622.71 Td (12.20) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 622.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 610.71 Td (2016) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.35 610.71 Td (173,763) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 610.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.25 610.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 610.71 Td (173,763) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 610.71 Td (5.63) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 610.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 598.71 Td (2017) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.80 598.71 Td (85,669) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 598.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 598.71 Td (250,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 598.71 Td (335,669) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 598.71 Td (10.87) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 598.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 586.71 Td (2018) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.35 586.71 Td (108,645) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 586.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 586.71 Td (150,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 586.71 Td (258,645) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 586.71 Td (8.38) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 586.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 574.71 Td (2019) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.35 574.71 Td (120,662) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 574.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 574.71 Td (150,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 574.71 Td (270,662) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 574.71 Td (8.76) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 574.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 562.71 Td (2020) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.80 562.71 Td (57,941) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 562.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 562.71 Td (175,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 562.71 Td (232,941) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 562.71 Td (7.54) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 562.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 550.71 Td (2021) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.80 550.71 Td (92,494) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 550.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 550.71 Td (175,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 550.71 Td (267,494) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 550.71 Td (8.66) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 550.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 538.71 Td (2022) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 280.35 538.71 Td (170,884) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 538.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.30 538.71 Td (300,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.30 538.71 Td (470,884) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 538.71 Td (15.25) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 538.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 526.71 Td (Thereafter) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 289.25 526.71 Td (3,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 526.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.25 526.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.25 526.71 Td (3,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 526.71 Td (0.11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.85 526.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 513.66 Td (Add \(deduct\): unamortized deferred financing costs) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 505.71 Td (and premium and discounts, net) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 284.80 508.01 Td (14,228) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 507.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.55 507.96 Td (\(9,870) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 429.30 507.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.25 508.01 Td (4,358) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.85 508.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 252.00 492.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.70 492.96 Td (1,623,340) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 315.00 492.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 361.25 492.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 375.00 492.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.70 493.01 Td (1,469,073) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 441.00 492.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 453.70 493.01 Td (3,092,413) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 520.35 492.71 Td (100.00) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 544.85 492.66 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 465.85 Td (Mortgages and Credit Facilities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 451.95 Td (The changes in the book value of the Companys mortgages and credit facilities during the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 360.73 451.95 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.21 451.95 Td ( are set out below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 435.45000000000005 m 226.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 435.45000000000005 m 281.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 435.45000000000005 m 326.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 435.45000000000005 m 371.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 435.45000000000005 m 416.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 435.45000000000005 m 461.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 435.45000000000005 m 506.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 435.45000000000005 m 551.5 435.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 409.45000000000005 m 226.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 226.5 409.45000000000005 m 281.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 409.45000000000005 m 326.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 326.5 409.45000000000005 m 371.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 409.45000000000005 m 416.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 409.45000000000005 m 461.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 461.5 409.45000000000005 m 506.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 409.45000000000005 m 551.5 409.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 278.45000000000005 m 226.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 226.5 278.45000000000005 m 281.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 281.5 278.45000000000005 m 326.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 326.5 278.45000000000005 m 371.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 278.45000000000005 m 416.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 278.45000000000005 m 461.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 461.5 278.45000000000005 m 506.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 506.5 278.45000000000005 m 551.5 278.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 263.45000000000005 m 226.5 263.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 263.45000000000005 m 281.5 263.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 263.45000000000005 m 326.5 263.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 263.45000000000005 m 371.5 263.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 263.45000000000005 m 416.5 263.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 263.45000000000005 m 461.5 263.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 263.45000000000005 m 506.5 263.45000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 263.45000000000005 m 551.5 263.45000000000005 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 413.46 Td (\(thousands of dollars, except for percentages\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 240.30 425.26 Td (Mortgages and) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 241.30 419.26 Td (Other Secured) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 265.95 413.26 Td (Debt) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 299.40 425.26 Td (Weighted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 303.00 419.26 Td (Average) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 290.65 413.26 Td (Interest Rate) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 330.30 419.26 Td (Secured Credit ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 346.00 413.26 Td (Facilities) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 389.40 425.26 Td (Weighted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 393.00 419.26 Td (Average) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 380.65 413.26 Td (Interest Rate) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 429.95 419.26 Td (Unsecured ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 419.30 413.26 Td (Credit Facilities) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 479.40 425.26 Td (Weighted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 483.00 419.26 Td (Average) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 470.65 413.26 Td (Interest Rate) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 548.00 419.26 Td () Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 536.20 413.26 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 398.41 Td (Balance, December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 229.00 399.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 242.70 399.36 Td (1,409,772) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 303.25 398.41 Td (5.88) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 318.85 398.41 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 329.00 399.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 343.80 399.41 Td (33,826) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.25 400.71 Td (2.95) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 408.85 400.66 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 419.00 399.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 429.30 399.36 Td (140,570) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.25 398.41 Td (3.05) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 498.85 398.41 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 509.00 399.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.70 399.41 Td (1,584,168) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 386.36 Td (Additional borrowings) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.35 386.36 Td (249,970) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 386.36 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.25 386.36 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 386.41 Td (249,970) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 373.36 Td (Assumed mortgages on acquisition of investment ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 365.36 Td (properties and vendor take back mortgage ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 211.35 368.16 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 249.35 366.66 Td (226,790) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 348.25 366.71 Td (3,700) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.25 366.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 366.71 Td (230,490) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 352.36 Td (Mortgage financing and loans on residential ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 344.36 Td (development inventory) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 253.75 345.66 Td (22,406) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 345.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.25 345.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 345.71 Td (22,406) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 331.36 Td (Repayments) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 246.70 331.36 Td (\(216,139) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 278.30 331.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 341.15 331.36 Td (\(37,526) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.30 331.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.70 331.41 Td (\(139,752) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 458.30 331.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.70 331.41 Td (\(393,417) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 331.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 318.36 Td (Principal installment payments) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 251.10 318.36 Td (\(40,171) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 278.30 318.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 318.36 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.25 318.36 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.15 318.36 Td (\(40,171) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 318.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 305.36 Td (Assumed mortgages on sales of investment ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 297.36 Td (properties) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 251.10 297.66 Td (\(37,748) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 278.30 297.66 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 297.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.25 297.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.15 297.66 Td (\(37,748) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 297.66 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 282.66 Td (Other changes \(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 258.25 282.71 Td (8,460) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 282.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.25 282.71 Td (\(818) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 458.30 282.66 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 282.71 Td (7,642) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 267.66 Td (Balance, December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 229.00 267.66 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 242.70 267.66 Td (1,623,340) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 303.25 267.71 Td (5.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 318.85 267.66 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 329.00 267.66 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 267.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.80 267.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.00 267.66 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.25 267.66 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.85 267.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 509.00 267.66 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.70 267.71 Td (1,623,340) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 52.00 252.60 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 61.00 250.50 Td (Includes ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.34 250.50 Td (mortgage ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.67 250.50 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 121.01 250.50 Td (credit ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 137.01 250.50 Td (facility ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 154.68 250.50 Td (debt ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 167.69 250.50 Td (assumed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 192.35 250.50 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.69 250.50 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 208.36 250.50 Td (First ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 221.02 250.50 Td (Medical ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.69 250.50 Td (acquisition.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 52.00 242.15 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 61.00 240.05 Td (Includes ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.34 240.05 Td (amortization ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 117.00 240.05 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 123.34 240.05 Td (issue ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.00 240.05 Td (costs, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 154.34 240.05 Td (premiums ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.67 240.05 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 193.01 240.05 Td (discounts ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 219.01 240.05 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.35 240.05 Td (exchange ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.35 240.05 Td (rate ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.69 240.05 Td (difference.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 220.15 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.34 220.15 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.81 220.15 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.26 220.15 Td (98%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 152.27 220.15 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 157.16 220.15 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 225.63 220.15 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.08 220.15 Td (99%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 250.09 220.15 Td (\) of the outstanding mortgage and property-specific debt liabilities bore interest at fixed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 206.20 Td (interest rates. The fixed mortgage rates provide an effective matching for rental income from leases, which typically have fixed terms ranging from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 192.30 Td (five to ten years, and incremental contractual rent steps during the term of the lease. The average remaining term of mortgages outstanding has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 178.35 Td (increased from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.89 178.35 Td (4.0) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 118.01 178.35 Td ( years at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 148.67 178.35 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 217.15 178.35 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.82 178.35 Td (4.5) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.94 178.35 Td ( years at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 269.60 178.35 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 338.08 178.35 Td ( reflecting the Companys strategy to use primarily ten-year ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 164.45 Td (terms if secured financing is obtained.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 144.55 Td (In 2012, the Company funded ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.50 144.55 Td ($180.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.41 144.55 Td ( of 10-year mortgage financing relating to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.76 144.55 Td (seven) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 368.31 144.55 Td ( properties with a weighted average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 130.60 Td (3.86%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.68 130.60 Td (. In addition, for the year ended December 31, 2012, the Company topped-up ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.01 130.60 Td ($68.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.47 130.60 Td ( of mortgage financings with terms between ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 116.70 Td (one and five) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.34 116.70 Td ( years, relating to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 157.57 116.70 Td (three) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.91 116.70 Td ( properties with a weighted average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 346.93 116.70 Td (3.16%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.61 116.70 Td (. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 96.75 Td (In the year ended December 31, 2012, the Company prepaid or repaid at maturity ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.53 96.75 Td ($216.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 383.43 96.75 Td ( amount of mortgage financing with a weighted ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 82.85 Td (average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.11 82.85 Td (6.29%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.79 82.85 Td (. ) Tj ET Q endstream endobj 117 0 obj <> endobj 118 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (56) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Mortgage Maturity and Lender Type Profile) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 682.8 m 201.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 682.8 m 251.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 682.8 m 301.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 682.8 m 351.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 682.8 m 401.5 682.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 682.8 m 451.5 682.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 660.8 m 451.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 682.8 m 501.5 682.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 660.8 m 501.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 682.8 m 557.5 682.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 501.5 660.8 m 557.5 660.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 627.8 m 201.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 201.5 627.8 m 251.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 627.8 m 301.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 627.8 m 351.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 627.8 m 401.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 627.8 m 451.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 627.8 m 501.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 501.5 627.8 m 557.5 627.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 492.8 m 451.5 492.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 492.8 m 201.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 477.8 m 201.5 477.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 201.5 492.8 m 251.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 477.8 m 251.5 477.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 492.8 m 301.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 477.8 m 301.5 477.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 492.8 m 351.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 477.8 m 351.5 477.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 492.8 m 401.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 477.8 m 401.5 477.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 401.5 492.8 m 451.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401.5 477.8 m 451.5 477.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 451.5 492.8 m 501.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 477.8 m 501.5 477.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 501.5 492.8 m 557.5 492.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 477.8 m 557.5 477.8 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 428.20 671.81 Td (Breakdown of Mortgage Maturities) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 452.65 664.81 Td (by Type of Lender) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 630.66 Td (\(thousands of dollars, except for percentages\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 216.45 637.66 Td (Scheduled) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 211.05 630.66 Td (Amortization) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 259.50 638.81 Td (Payments on ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 273.85 631.81 Td (Maturity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 334.25 630.66 Td (Total) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 370.50 645.81 Td (Weighted) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 374.65 638.81 Td (Average) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 360.25 631.81 Td (Interest Rate) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 411.00 638.81 Td (Percent with ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 429.30 631.81 Td (Banks) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.00 638.81 Td (Percent with ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.90 631.81 Td (Conduits) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 517.00 651.66 Td (Percent with ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 510.05 644.66 Td (Insurance Cos ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.70 637.66 Td (and) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 509.65 630.66 Td (Pension Funds) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 617.76 Td (2013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 204.00 617.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 617.76 Td (42,148) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 254.00 617.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.35 617.76 Td (199,829) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 304.00 617.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 319.30 617.76 Td (241,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 617.76 Td (5.01) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 617.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 423.80 617.76 Td (45.84) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 617.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.80 617.76 Td (37.59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 617.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 617.76 Td (16.57) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 617.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 605.76 Td (2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 605.76 Td (36,391) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.35 605.76 Td (265,410) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 319.30 605.76 Td (301,801) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 605.76 Td (6.03) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 605.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 423.80 605.76 Td (12.10) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 605.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.80 605.76 Td (37.21) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 605.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 605.76 Td (50.69) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 605.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 593.76 Td (2015) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 593.76 Td (28,672) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.35 593.76 Td (223,195) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 319.30 593.76 Td (251,867) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 593.76 Td (4.97) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 593.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.25 593.76 Td (7.61) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 593.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.80 593.76 Td (35.72) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 593.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 593.76 Td (56.67) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 593.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 581.76 Td (2016) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 581.76 Td (22,869) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.35 581.76 Td (150,894) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 319.30 581.76 Td (173,763) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 581.76 Td (5.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 581.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 423.80 581.76 Td (34.11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 581.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 478.25 581.76 Td (5.40) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 581.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 581.76 Td (60.49) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 581.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 569.76 Td (2017) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 569.76 Td (20,063) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.80 569.76 Td (65,606) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 323.80 569.76 Td (85,669) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 569.76 Td (5.36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 569.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.25 569.76 Td (8.23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 569.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.80 569.76 Td (47.69) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 569.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 569.76 Td (44.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 569.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 557.76 Td (2018) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 557.76 Td (16,811) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.80 557.76 Td (91,834) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 319.30 557.76 Td (108,645) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 557.76 Td (6.15) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 557.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.25 557.76 Td (5.49) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 557.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 478.25 557.76 Td (0.46) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 557.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 557.76 Td (94.05) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 557.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 545.76 Td (2019) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 545.76 Td (13,948) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.35 545.76 Td (106,714) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 319.30 545.76 Td (120,662) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 545.76 Td (6.36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 545.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 423.80 545.76 Td (33.20) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 545.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 478.25 545.76 Td (0.43) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 545.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 545.76 Td (66.37) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 545.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 533.76 Td (2020) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 533.76 Td (12,083) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.80 533.76 Td (45,858) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 323.80 533.76 Td (57,941) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 533.76 Td (5.20) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 533.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.25 533.76 Td (8.86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 533.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 478.25 533.76 Td (0.95) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 533.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 533.76 Td (90.19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 533.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 521.76 Td (2021) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 521.76 Td (10,085) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.80 521.76 Td (82,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 323.80 521.76 Td (92,494) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 521.76 Td (4.94) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 521.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 423.80 521.76 Td (73.26) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 521.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 478.25 521.76 Td (0.62) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 521.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 521.76 Td (26.12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 521.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 509.76 Td (2022) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 228.25 509.76 Td (3,801) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 269.35 509.76 Td (167,083) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 319.30 509.76 Td (170,884) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 509.76 Td (3.99) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 509.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 423.80 509.76 Td (31.39) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.85 509.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 478.25 509.76 Td (7.84) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.85 509.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 509.76 Td (60.77) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 509.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 497.01 Td (Thereafter) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 228.25 497.06 Td (3,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 290.25 497.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 328.25 497.06 Td (3,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.25 497.06 Td (6.20) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.85 497.01 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.80 497.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.85 497.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.35 497.06 Td (100.00) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.85 497.01 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 481.71 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 204.00 482.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 219.35 482.01 Td (210,280) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 254.00 482.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 262.70 482.01 Td (1,398,832) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 304.00 482.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 312.70 482.06 Td (1,609,112) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.25 481.76 Td (5.28) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.85 481.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 423.80 481.76 Td (25.20) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 443.85 481.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.80 481.76 Td (22.31) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 493.85 481.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 529.80 481.76 Td (52.49) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 549.85 481.71 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 458.35 Td (The Companys strategy is to manage its long-term debt by staggering maturity dates in order to mitigate risk associated with short-term volatility ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 444.45 Td (in the debt markets. At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.58 444.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.05 444.45 Td (, the Company had mortgage payments aggregating ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.97 444.45 Td ($242.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.87 444.45 Td ( coming due in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.78 444.45 Td (2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 498.57 444.45 Td (. Maturing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 430.55 Td (amounts are comprised of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.67 430.55 Td ($199.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 193.58 430.55 Td ( of mortgages maturing at an average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 372.26 430.55 Td (5.01%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.94 430.55 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 412.29 430.55 Td ($42.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 456.74 430.55 Td ( of scheduled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 416.60 Td (amortization of principal balances. The Companys liquidity position at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 292.25 416.60 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 360.73 416.60 Td ( in excess of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 404.73 416.60 Td ($600 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.96 416.60 Td ( provides the Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 402.70 Td (with significant flexibility in addressing these ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 205.57 402.70 Td (2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 223.36 402.70 Td ( maturities.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 378.60 Td (Credit Facilities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 364.70 Td (The Company has the flexibility under its credit facilities to draw funds based on bank prime rates, Canadian bankers acceptances \(BA\), ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 350.75 Td (LIBOR-based advances or U.S. prime for U.S. dollar-denominated borrowings or Euro dollars. The BAs currently provide the Company with the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 336.85 Td (lowest cost means of borrowing under these credit facilities. The credit facilities are used primarily to provide liquidity for financing acquisition, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 322.90 Td (development and redevelopment activities and for general corporate purposes.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 303.00 Td (On ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.01 303.00 Td (June29, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 115.82 303.00 Td (, the Company reduced pricing on, and extended the maturity of, its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 347.44 303.00 Td ($500 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 389.67 303.00 Td ( senior unsecured revolving credit facility with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 289.10 Td (a syndicate of Canadian chartered banks. The facility will mature on June 30, 2014.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 269.15 Td (In connection with the First Medical acquisition, the Company assumed a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 304.28 269.15 Td ($13.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.73 269.15 Td ( secured credit facility with a Canadian chartered bank. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 255.25 Td (This facility was terminated in the fourth quarter of 2012. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 235.30 Td (On December 31, 2012, the Company reduced pricing on, extended the maturity to December 2014, and increased the capacity of its existing ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 221.40 Td ($50.0 million secured credit facility with a Canadian chartered bank to $75.0 million. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 342.52 221.40 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 201.50 Td (The following table summarizes the details of the Companys lines of credit as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.03 201.50 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.50 201.50 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 185 m 206.5 185 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 156 m 206.5 156 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 185 m 251.5 185 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 156 m 251.5 156 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 185 m 296.5 185 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 156 m 296.5 156 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 185 m 341.5 185 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 156 m 341.5 156 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 185 m 390.5 185 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 341.5 156 m 390.5 156 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 185 m 476.5 185 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 156 m 476.5 156 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 185 m 551.5 185 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 156 m 551.5 156 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 101 m 206.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 86 m 206.5 86 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 101 m 251.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 86 m 251.5 86 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 101 m 296.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 86 m 296.5 86 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 296.5 101 m 341.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 86 m 341.5 86 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 341.5 101 m 390.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 86 m 390.5 86 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 101 m 476.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 86 m 476.5 86 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 476.5 101 m 551.5 101 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 86 m 551.5 86 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 167.01 Td (\(thousands of Canadian dollars, except other) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 160.01 Td (data\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 218.05 167.01 Td (Borrowing ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 222.70 160.01 Td (Capacity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 266.55 167.01 Td (Amounts ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 273.90 160.01 Td (Drawn) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 302.20 174.01 Td (Outstanding) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 310.75 167.01 Td (Letters of ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 320.50 160.01 Td (Credit) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 353.55 167.01 Td (Available to ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 358.60 160.01 Td (be Drawn) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 450.80 167.01 Td (Interest) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 456.25 160.01 Td (Rates) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 523.85 167.01 Td (Maturity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.35 160.01 Td (Date) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 145.91 Td (Secured by development properties) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.00 145.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 145.91 Td (75,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 254.00 145.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.25 145.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 299.00 145.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 330.25 145.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 344.00 145.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 362.80 145.96 Td (75,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.95 145.91 Td (BA + 1.50% or) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.05 137.91 Td (Prime + 0.50%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 479.50 145.91 Td (December 31, 2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 120.91 Td (Unsecured) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 219.35 120.91 Td (500,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.25 120.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.15 120.91 Td (\(43,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.30 120.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.30 120.91 Td (456,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 401.95 120.91 Td (C$ at BA + 1.50% or) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.15 112.91 Td (Prime + 0.50% or) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.45 104.91 Td (US$ at LIBOR + 1.50%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.15 120.91 Td (June 30, 2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 90.21 Td (Total secured and unsecured facilities ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 209.00 90.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 219.35 90.21 Td (575,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 254.00 90.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 285.25 90.21 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 299.00 90.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.15 90.21 Td (\(43,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.30 90.21 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 344.00 90.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.30 90.21 Td (531,409) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 119 0 obj <> endobj 120 0 obj <> stream BT /F1 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BT /F6 7.00 Tf ET q 0 0 0 rg BT 313.05 480.61 Td (5.60%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 352.05 480.61 Td (5.73%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.60 480.61 Td (7.3) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 461.85 480.41 Td (110,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.35 480.66 Td (110,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 468.61 Td (April 30, 2020) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 205.55 468.61 Td (M) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 226.00 468.61 Td (June 13, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 313.05 468.61 Td (5.60%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 352.05 468.61 Td (5.39%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.60 468.61 Td (7.3) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.10 468.41 Td (65,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.20 468.61 Td (65,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 456.61 Td (March 1, 2021) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 205.95 456.61 Td (N) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 226.00 456.61 Td (April 4, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 313.05 456.61 Td (4.50%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 352.05 456.61 Td (4.63%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.60 456.61 Td (8.2) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 461.85 456.41 Td (175,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.65 456.61 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 444.61 Td (January 31, 2022) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 206.15 444.61 Td (O) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 226.00 444.61 Td (June 1, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 313.05 444.61 Td (4.43%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 352.05 444.61 Td (4.55%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.60 444.61 Td (9.1) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 461.85 444.41 Td (100,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.65 444.61 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 432.61 Td (January 31, 2022) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 206.15 432.61 Td (O) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 226.00 432.61 Td (July 17, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 313.05 432.61 Td (4.43%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 352.05 432.61 Td (4.44%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.60 432.61 Td (9.1) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.10 432.41 Td (50,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.65 432.61 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 418.76 Td (December 5, 2022) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 206.35 418.76 Td (P) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 226.00 418.76 Td (December 5, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 313.05 418.76 Td (3.95%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 352.05 418.76 Td (4.15%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.60 418.76 Td (9.9) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 461.85 418.86 Td (150,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 542.65 418.76 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 313.05 403.76 Td (5.15%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 352.05 403.76 Td (5.29%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.60 403.76 Td (6.2) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 435.00 403.86 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 455.40 403.86 Td (1,478,943) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.00 403.76 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.50 403.76 Td (1,247,000) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 380.35 Td (During ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.90 380.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.69 380.35 Td (, the Company issued an aggregate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 226.49 380.35 Td ($475 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 268.72 380.35 Td ( principal amount of senior unsecured debentures with a weighted average ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 366.40 Td (effective yield of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 110.45 366.40 Td (4.44%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.13 366.40 Td ( and a weighted average term \(at issuance\) of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.60 366.40 Td (9.5) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 300.72 366.40 Td ( years.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 346.50 Td (On December 31, 2012, First Capital Realty redeemed $44.1 million of the $98.1 million outstanding principal amount of its Series E senior ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 332.55 Td (unsecured debentures. The debentures were redeemed at a price of $1,042.69 for each $1,000 principal amount of Debentures ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 318.65 Td (outstanding, consisting of the Canada Yield Price \(as defined in the Trust Indenture pursuant to which the Debentures were issued\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 304.75 Td (calculated on November 29, 2012. In addition, accrued but unpaid interest was paid on the Debentures up to but excluding the redemption ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 290.80 Td (date.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 270.90 Td (During ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.90 270.90 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.69 270.90 Td (, the Company repaid on maturity or redeemed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 257.60 270.90 Td ($243 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 299.84 270.90 Td ( principal amount outstanding of senior unsecured debentures with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 256.95 Td (weighted average effective rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.68 256.95 Td (5.42%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 191.36 256.95 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 232.25 Td (Convertible Debentures) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 221.75 m 89.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 221.75 m 129.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129.5 221.75 m 230.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 221.75 m 331.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 221.75 m 386.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 221.75 m 441.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 221.75 m 496.5 221.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 221.75 m 551.5 221.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 209.75 m 89.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 197.75 m 89.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 89.5 209.75 m 129.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 89.5 197.75 m 129.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 129.5 209.75 m 230.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 129.5 197.75 m 230.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 209.75 m 331.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 197.75 m 331.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 331.5 209.75 m 386.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 331.5 197.75 m 386.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 209.75 m 441.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 197.75 m 441.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 209.75 m 496.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 197.75 m 496.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 209.75 m 551.5 209.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 197.75 m 551.5 197.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 185.75 m 89.5 185.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 89.5 185.75 m 129.5 185.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 173.75 m 89.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 89.5 173.75 m 129.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 129.5 173.75 m 230.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 173.75 m 331.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 331.5 173.75 m 386.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 173.75 m 441.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 173.75 m 496.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 173.75 m 551.5 173.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 98.75 m 89.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 83.75 m 89.5 83.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 89.5 98.75 m 129.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 89.5 83.75 m 129.5 83.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 129.5 98.75 m 230.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129.5 83.75 m 230.5 83.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 230.5 98.75 m 331.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 83.75 m 331.5 83.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 331.5 98.75 m 386.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 83.75 m 386.5 83.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 386.5 98.75 m 441.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 83.75 m 441.5 83.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 441.5 98.75 m 496.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 83.75 m 496.5 83.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 496.5 98.75 m 551.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 83.75 m 551.5 83.75 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 212.61 Td (\(thousands of dollars, except for percentages\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 200.61 Td (As at December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 72.60 188.61 Td (Interest Rate) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 349.55 188.61 Td (Principal at) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 176.61 Td (Coupon) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 176.61 Td (Effective) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.00 176.61 Td (Date of Issue) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 233.00 176.61 Td (Maturity Date) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 351.85 176.61 Td (Issue Date) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.90 176.61 Td (Principal) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 470.80 176.61 Td (Liability) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 529.70 176.61 Td (Equity) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 162.71 Td (5.70%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 162.71 Td (6.88%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.00 163.71 Td (December 30, 2009) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 163.71 Td (June 30, 2017) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 334.00 163.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.80 163.71 Td (50,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 389.00 163.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.80 163.71 Td (46,092) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 444.00 163.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.80 163.71 Td (44,012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 163.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 163.71 Td (1,031) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 150.71 Td (5.40%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 150.71 Td (6.90%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.00 151.71 Td (April 28, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 151.71 Td (January 31, 2019) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.80 151.71 Td (57,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.80 151.71 Td (57,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.80 151.71 Td (53,262) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 151.71 Td (2,192) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 138.71 Td (5.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 138.71 Td (6.07%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.00 139.71 Td (August 9, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 139.71 Td (January 31, 2019) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.80 139.71 Td (57,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.80 139.71 Td (57,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.80 139.71 Td (55,146) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.95 139.71 Td (390) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 126.71 Td (5.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 126.71 Td (6.68%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.00 127.71 Td (December 15, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 127.71 Td (March 31, 2018) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.80 127.71 Td (50,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.80 127.71 Td (50,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.80 127.71 Td (46,918) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 127.71 Td (1,155) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 114.71 Td (4.95%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 114.71 Td (6.51%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.00 115.71 Td (February 16, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 115.71 Td (March 31, 2017) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.80 115.71 Td (75,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.80 115.71 Td (75,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.80 115.71 Td (70,712) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 115.71 Td (1,495) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 102.66 Td (4.75%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 102.66 Td (6.19%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 132.00 102.96 Td (May 22, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 233.00 102.96 Td (July 31, 2019) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.80 103.01 Td (52,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.80 103.01 Td (52,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.80 103.01 Td (48,744) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 103.01 Td (1,439) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 87.66 Td (5.19%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.00 87.66 Td (6.53%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 389.00 87.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 409.30 87.96 Td (338,592) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 444.00 87.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 464.35 88.01 Td (318,794) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 499.00 87.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 88.01 Td (7,702) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 121 0 obj <> endobj 122 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (58) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (\(i\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 693.30 Td (Principal and Interest) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 679.35 Td (The Company uses convertible debentures as a part of its overall capital structure. Consistent with First Capital Realtys practice, it is the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 665.45 Td (Companys current intention to continue to satisfy its obligations of principal and interest payments in respect of all of its outstanding convertible ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 651.55 Td (debentures by the issuance of common shares. Since issuance, the Company has made all principal and interest payments on its convertible ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 637.60 Td (debentures using common shares.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 617.70 Td (During ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.90 617.70 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.69 617.70 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 101.14 617.70 Td (1.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.70 617.70 Td ( common shares \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.03 617.70 Td (year ended December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.51 617.70 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.96 617.70 Td (1.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.52 617.70 Td ( common shares\) were issued for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.18 617.70 Td ($20.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 509.64 617.70 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 514.53 617.70 Td (year ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 603.75 Td (ended December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 146.04 603.75 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 154.49 603.75 Td ($19.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.95 603.75 Td (\) to pay interest to holders of convertible debentures.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 582.10 Td (\(ii\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 582.10 Td (Issuance of Convertible Debentures) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 568.20 Td (On ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.01 568.20 Td (February16, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 129.59 568.20 Td (, the Company completed the issuance of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.29 568.20 Td ($75.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 316.75 568.20 Td ( aggregate principal amount of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 422.10 568.20 Td (4.95%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 444.79 568.20 Td ( convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 554.25 Td (subordinated debentures due ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.26 554.25 Td (March 31, 2017) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.40 554.25 Td (. The debentures bear interest at a rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 354.10 554.25 Td (4.95%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 376.79 554.25 Td ( per annum, payable semi-annually on March 31 ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 540.35 Td (and September 30 \(commencing September 30, 2012\), and are convertible at the option of the holder into common shares of the Company at a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 526.45 Td (conversion price of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 120.22 526.45 Td ($23.75) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.69 526.45 Td ( per common share. The closing included $5.0 million aggregate principal amount of debentures issued as a result of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 512.50 Td (the exercise in full of the underwriters option.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 492.60 Td (On ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.01 492.60 Td (May22, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 113.59 492.60 Td (, the Company completed the issuance of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.28 492.60 Td ($52.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 300.74 492.60 Td ( aggregate principal amount of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 406.10 492.60 Td (4.75%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 428.78 492.60 Td ( convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 478.65 Td (subordinated debentures due ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.26 478.65 Td (July31, 2019) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.95 478.65 Td (. The debentures bear interest at a rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 345.66 478.65 Td (4.75%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 368.34 478.65 Td ( per annum, payable semi-annually on March 31 and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 464.75 Td (September 30 \(commencing September 30, 2012\), and are convertible at the option of the holder into common shares of the Company at a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 450.85 Td (conversion price of $26.75 per common share until July 31, 2017 and thereafter at a conversion price of $27.75 per common share on maturity. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 436.90 Td (The closing included $2.5 million aggregate principal amount of debentures issued as a result of the exercise of the underwriters option.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 417.00 Td (On February19, 2013, the Company completed the issuance of $57.5 million aggregate principal amount of 4.45% convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 403.05 Td (subordinated debentures due February 28, 2020. The debentures bear interest at a rate of 4.45% per annum, payable semi-annually on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 389.15 Td (March 31 and September 30 \(commencing September 30, 2013\), and are convertible at the option of the holder into common shares of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 375.25 Td (Company at a conversion price of $26.75 per common share until February 28, 2018 and thereafter at a conversion price of $27.75 per ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 361.30 Td (common share on maturity. The closing included $7.5 million aggregate principal amount of debentures issued as a result of the exercise in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 347.40 Td (full of the underwriters' option.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.75 Td (\(iii\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 325.75 Td (Principal Redemptions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.80 Td (On February 15, 2012, the Company completed the redemption of its remaining 5.50% convertible unsecured subordinated debentures in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 297.90 Td (accordance with their terms at par by issuing common shares in satisfaction of the remaining principal outstanding and interest owing on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 283.95 Td (5.50% debentures so redeemed.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 264.05 Td (On September 30, 2012, the Company completed the redemption of its remaining ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.64 264.05 Td (6.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 356.32 264.05 Td ( convertible unsecured subordinated debentures in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 250.15 Td (accordance with their terms at par by issuing common shares in satisfaction of the remaining principal outstanding and interest owing on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 236.20 Td (6.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.68 236.20 Td ( debentures so redeemed.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 216.30 Td (For the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 120.24 216.30 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 188.72 216.30 Td (, the Company issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 264.29 216.30 Td (5.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 299.85 216.30 Td ( common shares in connection with the debentures redeemed or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 202.35 Td (converted.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 180.70 Td (\(iv\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 180.70 Td (Normal Course Issuer Bid) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 166.80 Td (On August 25, 2011, First Capital Realty commenced a normal course issuer bid \(NCIB\) for certain series of its convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 152.85 Td (subordinated debentures. On September 19, 2011, the Company expanded its NCIB to include one additional series of convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 138.95 Td (subordinated debentures. On August 27, 2012, the Company renewed its NCIB for all of its then outstanding series of convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 125.05 Td (subordinated debentures. The NCIB will expire on August 26, 2013 or such earlier date as First Capital Realty completes its purchases pursuant ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 111.10 Td (to the NCIB. All purchases made under the NCIB will be made through the facilities of the Toronto Stock Exchange \(TSX\) or other Canadian ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 97.20 Td (marketplaces at market prices prevailing at the time of purchase and the timing of such purchases will be determined by First Capital Realty.) Tj ET Q endstream endobj 123 0 obj <> endobj 124 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (59) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (For the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.23 694.45 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 192.27 694.45 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 209.61 694.45 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.41 694.45 Td ( principal amounts and amounts paid for the purchases are represented in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 683.95 m 274.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 683.95 m 344.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 274.5 671.95 m 344.5 671.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 683.95 m 414.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 683.95 m 484.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 683.95 m 554.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 671.95 m 274.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.95 m 274.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 274.5 671.95 m 344.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 274.5 659.95 m 344.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 671.95 m 414.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 659.95 m 414.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 671.95 m 484.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 659.95 m 484.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 671.95 m 554.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 659.95 m 554.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 640.95 m 274.5 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 625.95 m 274.5 625.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 274.5 640.95 m 344.5 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 625.95 m 344.5 625.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 344.5 640.95 m 414.5 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 625.95 m 414.5 625.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 640.95 m 484.5 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 625.95 m 484.5 625.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 640.95 m 554.5 640.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 625.95 m 554.5 625.95 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 475.10 674.81 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 662.81 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.85 662.61 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.40 662.81 Td (2011) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 285.75 650.61 Td ( ) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 287.88 650.61 Td (Principal Amount ) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 309.10 643.61 Td (Purchased) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 371.50 645.06 Td (Amount Paid) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.70 650.81 Td ( ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 429.65 650.81 Td (Principal Amount ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 449.10 643.81 Td (Purchased) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 512.45 644.96 Td (Amount Paid) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 630.16 Td (Total) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 277.00 630.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 319.30 630.28 Td (3,035) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.00 630.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.65 630.28 Td (3,315) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 417.00 630.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.25 630.21 Td (2,071) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.00 630.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 630.21 Td (2,067) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 594.05 Td (Shareholders Equity) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 580.10 Td (Shareholders equity amounted to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 170.03 580.10 Td ($3.2 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.82 580.10 Td ( as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 228.27 580.10 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 296.74 580.10 Td (, as compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 355.86 580.10 Td ($2.5 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.66 580.10 Td ( as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 414.10 580.10 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 482.58 580.10 Td (. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 560.20 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 560.20 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 560.20 Td (, the Company had ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 208.28 560.20 Td (206.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 252.73 560.20 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 257.62 560.20 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.10 560.20 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.54 560.20 Td (178.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 379.00 560.20 Td (\) issued and outstanding common shares with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 546.25 Td (stated capital of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.57 546.25 Td ($2.4 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.36 546.25 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 152.25 546.25 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 220.72 546.25 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 229.17 546.25 Td ($1.9 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 266.97 546.25 Td (\). During the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 311.87 546.25 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 420.35 546.25 Td (, a total of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 455.92 546.25 Td (28.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 495.93 546.25 Td ( common ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 532.35 Td (shares were issued for proceeds of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.56 532.35 Td ($505.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 222.47 532.35 Td ( as follows: ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.58 532.35 Td (15.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.59 532.35 Td ( shares from public offerings, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.48 532.35 Td (5.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.04 532.35 Td ( shares in connection with the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 518.45 Td (First Medical acquisition, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 140.67 518.45 Td (1.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 176.23 518.45 Td ( shares for interest payments on convertible debentures, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 368.70 518.45 Td (5.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 404.26 518.45 Td ( shares on the conversion or redemption ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 504.50 Td (of convertible debentures, and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.36 504.50 Td (0.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.92 504.50 Td ( shares from the exercise of common share options.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 484.60 Td (On August 3, 2012, the Company issued 2.5 million units at $18.75 per unit for gross proceeds of $46.9 million. Each unit in this offering ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 470.65 Td (consisted of: \(i\) one common share of the Company, and \(ii\) one common share purchase warrant \(a Warrant\). The common shares and the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 456.75 Td (Warrants separated immediately upon closing of the offering. Each Warrant entitles the holder to acquire at any time up to August 2, 2013, one ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 442.85 Td (common share of the Company at an exercise price equal to $19.75. Issue costs were approximately $2.1 million.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 422.90 Td (On September 19, 2012, the Company issued 12.5 million units at a price of $19.22 per unit for total gross proceeds of approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 409.00 Td ($240.3 million. Each unit in this offering consisted of: \(i\) one common share of the Company, and \(ii\) one-quarter of a Warrant. The common ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 395.05 Td (shares and the Warrants separated immediately upon closing of the offering. Issue costs were approximately $9.8 million.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 375.15 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 375.15 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 375.15 Td (, and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 161.16 375.15 Td (February20, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 224.74 375.15 Td ( there were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 264.75 375.15 Td (5.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 300.31 375.15 Td ( warrants outstanding.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 355.25 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 355.25 Td (February20, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.70 355.25 Td (, there were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 178.93 355.25 Td (206.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 223.39 355.25 Td ( common shares outstanding.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 333.55 Td (Share Purchase Options) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 319.65 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 73.11 319.65 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 319.65 Td (, the Company had outstanding ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 250.07 319.65 Td (5.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 285.63 319.65 Td ( share purchase options, with an average exercise price of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.87 319.65 Td ($15.65) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 508.34 319.65 Td (. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 305.75 Td (options are exercisable by the holder at any time after vesting up to ten years from the date of grant. The options have been issued at various ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 291.80 Td (times pursuant to the Companys stock option plan to the employees, officers and directors of the Company. The options granted permit the holder ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 277.90 Td (to acquire shares at an exercise price equal to the market price of such shares at the date the option is granted. The purpose of granting options is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 263.95 Td (to encourage the holder to acquire an ownership interest in the Company over a period of time, which acts as a financial incentive to align the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 250.05 Td (interests of the holder with the long-term interests of the Company and its shareholders.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 230.15 Td (If all options outstanding at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.36 230.15 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 215.84 230.15 Td ( were exercised, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.72 230.15 Td (5.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.28 230.15 Td ( shares would be issued and the Company would receive proceeds of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 216.20 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 216.20 Td ($88.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.79 216.20 Td (. Based on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.36 216.20 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.84 216.20 Td ( closing per share price of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 357.62 216.20 Td ($18.82) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 382.09 216.20 Td (, there were no options out-of-the-money at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 202.30 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 202.30 Td (.) Tj ET Q endstream endobj 125 0 obj <> endobj 126 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (60) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Liquidity) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 675.75 m 418.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 663.75 m 418.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 675.75 m 488.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 418.5 663.75 m 488.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 675.75 m 558.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 663.75 m 558.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 600.75 m 418.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 600.75 m 488.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 600.75 m 558.5 600.75 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 666.61 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 422.20 666.41 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 666.61 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 653.71 Td (Revolving credit facilities ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 421.00 653.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.50 653.48 Td (575,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.00 653.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 653.71 Td (550,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 641.71 Td (Cash and cash equivalents) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.40 641.48 Td (70,155) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 641.71 Td (3,075) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 629.71 Td (Unencumbered assets) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 617.71 Td (Total, based on IFRS value ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.19 620.51 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.20 617.48 Td (3,377,586) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 617.71 Td (2,717,008) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 604.96 Td (Based on debt covenants) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 148.80 607.76 Td ( \(2\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.20 605.13 Td (3,088,967) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 605.01 Td (2,224,337) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 589.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 587.80 Td (Includes all unencumbered assets at IFRS values.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 579.45 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 577.35 Td (Includes unencumbered assets as defined by debt covenants, with shopping centres valued at the average capitalization rate used to calculate IFRS value for the last ten fiscal quarters.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 557.45 Td (Cash flow from operations is dependent on occupancy levels of properties, rental rates achieved, collections of rent and costs to maintain or lease ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.55 Td (space. The Companys strategy is to maintain debt in the range of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 277.60 543.55 Td (35 - 50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 309.61 543.55 Td ( of market capitalization based on current market conditions. This ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.60 Td (target has been lowered to reflect the Companys ongoing commitment to achieving a lower cost of capital. At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 424.28 529.60 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 492.75 529.60 Td (, this debt ratio ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.70 Td (was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.11 515.70 Td (41.8%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.79 515.70 Td ( based on the Companys calculation. Maturing debt is generally repaid from proceeds from refinancing such debt.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.75 Td (Cash and cash equivalents were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.13 495.75 Td ($70.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 209.59 495.75 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 220.26 495.75 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 288.73 495.75 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 293.62 495.75 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 362.10 495.75 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.54 495.75 Td ($3.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.55 495.75 Td (\). At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.00 495.75 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 495.48 495.75 Td (, the Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.85 Td (had credit facilities totalling ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 148.23 481.85 Td ($575.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 197.14 481.85 Td ( of which ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.04 481.85 Td ($531.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.95 481.85 Td ( is undrawn. The Company also had unencumbered assets with a fair value of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.95 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 467.95 Td ($3.4 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.12 467.95 Td (. During the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 223.37 467.95 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 291.85 467.95 Td (, the Company issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 367.41 467.95 Td ($127.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 416.32 467.95 Td ( of convertible debentures, issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 454.00 Td ($231.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 102.91 454.00 Td ( of senior unsecured debentures net of repayments, issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 304.28 454.00 Td (15.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 344.29 454.00 Td ( common shares, and issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 444.29 454.00 Td (5.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 479.86 454.00 Td ( warrants for gross ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 440.10 Td (proceeds of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.78 440.10 Td ($289.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.69 440.10 Td (. As a result the Company also held average cash balances of approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 403.37 440.10 Td ($80.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.83 440.10 Td ( during the year. These ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 426.15 Td (transactions demonstrate the Companys access to capital and various sources of financing. Management believes that it has sufficient resources ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 412.25 Td (to meet its operational and investing requirements in the near and longer term based on the availability of capital in various markets.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 392.35 Td (The Company has historically used secured mortgages, term loans and revolving credit facilities, senior unsecured debentures, convertible ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 378.40 Td (debentures and equity issues to finance its growth. The actual level and type of future borrowings will be determined based on prevailing interest ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 364.50 Td (rates, various costs of debt and equity capital, capital market conditions and Managements general view of the required leverage in the business.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 341.10 Td (Cash Flows) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 330.6 m 431.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 330.6 m 491.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 330.6 m 551.5 330.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 318.6 m 431.5 318.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 306.6 m 431.5 306.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 318.6 m 491.5 318.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 306.6 m 491.5 306.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 318.6 m 551.5 318.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 306.6 m 551.5 306.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 258.6 m 431.5 258.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 258.6 m 491.5 258.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 258.6 m 551.5 258.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 207.60000000000002 m 431.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 192.60000000000002 m 431.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 207.60000000000002 m 491.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 192.60000000000002 m 491.5 192.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 207.60000000000002 m 551.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 192.60000000000002 m 551.5 192.60000000000002 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 472.10 321.46 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 308.51 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 468.00 309.26 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 531.00 309.46 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 296.51 Td (Cash flow from operating activities before net change in non-cash operating items and expenditures on ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 288.51 Td (residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 434.00 289.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.50 289.98 Td (192,695) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 289.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 289.86 Td (179,249) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 275.56 Td (Net change in non-cash operating items) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.40 275.33 Td (18,931) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.60 275.56 Td (\(9,280) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 275.56 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 262.81 Td (Expenditures on residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.75 262.98 Td (\(28,725) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 262.93 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.15 262.81 Td (\(17,013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 262.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 248.56 Td (Cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.11 248.56 Td (provided ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.67 248.56 Td (by ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 117.90 248.56 Td (operating ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 151.68 248.56 Td (activities ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 456.50 248.33 Td (182,901) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 248.56 Td (152,956) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 236.56 Td (Cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.11 236.56 Td (provided ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.67 236.56 Td (by ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 117.90 236.56 Td (financing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 151.24 236.56 Td (activities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 456.50 236.33 Td (330,408) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 236.56 Td (319,801) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 224.56 Td (Cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.11 224.56 Td (used ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.78 224.56 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.23 224.56 Td (investing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 135.23 224.56 Td (activities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 453.80 224.33 Td (\(446,108) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 224.33 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.70 224.56 Td (\(501,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 224.56 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 211.81 Td (Effect of currency rate movement) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.95 211.98 Td (\(121) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 211.93 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 211.81 Td (83) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 196.81 Td (Increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 434.00 196.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.40 196.93 Td (67,080) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 196.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.15 196.81 Td (\(28,660) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 196.81 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 171.45 Td (Operating Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 157.50 Td (Cash provided by operating activities increased primarily from cash flow generated by growth in net operating income from the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 143.60 Td (shopping centre portfolio, the timing of receipts and payments on working capital items offset by increased expenditures on residential ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 129.65 Td (development inventory.) Tj ET Q endstream endobj 127 0 obj <> endobj 128 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (61) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 693.30 Td (Financing Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 679.35 Td (The cash provided by financing activities includes the net issuances of senior unsecured debentures, issuance of convertible debentures, equity ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 665.45 Td (issuances, mortgage financing activities and credit facility activities offset by the repayment of debt. Cash provided by financing activities in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 524.72 665.45 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 542.51 665.45 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 651.55 Td (is higher due to a higher level of senior unsecured debenture and equity issuances in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.84 651.55 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 361.63 651.55 Td (, offset by a higher level of net mortgage repayments. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 637.60 Td (These activities are more fully described in the Capital Structure and Liquidity section of this MD&A.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 615.95 Td (Investing Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 602.05 Td (The decrease in cash used in investing activities is due to the proceeds received in connection with the disposition of investment properties and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 588.10 Td (realization on loans, mortgages and other real estate assets in ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 263.79 588.10 Td (2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 281.58 588.10 Td ( offset by increased acquisition activity and expenditures on investment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 574.20 Td (properties in ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 98.45 574.20 Td (2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 116.24 574.20 Td ( as compared to the prior year activity. Details of the Companys investments in acquisitions and developments are provided ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 560.25 Td (under the Business and Operations Review section of this MD&A.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 536.85 Td (Contractual Obligations) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 526.35 m 280.5 526.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 526.35 m 335.5 526.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 526.35 m 390.5 526.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 526.35 m 445.5 526.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 526.35 m 500.5 526.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 526.35 m 555.5 526.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 514.35 m 280.5 514.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 502.35 m 280.5 502.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 280.5 514.35 m 335.5 514.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 280.5 502.35 m 335.5 502.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 514.35 m 390.5 514.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 502.35 m 390.5 502.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 514.35 m 445.5 514.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 502.35 m 445.5 502.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 445.5 514.35 m 500.5 514.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 445.5 502.35 m 500.5 502.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 514.35 m 555.5 514.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 502.35 m 555.5 502.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 462.35 m 280.5 462.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 280.5 462.35 m 335.5 462.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 462.35 m 390.5 462.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 462.35 m 445.5 462.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 445.5 462.35 m 500.5 462.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 462.35 m 555.5 462.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 365.35 m 280.5 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 350.35 m 280.5 350.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 280.5 365.35 m 335.5 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 350.35 m 335.5 350.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 365.35 m 390.5 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 350.35 m 390.5 350.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 390.5 365.35 m 445.5 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 390.5 350.35 m 445.5 350.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 445.5 365.35 m 500.5 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 350.35 m 500.5 350.35 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 365.35 m 555.5 365.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 350.35 m 555.5 350.35 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 380.90 517.21 Td (Payments Due by Period) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 505.21 Td (\(thousands of dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 316.40 505.21 Td (2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 346.50 505.21 Td (2014 to 2015) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 401.50 505.21 Td (2016 to 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 466.65 505.21 Td (Thereafter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.25 505.21 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 490.56 Td (Mortgages) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 478.26 Td (Scheduled amortization) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 283.00 476.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 307.80 476.31 Td (42,148) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.00 476.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 362.80 476.31 Td (65,063) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.00 476.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 417.80 476.31 Td (42,932) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 448.00 476.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.80 476.31 Td (60,137) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.00 476.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 476.31 Td (210,280) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 466.26 Td (Payments on maturity) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.35 464.31 Td (199,829) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.30 464.31 Td (488,605) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.30 464.31 Td (216,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.35 464.31 Td (493,898) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.70 464.31 Td (1,398,832) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 451.31 Td (Total mortgage obligations) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.35 452.31 Td (241,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.30 452.31 Td (553,668) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.30 452.31 Td (259,432) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.35 452.31 Td (554,035) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.70 452.31 Td (1,609,112) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 439.31 Td (Senior unsecured debentures) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 324.25 440.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.30 440.31 Td (278,943) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.30 440.31 Td (250,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.35 440.31 Td (950,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.70 440.31 Td (1,478,943) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 428.31 Td (Loans payable ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.67 431.11 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 307.80 428.31 Td (17,098) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 362.80 428.31 Td (16,722) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.25 428.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 428.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 428.31 Td (33,820) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 416.31 Td (Interest obligations ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.78 419.11 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 303.35 416.31 Td (159,491) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 358.30 416.31 Td (250,788) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.30 416.31 Td (185,298) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.35 416.31 Td (203,468) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 416.31 Td (799,045) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 403.31 Td (Land leases \(expiring between 2023 and 2061\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 312.25 404.31 Td (1,091) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.25 404.31 Td (2,100) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 422.25 404.31 Td (1,596) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.80 404.31 Td (21,433) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 404.31 Td (26,220) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 391.26 Td (Contractual committed costs to complete current development ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 61.50 383.26 Td (projects) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 307.80 384.61 Td (89,697) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.40 384.56 Td (86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.25 384.56 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 384.56 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 384.61 Td (89,783) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 369.26 Td (Other committed costs) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 312.25 369.61 Td (6,550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 379.25 369.56 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.25 369.56 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 369.56 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.25 369.61 Td (6,550) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 354.26 Td (Total contractual obligations ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.17 357.06 Td (\(3\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 283.00 354.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 303.35 354.61 Td (515,904) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 338.00 354.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 351.70 354.61 Td (1,102,307) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.00 354.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 413.30 354.56 Td (696,326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 448.00 354.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.70 354.61 Td (1,728,936) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.00 354.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.70 354.61 Td (4,043,473) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 339.55 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 337.45 Td (Loans payable include a ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 126.01 337.45 Td ($16.5 million) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.35 337.45 Td ( loan relating to residential development inventory and a third party loan that had previously been defeased.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 329.10 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 327.00 Td (Interest obligations include expected interest payments on mortgages and credit facilities at ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 295.69 327.00 Td (December31, 2012) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 347.04 327.00 Td ( \(assuming balances remain outstanding through to maturity\) and senior ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 316.55 Td (unsecured debentures, as well as standby credit facility fees.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 308.20 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 306.10 Td (Consistent with existing practice, it is the Companys current intention to continue to satisfy its obligations of principal and interest payments in respect of all of its outstanding convertible ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 295.65 Td (debentures by the issuance of common shares, and as such have been excluded from this table.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 275.75 Td (In addition, the Company has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.81 275.75 Td ($43.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 200.27 275.75 Td ( of outstanding letters of credit that have been issued by financial institutions primarily to support ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 261.85 Td (certain of the Companys obligations related to its development projects.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 241.90 Td (The Companys estimated cost to complete properties currently under development is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 345.14 241.90 Td ($160.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.05 241.90 Td (, of which ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 429.17 241.90 Td ($89.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.63 241.90 Td ( is contractually ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 228.00 Td (committed. The balance of the costs to complete will only be committed once leases are signed and/or construction activities are underway. These ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.05 Td (contractual and potential obligations primarily consist of construction contracts and additional planned development expenditures and are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 200.15 Td (expected to be funded in the normal course as the work is completed.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 176.75 Td (Contingencies) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 162.85 Td (The Company is involved in litigation and claims which arise from time to time in the normal course of business. In the opinion of Management, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 148.90 Td (none of these, individually or in the aggregate, would result in a liability that would have a material adverse effect on the financial position of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 135.00 Td (Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 115.05 Td (The Company is contingently liable, jointly and severally, for approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.90 115.05 Td ($59.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 351.35 115.05 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 356.24 115.05 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 424.72 115.05 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 433.17 115.05 Td ($37.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.62 115.05 Td (\) to various lenders ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 101.15 Td (in connection with loans advanced to its joint venture partners secured by the partners interest in the joint ventures and other mortgage liabilities.) Tj ET Q endstream endobj 129 0 obj <> endobj 130 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (62) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 677.25 Td (DIVIDENDS) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 663.35 Td (The Company has paid regular quarterly dividends to common shareholders since it commenced operations as a public company in 1994. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 649.40 Td (Dividends are set taking into consideration the Companys capital requirements, its alternative sources of capital and common industry cash ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 635.50 Td (distribution practices. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 625 m 428.5 625 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 625 m 488.5 625 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 625 m 548.5 625 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 613 m 428.5 613 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 601 m 428.5 601 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 613 m 488.5 613 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 601 m 488.5 601 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 613 m 548.5 613 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 601 m 548.5 601 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 553 m 428.5 553 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 553 m 488.5 553 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 553 m 548.5 553 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 469.10 615.86 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 467.85 603.66 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.40 603.86 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 590.96 Td (Regular dividends paid per common share) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 431.00 590.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.70 590.73 Td (0.82) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.00 590.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.25 590.96 Td (0.80) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 578.96 Td (Payout ratio calculated as a percentage of:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 568.91 Td (Funds from operations) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.70 566.73 Td (82.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.85 566.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.25 566.96 Td (83.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.85 566.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.00 556.91 Td (Adjusted funds from operations) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.70 554.73 Td (88.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.85 554.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.25 554.96 Td (88.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.85 554.96 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 530.10 Td (Quarterly Dividend) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 516.15 Td (The Company announced that it will pay a first quarter dividend of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.40 516.15 Td ($0.21) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 299.41 516.15 Td ( per common share on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.54 516.15 Td (April 10, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.45 516.15 Td ( to shareholders of record on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 502.25 Td (March 28, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.14 502.25 Td (.) Tj ET Q endstream endobj 131 0 obj <> endobj 132 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (63) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (QUARTERLY FINANCIAL INFORMATION) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 675.75 m 174.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 675.75 m 222.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 675.75 m 270.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 675.75 m 318.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 675.75 m 366.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 675.75 m 414.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 675.75 m 462.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 675.75 m 510.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 675.75 m 558.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 658.75 m 174.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 628.75 m 174.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 174.5 658.75 m 222.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 174.5 628.75 m 222.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 222.5 658.75 m 270.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 222.5 628.75 m 270.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270.5 658.75 m 318.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270.5 628.75 m 318.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 658.75 m 366.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 628.75 m 366.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 658.75 m 414.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 366.5 628.75 m 414.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 658.75 m 462.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 628.75 m 462.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 658.75 m 510.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 628.75 m 510.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 510.5 658.75 m 558.5 658.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 510.5 628.75 m 558.5 628.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 156.75 m 174.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174.5 156.75 m 222.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 156.75 m 270.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 156.75 m 318.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 156.75 m 366.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 156.75 m 414.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 156.75 m 462.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 156.75 m 510.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 156.75 m 558.5 156.75 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 261.40 662.86 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 451.60 662.76 Td (2011) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 467.17 665.21 Td (\(1\)) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 646.76 Td (\(thousands of dollars, except per ) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 639.76 Td (share and other data, and thousands ) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 632.76 Td (of shares\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 193.50 632.86 Td (Q4) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 241.50 632.86 Td (Q3) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 289.50 632.86 Td (Q2) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 337.50 632.86 Td (Q1) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 385.70 632.76 Td (Q4) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 433.70 632.76 Td (Q3) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 481.70 632.76 Td (Q2) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.70 632.76 Td (Q1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 618.71 Td (Property rental revenue) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 177.00 619.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.95 619.41 Td (155,985) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 225.00 619.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 235.95 619.41 Td (147,152) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 273.00 619.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 283.95 619.41 Td (140,725) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 321.00 619.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 331.95 619.41 Td (139,234) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.00 619.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 382.45 619.61 Td (136,518) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.00 619.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 430.45 619.61 Td (131,398) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.00 619.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 478.45 619.61 Td (129,437) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 513.00 619.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.45 619.61 Td (129,382) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 606.71 Td (Property operating costs) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 192.20 608.86 Td (59,270) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 240.20 607.41 Td (51,154) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 288.20 607.41 Td (49,609) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 607.41 Td (51,526) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 386.25 607.61 Td (48,088) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 607.61 Td (44,893) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 482.30 607.61 Td (45,761) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 607.61 Td (47,905) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 594.71 Td (Net operating income) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.20 595.41 Td (96,715) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 240.20 595.41 Td (95,998) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 288.20 595.41 Td (91,116) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 595.41 Td (87,708) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 386.25 595.61 Td (88,430) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 595.61 Td (86,505) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 482.30 595.61 Td (83,676) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 595.61 Td (81,477) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 582.66 Td (Increase in value of investment ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 574.66 Td (properties, net) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.20 575.86 Td (32,567) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 240.20 575.86 Td (73,873) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 283.95 575.86 Td (110,541) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 575.86 Td (74,870) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 382.45 575.76 Td (208,318) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 575.76 Td (72,278) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 478.45 575.76 Td (163,508) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 575.76 Td (22,110) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 561.66 Td (Net income attributable to ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 553.66 Td (common shareholders) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.20 554.86 Td (69,783) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 235.95 554.86 Td (102,055) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 283.95 554.86 Td (122,035) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 554.86 Td (99,086) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 382.45 554.76 Td (234,960) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 554.76 Td (96,814) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 478.45 554.76 Td (168,747) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 554.76 Td (48,411) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 540.66 Td (Net income per share attributable ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 532.66 Td (to common shareholders:) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 76.50 519.71 Td (Basic ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 177.00 520.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 200.75 520.41 Td (0.34) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 225.00 520.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 248.75 520.41 Td (0.54) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 273.00 520.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.75 520.41 Td (0.67) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 321.00 520.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.75 520.41 Td (0.55) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.00 520.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.05 520.61 Td (1.36) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.00 520.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.05 520.61 Td (0.57) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.00 520.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 520.61 Td (1.02) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 513.00 520.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 520.61 Td (0.29) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 76.50 507.71 Td (Diluted ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 200.75 508.41 Td (0.33) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 248.75 508.41 Td (0.51) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.75 508.41 Td (0.63) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.75 508.41 Td (0.52) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.05 508.61 Td (1.24) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.05 508.61 Td (0.54) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 508.61 Td (0.92) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 508.61 Td (0.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 493.96 Td (Weighted average number of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 485.96 Td (diluted common shares ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 477.96 Td (outstanding EPS ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.95 477.86 Td (222,633) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 235.95 477.86 Td (208,131) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 283.95 477.86 Td (200,311) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 331.95 477.86 Td (196,763) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 382.45 477.76 Td (193,237) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 430.45 477.76 Td (191,166) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 478.45 477.76 Td (188,619) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.45 477.76 Td (185,909) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 463.71 Td (Funds from operations ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 177.00 464.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.20 464.41 Td (48,886) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 225.00 464.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 240.20 464.41 Td (47,823) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 273.00 464.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 288.20 464.41 Td (47,856) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 321.00 464.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 464.41 Td (44,373) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.00 464.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 386.25 464.61 Td (43,490) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.00 464.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 464.61 Td (40,441) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.00 464.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 482.30 464.61 Td (38,045) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 513.00 464.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 464.61 Td (39,326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 450.96 Td (Funds from operations per ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 442.96 Td (diluted share ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 200.75 442.86 Td (0.24) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 248.75 442.86 Td (0.25) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.75 442.86 Td (0.26) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.75 442.86 Td (0.25) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.05 442.76 Td (0.25) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.05 442.76 Td (0.24) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 442.76 Td (0.23) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 442.76 Td (0.24) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 426.96 Td (Cash provided by operating ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 418.96 Td (activities) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.20 418.86 Td (67,388) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 240.20 418.86 Td (43,741) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 288.20 418.86 Td (31,525) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 418.86 Td (40,247) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 386.25 418.76 Td (50,577) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 418.76 Td (32,982) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 482.30 418.76 Td (31,292) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 418.76 Td (33,054) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 403.96 Td (Weighted average number of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 395.96 Td (diluted common shares ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 387.96 Td (outstanding FFO ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.95 387.86 Td (207,930) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 235.95 387.86 Td (189,028) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 283.95 387.86 Td (181,906) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 331.95 387.86 Td (180,456) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 382.45 387.76 Td (173,221) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 430.45 387.76 Td (170,035) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 478.45 387.76 Td (166,353) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.45 387.76 Td (164,754) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 373.71 Td (Adjusted funds from operations) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 177.00 374.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.20 374.41 Td (50,929) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 225.00 374.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 240.20 374.41 Td (49,334) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 273.00 374.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 288.20 374.41 Td (47,836) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 321.00 374.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 374.41 Td (44,492) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.00 374.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 386.25 374.61 Td (45,139) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.00 374.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 374.61 Td (45,081) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.00 374.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 482.30 374.61 Td (41,518) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 513.00 374.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 374.61 Td (40,219) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 361.66 Td (Adjusted funds from operations ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 353.66 Td (per diluted share) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 200.75 354.86 Td (0.23) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 248.75 354.86 Td (0.24) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.75 354.86 Td (0.24) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.75 354.86 Td (0.23) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.05 354.76 Td (0.23) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.05 354.76 Td (0.24) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 354.76 Td (0.22) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 354.76 Td (0.22) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 339.96 Td (Weighted average number of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 331.96 Td (diluted shares ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 323.96 Td (outstanding AFFO) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 187.95 323.86 Td (222,633) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 235.95 323.86 Td (208,131) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 283.95 323.86 Td (200,311) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 331.95 323.86 Td (196,763) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 382.45 323.76 Td (193,237) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 430.45 323.76 Td (191,166) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 478.45 323.76 Td (188,619) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.45 323.76 Td (185,909) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 309.71 Td (Regular dividend) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 177.00 310.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 200.75 310.41 Td (0.21) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 225.00 310.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 248.75 310.41 Td (0.21) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 273.00 310.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.75 310.41 Td (0.20) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 321.00 310.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.75 310.41 Td (0.20) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.00 310.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.05 310.61 Td (0.20) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.00 310.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.05 310.61 Td (0.20) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.00 310.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 310.61 Td (0.20) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 513.00 310.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 310.61 Td (0.20) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 297.66 Td (Fair value of investment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 288.06 Td (properties shopping centres) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 181.50 288.86 Td (6,903,340) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 229.50 288.86 Td (6,638,954) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 277.50 288.86 Td (6,237,595) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 325.50 288.86 Td (5,917,137) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 376.55 288.76 Td (5,811,288) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.55 288.76 Td (5,330,188) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 472.60 288.76 Td (5,128,150) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.60 288.76 Td (4,904,198) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 273.96 Td (Weighted average capitalization ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 265.96 Td (rate of shopping centres) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 200.75 265.86 Td (6.00) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 215.75 265.86 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 248.75 265.86 Td (6.11) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 263.75 265.86 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.75 265.86 Td (6.14) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 311.75 265.86 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.75 265.86 Td (6.25) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 359.75 265.86 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.05 265.76 Td (6.34) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.75 265.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.05 265.76 Td (6.55) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 455.75 265.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 265.76 Td (6.67) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 503.75 265.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 265.76 Td (6.92) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 551.75 265.76 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 251.71 Td (Total assets) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 177.00 252.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 181.50 252.41 Td (7,318,792) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 225.00 252.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 229.50 252.41 Td (7,198,552) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 273.00 252.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 277.50 252.41 Td (6,632,855) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 321.00 252.41 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 325.50 252.41 Td (6,263,810) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.00 252.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 376.55 252.61 Td (6,111,144) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 417.00 252.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.55 252.61 Td (5,696,456) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.00 252.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 472.60 252.61 Td (5,534,074) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 513.00 252.61 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.60 252.61 Td (5,204,308) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 239.66 Td (Total mortgages and credit ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 231.66 Td (facilities) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 181.50 231.86 Td (1,623,340) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 229.50 231.86 Td (1,648,873) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 277.50 231.86 Td (1,533,513) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 325.50 231.86 Td (1,573,582) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 376.55 231.76 Td (1,584,168) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.55 231.76 Td (1,344,516) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 472.60 231.76 Td (1,326,992) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.60 231.76 Td (1,332,100) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 217.71 Td (Shareholders equity) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 181.50 218.41 Td (3,245,612) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 229.50 218.41 Td (3,215,127) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 277.50 218.41 Td (2,699,145) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 325.50 218.41 Td (2,608,692) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 376.55 218.61 Td (2,511,848) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 424.55 218.61 Td (2,215,120) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 472.60 218.61 Td (2,058,982) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.60 218.61 Td (1,903,849) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 205.71 Td (Other data) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 193.71 Td (Number of properties) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 202.90 194.41 Td (175) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 250.90 194.41 Td (172) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 298.90 194.41 Td (165) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 346.90 194.41 Td (166) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 396.00 194.61 Td (169) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.00 194.61 Td (166) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.05 194.61 Td (163) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 540.05 194.61 Td (163) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 181.66 Td (Gross leasable area) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 173.71 Td (\(in thousands\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.20 175.86 Td (24,969) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 240.20 175.86 Td (24,152) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 288.20 175.86 Td (23,471) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.20 175.86 Td (23,095) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 386.25 175.76 Td (23,227) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.25 175.76 Td (22,811) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 482.30 175.76 Td (22,345) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.30 175.76 Td (22,351) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 160.96 Td (Occupancy %) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 200.75 160.86 Td (95.6) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 215.75 160.86 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 248.75 160.86 Td (95.6) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 263.75 160.86 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.75 160.86 Td (95.7) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 311.75 160.86 Td (%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 344.75 160.86 Td (95.9) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 359.75 160.86 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.05 160.76 Td (96.2) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.75 160.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 442.05 160.76 Td (96.3) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 455.75 160.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.10 160.76 Td (96.2) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 503.75 160.76 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 160.76 Td (96.4) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 551.75 160.76 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 145.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 143.80 Td (2011) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.34 143.80 Td ( amounts have been restated, where applicable, for the effects of the adoption of IAS 12. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 117.30 Td (Refer to the applicable MD&A and the Quarterly Financial Statements for discussion and analysis relating to the first three quarters of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 505.19 117.30 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 522.98 117.30 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 103.35 Td (the four quarters in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 121.13 103.35 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.92 103.35 Td (.) Tj ET Q endstream endobj 133 0 obj <> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (64) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 685.30 Td (FOURTH QUARTER 2012 OPERATIONS AND RESULTS) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 53.00 667.30 Td (Investment Property Development and Redevelopment Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 653.35 Td (During the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 149.15 653.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 166.94 653.35 Td (, the Company invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 248.73 653.35 Td ($78 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 286.52 653.35 Td ( in the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 357.21 653.35 Td (four) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.54 653.35 Td ( income-producing properties totalling ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 501.23 653.35 Td (412,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 530.14 653.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 639.45 Td (square feet. The Company also invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 191.35 639.45 Td ($66.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.81 639.45 Td ( in the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.50 639.45 Td (5) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 310.95 639.45 Td ( additional spaces and adjacent land parcels totalling ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 492.32 639.45 Td (234,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.23 639.45 Td ( square ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 625.50 Td (feet and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 83.79 625.50 Td (1.4) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.91 625.50 Td ( acres. Further, the Company invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 225.90 625.50 Td ($15.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.36 625.50 Td ( in the acquisition of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 341.05 625.50 Td (three) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 358.38 625.50 Td ( development land assemblies, comprising ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 504.61 625.50 Td (1.1) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 515.73 625.50 Td ( acres of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 611.60 Td (commercial land for future development.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.70 Td (In addition to acquisitions of income-producing properties and development lands, the Company invested ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 412.29 591.70 Td ($103.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 461.20 591.70 Td ( during the fourth quarter ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.75 Td (in its active development projects as well as in certain improvements to existing properties.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 557.85 Td (The Company also sold ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 134.90 557.85 Td (one) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.35 557.85 Td ( shopping centre comprising ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 246.03 557.85 Td (51,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.49 557.85 Td ( square feet of gross leasable area and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.95 557.85 Td (one) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 415.40 557.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 417.62 557.85 Td (2.6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 428.74 557.85 Td ( acre land parcel.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 537.90 Td (Development of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.12 537.90 Td (199,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.03 537.90 Td ( square feet was brought on line in the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 327.43 537.90 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 345.22 537.90 Td (, with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 365.68 537.90 Td (140,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.59 537.90 Td ( square feet leased at an average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 524.00 Td ($21.02) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.47 524.00 Td ( per square foot. The Company also reopened ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.39 524.00 Td (33,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 259.85 524.00 Td ( square feet of redeveloped space at an average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.44 524.00 Td ($16.36) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.91 524.00 Td ( per square foot.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 513.5 m 235.5 513.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 493.5 m 235.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 513.5 m 270.5 513.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 235.5 493.5 m 270.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 513.5 m 315.5 513.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270.5 493.5 m 315.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 513.5 m 360.5 513.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 493.5 m 360.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 513.5 m 415.5 513.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 493.5 m 415.5 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 513.5 m 558.5 513.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 493.5 m 558.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 263.5 m 235.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 251.5 m 235.5 251.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 235.5 263.5 m 270.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 235.5 251.5 m 270.5 251.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270.5 263.5 m 315.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270.5 251.5 m 315.5 251.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 263.5 m 360.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 251.5 m 360.5 251.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 263.5 m 415.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 251.5 m 415.5 251.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 263.5 m 558.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 251.5 m 558.5 251.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 227.5 m 235.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 212.5 m 235.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 235.5 227.5 m 270.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 212.5 m 270.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 270.5 227.5 m 315.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 212.5 m 315.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 315.5 227.5 m 360.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 212.5 m 360.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 360.5 227.5 m 415.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.5 212.5 m 415.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 227.5 m 558.5 227.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 212.5 m 558.5 212.5 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 497.51 Td (Property Name) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 245.50 497.51 Td (Note) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 287.05 497.51 Td (City) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 497.51 Td (Province) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 371.05 497.51 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 406.84 499.96 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 418.00 497.51 Td (Major Tenants of Developed Space) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 483.18 Td (Same property with incremental redevelopment ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 66.00 475.18 Td (and expansion) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 462.46 Td (Westmount Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 247.60 462.46 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 462.46 Td (Edmonton) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 332.35 462.46 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.50 462.46 Td (22,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 462.46 Td (Rexall, Woodcroft Medical Centre) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 449.83 Td (Major redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 435.41 Td (Chartwell Shopping Centre) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 247.60 435.41 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 435.41 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 331.90 435.41 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.80 435.46 Td (76,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 435.41 Td (Bestco Food, CIBC, Dollarama, various ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 427.46 Td (other) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 415.46 Td (5051-5061 Yonge Street) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 415.46 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 331.90 415.46 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.80 415.46 Td (10,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 415.46 Td (Jack Astor's Bar and Grill) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 403.46 Td (Place Pointe-aux-Trembles) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 403.46 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 332.35 403.46 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.25 403.46 Td (5,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 403.46 Td (Various tenants) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 391.46 Td (Other) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.25 391.46 Td (1,000) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 378.83 Td (Ground-up development) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 364.46 Td (Leaside Village) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 247.60 364.46 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 364.46 Td (Toronto) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 331.90 364.46 Td (ON) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 391.95 364.46 Td (8,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 364.46 Td (Against The Grain Urban Tavern) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 352.46 Td (Carrefour du Plateau des Grives) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 247.60 352.46 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 352.46 Td (Gatineau) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 332.35 352.46 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 391.95 352.46 Td (6,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 352.46 Td (Leasing underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 340.46 Td (Other) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.50 340.46 Td (11,000) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 327.83 Td (Acquisitions 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 313.46 Td (Jardins Millen) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 247.60 313.46 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 313.46 Td (Montreal) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 332.35 313.46 Td (QC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.50 313.46 Td (45,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 313.46 Td (IGA and other leasing underway) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 301.41 Td (Shops at New West Station) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 301.41 Td (Vancouver) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 332.35 301.41 Td (BC) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.50 301.41 Td (38,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 301.41 Td (Various tenants and space with leasing) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 293.41 Td (underway) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 279.83 Td (Acquisitions 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 265.46 Td (9630 Macleod Trail) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.00 265.46 Td (Calgary) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 332.35 265.46 Td (AB) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.50 265.46 Td (10,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.00 265.46 Td (Fit 4 Less) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 253.46 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.05 253.46 Td (232,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 241.46 Td (Total development brought on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.05 241.46 Td (199,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 229.46 Td (Total other redevelopment brought on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 387.50 229.46 Td (33,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 383.05 216.71 Td (232,000) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 204.65 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 202.55 Td (Includes new space in development projects and redevelopment and expansion projects.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 194.20 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 192.10 Td (Constructed in accordance with LEED certification standards.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 172.20 Td (Development and redevelopment of ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 176.69 172.20 Td (232,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 205.60 172.20 Td ( square feet was completed in the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 379.43 172.20 Td (2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 397.22 172.20 Td ( compared with ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 451.91 172.20 Td (126,000) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.82 172.20 Td ( square feet ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 158.30 Td (developed in the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 169.60 158.30 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 187.39 158.30 Td (. 173,000 square feet of this newly developed space was occupied at an average rental rate of $20.13 per ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 144.35 Td (square foot when transferred to income-producing shopping centres.) Tj ET Q endstream endobj 135 0 obj <> endobj 136 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (65) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Expenditures on Investment Properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (Revenue sustaining and enhancing expenditures on investment properties are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 661.85 m 434.5 661.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 644.85 m 434.5 644.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 661.85 m 494.5 661.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 644.85 m 494.5 644.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 661.85 m 554.5 661.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 644.85 m 554.5 644.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 644.85 m 434.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 632.85 m 434.5 632.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 644.85 m 494.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 434.5 632.85 m 494.5 632.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 644.85 m 554.5 644.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 632.85 m 554.5 632.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 434.5 632.85 m 494.5 632.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 632.85 m 554.5 632.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 434.5 572.85 m 494.5 572.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 572.85 m 554.5 572.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 572.85 m 434.5 572.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 557.85 m 434.5 557.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 434.5 572.85 m 494.5 572.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 557.85 m 494.5 557.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 572.85 m 554.5 572.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 557.85 m 554.5 557.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.70 648.86 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 634.76 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.00 635.51 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.00 635.71 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 622.81 Td (Revenue sustaining) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 469.30 622.58 Td (6,814) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 622.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 622.81 Td (5,539) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 610.81 Td (Revenue enhancing) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.40 610.58 Td (18,888) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 610.81 Td (8,936) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 598.81 Td (Expenditures recoverable from tenants) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 469.30 598.58 Td (5,147) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 598.81 Td (1,593) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 586.81 Td (Property repositioning and other items) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.30 586.58 Td (4,463) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 586.81 Td (1,882) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 574.81 Td (Development expenditures) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.40 574.58 Td (67,827) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 574.81 Td (66,220) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 562.06 Td (Total) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 437.00 562.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.50 562.23 Td (103,139) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 562.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 562.11 Td (84,170) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 538.40 Td (In the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.15 538.40 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.94 538.40 Td ( revenue sustaining capital expenditures totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 315.85 538.40 Td ($0.27) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 335.87 538.40 Td ( per square foot \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.10 538.40 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.90 538.40 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 420.35 538.40 Td ($0.24) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 440.36 538.40 Td ( per square foot\). The increase ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 524.50 Td (of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.45 524.50 Td ($0.03) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.47 524.50 Td ( per square foot is primarily due to the increase in roof replacement expenditures.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 506.25 Td (Leasing and Occupancy) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 492.35 Td (Changes in the Companys gross leasable area and occupancy in the fourth quarter ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 337.60 492.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 355.40 492.35 Td ( are set out below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 478.85 m 206.5 478.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 478.85 m 251.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 457.85 m 251.5 457.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 478.85 m 301.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 457.85 m 301.5 457.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 478.85 m 334.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 457.85 m 334.5 457.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 478.85 m 379.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 457.85 m 379.5 457.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 478.85 m 408.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 457.85 m 408.5 457.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 478.85 m 453.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 457.85 m 453.5 457.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 478.85 m 480.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 457.85 m 480.5 457.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 478.85 m 513.5 478.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 478.85 m 558.5 478.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 445.85 m 206.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 445.85 m 251.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 445.85 m 301.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 445.85 m 334.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 445.85 m 379.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 445.85 m 408.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 445.85 m 453.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 445.85 m 480.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 445.85 m 513.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 445.85 m 558.5 445.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 349.85 m 206.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 349.85 m 251.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 349.85 m 301.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 349.85 m 334.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 349.85 m 379.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 349.85 m 408.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 349.85 m 453.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 349.85 m 480.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 349.85 m 513.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 349.85 m 558.5 349.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 301.85 m 206.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 286.85 m 206.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 301.85 m 251.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 286.85 m 251.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 301.85 m 301.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 286.85 m 301.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 301.85 m 334.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 286.85 m 334.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 301.85 m 379.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 286.85 m 379.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 301.85 m 408.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 286.85 m 408.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 301.85 m 453.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 286.85 m 453.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 301.85 m 480.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 286.85 m 480.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 301.85 m 513.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 286.85 m 513.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 301.85 m 558.5 301.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 286.85 m 558.5 286.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 286.85 m 301.5 286.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 286.85 m 513.5 286.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 262.85 m 206.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 262.85 m 251.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 262.85 m 301.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 262.85 m 334.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 262.85 m 379.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 262.85 m 408.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 262.85 m 453.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 262.85 m 480.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 262.85 m 513.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 262.85 m 558.5 262.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 250.85000000000002 m 206.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 238.85000000000002 m 206.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 250.85000000000002 m 251.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 238.85000000000002 m 251.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 250.85000000000002 m 301.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 238.85000000000002 m 301.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 250.85000000000002 m 334.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 238.85000000000002 m 334.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 250.85000000000002 m 379.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 238.85000000000002 m 379.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 250.85000000000002 m 408.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 238.85000000000002 m 408.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 250.85000000000002 m 453.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 238.85000000000002 m 453.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 250.85000000000002 m 480.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 238.85000000000002 m 480.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 250.85000000000002 m 513.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 238.85000000000002 m 513.5 238.85000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 250.85000000000002 m 558.5 250.85000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 238.85000000000002 m 558.5 238.85000000000002 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 234.25 468.86 Td (Total ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 212.20 461.86 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 278.30 468.86 Td (Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 274.60 461.86 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 337.55 468.86 Td (Under Redevelopment) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 353.10 461.86 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 433.90 468.86 Td (Vacant) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 426.10 461.86 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.10 456.86 Td (No. of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.75 449.86 Td (Leases) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.70 456.86 Td (Rate per) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.60 449.86 Td (Occupied) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 448.71 Td (Three months ended December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 212.60 448.71 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 262.60 448.71 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.75 448.71 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 340.60 448.71 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 398.75 448.71 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.60 448.71 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 470.75 448.71 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 435.58 Td (September 30, 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 221.40 435.58 Td (24,152) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.40 435.58 Td (23,086) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.70 435.58 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 326.85 435.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.55 435.58 Td (175) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.55 435.58 Td (0.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 400.85 435.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.55 435.58 Td (891) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.55 435.58 Td (3.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.85 435.58 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.00 435.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.85 435.58 Td (17.42) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 423.81 Td (Tenant openings) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 423.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.95 423.81 Td (202) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 423.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.25 423.81 Td (\(202) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.30 423.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.40 423.81 Td (74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 423.81 Td (21.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 411.81 Td (Tenant closures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 411.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.25 411.81 Td (\(145) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 411.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 411.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.95 411.81 Td (145) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.70 411.81 Td (\(56) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 411.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 411.81 Td (\(18.12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 411.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 399.81 Td (Closures for redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 399.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.70 399.81 Td (\(37) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 399.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.40 399.81 Td (37) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.25 399.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.15 399.81 Td (\(6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 399.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 399.81 Td (\(13.50) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 399.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 387.81 Td (Developments coming on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 234.95 387.81 Td (199) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.95 387.81 Td (140) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 387.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.40 387.81 Td (59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.40 387.81 Td (45) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 387.81 Td (21.02) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 375.81 Td (Redevelopments coming on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 375.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 289.40 375.81 Td (33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 364.70 375.81 Td (\(33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 376.30 375.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.25 375.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.85 375.81 Td (4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 375.81 Td (16.36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 363.81 Td (Demolitions) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 241.10 363.81 Td (\(2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 248.30 363.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 290.25 363.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 369.15 363.81 Td (\(2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 376.30 363.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.25 363.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 502.30 363.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 363.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 351.81 Td (Reclassification) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 239.35 351.81 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 293.85 351.81 Td (9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 369.15 351.81 Td (\(5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 376.30 351.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.40 351.81 Td (19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 502.30 351.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 351.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 338.06 Td (Total portfolio before dispositions and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 330.06 Td (acquisitions) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 330.06 Td (24,372) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.80 330.11 Td (23,288) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.25 330.11 Td (95.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.85 330.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 362.95 330.11 Td (172) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 389.70 330.06 Td (0.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.85 330.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.95 330.11 Td (912) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.70 330.06 Td (3.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.85 330.06 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.00 330.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 330.11 Td (17.60) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 315.81 Td (Dispositions \(at date of disposition\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 236.70 315.81 Td (\(49) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 248.30 315.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.70 315.81 Td (\(42) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 315.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.25 315.81 Td (85.7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.85 315.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 315.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.15 315.81 Td (\(7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.30 315.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.15 315.81 Td (\(6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 315.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 315.81 Td (\(23.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 315.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 303.81 Td (Acquisitions \(at date of acquisition\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 234.95 303.81 Td (646) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.95 303.81 Td (627) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.25 303.81 Td (97.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.85 303.81 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 303.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.40 303.81 Td (19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.95 303.81 Td (147) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 303.81 Td (14.57) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 291.18 Td (December 31, 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 221.40 291.18 Td (24,969) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.40 291.18 Td (23,873) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.70 291.18 Td (95.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 326.85 291.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.55 291.18 Td (172) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.55 291.18 Td (0.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 400.85 291.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.55 291.18 Td (924) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.55 291.18 Td (3.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.85 291.18 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.00 291.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.85 291.23 Td (17.51) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 276.81 Td (Renewals) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.95 276.81 Td (355) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.40 276.81 Td (89) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.00 276.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 276.81 Td (18.27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 264.81 Td (Renewals expired) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.25 264.81 Td (\(355) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 264.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.70 264.81 Td (\(89) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 264.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.00 264.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 264.81 Td (\(16.52) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 264.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 252.81 Td (Net increase per square foot from renewals) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.00 252.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 252.81 Td (1.75) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 240.81 Td (% Increase on renewal of expiring rents) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 240.81 Td (10.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 240.81 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 219.40 Td (In the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.15 219.40 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.94 219.40 Td (, gross new leasing totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.84 219.40 Td (375,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.75 219.40 Td ( square feet including development and redevelopment space coming on line ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 205.50 Td (compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.90 205.50 Td (291,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.81 205.50 Td ( square feet in the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 248.74 205.50 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 266.54 205.50 Td (. This gross new leasing will generate additional annual minimum rent of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 191.55 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 191.55 Td ($7.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 143.34 191.55 Td (. The Company achieved a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.80 191.55 Td (10.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.48 191.55 Td ( increase on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.04 191.55 Td (355,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 330.96 191.55 Td ( square feet of renewal leases over the expiry rates.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 171.65 Td (With the impact of leasing during the three months ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 251.39 171.65 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 319.86 171.65 Td ( on the existing portfolio and development space, new acquisitions ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 157.75 Td (and increases from contractual rent steps, the average rate per occupied square foot increased to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 385.61 157.75 Td ($17.51) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.07 157.75 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 420.74 157.75 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 489.22 157.75 Td (. This compares ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 143.80 Td (to an average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 125.12 143.80 Td ($17.42) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 149.59 143.80 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 160.26 143.80 Td (September30, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.52 143.80 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 247.86 143.80 Td ($16.81) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.33 143.80 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 283.00 143.80 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 351.47 143.80 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 123.90 Td (Closures for redevelopment totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 175.34 123.90 Td (37,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.80 123.90 Td ( square feet in the three months ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.07 123.90 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.54 123.90 Td (, providing potential for future income ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 109.95 Td (growth through leasing and redevelopment activities.) Tj ET Q endstream endobj 137 0 obj <> endobj 138 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (66) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 701.5 m 206.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 701.5 m 251.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 681.5 m 251.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 701.5 m 301.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 681.5 m 301.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 701.5 m 334.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 681.5 m 334.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 701.5 m 379.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 681.5 m 379.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 701.5 m 408.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 681.5 m 408.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 701.5 m 453.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 681.5 m 453.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 701.5 m 480.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 681.5 m 480.5 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 701.5 m 513.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 701.5 m 558.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 669.5 m 206.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 669.5 m 251.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 669.5 m 301.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 669.5 m 334.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 669.5 m 379.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 669.5 m 408.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 669.5 m 453.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 669.5 m 480.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 669.5 m 513.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 669.5 m 558.5 669.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 570.5 m 206.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 570.5 m 251.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 570.5 m 301.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 570.5 m 334.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 570.5 m 379.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 570.5 m 408.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 570.5 m 453.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 570.5 m 480.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 570.5 m 513.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 570.5 m 558.5 570.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 523.5 m 206.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 508.5 m 206.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 523.5 m 251.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 508.5 m 251.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 523.5 m 301.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 508.5 m 301.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 523.5 m 334.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 508.5 m 334.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 523.5 m 379.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 508.5 m 379.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 523.5 m 408.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 508.5 m 408.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 523.5 m 453.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 508.5 m 453.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 523.5 m 480.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 508.5 m 480.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 523.5 m 513.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 508.5 m 513.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 523.5 m 558.5 523.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 508.5 m 558.5 508.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 481.5 m 206.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 481.5 m 251.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 481.5 m 301.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 481.5 m 334.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 481.5 m 379.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 481.5 m 408.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 481.5 m 453.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 481.5 m 480.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 481.5 m 513.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 481.5 m 558.5 481.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 469.5 m 206.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 454.5 m 206.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 206.5 469.5 m 251.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206.5 454.5 m 251.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 251.5 469.5 m 301.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 454.5 m 301.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 301.5 469.5 m 334.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 454.5 m 334.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 469.5 m 379.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 454.5 m 379.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 469.5 m 408.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 454.5 m 408.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 469.5 m 453.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 454.5 m 453.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 453.5 469.5 m 480.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 454.5 m 480.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 480.5 469.5 m 513.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 454.5 m 513.5 454.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 469.5 m 558.5 469.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 454.5 m 558.5 454.5 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 234.25 692.36 Td (Total ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 212.20 685.36 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 278.30 692.36 Td (Occupied) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 274.60 685.36 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 337.55 692.36 Td (Under Redevelopment) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 353.10 685.36 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 433.90 692.36 Td (Vacant) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 426.10 685.36 Td (Square Feet) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.10 680.51 Td (No. of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.75 673.51 Td (Leases) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.70 680.51 Td (Rate per) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 526.60 673.51 Td (Occupied) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 672.36 Td (Three months ended December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 212.60 672.36 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 262.60 672.36 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.75 672.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 340.60 672.36 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 398.75 672.36 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.60 672.36 Td (\(thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 470.75 672.36 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 659.23 Td (September 30, 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 221.40 659.23 Td (22,811) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.40 659.23 Td (21,977) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.70 659.23 Td (96.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 326.85 659.23 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 366.50 659.23 Td (96) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.55 659.23 Td (0.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 400.85 659.23 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.55 659.23 Td (738) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.55 659.23 Td (3.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.85 659.23 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.00 659.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.85 659.23 Td (16.73) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 647.46 Td (Tenant openings) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 647.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.95 647.46 Td (193) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 647.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.25 647.46 Td (\(193) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.30 647.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.40 647.46 Td (83) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 647.46 Td (19.11) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 635.46 Td (Tenant closures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 635.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.25 635.46 Td (\(172) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 635.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 635.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.95 635.46 Td (172) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.70 635.46 Td (\(74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 635.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 635.46 Td (\(21.29) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 635.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 623.46 Td (Closures for redevelopment) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 623.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.70 623.46 Td (\(33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 623.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.40 623.46 Td (33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.25 623.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.70 623.46 Td (\(14) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 623.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 623.46 Td (\(16.50) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 623.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 611.46 Td (Developments coming on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 234.95 611.46 Td (114) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 289.40 611.46 Td (86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 611.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.40 611.46 Td (28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.40 611.46 Td (45) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 611.46 Td (28.25) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 599.46 Td (Redevelopments coming on line) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 240.25 599.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 289.40 599.46 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 364.70 599.46 Td (\(12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 376.30 599.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.25 599.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.85 599.46 Td (6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 599.46 Td (33.63) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 587.46 Td (Demolitions) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 236.70 587.46 Td (\(45) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 248.30 587.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 290.25 587.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 364.70 587.46 Td (\(45) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 376.30 587.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 442.25 587.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 502.30 587.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 587.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 574.71 Td (Reclassification) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 241.10 574.71 Td (\(3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 248.30 574.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.70 574.71 Td (\(19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 574.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.40 574.71 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.15 574.71 Td (\(7) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.30 574.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 502.30 574.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.85 574.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 560.41 Td (Total portfolio before dispositions and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 552.46 Td (acquisitions) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 223.75 554.71 Td (22,877) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 273.80 554.76 Td (22,044) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.25 554.76 Td (96.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.85 554.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.40 554.71 Td (95) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 389.70 554.71 Td (0.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.85 554.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 436.95 554.76 Td (738) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.70 554.71 Td (3.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.85 554.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 554.76 Td (16.74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 540.46 Td (Dispositions \(at date of disposition\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 236.70 540.46 Td (\(30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 248.30 540.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.70 540.46 Td (\(28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 540.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.25 540.46 Td (93.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.85 540.46 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.25 540.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.15 540.46 Td (\(2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.30 540.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.15 540.46 Td (\(9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 540.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 540.46 Td (\(24.76) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 540.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 527.71 Td (Acquisitions \(at date of acquisition\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 234.95 527.71 Td (380) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.95 527.71 Td (335) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 311.25 527.76 Td (88.2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.85 527.71 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.40 527.71 Td (32) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.40 527.71 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.95 527.71 Td (194) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 527.76 Td (22.08) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 512.83 Td (December 31, 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 221.40 512.83 Td (23,227) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 271.40 512.83 Td (22,351) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.70 512.83 Td (96.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 326.85 512.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.55 512.83 Td (127) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 388.55 512.83 Td (0.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 400.85 512.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.55 512.83 Td (749) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.55 512.83 Td (3.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.85 512.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.00 512.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.85 512.88 Td (16.81) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 498.46 Td (Renewals) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 284.95 498.46 Td (251) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.40 498.46 Td (77) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.00 498.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 498.46 Td (20.16) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 485.71 Td (Renewals expired) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.25 485.76 Td (\(251) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 298.30 485.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.70 485.71 Td (\(77) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.30 485.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.00 485.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 485.71 Td (\(18.76) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 485.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 471.46 Td (Net increase per square foot from renewals) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.00 471.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 471.46 Td (1.40) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 458.71 Td (% Increase on renewal of expiring rents) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 458.71 Td (7.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 458.71 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 435.10 Td (In the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.15 435.10 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.94 435.10 Td (, gross new leasing totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.84 435.10 Td (291,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.75 435.10 Td ( square feet including development and redevelopment space coming on line ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 421.20 Td (compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.90 421.20 Td (176,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.81 421.20 Td ( square feet in the fourth quarter of 2010. This gross new leasing generated additional annual minimum rent of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 407.25 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 407.25 Td ($6.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 143.34 407.25 Td (. Renewal leasing totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 231.35 407.25 Td (251,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 260.27 407.25 Td ( square feet with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 324.73 407.25 Td (7.5%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 342.96 407.25 Td ( increase over expiring lease rates. ) Tj ET Q endstream endobj 139 0 obj <> endobj 140 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (67) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Net Income) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 675.75 m 432.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 663.75 m 432.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 675.75 m 492.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 663.75 m 492.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 675.75 m 552.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 663.75 m 552.5 663.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 651.75 m 432.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 651.75 m 492.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 651.75 m 552.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 600.75 m 432.5 600.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 600.75 m 492.5 600.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 600.75 m 552.5 600.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 576.75 m 432.5 576.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 576.75 m 492.5 576.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 576.75 m 552.5 576.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 561.75 m 432.5 561.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 561.75 m 492.5 561.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 561.75 m 552.5 561.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 525.75 m 432.5 525.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 513.75 m 432.5 513.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 525.75 m 492.5 525.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 513.75 m 492.5 513.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 525.75 m 552.5 525.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 513.75 m 552.5 513.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 490.75 m 432.5 490.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 490.75 m 492.5 490.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 490.75 m 552.5 490.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 460.75 m 432.5 460.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 460.75 m 492.5 460.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 460.75 m 552.5 460.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 433.75 m 432.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 418.75 m 432.5 418.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 433.75 m 492.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 418.75 m 492.5 418.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 433.75 m 552.5 433.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 418.75 m 552.5 418.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 382.75 m 432.5 382.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 367.75 m 432.5 367.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 382.75 m 492.5 382.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 367.75 m 492.5 367.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 382.75 m 552.5 382.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 367.75 m 552.5 367.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 331.75 m 432.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 316.75 m 432.5 316.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 331.75 m 492.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 316.75 m 492.5 316.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 331.75 m 552.5 331.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 316.75 m 552.5 316.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 444.70 666.61 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 654.61 Td (\(thousands of dollars, except share and per share amounts\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 471.85 654.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 533.40 654.61 Td (2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 511.15 642.61 Td (\(Restated\) ) Tj ET Q BT /F8 7.00 Tf ET BT /F8 4.20 Tf ET q 0 0 0 rg BT 543.82 645.06 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 629.48 Td (Net operating income) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 617.71 Td (Property rental revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 617.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.50 617.48 Td (155,985) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 617.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 617.71 Td (136,518) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 604.96 Td (Property operating costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 605.08 Td (59,270) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 605.01 Td (48,088) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 590.48 Td (Net operating income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 590.48 Td (96,715) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 590.71 Td (88,430) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 578.71 Td (Interest and other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 578.48 Td (1,859) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 578.71 Td (1,976) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 566.08 Td (98,574) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 566.01 Td (90,406) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 551.48 Td (Expenses) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 539.71 Td (Interest expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 539.48 Td (39,845) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 539.71 Td (40,140) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 527.71 Td (Corporate expenses and amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 527.48 Td (8,212) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 527.71 Td (6,897) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 515.48 Td (48,057) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 515.71 Td (47,037) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 502.96 Td (Income before increase in value of investment properties, net, ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 494.96 Td (other gains \(losses\) and \(expenses\) and income taxes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 495.08 Td (50,517) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 495.01 Td (43,369) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 479.96 Td (Increase in value of investment properties, net) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 480.08 Td (32,567) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 480.01 Td (208,318) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 464.96 Td (Other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 465.13 Td (\(2,072) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 465.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.95 465.01 Td (433) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 450.48 Td (Income before income taxes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 450.48 Td (81,012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 450.71 Td (252,120) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 437.96 Td (Deferred income taxes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 438.08 Td (11,324) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 438.01 Td (17,108) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 423.08 Td (Net income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 423.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 423.08 Td (69,688) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 495.00 423.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 517.50 423.13 Td (235,012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 408.71 Td (Net income \(loss\) attributable to:) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 396.71 Td (Common shareholders) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 396.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 396.48 Td (69,783) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 396.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 396.71 Td (234,960) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 384.71 Td (Non-controlling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 476.85 384.48 Td (\(95) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 384.48 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.40 384.71 Td (52) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 372.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 372.08 Td (69,688) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 371.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 372.01 Td (235,012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 357.71 Td (Net income per share attributable to common shareholders:) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 345.71 Td (Basic) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 345.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.15 345.48 Td (0.34) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 345.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.70 345.71 Td (1.36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 333.71 Td (Diluted) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 333.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.15 333.48 Td (0.33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 333.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.70 333.71 Td (1.24) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 320.96 Td (Weighted average number of common shares diluted ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 250.44 323.76 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.30 320.96 Td ( \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.50 321.13 Td (222,633) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 321.01 Td (193,237) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 305.90 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 303.80 Td (Prior period has been restated for the effects of the adoption of IAS 12. Refer to Note 3 to the consolidated financial statements for the ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 406.08 303.80 Td (year ended December 31, 2012) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 487.44 303.80 Td (.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 295.45 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 293.35 Td (Includes the weighted average number of outstanding shares that would result from the conversion of all dilutive outstanding convertible debentures.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 273.45 Td (Net income attributable to common shareholders for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.03 273.45 Td (three months ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 385.19 273.45 Td ( was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.53 273.45 Td ($69.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.98 273.45 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.10 273.45 Td ($0.33) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 478.11 273.45 Td ( per share \(diluted\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 259.55 Td (compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.90 259.55 Td ($235.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.80 259.55 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.91 259.55 Td ($1.24) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 178.93 259.55 Td ( per share \(diluted\) for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.06 259.55 Td (three months ended December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 409.23 259.55 Td (. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 428.79 259.55 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 459.46 259.55 Td ( in net income is primarily ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 245.60 Td (due to the difference in fair value gain of investment properties, recorded in the fourth quarter in 2011 versus 2012, offset by the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 491.01 245.60 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 519.45 245.60 Td ( in NOI ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 231.70 Td (resulting from net acquisitions, development and redevelopment projects coming on line and same property NOI growth. On a per share basis, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 217.75 Td (the decrease is also partially due to the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 187.79 217.75 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 216.23 217.75 Td ( in the weighted average number of common shares outstanding resulting from various financing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 203.85 Td (activities and growth of the Company.) Tj ET Q endstream endobj 141 0 obj <> endobj 142 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (68) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Funds from Operations) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (The Companys net income is reconciled to funds from operations below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 661.85 m 438.5 661.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 661.85 m 498.5 661.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 661.85 m 558.5 661.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 649.85 m 438.5 649.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 637.85 m 438.5 637.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 649.85 m 498.5 649.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 637.85 m 498.5 637.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 649.85 m 558.5 649.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 637.85 m 558.5 637.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 545.85 m 438.5 545.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 530.85 m 438.5 530.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 545.85 m 498.5 545.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 530.85 m 498.5 530.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 545.85 m 558.5 545.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 530.85 m 558.5 530.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.70 652.71 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 639.76 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.85 640.51 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 640.71 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 627.81 Td (Net income for the year ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.79 630.61 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 627.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 627.58 Td (69,688) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 627.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 627.81 Td (235,012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 616.81 Td (Add \(deduct\):) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.00 605.81 Td (Increase in value of investment properties, net) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 465.75 605.58 Td (\(32,567) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 495.30 605.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.70 605.81 Td (\(208,318) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 605.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 594.81 Td (Investment properties selling costs ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 193.89 597.61 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.60 594.58 Td (256) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 594.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 583.81 Td (Change in fair value of interest rate hedges ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 215.69 586.61 Td (\(3\) ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 583.58 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.25 583.81 Td (\(312) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 583.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 572.81 Td (Transaction costs ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 129.60 575.61 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 485.50 572.58 Td (56) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 572.81 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 561.81 Td (Deferred income taxes) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 145.00 564.61 Td ( \(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.40 561.58 Td (11,324) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 561.81 Td (17,108) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 70.50 550.06 Td (Non-controlling interest ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 480.60 550.23 Td (129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 550.06 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 535.06 Td (FFO) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 535.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 535.18 Td (48,886) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 535.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 535.11 Td (43,490) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 514.40 Td (The components of FFO are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 500.9 m 383.5 500.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 500.9 m 428.5 500.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 500.9 m 448.5 500.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 500.9 m 503.5 500.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 500.9 m 558.5 500.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 488.9 m 383.5 488.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 470.9 m 383.5 470.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 488.9 m 428.5 488.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 470.9 m 428.5 470.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 488.9 m 448.5 488.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 470.9 m 448.5 470.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 488.9 m 503.5 488.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 470.9 m 503.5 470.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 488.9 m 558.5 488.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 470.9 m 558.5 470.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 395.9 m 383.5 395.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 395.9 m 428.5 395.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 395.9 m 448.5 395.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 395.9 m 503.5 395.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 395.9 m 558.5 395.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 380.9 m 383.5 380.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 380.9 m 428.5 380.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 380.9 m 448.5 380.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 380.9 m 503.5 380.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 380.9 m 558.5 380.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 365.9 m 383.5 365.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 365.9 m 428.5 365.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 365.9 m 448.5 365.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 365.9 m 503.5 365.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 365.9 m 558.5 365.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 350.9 m 383.5 350.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 350.9 m 428.5 350.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 350.9 m 448.5 350.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 350.9 m 503.5 350.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 350.9 m 558.5 350.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 335.9 m 383.5 335.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 335.9 m 428.5 335.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 335.9 m 448.5 335.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 335.9 m 503.5 335.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 335.9 m 558.5 335.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 320.9 m 383.5 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 305.9 m 383.5 305.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 320.9 m 428.5 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 305.9 m 428.5 305.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 320.9 m 448.5 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 305.9 m 448.5 305.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 448.5 320.9 m 503.5 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 305.9 m 503.5 305.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 503.5 320.9 m 558.5 320.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 305.9 m 558.5 305.9 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.70 491.76 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 479.76 Td (\(thousands of dollars, except share and per share amounts\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 391.35 479.56 Td (% increase) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 393.50 472.61 Td (\(decrease\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 482.85 475.01 Td (2012) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 474.91 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 460.86 Td (Net operating income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.00 460.63 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.40 460.63 Td (96,715) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 506.00 460.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 460.86 Td (88,430) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 448.86 Td (Interest expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.75 448.63 Td (\(39,845) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 500.30 448.63 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 448.86 Td (\(40,140) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 448.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 436.86 Td (Corporate expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.60 436.63 Td (\(7,017) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 500.30 436.63 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.60 436.86 Td (\(5,926) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 436.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 424.86 Td (Amortization of corporate assets and credit facility costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.60 424.63 Td (\(1,195) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 500.30 424.63 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.25 424.86 Td (\(971) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 424.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 412.86 Td (Interest and other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.30 412.63 Td (1,859) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 412.86 Td (1,976) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 400.11 Td (Non-controlling interest ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 485.60 400.28 Td (129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 400.11 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 384.81 Td (FFO excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 401.00 385.23 Td (16.8) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 420.80 385.23 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 451.00 385.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.40 385.23 Td (50,646) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 506.00 385.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 385.16 Td (43,369) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 370.11 Td (Other gains \(losses\) and \(expenses\) ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 180.10 372.91 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.60 370.28 Td (\(1,760) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 500.30 370.23 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 370.16 Td (121) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 354.81 Td (FFO) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 401.00 355.23 Td (12.4) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 420.80 355.23 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 451.00 355.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.40 355.23 Td (48,886) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 506.00 355.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 355.16 Td (43,490) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 340.81 Td (FFO per diluted share ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 403.25 340.23 Td (\(4.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.20 340.23 Td (\)%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.00 340.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.15 340.23 Td (0.24) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 506.00 340.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 340.16 Td (0.25) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 325.11 Td (FFO per diluted share excluding other gains \(losses\) and \(expenses\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.25 325.23 Td (\(4.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.20 325.23 Td (\)%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.00 325.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 483.15 325.23 Td (0.24) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 506.00 325.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 325.16 Td (0.25) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 310.11 Td (Weighted average number of common shares diluted FFO \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.00 310.23 Td (20.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.80 310.23 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.50 310.28 Td (207,930) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 310.16 Td (173,221) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 295.05 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 292.95 Td (Prior period net income and deferred taxes has been restated for the effects of the adoption of IAS 12. Refer to Note 3 to the consolidated financial statements for the ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 483.43 292.95 Td (year ended ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 63.00 282.55 Td (December 31, 2012) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.35 282.55 Td (.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 274.20 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 272.10 Td (Refer to the "Other Gains \(Losses\) and \(Expenses\)" section in the following pages for details.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 263.75 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 261.65 Td (The gains \(losses\) on hedges represents the change in fair value for those derivatives to which the Company does not apply hedge accounting.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 241.75 Td (FFO was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 85.57 241.75 Td ($48.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.03 241.75 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.14 241.75 Td ($0.24) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 161.15 241.75 Td ( per share \(diluted\) compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 273.17 241.75 Td ($43.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 317.63 241.75 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 328.74 241.75 Td ($0.25) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.76 241.75 Td ( per share \(diluted\) in the same prior year period. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 227.80 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.44 227.80 Td ( in FFO is primarily due to the increase in NOI resulting from net acquisitions, development and redevelopment projects coming on line, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 213.90 Td (same property NOI growth and increased interest income. The effect of the increase in NOI was partially offset by increases in interest expense ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 199.95 Td (and corporate expenses primarily relating to staffing costs associated with the growth and performance of the Company. On a per share basis, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 186.05 Td (decrease in FFO primarily resulted from an increase in the weighted average number of common shares outstanding resulting from various ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 172.15 Td (financing activities.) Tj ET Q endstream endobj 143 0 obj <> endobj 144 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (69) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Adjusted Funds from Operations) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (AFFO for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.35 672.35 Td (three months ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.52 672.35 Td ( totalled ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 267.41 672.35 Td ($50.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 311.87 672.35 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 322.98 672.35 Td ($0.23) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.00 672.35 Td ( per diluted common share compared to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 481.69 672.35 Td ($45.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 526.15 672.35 Td ( or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 658.40 Td ($0.23) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 74.02 658.40 Td ( per diluted common share in the prior year period. AFFO included $1.5 million of other net gains in the quarter compared to $2.0 million of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 644.50 Td (other net gains for the same prior year period. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 628 m 371.5 628 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 628 m 419.5 628 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 628 m 439.5 628 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 628 m 491.5 628 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 628 m 544.5 628 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 616 m 371.5 616 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 604 m 371.5 604 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 616 m 419.5 616 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 604 m 419.5 604 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 616 m 439.5 616 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 604 m 439.5 604 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 616 m 491.5 616 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 604 m 491.5 604 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 616 m 544.5 616 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 604 m 544.5 604 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 445 m 371.5 445 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 445 m 419.5 445 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 445 m 439.5 445 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 445 m 491.5 445 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 445 m 544.5 445 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 430 m 371.5 430 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 430 m 419.5 430 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 430 m 439.5 430 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 430 m 491.5 430 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 430 m 544.5 430 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 415 m 371.5 415 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 415 m 419.5 415 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 415 m 439.5 415 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 415 m 491.5 415 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 415 m 544.5 415 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 400 m 371.5 400 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 400 m 419.5 400 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 400 m 439.5 400 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 400 m 491.5 400 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 400 m 544.5 400 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 385 m 371.5 385 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 385 m 419.5 385 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 385 m 439.5 385 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 385 m 491.5 385 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 385 m 544.5 385 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 370 m 371.5 370 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 355 m 371.5 355 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 371.5 370 m 419.5 370 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 355 m 419.5 355 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 419.5 370 m 439.5 370 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 355 m 439.5 355 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 370 m 491.5 370 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 355 m 491.5 355 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 491.5 370 m 544.5 370 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 355 m 544.5 355 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 436.70 618.86 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 606.86 Td (\(thousands of dollars, except share and per share amounts\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 382.35 606.66 Td (% increase) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 470.85 606.66 Td (2012) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.40 605.91 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 593.96 Td (FFO ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.00 593.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.40 593.73 Td (48,886) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 593.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.80 593.96 Td (43,490) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 581.96 Td (Add/\(deduct\):) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 569.96 Td (Interest expense payable in shares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.30 569.73 Td (5,242) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.25 569.96 Td (5,794) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 557.96 Td (Rental revenue recorded on a straight-line basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.55 557.73 Td (\(2,956) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 557.73 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.60 557.96 Td (\(2,746) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.30 557.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 545.96 Td (Non-cash compensation expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.60 545.73 Td (708) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.95 545.96 Td (782) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 533.96 Td (Revenue sustaining capital expenditures and leasing costs ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 262.14 536.76 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.55 533.73 Td (\(5,028) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 533.73 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.60 533.96 Td (\(5,063) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.30 533.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 521.96 Td (Change in cumulative unrealized \(gains\) losses on marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.55 521.73 Td (\(1,082) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 521.73 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.95 521.96 Td (451) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 509.96 Td (Loss on settlement of debt and purchase of convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.30 509.73 Td (4,124) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.40 509.96 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 497.96 Td (Loss on temporary change of conversion privilege of convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.30 497.73 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.95 497.96 Td (984) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 485.96 Td (Hedge accounting \(gains\) losses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.50 485.73 Td (23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.95 485.96 Td (385) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 473.96 Td (Pre-selling costs of residential inventory units) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.60 473.73 Td (201) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 473.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 461.96 Td (Costs not capitalized during development period ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 227.91 464.76 Td (\(2\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.60 461.73 Td (886) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.25 461.96 Td (1,082) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 449.21 Td (Other adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.85 449.38 Td (\(75) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 449.33 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.70 449.26 Td (\(32) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.30 449.21 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 434.21 Td (AFFO) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.70 434.33 Td (12.8) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.85 434.33 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.40 434.33 Td (50,929) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.80 434.26 Td (45,139) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 419.91 Td (Add/Deduct: Other \(gains\) losses and expenses ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 221.91 422.71 Td (\(3\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.55 419.33 Td (\(1,506) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 419.33 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 518.60 419.26 Td (\(1,985) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.30 419.21 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 404.21 Td (AFFO excluding other \(gains\) losses and expenses) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.70 404.33 Td (14.5) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.85 404.33 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 442.00 404.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.40 404.33 Td (49,423) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 404.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 516.80 404.26 Td (43,154) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 389.21 Td (AFFO per diluted share ) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 403.80 389.33 Td () Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.85 389.33 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 442.00 389.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.15 389.33 Td (0.23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 389.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.70 389.26 Td (0.23) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 374.91 Td (AFFO per diluted share excluding other \(gains\) losses and expenses) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 403.80 374.33 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 411.85 374.33 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 442.00 374.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.15 374.33 Td (0.22) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 374.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.70 374.26 Td (0.22) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 359.91 Td (Weighted average number of common shares diluted AFFO \(in thousands\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 394.70 359.33 Td (15.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 411.85 359.33 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.50 359.38 Td (222,633) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 512.35 359.26 Td (193,237) Tj ET Q BT /F2 10.00 Tf ET BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 4.20 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 345.75 Td (\(1\) ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 343.30 Td (Estimated at ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 101.51 343.30 Td ($0.78) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 119.02 343.30 Td ( per square foot per annum on average gross leasable area \(based on a three year weighted average\) for the ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 439.88 343.30 Td (year ended December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 534.80 343.30 Td ( ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 331.15 Td (\() Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 65.33 331.15 Td ($0.74) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.85 331.15 Td ( per square foot per annum in the ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 184.76 331.15 Td (year ended December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.68 331.15 Td (\).) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 321.40 Td (\(2\) ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 318.95 Td (The Company has added back costs not capitalized during the development period for accounting purposes that, in Managements view forms part of the cost of its ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 306.75 Td (development projects.) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 297.05 Td (\(3\) ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 294.60 Td (Refer to the "Other Gains \(Losses\) and \(Expenses\)" section in the following pages for details.) Tj ET Q endstream endobj 145 0 obj <> endobj 146 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (70) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (A reconciliation of cash provided by operating activities \(an IFRS measure\) to AFFO is presented below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 683.95 m 443.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 683.95 m 500.5 683.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 683.95 m 558.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 671.95 m 443.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.95 m 443.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 671.95 m 500.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 659.95 m 500.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 671.95 m 558.5 671.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 659.95 m 558.5 659.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 464.95 m 443.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 449.95 m 443.5 449.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 464.95 m 500.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 449.95 m 500.5 449.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 464.95 m 558.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 449.95 m 558.5 449.95 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.70 674.81 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 661.86 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 479.85 662.61 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 662.81 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 649.91 Td (Cash provided by operating activities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.00 649.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.40 649.68 Td (67,388) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.00 649.91 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 649.91 Td (50,577) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 637.91 Td (Realized gains on sale of marketable securities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 475.30 637.68 Td (1,503) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 637.91 Td (2,002) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 625.91 Td (Deferred leasing costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 475.30 625.68 Td (3,370) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 625.91 Td (1,593) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 613.91 Td (Net change in non-cash operating items) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.75 613.68 Td (\(25,823) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 497.30 613.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 613.91 Td (\(20,561) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 613.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 601.91 Td (Expenditures on residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.30 601.68 Td (6,130) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 601.91 Td (8,723) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 589.91 Td (Amortization) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 472.60 589.68 Td (\(1,195) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 497.30 589.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.25 589.91 Td (\(971) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 589.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 577.91 Td (Transaction costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 487.50 577.68 Td (56) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 577.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 565.91 Td (Non-cash interest expense and change in accrued interest) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.60 565.68 Td (\(4,254) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 497.30 565.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.25 565.91 Td (\(337) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 565.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 553.91 Td (Settlement of restricted share units) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.30 553.68 Td (2,396) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 553.91 Td (2,380) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 541.91 Td (Convertible debenture interest payable in common shares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.30 541.68 Td (5,242) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 541.91 Td (5,794) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 529.91 Td (Costs not capitalized during development period) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 482.60 529.68 Td (886) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 529.91 Td (1,082) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 517.91 Td (Revenue sustaining capital expenditures and leasing costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.60 517.68 Td (\(5,028) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 497.30 517.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.60 517.91 Td (\(5,063) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 517.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 505.91 Td (Pre-selling costs of residential inventory units) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 482.60 505.68 Td (201) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 505.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 493.91 Td (Non-controlling interest) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 482.60 493.68 Td (129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 493.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 481.91 Td (Other adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 484.85 481.68 Td (\(75) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 497.30 481.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.70 481.91 Td (\(63) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 481.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 469.16 Td (Gain \(loss\) on foreign currency exchange) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 492.40 469.28 Td (3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.70 469.21 Td (\(17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 469.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 454.16 Td (AFFO) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.00 454.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.40 454.28 Td (50,929) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.00 454.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 454.21 Td (45,139) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 147 0 obj <> endobj 148 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (71) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Net Operating Income) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 675.75 m 438.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 675.75 m 498.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 663.75 m 498.5 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 675.75 m 558.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 663.75 m 558.5 663.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 663.75 m 438.5 663.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 651.75 m 438.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 663.75 m 498.5 663.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 651.75 m 498.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 663.75 m 558.5 663.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 651.75 m 558.5 651.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 543.75 m 438.5 543.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 528.75 m 438.5 528.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 543.75 m 498.5 543.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 528.75 m 498.5 528.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 543.75 m 558.5 543.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 528.75 m 558.5 528.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 464.75 m 438.5 464.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 464.75 m 498.5 464.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 464.75 m 558.5 464.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 448.75 m 438.5 448.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 448.75 m 498.5 448.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 448.75 m 558.5 448.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 432.75 m 438.5 432.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 432.75 m 498.5 432.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 432.75 m 558.5 432.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 416.75 m 438.5 416.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 416.75 m 498.5 416.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 416.75 m 558.5 416.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 400.75 m 438.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 384.75 m 438.5 384.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 400.75 m 498.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 384.75 m 498.5 384.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 400.75 m 558.5 400.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 384.75 m 558.5 384.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 444.70 666.61 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 653.66 Td (\(thousands of dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.70 654.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 535.25 654.66 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 641.71 Td (Property rental revenue) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 629.71 Td (Base rent ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.67 632.51 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 629.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 629.48 Td (96,054) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 629.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 629.71 Td (87,271) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 617.71 Td (Operating cost recoveries) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 617.48 Td (23,848) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 617.71 Td (18,748) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 605.71 Td (Realty tax recoveries) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 463.95 605.48 Td (26,653) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 605.71 Td (24,877) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 593.71 Td (Straight-line rent) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.85 593.48 Td (2,956) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 593.71 Td (2,746) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 581.71 Td (Lease surrender fees) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 476.15 581.48 Td (102) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.50 581.71 Td (342) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 569.71 Td (Percentage rent) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.85 569.48 Td (1,446) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.50 569.71 Td (986) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 557.71 Td (Prior year operating cost and tax recovery adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.05 557.48 Td (20) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.80 557.71 Td (\(533) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 557.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 545.71 Td (Temporary tenants, storage, parking and other) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 545.48 Td (4,906) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 545.71 Td (2,081) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 532.96 Td (Total property rental revenue) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 533.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.00 533.08 Td (155,985) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 532.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.90 532.96 Td (136,518) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 518.71 Td (Property operating costs ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 69.00 506.71 Td (Recoverable operating expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 506.48 Td (28,430) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 506.71 Td (22,160) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 494.71 Td (Recoverable realty tax expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 494.48 Td (29,866) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 494.71 Td (27,017) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 482.71 Td (Prior year operating cost and tax expense adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.50 482.48 Td (\(140) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 482.48 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.80 482.71 Td (\(493) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 482.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 468.96 Td (Other operating costs and adjustments) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 469.13 Td (1,114) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.80 469.01 Td (\(596) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 468.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 452.96 Td (Total property operating costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 453.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 453.08 Td (59,270) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 452.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 453.01 Td (48,088) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 436.96 Td (NOI) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 437.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 437.08 Td (96,715) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 436.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 437.01 Td (88,430) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 420.96 Td (NOI margin) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.70 421.08 Td (62.0) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 490.85 421.08 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 421.01 Td (64.8) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 550.85 420.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 404.96 Td (Operating cost recovery percentage) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.70 405.08 Td (83.9) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 490.85 405.08 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 405.01 Td (84.6) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 550.85 404.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 388.96 Td (Tax recovery percentage) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.70 389.08 Td (89.2) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 490.85 389.08 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 389.01 Td (92.1) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 550.85 388.96 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 3.90 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 372.77 Td (\(1\) ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 370.05 Td (Base rent includes annual minimum rents from gross and semi-gross leases.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 350.15 Td (The Company experienced growth in base rent and recoveries from tenants as a result of growth in the portfolio due to net acquisitions and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 336.25 Td (development coming on line, as well as increases in rental rates due to step-ups and lease renewals. On a comparative period basis, the portfolio ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 322.30 Td (size increased by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.44 322.30 Td (1.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.00 322.30 Td ( square feet, the effects of which were partially offset by a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 346.04 322.30 Td (0.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.28 322.30 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 366.50 322.30 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 397.16 322.30 Td ( in overall occupancy. This decrease is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 308.40 Td (primarily due to the change in the portfolio mix of properties. Note that the occupancy for same property stable has increased year over year ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 294.45 Td (from 97.3% to 97.5%. Operating costs and property taxes similarly increased due to the increase in the portfolio size; however, the operating and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 280.55 Td (tax recovery percentages have decreased due to decreased occupancy, including vacancies related to development and redevelopment activities. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 266.65 Td (Temporary tenants, storage, parking and other income has increased commensurate with the increase in portfolio size as well as an increase in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 252.70 Td (incidental short-term tenants in those properties for which the Company is in the pre-development stage.) Tj ET Q endstream endobj 149 0 obj <> endobj 150 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (72) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 701.5 m 378.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 701.5 m 423.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 701.5 m 443.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 701.5 m 498.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 701.5 m 553.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 689.5 m 378.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 677.5 m 378.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 689.5 m 423.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 677.5 m 423.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 689.5 m 443.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 677.5 m 443.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 689.5 m 498.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 677.5 m 498.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 689.5 m 553.5 689.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 677.5 m 553.5 677.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 650.5 m 378.5 650.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 635.5 m 378.5 635.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 650.5 m 423.5 650.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 635.5 m 423.5 635.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 650.5 m 443.5 650.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 635.5 m 443.5 635.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 650.5 m 498.5 650.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 635.5 m 498.5 635.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 650.5 m 553.5 650.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 635.5 m 553.5 635.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 524.5 m 378.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 509.5 m 378.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 524.5 m 423.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 509.5 m 423.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 524.5 m 443.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 509.5 m 443.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 443.5 524.5 m 498.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 509.5 m 498.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 524.5 m 553.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 509.5 m 553.5 509.5 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 445.70 692.36 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 680.36 Td (\(thousands of dollars\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.55 679.23 Td (% increase) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 477.85 680.16 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.40 680.36 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 667.46 Td (Same property stable NOI) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.55 667.23 Td (0.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 415.85 667.23 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 446.00 667.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 667.23 Td (47,434) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 667.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.80 667.46 Td (47,357) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 654.71 Td (Same property with incremental redevelopment and expansion NOI) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 654.83 Td (18,608) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.80 654.76 Td (17,342) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 639.71 Td (Total same property) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 403.55 639.83 Td (2.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 415.85 639.83 Td (%) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 468.40 639.83 Td (66,042) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.80 639.46 Td (64,699) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 625.46 Td (Investment properties classified as held for sale) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.30 625.23 Td (4,175) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 625.46 Td (4,105) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 613.46 Td (Major redevelopment) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 613.23 Td (6,002) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 613.46 Td (5,133) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 601.46 Td (Ground-up development) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 601.23 Td (3,646) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 601.46 Td (2,595) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 589.46 Td (Acquisitions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 589.23 Td (7,898) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.25 589.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 577.46 Td (Acquisitions 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 577.23 Td (5,684) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 577.46 Td (4,674) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 565.46 Td (Dispositions 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.60 565.23 Td (312) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 565.46 Td (4,296) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 553.46 Td (Dispositions 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 553.23 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.40 553.46 Td (86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 541.46 Td (Rental revenue recognized on a straight-line basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 541.23 Td (2,956) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 541.46 Td (2,746) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 528.71 Td (Development land) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 487.30 528.88 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.40 528.71 Td (96) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 513.71 Td (NOI) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 446.00 513.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 513.83 Td (96,715) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 513.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.80 513.76 Td (88,430) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 489.60 Td (Same property ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 105.56 489.60 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 110.56 489.60 Td ( stable NOI ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.57 489.60 Td (increased) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 183.46 489.60 Td ( by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 195.91 489.60 Td (0.2%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.14 489.60 Td ( in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 237.71 489.60 Td (fourth quarter of 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.85 489.60 Td (, compared to the same prior year period, primarily attributed to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 475.70 Td (increases in rental rates due to step-ups and lease renewals offset by tenant closures as well as other decreases in occupancy \(as discussed in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 461.80 Td (Business and Operations Review Leasing and Occupancy section of this MD&A\). The fourth quarter of 2011 included adjustments that were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.85 Td (related to prior year CAM and tax not recurring at the same level in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.03 447.85 Td (fourth quarter of 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.18 447.85 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 423.25 Td (Interest Expense) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 412.75 m 429.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 412.75 m 492.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 412.75 m 558.5 412.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 400.75 m 429.5 400.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 388.75 m 429.5 388.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 400.75 m 492.5 400.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 388.75 m 492.5 388.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 400.75 m 558.5 400.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 388.75 m 558.5 388.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 313.75 m 429.5 313.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 313.75 m 492.5 313.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 313.75 m 558.5 313.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 298.75 m 429.5 298.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 298.75 m 492.5 298.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 298.75 m 558.5 298.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 283.75 m 429.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 268.75 m 429.5 268.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 283.75 m 492.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 268.75 m 492.5 268.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 283.75 m 558.5 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 268.75 m 558.5 268.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.70 403.61 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 390.66 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.85 391.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 391.61 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 378.71 Td (Mortgages and credit facilities ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 432.00 378.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 378.48 Td (21,965) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 378.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 378.71 Td (21,200) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 366.71 Td (Senior unsecured debentures) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 462.40 366.48 Td (19,038) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 366.71 Td (18,544) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 354.71 Td (Convertible debentures \(cashless\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 342.71 Td (Coupon interest \(payable in shares\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.30 342.48 Td (4,439) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 342.71 Td (5,114) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 330.71 Td (Amortization of discounts ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.56 333.51 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.60 330.48 Td (359) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 330.71 Td (390) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 317.96 Td (Amortization of deferred issue costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.60 318.13 Td (444) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 318.01 Td (290) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 462.40 303.08 Td (46,245) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 530.80 303.01 Td (45,538) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 287.96 Td (Interest capitalized to investment properties and residential inventory under development) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 288.13 Td (\(6,400) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 288.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.60 288.01 Td (\(5,398) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 287.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 272.96 Td (Total interest expense) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 435.00 273.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 462.40 273.08 Td (39,845) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 504.00 272.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 530.80 273.01 Td (40,140) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 255.80 Td (\(1\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 255.80 Td (Discounts result from the bifurcation of the convertible debentures into the liability and equity components under IFRS on the date of issue, and consists of amortization of the difference ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 245.35 Td (between the principal and the amount assigned to the liability component as a result of assigning value to the equity component.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 225.45 Td (Mortgage and credit facilities interest expense has ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 225.12 225.45 Td (increased) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.01 225.45 Td ( due to ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 283.80 225.45 Td (increased) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 316.69 225.45 Td ( borrowings over the prior year period, partially offset by the ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 211.55 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.66 211.55 Td ( in the weighted average borrowing rate.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 191.60 Td (The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.12 191.60 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 97.56 191.60 Td ( in interest expense for the senior unsecured debentures is primarily due to the issuances of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.49 191.60 Td ($475 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 452.73 191.60 Td ( principal amount of senior ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 177.70 Td (unsecured debentures during ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.70 177.70 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.49 177.70 Td (, offset by the repayment of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 269.18 177.70 Td ($243 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 311.41 177.70 Td ( principal amount in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 381.66 177.70 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 399.45 177.70 Td (, as described in the Capital Structure and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 163.75 Td (Liquidity Senior Unsecured Debentures section of this MD&A. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.60 163.75 Td (increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 318.04 163.75 Td ( was partially offset by the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.39 163.75 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.05 163.75 Td ( in the weighted average ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 149.85 Td (effective interest rate on senior unsecured debentures from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.25 149.85 Td (5.63%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.93 149.85 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.60 149.85 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 358.08 149.85 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 368.75 149.85 Td (5.29%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 391.43 149.85 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.10 149.85 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 470.58 149.85 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 129.95 Td (The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.12 129.95 Td (decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.78 129.95 Td ( in convertible debentures coupon interest expense for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 286.04 129.95 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 303.84 129.95 Td ( is a result of the net issuances in 2011 and 2012 at lower interest rates ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 116.00 Td (than those redeemed and converted. The weighted average effective interest rate on convertible debentures decreased from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 474.97 116.00 Td (6.85%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 497.65 116.00 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 102.10 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 102.10 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.15 102.10 Td (6.53%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.83 102.10 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 166.50 102.10 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.97 102.10 Td (. This is offset by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 296.32 102.10 Td (an increase) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 335.43 102.10 Td ( in the amortization of deferred issue costs, due to issuances in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 88.15 Td (the current period, resulting in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.91 88.15 Td (a decrease) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 195.80 88.15 Td ( for the total convertible debentures interest expense in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 383.84 88.15 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 401.63 88.15 Td (.) Tj ET Q endstream endobj 151 0 obj <> endobj 152 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (73) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Consistent with First Capital Realtys practice, it is the Companys current intention to continue to satisfy its obligations of principal and interest ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (payments in respect of all of its outstanding convertible debentures by the issuance of common shares. Since issuance, the Company has made ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (all principal and interest payments on its convertible debentures using common shares.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (Interest capitalized to investment properties under development has increased commensurate with the development activities underway including ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (residential development inventory.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.25 Td (Corporate Expenses) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 601.75 m 438.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 601.75 m 498.5 601.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 601.75 m 558.5 601.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 586.75 m 438.5 586.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 574.75 m 438.5 574.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 586.75 m 498.5 586.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 574.75 m 498.5 574.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 586.75 m 558.5 586.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 574.75 m 558.5 574.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 526.75 m 438.5 526.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 526.75 m 498.5 526.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 526.75 m 558.5 526.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 494.75 m 438.5 494.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 482.75 m 438.5 482.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 494.75 m 498.5 494.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 482.75 m 498.5 482.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 494.75 m 558.5 494.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 482.75 m 558.5 482.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 440.75 m 438.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 440.75 m 498.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 440.75 m 558.5 440.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 444.70 590.76 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 576.66 Td (\(thousands of dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.70 577.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 577.66 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 564.71 Td (Salaries, wages and benefits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 564.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 564.48 Td (6,071) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 564.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 564.71 Td (4,570) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 552.71 Td (Non-cash compensation) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 476.15 552.48 Td (708) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.50 552.71 Td (782) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 540.71 Td (Other corporate costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 540.48 Td (2,959) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 540.71 Td (2,663) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 528.71 Td (Abandoned transaction costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 476.15 528.48 Td (981) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.50 528.71 Td (309) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 516.48 Td (10,719) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 516.71 Td (8,324) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 504.66 Td (Amounts capitalized to investment properties under development and redevelopment, residential inventory and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 496.71 Td (deferred leasing costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.15 499.08 Td (\(3,702) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 499.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 498.96 Td (\(2,398) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 498.96 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 484.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 484.48 Td (7,017) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 484.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 484.71 Td (5,926) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 472.71 Td (Corporate expenses, excluding non-cash compensation) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.00 459.96 Td (As a percent of rental revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.70 460.08 Td (4.00) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 460.08 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 459.96 Td (3.8) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 459.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 444.96 Td (As a percent of total assets) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.70 445.08 Td (0.34) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.85 445.08 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 445.01 Td (0.34) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 444.96 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 421.35 Td (The overall level of corporate expenses has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.11 421.35 Td (increased) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.00 421.35 Td ( by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.45 421.35 Td (18.4%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 269.13 421.35 Td ( for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 295.36 421.35 Td (three months ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 434.53 421.35 Td (, as compared to the same prior ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 407.40 Td (year period, primarily as a result of increased staffing levels commensurate with the increase in the activity within the shopping centre portfolio, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 393.50 Td (increased development activities and ongoing investments in processes and systems. Incentive compensation has also increased as a result of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 379.55 Td (Companys 2012 operating and financial performance and its growth.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 359.65 Td (Non-cash compensation is recognized over the respective vesting periods for options, restricted share units and deferred share units. These items ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 345.75 Td (are considered part of the total compensation for directors, senior management, other team members and periodically to select service providers ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 331.80 Td (to the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.90 Td (The Company manages all of its acquisitions, development and redevelopment and leasing activities internally. Certain internal costs directly ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 297.95 Td (related to development and initial leasing of the properties, including salaries and related costs, are capitalized in accordance with IFRS to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 284.05 Td (development projects and residential inventory, as incurred. Certain costs associated with the Companys internal leasing staff are capitalized to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 270.15 Td (investment properties. During each of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 196.25 270.15 Td (fourth quarters of 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.95 270.15 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 292.29 270.15 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 310.09 270.15 Td ( respectively, approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 405.63 270.15 Td (37.0%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 428.31 270.15 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 445.66 270.15 Td (31.8%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 468.34 270.15 Td ( of compensation ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 256.20 Td (related and other corporate expenses were capitalized to real estate investments for properties undergoing development or redevelopment and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 242.30 Td (leasing costs \(including leasing for development projects and residential inventory\). Amounts capitalized are based on specific leasing activities ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 228.35 Td (and development projects underway. The increase in amount capitalized during the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 340.73 228.35 Td (three months ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 479.90 228.35 Td ( as compared to the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.45 Td (same prior year period is impacted by the increase in development activities and incentive compensation.) Tj ET Q endstream endobj 153 0 obj <> endobj 154 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (74) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Other Gains \(Losses\) and \(Expenses\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 675.75 m 258.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 675.75 m 308.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 675.75 m 358.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 675.75 m 408.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 675.75 m 458.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 675.75 m 508.5 675.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 675.75 m 558.5 675.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 661.75 m 258.5 661.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 628.75 m 258.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 661.75 m 308.5 661.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 628.75 m 308.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 661.75 m 358.5 661.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 628.75 m 358.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 661.75 m 408.5 661.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 628.75 m 408.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 661.75 m 458.5 661.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 628.75 m 458.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 661.75 m 508.5 661.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 628.75 m 508.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 661.75 m 558.5 661.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 628.75 m 558.5 628.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 491.75 m 258.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 476.75 m 258.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 491.75 m 308.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 476.75 m 308.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 308.5 491.75 m 358.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308.5 476.75 m 358.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 358.5 491.75 m 408.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 476.75 m 408.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 408.5 491.75 m 458.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 476.75 m 458.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 458.5 491.75 m 508.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 476.75 m 508.5 476.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 508.5 491.75 m 558.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 476.75 m 558.5 476.75 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 665.76 Td (Three months ended December 31) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 387.85 665.86 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 665.76 Td (2011) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 652.61 Td (\(thousands of dollars\)) Tj ET Q BT /F4 6.50 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 272.65 652.25 Td (Included in) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 268.50 645.75 Td (Consolidated) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 265.45 639.25 Td (Statements of ) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 284.05 632.75 Td (Income) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 330.05 639.25 Td (Included ) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 336.00 632.75 Td (in FFO) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 372.65 639.25 Td (Included in ) Tj ET Q BT /F4 6.50 Tf ET q 0 0 0 rg BT 389.45 632.75 Td (AFFO) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 423.90 652.13 Td (Included in) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 419.60 645.63 Td (Consolidated) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 417.40 639.13 Td (Statements of ) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 434.40 632.63 Td (Income) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 480.75 639.13 Td (Included) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 484.75 632.63 Td ( in FFO) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 523.90 639.13 Td (Included in ) Tj ET Q BT /F6 6.50 Tf ET q 0 0 0 rg BT 539.45 632.63 Td (AFFO) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 618.71 Td (Realized gains on sale of marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 261.00 618.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 618.48 Td (1,503) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 311.00 618.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.25 618.48 Td (1,503) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 618.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 618.48 Td (1,503) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 411.00 618.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 435.25 618.71 Td (2,002) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.00 618.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.25 618.71 Td (2,002) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 618.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 618.71 Td (2,002) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 606.66 Td (Change in cumulative unrealized gains \(losses\) on ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 598.71 Td (marketable securities classified as FVTPL) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 283.30 601.08 Td (1,082) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 333.25 601.08 Td (1,082) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 601.08 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 439.25 601.01 Td (\(451) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 600.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 601.01 Td (\(451) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 600.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 600.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 586.71 Td (Losses on settlement of debt) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 280.60 586.48 Td (\(4,124) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 586.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 330.55 586.48 Td (\(4,124) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 586.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 586.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.70 586.71 Td (\(12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 586.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.70 586.71 Td (\(12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 586.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 586.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 574.66 Td (Loss on temporary change of conversion privilege of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 566.66 Td (convertible debentures ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 297.30 568.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 568.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 568.08 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 439.25 568.01 Td (\(984) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 567.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 568.01 Td (\(984) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 567.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 567.96 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 553.71 Td (Unrealized \(losses\) on hedges) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 292.85 553.48 Td (\(23) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 553.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 342.80 553.48 Td (\(23) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 553.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 553.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.70 553.71 Td (\(73) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 553.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 553.71 Td (\(385) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 553.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 553.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 541.71 Td (Gain \(loss\) on foreign currency exchange) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 300.40 541.48 Td (3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.40 541.48 Td (3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 400.40 541.48 Td (3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.70 541.71 Td (\(17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 541.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.70 541.71 Td (\(17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 541.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.70 541.71 Td (\(17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 541.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 529.71 Td (Transaction costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 292.85 529.48 Td (\(56) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 529.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 529.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 529.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 529.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 529.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 529.71 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 517.71 Td (Pre-selling costs of residential units) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.95 517.48 Td (\(201) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 517.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.95 517.48 Td (\(201) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 517.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 517.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 517.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 517.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 517.71 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 505.71 Td (Investment properties - selling costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 287.95 505.48 Td (\(256) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 505.48 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 505.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 505.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 447.25 505.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 505.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 505.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 493.71 Td (Other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 297.30 493.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 347.25 493.48 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.25 493.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.70 493.71 Td (\(32) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.30 493.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.70 493.71 Td (\(32) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.30 493.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 493.71 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 261.00 481.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 280.60 481.08 Td (\(2,072) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.30 481.08 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 311.00 481.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 330.55 481.08 Td (\(1,760) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 355.30 481.08 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 361.00 481.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 383.25 481.08 Td (1,506) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 411.00 480.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.95 481.01 Td (433) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.00 480.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.95 481.01 Td (121) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 511.00 480.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 481.01 Td (1,985) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 457.35 Td (The loss on settlement of debt in the ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 179.37 457.35 Td (three months ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 318.53 457.35 Td ( primarily relates to the $2.0 million loss in connection with the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 443.40 Td (redemption of the $44.1 million principal amount outstanding of the 5.36% Series E senior unsecured debentures, which represents the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 429.50 Td (difference between the carrying value and the consideration paid. The remaining $2.1 million relates to prepayments on mortgages.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 409.55 Td (The losses on hedges represent the change in fair value for those derivatives to which the Company does not apply hedge accounting, as well as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 395.65 Td (the ineffectiveness of those hedges to which the Company applies hedge accounting.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 375.75 Td (Transaction costs represent those costs incurred in connection with the First Medical acquisition.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 352.35 Td (Investment properties ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 129.56 352.35 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 134.56 352.35 Td ( selling costs were incurred on disposition of properties.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 332.25 Td (Income Taxes) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 321.75 m 438.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 321.75 m 498.5 321.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 321.75 m 558.5 321.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 309.75 m 438.5 309.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 297.75 m 438.5 297.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 309.75 m 498.5 309.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 297.75 m 498.5 297.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 309.75 m 558.5 309.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 297.75 m 558.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 270.75 m 438.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 270.75 m 498.5 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 270.75 m 558.5 270.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.70 312.61 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 299.66 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.85 300.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 300.61 Td (2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 524.25 288.61 Td (\(Restated\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 275.66 Td (Deferred income taxes) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 275.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 275.08 Td (11,324) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 274.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 275.01 Td (17,108) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 251.35 Td (Deferred tax expense ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.78 251.35 Td (decreased) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.90 251.35 Td ( compared to the same prior year period primarily due to the decrease in the fair value adjustment of investment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 237.40 Td (properties as compared to the prior year period.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 212.25 Td (Mortgages and Credit Facilities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 192.35 Td (In the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.79 192.35 Td (three months ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.96 192.35 Td ( , the Company funded ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.99 192.35 Td ($19.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 339.45 192.35 Td ( of 10-year mortgage financing relating to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.80 192.35 Td (one) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 493.25 192.35 Td ( property with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 178.40 Td (weighted average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.57 178.40 Td (3.86%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 188.25 178.40 Td (. In addition, for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 257.17 178.40 Td (three months ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 396.34 178.40 Td (, the Company topped-up ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 485.26 178.40 Td ($36.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 529.72 178.40 Td ( of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 164.50 Td (mortgage financings with terms less than ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.46 164.50 Td (five) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.01 164.50 Td ( years relating to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 263.79 164.50 Td (one) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 276.23 164.50 Td ( property with a weighted average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 442.48 164.50 Td (3.07%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.17 164.50 Td (. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 144.55 Td (In the three months ended December 31, 2012, the Company repaid ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 290.09 144.55 Td ($127.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 338.99 144.55 Td ( amount of mortgage financing relating to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.35 144.55 Td (10) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 489.25 144.55 Td ( properties with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 130.65 Td (weighted average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.57 130.65 Td (6.12%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 188.25 130.65 Td (.) Tj ET Q endstream endobj 155 0 obj <> endobj 156 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (75) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 692.25 Td (Cash Flows) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 681.75 m 438.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 681.75 m 498.5 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 681.75 m 558.5 681.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 669.75 m 438.5 669.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 657.75 m 438.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 669.75 m 498.5 669.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 657.75 m 498.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 669.75 m 558.5 669.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 657.75 m 558.5 657.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 607.75 m 438.5 607.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 607.75 m 498.5 607.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 607.75 m 558.5 607.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 556.75 m 438.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 541.75 m 438.5 541.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 556.75 m 498.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 541.75 m 498.5 541.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 556.75 m 558.5 556.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 541.75 m 558.5 541.75 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.70 672.61 Td (Three months ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 659.66 Td (\(thousands of dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.85 660.41 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 660.61 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 646.96 Td (Cash flow from operating activities before net change in non-cash operating items and expenditures on ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 638.96 Td (residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 639.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 639.08 Td (47,695) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 638.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 639.01 Td (38,739) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 624.71 Td (Net change in non-cash operating items) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.40 624.48 Td (25,823) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 624.71 Td (20,561) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 611.96 Td (Expenditures on residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.60 612.13 Td (\(6,130) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 495.30 612.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.60 612.01 Td (\(8,723) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 611.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 597.71 Td (Cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.11 597.71 Td (provided ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.67 597.71 Td (by ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 117.90 597.71 Td (operating ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 151.68 597.71 Td (activities ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.40 597.48 Td (67,388) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 597.71 Td (50,577) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 585.71 Td (Cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.11 585.71 Td (\(used ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 97.45 585.71 Td (in\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 108.56 585.71 Td (provided ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 140.12 585.71 Td (by ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.35 585.71 Td (financing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 183.69 585.71 Td (activities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 470.60 585.48 Td (\(5,410) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 495.30 585.48 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 585.71 Td (101,914) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 573.71 Td (Cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.11 573.71 Td (used ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.78 573.71 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.23 573.71 Td (investing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 135.23 573.71 Td (activities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 460.80 573.48 Td (\(184,320) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 495.30 573.48 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.70 573.71 Td (\(152,550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 573.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 560.96 Td (Effect of currency rate movement) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.40 561.08 Td (6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 560.96 Td (82) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 545.96 Td (\(Decrease\) increase in cash and cash equivalents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 546.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.80 546.08 Td (\(122,336) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 495.30 546.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 545.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 545.96 Td (23) Tj ET Q BT /F2 10.00 Tf ET BT /F9 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 520.60 Td (Operating Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 506.65 Td (Cash provided by operating activities ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 179.79 506.65 Td (increased) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 212.67 506.65 Td ( primarily from cash flow generated by growth in net operating income from the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 492.75 Td (shopping centre portfolio, the timing of receipts and payments on working capital items and decreased expenditures on residential development ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 478.85 Td (inventory.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 457.15 Td (Financing Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 443.25 Td (Financing activities include the net issuances of senior unsecured debentures, issuance of convertible debentures, equity issuances, mortgage ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 429.35 Td (financing activities and credit facility activities offset by the repayment of debt. In the fourth quarter of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.52 429.35 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 416.31 429.35 Td (, repayments on debt exceeded ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 415.40 Td (borrowings as compared to the borrowings exceeding repayments in the same prior year period. These activities are more fully described in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 401.50 Td (Capital Structure and Liquidity section of this MD&A.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 379.85 Td (Investing Activities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 365.90 Td (The increase in cash used in investing activities is due to the increased expenditures on investment properties and changes in working capital ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 352.00 Td (items relating to investing activities in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.55 352.00 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.35 352.00 Td ( as compared to the prior year activity. Details of the Companys investments in acquisitions and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 338.05 Td (developments are provided under the Business and Operations Review section of this MD&A.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 303.30 Td (SUMMARY OF SIGNIFICANT ACCOUNTING ESTIMATES AND POLICIES) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 279.90 Td (Summary of Critical Accounting Estimates) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 265.95 Td (First Capital Realtys significant accounting policies are described in Note 2 to the consolidated financial statements for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 252.05 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 252.05 Td (. Management believes the policies that are most subject to estimation and Managements judgment are those outlined below.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 230.40 Td (Fair Value) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 216.45 Td (Fair value is defined as the amount at which an item can be bought or sold between independent, knowledgeable parties under no compulsion to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 202.55 Td (act, as opposed to a forced or liquidation sale.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 182.60 Td (Quoted ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 81.00 182.60 Td (market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 107.10 182.60 Td (prices ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.09 182.60 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.86 182.60 Td (active ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 160.96 182.60 Td (markets ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 190.61 182.60 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 203.82 182.60 Td (usually ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 229.92 182.60 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.14 182.60 Td (best ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 259.91 182.60 Td (evidence ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 292.68 182.60 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.45 182.60 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.66 182.60 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.99 182.60 Td (when ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 355.76 182.60 Td (they ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 372.54 182.60 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 385.75 182.60 Td (available. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.85 182.60 Td (Market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 445.94 182.60 Td (prices ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 468.93 182.60 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 482.14 182.60 Td (usually ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 508.24 182.60 Td (available ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 540.12 182.60 Td (for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 168.70 Td (marketable ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 93.50 168.70 Td (securities ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.22 168.70 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.84 168.70 Td (other ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 160.90 168.70 Td (actively ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 187.50 168.70 Td (traded ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.01 168.70 Td (financial ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 241.19 168.70 Td (instruments ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 282.91 168.70 Td (owned ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.87 168.70 Td (by ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 316.59 168.70 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 328.99 168.70 Td (Company. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.94 168.70 Td (When ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 386.22 168.70 Td (quoted ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 411.52 168.70 Td (market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 436.79 168.70 Td (prices ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.96 168.70 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.35 168.70 Td (not ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.74 168.70 Td (available, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 517.02 168.70 Td (estimates ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 154.80 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.76 154.80 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.97 154.80 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.28 154.80 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.49 154.80 Td (based ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 132.48 154.80 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 143.46 154.80 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.68 154.80 Td (best ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.44 154.80 Td (information ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.21 154.80 Td (available, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 248.30 154.80 Td (including ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 281.96 154.80 Td (comparable ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 324.50 154.80 Td (market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.59 154.80 Td (data ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 367.80 154.80 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 383.24 154.80 Td (other ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 403.12 154.80 Td (valuation ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 435.88 154.80 Td (techniques, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.99 154.80 Td (including ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 511.65 154.80 Td (discounted ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 140.85 Td (cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.22 140.85 Td (flows ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.34 140.85 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.46 140.85 Td (other ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 126.02 140.85 Td (models ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 152.68 140.85 Td (based ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 175.35 140.85 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 186.03 140.85 Td (future ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 208.26 140.85 Td (cash ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 226.48 140.85 Td (flows.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 120.95 Td (Where the valuation method chosen is based on future cash flows, the Company would be required to make estimates that incorporate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 107.00 Td (assumptions of economic conditions, local market conditions, the potential uses of assets and other factors.) Tj ET Q endstream endobj 157 0 obj <> endobj 158 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (76) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (As a result, the Companys determination of fair value could vary under differing circumstances and result in different calculations. The most ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (significant areas which are affected by fair value estimates in the Companys financial statements are:) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 660.60 Td (estimates of fair values of investment properties;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 646.65 Td (valuation of financial instruments both for disclosure and measurement purposes; and) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 632.75 Td (valuation of stock options using the Black-Scholes model.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.85 Td (The method of determination of the fair value of investment properties is discussed in detail elsewhere in this MD&A under Valuation of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 598.90 Td (Investment Properties under IFRS.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.25 Td (Fair Value of Financial Instruments) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.35 Td (The Company is required to determine the fair value of its mortgage debt, senior unsecured debentures, loans, mortgages and marketable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.40 Td (securities and its convertible debentures. In determining the fair value of the Companys outstanding mortgages, Management uses internally ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 535.50 Td (developed models, which incorporate estimated market rates. In determining market rates, Management adds a credit spread to quoted rates on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 521.55 Td (Canadian government bonds with similar maturity dates to the Companys mortgages. Estimates of market rates and the credit spread applicable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 507.65 Td (to a specific property could vary and result in a different disclosed fair value.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 487.75 Td (A 1% increase or decrease in the interest rate used to determine the fair value of the mortgages payable would change the fair value of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 473.80 Td (mortgages payable by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.00 473.80 Td ($56 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 167.79 473.80 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 185.13 473.80 Td ($59 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 222.91 473.80 Td (, respectively. Similarly, a 1% increase or decrease in the interest rate used to determine the fair ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 459.90 Td (value of the senior unsecured debentures would change the fair value by ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 302.06 459.90 Td ($80 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 339.85 459.90 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 357.19 459.90 Td ($86 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.97 459.90 Td (, respectively. The fair value of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 445.95 Td (Companys convertible debentures is based on current trading prices.) Tj ET Q BT /F9 9.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 424.30 Td (Income Taxes) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 410.40 Td (The Company exercises judgment in estimating deferred tax assets and liabilities. Income tax laws are potentially subject to different ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 396.45 Td (interpretations, and the income tax expense recorded by the Company reflects the Companys interpretation of the relevant tax laws. The Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 382.55 Td (is also required to estimate the timing of reversals of temporary differences between accounting and taxable income in determining the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 368.65 Td (appropriate rate to apply in calculating deferred taxes.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 348.70 Td (For the determination of deferred tax assets and liabilities where investment property is measured using the fair value model, the presumption is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 334.80 Td (that the carrying amount of an investment property is recovered through sale, as opposed to presuming that the economic benefits of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 320.85 Td (investment property will be substantially consumed through use over time. ) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 286.30 Td (FUTURE ACCOUNTING POLICY CHANGES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 266.35 Td (Refer to Note 4 to the consolidated financial statements for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 307.84 266.35 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 376.31 266.35 Td ( for details on future accounting policy changes.) Tj ET Q endstream endobj 159 0 obj <> endobj 160 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (77) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 685.30 Td (CONTROLS AND PROCEDURES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 665.35 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 665.35 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 665.35 Td (, the Chief Executive Officer and the Chief Financial Officer of the Company, with the assistance of other Management ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 651.45 Td (and staff to the extent deemed necessary, have designed First Capital Realtys disclosure controls and procedures to provide reasonable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 637.50 Td (assurance that information required to be disclosed in the various reports filed or submitted by the Company under securities legislation is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 623.60 Td (recorded, processed, summarized and reported accurately and have designed internal controls over financial reporting to provide reasonable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 609.70 Td (assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 595.75 Td (In the design of its internal controls over financial reporting, First Capital Realty used the framework published by the Committee of Sponsoring ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 581.85 Td (Organizations of the Treadway Commission \(the COSO Framework\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 561.90 Td (The Chief Executive Officer and the Chief Financial Officer of the Company have evaluated, or caused the evaluation of, under their supervision, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 548.00 Td (the effectiveness of the Companys disclosure controls and procedures and its internal controls over financial reporting \(each as defined in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 534.10 Td (National Instrument 52-109 Certification of Disclosure in Issuers Annual and Interim Filings\) as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.38 534.10 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 455.86 534.10 Td (, and have concluded that ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 520.15 Td (such disclosure controls and procedures and internal controls over financial reporting were operating effectively. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 500.25 Td (The Company did not make any changes in its internal controls over financial reporting during the quarter ended December 31, 2012 that have ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 486.30 Td (had, or are reasonably likely to have, a material effect on the Companys internal controls over financial reporting. On an ongoing basis, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 472.40 Td (Company will continue to analyze its controls and procedures for potential areas of improvement.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 452.50 Td (Management does recognize that any controls and procedures, no matter how well designed and operated, can only provide reasonable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 438.55 Td (assurance and not absolute assurance of achieving the desired control objectives. In the unforeseen event that lapses in the disclosure controls ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 424.65 Td (and procedures or internal controls over financial reporting occur and/or mistakes happen, the Company intends to take the necessary steps to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 410.70 Td (minimize the consequences thereof.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 376.30 Td (RISKS AND UNCERTAINTIES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 356.35 Td (First Capital Realty, as an owner of income-producing properties and development properties, is exposed to numerous business risks in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 342.45 Td (normal course of its business that can impact both short- and long-term performance. Income-producing and development properties are affected ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 328.50 Td (by general economic conditions and local market conditions such as oversupply of similar properties or a reduction in tenant demand. It is the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 314.60 Td (responsibility of Management, under the supervision of the Board of Directors, to identify and, to the extent possible, mitigate or minimize the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 300.70 Td (impact of all such business risks. The major categories of risk the Company encounters in conducting its business and the manner in which it ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 286.75 Td (takes action to minimize the impact of these risks are outlined below. The Companys current Annual Information Form provides a more detailed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 272.85 Td (discussion of these and other risks and can be found on SEDAR at) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.96 272.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 281.18 272.85 Td (www.sedar.com and the Companys website at) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 437.51 272.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 439.73 272.85 Td (www.firstcapitalrealty.ca.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.25 Td (Economic Conditions and Ownership of Real Estate) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 234.35 Td (Real property investments are affected by various factors including changes in general economic conditions \(such as the availability of long-term ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 220.40 Td (mortgage financings and fluctuations in interest rates\) and in local market conditions \(such as an oversupply of space or a reduction in demand ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 206.50 Td (for real estate in the area\), the attractiveness of the properties to tenants, competition from other real estate developers, managers and owners in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 192.55 Td (seeking tenants, the ability of the owner to provide adequate maintenance at an economic cost, and various other factors. The economic ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 178.65 Td (conditions in the markets in which the Company operates can also have a significant impact on the Companys tenants and, in turn, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 164.75 Td (Companys financial success. Adverse changes in general or local economic conditions can result in some retailers being unable to sustain viable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 150.80 Td (businesses and meet their lease obligations to the Company, and may also limit the Companys ability to attract new or replacement tenants.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 130.90 Td (The Companys portfolio has major concentrations in Qubec, Ontario, Alberta and British Columbia. Moreover, within each of these provinces, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 116.95 Td (Companys portfolio is concentrated predominantly in selected urban markets. As a result, economic and real estate conditions in these regions ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 103.05 Td (will significantly affect the Companys revenues and the value of its properties.) Tj ET Q endstream endobj 161 0 obj <> endobj 162 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (78) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Revenue from the Companys properties depends primarily on the ability of the Companys tenants to pay the full amount of rent and other ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (charges due under their leases on a timely basis. Leases comprise any agreements relating to the occupancy or use of the Companys real ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (property. There can be no assurance that tenants and other parties will be willing or able to perform their obligations under any such leases. If a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 652.65 Td (significant tenant or a number of smaller tenants were to become unable or unwilling to meet their obligations to the Company, the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 638.75 Td (financial position and results of operations would be adversely affected. In the event of default by a tenant, the Company may experience delays ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 624.85 Td (and unexpected costs in enforcing its rights as landlord under lease terms, which may also adversely affect the Companys financial position and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 610.90 Td (results of operations.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (In addition, the value of real property and any improvements may depend on the success of its tenants operations as well as their credit and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (financial stability. Anchor tenants generally occupy large amounts of square footage, pay a significant portion of the total rents at a property and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.15 Td (contribute to the success of other tenants by drawing significant numbers of customers to a property. The closing of one or more anchor stores at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.25 Td (a property could have a significant adverse effect on that property. The Companys financial position and results of operations would be adversely ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 535.30 Td (affected if tenants become unable to pay rent or other charges on a timely basis or if the Company is unable to lease a significant amount of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 521.40 Td (available space in its properties on economically favourable terms.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 501.45 Td (Real property investments are relatively illiquid and generally cannot be sold quickly. This illiquidity will likely limit the ability of the Company to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 487.55 Td (vary its portfolio promptly in response to changed economic or investment conditions. The Companys inability to respond quickly to changes in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 473.65 Td (the performance of its investments could adversely affect its ability to meet its obligations, its financial position and its results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 449.25 Td (Financing, Interest Rates, Repayment of Indebtedness and Access to Capital) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 435.35 Td (The Company has outstanding indebtedness in the form of mortgages, loans, credit facilities, senior unsecured debentures and convertible ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 421.40 Td (debentures and, as such, is subject to the risks normally associated with debt financing, including the risk that the Companys cash flow will be ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 407.50 Td (insufficient to meet required payments of principal and interest.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 387.55 Td (Debt service obligations reduce the funds available for operations, acquisitions, development activities and other business opportunities. There is a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 373.65 Td (possibility that the Companys internally generated cash may not be sufficient to repay all of its outstanding indebtedness. Upon the expiry of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 359.75 Td (term of the financing on any particular property owned by the Company, refinancing on a conventional mortgage loan basis may not be available ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 345.80 Td (in the amount required or may be available only on terms less favourable to the Company than the existing financing. The Company may elect to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 331.90 Td (repay certain indebtedness through the issuance of equity securities or the sale of assets, where appropriate. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.95 Td (Interest rates have a significant effect on the profitability of commercial properties as interest represents a significant cost in the ownership of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 298.05 Td (real property where debt financing is used as a source of capital. The Company has a total of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.17 298.05 Td ($1.1 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 406.97 298.05 Td ( principal amount of fixed rate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 284.15 Td (interest-bearing instruments outstanding including mortgages, senior unsecured debentures and convertible debentures maturing between ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 270.20 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 270.20 Td ( and December 31, 2015 at a weighted average coupon interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.33 270.20 Td (5.42%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.01 270.20 Td (. If these amounts were refinanced at an ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 256.30 Td (average interest rate that was 100 basis points higher or lower than the existing rate, the Companys annual interest cost would respectively ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 242.35 Td (increase or decrease by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.66 242.35 Td ($10.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.12 242.35 Td (. In addition, at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.48 242.35 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.96 242.35 Td (, the Company had ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.65 242.35 Td ($36.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 414.10 242.35 Td ( principal amount of debt \(or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 513.24 242.35 Td (2%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 524.80 242.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 228.45 Td (of the Companys aggregate mortgage debt as of such date\) at floating interest rates.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 208.55 Td (The Company seeks to reduce its interest rate risk by staggering the maturities of long-term debt and limiting the use of floating rate debt so as to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 194.60 Td (minimize exposure to interest rate fluctuations. Moreover, from time to time, the Company may enter into interest rate swap transactions to modify ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 180.70 Td (the interest rate profile of its current or future variable rate debts without an exchange of the underlying principal amount.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 156.25 Td (Changes to Credit Ratings) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 142.35 Td (Any credit rating that is assigned to the Senior Unsecured Debentures may not remain in effect for any given period of time or may be lowered, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 128.40 Td (withdrawn or revised by one or more of the rating agencies if, in their judgment, circumstances so warrant. Any lowering, withdrawal or revision of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 114.50 Td (a credit rating may have an adverse effect on the market price of the Senior Unsecured Debentures, may affect a debenture holders ability to sell ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 100.55 Td (its Senior Unsecured Debentures and may affect the Companys access to financial markets and its cost of borrowing.) Tj ET Q endstream endobj 163 0 obj <> endobj 164 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (79) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Lease Renewals and Rental Increases) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (Upon the expiry of any lease, there can be no assurance that the lease will be renewed or the tenant replaced. Expiries of certain leases will occur ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 658.40 Td (in both the short and long term, including expiry of leases of certain significant tenants, and although certain lease renewals and/or rental ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 644.50 Td (increases are expected to occur in the future, there can be no assurance that such renewals or rental increases will in fact occur. The failure to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 630.55 Td (achieve renewals and/or rental increases may have an adverse effect on the financial position and results of operations of the Company. In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 616.65 Td (addition, the terms of any subsequent lease may be less favourable to the Company than the existing lease.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 592.25 Td (Acquisition, Expansion, Development, Redevelopment and Strategic Dispositions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 578.35 Td (The key to the Companys ongoing success will be its ability to create and enhance value through the skill, creativity and effectiveness of its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 564.40 Td (Management team and the opportunities which the market presents. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 544.50 Td (The Company competes for suitable real property investments with individuals, corporations, real estate investment companies, trusts and other ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 530.55 Td (institutions \(both Canadian and foreign\) which may seek real property investments similar to those desired by the Company. Many of these ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 516.65 Td (investors may also have financial resources, which are comparable to, or greater than, those of the Company. An increase in the availability of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 502.75 Td (investment funds, and an increase of interest in real property investments, increases competition for real property investments, thereby increasing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 488.80 Td (purchase prices and reducing the yield therefrom.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 468.90 Td (Increased competition in the real estate market leads to lower capitalization rates for new acquisitions in certain of the markets in which the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 454.95 Td (Company operates. Lower capitalization rates mean a smaller spread between the Companys cost of capital and return on acquisitions and may ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 441.05 Td (therefore have a negative impact on the Companys earnings growth.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 421.15 Td (The Companys acquisition and investment strategy and market selection process may not ultimately be successful and may not provide positive ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 407.20 Td (returns on investment. The acquisition of properties or portfolios of properties entails risks that include the following, any of which could adversely ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 393.30 Td (affect the Companys financial position and results of operations and its ability to meet its obligations: \(i\) the Company may not be able to identify ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 379.35 Td (suitable properties to acquire or may be unable to complete the acquisition of the properties identified; \(ii\) the Company may not be able to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 365.45 Td (successfully integrate any acquisitions into its existing operations; \(iii\) properties acquired may fail to achieve the occupancy or rental rates ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 351.55 Td (projected at the time of the acquisition decision, which may result in the properties failure to achieve the returns projected; \(iv\) the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 337.60 Td (pre-acquisition evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs, which ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 323.70 Td (could significantly increase the Companys total acquisition costs; and \(v\) the Companys investigation of a property or building prior to acquisition, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 309.75 Td (and any representations it may receive from the seller of such building or property, may fail to reveal various liabilities, which could reduce the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 295.85 Td (cash flow from the property or increase its acquisition cost. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 275.95 Td (Further, the Companys development and redevelopment commitments are subject to those risks usually attributable to construction projects, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 262.00 Td (which include: \(i\) construction or other unforeseeable delays; \(ii\) cost overruns; \(iii\) the failure of tenants to occupy and pay rent in accordance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.10 Td (with existing lease agreements, some of which are conditional; \(iv\) the inability to achieve projected rental rates or anticipated pace of lease-ups ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 234.15 Td (and \(v\) increase in interest rates during the life of the development or redevelopment.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.25 Td (The Companys redevelopment and intensification activities are focussed primarily on increasing retail space on a property and to a lesser degree, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 200.35 Td (adding mixed-use density, including residential projects and office uses. Residential property development and redevelopment is a relatively new ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 186.40 Td (line of business for the Company. As a result, development risks associated with such projects may be greater due to the Companys more limited ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 172.50 Td (experience in this area.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 152.55 Td (Where the Companys development commitments relate to properties intended for sale, such as the residential portion of certain projects, the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 138.65 Td (Company is also subject to the risk that purchasers of such properties may become unable or unwilling to meet their obligations to the Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 124.75 Td (or that the Company may not be able to close the sale of a significant number of units in a development project on economically favourable terms.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 104.80 Td (The Company undertakes strategic property dispositions from time to time in order to recycle its capital and maintain an optimal portfolio ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 90.90 Td (composition. The Company may be subject to unexpected costs or liabilities related to such dispositions, which could adversely affect the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 76.95 Td (Company's financial position and results of operations and its ability to meet its obligations.) Tj ET Q endstream endobj 165 0 obj <> endobj 166 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (80) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 686.25 Td (Competition) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 672.35 Td (The real estate business is competitive. Numerous other developers, managers and owners of retail properties compete with the Company in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 658.40 Td (seeking tenants. Some of the properties located in the same markets as the Companys properties may be newer, better located and/or have ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 644.50 Td (stronger anchor tenants than the Companys properties. The existence of developers, managers and owners in such markets and competition for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 630.55 Td (the Companys tenants could adversely affect the Companys ability to lease space in its properties in such markets and on the rents charged or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 616.65 Td (concessions granted. In addition, the internet and other technologies may play a more significant role in consumer preferences and shopping ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 602.75 Td (patterns in the future, which could present a competitive risk to the Company that is not easily assessed at this time. Any of the aforementioned ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 588.80 Td (factors could have an adverse effect on the Companys financial position and results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 565.40 Td (Residential Development Sales and Leasing) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 551.50 Td (First Capital Realty is and expects to be increasingly involved in the development of mixed-use properties that include residential condominiums ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 537.55 Td (and rental apartments. These developments are often carried out with an experienced residential developer as the Company's joint venture ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 523.65 Td (partner. Purchaser demand for residential condominiums is cyclical and is significantly affected by changes in general and local economic and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 509.75 Td (industry conditions, such as employment levels, availability of financing for home buyers, interest rates, consumer confidence, levels of new and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.80 Td (existing homes for sale, demographic trends and housing demand. As a residential landlord in its properties that include rental apartments, First ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.90 Td (Capital Realty is subject to the risks inherent in the multi-unit residential rental property industry. In addition to the risks highlighted above, these ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.95 Td (include exposure to private individual tenants \(as opposed to commercial tenants in the Company's retail properties\), fluctuations in occupancy ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 454.05 Td (levels, the inability to achieve economic rents \(including anticipated increases in rent\), controlling bad debt exposure, rent control regulations, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 440.15 Td (increases in operating costs including the costs of utilities \(residential leases are often gross leases under which the landlord is not able to pass ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 426.20 Td (on costs to its residents\), the imposition of increased taxes or new taxes and capital investment requirements.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 401.25 Td (Financial Covenants) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 387.35 Td (First Capital Realtys revolving credit facilities and its outstanding senior unsecured debentures contain customary covenants and conditions, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 373.40 Td (including, among others, compliance with various financial ratios and restrictions upon the incurrence of additional indebtedness and liens on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 359.50 Td (Companys properties. Furthermore, the terms of some of this indebtedness may adversely affect the Companys ability to consummate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 345.55 Td (transactions that result in a change of control. The existing mortgages also contain customary negative covenants such as those that limit the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 331.65 Td (Companys ability, without the prior consent of the lender, to further mortgage the applicable property. If the Company were to breach covenants in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 317.75 Td (these debt agreements, the lender could declare a default and require the Company to repay the debt immediately. If the Company fails to make ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 303.80 Td (such repayment in a timely manner, the lender may be entitled to take possession of any property securing the loan. If the lenders declared a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 289.90 Td (default under the Companys revolving credit facilities, all amounts outstanding thereunder would become due and payable and the Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 275.95 Td (ability to borrow in future periods could be restricted. In addition, any such default or indebtedness in excess of an agreed amount, unless waived, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 262.05 Td (would constitute a default under First Capital Realtys revolving credit facilities and senior unsecured debentures, giving rise to the acceleration of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.15 Td (such indebtedness.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 223.25 Td (Environmental Matters) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 209.35 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 68.69 209.35 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 102.49 209.35 Td (maintains ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 137.17 209.35 Td (comprehensive ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 190.52 209.35 Td (environmental ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 240.31 209.35 Td (insurance ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 275.44 209.35 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 290.14 209.35 Td (conducts ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.05 209.35 Td (environmental ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 372.85 209.35 Td (due ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.54 209.35 Td (diligence ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.56 209.35 Td (upon ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.70 209.35 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 451.16 209.35 Td (acquisition ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 489.41 209.35 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 497.43 209.35 Td (new ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 513.00 209.35 Td (properties. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 195.40 Td (There ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.32 195.40 Td (is, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 86.63 195.40 Td (however, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 119.01 195.40 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 125.77 195.40 Td (risk ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 140.52 195.40 Td (that ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.17 195.40 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 169.60 195.40 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 190.13 195.40 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.11 195.40 Td (any ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 213.87 195.40 Td (given ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.40 195.40 Td (property ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 265.16 195.40 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.14 195.40 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 287.57 195.40 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 327.65 195.40 Td (portfolio ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 357.52 195.40 Td (could ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.95 195.40 Td (be ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 390.15 195.40 Td (adversely ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 424.45 195.40 Td (affected ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 454.33 195.40 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.64 195.40 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.39 195.40 Td (result ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 492.81 195.40 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 501.79 195.40 Td (unforeseen ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 542.34 195.40 Td (or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 181.50 Td (uninsured ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 90.46 181.50 Td (environmental ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 140.68 181.50 Td (matters ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.23 181.50 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 177.12 181.50 Td (changes ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 207.79 181.50 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 216.24 181.50 Td (governmental ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 264.24 181.50 Td (regulations.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 161.55 Td (Under various federal, provincial and local laws, the Company, as an owner, and potentially as a person in control of or managing real property, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 147.65 Td (could potentially be liable for costs of investigation, remediation and monitoring of certain contaminants, hazardous or toxic substances present at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 133.75 Td (or released from its properties or disposed of at other locations, whether the Company knows of, or is responsible for, the environmental ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 119.80 Td (contamination and whether the contamination occurred before or after the Company acquired the property. The costs of investigation, removal or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 105.90 Td (remediation of hazardous or toxic substances are not estimable, may be substantial and could adversely affect the Companys results of operations ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 91.95 Td (or financial position. The presence of contamination or the failure to remediate such substances, if any, may adversely affect the Companys ability ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 78.05 Td (to sell such real estate or to borrow using such real estate as collateral and could potentially also result in claims, including proceedings by ) Tj ET Q endstream endobj 167 0 obj <> endobj 168 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (81) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (government regulators or third party lawsuits. Environmental legislation can change rapidly and the Company may become subject to more ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (stringent environmental laws in the future, and compliance with more stringent environmental laws, or increased enforcement of the same, could ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (have a material adverse effect on its business, financial position or results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 642.25 Td (Joint Ventures) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 628.35 Td (Some of First Capital Realtys properties are partially owned by non-affiliated partners through partnership, co-ownership and limited liability ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 614.40 Td (corporate venture arrangements \(collectively, joint ventures\). As a result, the Company does not control all decisions regarding those properties ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 600.50 Td (and may be required to take actions that are in the interest of the joint venture partners collectively, but not in the Companys sole best interests. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 586.55 Td (Accordingly, First Capital Realty may not be able to favourably resolve any issues that arise with respect to such decisions, or the Company may ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 572.65 Td (have to take legal action or provide financial or other inducements to joint venture partners to obtain such resolution.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 548.25 Td (Investments Subject to Credit and Market Risk) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 534.35 Td (The Company occasionally extends credit to third parties in connection with joint ventures, the sale of assets or other transactions. First Capital ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 520.40 Td (Realty also invests in marketable and other equity securities. The Company is exposed to risk in the event that the values of its loans and/or its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 506.50 Td (investments decrease due to overall market conditions, business failure, and/or other nonperformance by the counterparties or investees.) Tj ET Q BT /F4 10.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 482.25 Td (Significant Shareholders) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 468.35 Td (As of December 31, 2012, Chaim Katzman, the Chairman of the board of directors of First Capital Realty, and several of the Company's ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 454.40 Td (shareholders affiliated with Mr. Katzman \(the Gazit Group\), including Gazit-Globe and related entities, beneficially owned approximately 45.6% ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 440.50 Td (of the outstanding Common Shares. Gazit-Globe is a public company listed on the New York Stock Exchange and on the Tel-Aviv Stock Exchange. ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 426.55 Td (Additional information concerning Gazit-Globe is available in its public disclosure. Dori J. Segal, the Vice-Chairman, President and Chief Executive ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 412.65 Td (Officer of First Capital Realty, is also the Executive Vice Chairman of Gazit-Globe. Mr. Segal and his spouse directly and indirectly, own shares of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 398.75 Td (the holding company \(Norstar Holdings Inc., a corporation listed on the Tel-Aviv Stock Exchange\) which controls Gazit-Globe and they have ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 384.80 Td (entered into a shareholders' agreement with Mr. Katzman under which they have agreed, among other things, to vote for certain nominees to, and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 370.90 Td (to constitute, the board of this holding company in an agreed manner, and to certain participation rights in the event that either Mr. Katzman or ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 356.95 Td (Mr. Segal and his spouse wish to sell any of their shares of this holding company. In addition, Mr. Katzman has been given voting control over ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 343.05 Td (some shares held by Mr. Segal's spouse in another entity which itself owns shares of the holding company under the terms of a power of attorney. ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 329.15 Td (Mr. Segal directly owns 720,000 common shares of Gazit-Globe, representing approximately 0.4% of the outstanding common shares of Gazit-) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 315.20 Td (Globe.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 295.30 Td (In addition, as of December 31, 2012, Alony-Hetz Properties and Investments Ltd. \(Alony-Hetz\) beneficially owned approximately 10.3% of the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 281.35 Td (Common Shares. Alony-Hetz and Gazit-Globe have entered into a shareholders' agreement pursuant to which, among other terms, \(i\) Gazit-Globe ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 267.45 Td (has agreed to vote its common shares of the Company in favour of the election of up to two representatives of Alony-Hetz to the Board of Directors ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 253.55 Td (of the Company and \(ii\) Alony-Hetz has agreed to vote its common shares of the Company in favour of the election of the nominees of Gazit-Globe ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 239.60 Td (as the remaining directors of the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 219.70 Td (The market price of the Common Shares could decline materially if the Company's significant shareholders sell some or all of their Common ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 205.75 Td (Shares or are perceived by the market as intending to sell such Common Shares. In addition, so long as the Gazit Group maintains a controlling ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 191.85 Td (interest in the Company, it will generally be able to approve any matter submitted to a vote of shareholders of the Company which requires the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 177.95 Td (approval of a simple majority of shareholders voting at the meeting, including, among other things, the election of the Board. The Gazit Group will ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 164.00 Td (also be able to exercise a controlling influence in the event of a take-over bid for First Capital Realty. This level of ownership may discourage third ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 150.10 Td (parties from seeking to acquire control of the Company, which in turn may adversely affect the market price of the Common Shares.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 130.15 Td (Moreover, members of the Gazit Group have pledged a substantial portion of their common shares to secure revolving credit facilities made ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 116.25 Td (available to them by commercial banks \(the Gazit Group Credit Facilities\). Based on information from the Gazit Group, First Capital Realty ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 102.35 Td (believes that currently approximately ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 179.78 102.35 Td (88.0%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.46 102.35 Td ( of the common shares reported as beneficially owned by the Gazit Group \(representing approximately ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 88.40 Td (40.1%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.68 88.40 Td ( of the outstanding common shares of First Capital Realty\) are pledged to secure the Gazit Group Credit Facilities. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.63 88.40 Td (While First Capital Realty ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 74.50 Td (has not been provided with a copy of the Gazit Group Credit Facilities or the related pledge agreements, it has been advised by the Gazit Group ) Tj ET Q endstream endobj 169 0 obj <> endobj 170 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 743.90 Td (MANAGEMENT'S DISCUSSION AND ANALYSIS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (82) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 694.45 Td (that if one of the Gazit Group members defaults on any of their obligations under the Gazit Group Credit Facilities or the related pledge ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 680.50 Td (agreements, the related lenders may have certain rights over the pledged Common Shares, including without limitation, the right to sell the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 666.60 Td (pledged Common Shares in one or more public or private sales. Any such event could cause the Company's Common Share price \(and the price ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 652.65 Td (of other securities convertible into Common Shares, including the Convertible Debentures\) to decline materially. Many of the occurrences that ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 638.75 Td (could result in a default under the Gazit Group Credit Facilities and, among other things, foreclosure of the pledged Common Shares are out of ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 624.85 Td (First Capital Realty's control and are unrelated to its operations.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 604.90 Td (In addition, because a significant number of Common Shares are pledged to secure the Gazit Group Credit Facilities, the occurrence of an event ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 591.00 Td (of default could result in a sale of such pledged Common Shares that would trigger an effective change of control of First Capital Realty, even ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 577.05 Td (when such a change may not be in the best interests of the shareholders of the Company or may have a material adverse effect on the Company. ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 557.15 Td (The foregoing information has been provided by the Gazit Group and has not been independently verified. There can be no assurances that such ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 543.25 Td (information is complete, and as such there may be additional relevant information not included in the foregoing.) Tj ET Q endstream endobj 171 0 obj <> endobj 172 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 50.00 731.65 Td (Managements Responsibility) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.00 46.01 Td (83) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (The accompanying consolidated financial statements and Managements Discussion and Analysis \(MD&A\) are the responsibility of Management ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (and have been prepared in accordance with International Financial Reporting Standards \(IFRS\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td (The preparation of consolidated financial statements and the MD&A necessarily involves the use of estimates based on Managements judgment, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (particularly when transactions affecting the current accounting period cannot be finalized with certainty until future periods. In addition, in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (preparing this financial information, Management must make determinations as to the relevancy of information to be included, and estimates and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (assumptions that affect the reported information. The MD&A also includes information regarding the impact of current transactions and events, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (sources of liquidity and capital resources, operating trends, risks and uncertainties. Actual results in the future may differ materially from the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (present assessment of this information because future events and circumstances may not occur as expected. The consolidated financial ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (statements have been properly prepared within reasonable limits of materiality and in light of information available up to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 459.83 577.05 Td (February20, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 523.42 577.05 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 557.15 Td (Management is also responsible for the maintenance of financial and operating systems which include effective controls to provide reasonable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.25 Td (assurance that the Companys assets are safeguarded, transactions are properly authorized and recorded, and that reliable financial information is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.30 Td (produced. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 509.40 Td (The Board of Directors is responsible for ensuring that Management fulfills its responsibilities through its Audit Committee, which is comprised of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.45 Td (independent directors who are not involved in the day-to-day operations of the Company. Each quarter the Audit Committee meets with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.55 Td (Management and, as necessary, with the independent auditors, Ernst & Young LLP, to satisfy itself that Managements responsibilities are properly ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.65 Td (discharged and to review and report to the Board of Directors on the consolidated financial statements.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.70 Td (In accordance with generally accepted auditing standards, the independent auditors conduct an examination each year in order to express a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 433.80 Td (professional opinion on the consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 306.05 Td (Dori J. Segal ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 126.00 306.05 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.00 306.05 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.00 306.05 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.00 306.05 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.00 306.05 Td (Karen H. Weaver, CPA, ICD.D) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 292.10 Td (President and Chief Executive Officer ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.00 292.10 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.00 292.10 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.00 292.10 Td (Executive Vice President and Chief Financial Officer) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 278.20 Td (Toronto, Ontario) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 264.25 Td (February 20, 2013) Tj ET Q /GS0 gs q 106.25 0 0 46.00 57.00 328.97 cm /I49 Do Q /GS0 gs q 112.00 0 0 46.00 259.00 328.97 cm /I50 Do Q endstream endobj 173 0 obj <> endobj 174 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 50.00 731.65 Td (Independent Auditors Report) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (84) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 691.30 Td (To the Shareholders of First Capital Realty Inc.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 677.35 Td (We have audited the accompanying consolidated financial statements of First Capital Realty Inc., which comprise the consolidated balance sheet ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 663.45 Td (as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.22 663.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 140.70 663.45 Td ( and the consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 649.50 Td (ended, and a summary of significant accounting policies and other explanatory information.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 624.40 Td (Managements responsibility for the consolidated financial statements) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 610.45 Td (Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 596.55 Td (Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 582.60 Td (financial statements that are free from material misstatement, whether due to fraud or error.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 557.50 Td (Auditors responsibility) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.55 Td (Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.65 Td (with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.70 Td (the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.80 Td (An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.90 Td (procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the consolidated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.95 Td (financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 454.05 Td (preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 440.10 Td (circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 426.20 Td (evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 412.30 Td (evaluating the overall presentation of the consolidated financial statements.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 392.35 Td (We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 367.20 Td (Opinion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 353.30 Td (In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of First Capital Realty Inc. as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 339.40 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 339.40 Td (, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.45 Td (Standards.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 300.30 Td (Other Matter) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 286.40 Td (The consolidated financial statements of First Capital Realty Inc. for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 336.72 286.40 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 405.20 286.40 Td ( and the consolidated balance sheets as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 272.50 Td (at January 1, 2011 and December 31, 2011 \(in each case prior to adjustments described in note 3 to the consolidated financial statements\) were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 258.55 Td (audited by another auditor who expressed an unmodified opinion on those financial statements on March 8, 2012.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 238.65 Td (As part of our audit of the consolidated financial statements of First Capital Realty Inc. for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.08 238.65 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 478.55 238.65 Td (, we also audited the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 224.70 Td (adjustments described in note 3 that were applied to restate the consolidated financial statements for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 450.54 224.70 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 519.01 224.70 Td ( and the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 210.80 Td (consolidated balance sheets as at January 1, 2011 and December 31, 2011. In our opinion, such adjustments are appropriate and have been ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 196.90 Td (properly applied. We were not engaged to audit, review or apply any procedures to the consolidated financial statements for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 182.95 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 182.95 Td ( or the consolidated balance sheets as at January 1, 2011 and December 31, 2011 other than with respect to the adjustments ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 169.05 Td (described in note 3 and, accordingly, we do not express an opinion or any other form of assurance on the consolidated financial statements for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 155.10 Td (year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.01 155.10 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.48 155.10 Td ( or the consolidated balance sheet as at January 1, 2011 and December 31, 2011 taken as a whole.) Tj ET Q /GS0 gs q 99.00 0 0 45.00 54.00 99.10 cm /I51 Do Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 83.50 Td (Toronto, Ontario) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 73.90 Td (February 20, 2013) Tj ET Q endstream endobj 175 0 obj <> endobj 176 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 50.00 731.65 Td (Independent Auditors Report) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.00 46.01 Td (85) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 691.30 Td (To the Shareholders of First Capital Realty Inc. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 677.35 Td (We have audited, before the effects of the adjustments to retrospectively apply the changes in accounting discussed in Note 3 to the consolidated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 663.45 Td (financial statements, the accompanying consolidated financial statements of First Capital Realty Inc., which comprise the consolidated balance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 649.50 Td (sheets as at December 31, 2011 and January 1, 2011, and the consolidated statement of income, consolidated statement of comprehensive ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 635.60 Td (income, consolidated statement of changes in equity, and consolidated statement of cash flows for the year ended December 31, 2011 \(the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 621.70 Td (consolidated financial statements before the effects of the adjustments discussed in Note 3 to the consolidated financial statements are not ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 607.75 Td (presented herein\), and a summary of significant accounting policies and other explanatory information.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 582.60 Td (Management's Responsibility for the Consolidated Financial Statements) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 568.70 Td (Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 554.80 Td (Financial Reporting Standards, and for such internal control as Management determines is necessary to enable the preparation of consolidated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 540.85 Td (financial statements that are free from material misstatement, whether due to fraud or error.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.70 Td (Auditor's Responsibility) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 501.80 Td (Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 487.90 Td (accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 473.95 Td (and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 454.05 Td (An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 440.10 Td (procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 426.20 Td (financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 412.30 Td (preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 398.35 Td (circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 384.45 Td (evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 370.50 Td (evaluating the overall presentation of the consolidated financial statements.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 350.60 Td (We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. ) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.45 Td (Opinion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.55 Td (In our opinion, such consolidated financial statements, before the effects of the adjustments to retrospectively apply the changes in accounting ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 297.60 Td (discussed in Note 3 to the consolidated financial statements, present fairly, in all material respects, the financial position of First Capital Realty Inc. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 283.70 Td (as at December 31, 2011 and January 1, 2011 and its financial performance and its cash flows for the year ended December 31, 2011 in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 269.80 Td (accordance with International Financial Reporting Standards. We were not engaged to audit, review, or apply any procedures to the adjustments to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 255.85 Td (retrospectively apply the changes in accounting discussed in Note 3 to the consolidated financial statements and, accordingly, we do not express ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 241.95 Td (an opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied. Those ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 228.00 Td (retrospective adjustments were audited by other auditors.) Tj ET Q /GS0 gs q 199.90 0 0 22.00 54.00 175.90 cm /I52 Do Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 156.70 Td (Chartered Accountants) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 147.10 Td (Licensed Public Accountants) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 127.90 Td (Toronto, Canada) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 118.30 Td (March 8, 2012) Tj ET Q endstream endobj 177 0 obj <> endobj 178 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 55.00 731.65 Td (Consolidated Balance Sheets) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (86) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 719.5 m 335.5 719.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 698.5 m 335.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 719.5 m 368.5 719.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 698.5 m 368.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 719.5 m 431.5 719.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 698.5 m 431.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 719.5 m 494.5 719.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 698.5 m 494.5 698.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 719.5 m 558.5 719.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 698.5 m 558.5 698.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 614.5 m 335.5 614.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 614.5 m 368.5 614.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 614.5 m 431.5 614.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 614.5 m 494.5 614.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 614.5 m 558.5 614.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 590.5 m 335.5 590.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 590.5 m 368.5 590.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 590.5 m 431.5 590.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 590.5 m 494.5 590.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 590.5 m 558.5 590.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 506.5 m 335.5 506.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 506.5 m 368.5 506.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 506.5 m 431.5 506.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 506.5 m 494.5 506.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 506.5 m 558.5 506.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 482.5 m 335.5 482.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 482.5 m 368.5 482.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 482.5 m 431.5 482.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 482.5 m 494.5 482.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 482.5 m 558.5 482.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 470.5 m 335.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 455.5 m 335.5 455.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 470.5 m 368.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 455.5 m 368.5 455.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 470.5 m 431.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 455.5 m 431.5 455.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 470.5 m 494.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 455.5 m 494.5 455.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 470.5 m 558.5 470.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 455.5 m 558.5 455.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 371.5 m 335.5 371.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 371.5 m 368.5 371.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 371.5 m 431.5 371.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 371.5 m 494.5 371.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 371.5 m 558.5 371.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 299.5 m 335.5 299.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 299.5 m 368.5 299.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 299.5 m 431.5 299.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 299.5 m 494.5 299.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 299.5 m 558.5 299.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 287.5 m 335.5 287.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 287.5 m 368.5 287.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 287.5 m 431.5 287.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 287.5 m 494.5 287.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 287.5 m 558.5 287.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 275.5 m 335.5 275.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 263.5 m 335.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 275.5 m 368.5 275.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 263.5 m 368.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 275.5 m 431.5 275.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 263.5 m 431.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 275.5 m 494.5 275.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 263.5 m 494.5 263.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 275.5 m 558.5 275.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 263.5 m 558.5 263.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 248.5 m 335.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 248.5 m 368.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 248.5 m 431.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 248.5 m 494.5 248.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 248.5 m 558.5 248.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 212.5 m 335.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 200.5 m 335.5 200.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 212.5 m 368.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 335.5 200.5 m 368.5 200.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 212.5 m 431.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 368.5 200.5 m 431.5 200.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 212.5 m 494.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 200.5 m 494.5 200.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 212.5 m 558.5 212.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 494.5 200.5 m 558.5 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 185.5 m 335.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 185.5 m 368.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 185.5 m 431.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 185.5 m 494.5 185.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 185.5 m 558.5 185.5 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 710.36 Td (As at) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 700.01 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 342.90 702.51 Td (Notes) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 386.55 709.61 Td (December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 410.85 702.61 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 450.50 709.51 Td (December 31) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 475.40 702.51 Td (2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.80 709.51 Td (January 1 ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 702.51 Td (2011) Tj ET Q BT /F13 6.00 Tf ET q 0 0 0 rg BT 439.50 690.24 Td (\(Restated Note 3\)) Tj ET Q BT /F13 6.00 Tf ET q 0 0 0 rg BT 503.50 690.24 Td (\(Restated Note 3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 676.23 Td (ASSETS) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 664.23 Td (Non-Current Assets) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 652.23 Td (Real Estate Investments) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 640.46 Td (Investment properties shopping centres) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 349.25 640.46 Td (5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 371.00 640.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 640.23 Td (6,622,003) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.00 640.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 640.46 Td (5,714,614) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 640.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 640.46 Td (4,734,574) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 628.46 Td (Investment properties development land) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 349.25 628.46 Td (5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 628.23 Td (133,337) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 628.46 Td (100,845) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 628.46 Td (88,859) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 616.46 Td (Loans, mortgages and other real estate assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 349.25 616.46 Td (6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 616.23 Td (14,473) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 616.46 Td (46,422) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 616.46 Td (62,010) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 604.46 Td (Total real estate investments) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 389.20 604.23 Td (6,769,813) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 604.46 Td (5,861,881) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 604.46 Td (4,885,443) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 592.46 Td (Other non-current assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 349.25 592.46 Td (9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 592.23 Td (27,089) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.25 592.46 Td (8,330) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 592.46 Td (8,376) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 580.46 Td (Total non-current assets) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 389.20 580.23 Td (6,796,902) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 580.46 Td (5,870,211) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 580.46 Td (4,893,819) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 568.23 Td (Current Assets) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.00 556.46 Td (Cash and cash equivalents) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 342.15 556.46 Td (25\(d\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 556.23 Td (70,155) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.25 556.46 Td (3,075) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 556.46 Td (31,735) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 544.46 Td (Loans, mortgages and other real estate assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 349.25 544.46 Td (7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 544.23 Td (46,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 544.46 Td (43,272) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 544.46 Td (13,958) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 532.46 Td (Residential development inventory) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 401.40 532.23 Td (65,891) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 532.46 Td (37,166) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 532.46 Td (16,874) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 520.46 Td (Amounts receivable) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 349.25 520.46 Td (8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 520.23 Td (22,439) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 520.46 Td (14,393) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 520.46 Td (10,030) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 508.46 Td (Other assets) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 349.25 508.46 Td (9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 508.23 Td (33,348) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 508.46 Td (46,353) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 508.46 Td (21,601) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 496.23 Td (238,424) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 496.46 Td (144,259) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 496.46 Td (94,198) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 484.46 Td (Investment properties classified as held for sale) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 344.35 484.46 Td (5\(d\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 484.23 Td (283,466) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 484.46 Td (96,674) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 484.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 472.46 Td (Total current assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 472.23 Td (521,890) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 472.46 Td (240,933) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 472.46 Td (94,198) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 459.71 Td (Total assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 371.00 459.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 459.88 Td (7,318,792) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.00 459.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 459.76 Td (6,111,144) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 459.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 459.76 Td (4,988,017) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 445.23 Td (LIABILITIES) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 433.23 Td (Non-Current Liabilities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.00 421.46 Td (Mortgages and credit facilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 347.05 421.46 Td (11) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 371.00 421.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 421.23 Td (1,338,807) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.00 421.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 421.46 Td (1,376,963) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 421.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 421.46 Td (1,222,400) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 409.46 Td (Senior unsecured debentures) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 347.05 409.46 Td (12) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 409.23 Td (1,469,073) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 409.46 Td (1,140,594) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 409.46 Td (915,232) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 397.46 Td (Convertible debentures) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 347.05 397.46 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 397.23 Td (318,794) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 397.46 Td (263,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 397.46 Td (324,535) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 385.46 Td (Other liabilities ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 347.05 385.46 Td (14) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 385.23 Td (62,027) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 385.46 Td (11,848) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 385.46 Td (9,721) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 373.46 Td (Deferred tax liabilities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 347.05 373.46 Td (21) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 373.23 Td (357,405) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 373.46 Td (278,406) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 373.46 Td (192,877) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 361.46 Td (Total non-current liabilities) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 389.20 361.23 Td (3,546,106) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 361.46 Td (3,071,311) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 361.46 Td (2,664,765) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 349.23 Td (Current Liabilities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.00 337.46 Td (Current portion of mortgages and credit facilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 347.05 337.46 Td (11) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 337.23 Td (242,950) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 337.46 Td (184,938) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 337.46 Td (95,941) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 325.46 Td (Current portion of senior unsecured debentures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 347.05 325.46 Td (12) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.25 325.23 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 325.46 Td (100,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 325.46 Td (198,799) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 313.46 Td (Current portion of convertible debentures ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 347.05 313.46 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.25 313.23 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 313.46 Td (18,828) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 313.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 301.46 Td (Accounts payable and other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 347.05 301.46 Td (15) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 301.23 Td (224,549) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 301.46 Td (191,477) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 301.46 Td (149,199) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 289.23 Td (467,499) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 289.46 Td (495,243) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 289.46 Td (443,939) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 277.46 Td (Mortgages on investment properties classified as held for sale) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 347.05 277.46 Td (11) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 401.40 277.23 Td (41,583) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 277.46 Td (22,267) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 277.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 265.46 Td (Total current liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.50 265.23 Td (509,082) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 462.30 265.46 Td (517,510) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 265.46 Td (443,939) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 252.71 Td (Total liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 252.88 Td (4,055,188) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 252.76 Td (3,588,821) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 252.76 Td (3,108,704) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 238.23 Td (EQUITY) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 226.46 Td (Shareholders equity) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 347.05 226.46 Td (16) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 226.23 Td (3,245,612) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 226.46 Td (2,511,848) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 226.46 Td (1,875,407) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 214.46 Td (Non-controlling interests) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 401.40 214.23 Td (17,992) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.80 214.46 Td (10,475) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 214.46 Td (3,906) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 202.46 Td (Total equity) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 202.23 Td (3,263,604) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 202.46 Td (2,522,323) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 202.46 Td (1,879,313) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 189.71 Td (Total liabilities and equity) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 371.00 189.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 389.20 189.88 Td (7,318,792) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.00 189.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 455.70 189.76 Td (6,111,144) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.00 189.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 189.76 Td (4,988,017) Tj ET Q BT /F2 10.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 54.00 177.60 Td (See accompanying notes to the consolidated financial statements. ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 158.40 Td (Approved by the Board of Directors:) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 94.50 Td (Chaim Katzman ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 126.00 94.50 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.00 94.50 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.00 94.50 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.00 94.50 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.00 94.50 Td (Dori J. Segal) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 80.60 Td (Chairman of the Board ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.00 80.60 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.00 80.60 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.00 80.60 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.00 80.60 Td (Director) Tj ET Q /GS0 gs q 74.58 0 0 28.00 257.00 117.42 cm /I53 Do Q /GS0 gs q 81.00 0 0 28.00 57.00 117.42 cm /I54 Do Q endstream endobj 179 0 obj <> endobj 180 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET q 0 0 0 rg BT 54.50 705.25 Td (Consolidated Statements of Income) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (87) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 683.5 m 404.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 683.5 m 438.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 683.5 m 498.5 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 683.5 m 558.5 683.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 671.5 m 404.5 671.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.5 m 404.5 659.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 671.5 m 438.5 671.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 659.5 m 438.5 659.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 671.5 m 498.5 671.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 659.5 m 498.5 659.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 671.5 m 558.5 671.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 659.5 m 558.5 659.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 608.5 m 404.5 608.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 608.5 m 438.5 608.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 608.5 m 498.5 608.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 608.5 m 558.5 608.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 581.5 m 404.5 581.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 581.5 m 438.5 581.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 581.5 m 498.5 581.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 581.5 m 558.5 581.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 569.5 m 404.5 569.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 569.5 m 438.5 569.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 569.5 m 498.5 569.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 569.5 m 558.5 569.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 527.5 m 404.5 527.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 515.5 m 404.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 527.5 m 438.5 527.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 515.5 m 438.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 527.5 m 498.5 527.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 515.5 m 498.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 527.5 m 558.5 527.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 515.5 m 558.5 515.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 493.5 m 404.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 493.5 m 438.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 493.5 m 498.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 493.5 m 558.5 493.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 469.5 m 404.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 469.5 m 438.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 469.5 m 498.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 469.5 m 558.5 469.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 445.5 m 404.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 430.5 m 404.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 445.5 m 438.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 430.5 m 438.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 445.5 m 498.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 430.5 m 498.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 445.5 m 558.5 445.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 430.5 m 558.5 430.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 394.5 m 404.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 382.5 m 404.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 394.5 m 438.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 382.5 m 438.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 394.5 m 498.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 382.5 m 498.5 382.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 394.5 m 558.5 394.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 382.5 m 558.5 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 343.5 m 404.5 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 343.5 m 438.5 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 343.5 m 498.5 343.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 343.5 m 558.5 343.5 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 479.10 674.36 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 662.36 Td (\(thousands of Canadian dollars, except per share amounts\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.40 662.36 Td (Notes) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 477.85 662.16 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 662.36 Td (2011) Tj ET Q BT /F8 6.00 Tf ET q 0 0 0 rg BT 505.30 651.31 Td (\(Restated Note 3\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 637.23 Td (Net operating income) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 625.46 Td (Property rental revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 625.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 625.23 Td (583,096) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 625.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 625.46 Td (526,735) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 612.71 Td (Property operating costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 612.88 Td (211,559) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 612.76 Td (186,647) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 598.23 Td (Net operating income) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.55 598.46 Td (17) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 598.23 Td (371,537) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 598.46 Td (340,088) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 585.71 Td (Interest and other income) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.55 585.71 Td (18) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 585.88 Td (8,464) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 585.76 Td (7,484) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 571.23 Td (380,001) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 571.46 Td (347,572) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 558.83 Td (Expenses) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 544.46 Td (Interest expense) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.55 544.46 Td (19) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 544.23 Td (160,839) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 544.46 Td (159,981) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 531.71 Td (Corporate expenses and amortization) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 531.83 Td (29,612) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 531.76 Td (25,167) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 517.23 Td (190,451) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 517.46 Td (185,148) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 505.41 Td (Income before increase in value of investment properties, net, ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 497.41 Td (other gains \(losses\) and \(expenses\) and income taxes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 497.88 Td (189,550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 497.76 Td (162,424) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 483.46 Td (Increase in value of investment properties, net) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.75 483.46 Td (5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 483.23 Td (291,851) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 483.46 Td (466,214) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 471.46 Td (Other gains \(losses\) and \(expenses\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.55 471.46 Td (20) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.60 471.23 Td (\(6,248) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 495.30 471.23 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.25 471.46 Td (\(810) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 471.46 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 459.23 Td (Income before income taxes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 459.23 Td (475,153) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 459.46 Td (627,828) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 447.46 Td (Deferred income taxes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.55 447.46 Td (21) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 447.23 Td (82,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 447.46 Td (78,867) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 434.83 Td (Net income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 434.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 434.88 Td (392,995) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 434.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 434.76 Td (548,961) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 420.46 Td (Net income attributable to:) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 408.46 Td (Common shareholders) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 408.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 408.23 Td (392,959) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 408.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 408.46 Td (548,932) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 396.46 Td (Non-controlling interests) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 485.50 396.23 Td (36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 396.46 Td (29) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 384.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 384.23 Td (392,995) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 384.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 384.46 Td (548,961) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 372.46 Td (Net income per share attributable to common shareholders:) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 360.46 Td (Basic) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.55 360.46 Td (22) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 360.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.15 360.23 Td (2.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 360.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 360.46 Td (3.27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 347.71 Td (Diluted) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.55 347.71 Td (22) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 347.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.15 347.83 Td (1.98) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 347.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 347.76 Td (3.00) Tj ET Q BT /F2 10.00 Tf ET BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 332.60 Td (See accompanying notes to the consolidated financial statements.) 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0.20784313725490197 rg BT 54.00 467.60 Td (See accompanying notes to the consolidated financial statements.) 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BT 533.10 622.61 Td (90,120) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 609.36 Td (Balance, at January 1, 2012, as restated) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 260.35 609.36 Td (544,738) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.80 609.41 Td (\(2,286) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 331.65 609.36 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 345.50 609.36 Td (1,928,583) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 400.20 609.36 Td (40,813) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 432.40 609.16 Td (2,511,848) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.20 609.36 Td (10,475) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 522.40 609.16 Td (2,522,323) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 597.36 Td (Changes during the year:) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 586.36 Td (Net income) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 260.35 585.36 Td 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Tf ET q 0 0 0 rg BT 258.00 561.36 Td (\(159,157) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 285.65 561.36 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 561.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 561.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.65 561.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 436.50 561.16 Td (\(159,157) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.65 561.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 561.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 526.50 561.16 Td (\(159,157) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 556.65 561.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 550.36 Td (Payments of interest on convertible debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 549.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 549.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 355.20 549.36 Td (20,533) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.65 549.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 443.10 549.16 Td (20,533) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 549.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 533.10 549.16 Td (20,533) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 538.36 Td (Equity component on issuance of convertible debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 537.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 537.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 537.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.05 537.36 Td (2,857) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 447.40 537.16 Td (2,857) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 537.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 537.40 537.16 Td (2,857) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 526.36 Td (Conversion of convertible debentures to common shares) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 525.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 525.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 355.20 525.36 Td (84,357) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 401.75 525.36 Td (\(2,808) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 525.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 443.10 525.16 Td (81,549) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 525.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 533.10 525.16 Td (81,549) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 514.36 Td (Purchase of convertible debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 513.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 513.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 513.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.55 513.36 Td (\(116) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 513.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 451.45 513.16 Td (\(116) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.65 513.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 513.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 541.45 513.16 Td (\(116) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 556.65 513.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 502.36 Td (Issuance of warrants) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 501.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 501.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 501.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.05 501.36 Td (1,677) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 447.40 501.16 Td (1,677) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 501.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 537.40 501.16 Td (1,677) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 490.36 Td (Options vested) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 489.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 489.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 489.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.05 489.36 Td (1,130) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 447.40 489.16 Td (1,130) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 489.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 537.40 489.16 Td (1,130) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 63.00 477.36 Td (Exercise of options) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 278.65 477.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 477.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 355.20 477.36 Td (10,560) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.55 477.36 Td (\(399) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 477.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 443.10 477.16 Td (10,161) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 477.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 533.10 477.16 Td (10,161) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 63.00 465.36 Td (Deferred share units vested) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 278.65 465.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 465.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 465.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 409.95 465.36 Td (991) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 453.80 465.16 Td (991) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 465.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 543.80 465.16 Td (991) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 63.00 453.36 Td (Restricted share units vested) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 278.65 453.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 453.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 453.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.05 453.36 Td (1,621) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 447.40 453.16 Td (1,621) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 453.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 537.40 453.16 Td (1,621) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 63.00 441.36 Td (Restricted share units exercised) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 278.65 441.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 441.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 441.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 401.75 441.36 Td (\(1,350) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 441.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.05 441.16 Td (\(1,350) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.65 441.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 441.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.05 441.16 Td (\(1,350) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 556.65 441.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 63.00 429.36 Td (Share issue costs, net of tax) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 278.65 429.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 429.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 356.75 429.36 Td (\(6,986) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 376.65 429.36 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.65 429.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.05 429.16 Td (\(6,986) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.65 429.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 429.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.05 429.16 Td (\(6,986) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 556.65 429.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 418.36 Td (Other comprehensive loss) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 417.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.80 417.41 Td (\(1,894) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 331.65 417.36 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 417.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.65 417.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.05 417.16 Td (\(1,894) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.65 417.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 504.65 417.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.05 417.16 Td (\(1,894) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 556.65 417.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 406.36 Td (Contributions from non-controlling interests) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 278.65 403.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 324.65 403.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 369.65 403.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.65 403.51 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 459.65 403.61 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 494.10 403.56 Td (7,481) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 537.40 403.61 Td (7,481) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 388.51 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 246.00 388.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 260.35 388.51 Td (778,540) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 291.00 388.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.80 388.56 Td (\(4,180) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 331.65 388.51 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 337.00 388.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 345.50 388.51 Td (2,426,836) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 382.00 388.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 400.20 388.51 Td (44,416) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 427.00 388.61 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 432.40 388.61 Td (3,245,612) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 472.00 388.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.20 388.51 Td (17,992) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 517.00 388.61 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 522.40 388.61 Td (3,263,604) Tj ET Q BT /F2 10.00 Tf ET BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 373.60 Td (See accompanying notes to the consolidated financial statements) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 246.92 373.60 Td (.) Tj ET Q endstream endobj 185 0 obj <> endobj 186 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 50.00 731.65 Td (Consolidated Statements of Changes in Equity) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (90) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 701.5 m 241.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 664.5 m 241.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 701.5 m 286.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 241.5 664.5 m 286.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 701.5 m 332.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 664.5 m 332.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 701.5 m 377.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 664.5 m 377.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 701.5 m 422.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 664.5 m 422.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 701.5 m 467.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 422.5 664.5 m 467.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 701.5 m 512.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 467.5 664.5 m 512.5 664.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 701.5 m 557.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 512.5 664.5 m 557.5 664.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 619.5 m 241.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 241.5 619.5 m 286.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 619.5 m 332.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 619.5 m 377.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 619.5 m 422.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 422.5 619.5 m 467.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 467.5 619.5 m 512.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 512.5 619.5 m 557.5 619.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 412.5 m 241.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 397.5 m 241.5 397.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 241.5 412.5 m 286.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 397.5 m 286.5 397.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 412.5 m 332.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 397.5 m 332.5 397.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 332.5 412.5 m 377.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 397.5 m 377.5 397.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 412.5 m 422.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 397.5 m 422.5 397.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 422.5 412.5 m 467.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 397.5 m 467.5 397.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 467.5 412.5 m 512.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 397.5 m 512.5 397.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 512.5 412.5 m 557.5 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 397.5 m 557.5 397.5 l s BT /F8 6.00 Tf ET q 0 0 0 rg BT 56.00 668.31 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 260.30 674.31 Td (Retained) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 260.95 668.31 Td (Earnings) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 295.30 686.31 Td (Accumulated ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 314.95 680.31 Td (Other ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 289.65 674.31 Td (Comprehensive ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 293.00 668.31 Td (\(Loss\) Income) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 340.30 668.31 Td (Share Capital) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 389.30 686.31 Td (Contributed) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 388.30 680.31 Td (Surplus and) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 387.65 674.31 Td (Other Equity) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 405.00 668.31 Td (Items) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 451.40 680.39 Td (Total ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 428.30 674.39 Td (Shareholders ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 447.30 668.39 Td (Equity) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 496.30 680.31 Td (Non- ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 482.00 674.31 Td (Controlling ) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 487.30 668.31 Td (Interests) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 541.40 674.39 Td (Total) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 537.30 668.39 Td (Equity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 655.36 Td (December 31, 2010) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 292.05 655.36 Td (\(Note 24\(b\)\)) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 337.40 655.36 Td (\(Note 16\(a\)\)) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 382.05 655.36 Td (\(Note 16\(b\)\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 643.36 Td (As reported) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 244.00 643.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 262.20 643.36 Td (89,182) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 289.00 643.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 312.10 643.41 Td (2,239) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 335.00 643.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 343.50 643.36 Td (1,689,516) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 380.00 643.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 398.20 643.36 Td (51,660) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 425.00 643.16 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 430.40 643.16 Td (1,832,597) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 470.00 643.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.10 643.41 Td (3,906) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.00 643.16 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 520.40 643.16 Td (1,836,503) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 630.51 Td (Impact of adoption of amendment to IAS 12, Income Taxes ) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 62.00 623.51 Td (\(note 3\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 262.20 623.51 Td (42,810) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 623.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 623.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 623.51 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 441.10 623.61 Td (42,810) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 623.51 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 531.10 623.61 Td (42,810) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 610.36 Td (Balance, at January 1, 2011 as restated) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 258.35 610.36 Td (131,992) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 312.10 610.41 Td (2,239) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 343.50 610.36 Td (1,689,516) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 398.20 610.36 Td (51,660) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 430.40 610.16 Td (1,875,407) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.10 610.41 Td (3,906) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 520.40 610.16 Td (1,879,313) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 598.36 Td (Changes during the year:) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 587.36 Td (Net income ) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 258.35 586.36 Td (548,932) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 586.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 586.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 586.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 436.85 586.16 Td (548,932) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 501.85 586.41 Td (29) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 526.85 586.16 Td (548,961) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 574.36 Td (Issuance of common shares) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 276.65 574.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 574.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 357.05 574.36 Td (1,248) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 574.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.40 574.16 Td (1,248) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 574.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.40 574.16 Td (1,248) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 562.36 Td (Dividends) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 256.00 562.36 Td (\(136,186) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 283.65 562.36 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 562.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 562.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 562.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 434.50 562.16 Td (\(136,186) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 464.65 562.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 562.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 524.50 562.16 Td (\(136,186) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 554.65 562.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 551.36 Td (Payments of interest on convertible debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.65 550.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 550.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 353.20 550.36 Td (19,797) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 550.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 441.10 550.16 Td (19,797) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 550.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 531.10 550.16 Td (19,797) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 539.36 Td (Equity component on issuance of convertible debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.65 538.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 538.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 538.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.05 538.36 Td (3,781) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.40 538.16 Td (3,781) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 538.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.40 538.16 Td (3,781) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 527.36 Td (Conversion of convertible debentures to common shares) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.65 526.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 526.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 349.30 526.36 Td (206,711) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 395.90 526.36 Td (\(15,575) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.65 526.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 436.85 526.16 Td (191,136) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 526.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 526.85 526.16 Td (191,136) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 515.36 Td (Purchase of convertible debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.65 514.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 514.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 514.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 409.50 514.36 Td (\(49) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.65 514.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 453.75 514.16 Td (\(49) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 464.65 514.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 514.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 543.75 514.16 Td (\(49) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 554.65 514.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 503.36 Td (Options vested) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.65 502.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 502.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 502.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.05 502.36 Td (1,297) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.40 502.16 Td (1,297) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 502.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.40 502.16 Td (1,297) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 490.36 Td (Exercise of options) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 276.65 490.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 490.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 357.05 490.36 Td (9,648) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 405.55 490.36 Td (\(674) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.65 490.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.40 490.16 Td (8,974) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 490.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.40 490.16 Td (8,974) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 478.36 Td (Deferred share units vested) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 276.65 478.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 478.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 478.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.95 478.36 Td (747) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 451.80 478.16 Td (747) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 478.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 541.80 478.16 Td (747) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 466.36 Td (Restricted share units vested) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 276.65 466.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 466.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 466.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.05 466.36 Td (1,680) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.40 466.16 Td (1,680) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 466.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.40 466.16 Td (1,680) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 454.36 Td (Restricted share units exercised) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 276.65 454.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 454.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 454.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 399.75 454.36 Td (\(2,054) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 419.65 454.36 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 443.05 454.16 Td (\(2,054) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 464.65 454.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 454.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 533.05 454.16 Td (\(2,054) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 554.65 454.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 62.00 442.36 Td (Share issue costs, net of tax) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 276.65 442.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 442.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 357.05 442.36 Td (1,663) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 442.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 445.40 442.16 Td (1,663) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 442.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 535.40 442.16 Td (1,663) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 431.36 Td (Other comprehensive loss) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.65 430.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 309.80 430.41 Td (\(4,525) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.65 430.36 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 430.36 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 430.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 443.05 430.16 Td (\(4,525) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 464.65 430.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.65 430.36 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 533.05 430.16 Td (\(4,525) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 554.65 430.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.00 419.36 Td (Contributions from non-controlling interests) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 276.65 416.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 322.65 416.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 367.65 416.51 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.65 416.51 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.65 416.61 Td () Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 492.10 418.41 Td (6,540) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.40 418.16 Td (6,540) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 401.51 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 244.00 401.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 258.35 401.51 Td (544,738) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 289.00 401.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 309.80 401.56 Td (\(2,286) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 329.65 401.51 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 335.00 401.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 343.50 401.51 Td (1,928,583) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 380.00 401.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 398.20 401.51 Td (40,813) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 425.00 401.61 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 430.40 401.61 Td (2,511,848) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 470.00 401.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.20 401.51 Td (10,475) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 515.00 401.61 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 520.40 401.61 Td (2,522,323) Tj ET Q BT /F2 10.00 Tf ET BT /F10 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 387.60 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 187 0 obj <> endobj 188 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET q 0 0 0 rg BT 55.00 731.65 Td (Consolidated Statements of Cash Flows) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (91) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 695.5 m 398.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 695.5 m 428.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 695.5 m 488.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 695.5 m 548.5 695.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 680.5 m 398.5 680.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 667.5 m 398.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 680.5 m 428.5 680.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 667.5 m 428.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 680.5 m 488.5 680.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 667.5 m 488.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 680.5 m 548.5 680.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 667.5 m 548.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 509.5 m 398.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 509.5 m 428.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 509.5 m 488.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 509.5 m 548.5 509.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 458.5 m 398.5 458.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 445.5 m 398.5 445.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 458.5 m 428.5 458.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 445.5 m 428.5 445.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 458.5 m 488.5 458.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 445.5 m 488.5 445.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 458.5 m 548.5 458.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 445.5 m 548.5 445.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 274.5 m 398.5 274.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 261.5 m 398.5 261.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 274.5 m 428.5 274.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 261.5 m 428.5 261.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 274.5 m 488.5 274.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 261.5 m 488.5 261.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 274.5 m 548.5 274.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 261.5 m 548.5 261.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 168.5 m 398.5 168.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 168.5 m 428.5 168.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 168.5 m 488.5 168.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 168.5 m 548.5 168.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 155.5 m 398.5 155.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 143.5 m 398.5 143.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 155.5 m 428.5 155.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 143.5 m 428.5 143.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 155.5 m 488.5 155.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 143.5 m 488.5 143.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 155.5 m 548.5 155.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 143.5 m 548.5 143.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 117.5 m 398.5 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 102.5 m 398.5 102.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 398.5 117.5 m 428.5 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 102.5 m 428.5 102.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 428.5 117.5 m 488.5 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 102.5 m 488.5 102.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 117.5 m 548.5 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 102.5 m 548.5 102.5 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 469.10 684.51 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 671.36 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 406.00 671.36 Td (Note) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 467.85 671.16 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.40 671.36 Td (2011) Tj ET Q BT /F13 6.00 Tf ET q 0 0 0 rg BT 493.50 658.39 Td (\(Restated Note 3\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 644.18 Td (CASH FLOWS PROVIDED BY \(USED IN\):) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 630.83 Td (OPERATING ACTIVITIES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 616.41 Td (Net income) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 431.00 617.16 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.85 617.16 Td (392,995) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 491.00 617.36 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 617.41 Td (548,961) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 603.41 Td (Adjustments for:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.00 590.41 Td (Increase in value of investment properties, net) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 411.05 591.36 Td (5) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 455.50 591.16 Td (\(291,851) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 591.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 591.36 Td (\(466,214) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 591.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 577.41 Td (Interest expense) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.10 578.36 Td (19) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.85 578.16 Td (160,839) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 578.41 Td (159,981) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 564.41 Td (Capitalized interest) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.10 565.36 Td (19) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 462.10 565.16 Td (24,873) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.20 565.36 Td (18,449) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 551.41 Td (Cash interest paid) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.10 552.36 Td (19) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 455.50 552.16 Td (\(161,174) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 552.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 552.36 Td (\(151,713) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 552.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 538.41 Td (Amortization) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.40 539.16 Td (4,103) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.10 539.41 Td (3,936) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 525.41 Td (Items not affecting cash and other items) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 405.00 526.36 Td (25\(a\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 462.10 526.16 Td (72,558) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.20 526.36 Td (71,862) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 512.41 Td (Deferred leasing costs) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 464.05 513.16 Td (\(9,648) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 513.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.80 513.41 Td (\(6,013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 513.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 498.31 Td (Cash flow from operating activities before net change in) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 488.71 Td (non-cash operating items and expenditures on residential development inventory) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.85 488.61 Td (192,695) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 488.56 Td (179,249) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 474.41 Td (Net change in non-cash operating items) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 404.80 475.36 Td (25\(b\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 462.10 475.16 Td (18,931) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.80 475.41 Td (\(9,280) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 475.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 461.41 Td (Expenditures on residential development inventory) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 459.75 462.16 Td (\(28,725) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 462.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.90 462.36 Td (\(17,013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 462.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 448.41 Td (Cash provided by operating activities) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.85 449.16 Td (182,901) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 449.41 Td (152,956) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 434.83 Td (FINANCING ACTIVITIES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 420.41 Td (Mortgage financings and credit facilities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 407.41 Td (Borrowings, net of financing costs) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.85 408.16 Td (249,378) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 408.41 Td (333,963) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 72.00 394.41 Td (Mortgage financings and loans on residential development inventory) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 462.10 395.16 Td (29,551) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.20 395.36 Td (16,664) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 381.41 Td (Principal installment payments) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 459.75 382.16 Td (\(40,171) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 382.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.90 382.36 Td (\(36,576) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 382.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 368.41 Td (Repayments) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 455.50 369.16 Td (\(395,473) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 369.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 369.36 Td (\(160,038) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 369.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 355.41 Td (Issuance of senior unsecured debentures, net of issue costs) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.10 356.36 Td (12) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.85 356.16 Td (470,813) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 356.41 Td (323,798) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 342.41 Td (Repayment of senior unsecured debentures) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 455.50 343.16 Td (\(247,282) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 343.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 343.36 Td (\(198,799) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 343.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 329.41 Td (Issuance of convertible debentures, net of issue costs) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.10 330.36 Td (13) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.85 330.16 Td (122,883) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 330.41 Td (158,725) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 316.41 Td (Purchase of convertible debentures) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.10 317.36 Td (13) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 464.05 317.16 Td (\(3,315) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 317.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.80 317.41 Td (\(2,067) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 317.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 303.41 Td (Issuance of common shares, net of issue costs) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.85 304.16 Td (287,402) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.20 304.36 Td (10,274) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 290.41 Td (Payment of dividends) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 455.50 291.16 Td (\(150,859) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 291.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 291.36 Td (\(132,683) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 291.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 277.41 Td (Net contributions from non-controlling interests) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.40 278.16 Td (7,481) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.10 278.41 Td (6,540) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 264.41 Td (Cash provided by financing activities) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.85 265.16 Td (330,408) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.35 265.41 Td (319,801) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 250.83 Td (INVESTING ACTIVITIES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 236.41 Td (Acquisition of shopping centres) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 411.05 237.36 Td (5) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 455.50 237.16 Td (\(386,965) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 237.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 237.36 Td (\(290,513) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 237.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 223.41 Td (Acquisition of development land) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 411.05 224.36 Td (5) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 459.75 224.16 Td (\(43,094) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 224.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.90 224.36 Td (\(29,780) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 224.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 210.41 Td (Net proceeds from property dispositions) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.85 211.16 Td (254,688) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.20 211.36 Td (46,236) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 197.41 Td (Capital expenditures on investment properties) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 455.50 198.16 Td (\(315,962) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 198.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 198.36 Td (\(221,372) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 198.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 184.41 Td (Changes in working capital items related to investing activities) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.40 185.16 Td (9,599) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.10 185.41 Td (5,426) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 171.41 Td (Changes in loans, mortgages and other real estate assets) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 405.00 172.36 Td (25\(c\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 462.10 172.16 Td (35,626) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.90 172.36 Td (\(11,497) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 172.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 158.41 Td (Cash used in investing activities) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 455.50 159.16 Td (\(446,108) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 159.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 518.00 159.36 Td (\(501,500) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 159.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 145.46 Td (Effect of foreign currency impact on cash balances) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 470.45 146.16 Td (\(121) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 146.16 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 537.85 146.41 Td (83) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 133.41 Td (Increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 462.10 134.16 Td (67,080) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.90 134.36 Td (\(28,660) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 545.65 134.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 120.41 Td (Cash and cash equivalents, beginning of the year) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 466.40 121.16 Td (3,075) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.20 121.36 Td (31,735) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 106.71 Td (Cash and cash equivalents, end of the year) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.80 106.51 Td (25\(d\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 431.00 106.61 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 462.10 106.61 Td (70,155) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 491.00 106.51 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.10 106.56 Td (3,075) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 94.60 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 189 0 obj <> endobj 190 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 22.00 Tf ET q 0 0 0 rg BT 55.00 731.65 Td (Notes to the Consolidated Fin) Tj ET Q BT /F4 22.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 339.75 731.65 Td (ancial Statements) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (92) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.30 Td (1. DESCRIPTION OF THE COMPANY) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.35 Td (First Capital Realty Inc. \(the Company\) is a corporation existing under the laws of Ontario and engages in the business of acquiring, developing, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.45 Td (redeveloping, owning and operating neighbourhood and community shopping centres. The Company is listed on the Toronto Stock Exchange ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.50 Td (\(TSX\) under the symbol FCR, and its head office is located at 85 Hanna Avenue, Suite 400, Toronto, Ontario, M6K 3S3.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.30 Td (2. SIGNIFICANT ACCOUNTING POLICIES) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 584.35 Td (\(a\) Statement of compliance) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 570.45 Td (These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards \(IFRS\) as issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 556.50 Td (by the International Accounting Standards Board. ) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 536.60 Td (\(b\) Basis of presentation) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 522.70 Td (The consolidated financial statements are prepared on a going concern basis and have been presented in Canadian dollars rounded to the nearest ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 508.75 Td (thousand unless otherwise indicated. The accounting policies set out below have been applied consistently in all material respects. Changes in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 494.85 Td (standards effective for the current period are described in Note 3 "Change in Accounting Policies" and for future accounting periods are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 480.90 Td (described in Note 4 Future Accounting Policy Changes.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 461.00 Td (\(c\) Basis of consolidation) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.10 Td (The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, which are the entities over which ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 433.15 Td (the Company has control. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 419.25 Td (an entity so as to obtain benefit from its activities. Non-controlling interests in the equity and the results of these subsidiaries are shown separately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 405.30 Td (in equity in the consolidated balance sheets.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 204.26 405.30 Td ( ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 385.40 Td (\(d\) Investments in joint ventures) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 371.50 Td (A ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 60.91 371.50 Td (joint ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 77.16 371.50 Td (venture ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 104.51 371.50 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 111.86 371.50 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 117.89 371.50 Td (contractual ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 157.69 371.50 Td (arrangement ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.83 371.50 Td (pursuant ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.08 371.50 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.33 371.50 Td (which ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 265.36 371.50 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.05 371.50 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.08 371.50 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.99 371.50 Td (other ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 346.35 371.50 Td (parties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 371.04 371.50 Td (undertake ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.29 371.50 Td (an ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 417.76 371.50 Td (economic ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 452.67 371.50 Td (activity ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.80 371.50 Td (that ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 492.72 371.50 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 500.07 371.50 Td (subject ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 526.54 371.50 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 534.78 371.50 Td (joint ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 357.55 Td (control. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.64 357.55 Td (Joint ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 97.95 357.55 Td (control ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.37 357.55 Td (exists ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 142.33 357.55 Td (when ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 161.87 357.55 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.85 357.55 Td (strategic, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 205.82 357.55 Td (financial ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.57 357.55 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 249.78 357.55 Td (operating ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 282.64 357.55 Td (policy ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 303.50 357.55 Td (decisions ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 336.36 357.55 Td (relating ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 362.56 357.55 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.09 357.55 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 382.07 357.55 Td (activities ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 412.25 357.55 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.78 357.55 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 431.76 357.55 Td (joint ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.29 357.55 Td (venture ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.94 357.55 Td (require ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 499.24 357.55 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 511.22 357.55 Td (unanimous ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 343.65 Td (consent ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.90 343.65 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.34 343.65 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 104.24 343.65 Td (parties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 129.13 343.65 Td (subject ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.80 343.65 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 164.25 343.65 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 177.15 343.65 Td (contractual ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 217.16 343.65 Td (arrangement.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 323.70 Td (When the Company undertakes its activities under a joint venture arrangement through a direct interest in the joint venture's assets, rather than ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 309.80 Td (through the establishment of a separate entity, the Company proportionately recognizes its share of the assets, liabilities, revenue and expenses ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 295.90 Td (directly in the consolidated financial statements. Joint venture arrangements that involve the establishment of a separate entity \(such as a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 281.95 Td (corporation or a partnership\) in which each venturer has an interest are considered jointly controlled entities. The Company reports its interests in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 268.05 Td (jointly controlled entities also using the proportionate consolidation method. ) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.10 Td (\(e\) Investment properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 234.20 Td (Investment ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.08 234.20 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.60 234.20 Td (consist ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.89 234.20 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.86 234.20 Td (shopping ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.73 234.20 Td (centres ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.36 234.20 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.00 234.20 Td (development ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.30 234.20 Td (land ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.72 234.20 Td (that ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 322.35 234.20 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 335.76 234.20 Td (held ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 353.18 234.20 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 362.15 234.20 Td (earn ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 380.00 234.20 Td (rental ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 401.86 234.20 Td (income ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 429.49 234.20 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.89 234.20 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 450.53 234.20 Td (capital ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 475.49 234.20 Td (appreciation, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 522.25 234.20 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 531.65 234.20 Td (both. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 220.30 Td (Investment ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 93.31 220.30 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 129.06 220.30 Td (also ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.36 220.30 Td (include ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 171.23 220.30 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.98 220.30 Td (that ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 221.85 220.30 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.49 220.30 Td (being ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 255.13 220.30 Td (constructed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 297.11 220.30 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 305.75 220.30 Td (developed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 342.40 220.30 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 353.26 220.30 Td (future ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 375.24 220.30 Td (use, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 391.44 220.30 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 400.96 220.30 Td (well ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 415.82 220.30 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 425.35 220.30 Td (ground ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 451.33 220.30 Td (leases ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 474.18 220.30 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 482.38 220.30 Td (which ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 504.36 220.30 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 517.01 220.30 Td (Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 206.35 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 61.55 206.35 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 74.45 206.35 Td (lessee. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.78 206.35 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 114.90 206.35 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 149.12 206.35 Td (classifies ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.55 206.35 Td (its ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 191.33 206.35 Td (investment ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.44 206.35 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 266.44 206.35 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 277.11 206.35 Td (its ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 286.89 206.35 Td (consolidated ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 331.79 206.35 Td (balance ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 360.68 206.35 Td (sheets ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 384.68 206.35 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.46 206.35 Td (follows:) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 186.45 Td (\(i\) Shopping centres ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 172.50 Td (Shopping centres include the Companys shopping centre portfolio, properties currently under development or redevelopment, and any adjacent ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 158.60 Td (land parcels available for expansion but not currently under development.) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 138.70 Td (\(ii\) Development land) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 126.45 138.70 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 124.75 Td (Development land includes land parcels which are not part of one of the Companys existing shopping centres and which are at various stages of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 110.85 Td (development planning, primarily for future retail occupancy.) Tj ET Q endstream endobj 191 0 obj <> endobj 192 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (93) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F8 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (\(iii\) Valuation method) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (Investment properties are recorded at fair value, which reflects current market conditions, at each balance sheet date. Gains and losses from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (changes in fair values are recorded in net income in the period in which they arise.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (The determination of fair values requires Management to make estimates and assumptions that affect the values presented, such that actual ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (values in sales transactions may differ from those presented.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.85 Td (During the three months ended December 31, 2012, the Company refined its risk-based approach to determining which properties will be ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 598.90 Td (selected for external appraisal, and those that will be internally appraised. In previous periods, properties were selected for external appraisal ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 585.00 Td (based upon a fixed rotation plan, taking into account factors such as property size, local market conditions and geography. The previous policy ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 571.05 Td (also included specific size thresholds to be met.The key components of the refined risk-based approach are set out below.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 551.15 Td (The Company has three approaches to determine the fair value of an investment property at the end of each reporting period:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 537.25 Td (1. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 537.25 Td (External appraisals by an independent national appraisal firm, according to professional appraisal standards and IFRS.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 523.30 Td (2. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 523.30 Td (Internal appraisals by certified staff appraisers employed by the Company, according to professional appraisal standards and IFRS.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 509.40 Td (3. ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 509.40 Td (Value updates performed by certified staff appraisers and primarily consisting of reviewing the key assumptions from previous appraisals and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 495.45 Td (updating the value for changes in the property cash flow, physical condition and changes in market conditions.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 475.55 Td (The selection of the approach for each property is made based upon the following criteria:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 461.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 461.65 Td (Property type this includes an evaluation of a property's complexity, stage of development, time since acquisition, and other specific ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 447.70 Td (opportunities or risks with properties. Stable properties and recently acquired properties will generally receive a value update, while properties ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 433.80 Td (under development will be valued using internal or external appraisals until completion.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 419.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 419.85 Td (Market risks specific risks in a region or a trade area may warrant a full internal or external appraisal for certain properties.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 405.95 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 405.95 Td (Changes in overall economic conditions significant changes in overall economic conditions may increase the number of external or internal ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 392.05 Td (appraisals performed.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 378.10 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 378.10 Td (Business needs financings or acquisitions and dispositions may require an external appraisal.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 358.20 Td (The Company makes no adjustments for portfolio premiums and discounts, nor for any value attributable to the Company's management platform, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 344.25 Td (as required by IFRS.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 324.35 Td (Shopping centres are appraised primarily based on stabilized cash flows from existing tenants with the property in its existing state, since ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 310.45 Td (purchasers typically focus on expected income. External and internal appraisals conduct and place reliance on both the direct capitalization ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 296.50 Td (method and the discounted cash flow method \(including the estimated proceeds from a potential future disposition\). Value updates use the direct ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 282.60 Td (capitalization method.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 262.65 Td (Properties undergoing development, redevelopment or expansion are valued using the stabilized cash flows expected upon completion, with a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.75 Td (deduction for costs to complete the project; capitalization rates are adjusted to reflect lease-up assumptions and construction risk, when ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 234.85 Td (appropriate. Adjacent land parcels held for future development are valued based on comparable sales of commercial land.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.90 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 68.59 214.90 Td (primary ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.04 214.90 Td (method ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 123.52 214.90 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.43 214.90 Td (appraisal ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.78 214.90 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.36 214.90 Td (development ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 219.61 214.90 Td (land ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.97 214.90 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.99 214.90 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 255.35 214.90 Td (comparable ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 297.04 214.90 Td (sales ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 315.61 214.90 Td (approach, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 351.53 214.90 Td (which ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 373.23 214.90 Td (considers ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.35 214.90 Td (recent ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 430.38 214.90 Td (sales ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 448.95 214.90 Td (activity ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.74 214.90 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 484.32 214.90 Td (similar ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 508.21 214.90 Td (land ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 524.58 214.90 Td (parcels ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 201.00 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.63 201.00 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 75.70 201.00 Td (same ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.32 201.00 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 105.39 201.00 Td (similar ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 130.00 201.00 Td (markets ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.50 201.00 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.13 201.00 Td (estimate ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 198.97 201.00 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 205.37 201.00 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 225.55 201.00 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.40 201.00 Td (either ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 257.92 201.00 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 264.32 201.00 Td (per ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 277.83 201.00 Td (acre ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.90 201.00 Td (basis ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.63 201.00 Td (or ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.70 201.00 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.55 201.00 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 340.95 201.00 Td (basis ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 360.68 201.00 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.31 201.00 Td (per ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 382.82 201.00 Td (square ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 408.33 201.00 Td (foot ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 423.19 201.00 Td (buildable. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.93 201.00 Td (Such ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 478.68 201.00 Td (values ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.41 201.00 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 515.48 201.00 Td (applied ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 542.77 201.00 Td (to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 187.05 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.90 187.05 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.45 187.05 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 142.45 187.05 Td (after ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.79 187.05 Td (adjusting ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 192.68 187.05 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 203.79 187.05 Td (factors ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 228.68 187.05 Td (specific ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.68 187.05 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 265.13 187.05 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.03 187.05 Td (site, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.03 187.05 Td (including ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 327.37 187.05 Td (its ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.15 187.05 Td (location, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 367.82 187.05 Td (zoning, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.49 187.05 Td (servicing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 426.48 187.05 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 441.60 187.05 Td (configuration. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 167.15 Td (The cost of development properties includes direct development costs, including internal development and initial leasing costs, realty taxes and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 153.25 Td (borrowing costs attributable to the development. Borrowing costs associated with expenditures on properties under development or redevelopment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 139.30 Td (are capitalized. Borrowing costs are also capitalized on land or properties acquired specifically for development or redevelopment when activities ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 125.40 Td (necessary to prepare the asset for development or redevelopment are in progress. The amount of borrowing costs capitalized is determined first by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 111.45 Td (reference to borrowings specific to the project, where relevant, and otherwise by applying a weighted average cost of borrowings to eligible ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 97.55 Td (expenditures after adjusting for borrowings associated with other specific developments. Where borrowings are associated with specific ) Tj ET Q endstream endobj 193 0 obj <> endobj 194 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (94) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (developments, the amount capitalized is the gross cost incurred on those borrowings, less any interest income earned on funds not yet employed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (in construction funding.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td (Capitalization of borrowing costs and all other costs commences when the activities necessary to prepare an asset for development or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (redevelopment begin, and continue until the date that construction is complete and all necessary occupancy and related permits have been ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (received, whether or not the space is leased. If the Company is required as a condition of a lease to construct tenant improvements that enhance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (the value of the property, then capitalization of costs continues until such improvements are completed. Capitalization ceases if there are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (prolonged periods when development activity is interrupted. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 585.00 Td (Acquisition costs \(legal expenses, land transfer tax, and similar costs\) are capitalized for investment property acquisitions. The Company may ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 571.05 Td (determine that a particular investment property acquisition constitutes a business combination, which would result in acquisition costs being ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 557.15 Td (expensed. Factors that would be considered by Management include whether the acquisition is a portfolio, or whether significant processes or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.25 Td (other assets are acquired with the property.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 523.30 Td (Initial direct leasing costs, including applicable internal leasing costs incurred by the Company in negotiating and arranging tenant leases, are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 509.40 Td (added to the cost of investment properties.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 489.45 Td (Investment property is classified as assets held for sale when it is expected that the carrying amount will be recovered principally through sale ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 475.55 Td (rather than from continuing use. For this to be the case, the property must be available for immediate sale in its present condition, subject only to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 461.65 Td (terms that are usual and customary for sales of such property, and its sale must be highly probable, generally within one year. Upon designation ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.70 Td (as held for sale, the investment property continues to be measured at fair value and is presented separately on the consolidated balance sheets.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 427.80 Td (\(f\) Residential development inventory) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 413.85 Td (Residential development inventory \(those that are developed for sale\) is recorded at the lower of cost and estimated net realizable value. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 399.95 Td (Residential development inventory is reviewed for impairment at each reporting date. An impairment loss is recognized in net income when the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 386.05 Td (carrying value of the property exceeds its net realizable value. Net realizable value is based on projections of future cash flows which take into ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 372.10 Td (account the development plans for each project and Managements best estimate of the most probable set of anticipated economic conditions. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 352.20 Td (The cost of residential development inventory includes borrowing costs directly attributable to projects under active development. The amount of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 338.25 Td (borrowing costs capitalized is determined first by reference to borrowings specific to the project, where relevant, and otherwise by applying a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 324.35 Td (weighted average capitalization rate for the Companys other borrowings to eligible expenditures. Borrowing costs are not capitalized on residential ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 310.45 Td (developments inventory where no development activity is taking place. Residential development inventory is presented separately on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 296.50 Td (consolidated balance sheets as current assets. They are classified as current because the Company intends to sell them in the normal operating ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 282.60 Td (cycle.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 262.65 Td (\(g\) Taxation) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.75 Td (Current income tax assets and liabilities are measured at the amount expected to be received from or paid to tax authorities based on the tax rates ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 234.85 Td (and laws enacted or substantively enacted at the consolidated balance sheet date. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.90 Td (Deferred tax liabilities are measured by applying the appropriate tax rate to temporary differences between the carrying amounts of assets and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 201.00 Td (liabilities, and their respective tax basis. The appropriate tax rate is determined by reference to the rates that are expected to apply to the year and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 187.05 Td (the jurisdiction in which the assets are expected to be realized or the liabilities settled.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 167.15 Td (Deferred tax assets are recorded for all deductible temporary differences, carry forwards of unused tax credits and unused tax losses, to the extent ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 153.25 Td (that it is probable that deductions, tax credits and tax losses can be utilized. For the determination of deferred tax assets and liabilities where ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 139.30 Td (investment property is measured using the fair value model, the presumption is that the carrying amount of an investment property is recovered ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 125.40 Td (through sale, as opposed to presuming that the economic benefits of the investment property will be substantially consumed through use over ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 111.45 Td (time. Refer to Note 3 Change in Accounting Policies for further discussion.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 91.55 Td (Current and deferred income taxes relating to items recognized in equity are charged directly to equity.) Tj ET Q endstream endobj 195 0 obj <> endobj 196 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (95) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.20 Td (\(h\) Provisions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.30 Td (A provision is a liability of uncertain timing or amount. The Company records provisions, including asset retirement obligations, when it has a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.35 Td (present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 652.45 Td (and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 638.55 Td (of the expenditures expected to be required to settle the obligation using a discount rate that reflects current market assessments of the time value ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 624.60 Td (of money and the risks specific to the obligation. Provisions are remeasured at each consolidated balance sheet date using the current discount ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 610.70 Td (rate. The increase in the provision due to passage of time is recognized as interest expense.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 590.75 Td (\(i\) Foreign currencies) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 576.85 Td (The financial statements are presented in Canadian dollars, which is the functional currency of the Company and the presentation currency for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 562.95 Td (consolidated financial statements.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.00 Td (Foreign currency transactions are translated into Canadian dollars using exchange rates applicable to each transaction at the time it occurs. At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.10 Td (each consolidated balance sheet date, foreign currency denominated monetary assets and liabilities are translated to Canadian dollars using the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.15 Td (exchange rate prevailing at the consolidated balance sheet date. Gains and losses on translation of monetary items are recognized in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 501.25 Td (consolidated statements of income in other gains \(losses\) and \(expenses\).) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.35 Td (\(j\) Share-based payments) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.40 Td (Equity-settled share-based compensation, including stock options, restricted share units and deferred share units, is measured at the fair value of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 453.50 Td (the grants on the grant date. The fair value of options is estimated using an accepted option pricing model, as appropriate to the instrument. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 439.55 Td (cost of equity-settled share-based compensation is recognized on a proportionate basis consistent with the vesting features of each grant. ) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 419.65 Td (\(k\) Revenue recognition) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 405.75 Td (\(i\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 405.75 Td (Investment properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 391.80 Td (The Company has not transferred substantially all of the risks and benefits of ownership of its investment properties and therefore accounts for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 377.90 Td (leases with its tenants as operating leases. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 357.95 Td (Revenue recognition under a lease commences when the tenant has a right to use the leased asset, which is typically when the space is turned ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 344.05 Td (over to the tenant to begin fixturing. Where the Company is required to make additions to the property in the form of tenant improvements which ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 330.15 Td (enhance the value of the property, revenue recognition begins upon substantial completion of those improvements. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 310.20 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.15 310.20 Td (total ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 85.63 310.20 Td (amount ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 113.67 310.20 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.15 310.20 Td (contractual ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.19 310.20 Td (rent ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 177.78 310.20 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 186.26 310.20 Td (be ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 196.96 310.20 Td (received ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.65 310.20 Td (from ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 245.46 310.20 Td (operating ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.27 310.20 Td (leases ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 302.41 310.20 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 309.99 310.20 Td (recognized ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 349.13 310.20 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.83 310.20 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 366.09 310.20 Td (straight-line ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.90 310.20 Td (basis ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.48 310.20 Td (over ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 443.95 310.20 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 456.88 310.20 Td (term ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 474.68 310.20 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.16 310.20 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 496.09 310.20 Td (lease, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 517.89 310.20 Td (including ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 296.30 Td (any ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 68.58 296.30 Td (fixturing ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.27 296.30 Td (period. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 124.41 296.30 Td (A ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.87 296.30 Td (receivable, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 170.89 296.30 Td (which ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 193.48 296.30 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.38 296.30 Td (included ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 233.31 296.30 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.11 296.30 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 255.36 296.30 Td (carrying ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 285.04 296.30 Td (amount ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 313.40 296.30 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 322.21 296.30 Td (an ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.23 296.30 Td (investment ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 372.70 296.30 Td (property, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 405.50 296.30 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 413.41 296.30 Td (recorded ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.21 296.30 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 457.68 296.30 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 470.93 296.30 Td (difference ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 507.29 296.30 Td (between ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 538.32 296.30 Td (the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 282.35 Td (straight-line ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.78 282.35 Td (rental ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 117.11 282.35 Td (revenue ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 146.45 282.35 Td (recorded ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 178.90 282.35 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.02 282.35 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 206.92 282.35 Td (contractual ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.92 282.35 Td (amount ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.93 282.35 Td (received.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 262.45 Td (Rental revenue also includes percentage participating rents based on tenant sales, and recoveries of operating expenses and property taxes. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.55 Td (Percentage participating rents are recognized when the sales thresholds set out in the leases have been met. Operating expense recoveries are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 234.60 Td (recognized in the period that recoverable costs are chargeable to tenants.) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.70 Td (\(ii\) Residential development inventory) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 200.75 Td (The Company's residential development inventory comprises the construction and sale of residential condominium units. The Company will ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 186.85 Td (recognize revenue from the sale of residential units upon substantial completion. The Company considers substantial completion for each ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 172.95 Td (residential unit to be the point in which the purchaser has paid all amounts due on interim closing, has the right to occupy the premises, has ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 159.00 Td (demonstrated collectability of the balance due at closing, and has received an undertaking from the Company to be assigned title in due course or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 145.10 Td (when title has passed. ) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 125.15 Td (\(l\) Financial instruments and derivatives) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 111.25 Td (All financial instruments are required to be measured at fair value on initial recognition. Measurement in subsequent periods depends on whether ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 97.35 Td (the financial instrument has been classified as fair value through profit or loss \(FVTPL\), available-for-sale \(AFS\), held-to-maturity, loans and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 83.40 Td (receivables or other liabilities. ) Tj ET Q endstream endobj 197 0 obj <> endobj 198 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (96) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Derivative instruments are recorded in the consolidated balance sheets at fair value, including those derivatives that are embedded in financial or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (non-financial contracts and which are not closely related to the host contract.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td (The Company enters into forward contracts and interest rate swaps to hedge its risks associated with interest rates. Derivatives are carried as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (assets when the fair value is positive and as liabilities when the fair value is negative. Hedge accounting is discontinued prospectively when the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (hedging relationship is terminated, when the instrument no longer qualifies as a hedge, or when the hedging item is sold or terminated. In cash ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (flow hedging relationships, the portion of the change in the fair value of the hedging derivative that is considered to be effective is recognized in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (Other Comprehensive Income \(OCI\) while the portion considered to be ineffective is recognized in net income. Unrealized hedging gains and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (losses in accumulated other comprehensive income \(AOCI\) are reclassified to net income in the periods when the hedged item affects net ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (income. Gains and losses on derivatives are immediately reclassified to net income when the hedged item is sold or terminated or when it is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.15 Td (determined that a hedged forecasted transaction is no longer probable.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.25 Td (Changes in the fair value of derivative instruments, including embedded derivatives, that are not designated as hedges for accounting purposes, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.30 Td (are recognized in other gains \(losses\) and \(expenses\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 509.40 Td (The following summarizes the Companys classification and measurement of financial assets and liabilities:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 492.9 m 375.5 492.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 48.5 480.9 m 375.5 480.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 492.9 m 462.5 492.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 480.9 m 462.5 480.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 492.9 m 466.5 492.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 462.5 480.9 m 466.5 480.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 492.9 m 553.5 492.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 466.5 480.9 m 553.5 480.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 273.9 m 375.5 273.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 273.9 m 462.5 273.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 273.9 m 466.5 273.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 273.9 m 553.5 273.9 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 378.00 483.76 Td (Classification) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 469.00 483.76 Td (Measurement) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.00 470.63 Td (Financial assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 458.86 Td (Non-current financial assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 446.86 Td (Marketable securities designated as AFS) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 446.86 Td (AFS) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 446.86 Td (Fair value) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 434.86 Td (Derivative assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 434.86 Td (FVTPL) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 434.86 Td (Fair value) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 422.86 Td (Receivables and other assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 410.86 Td (Marketable securities designated as FVTPL) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 410.86 Td (FVTPL) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 410.86 Td (Fair value) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 398.86 Td (Accounts receivable) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 398.86 Td (Loans and receivables) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 398.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 386.86 Td (Deposits) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 386.86 Td (Loans and receivables) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 386.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 374.86 Td (Cash and cash equivalents) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 374.86 Td (Loans and receivables) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 374.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 362.86 Td (Restricted cash) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 362.86 Td (Loans and receivables) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 362.86 Td (Amortized cost) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 51.00 350.63 Td (Financial liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 338.86 Td (Mortgages payable ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 338.86 Td (Other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 338.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 326.86 Td (Amounts outstanding under credit facilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 326.86 Td (Other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 326.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 314.86 Td (Senior unsecured debentures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 314.86 Td (Other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 314.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 302.86 Td (Convertible debentures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 302.86 Td (Other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 302.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 290.86 Td (Accounts payable and other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 290.86 Td (Other liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 290.86 Td (Amortized cost) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 51.00 278.11 Td (Derivative liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 378.00 278.11 Td (FVTPL) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.00 278.11 Td (Fair value) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 555.00 274.40 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 254.45 Td (In determining fair values, the Company evaluates counterparty credit risks and makes adjustments to fair values and credit spreads based upon ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 240.55 Td (changes in these risks.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 220.65 Td (Fair value measurements recognized in the consolidated balance sheets are categorized using a fair value hierarchy that reflects the significance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 206.70 Td (of inputs used in determining the fair values: ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 192.80 Td (\(i\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 192.80 Td (Level 1 Inputs quoted prices \(unadjusted\) in active markets for identical assets or liabilities that the reporting entity has the ability to access ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 178.85 Td (at the measurement date. The Companys investments in equity securities are measured using Level 1 inputs;) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 164.95 Td (\(ii\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 164.95 Td (Level 2 Inputs inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly \(i.e., as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 151.05 Td (prices\) or indirectly \(i.e., derived from prices\). The Companys derivative assets and liabilities are measured using Level 2 inputs; and) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 137.10 Td (\(iii\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 137.10 Td (Level 3 Inputs inputs for the asset or liability that are not based on observable market data \(unobservable inputs\). These unobservable ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 123.20 Td (inputs reflect the entitys own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 109.25 Td (developed based on the best information available in the circumstances \(which might include the reporting entitys own data\). The Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 95.35 Td (does not have financial assets or liabilities measured using Level 3 inputs.) Tj ET Q endstream endobj 199 0 obj <> endobj 200 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (97) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.20 Td (\(m\) Cash and cash equivalents) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.30 Td (Cash and cash equivalents include cash and short-term investments with original maturities of three months or less.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.35 Td (\(n\) Operating segments) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.45 Td (Management, in measuring the Companys performance or making operating decisions, distinguishes its operations on a geographical basis. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.55 Td (Company operates in Canada and has three operating segments: Eastern which includes operations primarily in Qubec, with one property each ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.60 Td (in Nova Scotia and Newfoundland and Labrador; Central which includes the Companys Ontario operations; and Western which includes ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.70 Td (operations in Alberta and British Columbia. Operating segments are reported in a manner consistent with internal reporting provided to the chief ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 590.75 Td (operating decision maker, who is the President and Chief Executive Officer.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 570.85 Td (\(o\) Critical judgments in applying accounting policies) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 556.95 Td (The following are the critical judgements that have been made in applying the Companys accounting policies and that have the most significant ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.00 Td (effect on the amounts in the consolidated financial statements:) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 523.10 Td (\(i\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 523.10 Td (Investment properties) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 509.15 Td (In applying the Companys policy with respect to investment properties, judgement is applied in determining whether certain costs are additions to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.25 Td (the carrying amount of the property and, for properties under development, identifying the point at which capitalization of borrowing and other ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.35 Td (costs ceases. Judgement is also applied in determining the extent and frequency of external and internal appraisals in order to estimate fair ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 467.40 Td (values.) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.50 Td (\(ii\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 447.50 Td (Financial instruments) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 433.55 Td (The critical judgements inherent in the application of the policies with respect to financial instruments include applying the criteria to designate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 419.65 Td (financial instruments as FVTPL, which are acquired principally for the purpose of selling in the short-term.) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 399.75 Td (\(iii\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 399.75 Td (Hedge accounting) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 385.80 Td (Where the Company undertakes to apply cash flow hedge accounting, it must determine whether such hedges are expected to be highly effective ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 371.90 Td (in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 357.95 Td (throughout the financial reporting periods for which they were designated. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 338.05 Td (Valuation of hedging derivatives are estimated based on discounted future cash flows using discount rates that reflect current market conditions ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 324.15 Td (for instruments with similar terms and risks.) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 304.20 Td (\(iv\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 304.20 Td (Income taxes) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 290.30 Td (The Company exercises judgement in estimating deferred tax assets and liabilities. Income tax laws may be subject to different interpretations, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 276.35 Td (and the income tax expense recorded by the Company reflects the Companys interpretation of the relevant tax laws. The Company is also ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 262.45 Td (required to estimate the timing of reversals of temporary differences between accounting and taxable income in determining the appropriate rate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 248.55 Td (to apply in calculating deferred taxes.) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 228.60 Td (\(v\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 228.60 Td (Key management personnel) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 214.70 Td (Judgement has been made in identifying the key management personnel for purposes of compensation disclosure. The Company considers those ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 200.75 Td (with the authority and responsibility for planning, directing and controlling the activities of the Company to be the Board of Directors and certain ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 186.85 Td (members of senior management.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 166.95 Td (\(p\) Critical accounting estimates and assumptions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 153.00 Td (The Company makes estimates and assumptions that affect the carrying amounts of assets and liabilities, disclosure of contingent assets and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 139.10 Td (liabilities and the reported amount of earnings for the period. Actual results could differ from estimates. The estimates and assumptions that the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 125.15 Td (Company considers critical include those underlying the valuation of investment properties, as set out in Note 2\(e\), which describes the process ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 111.25 Td (by which investment properties are valued, and the determination of which properties are externally and internally appraised and how often.) Tj ET Q endstream endobj 201 0 obj <> endobj 202 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (98) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (Additional critical accounting estimates and assumptions include those used for determining the values of financial instruments for disclosure ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (purposes, estimating deferred taxes, allocation of convertible debentures liability and equity components, assessing the allowance for doubtful ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (accounts on trade receivables, and estimating the fair value of share-based compensation \(Note 16\).) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (\(i\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 646.65 Td (Fair value of financial instruments) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td ( ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 55.96 632.75 Td (In ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 64.59 632.75 Td (determining ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.99 632.75 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 119.62 632.75 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 132.24 632.75 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 151.98 632.75 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 160.16 632.75 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 172.79 632.75 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 212.07 632.75 Td (outstanding ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 253.60 632.75 Td (mortgages ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 290.66 632.75 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 305.51 632.75 Td (its ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 315.02 632.75 Td (senior ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.42 632.75 Td (unsecured ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 375.38 632.75 Td (debentures, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 417.80 632.75 Td (Management ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.20 632.75 Td (uses ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 481.71 632.75 Td (internally ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 514.33 632.75 Td (developed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (models, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 83.39 618.85 Td (which ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 106.13 618.85 Td (incorporate ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 147.08 618.85 Td (estimated ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 182.70 618.85 Td (market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 208.98 618.85 Td (rates. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.38 618.85 Td (In ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 239.78 618.85 Td (determining ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 282.95 618.85 Td (market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 309.24 618.85 Td (rates, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 330.63 618.85 Td (Management ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 377.81 618.85 Td (adds ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 396.98 618.85 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 403.71 618.85 Td (credit ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 425.55 618.85 Td (spread ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 451.40 618.85 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 460.35 618.85 Td (quoted ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 486.65 618.85 Td (rates ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 505.82 618.85 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 516.99 618.85 Td (Canadian ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (government ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.17 604.90 Td (bonds ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 119.25 604.90 Td (with ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 135.20 604.90 Td (similar ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.59 604.90 Td (maturity ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 189.31 604.90 Td (dates ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 209.71 604.90 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.11 604.90 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.96 604.90 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.46 604.90 Td (mortgages. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 309.96 604.90 Td (Estimates ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 344.58 604.90 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 352.97 604.90 Td (market ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.70 604.90 Td (rates ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 397.31 604.90 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 412.39 604.90 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 425.23 604.90 Td (credit ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.52 604.90 Td (spread ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.81 604.90 Td (applicable ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 508.65 604.90 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 517.05 604.90 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 523.22 604.90 Td (specific ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (property ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 84.16 591.00 Td (could ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 104.99 591.00 Td (vary ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 120.91 591.00 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 135.97 591.00 Td (result ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.79 591.00 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.17 591.00 Td (a ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 171.33 591.00 Td (different ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.50 591.00 Td (disclosed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.21 591.00 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 248.03 591.00 Td (value. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.18 591.00 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 285.24 591.00 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 298.06 591.00 Td (value ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 317.99 591.00 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.38 591.00 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 339.21 591.00 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.69 591.00 Td (convertible ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 417.74 591.00 Td (debentures ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.13 591.00 Td (is ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 465.61 591.00 Td (based ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.22 591.00 Td (on ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 498.83 591.00 Td (current ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.43 591.00 Td (trading ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (prices. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.50 577.05 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 93.22 577.05 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 105.72 577.05 Td (values ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 128.88 577.05 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.93 577.05 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 149.44 577.05 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 188.59 577.05 Td (net ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 201.10 577.05 Td (working ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 229.15 577.05 Td (capital ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 253.21 577.05 Td (items ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 273.25 577.05 Td (approximate ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 316.86 577.05 Td (their ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.81 577.05 Td (recorded ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 365.86 577.05 Td (values ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 389.02 577.05 Td (at ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 397.08 577.05 Td (December ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 434.02 577.05 Td (31, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.97 577.05 Td (2012 ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 466.59 577.05 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 481.32 577.05 Td (December ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 518.27 577.05 Td (31, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 531.22 577.05 Td (2011 ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.15 Td (due ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.25 563.15 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 77.83 563.15 Td (their ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.29 563.15 Td (short-term ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 132.75 563.15 Td (nature. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 159.11 563.15 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.36 563.15 Td (fair ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 187.38 563.15 Td (values ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.06 563.15 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 219.64 563.15 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 232.67 563.15 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 272.35 563.15 Td (other ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 292.04 563.15 Td (financial ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 322.84 563.15 Td (assets ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 346.07 563.15 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 361.32 563.15 Td (liabilities ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 392.56 563.15 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 405.57 563.15 Td (disclosed ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 439.48 563.15 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 448.06 563.15 Td (Notes ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.96 563.15 Td (6, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 478.99 563.15 Td (7, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.01 563.15 Td (11, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 501.49 563.15 Td (12, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 514.96 563.15 Td (13, ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 528.44 563.15 Td (15 ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.69 563.15 Td (\(a\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.25 Td (and ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.12 549.25 Td (15\(b\).) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 514.30 Td (3. CHANGE IN ACCOUNTING POLICIES) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 494.35 Td (\(a\) Income taxes) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 480.45 Td (IAS 12, "Income Taxes" \("IAS 12"\) has been amended in certain areas applicable to the determination of deferred tax assets and liabilities where ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 466.50 Td (investment property is measured using the fair value model in IAS 40, Investment Property \(IAS 40\). The amendment provides for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 452.60 Td (presumption that the carrying amount of an investment property is recovered through sale, as opposed to presuming that the economic benefits of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 438.70 Td (the investment property will be substantially consumed through use over time. Effective on the adoption of the amended IAS 12, the Company was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 424.75 Td (required to apply taxation rates applicable to capital gains or losses to the extent that the reversal of the temporary difference through sale would ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 410.85 Td (result in a capital gain or loss. The standard is effective for annual periods beginning on or after January 1, 2012 with retrospective restatement of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 396.90 Td (comparative periods.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 377.00 Td (The impact of the Companys adoption of the amendment to IAS 12 on the consolidated balance sheets is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 366.5 m 420.5 366.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 354.5 m 420.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 366.5 m 489.5 366.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 354.5 m 489.5 354.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 366.5 m 558.5 366.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 354.5 m 558.5 354.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 342.5 m 420.5 342.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 354.5 m 489.5 354.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 342.5 m 489.5 342.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 354.5 m 558.5 354.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 342.5 m 558.5 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 312.5 m 420.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 312.5 m 489.5 312.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 312.5 m 558.5 312.5 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 357.36 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 344.46 Td (Increase \(decrease\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 426.05 345.36 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 506.35 345.36 Td (January 1, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 331.71 Td (Deferred tax liabilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 423.00 331.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.15 331.71 Td (\(90,120) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.30 331.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 331.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 331.71 Td (\(42,810) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 331.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 316.71 Td (Retained earnings) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 461.80 316.76 Td (90,120) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 316.76 Td (42,810) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 293.10 Td (The non-cash impact of the Companys adoption of the amendment to IAS 12 on the consolidated statements of income is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 282.6 m 488.5 282.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 270.6 m 488.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 282.6 m 557.5 282.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 270.6 m 557.5 270.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 258.6 m 488.5 258.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 258.6 m 557.5 258.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 195.60000000000002 m 488.5 195.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 195.60000000000002 m 557.5 195.60000000000002 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 273.46 Td (\(thousands of Canadian dollars, except per share amounts\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 520.50 273.46 Td (Year ended) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 260.56 Td (Increase \(decrease\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 494.05 261.46 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 248.56 Td (Deferred income taxes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.00 248.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.15 248.56 Td (\(47,310) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 248.56 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 236.56 Td (Net income) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 236.56 Td (47,310) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 224.56 Td (Net income per share attributable to common shareholders) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 212.56 Td (Basic) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.00 212.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 538.70 212.56 Td (0.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 63.00 199.81 Td (Diluted) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 538.40 199.81 Td (0.25) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 176.15 Td (There were no material changes to the consolidated statements of cash flows.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 156.25 Td (For the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 80.23 156.25 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 188.72 156.25 Td (, the adoption of this standard decreased deferred income tax liabilities by approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.09 156.25 Td ($31.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.54 156.25 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 142.30 Td (with an equal increase to net income. This change impacted net income per share attributable to common shareholders by ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.42 142.30 Td ($0.17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.43 142.30 Td ( basic and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.78 142.30 Td ($0.15) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.79 142.30 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 128.40 Td (diluted for the ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 103.35 128.40 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 211.84 128.40 Td (.) Tj ET Q endstream endobj 203 0 obj <> endobj 204 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (99) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.20 Td (\(b\) Presentation of financial statements) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.30 Td (The Company has early adopted the amendments to IAS 1, "Presentation of Financial Statements" related to comparative information in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.35 Td (consolidated financial statements. The amendment establishes, amongst other things, that when the Company is required to present an ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 652.45 Td (additional balance sheet at the beginning of the comparative period when it changes an accounting policy retrospectively in its financial ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 638.55 Td (statements, the Company is not required to provide all the related note disclosures required by other IFRSs associated with such balance sheet.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.30 Td (4. FUTURE ACCOUNTING POLICY CHANGES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 584.35 Td (Each of the standards below are effective for annual periods beginning on or after January 1, 2013, except for IFRS 9 which requires adoption ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 570.45 Td (effective January 1, 2015. Earlier adoption is permitted for each standard.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 550.50 Td (\(a\) Consolidated financial statements and joint arrangements) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 536.60 Td (IFRS 10, Consolidated Financial Statements \(IFRS 10\), establishes principles for the preparation of the Companys consolidated financial ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 522.70 Td (statements when it controls one or more other entities. The standard defines the principle of control and establishes control as the basis for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 508.75 Td (determining which entities should be included in the consolidated financial statements of the Company. The standard also sets out the accounting ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 494.85 Td (requirements for the preparation of consolidated financial statements. The standard is required to be applied retrospectively to the prior periods ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 480.90 Td (presented.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 461.00 Td (IFRS 11, Joint Arrangements \(IFRS 11\), replaces the existing IAS 31, Interests in Joint Ventures \(IAS 31\). IFRS 11 requires that reporting ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.10 Td (issuers consider whether a joint arrangement is structured through a separate vehicle, as well as the terms of the contractual arrangement and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 433.15 Td (other relevant facts and circumstances, to assess whether the venture is entitled to only the net assets of the joint arrangement \(a joint venture\) or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 419.25 Td (to its share of the assets and liabilities of the joint arrangement \(a joint operation\). Joint ventures must be accounted for using the equity method, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 405.30 Td (whereas joint operations must be accounted for by recognizing the venturers right to assets and obligations for liabilities \(i.e., proportionate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 391.40 Td (consolidation\). The standard is required to be applied retrospectively to the prior periods presented.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 371.50 Td (The impact of the Companys adoption of the amendments to IFRS 10 and IFRS 11 on the consolidated balance sheets will be as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 361 m 413.5 361 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 349 m 413.5 349 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 361 m 483.5 361 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 349 m 483.5 349 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 361 m 552.5 361 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 349 m 552.5 349 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 337 m 413.5 337 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 349 m 483.5 349 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 337 m 483.5 337 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 349 m 552.5 349 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 337 m 552.5 337 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 310 m 413.5 310 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 295 m 413.5 295 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 413.5 310 m 483.5 310 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 295 m 483.5 295 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 310 m 552.5 310 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 295 m 552.5 295 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 351.86 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 338.96 Td (Increase \(decrease\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 417.20 339.66 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 500.35 339.86 Td (January 1, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 326.96 Td (Total assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.00 326.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 450.75 326.73 Td (\(49,104) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.30 326.73 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 326.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.15 326.96 Td (\(31,007) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 326.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 314.21 Td (Total liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 450.75 314.38 Td (\(42,320) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.30 314.33 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.15 314.21 Td (\(24,065) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 314.21 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 299.21 Td (Retained earnings) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 416.00 299.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.55 299.33 Td (\(6,784) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 480.30 299.33 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 299.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 299.26 Td (\(6,942) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 299.21 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 275.55 Td (The impact of the Companys adoption of the amendments to IFRS 10 and IFRS 11 on the consolidated statements of income is for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 261.65 Td (December 31, 2012 is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 251.14999999999998 m 201.5 251.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 251.14999999999998 m 271.5 251.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 251.14999999999998 m 341.5 251.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 251.14999999999998 m 411.5 251.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 251.14999999999998 m 481.5 251.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 251.14999999999998 m 551.5 251.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 233.14999999999998 m 201.5 233.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 218.14999999999998 m 201.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 201.5 233.14999999999998 m 271.5 233.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 201.5 218.14999999999998 m 271.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271.5 233.14999999999998 m 341.5 233.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271.5 218.14999999999998 m 341.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 341.5 233.14999999999998 m 411.5 233.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 341.5 218.14999999999998 m 411.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 233.14999999999998 m 481.5 233.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 218.14999999999998 m 481.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 233.14999999999998 m 551.5 233.14999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 481.5 218.14999999999998 m 551.5 218.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 203.14999999999998 m 201.5 203.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 201.5 203.14999999999998 m 271.5 203.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 203.14999999999998 m 341.5 203.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 203.14999999999998 m 411.5 203.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 203.14999999999998 m 481.5 203.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 203.14999999999998 m 551.5 203.14999999999998 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 237.16 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 299.55 237.16 Td (For the three months ended) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 514.35 237.26 Td (Year ended) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 222.36 Td (Increase \(decrease\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 219.75 222.16 Td (March 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 294.40 222.16 Td (June 30, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 346.50 222.16 Td (September 30, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 418.05 222.16 Td (December 31, 2012) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.20 222.26 Td (December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 207.36 Td (Net income ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 204.00 207.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 252.25 207.41 Td (\(205) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 268.30 207.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 274.00 207.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 324.95 207.41 Td (242) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 344.00 207.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 392.25 207.41 Td (\(115) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.30 207.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 414.00 207.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 464.95 207.41 Td (279) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 484.00 207.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 533.60 207.53 Td (201) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 183.70 Td (There is no material impact on per share amounts. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 163.80 Td (The impact of the Companys adoption of IFRS 10 and IFRS 11 on the consolidated statements of cash flows for the year ended ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 487.47 163.80 Td (December31, ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 149.90 Td (2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 71.79 149.90 Td ( will be an increase to cash flows from operations of approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 297.59 149.90 Td ($14 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 335.37 149.90 Td ( and a decrease to cash provided by financing activities of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 135.95 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 103.33 135.95 Td ($15 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.11 135.95 Td (.) Tj ET Q endstream endobj 205 0 obj <> endobj 206 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 16.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 17.01 Td (100) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 54.00 741.20 Td (\(b\) Disclosure of interests in other entities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 727.30 Td (IFRS 12, Disclosure of Interests in Other Entities \(IFRS 12\) applies to entities that have an interest in a subsidiary, a joint arrangement, an ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 713.35 Td (associate or an unconsolidated structured entity. The standard requires the Company to disclose information that enables users of financial ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 699.45 Td (statements to evaluate: \(1\) the nature of, and risks associated with, the Companys interests in other entities; and \(2\) the effects of those interests ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 685.55 Td (on the Companys financial position, financial performance and cash flows.) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 665.60 Td (\(c\) Financial instruments) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 651.70 Td (IFRS 9, Financial Instruments \(IFRS 9\), will replace IAS 39, Financial Instruments: Recognition and Measurement \(IAS 39\). This standard ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 637.75 Td (addresses the classification and measurement of all financial assets and financial liabilities within the scope of the current IAS 39. Included in IFRS ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 623.85 Td (9 are the requirements to measure debt-based financial assets at either amortized cost or fair value through profit or loss \(FVTPL\) and to measure ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 609.95 Td (equity-based financial assets as either held-for-trading \(HFT\) or as fair value through other comprehensive income \(FVTOCI\). No amounts are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 596.00 Td (reclassified out of other comprehensive income if the FVTOCI option is elected. Additionally, embedded derivatives in financial assets would no ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 582.10 Td (longer be bifurcated and accounted for separately under IFRS 9.) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 562.15 Td (\(d\) Fair value measurement) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 548.25 Td (IFRS 13, Fair Value Measurement \(IFRS 13\), provides a single standard for fair value, replacing the fair value concepts that are currently in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 534.35 Td (many other standards, and also clarifies various requirements with regard to the appropriate measurement and disclosure of fair value and its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 520.40 Td (underlying inputs. The standard defines fair value, provides guidance on its determination and outlines required disclosures about fair value ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 506.50 Td (measurements, but does not change the requirements about the items that should be measured and disclosed at fair value.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 486.55 Td (Although the Company continues to assess the impact of the new standard, it may have an impact on how investment property is measured and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 472.65 Td (the requirement for additional disclosures as follows:) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 452.75 Td (a\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 452.75 Td (IFRS 13 defines the fair value of an asset as an 'exit price', specifically the price that would be received to sell an asset or paid to transfer a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 438.80 Td (liability in an orderly transaction between market participants at the measurement date. The underlying concepts of 'exit price' of an investment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 424.90 Td (property is similar in many ways to the 'exchange value' fair value definition currently used under IAS 40.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 404.95 Td (b\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 404.95 Td (For non-financial assets, including investment properties, IFRS 13 refers to the 'highest and best use', which is the use to be assumed by market ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 391.05 Td (participants that maximizes the value of an asset. Except where the Company may be in the process of obtaining land use intensification and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 377.15 Td (multi-use densification of certain pre-development properties, in most cases the Company expects that there will not be a substantial change in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 363.20 Td (the estimation of fair value under the new definition, as the current use of the Company's investment properties are expected to be at the highest ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 349.30 Td (and best use. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 329.35 Td (c\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 329.35 Td (The fair value measurement assumes that the hypothetical sale of the asset, or 'exit transaction', takes place in the 'principal market' with the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 315.45 Td (greatest volume and highest level of activity for the asset or liability. Alternatively, in the absence of such a principal market, the transaction ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 301.55 Td (should take place in the 'most advantageous market'; management will therefore need to identify the relevant market.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 281.60 Td (d\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 281.60 Td (The fair value hierarchy under IFRS 13 differs from that under IAS 40. IAS 40 defines a fair value hierarchy based on valuation techniques. In ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 267.70 Td (IFRS 13, fair value measurements are instead categorized into a three-level hierarchy based on the type of inputs utilized in determining the fair ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 253.75 Td (value using the valuation techniques.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 233.85 Td (e\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 233.85 Td (Additionally, disclosure requirements have been significantly expanded to provide users of financial statements with detailed quantitative and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 219.95 Td (qualitative information about assumptions made and processes used when measuring the fair value.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 200.00 Td (With the exception of IFRS 10 and IFRS 11, the Company is in the process of assessing the impact on its consolidated financial statements, if any, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 186.10 Td (of adopting the above standards. ) Tj ET Q endstream endobj 207 0 obj <> endobj 208 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (101) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 691.30 Td (5. INVESTMENT PROPERTIES) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 671.35 Td (\(a\) Activity) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 660.85 m 318.5 660.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 660.85 m 378.5 660.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 660.85 m 438.5 660.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 660.85 m 498.5 660.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 660.85 m 558.5 660.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 648.85 m 318.5 648.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 626.85 m 318.5 626.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 648.85 m 378.5 648.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 626.85 m 378.5 626.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 648.85 m 438.5 648.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 626.85 m 438.5 626.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 648.85 m 498.5 648.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 626.85 m 498.5 626.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 648.85 m 558.5 648.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 626.85 m 558.5 626.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 518.85 m 318.5 518.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 503.85 m 318.5 503.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 518.85 m 378.5 518.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 503.85 m 378.5 503.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 518.85 m 438.5 518.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 503.85 m 438.5 503.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 518.85 m 498.5 518.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 503.85 m 498.5 503.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 518.85 m 558.5 518.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 503.85 m 558.5 503.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 476.85 m 318.5 476.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 461.85 m 318.5 461.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 476.85 m 378.5 476.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 461.85 m 378.5 461.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 476.85 m 438.5 476.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 461.85 m 438.5 461.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 476.85 m 498.5 476.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 461.85 m 498.5 461.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 476.85 m 558.5 476.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 461.85 m 558.5 461.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 651.71 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 417.85 652.51 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 652.71 Td (2011) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 628.36 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 346.20 637.96 Td (Shopping) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.05 630.96 Td (Centres) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 395.30 637.96 Td (Development) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 419.80 630.96 Td (Land) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 466.95 637.86 Td (Shopping) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 472.40 630.86 Td (Centres) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 516.10 637.86 Td (Development) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 540.20 630.86 Td (Land) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 616.81 Td (Balance, at beginning of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 616.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 336.20 616.58 Td (5,811,288) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 616.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.50 616.58 Td (100,845) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 616.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 616.81 Td (4,734,574) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 616.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 616.81 Td (88,859) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 604.81 Td (Acquisitions) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 343.50 604.58 Td (754,470) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 604.58 Td (44,394) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 604.81 Td (413,894) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 604.81 Td (29,780) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 592.81 Td (Capital expenditures) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 343.50 592.58 Td (305,087) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 592.58 Td (10,875) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 592.81 Td (209,021) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 592.81 Td (12,369) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 580.81 Td (Initial direct leasing costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.25 580.58 Td (9,648) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 580.58 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 580.81 Td (6,013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 580.81 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 568.81 Td (Dispositions ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 99.66 571.61 Td (\(1\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 340.80 568.58 Td (\(297,018) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 568.58 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 410.55 568.58 Td (\(5,750) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 568.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.15 568.81 Td (\(52,850) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 568.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.60 568.81 Td (\(2,033) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 568.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 556.81 Td (Reclassifications between shopping centres and development land) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 348.40 556.58 Td (13,433) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 405.75 556.58 Td (\(13,433) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 556.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 556.81 Td (35,433) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.15 556.81 Td (\(35,433) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 556.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 544.81 Td (Reclassification to residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 367.25 544.58 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 544.58 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.60 544.81 Td (\(3,279) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 544.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 544.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 532.81 Td (Increase in value of investment properties, net) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 343.50 532.58 Td (293,316) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 410.55 532.58 Td (\(1,465) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 532.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 532.81 Td (458,911) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 532.81 Td (7,303) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 520.81 Td (Straight-line rent and other changes) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 348.40 520.58 Td (13,116) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 520.58 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 475.25 520.81 Td (9,571) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 520.81 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 508.06 Td (Balance, at end of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 508.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 336.20 508.23 Td (6,903,340) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 508.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.50 508.23 Td (135,466) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 508.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 508.11 Td (5,811,288) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 508.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 508.11 Td (100,845) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 493.81 Td (Investment properties non-current) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 493.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 336.20 493.58 Td (6,622,003) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 493.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.50 493.58 Td (133,337) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 493.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 493.81 Td (5,714,614) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 493.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 493.81 Td (100,845) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 481.06 Td (Investment properties classified as held for sale) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 343.50 481.23 Td (281,337) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.25 481.18 Td (2,129) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 481.11 Td (96,674) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 481.06 Td () Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 466.06 Td (Total) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 466.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 336.20 466.23 Td (6,903,340) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 466.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.50 466.23 Td (135,466) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 466.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 466.11 Td (5,811,288) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 466.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 466.11 Td (100,845) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 451.25 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 448.45 Td (The properties disposed of were classified as investment properties held for sale prior to their disposal.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 428.50 Td (Investment properties with a fair value of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 193.13 428.50 Td ($3.7 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.92 428.50 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 235.81 428.50 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 304.29 428.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.73 428.50 Td ($3.3 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.53 428.50 Td (\) are pledged as security for mortgages and credit ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 414.60 Td (facilities.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 394.70 Td (\(b\) Investment Property Valuation) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 380.75 Td (Capitalization rates, by region, for investment properties - shopping centres are set out in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 370.25 m 198.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 370.25 m 258.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 370.25 m 318.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 370.25 m 378.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 370.25 m 438.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 370.25 m 498.5 370.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 370.25 m 558.5 370.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 358.25 m 198.5 358.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 332.25 m 198.5 332.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 358.25 m 258.5 358.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 332.25 m 258.5 332.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 358.25 m 318.5 358.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 332.25 m 318.5 332.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 358.25 m 378.5 358.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 332.25 m 378.5 332.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 358.25 m 438.5 358.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 332.25 m 438.5 332.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 358.25 m 498.5 358.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 332.25 m 498.5 332.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 358.25 m 558.5 358.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 332.25 m 558.5 332.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 293.25 m 198.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 278.25 m 198.5 278.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 293.25 m 258.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 278.25 m 258.5 278.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 293.25 m 318.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 278.25 m 318.5 278.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 293.25 m 378.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 278.25 m 378.5 278.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 293.25 m 438.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 278.25 m 438.5 278.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 293.25 m 498.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 278.25 m 498.5 278.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 293.25 m 558.5 293.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 278.25 m 558.5 278.25 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 312.20 360.91 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 361.11 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 336.26 Td (Shopping Centres) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 222.50 348.91 Td (Number of) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 224.25 341.91 Td (Properties) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 284.70 343.36 Td (Fair Value ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 275.50 336.36 Td (\(C$ Millions\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 321.10 348.91 Td (Weighted Average) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 333.35 341.91 Td (Capitalization ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 361.00 334.91 Td (Rate) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 403.10 343.26 Td (Number of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 405.05 336.26 Td (Properties) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.55 343.26 Td (Fair Value) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 457.65 336.26 Td (\(C$ Millions\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.20 349.11 Td (Weighted Average) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 515.70 342.11 Td (Capitalization ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.35 335.11 Td (Rate) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 322.21 Td (Central Region) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 245.50 321.98 Td (74) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 261.00 321.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 285.95 321.98 Td (3,147.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.70 321.98 Td (5.93) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 370.85 321.98 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.40 322.21 Td (70) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 322.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.60 322.21 Td (2,713.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 322.21 Td (6.27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 322.21 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 310.21 Td (Eastern Region) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 245.50 309.98 Td (53) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 285.95 309.98 Td (1,371.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.70 309.98 Td (6.55) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 370.85 309.98 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 426.40 310.21 Td (51) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.60 310.21 Td (1,098.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 310.21 Td (6.80) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 310.21 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 297.46 Td (Western Region) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 245.50 297.78 Td (48) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 285.95 297.58 Td (2,384.7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.70 297.78 Td (5.80) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 370.85 297.78 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 426.40 297.81 Td (48) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.60 297.51 Td (1,999.9) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 297.86 Td (6.19) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 550.85 297.81 Td (%) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 240.60 282.78 Td (175) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 261.00 282.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 285.95 282.58 Td (6,903.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 353.70 282.78 Td (6.00) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 370.85 282.78 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 421.95 282.86 Td (169) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 282.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.60 282.51 Td (5,811.3) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 282.86 Td (6.34) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 550.85 282.81 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 249.85 Td (A table summarizing the sensitivity of the fair values of shopping centres to capitalization rates as at ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 391.35 249.85 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 459.83 249.85 Td ( is set out below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 239.35000000000002 m 440.5 239.35000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 213.35000000000002 m 440.5 213.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 239.35000000000002 m 499.5 239.35000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 213.35000000000002 m 499.5 213.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 239.35000000000002 m 558.5 239.35000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 499.5 213.35000000000002 m 558.5 213.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 138.35000000000002 m 440.5 138.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 138.35000000000002 m 499.5 138.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 138.35000000000002 m 558.5 138.35000000000002 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 224.36 Td (Capitalization rate) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 217.36 Td (\(decrease\) increase ) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 467.10 229.21 Td (Resulting increase \(decrease\)) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.75 222.21 Td (in value of shopping centres) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 517.65 215.26 Td (\(C$ millions\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 202.31 Td (\(0.75\)%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.00 203.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 541.95 203.31 Td (961) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 190.31 Td (\(0.50\)%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.00 191.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 541.95 191.31 Td (611) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 178.31 Td (\(0.25\)%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.00 179.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 541.95 179.31 Td (292) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 166.31 Td (0.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.00 167.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.25 167.31 Td (\(269) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 555.30 167.31 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 154.31 Td (0.50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.00 155.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.25 155.31 Td (\(517) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 555.30 155.31 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 142.26 Td (0.75%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.00 143.26 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.25 143.31 Td (\(747) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 555.30 143.26 Td (\)) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 209 0 obj <> endobj 210 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (102) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (The net increase in the fair value of investment property, by region, is set out in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 683.95 m 318.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 664.95 m 318.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 683.95 m 378.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 664.95 m 378.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 683.95 m 438.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 664.95 m 438.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 683.95 m 498.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 664.95 m 498.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 683.95 m 558.5 683.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 664.95 m 558.5 664.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 637.95 m 318.5 637.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 637.95 m 378.5 637.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 637.95 m 438.5 637.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 637.95 m 498.5 637.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 637.95 m 558.5 637.95 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 674.81 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 667.81 Td (Increase in fair value ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 353.20 674.61 Td (Central) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 353.95 667.61 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 412.05 674.61 Td (Eastern) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 413.95 667.61 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 470.75 674.61 Td (Western) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.95 667.61 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 540.30 667.61 Td (Total) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 654.68 Td (2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.00 654.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 343.50 654.68 Td (148,128) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 654.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 654.68 Td (30,915) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 654.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 654.68 Td (112,808) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.00 654.68 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 654.68 Td (291,851) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 642.16 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 642.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 346.30 642.16 Td (194,669) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 642.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.80 642.21 Td (52,737) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 642.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 642.21 Td (218,808) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 642.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 642.21 Td (466,214) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET q 0 0 0 rg BT 54.00 618.50 Td (Shopping centres valuation) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.60 Td (During ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 78.90 604.60 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 96.69 604.60 Td (, approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.47 604.60 Td (35%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 166.47 604.60 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 171.36 604.60 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 239.84 604.60 Td ( approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 297.61 604.60 Td (45%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 313.62 604.60 Td (\) of the total fair value of shopping centres was determined through ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 590.65 Td (external appraisals.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 570.75 Td (The percentage determined through external appraisal is calculated based on the fair value of the shopping centres in the period the appraisal ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 556.85 Td (was performed.) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 536.90 Td (Development land valuation) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 523.00 Td (During the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.79 523.00 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 200.28 523.00 Td (, approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.05 523.00 Td (17%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 270.06 523.00 Td ( \(year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 314.96 523.00 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 383.43 523.00 Td ( approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 441.21 523.00 Td (23%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 457.22 523.00 Td (\) of the total fair value of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 509.05 Td (development land was determined through external appraisals. The percentage appraised is calculated based on the fair value of development ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.15 Td (land in the period the appraisal was performed.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 475.25 Td (\(c\) Investment Properties Acquisitions and Capital Expenditures) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 461.30 Td (During the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.79 461.30 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 203.83 461.30 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 221.17 461.30 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.97 461.30 Td (, the Company acquired shopping centres and development lands for rental income and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 447.40 Td (future development and redevelopment opportunities as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 436.9 m 318.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 436.9 m 378.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 436.9 m 438.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 436.9 m 498.5 436.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 436.9 m 558.5 436.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 424.9 m 318.5 424.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 405.9 m 318.5 405.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 424.9 m 378.5 424.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 405.9 m 378.5 405.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 424.9 m 438.5 424.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 405.9 m 438.5 405.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 424.9 m 498.5 424.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 405.9 m 498.5 405.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 424.9 m 558.5 424.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 405.9 m 558.5 405.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 336.9 m 318.5 336.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 321.9 m 318.5 321.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 336.9 m 378.5 336.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 321.9 m 378.5 321.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 336.9 m 438.5 336.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 321.9 m 438.5 321.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 336.9 m 498.5 336.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 321.9 m 498.5 321.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 336.9 m 558.5 336.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 321.9 m 558.5 321.9 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 427.76 Td (Years ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 417.85 427.56 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 427.76 Td (2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 409.91 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 346.20 415.56 Td (Shopping) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.05 408.56 Td (Centres) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 395.30 415.56 Td (Development) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 419.80 408.56 Td (Land) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 466.95 415.76 Td (Shopping) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 472.40 408.76 Td (Centres) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 516.10 415.76 Td (Development) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 540.20 408.76 Td (Land) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 395.86 Td (Total purchase price, including acquisition costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.00 395.63 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 343.50 395.63 Td (754,470) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 395.63 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 395.63 Td (44,394) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 395.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 395.86 Td (413,894) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 395.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 395.86 Td (29,780) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 383.86 Td (Share consideration issued for First Medical \(excluding working capital\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 340.80 383.63 Td (\(102,860) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 383.63 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 383.63 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 383.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 383.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 371.86 Td (Deferred purchase price and ground lease assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 345.75 371.63 Td (\(21,953) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 371.63 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 371.63 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 371.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 371.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 359.86 Td (Mortgage assumptions and vendor take-back mortgages on acquisitions) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 340.80 359.63 Td (\(229,189) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 359.63 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 410.55 359.63 Td (\(1,300) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 359.63 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 463.70 359.86 Td (\(115,299) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 359.86 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.25 359.86 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 347.81 Td (Difference between principal amount and fair value of assumed mortgage ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 339.81 Td (financing) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 345.75 341.28 Td (\(13,503) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 375.30 341.23 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 341.23 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.60 341.16 Td (\(8,082) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.30 341.11 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.00 341.11 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 326.11 Td (Total cash paid) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.00 326.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 343.50 326.28 Td (386,965) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 326.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 326.23 Td (43,094) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 326.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 326.16 Td (290,513) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 326.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 326.16 Td (29,780) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 302.45 Td (On ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.01 302.45 Td (August 8, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 118.48 302.45 Td (, a court-approved plan of arrangement for Gazit America Inc. \(Gazit America\) was completed involving First Capital Realty ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 288.55 Td (and Gazit-Globe Ltd. \(Gazit\). Under the plan of arrangement, First Capital Realty acquired the shares of Gazit Americas subsidiaries, ProMed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 274.65 Td (Properties \(CA\) Inc. and ProMed Asset Management Inc., which together owned and managed all of the medical office and retail properties of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 260.70 Td (Gazit America, and certain property-related inter-company indebtedness owing to Gazit America \(hereinafter referred to as the First Medical ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 246.80 Td (acquisition\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 226.85 Td (On and before completion of the transaction, Gazit controlled both First Capital Realty and Gazit America. The acquired subsidiaries include the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 212.95 Td (portfolio of real estate properties, property management contracts and leasing and management personnel, and represent a business. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 199.05 Td (transaction was accounted for as a common control business combination using the acquisition method. The reason for First Capital Realty to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 185.10 Td (complete the transaction was to acquire from Gazit America ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.02 185.10 Td (12) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 266.92 185.10 Td ( medical office and retail properties generally adjacent to existing First Capital ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 171.20 Td (Realty properties and a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 134.46 171.20 Td (50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.47 171.20 Td ( interest in a thirteenth property jointly owned with First Capital Realty.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 151.25 Td (The Company has adopted an accounting policy of using the acquisition method for common control business combinations for accounting ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 137.35 Td (purposes. The acquisition was conducted on an arms-length basis at fair value and was determined to have substance due to the involvement of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 123.45 Td (significant non-controlling interests in both the Company and Gazit America, and the process was conducted through independent Board ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 109.50 Td (committees and the use of independent business and property valuations and external appraisers. As a result, the assets and liabilities acquired ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 95.60 Td (by First Capital Realty were measured at their fair value on the closing date of the transaction. As consideration for the acquisition of these assets ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 81.65 Td (and assumption of these liabilities, the Company issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.80 81.65 Td (5,461,786) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.39 81.65 Td ( common shares and assumed certain property-related indebtedness. The ) Tj ET Q endstream endobj 211 0 obj <> endobj 212 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (103) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (common shares issued were valued at their quoted trading price at the time of issue. Transaction costs related to the acquisition of approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td ($2.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 94.01 680.50 Td ( were expensed as incurred \(Note 20\) and costs related to the issuance of common shares of the Company reduced the value of share ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (capital recorded.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (The allocation of the purchase price to the assets acquired and liabilities assumed is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 636.15 m 498.5 636.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 617.15 m 498.5 617.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 636.15 m 558.5 636.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 617.15 m 558.5 617.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 566.15 m 498.5 566.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 551.15 m 498.5 551.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 566.15 m 558.5 566.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 551.15 m 558.5 551.15 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 621.16 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 502.10 621.16 Td (Assets \(Liabilities\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 606.11 Td (Investment property) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.00 607.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 607.11 Td (225,664) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 594.11 Td (Other assets) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 535.25 595.11 Td (3,843) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 582.11 Td (Secured mortgage debt) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 523.70 583.11 Td (\(122,804) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 583.11 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 570.06 Td (Other liabilities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 532.60 570.41 Td (\(3,639) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 570.36 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 555.06 Td (Total share consideration paid) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 501.00 555.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 555.41 Td (103,064) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 560.00 551.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 531.75 Td (Had the transaction occurred as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.58 531.75 Td (January1, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 229.16 531.75 Td (, First Capital Realtys property rental revenue and net income for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.30 531.75 Td (year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 517.85 Td (December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 517.85 Td ( would have increased by approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 259.82 517.85 Td ($14.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 304.28 517.85 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 321.62 517.85 Td ($6.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 361.63 517.85 Td (, respectively.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 497.90 Td (Property rental revenue and net income of the acquired business since the acquisition date included in the consolidated statements of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 484.00 Td (income is not significant to the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 464.05 Td (As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 464.05 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 464.05 Td (, the acquired businesss total assets and total liabilities were approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.04 464.05 Td ($224.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.95 464.05 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.29 464.05 Td ($130.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 513.20 464.05 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 450.15 Td (respectively \(January1, 2011 approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.79 450.15 Td ($34.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 256.24 450.15 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 273.59 450.15 Td ($12.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 318.04 450.15 Td (, respectively\). The acquired businesss property rental revenue and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 436.25 Td (net income for the year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.03 436.25 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 226.50 436.25 Td ( were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.95 436.25 Td ($15.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 291.41 436.25 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 308.75 436.25 Td ($1.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 348.76 436.25 Td (, respectively, and were not significant to the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 416.30 Td (Acquisitions and capital expenditures on shopping centres and development lands by region are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 405.8 m 318.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 386.8 m 318.5 386.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 405.8 m 378.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 386.8 m 378.5 386.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 405.8 m 438.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 386.8 m 438.5 386.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 405.8 m 498.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 386.8 m 498.5 386.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 405.8 m 558.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 386.8 m 558.5 386.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 359.8 m 318.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 359.8 m 378.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 359.8 m 438.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 359.8 m 498.5 359.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 359.8 m 558.5 359.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 397.81 Td (Year ended December 31, 2012) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 390.81 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 353.20 396.46 Td (Central) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 353.95 389.46 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 412.05 396.46 Td (Eastern) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 413.95 389.46 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 470.75 396.46 Td (Western) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.95 389.46 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 540.30 390.91 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 376.76 Td (Acquisitions) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 376.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 343.50 376.53 Td (314,636) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 376.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.50 376.53 Td (154,712) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 376.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.50 376.53 Td (329,516) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.00 376.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 376.53 Td (798,864) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 364.01 Td (Capital expenditures and initial direct leasing costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 343.50 364.18 Td (174,364) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 364.13 Td (86,534) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.40 364.13 Td (64,712) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 364.18 Td (325,610) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 334.8 m 318.5 334.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 315.8 m 318.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 334.8 m 378.5 334.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 315.8 m 378.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 334.8 m 438.5 334.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 315.8 m 438.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 334.8 m 498.5 334.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 315.8 m 498.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 334.8 m 558.5 334.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 315.8 m 558.5 315.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 287.8 m 318.5 287.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 287.8 m 378.5 287.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 287.8 m 438.5 287.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 287.8 m 498.5 287.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 287.8 m 558.5 287.8 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 326.81 Td (Year ended December 31, 2011) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 319.81 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 354.00 325.66 Td (Central) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 354.35 318.66 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.80 325.66 Td (Eastern) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.35 318.66 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.00 325.66 Td (Western) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 474.35 318.66 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.25 319.81 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 304.76 Td (Acquisitions) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 305.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 346.30 305.71 Td (202,902) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 305.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.80 305.76 Td (83,084) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 305.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 305.76 Td (157,688) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 305.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 305.76 Td (443,674) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 291.71 Td (Capital expenditures and initial direct leasing costs) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 346.30 292.01 Td (103,662) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.80 292.06 Td (60,464) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 292.06 Td (63,277) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 292.06 Td (227,403) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 259.40 Td (Shopping centres and development land by region are as set out in the tables below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 248.89999999999998 m 318.5 248.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 248.89999999999998 m 378.5 248.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 248.89999999999998 m 438.5 248.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 248.89999999999998 m 498.5 248.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 248.89999999999998 m 558.5 248.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 229.89999999999998 m 318.5 229.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 214.89999999999998 m 318.5 214.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 229.89999999999998 m 378.5 229.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 214.89999999999998 m 378.5 214.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 229.89999999999998 m 438.5 229.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 214.89999999999998 m 438.5 214.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 229.89999999999998 m 498.5 229.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 214.89999999999998 m 498.5 214.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 229.89999999999998 m 558.5 229.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 214.89999999999998 m 558.5 214.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 130.89999999999998 m 318.5 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 115.89999999999998 m 318.5 115.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 130.89999999999998 m 378.5 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 115.89999999999998 m 378.5 115.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 130.89999999999998 m 438.5 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 115.89999999999998 m 438.5 115.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 130.89999999999998 m 498.5 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 115.89999999999998 m 498.5 115.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 130.89999999999998 m 558.5 130.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 115.89999999999998 m 558.5 115.89999999999998 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 240.91 Td (As at December 31, 2012) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 233.91 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 353.20 239.56 Td (Central) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 353.95 232.56 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 412.05 239.56 Td (Eastern) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 413.95 232.56 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 470.75 239.56 Td (Western) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.95 232.56 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 540.30 234.01 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 219.11 Td (Total shopping centres and development land) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 210.97 221.91 Td ( \(1\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 330.00 219.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 336.20 219.28 Td (3,254,553) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 390.00 219.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.20 219.28 Td (1,371,090) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 450.00 219.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.20 219.28 Td (2,413,163) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 510.00 219.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 219.28 Td (7,038,806) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 204.81 Td (A reconciliation of shopping centres and development land to ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 196.81 Td (total assets is as follows:) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 70.50 183.86 Td (Cash and cash equivalents) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.40 183.63 Td (70,155) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 70.50 171.86 Td (Loans, mortgages and other real estate assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.40 171.63 Td (61,064) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 70.50 159.86 Td (Other assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.40 159.63 Td (60,437) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 69.00 147.86 Td (Amounts receivable) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 528.40 147.63 Td (22,439) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 135.11 Td (Residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.40 135.23 Td (65,891) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 120.11 Td (Total assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.00 120.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 120.28 Td (7,318,792) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 213 0 obj <> endobj 214 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (104) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 701.5 m 318.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 701.5 m 378.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 701.5 m 438.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 701.5 m 498.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 701.5 m 558.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 682.5 m 318.5 682.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 667.5 m 318.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 682.5 m 378.5 682.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 667.5 m 378.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 682.5 m 438.5 682.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 667.5 m 438.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 682.5 m 498.5 682.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 667.5 m 498.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 682.5 m 558.5 682.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.5 m 558.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 588.5 m 318.5 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 573.5 m 318.5 573.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 588.5 m 378.5 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 573.5 m 378.5 573.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 588.5 m 438.5 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 573.5 m 438.5 573.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 588.5 m 498.5 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 573.5 m 498.5 573.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 588.5 m 558.5 588.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 573.5 m 558.5 573.5 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 693.51 Td (As at December 31, 2011) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 686.51 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 354.00 692.36 Td (Central) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 354.35 685.36 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.80 692.36 Td (Eastern) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 414.35 685.36 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.00 692.36 Td (Western) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 474.35 685.36 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.25 686.51 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 671.71 Td (Total shopping centres and development land ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 213.19 674.51 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 330.00 671.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 339.70 671.76 Td (2,778,719) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 390.00 671.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 399.70 671.76 Td (1,112,943) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 450.00 671.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 671.76 Td (2,020,471) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 671.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 671.76 Td (5,912,133) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 659.41 Td (A reconciliation of shopping centres and development land to) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.00 651.41 Td (total assets is as follows:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 71.00 638.46 Td (Cash and cash equivalents) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 638.46 Td (3,075) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 71.00 626.46 Td (Loans, mortgages and other real estate assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 626.46 Td (89,694) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 71.00 614.46 Td (Other assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 614.46 Td (54,683) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 71.00 602.46 Td (Amounts receivable) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 602.46 Td (14,393) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 71.00 590.46 Td (Residential development inventory) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 590.46 Td (37,166) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 59.00 577.71 Td (Total assets) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 510.00 577.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 577.76 Td (6,111,144) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 565.70 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 563.60 Td (Includes investment properties classified as held for sale.) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 543.65 Td (\(d\) Investment Properties Classified As Held For Sale) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.75 Td (The ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 68.61 529.75 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 102.32 529.75 Td (has ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 116.03 529.75 Td (certain ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 140.85 529.75 Td (investment ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 179.44 529.75 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.93 529.75 Td (that ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 229.54 529.75 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 241.91 529.75 Td (classified ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.72 529.75 Td (as ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 283.98 529.75 Td (held ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 300.37 529.75 Td (for ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 310.96 529.75 Td (sale. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 328.23 529.75 Td (These ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.38 529.75 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 385.87 529.75 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.24 529.75 Td (considered ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 437.29 529.75 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 445.22 529.75 Td (be ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 455.38 529.75 Td (non-core ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 487.31 529.75 Td (assets. ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 512.13 529.75 Td (Disposition ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.80 Td (of ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 62.18 515.80 Td (these ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 82.35 515.80 Td (investment ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 121.19 515.80 Td (properties ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.92 515.80 Td (will ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 169.54 515.80 Td (provide ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 196.38 515.80 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 209.01 515.80 Td (Company ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.96 515.80 Td (with ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 258.70 515.80 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 271.32 515.80 Td (opportunity ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 311.51 515.80 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 319.68 515.80 Td (redeploy ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.52 515.80 Td (capital ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 374.70 515.80 Td (to ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 382.88 515.80 Td (be ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.28 515.80 Td (more ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 412.56 515.80 Td (aligned ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.96 515.80 Td (with ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 454.70 515.80 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 467.32 515.80 Td (Companys ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 506.60 515.80 Td (urban ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 528.56 515.80 Td (focus. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 501.90 Td (They ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.67 501.90 Td (are ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 85.56 501.90 Td (set ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 97.56 501.90 Td (out ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 110.46 501.90 Td (in ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 118.91 501.90 Td (the ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.80 501.90 Td (table ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.47 501.90 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 491.4 m 421.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 479.4 m 421.5 479.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 491.4 m 490.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 479.4 m 490.5 479.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 491.4 m 559.5 491.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 479.4 m 559.5 479.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 438.4 m 421.5 438.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 438.4 m 490.5 438.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 438.4 m 559.5 438.4 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 482.26 Td (\(thousands of Canadian dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 424.20 482.06 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 496.05 482.26 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 469.31 Td (Aggregate fair value) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 424.00 469.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 451.00 469.08 Td (283,466) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.00 469.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.35 469.36 Td (96,674) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 456.31 Td (Mortgages secured by investment properties classified as held for sale) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 424.00 456.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 455.95 456.08 Td (41,583) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 493.00 456.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.35 456.36 Td (22,267) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 442.61 Td (Weighted average cash interest rate of mortgages secured by investment properties) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 465.70 442.73 Td (5.55) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 482.85 442.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.25 442.66 Td (6.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 551.85 442.61 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 403.30 Td (6. LOANS, MORTGAGES AND OTHER REAL ESTATE ASSETS \(NON-CURRENT\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 386.8 m 417.5 386.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 373.8 m 417.5 373.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 386.8 m 486.5 386.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 373.8 m 486.5 373.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 386.8 m 555.5 386.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 486.5 373.8 m 555.5 373.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 345.8 m 417.5 345.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 331.8 m 417.5 331.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 345.8 m 486.5 345.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 331.8 m 486.5 331.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 486.5 345.8 m 555.5 345.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 331.8 m 555.5 331.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 377.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 420.20 377.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.05 377.66 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 363.71 Td (Non-revolving term loan receivable from Gazit America \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.00 363.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.25 363.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.00 363.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 363.76 Td (37,295) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 349.71 Td (Other loans receivable \(b\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.40 349.48 Td (14,473) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.25 349.76 Td (9,127) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.00 335.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.40 335.48 Td (14,473) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.00 335.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.80 335.76 Td (46,422) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 316.35 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 316.35 Td (The non-revolving unsecured term loan receivable from Gazit America, a formerly TSX-listed subsidiary of the Companys principal ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 302.45 Td (shareholder, Gazit, in the amount of US) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 205.22 302.45 Td ($36 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.00 302.45 Td ( was repaid on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.57 302.45 Td (August 14, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 351.49 302.45 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 288.50 Td (\(b\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 288.50 Td (Other loans receivable include loans and mortgages receivable on certain investment properties. The loans and mortgages receivable are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 274.60 Td (secured by interests in investment properties \(or shares of entities owning investment properties\), bear interest at a weighted average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 260.70 Td (8.3%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 90.23 260.70 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.12 260.70 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.59 260.70 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 172.04 260.70 Td (8.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 190.28 260.70 Td (\) and have fair values approximating their carrying values. The loans mature between 2014 and 2025.) Tj ET Q endstream endobj 215 0 obj <> endobj 216 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (105) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (7. LOANS, MORTGAGES AND OTHER REAL ESTATE ASSETS \(CURRENT\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.8 m 420.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 647.8 m 420.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 659.8 m 489.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 647.8 m 489.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 659.8 m 558.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 647.8 m 558.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 608.8 m 420.5 608.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 593.8 m 420.5 593.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 608.8 m 489.5 608.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 593.8 m 489.5 593.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 608.8 m 558.5 608.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 593.8 m 558.5 593.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 650.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 423.20 650.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 650.66 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 637.76 Td (FVTPL investments in marketable securities \(a\)) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 423.00 637.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 637.53 Td (16,989) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 637.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 637.76 Td (18,755) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 625.76 Td (AFS investments in marketable securities \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.60 625.53 Td (900) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 625.76 Td (6,857) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 613.01 Td (Other loans receivable \(b\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 613.13 Td (28,702) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 613.06 Td (17,660) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 598.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 598.13 Td (46,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 598.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 598.06 Td (43,272) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 580.35 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 580.35 Td (The Company invests from time to time in publicly traded real estate and related securities. These securities are recorded at market value. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 566.45 Td (Unrealized gains and losses on FVTPL securities are recorded in other gains \(losses\) and \(expenses\). Unrealized gains and losses on AFS ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 552.50 Td (securities are recorded in other comprehensive income.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 532.60 Td (\(b\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 532.60 Td (Other loans receivable include loans and mortgages receivable on certain investment properties. The loans and mortgages receivable are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 518.70 Td (secured by interests in investment properties \(or shares of entities owning investment properties\), bear interest at a weighted average rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 504.75 Td (10.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 90.18 504.75 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.07 504.75 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.54 504.75 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 171.99 504.75 Td (10.8%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 194.67 504.75 Td (\) and have fair values approximating their carrying values.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 476.30 Td (8. AMOUNTS RECEIVABLE) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 459.8 m 375.5 459.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 447.8 m 375.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 459.8 m 420.5 459.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 447.8 m 420.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 459.8 m 489.5 459.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 447.8 m 489.5 447.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 459.8 m 558.5 459.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 447.8 m 558.5 447.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 400.8 m 375.5 400.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 385.8 m 375.5 385.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 375.5 400.8 m 420.5 400.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 385.8 m 420.5 385.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 400.8 m 489.5 400.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 385.8 m 489.5 385.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 400.8 m 558.5 400.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 385.8 m 558.5 385.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 450.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 390.50 450.66 Td (Note) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 423.20 450.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 450.66 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 437.71 Td (Trade receivables \(net of allowances for doubtful accounts of $3.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 429.76 Td (December 31, 2011 $2.7 million\)\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 433.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 433.13 Td (12,634) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 433.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 433.06 Td (12,204) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 418.71 Td (Construction and development related chargebacks and receivables) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 418.53 Td (1,072) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 418.76 Td (1,572) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 405.01 Td (Corporate and other amounts receivable \(a\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 393.05 405.01 Td (28) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 405.18 Td (8,733) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 405.06 Td (617) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 390.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 390.13 Td (22,439) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 390.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 390.06 Td (14,393) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 370.70 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 370.70 Td (Includes ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 98.62 370.70 Td ($7.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.63 370.70 Td ( of estimated insurance and indemnity proceeds receivable relating to anticipated environmental remediation expenses) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 361.10 Td (\(Note 14\(a\)\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 347.15 Td (The Company determines its allowance for doubtful accounts on a tenant-by-tenant basis considering lease terms, industry conditions, and the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 333.25 Td (status of the tenants account, among other factors. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 313.30 Td (A reconciliation of the change in allowances for doubtful accounts is set out in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 302.79999999999995 m 411.5 302.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 290.79999999999995 m 411.5 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 302.79999999999995 m 482.5 302.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 290.79999999999995 m 482.5 290.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 302.79999999999995 m 553.5 302.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 482.5 290.79999999999995 m 553.5 290.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 251.79999999999995 m 411.5 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 236.79999999999995 m 411.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 411.5 251.79999999999995 m 482.5 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 236.79999999999995 m 482.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 482.5 251.79999999999995 m 553.5 251.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 236.79999999999995 m 553.5 236.79999999999995 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 293.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.85 293.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.40 293.66 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 280.76 Td (Balance at beginning of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 414.00 280.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.25 280.53 Td (2,710) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.00 280.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 280.76 Td (3,309) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 268.76 Td (Additions) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.25 268.53 Td (1,256) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.95 268.76 Td (630) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 256.71 Td (Allowances applied or reversed) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 461.95 256.18 Td (\(777) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.30 256.13 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.60 256.06 Td (\(1,229) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.30 256.01 Td (\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 241.01 Td (Balance at end of year) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 414.00 241.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.25 241.13 Td (3,189) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 485.00 241.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.25 241.06 Td (2,710) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 217.40 Td (Of the amounts receivable, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 146.91 217.40 Td ($2.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 186.91 217.40 Td ( is more than 120 days past due \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.16 217.40 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.64 217.40 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.09 217.40 Td ($2.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 418.10 217.40 Td (\), of which ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 455.89 217.40 Td ($1.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 495.90 217.40 Td ( has been ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 203.50 Td (allowed for \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 95.34 203.50 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.81 203.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 172.26 203.50 Td ($1.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 212.27 203.50 Td (\). An allowance is provided for when collection is no longer reasonably assured, including ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 189.55 Td (bankruptcy, abandonment by tenants and in certain tenant disputes. Accounts are written off only when all reasonable collection efforts have ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 175.65 Td (been exhausted.) Tj ET Q endstream endobj 217 0 obj <> endobj 218 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (106) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (9. OTHER ASSETS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.8 m 414.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 647.8 m 414.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 659.8 m 483.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 647.8 m 483.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 659.8 m 552.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 647.8 m 552.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 577.8 m 414.5 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 562.8 m 414.5 562.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 577.8 m 483.5 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 562.8 m 483.5 562.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 577.8 m 552.5 577.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 562.8 m 552.5 562.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 499.8 m 414.5 499.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 484.8 m 414.5 484.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 414.5 499.8 m 483.5 499.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 484.8 m 483.5 484.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 499.8 m 552.5 499.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 484.8 m 552.5 484.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 650.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 417.20 650.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.05 650.66 Td (December 31, 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 637.53 Td (Non-current) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 625.71 Td (Fixtures, equipment and computer hardware and software) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 617.71 Td ( \(net of accumulated amortization of $9.3 million \(December 31, 2011 $6.4 million\)\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.00 618.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.25 618.13 Td (7,303) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 618.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 618.06 Td (6,721) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 603.71 Td (Deferred financing costs on credit facilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 595.71 Td ( \(net of accumulated amortization of $1.8 million \(December 31, 2011 $0.6 million\)\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 465.60 597.18 Td (956) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 597.06 Td (1,609) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 582.01 Td (Held to maturity investment in bond \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.40 582.13 Td (18,830) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.30 582.06 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.00 567.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.40 567.13 Td (27,089) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 567.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 567.06 Td (8,330) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 552.53 Td (Current) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 540.76 Td (Deposits and costs on investment properties under option) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.00 540.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.25 540.53 Td (5,777) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 540.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 540.76 Td (7,823) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 528.76 Td (Prepaid expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.25 528.53 Td (5,973) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 528.76 Td (6,262) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 516.76 Td (Other deposits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.25 516.53 Td (3,667) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 516.76 Td (8,321) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 504.01 Td (Restricted cash) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.40 504.13 Td (17,931) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 504.06 Td (23,947) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.00 489.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.40 489.13 Td (33,348) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.00 489.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 489.06 Td (46,353) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 471.35 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 471.35 Td (In connection with the acquisition of a property, the Company assumed a third party loan that had previously been defeased. The defeasance ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 457.45 Td (collateral is a bond issued by an agency of the Canadian federal government with an effective interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 435.12 457.45 Td (1.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 457.80 457.45 Td ( \(contractual rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 443.50 Td (4.24%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 90.18 443.50 Td (\) and matures in November 2014 \(Note 14\(c\)\). Its fair value approximates carrying value.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 415.30 Td (10. CAPITAL MANAGEMENT) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 395.35 Td (The Company manages its capital, taking into account the long-term business objectives of the Company, to provide stability and reduce risk ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 381.45 Td (while generating an acceptable return on investment over the long term to shareholders. The Companys capital structure currently includes ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 367.50 Td (common shares, common share purchase warrants, senior unsecured debentures, convertible debentures and secured and unsecured term ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 353.60 Td (financings and revolving credit facilities, which together provide the Company with financing flexibility to meet its capital needs. Primary uses of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 339.70 Td (capital include development activities, acquisitions, capital improvements, leasing costs and debt principal repayments.The actual level and type ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.75 Td (of future financings to fund these capital requirements will be determined based on prevailing interest rates, various costs of debt and/or equity ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.85 Td (capital, capital market conditions and managements general view of the required leverage in the business.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 291.90 Td (The components of the Companys capital are set out in the table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 281.4 m 420.5 281.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 269.4 m 420.5 269.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 281.4 m 489.5 281.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 269.4 m 489.5 269.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 281.4 m 558.5 281.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 269.4 m 558.5 269.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 218.39999999999998 m 420.5 218.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 218.39999999999998 m 489.5 218.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 218.39999999999998 m 558.5 218.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 160.39999999999998 m 420.5 160.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 145.39999999999998 m 420.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 160.39999999999998 m 489.5 160.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 145.39999999999998 m 489.5 145.39999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 160.39999999999998 m 558.5 160.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 145.39999999999998 m 558.5 145.39999999999998 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 272.26 Td (\(millions of Canadian dollars, except per share amounts\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 423.20 272.06 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 272.26 Td (December 31, 2011) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 57.00 259.13 Td (Liabilities \(principal amounts outstanding\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 247.36 Td (Mortgages) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 247.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 247.13 Td (1,609) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 247.36 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 247.36 Td (1,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 235.36 Td (Loans and credit facilities Canadian dollars) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.25 235.13 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 235.36 Td (139) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 222.61 Td (Loans and credit facilities US dollars) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.25 222.73 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 222.61 Td (36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 208.36 Td (Mortgages and credit facilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 208.13 Td (1,609) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 208.36 Td (1,584) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 196.36 Td (Senior unsecured debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 196.13 Td (1,479) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 196.36 Td (1,247) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 184.36 Td (Convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.60 184.13 Td (339) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 184.36 Td (301) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 172.31 Td (Common shares \(based on closing per share price of $18.82; December 31, 2011 $17.30\) and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 164.31 Td (common share purchase warrants \(based on closing price of $0.35; December 31, 2011 n/a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 164.78 Td (3,889) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 164.66 Td (3,083) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 149.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 149.78 Td (7,316) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 149.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 149.66 Td (6,215) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 219 0 obj <> endobj 220 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (107) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (The Company monitors a number of financial ratios in conjunction with its credit agreements and financial planning. These ratios are set out in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 670 m 355.5 670 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 658 m 355.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 670 m 420.5 670 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 658 m 420.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 670 m 489.5 670 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 658 m 489.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 670 m 558.5 670 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 658 m 558.5 658 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 400 m 355.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 400 m 420.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 400 m 489.5 400 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 400 m 558.5 400 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 372.10 660.86 Td (Covenants) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 423.20 660.66 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 660.86 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 647.96 Td (Debt to market capitalization, cash balances netted) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.05 647.96 Td (N/A) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 647.73 Td (41.8) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 647.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 647.96 Td (45.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 647.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 635.96 Td (Debt to total assets \(investment properties at cost\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 377.05 635.96 Td (<65%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 623.96 Td (Joint ventures presented on IFRS basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 623.73 Td (49.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 623.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 623.96 Td (53.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 623.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 611.96 Td (Joint ventures proportionately consolidated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 611.73 Td (49.9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 611.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 611.96 Td (53.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 611.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 599.96 Td (Joint ventures proportionately consolidated, cash balances netted) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 599.73 Td (49.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 599.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 599.96 Td (53.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 599.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 587.96 Td (Debt to total assets \(investment properties at IFRS value\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 375.05 587.96 Td (<65%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 66.00 575.96 Td (Joint ventures presented on IFRS basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 575.73 Td (42.4) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 575.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 575.96 Td (46.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 575.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 563.96 Td (Joint ventures proportionately consolidated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 563.73 Td (42.6) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 563.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 563.96 Td (46.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 563.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 551.96 Td (Joint ventures proportionately consolidated, cash balances netted) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 551.73 Td (42.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 551.73 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 551.96 Td (46.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 551.96 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 539.91 Td (Joint ventures proportionately consolidated, using ten quarter average ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 75.00 531.91 Td (capitalization rate) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 533.33 Td (45.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 533.33 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 533.26 Td (51.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 533.21 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 518.91 Td (Unencumbered aggregate assets to unsecured debt \(investment properties) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 510.91 Td (at IFRS value\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 377.30 512.21 Td (>1.30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 497.96 Td (Joint ventures presented on IFRS basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 497.73 Td (2.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 497.96 Td (1.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 485.96 Td (Joint ventures proportionately consolidated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 485.73 Td (2.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 485.96 Td (1.96) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 473.91 Td (Joint ventures proportionately consolidated, using ten quarter average) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 75.00 465.91 Td (capitalization rate) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 467.33 Td (2.09) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 467.26 Td (1.60) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 452.96 Td (Unencumbered aggregate assets to unsecured debt \(investment properties at cost\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 377.30 452.96 Td (>1.30) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 440.96 Td (Joint ventures presented on IFRS basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 440.73 Td (1.92) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 440.96 Td (1.74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 428.96 Td (Joint ventures proportionately consolidated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 428.73 Td (1.92) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 428.96 Td (1.74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 416.96 Td (Adjusted shareholders' equity \(billions of Canadian dollars\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 365.05 416.96 Td ( >$1.5 billion) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 416.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.60 416.73 Td (2.9) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 416.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.70 416.96 Td (2.1) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 404.21 Td (Secured indebtedness to total assets \(investment properties at fair value\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 377.05 404.21 Td (<40%) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.70 404.33 Td (22.2) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.85 404.33 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 404.26 Td (23.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 404.21 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 384 m 355.5 384 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 372 m 355.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 384 m 420.5 384 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 355.5 372 m 420.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 384 m 489.5 384 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 372 m 489.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 384 m 558.5 384 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 372 m 558.5 372 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 372 m 489.5 372 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 372 m 558.5 372 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 297 m 355.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 297 m 420.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 297 m 489.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 297 m 558.5 297 l s BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 374.86 Td (Year ended) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 371.90 374.86 Td (Guidelines) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 423.20 374.66 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 374.86 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 361.96 Td (Debt/EBITDA ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 361.73 Td (8.50) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 361.96 Td (8.59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 349.96 Td (Interest coverage \(EBITDA to interest expense\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 376.20 349.96 Td ( >1.65) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 337.96 Td (Joint ventures presented on IFRS basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 337.73 Td (2.19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 337.96 Td (2.12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 325.96 Td (Joint ventures proportionately consolidated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 325.73 Td (2.19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 325.96 Td (2.12) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 313.96 Td (Fixed charges coverage \(consolidated EBITDA to debt service\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 379.50 313.96 Td (>1.5) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 301.21 Td (Joint ventures proportionately consolidated) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.85 301.33 Td (1.76) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.40 301.21 Td (1.72) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 277.60 Td (The above ratios include measures not specifically defined in IFRS which are defined below:) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 257.65 Td (Debt ) Tj ET Q q 0 0 0 rg BT 72.23 257.65 Td (consists ) Tj ET Q q 0 0 0 rg BT 101.56 257.65 Td (of ) Tj ET Q q 0 0 0 rg BT 110.01 257.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 151.80 257.65 Td (balances ) Tj ET Q q 0 0 0 rg BT 184.25 257.65 Td (on ) Tj ET Q q 0 0 0 rg BT 194.92 257.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 216.26 257.65 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 247.81 257.65 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 285.14 257.65 Td (and ) Tj ET Q q 0 0 0 rg BT 300.26 257.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 338.49 257.65 Td (debentures.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 237.75 Td (Market capitalization consists of the market value of the Companys common shares, common share purchase warrants, the par value of senior ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 223.85 Td (unsecured debentures, convertible debentures and mortgages, loans and credit facilities.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 203.90 Td (EBITDA is calculated as net income, adding back income tax expense, interest expense and amortization and excluding the increase or decrease ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 190.00 Td (in the value of investment properties, other gains \(losses\) and \(expenses\) and other non-cash items.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 170.05 Td (Fixed charges include financing costs and capitalized interest in the calculation of interest expense and removes non-cash interest on convertible ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 156.15 Td (debentures.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 136.25 Td (Unencumbered ) Tj ET Q q 0 0 0 rg BT 110.49 136.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 134.52 136.25 Td (include ) Tj ET Q q 0 0 0 rg BT 162.57 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.39 136.25 Td (value ) Tj ET Q q 0 0 0 rg BT 197.31 136.25 Td (of ) Tj ET Q q 0 0 0 rg BT 206.68 136.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 230.71 136.25 Td (that ) Tj ET Q q 0 0 0 rg BT 246.76 136.25 Td (have ) Tj ET Q q 0 0 0 rg BT 265.91 136.25 Td (not ) Tj ET Q q 0 0 0 rg BT 279.73 136.25 Td (been ) Tj ET Q q 0 0 0 rg BT 299.77 136.25 Td (pledged ) Tj ET Q q 0 0 0 rg BT 330.04 136.25 Td (as ) Tj ET Q q 0 0 0 rg BT 340.74 136.25 Td (security ) Tj ET Q q 0 0 0 rg BT 370.10 136.25 Td (under ) Tj ET Q q 0 0 0 rg BT 393.26 136.25 Td (any ) Tj ET Q q 0 0 0 rg BT 408.41 136.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 430.67 136.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 469.82 136.25 Td (or ) Tj ET Q q 0 0 0 rg BT 479.63 136.25 Td (mortgage, ) Tj ET Q q 0 0 0 rg BT 516.56 136.25 Td (excluding ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 122.30 Td (investment ) Tj ET Q q 0 0 0 rg BT 92.39 122.30 Td (properties ) Tj ET Q q 0 0 0 rg BT 127.66 122.30 Td (under ) Tj ET Q q 0 0 0 rg BT 149.17 122.30 Td (development ) Tj ET Q q 0 0 0 rg BT 194.23 122.30 Td (and ) Tj ET Q q 0 0 0 rg BT 208.62 122.30 Td (deferred ) Tj ET Q q 0 0 0 rg BT 238.57 122.30 Td (tax ) Tj ET Q q 0 0 0 rg BT 249.84 122.30 Td (assets. ) Tj ET Q q 0 0 0 rg BT 274.45 122.30 Td (The ) Tj ET Q q 0 0 0 rg BT 288.84 122.30 Td (unencumbered ) Tj ET Q q 0 0 0 rg BT 342.36 122.30 Td (asset ) Tj ET Q q 0 0 0 rg BT 361.18 122.30 Td (value ) Tj ET Q q 0 0 0 rg BT 380.46 122.30 Td (ratio ) Tj ET Q q 0 0 0 rg BT 396.62 122.30 Td (is ) Tj ET Q q 0 0 0 rg BT 403.45 122.30 Td (calculated ) Tj ET Q q 0 0 0 rg BT 439.62 122.30 Td (as ) Tj ET Q q 0 0 0 rg BT 448.67 122.30 Td (unencumbered ) Tj ET Q q 0 0 0 rg BT 502.18 122.30 Td (assets ) Tj ET Q q 0 0 0 rg BT 524.56 122.30 Td (divided ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 108.40 Td (by ) Tj ET Q q 0 0 0 rg BT 64.22 108.40 Td (the ) Tj ET Q q 0 0 0 rg BT 77.12 108.40 Td (principal ) Tj ET Q q 0 0 0 rg BT 108.68 108.40 Td (amount ) Tj ET Q q 0 0 0 rg BT 136.69 108.40 Td (of ) Tj ET Q q 0 0 0 rg BT 145.14 108.40 Td (the ) Tj ET Q q 0 0 0 rg BT 158.03 108.40 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 196.27 108.40 Td (debt.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 88.45 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 86.01 88.45 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 133.56 88.45 Td (equity ) Tj ET Q q 0 0 0 rg BT 156.23 88.45 Td (is ) Tj ET Q q 0 0 0 rg BT 163.79 88.45 Td (calculated ) Tj ET Q q 0 0 0 rg BT 200.68 88.45 Td (on ) Tj ET Q q 0 0 0 rg BT 211.35 88.45 Td (a ) Tj ET Q q 0 0 0 rg BT 217.58 88.45 Td (rolling ) Tj ET Q q 0 0 0 rg BT 240.24 88.45 Td (four ) Tj ET Q q 0 0 0 rg BT 255.80 88.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 282.48 88.45 Td (basis.) Tj ET Q endstream endobj 221 0 obj <> endobj 222 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (108) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 694.45 Td (The Companys strategy involves maintaining its financial strength and improving the above ratios to allow continued access to capital at the lowest ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 680.50 Td (possible cost. The Companys senior unsecured debentures are currently rated ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 322.48 680.50 Td (BBB \(high\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.71 680.50 Td ( with a ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 385.17 680.50 Td (stable) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 405.17 680.50 Td ( trend by Dominion Bond Rating Service ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 666.60 Td (Ltd. and ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 84.24 666.60 Td (Baa2) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 102.03 666.60 Td ( with a ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 126.48 666.60 Td (stable) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 146.48 666.60 Td ( outlook by Moodys Investors Service.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 646.65 Td (The Companys long-term financial objectives have remained substantially unchanged during the past ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 399.83 646.65 Td (eight) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 416.28 646.65 Td ( years. Since becoming an investment ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 632.75 Td (grade rated company in May 2005, the Company has financed its growth through common shares, warrants and convertible debentures ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 618.85 Td (\(cashless\) for the equity component and through senior unsecured debentures, mortgages and credit facilities for the debt component.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 598.90 Td (The Companys long-term financing strategy is based on maintaining flexibility in accessing various forms of debt and equity capital by maintaining ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 585.00 Td (a pool of unencumbered assets and investment grade credit ratings from rating agencies. The Company periodically re-evaluates its overall ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 571.05 Td (financing and capital execution strategy to ensure the best access to available capital at the lowest possible cost.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 551.15 Td (The Company is subject to financial covenants in agreements governing its senior unsecured debentures and secured revolving credit facilities. ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 537.25 Td (The Company is in compliance with all of its applicable financial covenants.) Tj ET Q BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 502.30 Td (11. MORTGAGES AND CREDIT FACILITIES) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 485.8 m 378.5 485.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 473.8 m 378.5 473.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 485.8 m 438.5 485.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 473.8 m 438.5 473.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 485.8 m 498.5 485.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 473.8 m 498.5 473.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 485.8 m 558.5 485.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 473.8 m 558.5 473.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 461.8 m 378.5 461.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 461.8 m 438.5 461.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 461.8 m 498.5 461.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 461.8 m 558.5 461.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 434.8 m 378.5 434.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 419.8 m 378.5 419.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 434.8 m 438.5 434.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 419.8 m 438.5 419.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 434.8 m 498.5 434.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 419.8 m 498.5 419.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 434.8 m 558.5 434.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 419.8 m 558.5 419.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 380.8 m 378.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 365.8 m 378.5 365.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 380.8 m 438.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 365.8 m 438.5 365.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 380.8 m 498.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 365.8 m 498.5 365.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 380.8 m 558.5 380.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 365.8 m 558.5 365.8 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 476.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 492.20 476.46 Td (December 31, 2012) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 412.40 464.46 Td (Canada) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 485.65 464.46 Td (US) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 540.30 464.46 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 451.76 Td (Fixed rate mortgages) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 451.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.20 451.53 Td (1,586,897) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 451.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 451.53 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.00 451.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 451.53 Td (1,586,897) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 439.01 Td (Floating rate mortgages and secured credit facilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 439.13 Td (36,443) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 439.18 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.40 439.13 Td (36,443) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 424.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.20 424.18 Td (1,623,340) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 424.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 424.18 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.00 424.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 424.18 Td (1,623,340) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 409.76 Td (Current) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 409.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 403.50 409.53 Td (242,950) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 409.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 409.53 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.00 409.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 409.53 Td (242,950) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 397.76 Td (Mortgages on investment properties classified as held for sale) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 408.40 397.53 Td (41,583) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 397.53 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 528.40 397.53 Td (41,583) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 385.01 Td (Non-current) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.20 385.18 Td (1,338,807) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 385.18 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 385.18 Td (1,338,807) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 370.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 396.20 370.18 Td (1,623,340) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 370.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 487.30 370.18 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 501.00 370.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 370.18 Td (1,623,340) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 340.79999999999995 m 378.5 340.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 328.79999999999995 m 378.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 340.79999999999995 m 438.5 340.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 328.79999999999995 m 438.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 340.79999999999995 m 498.5 340.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 328.79999999999995 m 498.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 340.79999999999995 m 558.5 340.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 328.79999999999995 m 558.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 316.79999999999995 m 378.5 316.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 316.79999999999995 m 438.5 316.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 328.79999999999995 m 498.5 328.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 316.79999999999995 m 498.5 316.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 316.79999999999995 m 558.5 316.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 316.79999999999995 m 498.5 316.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 276.79999999999995 m 378.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 261.79999999999995 m 378.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 276.79999999999995 m 438.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 261.79999999999995 m 438.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 276.79999999999995 m 498.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 261.79999999999995 m 498.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 276.79999999999995 m 558.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 261.79999999999995 m 558.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 222.79999999999995 m 378.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 207.79999999999995 m 378.5 207.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 222.79999999999995 m 438.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 207.79999999999995 m 438.5 207.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 222.79999999999995 m 498.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 207.79999999999995 m 498.5 207.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 222.79999999999995 m 558.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 207.79999999999995 m 558.5 207.79999999999995 l s BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 331.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 331.66 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.40 319.66 Td (Canada) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 486.05 319.66 Td (US) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.25 319.66 Td (Total) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 305.76 Td (Fixed rate mortgages) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.00 306.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 399.70 306.76 Td (1,396,118) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 306.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 306.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 306.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 306.76 Td (1,396,118) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 293.76 Td (Floating rate mortgages and secured credit facilities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 410.50 294.71 Td (13,654) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 294.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.50 294.71 Td (13,654) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 280.71 Td (Floating rate secured and unsecured revolving credit facilities) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 406.05 281.01 Td (138,801) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.50 281.01 Td (35,595) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.05 281.01 Td (174,396) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 266.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 399.70 266.06 Td (1,548,573) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 266.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 266.06 Td (35,595) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 266.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 266.06 Td (1,584,168) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 250.76 Td (Current) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 381.00 251.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.30 251.76 Td (184,938) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 251.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 251.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 251.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 251.76 Td (184,938) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 238.76 Td (Mortgages on investment properties classified as held for sale) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 410.80 239.76 Td (22,267) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 239.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 239.76 Td (22,267) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 226.71 Td (Non-current) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 399.40 227.01 Td (1,341,368) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.50 227.01 Td (35,595) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.40 227.01 Td (1,376,963) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 212.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 399.70 212.06 Td (1,548,573) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 212.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 212.06 Td (35,595) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 212.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 212.06 Td (1,584,168) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 188.35 Td (Mortgages and the secured credit facilities are secured by investment properties. Of the fair value of investment properties of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 476.71 188.35 Td ($7.0 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 514.50 188.35 Td ( as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 174.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 174.45 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 127.36 174.45 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 195.84 174.45 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 204.28 174.45 Td ($5.9 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 242.08 174.45 Td (\), approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 298.52 174.45 Td ($3.7 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 336.31 174.45 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 341.20 174.45 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 409.67 174.45 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 418.12 174.45 Td ($3.3 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 455.91 174.45 Td (\) has been pledged as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 160.50 Td (security under the mortgages and the secured credit facilities.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 140.60 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.34 140.60 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.81 140.60 Td (, the fair value of the Companys mortgages, loans and credit facilities was approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 432.72 140.60 Td ($1.7 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 470.51 140.60 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 126.70 Td (\() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.66 126.70 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 125.14 126.70 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.59 126.70 Td ($1.7 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 171.38 126.70 Td (\).) Tj ET Q endstream endobj 223 0 obj <> endobj 224 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (109) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F8 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (\(i\) Mortgages) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (Mortgages bear coupon interest at a weighted average interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.59 680.50 Td (5.28%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 312.27 680.50 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 322.94 680.50 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 391.41 680.50 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 396.30 680.50 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 464.78 680.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.23 680.50 Td (5.88%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 495.91 680.50 Td (\) and mature in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (the years ranging from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 132.23 666.60 Td (2013 to 2025) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 178.48 666.60 Td (. The weighted average effective interest rate on all fixed rate mortgage financing at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 460.75 666.60 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 529.23 666.60 Td ( is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 652.65 Td (4.98%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.68 652.65 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 81.57 652.65 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.04 652.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 158.49 652.65 Td (5.68%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.17 652.65 Td (\).) Tj ET Q BT /F8 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (\(ii\) Credit facilities) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (On ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.01 618.85 Td (June29, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 115.82 618.85 Td (, the Company reduced pricing on, and extended the maturity of, its ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 347.44 618.85 Td ($500.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 396.35 618.85 Td ( senior unsecured revolving credit facility ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (with a syndicate of Canadian chartered banks. The facility will mature on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.16 604.90 Td (June 30, 2014) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 350.97 604.90 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 585.00 Td (In connection with the First Medical acquisition \(Note 5\), the Company assumed a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 334.50 585.00 Td ($13.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.96 585.00 Td ( secured credit facility with a Canadian chartered ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 571.05 Td (bank. This facility was terminated in the fourth quarter of 2012. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 551.15 Td (On December 31, 2012, the Company reduced pricing on, extended the maturity to December 2014, and increased the capacity of its existing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 537.25 Td ($50.0 million secured credit facility with a Canadian chartered bank to $75.0 million. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 342.52 537.25 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 517.30 Td (The following table summarizes the details of the Companys lines of credit as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.03 517.30 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.50 517.30 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 500.8 m 190.5 500.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 479.8 m 190.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 500.8 m 240.5 500.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 190.5 479.8 m 240.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 500.8 m 293.5 500.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 240.5 479.8 m 293.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 500.8 m 346.5 500.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 293.5 479.8 m 346.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 500.8 m 396.5 500.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 479.8 m 396.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 500.8 m 483.5 500.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 479.8 m 483.5 479.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 500.8 m 558.5 500.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 479.8 m 558.5 479.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 426.8 m 190.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 405.8 m 190.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 190.5 426.8 m 240.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 190.5 405.8 m 240.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 240.5 426.8 m 293.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 405.8 m 293.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 293.5 426.8 m 346.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 405.8 m 346.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 346.5 426.8 m 396.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 405.8 m 396.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 396.5 426.8 m 483.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 405.8 m 483.5 405.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 426.8 m 558.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 405.8 m 558.5 405.8 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 490.81 Td (\(thousands of Canadian dollars, ) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 483.81 Td (except other data\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 207.05 490.81 Td (Borrowing) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 211.70 483.81 Td (Capacity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 263.55 490.81 Td (Amounts) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 270.90 483.81 Td (Drawn) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 307.20 490.81 Td (Outstanding) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 296.30 483.81 Td (Letters of Credit) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 350.20 490.81 Td (Available to be) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 373.90 483.81 Td (Drawn) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 439.15 483.81 Td (Interest Rates) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 515.30 483.81 Td (Maturity Date) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 469.71 Td (Secured by development properties) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 193.00 469.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 212.75 469.71 Td (75,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.00 469.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.25 469.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.00 469.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 335.25 469.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 349.00 469.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 368.80 469.76 Td (75,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.95 469.01 Td (BA + 1.50% or) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 428.05 461.01 Td (Prime + 0.50%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.50 461.01 Td (December 31, 2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 446.71 Td (Unsecured) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 208.35 446.71 Td (500,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.25 446.71 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 316.15 446.71 Td (\(43,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 343.30 446.71 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 364.30 446.71 Td (456,409) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.95 446.71 Td (C$ at BA + 1.50% or) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.15 438.71 Td (Prime + 0.50% or) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.45 430.71 Td (US$ at LIBOR + 1.50%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 505.15 446.71 Td (June 30, 2014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 410.01 Td (Total secured and unsecured facilities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 193.00 410.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 208.35 410.01 Td (575,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 243.00 410.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.25 410.01 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 296.00 410.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 316.15 410.01 Td (\(43,591) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 343.30 410.01 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 349.00 410.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 364.30 410.01 Td (531,409) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 377.40 Td (Principal repayments of mortgages and credit facilities outstanding as at ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 299.35 377.40 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 367.83 377.40 Td ( are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 366.9 m 318.5 366.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 345.9 m 318.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 366.9 m 378.5 366.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 345.9 m 378.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 366.9 m 438.5 366.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 345.9 m 438.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 366.9 m 498.5 366.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 345.9 m 498.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 366.9 m 558.5 366.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 345.9 m 558.5 345.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 270.9 m 318.5 270.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 255.89999999999998 m 318.5 255.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 270.9 m 378.5 270.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 255.89999999999998 m 378.5 255.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 270.9 m 438.5 270.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 255.89999999999998 m 438.5 255.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 270.9 m 498.5 270.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 255.89999999999998 m 498.5 255.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 270.9 m 558.5 270.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 255.89999999999998 m 558.5 255.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 240.89999999999998 m 318.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 225.89999999999998 m 318.5 225.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 240.89999999999998 m 378.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 225.89999999999998 m 378.5 225.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 240.89999999999998 m 438.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 225.89999999999998 m 438.5 225.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 240.89999999999998 m 498.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 225.89999999999998 m 498.5 225.89999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 240.89999999999998 m 558.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 225.89999999999998 m 558.5 225.89999999999998 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 349.91 Td (\(thousands of Canadian dollars, except other data\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 343.45 356.91 Td (Scheduled) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 338.05 349.91 Td (Amortization) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 396.50 356.91 Td (Payments on) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 410.85 349.91 Td (Maturity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 481.25 349.91 Td (Total) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 502.20 356.91 Td (Weighted Average) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 517.25 349.91 Td (Interest Rate) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 334.86 Td (2013) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 321.00 335.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 350.80 335.86 Td (42,148) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 335.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.30 335.86 Td (199,829) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 335.86 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 335.86 Td (241,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 335.86 Td (5.01) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 335.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 322.86 Td (2014) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 350.50 323.86 Td (36,391) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.05 323.86 Td (265,410) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.05 323.86 Td (301,801) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 323.86 Td (6.03) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 323.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 310.86 Td (2015) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 350.50 311.86 Td (28,672) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.05 311.86 Td (223,195) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.05 311.86 Td (251,867) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 311.86 Td (4.97) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 311.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 298.86 Td (2016) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 350.50 299.86 Td (22,869) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.05 299.86 Td (150,894) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.05 299.86 Td (173,763) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 299.86 Td (5.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 299.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 286.86 Td (2017) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 350.50 287.86 Td (20,063) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.50 287.86 Td (65,606) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.50 287.86 Td (85,669) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 287.86 Td (5.36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 287.86 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 274.81 Td (Thereafter) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 350.50 275.11 Td (60,137) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.05 275.11 Td (493,898) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.05 275.11 Td (554,035) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 275.16 Td (5.17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 275.11 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 260.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 346.30 260.11 Td (210,280) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 260.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 399.70 260.16 Td (1,398,832) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 260.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 260.16 Td (1,609,112) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 260.16 Td (5.28) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 260.11 Td (%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 244.81 Td (Unamortized deferred financing costs, premiums and discounts, net ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 291.92 247.61 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 470.80 245.16 Td (14,228) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 230.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 230.86 Td (1,623,340) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 560.00 226.40 Td ( ) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 212.05 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 209.95 Td (Includes ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 86.34 209.95 Td ($3.8 million) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 116.35 209.95 Td ( of deferred financing costs, premiums and discounts, net, classified as current on the consolidated balance sheets. ) Tj ET Q endstream endobj 225 0 obj <> endobj 226 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (110) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (12. SENIOR UNSECURED DEBENTURES) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.8 m 134.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 640.8 m 134.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134.5 659.8 m 161.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134.5 640.8 m 161.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 659.8 m 231.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 161.5 640.8 m 231.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 659.8 m 291.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 231.5 640.8 m 291.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 659.8 m 351.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 640.8 m 351.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 659.8 m 417.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 640.8 m 417.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 659.8 m 483.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 640.8 m 483.5 640.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 659.8 m 549.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 640.8 m 549.5 640.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 231.5 628.8 m 291.5 628.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 628.8 m 351.5 628.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 609.8 m 134.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134.5 609.8 m 161.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 161.5 609.8 m 231.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 231.5 609.8 m 291.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 609.8 m 351.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 609.8 m 417.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 609.8 m 483.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 609.8 m 549.5 609.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 381.8 m 134.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 366.8 m 134.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134.5 381.8 m 161.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134.5 366.8 m 161.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 161.5 381.8 m 231.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 366.8 m 231.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 231.5 381.8 m 291.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 366.8 m 291.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 381.8 m 351.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 366.8 m 351.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 381.8 m 417.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 366.8 m 417.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 381.8 m 483.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 366.8 m 483.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 381.8 m 549.5 381.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 366.8 m 549.5 366.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 342.8 m 134.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 327.8 m 134.5 327.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 134.5 342.8 m 161.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 134.5 327.8 m 161.5 327.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 161.5 342.8 m 231.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 161.5 327.8 m 231.5 327.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 231.5 342.8 m 291.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 327.8 m 291.5 327.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 342.8 m 351.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 327.8 m 351.5 327.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 342.8 m 417.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 327.8 m 417.5 327.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 342.8 m 483.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 327.8 m 483.5 327.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 483.5 342.8 m 549.5 342.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 327.8 m 549.5 327.8 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 644.81 Td (\(thousands of Canadian dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 385.60 644.91 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 486.05 644.81 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 272.10 631.66 Td (Interest Rate) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 613.81 Td (Maturity Date) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 138.55 613.81 Td (Series) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 613.81 Td (Date of Issue) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 249.50 613.81 Td (Coupon) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 308.55 613.81 Td (Effective) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.75 619.46 Td (Principal) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 377.00 612.46 Td (Outstanding) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 455.45 613.91 Td (Liability) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 523.80 613.81 Td (Liability) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 600.66 Td (June 21, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.35 600.66 Td (A) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 600.66 Td (June 21, 2005) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 600.66 Td (5.08%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 600.66 Td (5.29%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 354.00 600.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 407.65 600.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 420.00 600.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.65 600.46 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 486.00 600.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 600.66 Td (99,800) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 588.66 Td (April 1, 2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.15 588.66 Td (D) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 588.66 Td (September 18, 2006) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 588.66 Td (5.34%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 588.66 Td (5.51%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 407.65 588.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.65 588.46 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 588.66 Td (96,805) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 576.66 Td (January 31, 2014) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.55 576.66 Td (E) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 576.66 Td (January 31, 2007) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 576.66 Td (5.36%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 576.66 Td (5.52%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 576.46 Td (53,943) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 576.46 Td (53,893) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 576.66 Td (99,756) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 564.66 Td (October 30, 2014) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.55 564.66 Td (F) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 564.66 Td (April 5, 2007) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 564.66 Td (5.32%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 564.66 Td (5.47%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 564.46 Td (100,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 564.46 Td (99,809) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 564.66 Td (99,673) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 552.66 Td (June 1, 2015) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.15 552.66 Td (G) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 552.66 Td (November 20, 2009) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 552.66 Td (5.95%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 552.66 Td (6.13%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 552.46 Td (125,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 452.85 552.46 Td (124,502) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.35 552.71 Td (124,317) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 540.66 Td (January 31, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 144.95 540.66 Td (H) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 540.66 Td (January 21, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 540.66 Td (5.85%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 540.66 Td (5.99%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 540.46 Td (125,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 452.85 540.46 Td (124,358) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.35 540.71 Td (124,224) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 528.66 Td (November 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 146.50 528.66 Td (I) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 528.66 Td (April 13, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 528.66 Td (5.70%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 528.66 Td (5.85%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 528.46 Td (50,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 528.46 Td (49,683) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 528.66 Td (49,628) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 516.66 Td (November 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 146.50 516.66 Td (I) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 516.66 Td (April 13, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 516.66 Td (5.70%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 516.66 Td (5.82%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 516.46 Td (25,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 516.46 Td (24,874) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 516.66 Td (24,853) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 504.66 Td (November 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 146.50 504.66 Td (I) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 504.66 Td (June 14, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 504.66 Td (5.70%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 504.66 Td (5.70%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 504.46 Td (50,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 504.46 Td (49,992) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 504.66 Td (49,992) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 492.66 Td (August 30, 2018) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.90 492.66 Td (J) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 492.66 Td (July 12, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 492.66 Td (5.25%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 492.66 Td (5.66%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 492.46 Td (50,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 492.46 Td (49,167) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 492.66 Td (49,014) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 480.66 Td (November 30, 2018) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.35 480.66 Td (K) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 480.66 Td (August 25, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 480.66 Td (4.95%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 480.66 Td (5.30%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 480.46 Td (50,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 480.46 Td (49,123) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 480.66 Td (49,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 468.66 Td (November 30, 2018) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.35 468.66 Td (K) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 468.66 Td (October 26, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 468.66 Td (4.95%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 468.66 Td (5.04%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 468.46 Td (50,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 468.46 Td (49,768) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 468.66 Td (49,734) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 456.66 Td (July 30, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.75 456.66 Td (L) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 456.66 Td (January 21, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 456.66 Td (5.48%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 456.66 Td (5.61%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 456.46 Td (150,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 452.85 456.46 Td (148,946) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.35 456.71 Td (148,817) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 444.66 Td (April 30, 2020) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 144.55 444.66 Td (M) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 444.66 Td (March 30, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 444.66 Td (5.60%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 444.66 Td (5.73%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 444.46 Td (110,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 452.85 444.46 Td (109,160) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.35 444.71 Td (109,070) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 432.66 Td (April 30, 2020) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 144.55 432.66 Td (M) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 432.66 Td (June 13, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 432.66 Td (5.60%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 432.66 Td (5.39%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 432.46 Td (65,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 432.46 Td (65,821) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 525.20 432.66 Td (65,911) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 420.66 Td (March 1, 2021) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 144.95 420.66 Td (N) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 420.66 Td (April 4, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 420.66 Td (4.50%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 420.66 Td (4.63%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 420.46 Td (175,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 452.85 420.46 Td (173,522) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.65 420.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 408.66 Td (January 31, 2022) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.15 408.66 Td (O) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 408.66 Td (June 1, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 408.66 Td (4.43%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 408.66 Td (4.55%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 408.46 Td (100,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 408.46 Td (99,082) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.65 408.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 396.66 Td (January 31, 2022) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.15 396.66 Td (O) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 396.66 Td (July 17, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 396.66 Td (4.43%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 396.66 Td (4.44%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 391.10 396.46 Td (50,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 457.10 396.46 Td (49,948) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.65 396.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 384.66 Td (December 5, 2022) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 145.35 384.66 Td (P) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 164.00 384.66 Td (December 5, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 384.66 Td (3.95%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 384.66 Td (4.15%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 386.85 384.46 Td (150,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 452.85 384.46 Td (147,425) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.65 384.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 251.05 370.81 Td (5.15%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 311.05 370.81 Td (5.29%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 354.00 370.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 380.40 370.91 Td (1,478,943) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 420.00 370.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 446.40 370.91 Td (1,469,073) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 486.00 370.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 515.50 370.81 Td (1,240,594) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 357.66 Td (Current) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 420.00 357.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.65 357.46 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 486.00 357.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 521.35 357.71 Td (100,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 345.66 Td (Non-current) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 446.40 345.46 Td (1,469,073) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 515.50 345.66 Td (1,140,594) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 420.00 331.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 446.40 331.91 Td (1,469,073) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 486.00 331.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 515.50 331.81 Td (1,240,594) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 308.35 Td (Interest on the senior unsecured debentures is payable semi-annually and principal is payable on maturity.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 288.45 Td (On August29, 2012, the Company redeemed in full the $97.0 million principal amount outstanding of its 5.34% Series D senior unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 274.50 Td (debentures. The debentures were redeemed at a price of 1,023.33 for each $1,000 principal amount of Debentures outstanding, consisting of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 260.60 Td (Canada Yield Price \(as defined in the Trust Indenture pursuant to which the Debentures were issued\) calculated on July 30, 2012. In addition, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 246.70 Td (accrued but unpaid interest was paid on the Debentures up to but excluding the redemption date. In connection with the redemption, total ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 232.75 Td (proceeds of $101.4 million were paid to the holders, which consisted of $97.0 million of principal, $2.3 million in premium \(Note 20\) and $2.1 ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 218.85 Td (million in accrued but unpaid interest.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 198.90 Td (On December 31, 2012, First Capital Realty redeemed $44.1 million of the $98.1 million outstanding principal amount of its 5.36% Series E ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 185.00 Td (senior unsecured debentures. The debentures were redeemed at a price of $1,042.69 for each $1,000 principal amount of Debentures ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 171.10 Td (outstanding, consisting of the Canada Yield Price \(as defined in the Trust Indenture pursuant to which the Debentures were issued\) calculated on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 157.15 Td (November 29, 2012. In addition, accrued but unpaid interest was paid on the Debentures up to but excluding the redemption date. In connection ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 143.25 Td (with the redemption, total proceeds of $47.0 million were paid to the holders, which consisted of $44.1 million of principal, $1.9 million in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 129.30 Td (premium \(Note 20\) and $1.0 million in accrued but unpaid interest.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 109.40 Td (The fair value of the senior unsecured debentures is approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 281.59 109.40 Td ($1.6 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 319.38 109.40 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 330.05 109.40 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.53 109.40 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 403.42 109.40 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 471.89 109.40 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.34 109.40 Td ($1.3 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 518.13 109.40 Td (\) based ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 95.50 Td (on closing bid spreads and current underlying Government of Canada bond yields.) Tj ET Q endstream endobj 227 0 obj <> endobj 228 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (111) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (13. CONVERTIBLE DEBENTURES) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.8 m 125.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 647.8 m 125.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 659.8 m 198.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 125.5 647.8 m 198.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 659.8 m 243.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 647.8 m 243.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 659.8 m 288.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 647.8 m 288.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 659.8 m 333.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 288.5 647.8 m 333.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 659.8 m 378.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 647.8 m 378.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 659.8 m 423.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 647.8 m 423.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 659.8 m 468.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 647.8 m 468.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 659.8 m 513.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 647.8 m 513.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 659.8 m 558.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 647.8 m 558.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 635.8 m 243.5 635.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 635.8 m 288.5 635.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 623.8 m 125.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 125.5 623.8 m 198.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 623.8 m 243.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 623.8 m 288.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 288.5 623.8 m 333.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 623.8 m 378.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 623.8 m 423.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 623.8 m 468.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 623.8 m 513.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 623.8 m 558.5 623.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 527.8 m 125.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 512.8 m 125.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 125.5 527.8 m 198.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 125.5 512.8 m 198.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198.5 527.8 m 243.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 512.8 m 243.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 243.5 527.8 m 288.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 243.5 512.8 m 288.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 288.5 527.8 m 333.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 512.8 m 333.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 333.5 527.8 m 378.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 512.8 m 378.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 527.8 m 423.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 512.8 m 423.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 527.8 m 468.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 512.8 m 468.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 527.8 m 513.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 512.8 m 513.5 512.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 527.8 m 558.5 527.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 512.8 m 558.5 512.8 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 650.66 Td (\(thousands of Canadian dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 357.20 650.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 650.66 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 224.10 638.66 Td (Interest Rate) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 626.66 Td (Date of Issue) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 626.66 Td (Maturity Date) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 209.00 626.66 Td (Coupon) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 253.05 626.66 Td (Effective) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 302.75 626.46 Td (Principal) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 350.45 626.46 Td (Liability) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 400.55 626.46 Td (Equity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 438.90 626.66 Td (Principal) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 487.80 626.66 Td (Liability) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 536.70 626.66 Td (Equity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 614.66 Td (Various ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 80.60 617.11 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 614.66 Td (September 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 614.66 Td (5.50%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 614.66 Td (6.61%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 291.00 614.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 323.65 614.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.00 614.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 368.65 614.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 381.00 614.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 413.65 614.46 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 426.00 614.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.20 614.66 Td (19,866) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.00 614.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.20 614.66 Td (18,828) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 516.00 614.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 614.71 Td (1,060) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 602.66 Td (September 18, 2009) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 602.66 Td (December 31, 2016) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 602.66 Td (6.25%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 602.66 Td (7.64%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 323.65 602.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 368.65 602.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 413.65 602.46 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.20 602.66 Td (66,779) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.20 602.66 Td (62,993) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 602.71 Td (1,749) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 590.66 Td (December 30, 2009) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 590.66 Td (June 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 590.66 Td (5.70%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 590.66 Td (6.88%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 307.10 590.46 Td (46,092) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.10 590.46 Td (44,012) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 401.40 590.46 Td (1,031) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.20 590.66 Td (49,127) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.20 590.66 Td (46,501) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 590.71 Td (1,087) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 578.66 Td (April 28, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 578.66 Td (January 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 578.66 Td (5.40%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 578.66 Td (6.90%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 307.10 578.46 Td (57,500) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.10 578.46 Td (53,262) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 401.40 578.46 Td (2,192) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.20 578.66 Td (57,500) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.20 578.66 Td (52,715) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 578.71 Td (2,217) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 566.66 Td (August 9, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 566.66 Td (January 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 566.66 Td (5.25%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 566.66 Td (6.07%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 307.10 566.46 Td (57,500) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.10 566.46 Td (55,146) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 407.80 566.46 Td (390) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.20 566.66 Td (57,500) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.20 566.66 Td (54,835) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 543.95 566.66 Td (395) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 554.66 Td (December 15, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 554.66 Td (March 31, 2018) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 554.66 Td (5.25%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 554.66 Td (6.68%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 307.10 554.46 Td (50,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.10 554.46 Td (46,918) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 401.40 554.46 Td (1,155) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.20 554.66 Td (50,000) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 489.20 554.66 Td (46,456) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 554.71 Td (1,168) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 542.66 Td (February 16, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 542.66 Td (March 31, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 542.66 Td (4.95%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 542.66 Td (6.51%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 307.10 542.46 Td (75,000) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.10 542.46 Td (70,712) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 401.40 542.46 Td (1,495) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 458.65 542.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 503.65 542.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.65 542.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 530.66 Td (May 22, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 128.00 530.66 Td (July 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 530.66 Td (4.75%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 530.66 Td (6.19%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 307.10 530.46 Td (52,500) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 352.10 530.46 Td (48,744) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 401.40 530.46 Td (1,439) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 458.65 530.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 503.65 530.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.65 530.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 210.55 516.81 Td (5.19%) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 255.55 516.81 Td (6.53%) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 291.00 516.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 302.85 516.91 Td (338,592) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 336.00 516.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 347.85 516.91 Td (318,794) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 381.00 516.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 401.40 516.91 Td (7,702) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 426.00 516.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 440.30 516.81 Td (300,772) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 471.00 516.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 485.35 516.86 Td (282,328) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 516.00 516.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.10 516.86 Td (7,676) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 55.00 498.95 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 496.85 Td (Issued in three tranches: December 2005, November 2006 and June 2007 for original principal amounts of $100 million, $100 million and $50 million, respectively. ) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 476.90 Td (\(a\) Principal and Interest) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 463.00 Td (The Company has the option of repaying the convertible debentures on maturity through the issuance of common shares at 97% of the weighted ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 449.10 Td (average trading price of the Companys common shares. The Company also has the option of paying the semi-annual interest through the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 435.15 Td (issuance of common shares valued in the same manner. In addition, the Company has the option of repaying the convertible debentures prior to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 421.25 Td (the maturity date under certain circumstances, either in cash or in common shares. Consistent with existing practice, it is the Companys current ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 407.30 Td (intention to continue to satisfy its obligations of principal and interest payments in respect of all of its outstanding convertible debentures by the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 393.40 Td (issuance of common shares. Since issuance, the Company has made all principal and interest payments on its convertible debentures using ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 379.50 Td (common shares.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 359.55 Td (During the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 91.79 359.55 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 200.28 359.55 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 204.72 359.55 Td (1.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 240.28 359.55 Td ( common shares \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.61 359.55 Td (year ended December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.10 359.55 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 418.54 359.55 Td (1.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 454.10 359.55 Td ( common shares\) were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 345.65 Td (issued for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 89.11 345.65 Td ($20.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.57 345.65 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.46 345.65 Td (year ended December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.94 345.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 255.39 345.65 Td ($19.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 299.85 345.65 Td (\) to pay interest to holders of the convertible debentures.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.70 Td (Each series of the Companys convertible unsecured subordinated debentures bears interest payable semi-annually and is convertible at the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 311.80 Td (option of the holders in the conversion periods into common shares of the Company at the conversion prices indicated below.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 295.29999999999995 m 115.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 262.29999999999995 m 115.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 295.29999999999995 m 151.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 115.5 262.29999999999995 m 151.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 295.29999999999995 m 197.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 151.5 262.29999999999995 m 197.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 295.29999999999995 m 255.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 262.29999999999995 m 255.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 295.29999999999995 m 365.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 255.5 262.29999999999995 m 365.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 295.29999999999995 m 479.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 365.5 262.29999999999995 m 479.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 295.29999999999995 m 541.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 479.5 262.29999999999995 m 541.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 541.5 295.29999999999995 m 554.5 295.29999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 541.5 262.29999999999995 m 554.5 262.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 182.29999999999995 m 115.5 182.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 182.29999999999995 m 151.5 182.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 151.5 182.29999999999995 m 197.5 182.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 182.29999999999995 m 255.5 182.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.5 182.29999999999995 m 365.5 182.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 182.29999999999995 m 479.5 182.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 182.29999999999995 m 541.5 182.29999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 541.5 182.29999999999995 m 554.5 182.29999999999995 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 266.31 Td (Maturity Date) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 125.00 273.31 Td (Coupon) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 134.35 266.31 Td (Rate) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 168.15 266.31 Td (TSX) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 201.65 280.31 Td (Holder Option to ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 205.35 273.31 Td (Convert at the ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 201.10 266.31 Td (Conversion Price) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 264.45 273.31 Td (Company Option to Redeem at ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 261.30 266.31 Td (Principal Amount \(conditional ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 351.15 268.76 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 356.28 266.31 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 380.15 273.31 Td (Company Option to Redeem ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 389.05 266.31 Td (at Principal Amount ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 449.73 268.76 Td (\(2\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.20 266.31 Td (Conversion Price) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 251.21 Td (June 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.10 251.21 Td (5.70) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.75 251.21 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.25 251.21 Td (FCR.DB.D) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.75 251.21 Td (2009-2016) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.00 251.21 Td (Jun 30, 2013 - Jun 29, 2015) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 379.00 251.21 Td (Jun 30, 2015 - Jun 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.00 251.21 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.10 251.21 Td (18.75) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 238.21 Td (January 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.10 238.21 Td (5.40) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.75 238.21 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 164.00 238.21 Td (FCR.DB.E) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.75 238.21 Td (2011-2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.00 238.21 Td (Jan 31, 2015 - Jan 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 379.00 238.21 Td (Jan 31, 2017 - Jan 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.00 238.21 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.10 238.21 Td (22.62) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 225.21 Td (January 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.10 225.21 Td (5.25) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.75 225.21 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 164.00 225.21 Td (FCR.DB.F) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.75 225.21 Td (2011-2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.00 225.21 Td (Jan 31, 2015 - Jan 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 379.00 225.21 Td (Jan 31, 2017 - Jan 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.00 225.21 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.10 225.21 Td (23.77) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 212.21 Td (March 31, 2018) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.10 212.21 Td (5.25) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.75 212.21 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.25 212.21 Td (FCR.DB.G) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.75 212.21 Td (2011-2018) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.00 212.21 Td (Mar 31, 2015 - Mar 30, 2016) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 379.00 212.21 Td (Mar 31, 2016 - Mar 30, 2018) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.00 212.21 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.10 212.21 Td (23.25) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 199.21 Td (March 31, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.10 199.21 Td (4.95) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.75 199.21 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.85 199.21 Td (FCR.DB.H) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.75 199.21 Td (2012-2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.00 199.21 Td (Mar 31, 2015 - Mar 30, 2016) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 379.00 199.21 Td (Mar 31, 2016 - Mar 31, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 488.00 199.21 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.10 199.21 Td (23.75) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 186.16 Td (July 31, 2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.10 186.16 Td (4.75) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 144.75 186.16 Td (%) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 165.95 186.16 Td (FCR.DB.I) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 214.75 186.16 Td (2012-2019) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 261.00 186.16 Td (Jul 31, 2015 - Jul 30, 2017) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 379.00 186.16 Td (Jul 31, 2017 - Jul 31, 2019) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 488.95 186.31 Td ($26.75 - $27.75) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 537.99 188.76 Td ( ) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 544.00 188.16 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 168.45 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 166.35 Td (Period of time during which the Company may redeem the debentures at their principal amount plus accrued and unpaid interest, provided that the volume weighted average trading price for ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 155.90 Td (the 20 consecutive trading days ending five days prior to the notice of redemption is not less than 125% of the Conversion Price, by giving between 30 and 60 days written notice.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 144.60 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 142.50 Td (Period of time during which the Company may redeem the debentures at their principal amount plus accrued and unpaid interest by giving between 30 and 60 days written notice.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 131.15 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 129.05 Td (These debentures are convertible at the option of the holder into common shares of the Company at a conversion price of $26.75 per common share until July 31, 2017 and $27.75 per ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 118.60 Td (common share thereafter.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 98.70 Td (The convertible unsecured subordinated debentures were issued pursuant to the Companys Trust Indenture dated December 19, 2005, as ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 84.75 Td (supplemented, and all rank pari passu.) Tj ET Q endstream endobj 229 0 obj <> endobj 230 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (112) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.20 Td (\(b\) Principal Redemptions) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.30 Td (On February15, 2012, the Company completed the redemption of its remaining ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.97 680.30 Td (5.50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 349.65 680.30 Td ( debentures, in accordance with their terms at par by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.35 Td (issuing common shares in satisfaction of the remaining principal outstanding and interest owing on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.95 666.35 Td (5.50%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 425.63 666.35 Td ( debentures so redeemed.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.45 Td (On September 30, 2012, the Company completed the redemption of its remaining ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.64 646.45 Td (6.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 356.32 646.45 Td ( convertible unsecured subordinated debentures in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.55 Td (accordance with their terms at par by issuing common shares in satisfaction of the remaining principal outstanding and interest owing on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.60 Td (6.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.68 618.60 Td ( debentures so redeemed.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 598.70 Td (\(c\) Normal Course Issuer Bid) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 584.75 Td (On August25, 2011, First Capital Realty commenced a normal course issuer bid \(NCIB\) for certain series of its convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 570.85 Td (subordinated debentures. On September19, 2011, the Company expanded its NCIB to include one additional series of convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 556.95 Td (subordinated debentures. On August27, 2012, the Company renewed its NCIB for all of its then outstanding series of convertible unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.00 Td (subordinated debentures. The NCIB will expire on August26, 2013 or such earlier date as First Capital Realty completes its purchases pursuant ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.10 Td (to the NCIB. All purchases made under the NCIB will be made through the facilities of the TSX or other Canadian marketplaces at market prices ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 515.15 Td (prevailing at the time of purchase and the timing of such purchases will be determined by First Capital Realty.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 495.25 Td (For the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 80.23 495.25 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 192.27 495.25 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 209.61 495.25 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.41 495.25 Td ( principal amounts purchased and amounts paid for the purchases are represented in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 481.35 Td (table below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 464.85 m 237.5 464.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 449.85 m 237.5 449.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 464.85 m 331.5 464.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 449.85 m 331.5 449.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 464.85 m 409.5 464.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 331.5 449.85 m 409.5 449.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 464.85 m 490.5 464.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 449.85 m 490.5 449.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 464.85 m 558.5 464.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 449.85 m 558.5 449.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 428.85 m 237.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 413.85 m 237.5 413.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 428.85 m 331.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 413.85 m 331.5 413.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 331.5 428.85 m 409.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 413.85 m 409.5 413.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 409.5 428.85 m 490.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 413.85 m 490.5 413.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 490.5 428.85 m 558.5 428.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 413.85 m 558.5 413.85 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 453.86 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 307.40 453.96 Td (Year ended December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 459.65 453.86 Td (Year ended December 31, 2011) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 272.75 439.96 Td ( Principal Amount) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 296.10 432.96 Td (Purchased) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 366.50 432.96 Td (Amount Paid) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 433.70 439.86 Td ( Principal Amount) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 455.10 432.86 Td (Purchased) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 516.45 432.86 Td (Amount Paid) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 417.76 Td (Total) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 288.00 418.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 306.30 418.53 Td (3,035) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 352.00 418.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 384.25 418.53 Td (3,315) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 439.00 418.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 467.25 418.81 Td (2,071) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 519.00 418.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 418.81 Td (2,067) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 394.40 Td (\(d\) Fair Value) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 380.50 Td (Based on the TSX closing bid prices, as at ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 198.48 380.50 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 266.96 380.50 Td (, the fair value of the convertible debentures was approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 482.54 380.50 Td ($347.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.45 380.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 54.00 366.55 Td (\() Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 56.66 366.55 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 125.14 366.55 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 133.59 366.55 Td ($318.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 182.49 366.55 Td (\).) Tj ET Q endstream endobj 231 0 obj <> endobj 232 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (113) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.00 691.30 Td (14. OTHER LIABILITIES) Tj ET Q 0.21176470588235294 0.20392156862745098 0.20784313725490197 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 674.8 m 379.5 674.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 662.8 m 379.5 662.8 l s 0.21176470588235294 0.20392156862745098 0.20784313725490197 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 674.8 m 420.5 674.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 662.8 m 420.5 662.8 l s 0.21176470588235294 0.20392156862745098 0.20784313725490197 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 674.8 m 489.5 674.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 662.8 m 489.5 662.8 l s 0.21176470588235294 0.20392156862745098 0.20784313725490197 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 674.8 m 558.5 674.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 662.8 m 558.5 662.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 595.8 m 379.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 580.8 m 379.5 580.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 379.5 595.8 m 420.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 580.8 m 420.5 580.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 595.8 m 489.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 580.8 m 489.5 580.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 595.8 m 558.5 595.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 580.8 m 558.5 580.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 665.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 391.50 665.66 Td ( Note) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 423.20 665.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 665.66 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 652.71 Td (Asset retirement obligations \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 652.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 652.48 Td (12,059) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 652.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 652.76 Td (2,888) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 639.71 Td (Ground leases payable \(b\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 639.48 Td (11,112) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 639.76 Td (8,747) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 626.71 Td (Loan payable \(c\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 391.45 626.71 Td ( 9\(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 626.48 Td (18,830) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.30 626.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 613.71 Td (Other liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.25 613.48 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 613.76 Td (213) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 600.01 Td (Deferred purchase price of investment property - shopping centre \(d\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 600.13 Td (20,026) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 547.30 600.06 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 585.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 585.13 Td (62,027) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 585.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 585.06 Td (11,848) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 561.35 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 561.35 Td (The Company has obligations for environmental remediation at certain sites within its portfolio. The amounts recorded as liabilities include ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 547.45 Td (those amounts recoverable or reimbursable from other parties \(Note 8\(a\)\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 527.50 Td (\(b\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 527.50 Td (The Company has elected to present all ground leases to which it is a lessee as investment properties at fair value, as permitted by IAS 40. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 513.60 Td (As such, the related finance lease liability is recognized on the consolidated balance sheets as an other liability at amortized cost. The implicit ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 499.70 Td (rates of interest on the ground leases range between ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 251.15 499.70 Td (5.68% and 9.75%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 313.85 499.70 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 479.75 Td (\(c\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 479.75 Td (In connection with the acquisition of a property, the Company assumed a third party loan that had previously been defeased. The ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 465.85 Td (defeasance collateral is a bond issued by an agency of the Canadian federal government. The effective interest rate of the loan is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 508.08 465.85 Td (1.25%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 530.76 465.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 451.90 Td (\(contractual rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 138.23 451.90 Td (5.96%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 160.91 451.90 Td (\) and matures in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 219.15 451.90 Td (November 2014) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 274.27 451.90 Td ( \(Note 9\(a\)\) and its fair value approximates carrying value.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 432.00 Td (\(d\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 432.00 Td (The deferred purchase price is expected to be settled in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 263.16 432.00 Td (May 2014) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 297.39 432.00 Td (. The effective interest rate is ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 396.96 432.00 Td (6.20%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.64 432.00 Td ( and its fair value approximates ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 418.10 Td (carrying value.) Tj ET Q endstream endobj 233 0 obj <> endobj 234 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (114) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (15. ACCOUNTS PAYABLE AND OTHER LIABILITIES) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.8 m 420.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 647.8 m 420.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 659.8 m 489.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 647.8 m 489.5 647.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 659.8 m 558.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 647.8 m 558.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 536.8 m 420.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 521.8 m 420.5 521.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 420.5 536.8 m 489.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 521.8 m 489.5 521.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 536.8 m 558.5 536.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 521.8 m 558.5 521.8 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 650.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 423.20 650.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 650.66 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 637.76 Td (Trade payables and accruals) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 637.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 637.53 Td (46,864) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 637.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 637.76 Td (32,182) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 625.76 Td (Construction and development payables) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 625.53 Td (49,838) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 625.76 Td (43,103) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 613.76 Td (Dividends payable) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 613.53 Td (43,375) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 613.76 Td (35,639) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 601.76 Td (Interest payable ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 601.53 Td (30,295) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 601.76 Td (28,167) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 589.76 Td (Tenant deposits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 589.53 Td (18,718) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 589.76 Td (15,531) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 577.76 Td (Derivatives at fair value \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 577.53 Td (2,311) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 577.76 Td (5,620) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 565.76 Td (Short positions in marketable securities \(b\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 565.53 Td (16,663) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 565.76 Td (20,458) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 553.76 Td (Loans payable \(c\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 553.53 Td (16,485) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 553.76 Td (9,340) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 541.71 Td (Other liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 478.25 541.13 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 541.06 Td (1,437) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 423.00 526.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.50 526.18 Td (224,549) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 526.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 526.06 Td (191,477) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 502.35 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 502.35 Td (The Company enters into forward contracts and interest rate swaps as part of its strategy for managing certain interest rate risks. These ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 488.45 Td (derivatives are measured at fair value, estimated using Level 2 inputs. For each of the contracts it enters into, the Company determines ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 474.50 Td (whether to apply hedge accounting. For those contracts to which the Company has applied hedge accounting, the Company has recorded the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 460.60 Td (changes in fair value for the effective portion of the derivative in other comprehensive income \(loss\) from the date of designation. For those ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 446.70 Td (interest rate swaps to which the Company does not apply hedge accounting, the change in fair value is recognized in other gains \(losses\) and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 432.75 Td (\(expenses\) \(Note 20\). The following are the fair values of the hedging instruments:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 416.25 m 233.5 416.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 395.25 m 233.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 416.25 m 305.5 416.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 233.5 395.25 m 305.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 416.25 m 415.5 416.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 305.5 395.25 m 415.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 416.25 m 484.5 416.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 395.25 m 484.5 395.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 416.25 m 553.5 416.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 395.25 m 553.5 395.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 346.25 m 233.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 330.25 m 233.5 330.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 233.5 346.25 m 305.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 330.25 m 305.5 330.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 305.5 346.25 m 415.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 330.25 m 415.5 330.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 415.5 346.25 m 484.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 330.25 m 484.5 330.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 346.25 m 553.5 346.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 330.25 m 553.5 330.25 l s BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 407.11 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 248.15 406.26 Td (Designated as ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 239.40 399.26 Td (Hedging Instrument) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 347.90 399.26 Td (Maturity) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 418.20 399.36 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 490.05 399.26 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 385.21 Td (Bond forward contracts) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 263.20 385.21 Td (Yes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 308.00 385.21 Td (Matured March 2012) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.00 384.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.25 384.98 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.00 385.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.60 385.21 Td (\(3,998) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.30 385.21 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 366.46 Td (Interest rate swaps) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 263.20 366.46 Td (Yes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 308.00 373.16 Td (December 2021 through) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 308.00 365.16 Td (October 2022) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.95 366.63 Td (\(975) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.30 366.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.30 366.51 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 352.16 Td (Interest rate swaps) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 264.10 350.46 Td (No) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 308.00 350.46 Td (May 2018) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.55 350.58 Td (\(1,336) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.30 350.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.60 350.51 Td (\(1,622) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.30 350.46 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 418.00 334.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 456.55 334.58 Td (\(2,311) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.30 334.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.00 334.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.60 334.51 Td (\(5,620) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.30 334.46 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 310.85 Td (\(b\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 310.85 Td (The Company invests from time to time in long and short positions in publicly traded real estate and related securities \(Note 7\). These ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 296.90 Td (securities are recorded at market value. Unrealized gains and losses on FVTPL securities are recorded in other gains \(losses\) and \(expenses\). ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 283.00 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 76.84 283.00 Td (December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 145.31 283.00 Td (, a restricted cash balance of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 245.33 283.00 Td ($17.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.79 283.00 Td ( was maintained on account with the Companys security broker as collateral ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 269.10 Td (for the Companys investment in short positions. This restricted cash balance is recorded in other assets \(current\) \(Note 9\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 249.15 Td (\(c\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 249.15 Td (Loans payable includes a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.07 249.15 Td ($16.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 199.53 249.15 Td ( mortgage loan \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.64 249.15 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 323.11 249.15 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 331.56 249.15 Td ($9.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 371.57 249.15 Td (\) bearing interest at an effective rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 504.04 249.15 Td (1%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 515.60 249.15 Td ( per ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 235.25 Td (annum relating to residential development inventory.) Tj ET Q endstream endobj 235 0 obj <> endobj 236 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (115) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (16. SHAREHOLDERS EQUITY) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 656.35 Td (\(a\) Share capital) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 636.45 Td (The authorized share capital of the Company consists of an unlimited number of authorized preference shares and common shares. The preference ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 622.50 Td (shares may be issued from time to time in one or more series, each series comprising the number of shares, designations, rights, privileges, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 608.60 Td (restrictions and conditions which the Board of Directors determines by resolution; preference shares are non-voting and rank in priority to the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 594.70 Td (common shares with respect to dividends and distributions upon dissolution. No preference shares have been issued. The common shares carry one ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 580.75 Td (vote each and participate equally in the income of the Company and the net assets of the Company upon dissolution. Dividends are payable on the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 566.85 Td (common shares as and when declared by the Board of Directors.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 546.90 Td (The following table sets forth the particulars of the issued and outstanding common shares of the Company:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 536.4 m 276.5 536.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 536.4 m 319.5 536.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 536.4 m 381.5 536.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 536.4 m 439.5 536.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 536.4 m 500.5 536.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 536.4 m 558.5 536.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 523.4 m 276.5 523.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 502.4 m 276.5 502.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 523.4 m 319.5 523.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 502.4 m 319.5 502.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 319.5 523.4 m 381.5 523.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 319.5 502.4 m 381.5 502.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 523.4 m 439.5 523.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 502.4 m 439.5 502.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 523.4 m 500.5 523.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 502.4 m 500.5 502.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 523.4 m 558.5 523.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 502.4 m 558.5 502.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 424.4 m 276.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 409.4 m 276.5 409.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 276.5 424.4 m 319.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 409.4 m 319.5 409.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 319.5 424.4 m 381.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 409.4 m 381.5 409.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 424.4 m 439.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 409.4 m 439.5 409.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 439.5 424.4 m 500.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 439.5 409.4 m 500.5 409.4 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 500.5 424.4 m 558.5 424.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 409.4 m 558.5 409.4 l s BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 373.20 527.06 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 527.26 Td (December 31, 2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 506.41 Td (\(thousands of Canadian dollars and thousands of common shares\) ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 290.50 506.41 Td (Note) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 345.50 513.51 Td (Number of) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 328.40 506.51 Td (Common Shares) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 392.60 506.51 Td (Stated Capital) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.10 513.41 Td (Number of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 448.00 506.41 Td (Common Shares) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 514.15 506.41 Td (Stated Capital) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 492.31 Td (Issued and outstanding at beginning of year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 346.50 492.13 Td (178,225) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.00 492.08 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.20 492.13 Td (1,928,583) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.35 492.36 Td (163,456) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.00 492.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 492.36 Td (1,689,516) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 479.31 Td (Payment of interest on convertible debentures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 293.05 479.31 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.25 479.08 Td (1,148) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 409.40 479.08 Td (20,533) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 477.25 479.36 Td (1,250) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 479.36 Td (19,797) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 466.31 Td (Redemption and conversion of convertible debentures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 293.05 466.31 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 356.25 466.08 Td (5,786) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 409.40 466.08 Td (84,357) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 472.80 466.36 Td (12,651) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 466.36 Td (206,711) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 453.31 Td (Exercise of options) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 363.55 453.08 Td (797) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 409.40 453.08 Td (10,560) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 483.95 453.36 Td (778) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 453.36 Td (9,648) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 440.31 Td (Issuance of common shares) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 351.40 440.08 Td (20,590) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 404.50 440.13 Td (389,789) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 488.40 440.31 Td (90) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 440.36 Td (1,248) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 427.31 Td (Share issue costs and other, net of tax effect) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 370.25 427.08 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 411.55 427.08 Td (\(6,986) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 436.30 427.08 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.25 427.31 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 427.36 Td (1,663) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 413.61 Td (Issued and outstanding at end of year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 346.50 413.78 Td (206,546) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.00 413.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 397.20 413.78 Td (2,426,836) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 468.35 413.66 Td (178,225) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.00 413.61 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 413.66 Td (1,928,583) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 390.00 Td (On August3, 2012 the Company issued 2.5 million units at $18.75 per unit for gross proceeds of $46.9 million. Each unit in this offering ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 376.10 Td (consisted of: \(i\) one common share of the Company, and \(ii\) one common share purchase warrant \(a Warrant\). The common shares and the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 362.15 Td (Warrants separated immediately upon closing of the offering. Each Warrant entitles the holder to acquire at any time up to August2, 2013, one ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 348.25 Td (common share of the Company at an exercise price equal to $19.75 per share. Issue costs were approximately $2.1 million.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 328.30 Td (On September19, 2012, the Company issued 12.5 million units at a price of $19.22 per unit for total gross proceeds of approximately $240.3 ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 314.40 Td (million. Each unit in this offering consisted of: \(i\) one common share of the Company, and \(ii\) one-quarter of a Warrant. The common shares and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 300.50 Td (the Warrants separated immediately upon closing of the offering. Issue costs were approximately $9.8 million.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 280.55 Td (On December 17, 2012, the Company issued 128,212 shares to certain members of the Company's Management at a price of $18.69 per share ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 266.65 Td (for gross proceeds of $2.4 million.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 246.70 Td (On ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 66.01 246.70 Td (December 15, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 134.48 246.70 Td (, the Company issued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 210.05 246.70 Td (90,200) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 234.52 246.70 Td ( shares to certain members of the Companys Management at a price of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 478.98 246.70 Td ($17.46) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 503.45 246.70 Td ( per share for ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 232.80 Td (gross proceeds of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 115.78 232.80 Td ($1.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 155.79 232.80 Td (. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 212.90 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.34 212.90 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.81 212.90 Td (, there were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.04 212.90 Td (5.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 209.60 212.90 Td ( Warrants outstanding.) Tj ET Q endstream endobj 237 0 obj <> endobj 238 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (116) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.20 Td (\(b\) Contributed surplus and other equity items) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 674.30 Td (Contributed surplus and other equity items are comprised of the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 657.8 m 189.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 657.8 m 229.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 657.8 m 271.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 657.8 m 311.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 657.8 m 351.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 657.8 m 391.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 657.8 m 431.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 657.8 m 471.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 657.8 m 511.5 657.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 657.8 m 551.5 657.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 641.8 m 189.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 189.5 641.8 m 229.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 229.5 641.8 m 271.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271.5 641.8 m 311.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 311.5 641.8 m 351.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 641.8 m 391.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 641.8 m 431.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 641.8 m 471.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 641.8 m 511.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 641.8 m 551.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 597.8 m 189.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 189.5 597.8 m 229.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 229.5 597.8 m 271.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271.5 597.8 m 311.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 311.5 597.8 m 351.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 597.8 m 391.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 641.8 m 431.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 597.8 m 431.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 641.8 m 471.5 641.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 597.8 m 471.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 597.8 m 511.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 597.8 m 551.5 597.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 444.8 m 189.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 429.8 m 189.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 189.5 444.8 m 229.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189.5 429.8 m 229.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 229.5 444.8 m 271.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 229.5 429.8 m 271.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 271.5 444.8 m 311.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 429.8 m 311.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 311.5 444.8 m 351.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 429.8 m 351.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 351.5 444.8 m 391.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 429.8 m 391.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 391.5 444.8 m 431.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 429.8 m 431.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 431.5 444.8 m 471.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 429.8 m 471.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 471.5 444.8 m 511.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 429.8 m 511.5 429.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 511.5 444.8 m 551.5 444.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 429.8 m 551.5 429.8 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 644.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 325.20 644.46 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.05 644.66 Td (December 31, 2011) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 195.30 607.69 Td (Contributed) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 205.95 601.69 Td (Surplus) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 238.65 619.69 Td (Convertible) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 238.30 613.69 Td (Debentures) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 251.30 607.69 Td (Equity) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 238.30 601.69 Td (Component) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 287.95 631.69 Td (Options) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 281.30 625.69 Td (Restricted) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 298.30 619.69 Td (and) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 285.65 613.69 Td (Deferred) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 293.00 607.69 Td (Share) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 294.00 601.69 Td (Units) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 325.20 601.69 Td (Warrants) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 375.40 601.69 Td (Total) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 399.65 619.61 Td (Convertible) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 398.65 613.61 Td (Debentures) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 412.30 607.61 Td (Equity) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 398.65 601.61 Td (Component) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 448.65 631.61 Td (Options) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 442.30 625.61 Td (Restricted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 458.30 619.61 Td (and) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 445.95 613.61 Td (Deferred) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 453.30 607.61 Td (Share) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 454.65 601.61 Td (Units) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 493.30 607.61 Td (Share) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 494.65 601.61 Td (Units) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 536.20 601.61 Td (Total) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 239.40 586.91 Td (\(note 13\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 400.75 586.81 Td (\(note 13\)) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 573.66 Td (Balance, beginning of year) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 192.00 573.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 203.10 573.46 Td (19,494) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 232.00 573.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 249.40 573.46 Td (7,676) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 274.00 573.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 285.10 573.46 Td (13,643) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 314.00 573.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 573.46 Td () Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 354.00 573.46 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 362.10 573.46 Td (40,813) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.00 573.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 404.20 573.66 Td (19,458) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 434.00 573.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 444.20 573.66 Td (19,555) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 474.00 573.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 484.20 573.66 Td (12,647) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 514.00 573.66 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 524.20 573.66 Td (51,660) Tj ET Q BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 560.66 Td (Issuance of warrants) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 560.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.65 560.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 301.65 560.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 329.40 560.46 Td (1,677) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 369.40 560.46 Td (1,677) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 560.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.65 560.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 501.65 560.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.65 560.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 547.66 Td (Issuance of convertible debentures) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 547.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 249.40 547.46 Td (2,857) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 301.65 547.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 547.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 369.40 547.46 Td (2,857) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 547.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 451.05 547.66 Td (3,781) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 501.65 547.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 531.10 547.71 Td (3,781) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 534.66 Td (Conversion of convertible debentures to ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 66.00 527.66 Td (common shares) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 528.91 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 247.05 528.91 Td (\(2,808) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 268.65 528.91 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 301.65 528.91 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 528.91 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 367.05 528.91 Td (\(2,808) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 388.65 528.91 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 528.81 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 444.90 528.81 Td (\(15,575) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 468.65 528.81 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 501.65 528.81 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.90 528.81 Td (\(15,575) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.65 528.81 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 515.66 Td (Purchase of convertible debentures) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 215.75 515.46 Td (\(93) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 226.65 515.46 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 257.75 515.46 Td (\(23) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 268.65 515.46 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 301.65 515.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 515.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 373.45 515.46 Td (\(116) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 388.65 515.46 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 420.80 515.66 Td (36) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 458.50 515.66 Td (\(85) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 468.65 515.66 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 501.65 515.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.50 515.66 Td (\(49) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.65 515.66 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 502.66 Td (Options vested) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 502.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.65 502.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 289.40 502.46 Td (1,130) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 502.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 369.40 502.46 Td (1,130) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 502.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.65 502.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 491.10 502.71 Td (1,297) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 531.10 502.71 Td (1,297) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 489.66 Td (Exercise of options) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 489.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.65 489.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 293.45 489.46 Td (\(399) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 308.65 489.46 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 489.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 373.45 489.46 Td (\(399) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 388.65 489.46 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 489.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.65 489.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 494.60 489.71 Td (\(674) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 508.65 489.66 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.60 489.71 Td (\(674) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.65 489.66 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 476.66 Td (Deferred share units vested) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 476.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.65 476.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 295.80 476.46 Td (991) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 476.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 375.80 476.46 Td (991) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 476.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.65 476.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 496.95 476.66 Td (747) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 536.95 476.66 Td (747) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 463.66 Td (Restricted share units vested) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 463.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.65 463.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 289.40 463.46 Td (1,621) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 463.46 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 369.40 463.46 Td (1,621) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 463.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.65 463.66 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 491.10 463.71 Td (1,680) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 531.10 463.71 Td (1,680) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 448.81 Td (Exercise of restricted share units) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 219.65 448.91 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 261.65 448.91 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 287.05 448.91 Td (\(1,350) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 308.65 448.91 Td (\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 341.65 448.91 Td () Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 367.05 448.91 Td (\(1,350) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 388.65 448.91 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.65 448.81 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 461.65 448.81 Td () Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 488.80 448.86 Td (\(2,054) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 508.65 448.81 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.80 448.86 Td (\(2,054) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 548.65 448.81 Td (\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 433.81 Td (Balance, end of year) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 192.00 433.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 203.10 433.91 Td (19,401) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 232.00 433.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 249.40 433.91 Td (7,702) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 274.00 433.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 285.10 433.91 Td (15,636) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 314.00 433.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 329.40 433.91 Td (1,677) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 354.00 433.91 Td ($) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 365.10 433.91 Td (44,416) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.00 433.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 407.20 433.81 Td (19,494) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 434.00 433.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 451.05 433.81 Td (7,676) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 474.00 433.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 487.20 433.81 Td (13,643) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 514.00 433.81 Td ($) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 527.20 433.81 Td (40,813) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 401.35 Td (\(c\) Stock options) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 381.45 Td (As of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 73.11 381.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 141.59 381.45 Td (, the Company is authorized to grant up to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 286.07 381.45 Td (15.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.08 381.45 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 330.97 381.45 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 399.44 381.45 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 407.89 381.45 Td (15.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.90 381.45 Td (\) common share options to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 367.55 Td (the employees, officers and directors of the Company. As of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 257.58 367.55 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 326.05 367.55 Td (, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 330.50 367.55 Td (4.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 366.06 367.55 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 370.95 367.55 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 439.42 367.55 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.87 367.55 Td (5.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.43 367.55 Td (\) common share ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 353.60 Td (options are available to be granted. Options granted by the Company generally expire ten years from the date of grant and vest over three to five ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 339.70 Td (years. The outstanding options at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 168.25 339.70 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 236.72 339.70 Td ( have exercise prices ranging from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 354.94 339.70 Td ($ 9.78 $17.90) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 410.10 339.70 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 414.98 339.70 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.46 339.70 Td ( $9.78 $16.95\) ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 325.75 Td (and are comprised of the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 309.25 m 126.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 309.25 m 172.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 309.25 m 211.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 309.25 m 252.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 309.25 m 299.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 309.25 m 334.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 309.25 m 383.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 309.25 m 429.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 309.25 m 474.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 309.25 m 520.5 309.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 309.25 m 558.5 309.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 294.25 m 126.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 282.25 m 126.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 126.5 294.25 m 172.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 126.5 282.25 m 172.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 294.25 m 211.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 282.25 m 211.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 211.5 294.25 m 252.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 211.5 282.25 m 252.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 294.25 m 299.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 282.25 m 299.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 299.5 294.25 m 334.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 299.5 282.25 m 334.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 294.25 m 383.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 282.25 m 383.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 294.25 m 429.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 282.25 m 429.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 294.25 m 474.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 282.25 m 474.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 294.25 m 520.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 282.25 m 520.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 520.5 294.25 m 558.5 294.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 520.5 282.25 m 558.5 282.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 240.25 m 126.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 126.5 240.25 m 172.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 240.25 m 211.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 211.5 240.25 m 252.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 240.25 m 299.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 299.5 240.25 m 334.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 240.25 m 383.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 240.25 m 429.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 240.25 m 474.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 240.25 m 520.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 520.5 240.25 m 558.5 240.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 204.25 m 126.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 189.25 m 126.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 126.5 204.25 m 172.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 126.5 189.25 m 172.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 172.5 204.25 m 211.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 172.5 189.25 m 211.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 211.5 204.25 m 252.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211.5 189.25 m 252.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 252.5 204.25 m 299.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252.5 189.25 m 299.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 299.5 204.25 m 334.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 189.25 m 334.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 334.5 204.25 m 383.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 189.25 m 383.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 383.5 204.25 m 429.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 189.25 m 429.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 204.25 m 474.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 189.25 m 474.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 474.5 204.25 m 520.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 189.25 m 520.5 189.25 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 520.5 204.25 m 558.5 204.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.5 189.25 m 558.5 189.25 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 298.26 Td (\(In Canadian dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 268.20 298.36 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 298.26 Td (December 31, 2011) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 186.55 284.91 Td (Outstanding Options) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 285.55 284.91 Td (Vested Options) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 410.70 285.11 Td (Outstanding Options) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 508.80 285.11 Td ( Vested Options) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 252.46 Td (Exercise Price) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 244.46 Td (Range) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 141.15 262.14 Td (Number of) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 146.00 256.14 Td (Common) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 151.30 250.14 Td (Shares) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 131.50 244.14 Td (\(in thousands\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 183.85 273.89 Td (Weighted) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 187.75 267.89 Td (Average) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 186.30 261.89 Td (Exercise) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 184.50 255.89 Td (Price per) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 185.00 249.89 Td (Common) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 193.00 243.89 Td (Share) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 224.85 268.14 Td (Weighted) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 228.75 262.14 Td (Average) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 220.95 256.14 Td (Remaining) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 238.95 250.14 Td (Life) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 231.65 244.14 Td (\(years\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 268.15 268.14 Td (Number of) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 273.00 262.14 Td (Common ) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 278.30 256.14 Td (Shares) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 274.30 250.14 Td (Issuable) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 258.50 244.14 Td (\(in thousands\)) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 306.85 273.89 Td (Weighted) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 310.75 267.89 Td (Average) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 309.30 261.89 Td (Exercise) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 307.50 255.89 Td (Price per) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 308.00 249.89 Td (Common) Tj ET Q BT /F4 6.00 Tf ET q 0 0 0 rg BT 316.00 243.89 Td (Share) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 352.65 268.06 Td (Number of) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 357.00 262.06 Td (Common) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 362.65 256.06 Td (Shares) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 359.00 250.06 Td (Issuable) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 343.30 244.06 Td (\(in thousands\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 402.40 274.06 Td (Weighted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 406.00 268.06 Td (Average) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 405.00 262.06 Td (Exercise) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 402.65 256.06 Td (Price Per) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 403.00 250.06 Td (Common) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 411.30 244.06 Td (Share) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 447.40 268.06 Td (Weighted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 451.00 262.06 Td (Average) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 443.65 256.06 Td (Remaining) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 462.00 250.06 Td (Life) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 453.65 244.06 Td (\(years\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 489.65 268.06 Td (Number of) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 494.00 262.06 Td (Common) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 499.65 256.06 Td (Shares) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 496.00 250.06 Td (Issuable) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 480.30 244.06 Td (\(in thousands\)) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 531.40 274.06 Td (Weighted) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 535.00 268.06 Td (Average) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 534.00 262.06 Td (Exercise) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 532.00 256.06 Td (Price per) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 532.00 250.06 Td (Common) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 540.30 244.06 Td (Share) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 230.21 Td ($ 9.78 $10.81) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 154.60 229.98 Td (226) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 175.00 229.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 186.30 229.98 Td (10.06) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.05 229.98 Td (5.0) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 281.60 229.98 Td (226) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 302.00 229.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.30 229.98 Td (10.06) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.95 230.21 Td (550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 386.00 230.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.70 230.21 Td (9.92) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.15 230.21 Td (6.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.95 230.21 Td (260) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.00 230.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 230.21 Td (10.02) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 218.21 Td ($13.00 $14.26) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 147.30 217.98 Td (1,513) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 175.00 217.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 186.30 217.98 Td (13.75) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.05 217.98 Td (5.9) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 274.30 217.98 Td (1,243) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 302.00 217.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.30 217.98 Td (13.71) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 218.21 Td (1,745) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 386.00 218.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.25 218.21 Td (13.72) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.15 218.21 Td (6.6) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 218.21 Td (1,180) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.00 218.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 218.21 Td (13.62) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 206.21 Td ($15.47 $17.90) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 147.30 205.98 Td (3,937) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 175.00 205.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 186.30 205.98 Td (16.71) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.05 205.98 Td (6.3) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 274.30 205.98 Td (2,272) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 302.00 205.98 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.30 205.98 Td (16.55) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 206.21 Td (3,297) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 386.00 206.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.25 206.21 Td (16.33) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.15 206.21 Td (6.3) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 206.21 Td (2,078) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.00 206.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 206.21 Td (16.54) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 193.46 Td ($ 9.78 $17.90) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 147.30 193.58 Td (5,676) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 175.00 193.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 186.30 193.58 Td (15.65) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.05 193.58 Td (6.1) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 274.30 193.58 Td (3,741) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 302.00 193.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 309.30 193.58 Td (15.21) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 360.25 193.51 Td (5,592) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 386.00 193.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.25 193.51 Td (14.89) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 460.15 193.46 Td (6.4) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 497.25 193.51 Td (3,518) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.00 193.46 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 193.46 Td (15.08) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 239 0 obj <> endobj 240 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (117) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (During the year ended ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 131.80 694.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 200.28 694.45 Td (, ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 204.72 694.45 Td ($1.1 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 244.73 694.45 Td ( \(year ended ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 289.63 694.45 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 358.10 694.45 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 366.55 694.45 Td ($1.3 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 406.56 694.45 Td (\) was recorded as an expense related to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (stock options. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 664 m 297.5 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 664 m 362.5 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 664 m 427.5 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 664 m 492.5 664 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 664 m 557.5 664 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 651 m 297.5 651 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 619 m 297.5 619 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 651 m 362.5 651 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 619 m 362.5 619 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 362.5 651 m 427.5 651 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 362.5 619 m 427.5 619 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 427.5 651 m 492.5 651 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 427.5 619 m 492.5 619 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 651 m 557.5 651 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 619 m 557.5 619 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 571 m 297.5 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 556 m 297.5 556 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 297.5 571 m 362.5 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 556 m 362.5 556 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 362.5 571 m 427.5 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 556 m 427.5 556 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 427.5 571 m 492.5 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 556 m 492.5 556 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 571 m 557.5 571 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 556 m 557.5 556 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 654.86 Td (\(In Canadian dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 361.20 654.66 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 494.05 654.86 Td (December 31, 2011) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 326.50 641.66 Td (Number of) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 309.40 634.66 Td (Common Shares) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 333.70 627.66 Td (Issuable) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 315.25 620.71 Td (\(in thousands\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 370.10 630.11 Td (Weighted Average) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 381.00 623.11 Td (Exercise Price) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 457.10 641.86 Td (Number of) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 440.00 634.86 Td (Common Shares) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 464.50 627.86 Td (Issuable) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 446.20 620.91 Td (\(in thousands\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 501.20 630.01 Td (Weighted Average) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 512.35 623.01 Td (Exercise Price) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 608.96 Td (Outstanding, beginning of year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.30 608.73 Td (5,592) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.00 608.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 402.25 608.73 Td (14.89) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.25 608.96 Td (5,463) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 608.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 608.96 Td (14.25) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 596.96 Td (Granted \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 344.60 596.73 Td (957) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.00 596.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 402.25 596.73 Td (17.88) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.25 596.96 Td (1,067) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 596.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 596.96 Td (15.74) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 584.96 Td (Exercised \(b\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 341.95 584.73 Td (\(797) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 359.30 584.73 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.00 584.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 402.25 584.73 Td (12.88) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.25 584.96 Td (\(778) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.30 584.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 584.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 584.96 Td (11.54) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 572.96 Td (Forfeited) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 346.85 572.73 Td (\(76) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 359.30 572.73 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.00 572.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 402.25 572.73 Td (16.47) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.25 572.96 Td (\(160) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 489.30 572.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 572.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 572.96 Td (15.23) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 560.21 Td (Outstanding, end of year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 337.30 560.33 Td (5,676) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.00 560.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 402.25 560.33 Td (15.65) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 469.25 560.26 Td (5,592) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 560.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 560.26 Td (14.89) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 536.60 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 536.60 Td (The fair value associated with the options issued was calculated using the Black-Scholes model for option valuation based on the following ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 522.65 Td (assumptions:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 512.15 m 416.5 512.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 512.15 m 487.5 512.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 512.15 m 558.5 512.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 500.15 m 416.5 500.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 488.15 m 416.5 488.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 500.15 m 487.5 500.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 416.5 488.15 m 487.5 488.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 500.15 m 558.5 500.15 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 488.15 m 558.5 488.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 389.15 m 416.5 389.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 389.15 m 487.5 389.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 389.15 m 558.5 389.15 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 479.10 503.01 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 466.85 490.81 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 491.01 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 478.11 Td (Share options granted \(thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.30 477.88 Td (957) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.95 478.11 Td (1,067) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 466.11 Td (Term to expiry) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.00 465.88 Td (10 years) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.10 466.11 Td (10 years) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 454.11 Td (Exercise price \(range\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.55 453.88 Td ($17.41-$17.90) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 503.40 454.11 Td ($15.70-$16.73) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 442.11 Td (Fair value \(thousands\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 452.95 441.88 Td ($1,449) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 442.11 Td ($1,786) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 430.11 Td (Weighted average volatility rate) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.70 429.88 Td (17.5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.85 429.88 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 430.11 Td (15.0) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 430.11 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 418.11 Td (Weighted average expected option life) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.90 417.88 Td (6 years) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.10 418.11 Td (10 years) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 406.11 Td (Weighted average dividend yield) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.70 405.88 Td (4.46) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.85 405.88 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 406.11 Td (4.39) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 406.11 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 393.36 Td (Weighted average risk free interest rate) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.70 393.48 Td (1.78) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.85 393.48 Td (%) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 393.41 Td (3.77) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.85 393.36 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 369.75 Td (\(b\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 369.75 Td (The weighted average market share price at which options were exercised for the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 347.60 369.75 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 456.08 369.75 Td ( was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.41 369.75 Td ($18.25) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 497.88 369.75 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.77 369.75 Td (year ended ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 355.85 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 140.47 355.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 148.92 355.85 Td ($16.42) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.39 355.85 Td (\).) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 326.90 Td (\(d\) Share unit plans) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 307.00 Td (The Companys share unit plans include a Directors Deferred Share Unit Plan, an Employee Restricted Share Unit Plan and a Chief Executive ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 293.05 Td (Officer Restricted Share Unit Plan. Under the plans, a participant is entitled to receive one common share, or equivalent cash value, at the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 279.15 Td (Companys option, \(i\) in the case of a Deferred Share Unit \(DSU\), upon redemption by the holder after the date that the holder ceases to be a ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 265.25 Td (director of the Company and any of its subsidiaries \(the Retirement Date\) but no later than December 15 of the first calendar year commencing ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 251.30 Td (after the Retirement Date, and \(ii\) in the case of a Restricted Share Unit \(RSU\) on December 15 of the third calendar year following the year in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 237.40 Td (respect of which the RSU is granted. Holders of RSUs and DSUs receive dividends in the form of additional units when the Company declares ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 223.45 Td (dividends on its common shares.) Tj ET Q endstream endobj 241 0 obj <> endobj 242 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (118) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 701.5 m 318.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 701.5 m 378.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 701.5 m 438.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 701.5 m 498.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 701.5 m 558.5 701.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 688.5 m 318.5 688.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 667.5 m 318.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 688.5 m 378.5 688.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 667.5 m 378.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 688.5 m 438.5 688.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 667.5 m 438.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 688.5 m 498.5 688.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 667.5 m 498.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 688.5 m 558.5 688.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.5 m 558.5 667.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 607.5 m 318.5 607.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 607.5 m 378.5 607.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 607.5 m 438.5 607.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 607.5 m 498.5 607.5 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 607.5 m 558.5 607.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 594.5 m 318.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 581.5 m 318.5 581.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 594.5 m 378.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 581.5 m 378.5 581.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 594.5 m 438.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 581.5 m 438.5 581.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 594.5 m 498.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 581.5 m 498.5 581.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 594.5 m 558.5 594.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 581.5 m 558.5 581.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 568.5 m 318.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 568.5 m 378.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 568.5 m 438.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 568.5 m 498.5 568.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 568.5 m 558.5 568.5 l s BT /F4 7.00 Tf ET q 0 0 0 rg BT 372.20 692.16 Td (December 31, 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 495.05 692.36 Td (December 31, 2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 671.51 Td (\(in thousands\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 348.90 678.61 Td (Deferred) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 339.00 671.61 Td (Share Units) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 403.85 678.61 Td (Restricted) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 399.00 671.61 Td (Share Units) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 469.30 678.51 Td (Deferred) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 460.35 671.51 Td (Share Units) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.75 678.41 Td (Restricted) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 515.40 670.41 Td (Share Units) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 657.46 Td (Outstanding, beginning of year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 657.23 Td (291) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.55 657.23 Td (368) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 657.46 Td (247) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 657.46 Td (375) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 645.46 Td (Granted \(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.50 645.23 Td (40) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.50 645.23 Td (45) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 645.46 Td (31) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 645.46 Td (132) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 633.46 Td (Dividends declared) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 365.50 633.23 Td (14) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 425.50 633.23 Td (17) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.40 633.46 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.40 633.46 Td (22) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 621.46 Td (Exercised) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 367.25 621.23 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 417.95 621.23 Td (\(128) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.30 621.23 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 621.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 539.25 621.46 Td (\(136) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 621.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 609.46 Td (Forfeited) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 367.25 609.23 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.25 609.23 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 609.46 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 543.70 609.46 Td (\(25) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 555.30 609.46 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 597.41 Td (Outstanding, end of year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 597.18 Td (345) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.55 597.18 Td (302) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 597.46 Td (291) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 597.46 Td (368) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 584.41 Td (Share units available to be granted based on the current reserve) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 584.18 Td (235) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.55 584.18 Td (676) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 584.46 Td (289) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.95 584.46 Td (601) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 571.41 Td (Expense recorded for the year \(thousands of Canadian dollars\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 321.00 571.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.55 571.18 Td (457) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 381.00 571.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 413.25 571.18 Td (1,309) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 571.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.95 571.46 Td (397) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 571.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 571.46 Td (1,361) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.10 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 549.10 Td (The fair value of the DSUs granted during the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 227.60 549.10 Td (year ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 336.09 549.10 Td ( was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 353.42 549.10 Td ($0.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 393.43 549.10 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 398.32 549.10 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 466.79 549.10 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 475.24 549.10 Td ($0.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 515.25 549.10 Td (\), ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 535.20 Td (measured based on the Companys prevailing share price on the date of grant. The fair value of the RSUs granted during the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 494.76 535.20 Td (year ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 521.25 Td (ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 164.04 521.25 Td ( was ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.38 521.25 Td ($0.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 221.39 521.25 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 226.28 521.25 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 294.75 521.25 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 303.20 521.25 Td ($2.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 343.21 521.25 Td (\), measured based on the Companys share price on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 72.00 507.35 Td (the date of grant.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 472.30 Td (17. NET OPERATING INCOME) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 452.35 Td (Net operating income is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 441.85 m 205.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 441.85 m 264.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 441.85 m 323.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 441.85 m 381.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 441.85 m 440.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 441.85 m 499.5 441.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 441.85 m 558.5 441.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 417.85 m 205.5 417.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 417.85 m 264.5 417.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 417.85 m 323.5 417.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 417.85 m 381.5 417.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 417.85 m 440.5 417.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 417.85 m 499.5 417.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 499.5 417.85 m 558.5 417.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 393.85 m 205.5 393.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 378.85 m 205.5 378.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 393.85 m 264.5 393.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 378.85 m 264.5 378.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 393.85 m 323.5 393.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 378.85 m 323.5 378.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 393.85 m 381.5 393.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 378.85 m 381.5 378.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 393.85 m 440.5 393.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 378.85 m 440.5 378.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 393.85 m 499.5 393.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 378.85 m 499.5 378.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 499.5 393.85 m 558.5 393.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 378.85 m 558.5 378.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 432.71 Td (Year ended December 31, 2012) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 239.20 428.96 Td (Central ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 239.95 421.96 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 297.05 428.96 Td (Eastern ) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 298.95 421.96 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 353.75 428.96 Td (Western) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 356.95 421.96 Td (Region) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 411.30 421.96 Td (Subtotal) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 473.90 421.96 Td (Other) Tj ET Q BT /F4 7.00 Tf ET BT /F4 4.20 Tf ET q 0 0 0 rg BT 490.62 424.41 Td (\(1\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 540.30 421.96 Td (Total) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 420.71 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 406.81 Td (Property rental revenue) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 208.00 407.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 229.50 407.58 Td (264,150) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 267.00 407.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 288.50 407.58 Td (123,424) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 326.00 407.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 346.50 407.58 Td (182,361) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.00 407.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 405.50 407.58 Td (569,935) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.00 407.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.40 407.58 Td (13,161) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 502.00 407.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 407.58 Td (583,096) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 394.81 Td (Property operating costs) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 229.50 395.58 Td (104,070) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 293.40 395.58 Td (51,377) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 351.40 395.58 Td (61,264) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 405.50 395.58 Td (216,711) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.60 395.58 Td (\(5,152) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 496.30 395.58 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 395.58 Td (211,559) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 383.06 Td (Net operating income) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 208.00 383.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 229.50 383.18 Td (160,080) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 267.00 383.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 293.40 383.18 Td (72,047) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 326.00 383.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 346.50 383.23 Td (121,097) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 384.00 383.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 405.50 383.23 Td (353,224) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 443.00 383.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.40 383.18 Td (18,313) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 502.00 383.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 383.23 Td (371,537) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 353.85 m 205.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 353.85 m 264.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 353.85 m 323.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 353.85 m 381.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 353.85 m 440.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 353.85 m 499.5 353.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 353.85 m 558.5 353.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 329.85 m 205.5 329.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 329.85 m 264.5 329.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 329.85 m 323.5 329.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 329.85 m 381.5 329.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 329.85 m 440.5 329.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 329.85 m 499.5 329.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 499.5 329.85 m 558.5 329.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 305.85 m 205.5 305.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 290.85 m 205.5 290.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 205.5 305.85 m 264.5 305.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 205.5 290.85 m 264.5 290.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 264.5 305.85 m 323.5 305.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 290.85 m 323.5 290.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 323.5 305.85 m 381.5 305.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 290.85 m 381.5 290.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 381.5 305.85 m 440.5 305.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 381.5 290.85 m 440.5 290.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 440.5 305.85 m 499.5 305.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 290.85 m 499.5 290.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 499.5 305.85 m 558.5 305.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 290.85 m 558.5 290.85 l s BT /F6 7.00 Tf ET q 0 0 0 rg BT 57.00 344.71 Td (Year ended December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 240.00 340.86 Td (Central ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 240.35 333.86 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 297.80 340.86 Td (Eastern ) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 299.35 333.86 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 354.00 340.86 Td (Western) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 357.35 333.86 Td (Region) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 412.85 333.86 Td (Subtotal) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 474.50 333.86 Td (Other) Tj ET Q BT /F6 7.00 Tf ET BT /F6 4.20 Tf ET q 0 0 0 rg BT 490.84 336.31 Td (\(1\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.25 333.86 Td (Total) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 332.71 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 318.81 Td (Property rental revenue) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 208.00 319.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 232.35 319.81 Td (241,369) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 319.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 291.35 319.81 Td (114,013) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.00 319.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 349.30 319.81 Td (164,812) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 384.00 319.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.30 319.81 Td (520,194) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.00 319.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 476.25 319.81 Td (6,541) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 502.00 319.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 319.81 Td (526,735) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 306.81 Td (Property operating costs) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 236.75 307.81 Td (91,793) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.80 307.81 Td (46,153) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 353.80 307.81 Td (53,287) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.30 307.81 Td (191,233) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 473.60 307.81 Td (\(4,586) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.30 307.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 307.81 Td (186,647) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 59.00 294.76 Td (Net operating income) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 208.00 295.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 232.35 295.06 Td (149,576) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 267.00 295.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.80 295.11 Td (67,860) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.00 295.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 349.30 295.06 Td (111,525) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 384.00 295.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 408.30 295.06 Td (328,961) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 443.00 295.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.80 295.11 Td (11,127) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 502.00 295.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 295.11 Td (340,088) Tj ET Q BT /F2 10.00 Tf ET BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 277.00 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 274.90 Td (Other items are principally rental revenue recorded on a straight-line basis and operating costs and adjustments that are not attributable to a region.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 241.30 Td (18. INTEREST AND OTHER INCOME) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 224.79999999999995 m 377.5 224.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 224.79999999999995 m 437.5 224.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 224.79999999999995 m 497.5 224.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 224.79999999999995 m 557.5 224.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 212.79999999999995 m 377.5 212.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 200.79999999999995 m 377.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 212.79999999999995 m 437.5 212.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 200.79999999999995 m 437.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 212.79999999999995 m 497.5 212.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 200.79999999999995 m 497.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 212.79999999999995 m 557.5 212.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 200.79999999999995 m 557.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 149.79999999999995 m 377.5 149.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 134.79999999999995 m 377.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 149.79999999999995 m 437.5 149.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 134.79999999999995 m 437.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 149.79999999999995 m 497.5 149.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 134.79999999999995 m 497.5 134.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 149.79999999999995 m 557.5 149.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 134.79999999999995 m 557.5 134.79999999999995 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.10 215.66 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 203.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 398.40 203.66 Td (Notes) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 476.85 203.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.40 203.66 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 190.76 Td (Interest income from non-revolving term loan receivable from Gazit America Inc.) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.10 190.76 Td (6\(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.00 190.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.30 190.53 Td (1,908) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 190.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 190.76 Td (3,028) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 178.76 Td (Interest, dividend and distribution income from marketable securities and cash investments) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 404.75 178.76 Td (7) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.30 178.53 Td (2,912) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 178.76 Td (2,873) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 166.76 Td (Interest income from mortgages and loans receivable) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 390.55 166.76 Td (6\(b\), 7\(b\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.30 166.53 Td (3,608) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 166.76 Td (1,583) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 154.01 Td (Other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 484.50 154.18 Td (36) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.25 154.01 Td () Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.00 139.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.30 139.18 Td (8,464) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 139.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 139.06 Td (7,484) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 243 0 obj <> endobj 244 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (119) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (19. INTEREST EXPENSE) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 659.8 m 384.5 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 659.8 m 437.5 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 659.8 m 497.5 659.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 659.8 m 557.5 659.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 647.8 m 384.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 635.8 m 384.5 635.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 647.8 m 437.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 635.8 m 437.5 635.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 647.8 m 497.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 635.8 m 497.5 635.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 647.8 m 557.5 647.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 635.8 m 557.5 635.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 560.8 m 384.5 560.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 560.8 m 437.5 560.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 560.8 m 497.5 560.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 560.8 m 557.5 560.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 548.8 m 384.5 548.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 548.8 m 437.5 548.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 548.8 m 497.5 548.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 548.8 m 557.5 548.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 518.8 m 384.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 503.8 m 384.5 503.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 518.8 m 437.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 503.8 m 437.5 503.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 518.8 m 497.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 503.8 m 497.5 503.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.8 m 557.5 518.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 503.8 m 557.5 503.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 428.8 m 384.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 413.8 m 384.5 413.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 428.8 m 437.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 413.8 m 437.5 413.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 428.8 m 497.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 413.8 m 497.5 413.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.8 m 557.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 413.8 m 557.5 413.8 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 478.10 650.66 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 638.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 403.50 638.66 Td (Note) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 476.85 638.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.40 638.66 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 625.76 Td (Mortgages and credit facilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.00 625.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.40 625.53 Td (87,515) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 625.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 625.76 Td (82,556) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 613.76 Td (Senior unsecured debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.40 613.53 Td (75,401) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 613.76 Td (72,746) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 601.76 Td (Convertible debentures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 589.76 Td (Coupon interest) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.40 589.53 Td (19,450) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 589.76 Td (20,470) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 577.76 Td (Accretion of discounts) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.30 577.53 Td (1,496) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 577.76 Td (1,530) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 565.01 Td (Amortization of deferred issue costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.30 565.18 Td (1,850) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 565.06 Td (1,128) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.40 550.53 Td (22,796) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 550.76 Td (23,128) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 538.01 Td (Total interest expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.50 538.18 Td (185,712) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.35 538.06 Td (178,430) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 523.01 Td (Interest capitalized to investment properties and residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.75 523.18 Td (\(24,873) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 494.30 523.13 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.15 523.01 Td (\(18,449) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 523.01 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 508.01 Td (Interest expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.00 508.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.50 508.18 Td (160,839) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 508.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.35 508.06 Td (159,981) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 493.76 Td (Convertible debenture interest paid in common shares) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.05 493.76 Td (13) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.75 493.53 Td (\(20,533) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 494.30 493.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.15 493.76 Td (\(19,797) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 493.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 481.76 Td (Change in accrued interest) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.60 481.53 Td (\(2,128) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 494.30 481.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.60 481.76 Td (\(3,933) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 481.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 469.76 Td (Effective interest rate in excess of coupon rate on senior unsecured and convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.60 469.53 Td (\(1,332) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 494.30 469.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.60 469.76 Td (\(1,467) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 469.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 457.76 Td (Effective interest in excess of coupon interest on assumed mortgages) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 472.30 457.53 Td (4,418) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.25 457.76 Td (2,485) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 445.76 Td (Other non-cash interest expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 469.60 445.53 Td (\(4,963) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 494.30 445.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.60 445.76 Td (\(4,005) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 445.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 433.01 Td (Interest capitalized to investment properties and residential development inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.40 433.13 Td (24,873) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.80 433.06 Td (18,449) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 418.01 Td (Cash interest paid) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 440.00 418.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.50 418.18 Td (161,174) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 418.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.35 418.06 Td (151,713) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 378.30 Td (20. OTHER GAINS \(LOSSES\) AND \(EXPENSES\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 361.79999999999995 m 384.5 361.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 361.79999999999995 m 435.5 361.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 361.79999999999995 m 495.5 361.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 361.79999999999995 m 555.5 361.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 349.79999999999995 m 384.5 349.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 337.79999999999995 m 384.5 337.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 349.79999999999995 m 435.5 349.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 337.79999999999995 m 435.5 337.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 435.5 349.79999999999995 m 495.5 349.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 435.5 337.79999999999995 m 495.5 337.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 495.5 349.79999999999995 m 555.5 349.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 495.5 337.79999999999995 m 555.5 337.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 214.79999999999995 m 384.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 199.79999999999995 m 384.5 199.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 384.5 214.79999999999995 m 435.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 199.79999999999995 m 435.5 199.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 435.5 214.79999999999995 m 495.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 199.79999999999995 m 495.5 199.79999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 495.5 214.79999999999995 m 555.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 199.79999999999995 m 555.5 199.79999999999995 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 476.10 352.66 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 340.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 400.90 340.66 Td (Notes) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 474.85 340.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 536.40 340.66 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 327.76 Td (Realized gains on sale of marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.00 327.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.30 327.53 Td (3,538) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.00 327.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.25 327.76 Td (4,320) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 315.76 Td (Change in cumulative unrealized gains \(losses\) on marketable securities classified as FVTPL) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.30 315.53 Td (2,677) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.60 315.76 Td (\(1,296) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 552.30 315.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 303.76 Td (Losses on settlement of debt) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 405.05 303.76 Td (12) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.60 303.53 Td (\(6,550) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 492.30 303.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.60 303.76 Td (\(1,486) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 552.30 303.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 291.76 Td (Loss on temporary change of conversion privilege of convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 484.30 291.53 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.60 291.76 Td (\(2,501) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 552.30 291.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 279.76 Td (Unrealized gains \(losses\) on hedges) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 400.35 279.76 Td (15\(a\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 470.30 279.53 Td (1,459) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.25 279.76 Td (\(326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 552.30 279.76 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 267.76 Td (Investment properties selling costs) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.60 267.53 Td (\(4,081) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 492.30 267.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.25 267.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 255.76 Td (Pre-selling costs of residential inventory) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 474.95 255.53 Td (\(337) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 492.30 255.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.25 255.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 243.76 Td (\(Loss\) gain on foreign currency exchange) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.85 243.53 Td (\(59) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 492.30 243.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 538.95 243.76 Td (268) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 231.76 Td (Transaction costs) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 407.25 231.76 Td (5) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.60 231.53 Td (\(2,895) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 492.30 231.53 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 544.25 231.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 219.01 Td (Other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 484.30 219.18 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 538.95 219.06 Td (211) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 438.00 204.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.60 204.18 Td (\(6,248) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 492.30 204.13 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 498.00 204.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.25 204.06 Td (\(810) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 552.30 204.01 Td (\)) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (120) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (21. INCOME TAXES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 656.35 Td (The sources of deferred tax balances and movements are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 645.85 m 217.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 633.85 m 217.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 645.85 m 285.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 217.5 633.85 m 285.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 645.85 m 353.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 633.85 m 353.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 645.85 m 421.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 633.85 m 421.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 645.85 m 489.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 633.85 m 489.5 633.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 645.85 m 557.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 633.85 m 557.5 633.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 583.85 m 217.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 568.85 m 217.5 568.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 217.5 583.85 m 285.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 568.85 m 285.5 568.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 285.5 583.85 m 353.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 568.85 m 353.5 568.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 353.5 583.85 m 421.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 568.85 m 421.5 568.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 421.5 583.85 m 489.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421.5 568.85 m 489.5 568.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 583.85 m 557.5 583.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 568.85 m 557.5 568.85 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 636.71 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 222.05 636.71 Td (December 31, 2011) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 315.75 636.71 Td (Net income) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 363.15 636.71 Td (Recognized in OCI) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 437.35 636.71 Td (Equity and other) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 494.05 636.71 Td (December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 623.76 Td (Deferred taxes related to non-capital losses ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 615.76 Td (and capital losses) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 220.00 617.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 255.10 617.06 Td (\(35,195) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 282.30 617.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 288.00 617.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 325.80 617.11 Td (26,811) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 356.00 617.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.30 617.11 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 424.00 617.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 463.55 617.06 Td (\(4,379) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.30 617.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 617.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.15 617.06 Td (\(12,763) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 617.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 602.76 Td (Deferred tax liabilities related to difference in ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 594.76 Td (tax and book basis primarily related to real ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 586.76 Td (estate, net) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 253.35 588.06 Td (313,601) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 325.80 588.11 Td (55,347) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 402.25 588.11 Td (\(607) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.30 588.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.25 588.11 Td (1,827) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.35 588.11 Td (370,168) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 573.06 Td (Net deferred taxes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 220.00 573.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 253.35 573.06 Td (278,406) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 288.00 573.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 325.80 573.11 Td (82,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 356.00 573.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 402.25 573.11 Td (\(607) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 418.30 573.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 424.00 573.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 463.55 573.06 Td (\(2,552) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.30 573.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 573.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.35 573.11 Td (357,405) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 549.45 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.34 549.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.81 549.45 Td (, the Company has approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.93 549.45 Td ($35 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 284.72 549.45 Td ( of non-capital losses which expire between ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 433.63 549.45 Td (2016 and 2032) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 486.56 549.45 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 532.95 m 218.5 532.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 514.95 m 218.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 532.95 m 286.5 532.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 218.5 514.95 m 286.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 532.95 m 354.5 532.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 514.95 m 354.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 532.95 m 422.5 532.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 514.95 m 422.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 532.95 m 487.5 532.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 422.5 514.95 m 487.5 514.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 532.95 m 555.5 532.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 514.95 m 555.5 514.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 464.95 m 218.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 449.95 m 218.5 449.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 218.5 464.95 m 286.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 449.95 m 286.5 449.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 286.5 464.95 m 354.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 449.95 m 354.5 449.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 354.5 464.95 m 422.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 449.95 m 422.5 449.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 422.5 464.95 m 487.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 449.95 m 487.5 449.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 464.95 m 555.5 464.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 449.95 m 555.5 449.95 l s BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 523.81 Td (\(thousands of Canadian dollars\) ) Tj ET Q BT /F8 6.00 Tf ET q 0 0 0 rg BT 57.00 517.76 Td (\(Restated note 3\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 223.05 518.96 Td (December 31, 2010) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 316.75 518.96 Td (Net income) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 364.15 518.96 Td (Recognized in OCI) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 465.70 518.96 Td (Equity) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 492.05 518.96 Td (December 31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 504.86 Td (Deferred taxes related to non-capital losses ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 496.86 Td (and capital losses) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 221.00 498.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 256.10 498.16 Td (\(25,414) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 283.30 498.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 289.00 498.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 328.55 498.16 Td (\(9,781) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 351.30 498.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 357.00 498.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 411.30 498.21 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 425.00 498.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 476.25 498.16 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.00 498.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.15 498.16 Td (\(35,195) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 552.30 498.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 483.86 Td (Deferred tax liabilities related to difference in ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 475.86 Td (tax and book basis primarily related to real ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 467.86 Td (estate, net) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 254.35 469.16 Td (218,291) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.80 469.21 Td (88,648) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 396.55 469.16 Td (\(1,334) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.30 469.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 464.25 469.21 Td (7,996) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 469.21 Td (313,601) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 454.16 Td (Net deferred taxes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 221.00 454.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 254.35 454.16 Td (192,877) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 289.00 454.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 326.80 454.21 Td (78,867) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 357.00 454.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 396.55 454.16 Td (\(1,334) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 419.30 454.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 425.00 454.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 464.25 454.21 Td (7,996) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 490.00 454.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.35 454.21 Td (278,406) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 430.50 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.34 430.50 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.81 430.50 Td (, the Company has approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.93 430.50 Td ($139 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.17 430.50 Td ( of non-capital losses which expire between ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.08 430.50 Td (2015 and 2031) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 491.01 430.50 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 401.60 Td (The major components of income tax expense include the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 391.1 m 433.5 391.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 391.1 m 493.5 391.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 391.1 m 553.5 391.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 379.1 m 433.5 379.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 367.1 m 433.5 367.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 379.1 m 493.5 379.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 367.1 m 493.5 367.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 379.1 m 553.5 379.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 367.1 m 553.5 367.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 340.1 m 433.5 340.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 340.1 m 493.5 340.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 340.1 m 553.5 340.1 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.10 381.96 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 369.96 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 472.85 369.76 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.40 369.96 Td (2011) Tj ET Q BT /F8 6.00 Tf ET q 0 0 0 rg BT 501.30 358.91 Td (\(Restated note 3\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 344.31 Td (Deferred income taxes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 436.00 344.43 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.40 344.43 Td (82,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 344.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.80 344.36 Td (78,867) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 320.70 Td (The following reconciles the Companys statutory tax rate to its effective tax rate for the ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 347.36 320.70 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 459.40 320.70 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 476.74 320.70 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 494.54 320.70 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 310.20000000000005 m 433.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 310.20000000000005 m 493.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 310.20000000000005 m 553.5 310.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 298.20000000000005 m 433.5 298.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 286.20000000000005 m 433.5 286.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 298.20000000000005 m 493.5 298.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 286.20000000000005 m 493.5 286.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 298.20000000000005 m 553.5 298.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 286.20000000000005 m 553.5 286.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 189.20000000000005 m 433.5 189.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 174.20000000000005 m 433.5 174.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 433.5 189.20000000000005 m 493.5 189.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 174.20000000000005 m 493.5 174.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 493.5 189.20000000000005 m 553.5 189.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 174.20000000000005 m 553.5 174.20000000000005 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.10 301.06 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 289.06 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 472.85 288.86 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.40 289.06 Td (2011) Tj ET Q BT /F8 6.00 Tf ET q 0 0 0 rg BT 501.30 278.01 Td (\(Restated note 3\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 264.16 Td (Income tax expense at the Canadian federal and provincial income tax rate of 26.22% \(2011 - 27.85%\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 436.00 263.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.50 263.93 Td (124,576) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 264.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.35 264.16 Td (174,834) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 252.16 Td (Increase \(decrease\) in income taxes is due to the following:) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 240.16 Td (Non-deductible interest) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.60 239.93 Td (392) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 536.95 240.16 Td (427) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 228.16 Td (Changes in timing of reversal) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 482.30 227.93 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.60 228.16 Td (\(8,614) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.30 228.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 216.16 Td (Non-taxable portion of capital gains and other) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 460.75 215.93 Td (\(52,331) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.30 215.93 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.15 216.16 Td (\(79,078) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.30 216.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 204.16 Td (Impact of change in statutory income tax rate) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 468.30 203.93 Td (9,169) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 542.25 204.16 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 192.11 Td (Other) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 475.60 191.93 Td (352) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 527.60 192.16 Td (\(8,702) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 550.30 192.11 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 436.00 178.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.40 178.53 Td (82,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 496.00 178.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.80 178.46 Td (78,867) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 154.75 Td (Deferred tax expense increased compared to the same prior year period primarily as a result of a ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 382.01 154.75 Td ($10 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.80 154.75 Td ( increase relating to the change in the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 140.85 Td (income tax rate by the Province of Ontario on its general corporate income taxes, partially offset by the decrease in the fair value adjustment of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 126.90 Td (investment properties as compared to prior year period.) Tj ET Q endstream endobj 247 0 obj <> endobj 248 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (121) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (22. PER SHARE CALCULATIONS) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 656.35 Td (The following table sets forth the computation of per share amounts:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 645.85 m 417.5 645.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 645.85 m 484.5 645.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 645.85 m 551.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 615.85 m 417.5 615.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 615.85 m 484.5 615.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 615.85 m 551.5 615.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 576.85 m 417.5 576.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 561.85 m 417.5 561.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 576.85 m 484.5 576.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 561.85 m 484.5 561.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 576.85 m 551.5 576.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 561.85 m 551.5 561.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 509.85 m 417.5 509.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 494.85 m 417.5 494.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 417.5 509.85 m 484.5 509.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 494.85 m 484.5 494.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 484.5 509.85 m 551.5 509.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 494.85 m 551.5 494.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 467.85 m 417.5 467.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417.5 467.85 m 484.5 467.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 467.85 m 551.5 467.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 472.10 634.86 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 619.86 Td (\(thousands of Canadian dollars, except other data\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 463.85 619.96 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 532.40 619.86 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 605.76 Td (Numerator) Tj ET Q BT /F8 6.00 Tf ET q 0 0 0 rg BT 503.95 607.66 Td (\(Restated note 3\)) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 592.76 Td (Net income attributable to common shareholders) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 420.00 592.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.50 592.58 Td (392,959) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.00 592.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 592.81 Td (548,932) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 579.76 Td (Adjustment for dilutive effect of convertible debentures, net of tax) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.40 579.53 Td (16,992) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 579.81 Td (18,566) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 566.06 Td (Numerator for diluted per share amounts) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.00 566.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.50 566.23 Td (409,951) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.00 566.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 566.11 Td (567,498) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 551.76 Td (Denominator \(in thousands\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 538.76 Td (Weighted average number of shares outstanding for basic per share amounts) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.50 538.58 Td (189,012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 538.81 Td (168,007) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 525.76 Td (Options) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.60 525.58 Td (864) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 534.95 525.81 Td (625) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 512.76 Td (Convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.40 512.53 Td (16,697) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 523.80 512.81 Td (20,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 499.06 Td (Denominator for diluted per share amounts) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 449.50 499.23 Td (206,573) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.35 499.11 Td (189,132) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 484.76 Td (Basic net income per share attributable to common shareholders) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.00 484.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.15 484.53 Td (2.08) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.00 484.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.70 484.81 Td (3.27) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 471.76 Td (Diluted net income per share attributable to common shareholders) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 420.00 471.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.15 471.53 Td (1.98) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.00 471.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.70 471.81 Td (3.00) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 439.45 Td (The following securities were not included in the diluted net income per share calculation as the effect would have been anti-dilutive:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 428.95 m 259.5 428.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 428.95 m 339.5 428.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 428.95 m 404.5 428.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 428.95 m 487.5 428.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 428.95 m 552.5 428.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 416.95 m 259.5 416.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 259.5 416.95 m 339.5 416.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 339.5 416.95 m 404.5 416.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 416.95 m 487.5 416.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 416.95 m 552.5 416.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 404.95 m 259.5 404.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 389.95 m 259.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 259.5 404.95 m 339.5 404.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259.5 389.95 m 339.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 339.5 404.95 m 404.5 404.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 389.95 m 404.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 404.5 404.95 m 487.5 404.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404.5 389.95 m 487.5 389.95 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 404.95 m 552.5 404.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 389.95 m 552.5 389.95 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 419.81 Td (Year ended December 31) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 360.55 419.81 Td (Number of Shares if Exercised) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 407.81 Td (\(in Canadian dollars, number of options in thousands\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 271.80 407.61 Td (Exercise Price Range) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 383.85 407.61 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 421.35 407.81 Td (Exercise Price Range) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 533.40 407.81 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 393.86 Td (Common share options) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 273.35 393.63 Td ($17.41 $17.90) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 386.30 394.28 Td (907) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.60 394.16 Td ($15.70 $16.95) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.95 394.16 Td (2,686) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 370.50 Td (Regular dividends paid per common share were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 218.47 370.50 Td ($0.82) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.48 370.50 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 255.83 370.50 Td ($0.80) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 275.85 370.50 Td ( for each of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 329.20 370.50 Td (years ended December 31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 441.23 370.50 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.58 370.50 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 476.37 370.50 Td (, respectively.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 336.30 Td (23. RISK MANAGEMENT) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 316.35 Td (In the normal course of its business, the Company is exposed to a number of risks that can affect its operating performance. These risks, and the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 302.45 Td (actions taken to manage them, are as follows:) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 282.50 Td (\(a\) Interest rate risk) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 268.60 Td (The Company attempts to structure its financings so as to stagger the maturities of its debt, thereby mitigating its exposure to interest rate and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 254.70 Td (other credit market fluctuations. A portion of the Companys mortgages, loans and credit facilities are floating rate instruments. From time to time, ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 240.75 Td (the Company may enter into interest rate swap contracts or other financial instruments to modify the interest rate profile of its outstanding debt or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 226.85 Td (highly probable future debt issuances without an exchange of the underlying principal amount. The fair value of the Companys derivative liabilities ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 212.90 Td (\(Note 15\) and other contracts as at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.91 212.90 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 243.39 212.90 Td ( is a liability of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 293.16 212.90 Td ($2.3 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.17 212.90 Td ( due to changes in interest rates since the inception of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 199.00 Td (contracts. A 100 basis point increase in the yield curve for these contracts would decrease the Companys liability and equity by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 487.40 199.00 Td ($6.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 527.41 199.00 Td ( and ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 185.10 Td (increase net income by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 134.90 185.10 Td ($0.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 174.91 185.10 Td (, with the remainder recognized in other comprehensive income. A 100 basis point decrease in the yield curve ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 171.15 Td (for these contracts would increase the Companys liability and equity by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 297.59 171.15 Td ($7.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 337.60 171.15 Td ( and decrease net income by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.06 171.15 Td ($0.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 478.07 171.15 Td ( and the remainder ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 157.25 Td (in other comprehensive income.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 137.30 Td (Interest represents a significant cost in financing the ownership of real property. The Company has a total of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 419.85 137.30 Td ($1.1 billion) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 457.64 137.30 Td ( principal amount of fixed ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 123.40 Td (rate interest-bearing instruments outstanding including mortgages, senior unsecured debentures and convertible debentures maturing between ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 109.50 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 122.47 109.50 Td ( and December 31, 2015 at a weighted average coupon interest rate of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.33 109.50 Td (5.42%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.01 109.50 Td (. If these amounts were refinanced at an ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 95.55 Td (average interest rate that was 100 basis points higher or lower than the existing rate, the Companys annual interest cost would respectively ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 81.65 Td (increase or decrease by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 136.66 81.65 Td ($10.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 181.12 81.65 Td (.) Tj ET Q endstream endobj 249 0 obj <> endobj 250 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 36.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 37.01 Td (122) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (The Companys other loans receivable \(current and non-current\) earn interest at fixed rates. If the loans were refinanced at 100 basis points ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (higher or lower than the existing rate, the Companys annual interest income, and, accordingly, equity would respectively increase or decrease by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 666.60 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 103.33 666.60 Td ($0.4 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 143.34 666.60 Td (.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (\(b\) Credit risk) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 632.75 Td (Credit risk arises from the possibility that tenants and/or debtors may experience financial difficulty and be unable or unwilling to fulfill their lease ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 618.85 Td (commitments or loan obligations. The Company mitigates the risk of credit loss by investing in well-located properties in urban markets that attract ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 604.90 Td (quality tenants, ensuring that its tenant mix is diversified, and by limiting its exposure to any one tenant. No one tenant represents more than ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 530.98 604.90 Td (7%) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 542.54 604.90 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 591.00 Td (of annualized minimum rent. A tenants success over the term of its lease and its ability to fulfill its lease obligations is subject to many factors. ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 577.05 Td (There can be no assurance that a tenant will be able to fulfill all of its existing commitments and leases up to the expiry date. The Companys ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 563.15 Td (maximum exposure to credit risk is limited to the carrying amounts of its financial assets.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 543.25 Td (The Companys leases typically have lease terms between ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 250.89 543.25 Td (five and twenty) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 301.57 543.25 Td ( years and may include clauses to enable periodic upward revision of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 529.30 Td (rental rates.) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 54.00 509.40 Td (Future minimum rentals receivable under non-cancellable operating leases as at December 31 are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 498.9 m 487.5 498.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 486.9 m 487.5 486.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 498.9 m 558.5 498.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 486.9 m 558.5 486.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 447.9 m 487.5 447.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 432.9 m 487.5 432.9 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 487.5 447.9 m 558.5 447.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 432.9 m 558.5 432.9 l s BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 489.76 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 537.85 489.56 Td (2012) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 476.86 Td (Within 1 year) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.00 476.63 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 523.50 476.63 Td (392,828) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 464.86 Td (After 1 year, but not more than 5 years) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 464.63 Td (1,174,575) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 452.11 Td (More than 5 years) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 452.28 Td (1,008,244) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 490.00 437.23 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 516.20 437.28 Td (2,575,647) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 413.45 Td (\(c\) Currency risk) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 399.55 Td (The Company maintains its accounts in Canadian dollars. At December 31, 2012, the Company has ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 394.08 399.55 Td (nil) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 402.08 399.55 Td ( drawn in U.S. dollars on its floating rate ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 385.65 Td (revolving credit facility \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.54 385.65 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 202.02 385.65 Td ( ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 210.47 385.65 Td ($35.6 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.92 385.65 Td (\) \(Note 11\).) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 365.70 Td (\(d\) Liquidity risk) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 351.80 Td (Real estate investments are relatively illiquid. This will tend to limit the Companys ability to sell components of its portfolio promptly in response to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 337.85 Td (changing economic or investment conditions. If the Company were required to quickly liquidate its assets, there is a risk that it would realize sale ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 323.95 Td (proceeds of less than the current value of its real estate investments.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 304.05 Td (An analysis of the Companys contractual maturities of its material financial liabilities and other contractual commitments is set out below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 293.54999999999995 m 258.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 293.54999999999995 m 318.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 293.54999999999995 m 378.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 293.54999999999995 m 438.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 293.54999999999995 m 498.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 293.54999999999995 m 558.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 281.54999999999995 m 258.5 281.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 269.54999999999995 m 258.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 281.54999999999995 m 318.5 281.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 269.54999999999995 m 318.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 281.54999999999995 m 378.5 281.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 269.54999999999995 m 378.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 281.54999999999995 m 438.5 281.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 269.54999999999995 m 438.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 281.54999999999995 m 498.5 281.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 269.54999999999995 m 498.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 281.54999999999995 m 558.5 281.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 269.54999999999995 m 558.5 269.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 233.54999999999995 m 258.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 233.54999999999995 m 318.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 233.54999999999995 m 378.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 233.54999999999995 m 438.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 233.54999999999995 m 498.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 233.54999999999995 m 558.5 233.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 140.54999999999995 m 258.5 140.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 125.54999999999995 m 258.5 125.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258.5 140.54999999999995 m 318.5 140.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 125.54999999999995 m 318.5 125.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318.5 140.54999999999995 m 378.5 140.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318.5 125.54999999999995 m 378.5 125.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378.5 140.54999999999995 m 438.5 140.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 125.54999999999995 m 438.5 125.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 140.54999999999995 m 498.5 140.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 125.54999999999995 m 498.5 125.54999999999995 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 140.54999999999995 m 558.5 140.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 125.54999999999995 m 558.5 125.54999999999995 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 361.85 284.41 Td (Payments Due by Period) Tj ET Q BT /F8 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 271.51 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 299.40 272.41 Td (2013) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 334.50 272.41 Td (2014 to 2015) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 394.50 272.41 Td (2016 to 2017) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 464.65 272.41 Td (Thereafter) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 541.25 272.41 Td (Total) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 259.51 Td (Mortgages) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 247.51 Td (Scheduled amortization) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 261.00 247.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 290.80 247.51 Td (42,148) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 247.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 350.80 247.51 Td (65,063) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 247.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 410.80 247.51 Td (42,932) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 247.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 247.51 Td (60,137) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 247.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 247.51 Td (210,280) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 69.00 235.51 Td (Payments on maturity) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.05 235.51 Td (199,829) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 346.05 235.51 Td (488,605) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.05 235.51 Td (216,500) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.05 235.51 Td (493,898) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.40 235.51 Td (1,398,832) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 223.51 Td (Total mortgage obligations) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.35 223.51 Td (241,977) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 346.30 223.51 Td (553,668) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.30 223.51 Td (259,432) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 223.51 Td (554,035) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 223.51 Td (1,609,112) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 211.51 Td (Senior unsecured debentures) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 307.25 211.51 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 346.30 211.51 Td (278,943) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.30 211.51 Td (250,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 211.51 Td (950,000) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 211.51 Td (1,478,943) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 199.51 Td (Loans payable ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 107.67 202.31 Td (\(1\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 290.80 199.51 Td (17,098) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 350.80 199.51 Td (16,722) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 427.25 199.51 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 199.51 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 199.51 Td (33,820) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 187.51 Td (Interest obligations ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 122.78 190.31 Td (\(2\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.35 187.51 Td (159,491) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 346.30 187.51 Td (250,788) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.30 187.51 Td (185,298) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 466.35 187.51 Td (203,468) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.35 187.51 Td (799,045) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 175.51 Td (Land leases \(expiring between 2023 and 2061\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.25 175.51 Td (1,091) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 355.25 175.51 Td (2,100) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 415.25 175.51 Td (1,596) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 470.80 175.51 Td (21,433) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 175.51 Td (26,220) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 163.46 Td (Contractual committed costs to complete current ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 66.00 155.46 Td (development projects) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 290.80 156.81 Td (89,697) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 366.40 156.76 Td (86) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 427.25 156.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 156.76 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 530.80 156.81 Td (89,783) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 142.51 Td (Other committed costs) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 295.25 142.51 Td (6,550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 367.25 142.51 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 427.25 142.51 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 487.25 142.51 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 142.51 Td (6,550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 129.76 Td (Total contractual obligations ) Tj ET Q BT /F6 8.00 Tf ET BT /F6 4.80 Tf ET q 0 0 0 rg BT 153.17 132.56 Td (\(3\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 261.00 129.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 286.35 129.81 Td (515,904) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 321.00 129.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 339.70 129.81 Td (1,102,307) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 381.00 129.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 406.30 129.76 Td (696,326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 441.00 129.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 459.70 129.81 Td (1,728,936) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 129.76 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 519.70 129.81 Td (4,043,473) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 560.00 126.05 Td ( ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 3.60 Tf ET q 0 0 0 rg BT 54.00 114.95 Td (\(1\) ) Tj ET Q BT /F6 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 112.85 Td (Loans payable includes a ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 128.68 112.85 Td ($16.5 million) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 162.02 112.85 Td ( loan relating to residential development inventory and a third party loan that had previously been defeased.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 104.50 Td (\(2\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 102.40 Td (Interest obligations include expected interest payments on mortgages and credit facilities at ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 295.69 102.40 Td (December31, 2012) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 347.04 102.40 Td ( \(assuming balances remain outstanding through to maturity\), and senior ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 91.95 Td (unsecured debentures, as well as standby credit facility fees.) Tj ET Q BT /F6 6.00 Tf ET BT /F6 3.60 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 83.60 Td (\(3\) ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 81.50 Td (Consistent with existing practice, it is the Companys current intention to continue to satisfy its obligations of principal and interest payments in respect of all of its outstanding convertible ) Tj ET Q BT /F6 6.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.00 71.05 Td (debentures by the issuance of common shares, and as such have been excluded from this table.) Tj ET Q endstream endobj 251 0 obj <> endobj 252 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 37.01 Td (123) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 36.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.45 Td (In addition, the Company has contractual commitments with respect to its outstanding accounts payable and other liabilities and investment ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 680.50 Td (properties.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 660.60 Td (The Companys total estimated costs to complete development projects are ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 309.13 660.60 Td ($160.1 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 358.04 660.60 Td ( including ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 393.60 660.60 Td ($11.4 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.06 660.60 Td ( related to the residential ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 646.65 Td (development inventory, with ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 150.91 646.65 Td ($89.8 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 195.36 646.65 Td ( contractually committed at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.60 646.65 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 358.07 646.65 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 626.75 Td (The Company manages its liquidity risk by staggering debt maturities; renegotiating expiring credit arrangements proactively; using undrawn lines ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 612.85 Td (of credit; and issuing equity when considered appropriate. As at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 271.83 612.85 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 340.30 612.85 Td (, there was ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 379.42 612.85 Td (nil) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 387.42 612.85 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 392.31 612.85 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 460.79 612.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 469.23 612.85 Td ($174.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 518.14 612.85 Td (\) of cash ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 598.90 Td (advances drawn against the Companys revolving credit facilities.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 579.00 Td (In addition, at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 102.91 579.00 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 171.39 579.00 Td ( the Company has ) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 234.96 579.00 Td ($43.6 million) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.41 579.00 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 284.30 579.00 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 352.78 579.00 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 361.22 579.00 Td ($24.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 405.68 579.00 Td (\) of outstanding letters of credit that have ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 565.05 Td (been issued by financial institutions primarily to support certain of the Companys above contractual obligations.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 530.30 Td (24. SUPPLEMENTAL OTHER COMPREHENSIVE INCOME \(LOSS\) INFORMATION) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 510.35 Td (\(a\) Tax effects relating to each component of other comprehensive loss) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 499.85 m 198 499.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53 487.85 m 198 487.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 499.85 m 258 499.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198 487.85 m 258 487.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 499.85 m 318 499.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258 487.85 m 318 487.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 499.85 m 378 499.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318 487.85 m 378 487.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 499.85 m 438 499.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378 487.85 m 438 487.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 499.85 m 498 499.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438 487.85 m 498 487.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 499.85 m 558 499.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498 487.85 m 558 487.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53 467.85 m 198 467.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198 467.85 m 258 467.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258 467.85 m 318 467.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318 467.85 m 378 467.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378 467.85 m 438 467.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438 467.85 m 498 467.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498 467.85 m 558 467.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53 385.85 m 198 385.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53 370.85 m 198 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 198 385.85 m 258 385.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198 370.85 m 258 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 258 385.85 m 318 385.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 370.85 m 318 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 318 385.85 m 378 385.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 370.85 m 378 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 378 385.85 m 438 385.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 370.85 m 438 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438 385.85 m 498 385.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 370.85 m 498 370.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498 385.85 m 558 385.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 370.85 m 558 370.85 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 55.50 490.71 Td (Years ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 357.35 490.51 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.90 490.71 Td (2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 55.50 471.86 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 222.35 478.51 Td (Before-Tax) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 230.75 471.51 Td (Amount) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 274.95 478.51 Td (Tax-Recovery) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 284.55 471.51 Td (\(Expense\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 343.10 478.51 Td (Net-of-Tax) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 350.75 471.51 Td (Amount) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 402.85 478.71 Td (Before-Tax) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 411.15 471.71 Td (Amount) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 455.05 478.71 Td (Tax-Recovery) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 464.90 471.71 Td (\(Expense\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 524.00 478.71 Td (Net-of-Tax) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 531.15 471.71 Td (Amount) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 457.76 Td (Unrealized \(losses\) gains on available for ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 64.50 449.76 Td (sale marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 200.50 451.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.45 451.18 Td (\(557) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 254.80 451.18 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 260.50 451.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 300.10 451.18 Td (107) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.50 451.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 357.45 451.23 Td (\(450) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 374.80 451.18 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 380.50 451.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 421.45 451.11 Td (580) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.50 451.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 483.20 451.11 Td (\(85) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.80 451.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.50 451.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.45 451.11 Td (495) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 436.76 Td (Reclassification of gains on available for ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 64.50 428.76 Td (sale marketable securities to net ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 64.50 420.81 Td (income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 237.45 423.18 Td (\(384) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 254.80 423.18 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 305.00 423.18 Td (54) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 357.45 423.23 Td (\(330) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 374.80 423.18 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.05 423.06 Td (\(2,306) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.80 423.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 481.45 423.11 Td (371) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.10 423.11 Td (\(1,935) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.80 423.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 408.81 Td (Unrealized losses on cash flow hedges) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 230.10 408.58 Td (\(1,890) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 254.80 408.58 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 300.10 408.58 Td (531) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.05 408.58 Td (\(1,359) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 374.80 408.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.05 408.81 Td (\(4,133) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.80 408.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 474.75 408.81 Td (1,048) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.10 408.81 Td (\(3,085) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.80 408.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 396.76 Td (Reclassification of net losses on cash ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 64.50 388.76 Td (flow hedges to net income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 240.10 390.18 Td (330) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 302.35 390.18 Td (\(85) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 314.80 390.18 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 360.05 390.18 Td (245) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.75 390.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 486.75 390.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 546.75 390.06 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 55.50 375.06 Td (Other comprehensive loss) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 200.50 375.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 230.10 375.18 Td (\(2,501) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 254.80 375.18 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 260.50 375.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 300.10 375.18 Td (607) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.50 375.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 350.05 375.18 Td (\(1,894) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 374.80 375.18 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 380.50 375.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.05 375.06 Td (\(5,859) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 434.80 375.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.50 375.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 474.75 375.11 Td (1,334) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.50 375.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.10 375.11 Td (\(4,525) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.80 375.06 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 342.45 Td (\(b\) Accumulated other comprehensive \(loss\) income) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 331.95000000000005 m 197.5 331.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 331.95000000000005 m 257.5 331.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 331.95000000000005 m 317.5 331.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 331.95000000000005 m 377.5 331.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 331.95000000000005 m 437.5 331.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 331.95000000000005 m 497.5 331.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 331.95000000000005 m 557.5 331.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 319.95000000000005 m 197.5 319.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 290.95000000000005 m 197.5 290.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 319.95000000000005 m 257.5 319.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 290.95000000000005 m 257.5 290.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 257.5 319.95000000000005 m 317.5 319.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 257.5 290.95000000000005 m 317.5 290.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 319.95000000000005 m 377.5 319.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 290.95000000000005 m 377.5 290.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 319.95000000000005 m 437.5 319.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 290.95000000000005 m 437.5 290.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 319.95000000000005 m 497.5 319.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 290.95000000000005 m 497.5 290.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 319.95000000000005 m 557.5 319.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 290.95000000000005 m 557.5 290.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 53.5 249.95000000000005 m 197.5 249.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 53.5 228.95000000000005 m 197.5 228.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 197.5 249.95000000000005 m 257.5 249.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 197.5 228.95000000000005 m 257.5 228.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 257.5 249.95000000000005 m 317.5 249.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 257.5 228.95000000000005 m 317.5 228.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 317.5 249.95000000000005 m 377.5 249.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 228.95000000000005 m 377.5 228.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 377.5 249.95000000000005 m 437.5 249.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 228.95000000000005 m 437.5 228.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 437.5 249.95000000000005 m 497.5 249.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 228.95000000000005 m 497.5 228.95000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 497.5 249.95000000000005 m 557.5 249.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 228.95000000000005 m 557.5 228.95000000000005 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 56.00 322.81 Td (Years ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 356.85 322.61 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 538.40 322.81 Td (2011) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 56.00 294.96 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 228.70 309.06 Td (Opening) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 229.45 302.06 Td (Balance) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 224.25 295.06 Td (January 1) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 278.40 309.06 Td (Net Change) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 293.75 302.06 Td (During) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 282.65 295.06 Td (the Period) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 351.80 309.06 Td (Closing) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 349.45 302.06 Td (Balance) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 332.55 295.06 Td (December 31) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 409.10 308.96 Td (Opening) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 409.85 301.96 Td (Balance) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 404.80 294.96 Td (January 1) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 458.95 308.96 Td (Net Change) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 474.15 301.96 Td (During) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 463.65 294.96 Td (the Period) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 532.60 308.96 Td (Closing) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 529.85 301.96 Td (Balance) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 513.50 294.96 Td (December 31) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 56.00 280.86 Td (Change in cumulative unrealized gains ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 65.00 272.86 Td (on available-for-sale marketable ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 65.00 264.86 Td (securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 200.00 266.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 239.60 266.28 Td (799) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 260.00 266.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 296.95 266.28 Td (\(780) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 314.30 266.28 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.00 266.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 364.50 266.33 Td (19) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 380.00 266.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 414.25 266.21 Td (2,239) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.00 266.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.60 266.21 Td (\(1,440) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.30 266.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 266.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 540.95 266.21 Td (799) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 56.00 251.91 Td (Unrealized losses on cash flow hedges) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 229.60 251.68 Td (\(3,085) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 254.30 251.68 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.60 251.68 Td (\(1,114) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 314.30 251.68 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 349.55 251.68 Td (\(4,199) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 374.30 251.68 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 426.25 251.91 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.60 251.91 Td (\(3,085) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.30 251.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.60 251.91 Td (\(3,085) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 251.91 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 56.00 239.86 Td (Accumulated other comprehensive ) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 65.00 231.86 Td (\(loss\) income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 200.00 233.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 229.60 233.28 Td (\(2,286) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 254.30 233.28 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 260.00 233.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 289.60 233.28 Td (\(1,894) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 314.30 233.28 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 320.00 233.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 349.55 233.28 Td (\(4,180) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 374.30 233.28 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 380.00 233.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 414.25 233.21 Td (2,239) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 440.00 233.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 471.60 233.21 Td (\(4,525) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.30 233.16 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 500.00 233.16 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.60 233.21 Td (\(2,286) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 554.30 233.16 Td (\)) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 253 0 obj <> endobj 254 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (124) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (25. SUPPLEMENTAL CASH FLOW INFORMATION) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 656.35 Td (\(a\) Items not affecting cash and other items) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 645.85 m 402.5 645.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 645.85 m 432.5 645.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 645.85 m 492.5 645.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 645.85 m 552.5 645.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 633.85 m 402.5 633.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 621.85 m 402.5 621.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 633.85 m 432.5 633.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 621.85 m 432.5 621.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 633.85 m 492.5 633.85 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 621.85 m 492.5 621.85 l s 0 0 0 RG 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Tf ET q 0 0 0 rg BT 408.40 624.71 Td (Notes) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 471.85 624.51 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 533.40 624.71 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 611.81 Td (Rental revenue recognized on a straightline basis) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 611.58 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.75 611.58 Td (\(13,117) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 611.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 611.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 611.81 Td (\(8,490) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 611.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 599.81 Td (Investment properties selling costs) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.55 599.81 Td (20) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 599.58 Td (4,081) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 541.25 599.81 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 587.81 Td (Realized gains on sale of marketable securities) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.55 587.81 Td (20) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 587.58 Td (\(3,538) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 587.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 587.81 Td (\(4,320) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 587.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 575.81 Td (Change in cumulative unrealized \(gains\) losses on marketable securities classified as FVTPL) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.55 575.81 Td (20) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 575.58 Td (\(2,677) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 575.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 575.81 Td (1,296) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 563.81 Td (Losses on settlement of debt) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.55 563.81 Td (20) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 563.58 Td (6,550) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 563.81 Td (1,486) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 551.81 Td (Loss on temporary change of conversion privilege of convertible debentures) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.30 551.58 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 551.81 Td (2,501) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 539.81 Td (Non-cash compensation expense) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 467.30 539.58 Td (2,897) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 529.25 539.81 Td (3,055) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 527.81 Td (Cash settlement of restricted share units) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 527.58 Td (\(2,396) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 527.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.60 527.81 Td (\(2,380) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 527.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 515.81 Td (Loss \(gain\) on foreign currency exchange) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.55 515.81 Td (20) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 479.50 515.58 Td (59) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 515.81 Td (\(268) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 515.81 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 503.81 Td (Deferred income taxes) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.55 503.81 Td (21) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 503.58 Td (82,158) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 503.81 Td (78,867) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 491.81 Td (Unrealized \(gains\) losses on hedges) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 412.55 491.81 Td (20) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.60 491.58 Td (\(1,459) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 491.58 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.95 491.81 Td (326) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 479.81 Td (Other income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 481.30 479.58 Td () Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 533.25 479.81 Td (\(211) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 479.81 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 467.18 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 467.18 Td (72,558) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 467.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 524.80 467.11 Td (71,862) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 434.45 Td (\(b\) Net change in non-cash operating items) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 414.50 Td (The net change in non-cash operating assets and liabilities consists of the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 404 m 431.5 404 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 404 m 491.5 404 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 404 m 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Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 382.86 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 470.85 382.66 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 532.40 382.86 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 369.96 Td (Amounts receivable) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 434.00 369.73 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.30 369.73 Td (5,516) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 369.96 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.60 369.96 Td (\(3,246) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 369.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 357.96 Td (Prepaid expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.30 357.73 Td (1,909) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 357.96 Td (1,365) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 345.96 Td (Trade payables and accruals ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.30 345.73 Td (6,749) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.15 345.96 Td (\(11,305) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 345.96 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 333.96 Td (Tenant security and other deposits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 466.30 333.73 Td (5,773) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 528.25 333.96 Td (5,022) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 321.96 Td (Other working capital changes) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 463.55 321.73 Td (\(1,016) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 488.30 321.73 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.60 321.96 Td (\(1,116) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 321.96 Td (\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 434.00 309.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 461.40 309.33 Td (18,931) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 494.00 309.21 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.60 309.26 Td (\(9,280) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 548.30 309.21 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 276.60 Td (\(c\) Changes in loans, mortgages and other real estate assets) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 266.1 m 432.5 266.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 266.1 m 492.5 266.1 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 266.1 m 552.5 266.1 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 254.10000000000002 m 432.5 254.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 242.10000000000002 m 432.5 242.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 254.10000000000002 m 492.5 254.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 242.10000000000002 m 492.5 242.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 254.10000000000002 m 552.5 254.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 242.10000000000002 m 552.5 242.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 206.10000000000002 m 432.5 206.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 191.10000000000002 m 432.5 191.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 432.5 206.10000000000002 m 492.5 206.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 191.10000000000002 m 492.5 191.10000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 492.5 206.10000000000002 m 552.5 206.10000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 191.10000000000002 m 552.5 191.10000000000002 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 473.10 256.96 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 244.96 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 471.85 244.76 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 533.40 244.96 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 232.06 Td (Decrease \(increase\) in loans and mortgages receivable) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 231.83 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 231.83 Td (22,091) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 232.06 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.15 232.06 Td (\(14,950) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 232.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 220.06 Td (Investment in marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 454.80 219.83 Td (\(169,373) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 489.30 219.83 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 517.70 220.06 Td (\(135,399) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 220.06 Td (\)) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 208.06 Td (Proceeds from disposition of marketable securities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 457.50 207.83 Td (182,908) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 520.35 208.06 Td (138,852) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 435.00 195.43 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 462.40 195.43 Td (35,626) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 495.00 195.31 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 522.15 195.31 Td (\(11,497) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 549.30 195.31 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 162.70 Td (\(d\) Cash and cash equivalents) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 152.20000000000005 m 429.5 152.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 152.20000000000005 m 489.5 152.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 152.20000000000005 m 549.5 152.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 139.20000000000005 m 429.5 139.20000000000005 l s 0 0 0 RG /GS0 gs 0.50 w 0 i 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 85.20000000000005 m 549.5 85.20000000000005 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 470.10 143.06 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 130.06 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 468.85 129.86 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.40 130.06 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 116.11 Td (Cash) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 432.00 115.88 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 115.88 Td (58,555) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 116.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.25 116.16 Td (2,781) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 103.11 Td (Term deposits) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 102.88 Td (11,600) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 532.95 103.16 Td (294) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 432.00 89.88 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 89.88 Td (70,155) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 89.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.25 89.46 Td (3,075) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 255 0 obj <> endobj 256 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (125) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (26. PROPORTIONATE CONSOLIDATION OF JOINT VENTURES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 656.35 Td (The Company is a participant in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 163.80 656.35 Td (14) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 172.70 656.35 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 177.59 656.35 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 246.06 656.35 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 254.51 656.35 Td (13) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 263.41 656.35 Td (\) partnership, co-ownership and limited liability corporate ventures that own ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 642.45 Td (development lands and shopping centres which are proportionately consolidated in these consolidated financial statements \(collectively, the joint ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 628.50 Td (ventures\). The Companys participation interest in these joint ventures ranges from ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 338.47 628.50 Td (33%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 354.48 628.50 Td ( to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 365.15 628.50 Td (75%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 381.16 628.50 Td (.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 608.60 Td (The following amounts are included in the consolidated financial statements and represent the Companys proportionate interests in the joint ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 594.70 Td (ventures:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 584.2 m 423.5 584.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 584.2 m 488.5 584.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 584.2 m 553.5 584.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 572.2 m 423.5 572.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 560.2 m 423.5 560.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 572.2 m 488.5 572.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 560.2 m 488.5 560.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 572.2 m 553.5 572.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 560.2 m 553.5 560.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 534.2 m 423.5 534.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 521.2 m 423.5 521.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 534.2 m 488.5 534.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 521.2 m 488.5 521.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 534.2 m 553.5 534.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 521.2 m 553.5 521.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 495.2 m 423.5 495.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 495.2 m 488.5 495.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 495.2 m 553.5 495.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 482.2 m 423.5 482.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 467.2 m 423.5 467.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 423.5 482.2 m 488.5 482.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 467.2 m 488.5 467.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 488.5 482.2 m 553.5 482.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 467.2 m 553.5 467.2 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 474.10 575.06 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 563.06 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.85 562.86 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 534.40 563.06 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 550.11 Td (Non-current assets) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 426.00 549.88 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 453.50 549.93 Td (254,378) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 491.00 550.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 521.35 550.16 Td (227,840) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 537.11 Td (Current assets) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 463.25 536.88 Td (4,036) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 530.25 537.16 Td (5,702) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 525.41 Td (Total assets) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 453.50 525.58 Td (258,414) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.35 525.46 Td (233,542) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 57.00 511.11 Td (Non-current liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 458.40 510.88 Td (67,753) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 525.80 511.16 Td (62,064) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 498.11 Td (Current liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 463.25 497.88 Td (6,371) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.80 498.16 Td (12,521) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 486.41 Td (Total liabilities) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 458.40 486.53 Td (74,124) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 525.80 486.46 Td (74,585) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 471.41 Td (Net assets) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 435.00 471.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 453.50 471.58 Td (184,290) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 500.00 471.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 521.35 471.46 Td (158,957) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 442.2 m 424.5 442.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 442.2 m 489.5 442.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 442.2 m 554.5 442.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 430.2 m 424.5 430.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 418.2 m 424.5 418.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 430.2 m 489.5 430.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 418.2 m 489.5 418.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 430.2 m 554.5 430.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 418.2 m 554.5 418.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 392.2 m 424.5 392.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 392.2 m 489.5 392.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 392.2 m 554.5 392.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 366.2 m 424.5 366.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 351.2 m 424.5 351.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 424.5 366.2 m 489.5 366.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 351.2 m 489.5 351.2 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 366.2 m 554.5 366.2 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 351.2 m 554.5 351.2 l s BT /F8 7.00 Tf ET q 0 0 0 rg BT 57.00 433.06 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 475.10 433.06 Td (Year ended December 31) Tj ET Q BT /F4 7.00 Tf ET q 0 0 0 rg BT 468.85 420.86 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 535.40 421.06 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 408.11 Td (Revenue) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.00 407.88 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 407.88 Td (20,589) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 408.11 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 408.16 Td (17,905) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 395.11 Td (Expenses) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 394.93 Td (9,029) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 395.16 Td (8,604) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 382.11 Td (Income before increase in value of investment properties, net) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 381.88 Td (11,560) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 382.16 Td (9,301) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 369.11 Td (Increase in value of investment properties, net) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 464.30 368.93 Td (9,454) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 531.25 369.16 Td (8,805) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 355.41 Td (Net income) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 427.00 355.53 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 459.40 355.53 Td (21,014) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 355.41 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 526.80 355.46 Td (18,106) Tj ET Q BT /F2 10.00 Tf ET BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 331.75 Td (Cash and cash equivalents held by joint ventures and proportionately consolidated amounted to ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.96 331.75 Td ($2.0 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 418.97 331.75 Td ( at ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 429.64 331.75 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 498.11 331.75 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 317.85 Td (\() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 56.66 317.85 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 125.14 317.85 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 133.59 317.85 Td ($3.5 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 173.60 317.85 Td (\) at the Companys share.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 297.90 Td (The Company is contingently liable for certain of the obligations of the joint ventures and, generally, all of the net assets of a joint venture are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 284.00 Td (available for the purpose of satisfying the obligations of the joint venture \(Note 27\(b\)\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 264.10 Td (The Companys share of capital commitments of its joint ventures is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 253.60000000000002 m 429.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 253.60000000000002 m 489.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 253.60000000000002 m 549.5 253.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 241.60000000000002 m 429.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 241.60000000000002 m 489.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 241.60000000000002 m 549.5 241.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 229.60000000000002 m 429.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 214.60000000000002 m 429.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 429.5 229.60000000000002 m 489.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 214.60000000000002 m 489.5 214.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 489.5 229.60000000000002 m 549.5 229.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 214.60000000000002 m 549.5 214.60000000000002 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 488.80 244.46 Td (As at December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 231.51 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 468.85 232.26 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 530.40 232.46 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 218.51 Td (Commitments to complete development projects) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 432.00 218.93 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 471.60 218.98 Td (156) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 492.00 218.81 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 537.40 218.81 Td (67) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 257 0 obj <> endobj 258 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F4 7.00 Tf ET q 0 0 0 rg BT 55.00 739.10 Td (NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 396.70 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 528.00 46.01 Td (126) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 676.30 Td (27. COMMITMENTS AND CONTINGENCIES) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 656.35 Td (\(a\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 656.35 Td (The Company is involved in litigation and claims which arise from time to time in the normal course of business. None of these, individually or ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 642.45 Td (in aggregate, would result in a liability that would have a significant adverse effect on the financial position of the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 622.50 Td (\(b\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 622.50 Td (The Company is contingently liable, jointly and severally, for approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 320.40 622.50 Td ($59.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 364.85 622.50 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 369.74 622.50 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 438.22 622.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 446.67 622.50 Td ($37.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 491.12 622.50 Td (\) to various ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 608.60 Td (lenders in connection with loans advanced to its joint venture partners secured by the partners interest in the joint ventures and other ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 594.70 Td (mortgage liabilities.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 574.75 Td (\(c\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 574.75 Td (The Company is contingently liable by way of letters of credit in the amount of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 331.55 574.75 Td ($43.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 376.01 574.75 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 380.90 574.75 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 449.37 574.75 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 457.82 574.75 Td ($24.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 502.28 574.75 Td (\) issued by ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 560.85 Td (financial institutions on the Company's behalf in the ordinary course of business.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 540.90 Td (\(d\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 540.90 Td (The Company has obligations as lessee under long-term finance leases for land. Annual commitments under these ground leases are ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 527.00 Td (approximately ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 116.83 527.00 Td ($1.1 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 156.84 527.00 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 161.73 527.00 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 230.20 527.00 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.65 527.00 Td ($0.9 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.66 527.00 Td (\) with a total obligation of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 365.35 527.00 Td ($26.2 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 409.80 527.00 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 414.69 527.00 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 483.17 527.00 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 491.61 527.00 Td ($21.7 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 536.07 527.00 Td (\).) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 507.10 Td (\(e\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 507.10 Td (In two of the Companys shopping centres, the grocery store anchor tenant has a right to purchase its premises on terms that are potentially ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 493.15 Td (favourable to each such tenant.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 473.25 Td (\(f\) ) Tj ET Q q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 67.50 473.25 Td (The Company has committed to purchase ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 211.53 473.25 Td (four) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 224.86 473.25 Td ( properties in ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 271.54 473.25 Td (2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 289.33 473.25 Td ( for a total of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 333.79 473.25 Td ($6.6 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 373.79 473.25 Td (, subject to customary closing conditions.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 438.30 Td (28. RELATED PARTY TRANSACTIONS) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 418.35 Td (\(a\) Major Shareholder) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 404.45 Td (Gazit is the principal shareholder of the Company. Norstar Holdings Inc. is the ultimate controlling party. As of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 426.93 404.45 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 495.41 404.45 Td (, Alony-Hetz ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 390.50 Td (Properties and Investments Ltd. \(Alony-Hetz\) also beneficially owns ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 290.44 390.50 Td (10.3%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 313.12 390.50 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 318.01 390.50 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 386.48 390.50 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 394.93 390.50 Td (11.6%) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 417.61 390.50 Td (\) of the common shares of the ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 376.60 Td (Company. Alony-Hetz and Gazit have entered into a shareholders agreement pursuant to which, among other terms, \(i\) Gazit has agreed to vote ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 362.70 Td (its common shares of the Company in favour of the election of up to two representatives of Alony-Hetz to the Board of Directors of the Company ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 348.75 Td (and \(ii\) Alony-Hetz has agreed to vote its common shares of the Company in favour of the election of the nominees of Gazit as the remaining ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 334.85 Td (directors of the Company.) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 314.90 Td (In addition to the transaction with related parties referenced in Notes 5 and 6\(a\), corporate and other amounts receivable include amounts due ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 301.00 Td (from Gazit. Gazit reimburses the Company for certain interest, accounting and administrative services provided to it by the Company. The amounts ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 287.10 Td (are comprised of the following:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 270.6 m 438.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 270.6 m 498.5 270.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 270.6 m 558.5 270.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 258.6 m 438.5 258.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 246.60000000000002 m 438.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 258.6 m 498.5 258.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 246.60000000000002 m 498.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 258.6 m 558.5 258.6 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 246.60000000000002 m 558.5 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 216.60000000000002 m 438.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 216.60000000000002 m 498.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 216.60000000000002 m 558.5 216.60000000000002 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 479.10 261.46 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 249.46 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.85 249.26 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 249.46 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 236.16 Td (Interest payments) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.00 235.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 473.30 235.33 Td (1,903) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 507.00 235.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 535.25 235.56 Td (3,028) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 221.51 Td (Reimbursements for professional services) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.00 220.28 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.60 220.33 Td (766) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 507.00 220.51 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 546.40 220.51 Td (85) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 188.15 Td (Gazit was also a tenant at a property owned by the Company. Total rental payments received are as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 177.64999999999998 m 438.5 177.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 177.64999999999998 m 498.5 177.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 177.64999999999998 m 558.5 177.64999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 165.64999999999998 m 438.5 165.64999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 165.64999999999998 m 498.5 165.64999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 165.64999999999998 m 558.5 165.64999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 153.64999999999998 m 438.5 153.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 138.64999999999998 m 438.5 138.64999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 153.64999999999998 m 498.5 153.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 138.64999999999998 m 498.5 138.64999999999998 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 153.64999999999998 m 558.5 153.64999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 138.64999999999998 m 558.5 138.64999999999998 l s BT /F6 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 479.10 168.51 Td (Year ended December 31) Tj ET Q BT /F8 6.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 157.46 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 477.85 156.31 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0 0 0 rg BT 539.40 156.51 Td (2011) Tj ET Q BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 142.56 Td (Rental payments) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 447.00 142.33 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 480.60 142.38 Td (274) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 507.00 142.56 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 541.95 142.61 Td (323) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F6 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 119.25 Td (At ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 63.34 119.25 Td (December31, 2012) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 131.81 119.25 Td (, amounts due from Gazit were ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 238.05 119.25 Td ($0.4 million) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 278.06 119.25 Td ( \() Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 282.95 119.25 Td (December31, 2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 351.42 119.25 Td ( ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 359.87 119.25 Td ($43,000) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 388.79 119.25 Td (\).) Tj ET Q endstream endobj 259 0 obj <> endobj 260 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET BT /F6 7.00 Tf ET q 0 0 0 rg BT 56.00 46.01 Td (127) Tj ET Q BT /F6 6.00 Tf ET q 0 0 0 rg BT 81.00 45.81 Td (FIRST CAPITAL REALTY ANNUAL REPORT 2012) Tj ET Q BT /F2 10.00 Tf ET BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 694.20 Td (\(b\) Compensation of key management personnel) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 674.30 Td (Aggregate compensation for directors and key management personnel included in corporate expense is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 663.8 m 438.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 663.8 m 498.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 663.8 m 558.5 663.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 650.8 m 438.5 650.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 637.8 m 438.5 637.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 650.8 m 498.5 650.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 637.8 m 498.5 637.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 650.8 m 558.5 650.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 637.8 m 558.5 637.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 54.5 611.8 m 438.5 611.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 596.8 m 438.5 596.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 438.5 611.8 m 498.5 611.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 596.8 m 498.5 596.8 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 498.5 611.8 m 558.5 611.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 596.8 m 558.5 596.8 l s BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 479.10 653.66 Td (Year ended December 31) Tj ET Q BT /F8 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 640.66 Td (\(thousands of Canadian dollars\)) Tj ET Q BT /F4 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 477.85 641.46 Td (2012) Tj ET Q BT /F6 7.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 539.40 641.66 Td (2011) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 57.00 627.71 Td (Salaries and short-term employee benefits ) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 441.00 627.48 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 627.53 Td (3,251) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 627.71 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 627.76 Td (2,278) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 57.00 614.71 Td (Share-based compensation \(non-cash compensation expense\)) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 614.53 Td (1,938) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 614.76 Td (2,051) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 441.00 601.13 Td ($) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 473.30 601.18 Td (5,189) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 501.00 601.01 Td ($) Tj ET Q BT /F6 8.00 Tf ET q 0 0 0 rg BT 535.25 601.06 Td (4,329) Tj ET Q BT /F2 10.00 Tf ET BT /F4 11.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 567.30 Td (29. SUBSEQUENT EVENTS) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 547.35 Td (\(a\) Senior Unsecured Debentures) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 533.45 Td (On January 14, 2013, the Company completed the issuance of an additional $100 million principal amount of the Series P senior unsecured ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 519.50 Td (debentures due December 5, 2022. The $100 million of debentures were sold at a price of $98.887 per $100 principal amount, plus accrued ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 505.60 Td (interest, with an effective yield of 4.0875% if held to maturity. ) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 485.70 Td (\(b\) Convertible Debentures) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 471.75 Td (On February19, 2013, the Company issued $57.5 million aggregate principal amount of 4.45% convertible unsecured subordinated debentures ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 457.85 Td (due February 28, 2020.) Tj ET Q BT /F4 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 437.90 Td (\(c\) Dividends) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 424.00 Td (The Company announced that it will pay a first quarter dividend of ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 279.40 424.00 Td ($0.21) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 299.41 424.00 Td ( per common share on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 378.54 424.00 Td (April 10, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 427.45 424.00 Td ( to shareholders of record on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 410.10 Td (March 28, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 109.14 410.10 Td (.) Tj ET Q BT /F4 11.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 375.30 Td (30. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 54.00 355.35 Td (These consolidated financial statements were approved by the Board of Directors and authorized for issue on ) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 424.29 355.35 Td (February20, 2013) Tj ET Q BT /F6 8.00 Tf ET q 0.21176470588235294 0.20392156862745098 0.20784313725490197 rg BT 487.87 355.35 Td (.) Tj ET Q endstream endobj 261 0 obj <> endobj 262 0 obj <> stream BT /F1 9.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 9.00 Tf ET /GS0 gs q 612.00 0 0 791.95 0.00 0.05 cm /I55 Do Q BT /F2 10.00 Tf ET endstream endobj 263 0 obj <> endobj 264 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET /GS0 gs q 612.00 0 0 791.95 0.00 0.05 cm /I56 Do Q BT /F2 10.00 Tf ET BT /F1 9.00 Tf ET endstream endobj 265 0 obj <> /View <>>>>> endobj 266 0 obj <> /View <>>>>> endobj 267 0 obj <> endobj 268 0 obj <> endobj 269 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;