Development Activities During the year the Company developed or expanded over 0.5 million square feet of retail space in the following shopping centres: An additional 0.3 million square feet of developable area scheduled to come on line through the second quarter of 2005 in the following shopping centres: In addition to the properties under development, the Company has eight shopping centres under redevelopment or expansion at year end. The expected costs to complete these projects including tenant inducements total approximately $24 million. Equity One Equity One is a U.S. REIT traded on the NYSE (EQY), that principally acquires, renovates, develops and manages community and neighbourhood shopping centres located predominantly in high growth markets in the southern United States. Similar to the Company, Equity One’s shopping centres are primarily anchored by supermarkets or other daily necessity oriented retailers such as drug stores or discount retail stores.  21 First Capital Realty Annual Report 2003 Cost to Developable Complete Property Name Location Province Square Feet (millions) Royal Oak Calgary AB 207,000 $ 7.2 Brooklin Towne Centre Whitby ON 55,000 1.5 Carrefour du Versant Gatineau QC 36,000 1.4 3434 Lawrence Toronto ON – 3.3 298,000 $ 13.4 Property Name Location Province Square Feet Major Anchors  Royal Oak Calgary AB 132,000 Wal-Mart Red Deer Village Red Deer AB 92,000 Sobeys, Canadian Tire Carrefour du Versant Gatineau QC 43,000 Sobeys Delta Centre Cambridge ON 40,000 Price Choppers (Sobeys) Brooklin Towne Centre Whitby ON 39,000 Price Choppers (Sobeys) Stanley Park Mall Kitchener ON 33,000 Zehrs McLaughlin Corners Brampton ON 25,000 Shoppers Drug Mart, Royal Bank Brantford Mall Brantford ON 24,000 SAAN Wellington Corners London ON 24,000 Shoppers Drug Mart Parkway Centre Peterborough ON 14,000 Harwood Plaza Ajax ON 11,000 Fairview Mall St. Catharines ON 8,000 Les Galeries de Lanaudière Lachenaie QC 7,000 Other Pads & Expansions 14,000 506,000