Corporate profile First Capital Realty Inc. (TSX: FCR) is a growth-oriented real estate corporation focused on the ownership and development of neighbourhood and community supermarket anchored shopping centres in growing Canadian metropolitan areas. First Capital is also the second largest shareholder of Equity One, Inc. (NYSE: EQY), one of the largest shopping centre REITs in the southern United States. Financial highlights (thousands of dollars, except per share amounts) 2003 2002  RESULTS OF OPERATIONS Revenue  $ 157,371 $ 128,242 Funds from operations (FFO)  (1) $ 60,053 $ 43,641 FFO per diluted share  (1) $ 1.38 $ 1.33 Dividends per share  $ 1.14 $ 1.09 BALANCE SHEET Total assets  $ 1,538,689 $ 1,195,738 Total liabilities  $ 873,695 $ 687,982 Shareholders’ equity  $ 664,994 $ 507,756 Weighted average shares outstanding – diluted  46,377,711 36,426,268 (1) prior to one-time lease termination income Meeting our long-term objectives Public float Debt to market capitalization Net operating income – Canada 01 02 03 63 78 96 ($ millions) 00 52 01 02 03 80 81 66 (percentage) 00 88 01 02 03 26 34 150 ($ millions) 00 18