SUMMARY ANNUAL INFORMATION  Summary Annual Information Highlights First Capital Realty Annual Report 2003 17 The Company has also increased its dividends per share by 15% from 2001 to 2003 as cash flow from operations has increased. Funds from operations per diluted share has increased 9% over two years, excluding the $8.5 million recovery of previous management’s incentive and other fees, a $1.5 million one-time lease termination income in 2001 and after giving effect to the growth in the diluted common shares outstanding. Investment in real estate has increased by 65% over the last two years due to the Company’s focused acquisition strategy and its new development and redevelopment activities coming on line. The Company’s debt increased by 47% over the same period. As a result, revenues, expenses, net operating income and interest expense have increased. The Company has financed its growth through both debt and common share equity.  During the past three years, the Company has increased its equity base and its investment in income- producing properties while reducing its overall debt as a percent of market capitalization. The ratio of debt to market capitalization has, with all convertible debentures classified as debt, decreased from 80.3% at the end of 2001 to 66.1% at the end of 2003. This strengthening of the balance sheet was accomplished while growing funds from operations. (1) See page 23 for an explanation and reconciliation of funds from operations. (2) Prior to non-recurring income as follows: $1.6 million (0.04 per share) in lease termination income in 2002, $8.5 million ($0.26 per share) recovery of previous management’s incentive and other fees in 2001, and $1.5 million ($0.05 per share) in lease termination income in 2001. (thousands of dollars, except per share amounts) 2003 2002 2001 Real estate investment  $ 1,495,441 $ 1,152,982 $ 905,999 Total assets $ 1,538,689 $ 1,195,738 $ 988,539 Mortgages, credit facilities, debentures and  convertible debentures payable $ 806,535 $ 643,592 $ 547,618 Shareholders’ equity $ 664,994 $ 507,756 $ 409,571 Property rental revenue – Canada $ 154,656 $ 125,635 $ 97,866 Property operating expenses – Canada 58,799 47,318 35,103 Net operating income – Canada 95,857 78,317 62,763 Dividends received from Equity One, Inc. 19,033 18,575 4,481 Interest expense 43,324 40,626 50,029 Income before income and other taxes and  dilution gains 53,194 45,140 47,785 Net income $ 44,026 $ 29,634 $ 31,495 Net income per share $ 0.91 $ 0.74 $ 1.09 Net income per diluted share $ 0.91 $ 0.74 $ 1.04 Funds from operations (1) $ 60,053 $ 45,241 $ 46,443 Funds from operations per diluted share $ 1.38 $ 1.37 $ 1.57 Funds from operations (2) $ 60,053 $ 43,641 $ 36,407 Funds from operations per diluted share (2) $ 1.38 $ 1.33 $ 1.27 Debt to market capitalization: Convertible debentures as debt 66.1% 81.4% 80.3% Convertible debentures as equity 47.8% 55.2% 51.5% Dividends $ 30,507 $ 18,698 $ 15,223 Diluted common shares at year end 53,928,981 40,234,449 33,035,160 Dividends per common share $ 1.14 $ 1.09 $ 0.99