Nature of Tenancies  The Company’s properties generate income through rent payments made by tenants of its properties. Upon the expiry of any lease, there can be no assurance that the lease will be renewed or the tenant replaced. The terms of any subsequent lease may be less favourable to the Company than the existing lease. The Company could be adversely affected, in particular, if any major tenant ceases to be a tenant and cannot be replaced on similar or better terms. The following chart summarizes the top 25 tenants of the Company, which together represent 56.7% of the Company’s annualized minimum rent from its Canadian portfolio. 37 First Capital Realty Annual Report 2003 Percent of Total Percent Annualized Number of Total Minimum Tenant of Stores Square Feet Square Feet Rent 1. Loblaws 18 929,123 8.7% 9.1% 2. Sobeys 21 869,012 8.1% 8.2% 3. Zellers 15 1,406,032 13.0% 6.5% 4. Canadian Tire / Mark ’ s 12 498,470 4.7% 4.3% 5. Shoppers Drug Mart 17 214,174 2.0% 3.1% 6. Wal-Mart 3 414,613 3.9% 2.8% 7. Canada Safeway 8 285,015 2.7% 2.6% 8. A&P 9 367,346 3.4% 2.5% 9. Metro 6 217,029 2.0% 2.1% 10. A Canadian Chartered Bank 18 87,731 0.8% 1.7% 11. A Canadian Chartered Bank 13 67,167 0.6% 1.4% 12. A Canadian Chartered Bank 14 71,111 0.7% 1.3% 13. Future Shop 4 111,660 1.0% 1.3% 14. LCBO 8 74,680 0.7% 1.2% 15. Tim Hortons / Wendy ’ s 23 67,232 0.6% 1.0% 16. A Canadian Chartered Bank 10 65,747 0.6% 1.0% 17. Rogers 16 64,172 0.6% 0.9% 18. Reitmans Group 14 73,782 0.7% 0.9% 19. Blockbuster 12 60,515 0.6% 0.9% 20. Winners 3 77,009 0.7% 0.7% 21. Pharma Plus 6 38,286 0.4% 0.7% 22. Chapters / Coles 4 52,861 0.5% 0.7% 23. Pharmacie Jean Coutu 6 63,959 0.6% 0.6% 24. A Buck or Two 10 49,755 0.5% 0.6% 25. Toys  ‘ R ’  Us 2 71,566 0.7% 0.6% Top 25 Tenants 272 6,298,047 58.8%  56.7% ■  AA 9% ■  A  31% ■ BBB  34% ■  BB 14% ■  B 4% ■  Unrated 8% Top 25 tenants by  S&P credit rating