FIRST CAPITAL UNITHOLDERS APPROVE THE ARRANGEMENT WITH KINGSETT CAPITAL AND CHOICE PROPERTIES REIT

• First Capital REIT (FCR) unitholders overwhelmingly approved the previously announced $9.4 billion arrangement with KingSett Capital and Choice Properties REIT.
• Approval threshold met: 99.78% of votes cast (158,982,919 units) favored the deal, with only 0.22% against.
• Consideration structure: $19.24 in cash plus 0.3186 Choice Properties unit for each FCR unit held.
• Next steps: Final court order hearing scheduled for June 25, 2026, in Ontario. Expected closing in the fourth quarter of 2026, pending regulatory approvals and standard conditions.
• Logistics: Computershare Investor Services Inc. is handling unit submissions.

• The unitholder approval is a procedural milestone that confirms the $9.4B transaction proceeds to court and regulatory review. It is not a new fundamental catalyst but rather the removal of a known overhang.
• The stock's +9.1% run-up into the print indicates the market had already priced in successful approval and steady execution. The approval itself is unlikely to trigger a massive repricing unless accompanied by a guide raise or unexpected integration cost disclosure.
• The transformative nature of the deal remains intact, but the immediate news is Routine - Positive. The real materiality will be determined by the integration execution and FFO accretion post-close in Q4 2026.

Choice Properties Real Estate Investment Trust is a leading Canadian REIT focused on grocery-anchored retail, industrial, and mixed-use properties. The portfolio is characterized by high-quality, inflation-linked leases with long-term tenants. The trust is majority-owned by George Weston Limited, providing strategic backing and distribution synergies. The announced acquisition of First Capital REIT's retail assets is intended to solidify Choice Properties' position as Canada's largest retail REIT and enhance its urban market presence.