05:35 PM EDT, 04/30/2024 (MT Newswires) -- First Capital Real Estate Investment Trust (FCR-UN.TO) on Tuesday announced first quarter net income attributable to unitholders per diluted unit of $0.35 compared to $0.23 a year earlier.

"The strong fundamentals underpinning First Capital's grocery anchored retail portfolio together with the successful execution of our capital allocation strategy continues to deliver solid operating and financial results," said Adam Paul, President and CEO, in a statement. "The first quarter of 2024 was characterized by healthy leasing metrics, solid earnings growth and a stronger balance sheet, all of which will serve us well as we look ahead."

Q1 highlights also include: an operating FFO per unit of $0.36; strong leasing activity, including lease renewal spreads of 11%; and improved Net Debt to EBITDA ratio to 9.3 times.

First Capital owns, operates and develops grocery-anchored, open-air centres across Canada.