First Capital announced that it has appointed Paul C. Douglas as Chair of the REIT's Board of Trustees and Ira Gluskin as a Trustee. Bernard McDonell has retired from the Board effective immediately, having served as a Trustee (previously Director) since 2007 and Lead Independent Director from 2011-2019 when he was appointed Chair. This announcement comes as part of the Board's ongoing strategic approach to refreshment and planned Chair succession process that balances the need for fresh perspectives with important historical continuity. In February 2022, Mr. McDonell approached the Chair of the Corporate Governance Committee about his desire to retire the following year ahead of the 2023 Annual General Meeting, which initiated a planned Chair succession process that began in mid-2022.  This process culminated in the selection of Paul Douglas who, upon indicating he would be able to take on the elevated role once his retirement from TD Group was announced, was appointed as Chair of the Board on February 7, 2023.

Mr. Douglas joined the Board as an independent trustee in 2019 as part of the Board's active refreshment program and currently serves on the Audit Committee and Corporate Governance Committee. Mr. Douglas recently announced his upcoming retirement at the end of April 2023 as Group Head, Canadian Business Banking at TD Bank Group ("TD"), managing over $100 billion of assets and which includes Small Business and Commercial Banking (including the National Real Estate Group and Commercial Mortgage Group) and TD Auto Finance. Mr. Douglas has had a distinguished career at TD for over 45 years, during which time he has held positions of increasing responsibility in a number of areas including as a member of the Senior Executive Team, founding and leading the Real Estate Group in TD Securities, retail banking, commercial banking, corporate banking, investment banking and risk management.

Mr. Gluskin is the Chief Investment Officer of Irager + Associates Inc., a family office overseeing strategy and investments, and the co-founder of Gluskin Sheff + Associates Inc. ("Gluskin Sheff"), one of Canada's pre-eminent wealth management firms focusing on the high net worth private client market. Mr. Gluskin served as the firm's President and Chief Investment Officer from June 30, 1984 until December 31, 2009, and as a Director and the firm's Vice-Chairman through December 18, 2013. Before co-founding Gluskin Sheff, Mr. Gluskin worked in the investment industry for 20 years and was a highly ranked real estate securities analyst at a leading Canadian investment dealer.

Mr. Gluskin serves on the Board of Directors of Tricon Residential and the Board of Trustees of European Residential Real Estate Investment Trust and is a member of the Advisory Board of Vision Capital Corporation and the University of Toronto'sReal Estate Advisory Committee.