Mr. Neil Downey reports

FIRST CAPITAL REIT ANNOUNCES C$300 MILLION OFFERING OF SERIES B SENIOR UNSECURED DEBENTURES

First Capital Real Estate Investment Trust has agreed to issue $300-million aggregate principal amount of Series B senior unsecured debentures.

The debentures are being offered on an agency basis by a syndicate of agents co-led by Desjardins Capital Markets, RBC Capital Markets and TD Securities. The debentures, which will be issued at par, will bear interest at a rate of 5.572 per cent per annum and will mature on March 1, 2031. Inclusive of the benefit of bond forward hedges, the REIT's all-in interest rate will be 5.481 per cent per annum. Subject to customary closing conditions, the offering is expected to close on March 1, 2024. It is a condition of closing that the debentures be rated at least BBB (stable) by DBRS.

The offering is being made on a private placement basis in certain provinces of Canada, and the debentures will be issued pursuant to the REIT's trust indenture dated as of May 25, 2020, as supplemented. The debentures will be direct unsecured obligations of the REIT, and will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the REIT.

The net proceeds of the offering will be used to repay existing debt.

About First Capital Real Estate Investment Trust

First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada.

We seek Safe Harbor.