Mr. Neil Downey reports

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

First Capital Real Estate Investment Trust has closed its previously announced offering of $300-million aggregate principal amount of Series B senior unsecured debentures on a private placement basis in certain provinces of Canada.

The debentures were offered on an agency basis by a syndicate of agents co-led by Desjardins Capital Markets, RBC Capital Markets and TD Securities. The debentures were issued at par, 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 on the debentures will be 5.481 per cent per annum.

The debentures are rated BBB (stable) by DBRS.

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.