Mr. Neil Downey reports

FIRST CAPITAL REIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

First Capital Real Estate Investment Trust has received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid (NCIB) which will enable it to purchase for cancellation up to 21,113,939 of its outstanding trust units, representing 10 per cent of the REIT's public float (being 211,139,390 units as at the close of business on May 7, 2024). As at the close of business on May 7, 2024, the REIT had 212,241,819 issued and outstanding units.

Purchases under the renewed NCIB may commence on May 21, 2024, and continue until May 20, 2025, when the renewed NCIB will expire, or such earlier date as First Capital completes its purchases pursuant to the renewed NCIB. Purchases will be made on the open market through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the applicable securities regulator.

In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) will be limited to a maximum of 101,530 units, which represents 25 per cent of the average daily trading volume of the units on the TSX for the six months ended April 30, 2024 (being 406,122 units). Any units that are repurchased will be cancelled.

Under its current NCIB, which expires on May 17, 2024, First Capital is authorized to acquire a total of 21,148,491 units of which, as at the close of business on May 7, 2024, 150,000 units have been purchased by First Capital at a weighted average price of $13.42 per unit.

In connection with the renewed NCIB, First Capital will enter into an automatic unit repurchase plan to facilitate the purchase of units pursuant to such NCIB and under which its broker may purchase units according to a prearranged set of criteria. If implemented, the plan will enable the purchase of units at any time, including when First Capital would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise.

First Capital's board of trustees has authorized the renewed NCIB because it believes that, from time to time, the purchase of units at certain market prices may be an attractive and appropriate use of the REIT's funds that will afford additional liquidity for the issued and outstanding units and benefit remaining unitholders by increasing their proportionate equity interest in the REIT. The renewed NCIB will provide First Capital with additional flexibility to manage capital and generate value for unitholders. Decisions regarding the timing of future purchases of units will be based on market conditions, unit price and other factors. Although First Capital has a present intention to acquire its units, it will not be obligated to make any purchases.

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.