Mr. Neil Downey reports

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

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

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 a price of $100 per $100 principal amount of debentures, bear interest at a rate of 4.832 per cent per annum and will mature on June 13, 2033.

The debentures are rated BBB with a positive rating outlook by Morningstar DBRS.

The net proceeds of the offering will be used to repay existing debt, including the repayment in full of the REIT's $300-million of Series S debentures due July 31, 2025, and for general business purposes.

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.