First Capital REIT Announces Completion of C$300 Million Offering of Series E Senior Unsecured Debentures

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, June 13, 2025 /CNW/ - First Capital Real Estate Investment Trust ("First Capital" or the "REIT") (TSX:FCR.UN) announced today that it has closed its previously announced offering (the "Offering") of C$300 million aggregate principal amount of Series E senior unsecured debentures (the "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 $100.00 per $100.00 principal amount of Debentures, bear interest at a rate of 4.832% 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.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About First Capital REIT (TSX: FCR.UN)

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

Forward‐looking Statement Advisory

This press release contains forward‐looking statements and information within the meaning of applicable securities laws, including statements about the use of proceeds from the Offering and the effect of bond forward hedges. These forward‐looking statements are not historical facts but, rather, reflect First Capital's current expectations and are subject to risks and uncertainties that could cause the outcome to differ materially from current expectations. Such risks and uncertainties include those discussed in First Capital's Management's Discussion and Analysis for the year ended December 31, 2024 and for the quarter ended March 31, 2025 and in its current Annual Information Form. Readers, therefore, should not place undue reliance on any such forward‐looking statements. First Capital undertakes no obligation, except as required by applicable securities laws, to publicly update or revise any such forward‐looking statement, whether as a result of new information, future events or otherwise. All forward‐looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.

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SOURCE First Capital Real Estate Investment Trust

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