Mr. Neil Downey reports

FIRST CAPITAL REIT ANNOUNCES COMPLETION OF C$250 MILLION OFFERING OF SERIES F SENIOR UNSECURED DEBENTURES

First Capital Real Estate Investment Trust has closed its previously announced offering of $250-million aggregate principal amount of Series F senior unsecured debentures on a private placement basis.

The debentures were offered on an agency basis by a syndicate of agents co-led by TD Securities, Desjardins Capital Markets and RBC Capital Markets. The debentures were issued at a price of $99.982 per $100.00 principal amount of debentures, bear interest at a rate of 4.461 per cent per annum and will mature on Feb. 15, 2034.

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 and for general business purposes.

About First Capital Real Estate Investment Trust

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

We seek Safe Harbor.