Mr. Neil Downey reports

FIRST CAPITAL REIT COMPLETES PREVIOUSLY ANNOUNCED PLAN OF ARRANGEMENT

First Capital Real Estate Investment Trust has completed its previously announced internal reorganization by way of plan of arrangement. The arrangement became effective on Nov. 30, 2025, and simplified the REIT's organizational structure by eliminating First Capital Realty Inc. as the REIT's wholly owned subsidiary that owned, directly or indirectly, all of the REIT's real property portfolio.

The arrangement was an internal reorganization only. Completion of the arrangement does not change the REIT's strategy, portfolio or operations. First Capital's strategy will remain consistent with the REIT's existing disclosure.

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.