Mr. Neil Downey reports

FIRST CAPITAL REIT ANNOUNCES C$200 MILLION OFFERING OF SERIES D SENIOR UNSECURED DEBENTURES

First Capital Real Estate Investment Trust has agreed to issue $200-million aggregate principal amount of Series D senior unsecured debentures.

The debentures are being offered on an agency basis by a syndicate of agents co-led by Desjardins Capital Markets, RBC Capital Markets and TD Securities. The debentures, which will be issued at a price of $99.995 per $100 principal amount of debentures, will bear interest at a rate of 4.513 per cent per annum and will mature on June 3, 2030. Inclusive of the benefit of bond forward hedges, the REIT's all-in interest rate will be approximately 4.47 per cent per annum. Subject to customary closing conditions, the offering is expected to close on Nov. 1, 2024. It is a condition of closing that the debentures be rated at least BBB (positive) by DBRS.

The offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to the REIT's trust indenture dated as of May 25, 2020, as supplemented. The debentures will be direct unsecured obligations of the REIT, and will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the REIT.

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, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada.

We seek Safe Harbor.