Press Releases

FIRST CAPITAL REALTY ANNOUNCES FINAL RESULTS OF CONVERSIONS UNDER ITS TEMPORARY CHANGE TO THE CONVERSION PRIVILEGE FOR HOLDERS OF ITS 5.50% CONVERTIBLE DEBENTURES

August 17, 2011

Toronto, Ontario (August 17, 2011) – First Capital Realty Inc. (“First Capital Realty”) (TSX:FCR) Canada’s leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas, today announced final results of conversions under the temporary change to the conversion privilege for holders of its 5.50% convertible unsecured subordinated debentures (the “Debentures”). In total, approximately $84.7 million principal amount of Debentures have been converted into approximately 5.21 million common shares pursuant to the temporary change to the conversion privilege for the Debentures. These conversions include $74 million principal amount of Debentures converted by Gazit Canada Inc.

The temporary change to the conversion privilege for the Debentures was announced by First Capital Realty on July 8, 2011 and reduced the conversion price of the Debentures to $16.25 (being a ratio of approximately 61.538 common shares for each $1,000 principal amount of debentures), from the original conversion price of $16.425 per common share, for a 35-day period that ended at 5:00 p.m. (Toronto time) on August 16, 2011.

Following completion of the aforementioned conversions, Gazit Canada Inc., a wholly owned subsidiary of Gazit Globe Ltd., a publicly traded company listed on the Tel-Aviv stock exchange, is a holder of approximately 49.6% of First Capital Realty’s outstanding common shares and holder of approximately 65.1% of the remaining approximately $128.2 million principal amount of Debentures.

ABOUT FIRST CAPITAL REALTY (TSX:FCR)

First Capital Realty is Canada’s leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas. The Company currently owns interests in 165 properties, including four under development, totalling approximately 22.9 million square feet of gross leasable area and six sites in the planning stage for future retail development.

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For further information:
Dori J. Segal, President & C.E.O., or
Karen H. Weaver, C.F.O.
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655
www.firstcapitalrealty.ca

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