Press Releases

FIRST CAPITAL REALTY ANNOUNCES PAYMENT OF CONVERTIBLE DEBENTURE INTEREST OWING ON MARCH 31, 2010 IN SHARES

February 18, 2010

Toronto, Ontario (February 18, 2010) - 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, announced today that it will pay the interest due on March 31, 2010 to holders of both classes of its 5.50% convertible unsecured subordinated debentures due September 30, 2017 (FCR.DB.A and FCR.DB.B) and to holders of its 6.25% convertible unsecured subordinated debentures due December 31, 2016 (FCR.DB.C) by the issuance of common shares. The number of common shares to be issued per $1000 principal amount of debentures will be calculated by dividing the dollar amount of interest payable by an amount equal to 97% of the volume-weighted average trading price of the common shares of First Capital Realty on the Toronto Stock Exchange calculated for the 20 consecutive trading days ending on March 24, 2010. The aggregate interest payment is approximately $8.7 million, plus any accrued and unpaid interest on debentures which are converted on or before March 24, 2010.

It is the current intention of First Capital Realty to continue to satisfy its obligations of principal and interest payments on its convertible unsecured subordinated debentures by issuance of common shares.

ABOUT FIRST CAPITAL REALTY (TSXiFCR)

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 176 properties, including three under development, totalling approximately 20.9 million square feet of gross leasable area and six land sites in the planning stage for future retail development.

For further information regarding First Capital Realty:

Dori J. Segal, President & C.E.O., or
Karen H. Weaver, E.V.P. & 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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