Press Releases

FIRST CAPITAL REALTY ANNOUNCES COMPLETION OF ITS PREVIOUSLY ANNOUNCED $43.4 MILLION BOUGHT DEAL SHARE ISSUE

July 03, 2008

FOR IMMEDIATE RELEASE

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Toronto, Ontario (July 3, 2008) — 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 has completed its previously announced sale of 1,600,000 common shares of First Capital Realty as well as 240,000 additional shares pursuant to the exercise of the over-allotment option by the underwriters at a price of $23.60 per common share for total gross proceeds of approximately $43.4 million. As part of the transaction, Gazit Canada Inc., an affiliate of the principal shareholder of First Capital Realty, purchased 300,000 common shares and Alony-Hetz Properties and Investments Ltd., an associate of First Capital Realty, purchased 100,000 common shares.

The offering was underwritten by a syndicate led by RBC Capital Markets and including BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Raymond James Ltd., Genuity Capital Markets G.P., Blackmont Capital Inc., Canaccord Capital Corporation and Desjardins Securities Inc. The offering was made under First Capital Realty’s base shelf prospectus dated June 2, 2008. The terms of the offering are described in a prospectus supplement dated June 25, 2008 filed with Canadian securities regulators.

The net proceeds from this offering will be used by First Capital Realty to pay down amounts owing on certain of First Capital Realty’s revolving credit facilities, to fund identified and future acquisitions, to fund development activities and for general corporate purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 164 properties, including eight under development, totalling approximately 19.4 million square feet of gross leasable area and 12 land sites in the planning stage for future retail development. In addition, the Company owns 14 million shares of Equity One (approximately 19%), one of the largest shopping centre REITS in the southern U.S., that trades on the New York Stock Exchange under the ticker symbol EQY. Including its investment in Equity One, the Company has interests in 329 properties totalling approximately 36.5 million square feet of gross leasable area.

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This press release may contain forward-looking statements relating to First Capital Realty's operations and the environment in which it operates that are based on First Capital Realty's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Except as required by law, First Capital Realty undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.

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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