Press Releases

FIRST CAPITAL REALTY ANNOUNCES COMPLETION OF ITS $100 MILLION SERIES F SENIOR UNSECURED DEBENTURE ISSUE

April 05, 2007

FOR IMMEDIATE RELEASE

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

Toronto, Ontario (April 5, 2007) - First Capital Realty Inc. (“First Capital Realty”) (TSX: FCR) Canada’s leading owner, developer and operator of supermarket-anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas, announced today that it has completed its previously announced sale of $100 million principal amount of 5.32% Series F senior unsecured debentures maturing on October 30, 2014 (the “Debentures”). The offering was underwritten by a syndicate led by RBC Capital Markets and included BMO Nesbitt Burns Inc., CIBC World Markets Inc. and HSBC Securities (Canada) Inc. Dominion Bond Rating Services has provided First Capital Realty with a credit rating of BBB (low) with a stable trend relating to the Debentures, and Moody’s Investors Service has provided First Capital Realty with a rating of Baa3 with a stable outlook relating to the Debentures.

This offering was made under First Capital Realty’s third amended and restated base shelf prospectus dated October 12, 2006. The terms of the offering are described in a prospectus supplement dated April 2, 2007 which was filed with Canadian securities regulators.

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

ABOUT FIRST CAPITAL REALTY

First Capital Realty is Canada’s leading owner, developer and operator of supermarket-anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas. The Company currently owns interests in 160 properties, including 6 under development, with approximately 18.9 million square feet of gross leasable area. In addition, the Company owns 13.9 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 investments in Equity One, the Company has interests in 333 properties totalling approximately 36.8 million square feet of gross leasable area.

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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.
King Liberty Village
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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