Toronto, Ontario (November 3, 2014) – The Board of Directors of First Capital Realty Inc. (TSX:FCR) (“First Capital Realty” or the “Company”), Canada’s leading owner, developer and managerof well-located, high quality, urban retail-centered properties, announced today the appointment ofAdam Paul as President and Chief Executive Officer of the Company and as a member of the Boardof Directors of the Company, effective in the first quarter of 2015. The appointment of a successorto First Capital Realty’s long-standing CEO, Dori Segal, is part of the Board’s overall successionplanning with respect to leadership roles at the Company.
Mr. Paul brings extensive experience in commercial real estate to the Company. He most recentlyserved as Executive Vice President, Investments and Leasing of Canadian Real Estate InvestmentTrust (“CREIT”). In this role, he had direct responsibility for CREIT’s real estate investmentactivities across Canada, which included acquisitions, dispositions and development activities, aswell as CREIT’s leasing program. Mr. Paul also played a key role in CREIT’s investor relationsactivities and in various other aspects of the business.
“The Board unanimously selected Adam as a proven leader to succeed Dori and to take theCompany to the next level,” said Chaim Katzman, Chairman of the Board of Directors of theCompany. “Adam is a strong and seasoned executive who has a solid record of delivering strongfinancial and operating results in the highly competitive Canadian commercial real estate market.His wealth of experience in commercial real estate is a great fit for the Company and its futureopportunities and challenges. At the same time, on behalf of the entire Board, I would like toexpress my sincere congratulations and thanks to Dori for his remarkable achievement in buildingFirst Capital Realty over the last 15 years into one of Canada’s most respected real estate entities.We are pleased that Dori will remain involved as Executive Vice Chairman of the Board and wethank him for his continuing leadership in this regard.”
“Together with our strong, talented and driven management team, I have had a great run buildingFirst Capital Realty into Canada’s leading urban retail-centered real estate company,” said DoriSegal. “The Board and I feel that the Company is at a stage of its development where newleadership will energize and fuel its continuing success. We are confident that Adam is ideallysuited to take over from me and lead First Capital Realty to achieve our long-term performance andbusiness objectives.”
“First Capital’s high quality portfolio, operating and development platform, as well as theinnovative culture that Dori has established over the last 15 years, position the Company very well for continued success,” said Adam Paul. “Together with the skilled senior management team, Ieagerly look forward to executing First Capital’s business strategy and I thank the Board for theopportunity to lead the Company in its next growth phase. I would also like to express my sinceregratitude to CREIT’s CEO, Stephen Johnson, for the mentorship he has provided me over the lastdecade.”
Mr. Segal and Mr. Paul will work closely with the Company’s executive team to ensure a smoothand seamless transition. Mr. Segal will assume a new role, becoming the Executive Vice Chairmanof the Board of Directors of the Company and Chairman of the Executive Committee of the Board.After the initial CEO transition period, Mr. Segal intends to also devote more time to his role asVice Chairman of First Capital Realty’s principal shareholder, Gazit-Globe Ltd., and its globalbusiness.
ABOUT FIRST CAPITAL REALTY (TSX: FCR)
First Capital Realty is Canada's leading owner, developer and manager of well-located, high qualityurban retail-centered properties where people live and shop for everyday life. The Companycurrently owns interests in 162 properties totalling approximately 24.5 million square feet of grossleasable area.
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This press release contains forward-looking statements and information within the meaning of applicablesecurities law. Forward-looking statements can be identified by the expressions “expects”, “believes”,“estimates”, “will”, “projected” and similar expressions. The forward-looking statements are not historicalfacts but reflect the Company’s current expectations regarding future results or events and are based oninformation currently available to Management. Certain material factors and assumptions were applied inproviding these forward-looking statements.
Management believes that the expectations reflected in forward-looking statements are based uponreasonable assumptions; however, Management can give no assurance that the actual results ordevelopments will be consistent with these forward-looking statements. These forward-looking statementsare subject to a number of risks and uncertainties that could cause actual results or events to differmaterially from current expectations, including the matters discussed under “Risks and Uncertainties” inFirst Capital Realty’s Management’s Discussion and Analysis for the year ended December 31, 2013 andunder “Risk Factors” in its current Annual Information Form. Readers, therefore, should not place unduereliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of thedate on which such statement is made. First Capital Realty undertakes no obligation to publicly update anysuch statement or to reflect new information or the occurrence of future events or circumstances except asrequired by applicable securities law.
All forward-looking statements in this press release are made as of the date hereof and are qualified by thesecautionary statements.
For further information:
Dori J. Segal, President & CEO, or
Kay Brekken, Executive Vice President and CFO
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655