Press Release


January 09, 2012

Toronto, Ontario (January 9, 2012) – First Capital Realty Inc. (“First Capital Realty” or the “Company”) (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 the appointment of Andrea Stephen as a new independent director of the Company, effective immediately.

Ms. Stephen recently retired as Executive Vice President, Investments for The Cadillac Fairview Corporation Limited (“Cadillac Fairview”), where she was responsible for developing and executing the investment strategy, including all acquisitions and dispositions. During her 11-year tenure with Cadillac Fairview, Ms. Stephen led the execution of over $9 billion of transactions, including Cadillac Fairview’s first investments in the United Kingdom and Brazil. Prior to joining Cadillac Fairview, Ms. Stephen was Director, Real Estate with the Ontario Teachers’ Pension Plan Board, where she initiated the U.S. real estate investment program and led the team that privatized Cadillac Fairview.

Ms. Stephen has served for five years on the Board of Directors of Multiplan Empreendimentos Imobiliaros and is also a member of the Board of Directors of the Pension Real Estate Association (PREA). She is a member of the Global Advisory Committee of Timbercreek Asset Management Ltd. and was previously a member of the Investor Advisory Committee of the National Association of Real Estate Investment Trusts (NAREIT). Ms. Stephen holds an undergraduate degree in business from St. Francis Xavier University and is a Chartered Accountant.

“We are very pleased to have Andrea Stephen join our Board of Directors,” said Chaim Katzman, Chairman of the Company. “Andrea has an in-depth understanding of our business, and her strategic knowledge, experience and reputation in our industry will be an advantage to First Capital Realty going forward.”


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 169 properties, including ten under development, totalling approximately 23.2 million square feet of gross leasable area and three sites in the planning stage for future retail development.

* * * *

For further information:
Dori J. Segal, President & CEO, or
Karen H. Weaver, Executive Vice President & CFO
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114