Press Release


September 12, 2014


Toronto, Ontario (September 12, 2014) – First Capital Realty Inc. (TSX: FCR) (the “Company”), Canada’s leading owner, developer and manager of well-located, high quality, urban retail-centered properties, announced today that it has closed its previously announced bought deal public offering of 5,250,000 common shares (the “Shares”) at a price of $19.06 per Share (the “Offering”) for gross proceeds of approximately $100 million. As part of the Offering, affiliates of each of Gazit-Globe Ltd. and Alony-Hetz Properties and Investments Ltd. purchased 883,000 and 167,000 of the Shares, respectively.

The bought deal public offering was underwritten by a syndicate co-led by TD Securities Inc. and BMO Capital Markets and included CIBC, National Bank Financial Inc., RBC Capital Markets, Scotiabank, Canaccord Genuity Corp. and Raymond James Ltd.

In addition, the Company has granted the underwriters an over-allotment option, exercisable in whole or in part at any time up to 30 days after closing of the Offering, to purchase up to an additional 787,500 Shares at the Offering price which, if exercised in full, would increase the gross Offering size to approximately $115 million.

The Company will use the net proceeds from the Offering for acquisitions, development and redevelopment activities, repayment of secured and unsecured debt maturing throughout 2015 and for general corporate purposes.

Upon closing of the Offering today, there were 215,202,876 Shares of the Company issued and outstanding.

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 be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


First Capital Realty is Canada's leading owner, developer and manager of well-located, high quality urban retail-centered properties where people live and shop for everyday life. The Company currently owns interests in 163 properties totalling approximately 24.5 million square feet of gross leasable area.

Forward-Looking Statements

This press release contains forward-looking statements and information within the meaning of applicable securities law. Forward-looking statements can be identified by the expressions “expects”, “believes”, “estimates”, “will”, “projected” and similar expressions. The forward-looking statements are not historical facts but reflect the Company’s current expectations regarding future results or events and are based on information currently available to Management. Certain material factors and assumptions were applied in providing these forward-looking statements.

Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that the actual results or developments will be consistent with these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under “Risks and Uncertainties” in First Capital Realty’s Management’s Discussion and Analysis for the year ended December 31, 2013 and under “Risk Factors” in its current Annual Information Form. 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. 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 except as required by applicable securities law.

All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.

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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