Press Release

FIRST CAPITAL REALTY ANNOUNCES COMPLETION OF ITSC$125 MILLION OFFERING OF SERIES G SENIOR UNSECURED DEBENTURES


November 20, 2009

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Toronto, Ontario (November 20, 2009) – First Capital Realty Inc. (TSX:FCR) (the “Companyâ€),Canada’s leading owner, developer and operator of supermarket and drugstore-anchoredneighbourhood and community shopping centres, located predominantly in growingmetropolitan areas, announced today that it closed its public offering of C$125 million principalamount of Series G senior unsecured debentures. These debentures bear interest at the rate of5.95% and mature on June 1, 2015. The offering was underwritten by a syndicate co-led byScotia Capital Inc. and TD Securities Inc. and included RBC Dominion Securities Inc., BMONesbitt Burns Inc., CIBC World Markets Inc. and National Bank Financial Inc. The debenturesare rated BBB with a stable trend by DBRS and Baa3 (stable) by Moody’s Investors Service.

The debentures were issued pursuant to the Company’s trust indenture dated June 21, 2005, assupplemented. These debentures rank pari passu with the Company’s outstanding seniorunsecured debentures.

The net proceeds of the offering were initially applied by the Company to pay down amountsowing on certain of its revolving credit facilities.

The securities offered have not been registered under the U.S. Securities Act of 1933, asamended, and may not be offered or sold in the United States absent registration or anapplicable exemption from the registration requirements. This press release shall not constitutean offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities inany 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 anddrugstore-anchored neighbourhood and community shopping centres, located predominantly ingrowing metropolitan areas. The Company currently owns interests in 176 properties, includingfour under development, totalling approximately 20.8 million square feet of gross leasable areaand six land sites in the planning stage for future retail development.

For further information regarding First Capital Realty:
Dori J. Segal, President & C.E.O., or
Karen H. Weaver, Executive Vice President & C.F.O.
First Capital Realty Inc.
85 Hanna Ave., Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655
www.firstcapitalrealty.ca