Press Release


September 14, 2011


Toronto, Ontario (September 14, 2011) – First Capital Realty Inc. (“First Capital Realty”) (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, announced today that, subject to final acceptance by the Toronto Stock Exchange, it intends to expand its current normal course issuer bid program for convertible debentures by making a normal course issuer bid (the “NCIB”) for its 5.25% convertible unsecured subordinated debentures due January 31, 2019 (the “Debentures”) (TSX:FCR.DB.F). This NCIB is in addition to First Capital Realty’s previously announced normal course issuer bid for all of its other outstanding series of convertible unsecured debentures. All Debentures purchased under the NCIB will be cancelled.

First Capital Realty will enter into one or more pre-defined automatic securities purchase plans with its broker from time to time during the course of its normal course issuer bid program to enable purchases of convertible debentures thereunder, including the Debentures, to be made at times when First Capital Realty would ordinarily not be permitted to, due to its self-imposed internal blackout periods, insider trading rules or otherwise. The series and classes of convertible debentures subject to an automatic plan may vary.

As of September 12, 2011, First Capital Realty had $57,500,000 principal amount of Debentures outstanding. Under the NCIB, First Capital Realty may purchase up to $5,750,000 principal amount of Debentures, subject to a daily limit of $79,100 (being 25% of the average daily trading volume of the Debentures for the period August 9, 2011 to September 12, 2011), excluding permitted “block” purchases.

First Capital Realty believes that the Debentures may trade in a range that may not fully reflect the value of the Debentures. As a result, First Capital Realty believes that the purchase of Debentures from time to time can be undertaken at prices that make the acquisition of such securities an appropriate use of the Company’s available funds. In addition, purchases under the NCIB may increase the liquidity of the Debentures.

First Capital Realty intends to commence the NCIB on September 19, 2011. The NCIB will expire on September 18, 2012 or such earlier date as First Capital Realty completes its purchases pursuant to the NCIB. All purchases made under the NCIB will be made through the facilities of the TSX or alternative trading platforms and in accordance with the rules of the TSX at market prices prevailing at the time of purchase. The actual amount of Debentures that may be purchased under the NCIB is subject to, and cannot exceed, limits referred to above and the timing of such purchases will be determined by First Capital Realty.

About First Capital Realty

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 165 properties, including four under development, totalling

approximately 22.9 million square feet of gross leasable area and six sites in the planning stage for future retail development.

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”, “anticipates” 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 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 & C.E.O., or
Karen H. Weaver, Executive Vice President & C.F.O.
First Capital Realty Inc.
85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655