Press Release


November 27, 2014

Toronto, Ontario (November 27, 2014) – First Capital Realty Inc. (TSX:FCR) (the “Company”),
Canada’s leading owner, developer and manager of well-located, high quality urban retail-centredproperties, announced that it is providing notice today to holders of its outstanding 5.95% Series G seniorunsecured debentures due June 1, 2015 (the “Debentures”) in respect of the redemption in full of theDebentures. As of the date hereof, there is $125 million principal amount of Debentures outstanding. TheDebentures will be redeemed in integral multiples of $1,000.The Company has established December 29, 2014 as the redemption date and has fixed December 24,2014 as the record date for this redemption. On the redemption date, the Debentures will be redeemed inaccordance with their terms at a redemption price per $1,000 principal amount of the Debentures equal to$1,017.72 plus accrued and unpaid interest (to but excluding the redemption date) of $4.56 and willthereafter cease to be outstanding.

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. The Company currently owns interests in 162 properties, including oneground-up development project underway, totalling approximately 24.5 million square feet of grossleasable area.

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Forward Looking Statements

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” and similar expressions. The forward-looking statements are not historical facts butreflect the Company’s current expectations regarding future results or events and are based oninformation currently available to Management. Certain material factors and assumptions were appliedin providing 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 placeundue reliance on any such forward-looking statements. Further, a forward-looking statement speaksonly as of the date on which such statement is made. First Capital Realty undertakes no obligation topublicly update any such statement or to reflect new information or the occurrence of future events orcircumstances 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 bythese cautionary statements.

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