Press Release


July 08, 2014

Also announces size increase on re-opening of 4.323% Series S Senior Unsecured Debenture


Toronto, Ontario (July 8, 2014) – First Capital Realty Inc. (TSX:FCR) (the “Company”), Canada’s leading owner, developer and manager of well-located, high quality urban retail-centred properties, announced that it is providing notice today to holders of its outstanding 5.32% Series F senior unsecured debentures due October 30, 2014 (the “Debentures”) in respect of the redemption in full of the remaining outstanding aggregate principal amount of the Debentures. This redemption is in addition to the partial redemption of the Debentures, notice of which was provided on June 12, 2014 and which will be redeemed on July 14, 2014 (the “Initial Redemption”). As of the date hereof, there is $100 million principal amount of Debentures outstanding, $50 million of which were previously called for redemption in the Initial Redemption. Consequently, this redemption is in respect of the remaining $50 million aggregate principal amount of Debentures that will be outstanding following the Initial Redemption. The Debentures will be redeemed in integral multiples of $1,000. Upon the completion of this redemption and the Initial Redemption, there will be no Debentures remaining outstanding.

The Company has established August 7, 2014 as the redemption date and has fixed August 6, 2014 as the record date for this redemption. On the redemption date, the remaining outstanding Debentures will be redeemed in full in accordance with their terms at a redemption price per $1,000 principal amount of the Debentures equal to $1,009.13 plus accrued and unpaid interest (to but excluding the redemption date) of $14.43 and will thereafter cease to be outstanding.

The Company also announced that as a result of investor demand for its re-opening of its Series S senior unsecured debentures which was announced earlier today, the size of the offering has been increased by C$10 million to C$60 million. These debentures will bear interest at a rate of 4.323% per annum and will mature on July 31, 2025. The additional debentures were sold at a price of $101.069 per $100 principal amount plus accrued interest, with an effective yield of 4.200% if held to maturity. An aggregate of $210 million of such debentures will be outstanding after giving effect to the offering. The offering is being underwritten by a syndicate co-led by CIBC and Scotiabank. Subject to customary closing conditions, the offering will close on July 14, 2014. It is a condition of closing to the offering that the debentures be rated at least BBB (high) with a stable trend by DBRS and at least Baa2 (stable) by Moody’s Investors Service.

The offering is being made under the Company’s base shelf prospectus dated May 24, 2013, and the debentures will be issued pursuant to the Company’s trust indenture dated June 21, 2005, as supplemented. These debentures will rank pari passu with the Company’s outstanding senior unsecured debentures.

The net proceeds of the offering will be used for repayment of secured and unsecured debt maturing throughout 2014 and 2015.

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. The Company currently owns interests in 164 properties, including one ground-up development project underway, totalling approximately 24.4 million square feet of gross leasable area.

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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” 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.

For further information regarding First Capital Realty:
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