Press Release


January 19, 2007


Toronto, Ontario (January 19, 2007) - First Capital Realty Inc. (“First Capital”) Canada’s leading owner, developer and operator of supermarket anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas, announced today that it has agreed to issue, on a bought deal basis, $100 million principal amount of Series E senior unsecured debentures. These debentures will carry a coupon rate of 5.36% and will mature on January 31, 2014. The offering is being underwritten by a syndicate led by RBC Capital Markets. The offering is expected to close on or about January 31, 2007. The debentures will be rated Baa3 (stable) by Moody’s Investors Service and it will be a condition of closing that the debentures be rated BBB (low) with a stable trend by Dominion Bond Rating Service.

This offering is being made under First Capital’s third amended and restated base shelf prospectus dated October 12, 2006. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

The net proceeds from the offering will be used to pay down amounts owing on certain of First Capital’s revolving credit facilities, to fund future acquisitions and development activities and for general corporate purposes.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About First Capital

First Capital Realty is Canada’s leading owner, developer and operator of supermarket anchored neighbourhood and community shopping centres, located predominantly in growing metropolitan areas. The Company currently owns interests in 157 properties, including 6 under development, with approximately 18.1 million square feet of gross leasable area. In addition, the Company owns 13.9 million shares of Equity One (approximately 19.1%), one of the largest shopping centre REITS in the southern U.S., that trades on the New York Stock Exchange under the ticker symbol EQY. Including its investment in Equity One, the Company has interests in 330 properties totalling approximately 36.3 million square feet of gross leasable area.

For further information:

Dori J. Segal, President & C.E.O.,
or Karen H. Weaver, C.F.O.
First Capital Realty Inc.
King Liberty Village 85 Hanna Avenue, Suite 400
Toronto, Ontario, Canada M6K 3S3
Tel: (416) 504-4114
Fax: (416) 941-1655

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This press release may contain forward-looking statements relating to First Capital Realty's operations and the environment in which it operates that are based on First Capital Realty's expectations, estimates, forecasts and projections. These statements are not guarantees offuture performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. 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.

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