First Capital Realty Announces an Additional C$90 Million Offering of 4.323% Series S Senior Unsecured Debentures

TORONTO, ONTARIO--(Marketwired - Jan. 20, 2015) -

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

First Capital Realty Inc. (TSX:FCR) (the "Company"), Canada's leading owner, developer and manager of well located, high quality urban retail-centered properties, announced today that it has agreed to issue, on a bought deal basis, C$90 million aggregate principal amount of Series S senior unsecured debentures, which is a re-opening of this series of debentures, prior issuances of which were completed on June 17, 2014 and July 14, 2014. 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 $104.943 per $100 principal amount plus accrued interest, with an effective yield of 3.750% per annum if held to maturity. An aggregate of $300 million of such debentures will be outstanding after giving effect to the offering. The offering is being underwritten by a syndicate led by CIBC and RBC. Subject to customary closing conditions, the offering will close on January 26, 2015. 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 October 9, 2014, 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 the repayment of secured debt maturing throughout 2015 and for general corporate purposes.

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.

ABOUT FIRST CAPITAL REALTY (TSX:FCR)

First Capital Realty is Canada's leading owner, developer and manager of well located, high quality urban retail-centered properties where people live and shop for everyday life. The Company currently owns interests in 158 properties, including one ground-up development project underway, totaling approximately 24.3 million square feet of gross leasable area.

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.