First Capital Realty Confirms Redemption of its Remaining 5.50% Convertible Debentures in Shares

TORONTO, Jan. 10, 2012 /CNW/ - Further to its announcement on January 6, 2012, 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 it has received regulatory approval for the redemption of the remaining principal amount of both classes of its 5.50% convertible unsecured subordinated debentures due September 30, 2017 (FCR.DB.A and FCR.DB.B) (the "5.50% Debentures").  As of the date hereof, there is approximately $19.9 million principal amount of 5.50% Debentures outstanding.  The redemption date is February 15, 2012.  A formal notice of redemption will be sent today to holders of the 5.50% Debentures.

On the redemption date, the 5.50% Debentures will be redeemed at par plus accrued but unpaid interest from September 30, 2011 to, but excluding, the redemption date. The full redemption price and interest owing will be satisfied by the issuance of common shares. The number of common shares to be issued will be calculated by dividing the dollar amount of principal and interest payable by an amount equal to 97% of the volume-weighted average trading price of the common shares of First Capital Realty on the Toronto Stock Exchange calculated for the 20 consecutive trading days ending on February 8, 2012. In addition, accrued but unpaid interest on 5.50% Debentures that are converted after September 23, 2011 will be settled by the issuance of common shares.

Holders of 5.50% Debentures remain entitled to convert their 5.50% Debentures at the current conversion price of $17.031 per common share (being a ratio of approximately 58.716 common shares per $1,000 principal amount of 5.50% Debentures) until 5 p.m. (Toronto time) on February 14, 2012.


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 169 properties, including ten under development, totalling approximately 23.2 million square feet of gross leasable area and three 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 for the twelve-month period ended December 31, 2010 and the three- and nine-month periods ended September 30, 2011 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.

SOURCE First Capital Realty Inc.

For further information:

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


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