First Capital Realty announces changes to its blackout policy



    TORONTO, Oct. 27 /CNW/ - 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 its board of directors has approved a temporary partial waiver of its
blackout policy that applies to directors, officers, other employees and other
related parties. Under the temporary partial waiver directors, officers, other
employees and other related parties will be permitted to purchase securities
of First Capital Realty provided that they are not in possession of material
undisclosed information relating to First Capital Realty. The board has taken
this step in light of conditions in the financial and stock markets, which
have resulted in what First Capital Realty believes is a significant and
unwarranted drop in the trading price of its shares.
    The blackout policy restricts the ability of First Capital Realty's
directors, officers, other employees and other related parties to purchase or
sell securities of First Capital Realty during certain periods such as when
First Capital Realty is engaged in the preparation of its quarterly or annual
financial statements. The temporary partial waiver of the blackout is
effective through November 10, 2008, being the date on which the blackout
period relating to the release of third quarter results would have otherwise
ended. First Capital Realty's directors, officers, other employees and other
related parties remain unable to purchase or sell securities of First Capital
Realty if they are in possession of material undisclosed information relating
to First Capital Realty.

    ABOUT FIRST CAPITAL REALTY (TSX:FCR)

    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 171 properties, including eleven under
development, totalling approximately 19.6 million square feet of gross
leasable area and 7 land sites in the planning stage for future retail
development. In addition, the Company owns 14 million shares of Equity One
(approximately 19%), 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 329
properties totalling approximately 35.5 million square feet of gross leasable
area.





For further information:

For further information: Dori J. Segal, President & CEO or Karen H.
Weaver, CFO, First Capital Realty Inc., 85 Hanna Avenue, Suite 400, Toronto,
Ontario, Canada, M6K 3S3, Tel: (416) 504-4114, Fax: (416) 941-1655,
www.firstcapitalrealty.ca


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