First Capital Realty announces commencement of exercise period for common share purchase warrants



    TORONTO, June 2 /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 it has filed a prospectus supplement qualifying the issue of up to
175,913 of its common shares to holders of its outstanding common share
purchase warrants (TSX:FCR.WT) who elect to exercise those warrants during the
exercise period commencing today, and ending August 31, 2008 on and subject to
certain terms and conditions. All warrants not exercised by the August 31,
2008 deadline will expire.
    A holder of warrants is entitled to exercise warrants to acquire common
shares at a price of $11.80 per share during the exercise period on and
subject to the terms described below. A holder of warrants who wishes to
exercise warrants to acquire common shares during the exercise period is
required to deliver to Computershare Trust Company of Canada, on or before
August 10, 2008, a completed Notice of Intention indicating such holder's
intention to exercise warrants during the exercise period. A holder of
warrants who has delivered a completed Notice of Intention to Computershare
will be entitled but not obligated to exercise warrants during the exercise
period. Computershare will mail a copy of the form of Notice of Intention to
each registered holder of warrants. Copies of the form of Notice of Intention
are also available upon request from First Capital Realty or on First Capital
Realty's website.
    First Capital Realty will mail, or cause to be mailed, a copy of the
prospectus to each holder of warrants who delivers a Notice of Intention to
Computershare prior to the August 10, 2008 deadline. A holder of warrants who
wishes to exercise warrants during the exercise period must exercise the
warrants on or before August 31, 2008.

    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 164 properties, including eight under development,
totalling approximately 19.4 million square feet of gross leasable area and 12
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 36.5 million square feet of gross leasable area.




For further information:

For further information: Dori J. Segal, President & C.E.O., or Karen H.
Weaver, C.F.O., 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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