First Capital Realty announces payment of debenture interest owing on March 31, 2009 in shares



    TORONTO, Feb. 17 /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 will pay the interest due on March 31, 2009 to holders of both classes
of its 5.50% convertible unsecured subordinated debentures due September 30,
2017 (FCR.DB.A and FCR.DB.B) by the issuance of common shares. The number of
common shares to be issued per $1000 principal amount of debentures will be
calculated by dividing the dollar amount of 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 March 24, 2009. The interest payment is
approximately $6.38 million, plus any accrued and unpaid interest on
debentures which are converted after the date hereof and on or before March
24, 2009.
    It is the current intention of First Capital Realty to satisfy its
obligations to pay principal and interest on its 5.50% convertible unsecured
subordinated debentures by issuance of common shares.

    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 ten under development,
totalling approximately 20.0 million square feet of gross leasable area and
six land sites in the planning stage for future retail development. In
addition, the Company owns approximately 14.0 million shares of Equity One
(approximately 18%), 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 36.0 million square feet of gross leasable
area.





For further information:

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,
Fax: (416) 941-1655, www.firstcapitalrealty.ca


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