First Capital Realty announces payment of debenture interest owing on September 30, 2008 in shares



    TORONTO, July 22 /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 September 30, 2008 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 September 23, 2008.
The interest payment is approximately $6.40 million, plus any accrued and
unpaid interest on debentures which are converted after the date hereof and on
or before September 23, 2008.
    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 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 & 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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890