TORONTO, Jan. 19 /CNW/ - First Capital Realty Inc. ("First Capital Realty" or the "Company") (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 entered into an automatic securities purchase plan with a broker in order to facilitate repurchases of its 5.50% Convertible Unsecured Subordinated Debentures due September 30, 2017 (TSX: FCR.DB.A) (the "Debentures") under its previously announced normal course issuer bid. On August 6, 2010, First Capital Realty announced its normal course issuer bid pursuant to which the Company may purchase for cancellation, in addition to other classes of convertible debentures, up to $10,251,300 principal amount of Debentures.

As at December 31, 2010, First Capital Realty had purchased under the normal course issuer bid $942,500 principal amount of Debentures. Purchases under the automatic securities purchase plan will be made by First Capital Realty's broker based upon the parameters prescribed by the Toronto Stock Exchange ("TSX"), applicable Canadian securities laws and the terms of the parties' written agreement. This automatic securities purchase plan has been approved by the TSX and will be implemented effective as of January 20, 2011.

Under First Capital Realty's automatic securities purchase plan, the Company's broker may purchase Debentures under the normal course issuer bid at times when First Capital Realty would ordinarily not be permitted to, due to its self-imposed regular quarterly blackout period. This automatic securities purchase plan will terminate no later than 12:01 a.m. (Toronto time) on the third trading day after the Company publicly disseminates its results for the year ended December 31, 2010.  The Company anticipates, subject to regulatory approval, entering into one or more automatic securities purchase plans from time to time during the course of its normal course issuer bid to enable purchases of convertible debentures (series and classes of convertible debentures subject to an automatic plan may vary) under its normal course issuer bid to be made during regular quarterly blackout periods.

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 178 properties, including three under development, totalling approximately 21.6 million square feet of gross leasable area and nine sites in the planning stage for future retail development.

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Forward-Looking Statements

This press release contains forward-looking statements and information within the meaning of applicable securities legislation.  Forward-looking statements can generally be identified by the expressions "anticipate", "believe", "plan", "estimate", "project", "expect", "intend", "outlook", "objective", "may", "will", "should", "continue" 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.  All forward-looking statements in this press release are qualified by these cautionary statements.

Management believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, Management can give no assurance that actual results 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.

Factors that could cause actual results or events to differ materially from those expressed, implied or projected by forward-looking statements include, but are not limited to, trading prices of First Capital Realty's convertible debentures, general economic conditions, legal matters, reliance on key personnel, changes in interest rates and credit spreads, changes in liquidity and the availability of financing.

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 securities laws.

These forward-looking statements are made as of the date of this press release.

SOURCE First Capital Realty Inc.

For further information:

Dori J. Segal, President & C.E.O., or
Karen H. Weaver, Executive Vice President & 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

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