First Capital REIT Announces C$250 Million Offering of Series G Senior Unsecured Debentures and Redemption of C$300 Million of Series T Senior Unsecured Debentures

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Dec. 1, 2025 /CNW/ - First Capital Real Estate Investment Trust ("First Capital" or the "REIT") (TSX: FCR.UN) announced today that it has agreed to issue C$250 million aggregate principal amount of Series G senior unsecured debentures (the "Debentures").

Offering of Debentures

The Debentures are being offered on an agency basis by a syndicate of agents co-led by Desjardins Capital Markets, RBC Capital Markets and TD Securities. The Debentures, which will be issued at a price of $99.986 per $100.00 principal amount of Debentures, will bear interest at a rate of 4.760% per annum and will mature on February 15, 2035. Subject to customary closing conditions, the offering is expected to close on December 8, 2025. It is a condition of closing that the Debentures be rated at least "BBB" with a "Positive" rating outlook by DBRS.

The offering is being made on a private placement basis in each of the provinces of Canada, and the Debentures will be issued pursuant to the REIT's trust indenture dated as of May 25, 2020, as supplemented. The Debentures will be direct unsecured obligations of the REIT and will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the REIT.

The net proceeds of the offering will be used to repay, in part, the redemption of the Trust's C$300 million aggregate principal amount of outstanding co-issued 3.604% Series T senior unsecured debentures, due May 6, 2026, on December 31, 2025.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Redemption of Series T Debentures

First Capital also announced today that it has provided holders of its co-issued 3.604% Series T senior unsecured debentures due May 6, 2026 (the "Series T Debentures") a notice of redemption pursuant to which First Capital will redeem the entire outstanding principal amount of the Series T Debentures on December 31, 2025 and has fixed December 24, 2025 as the record date for this redemption. As of the date hereof, there is $300 million aggregate principal amount of Series T Debentures outstanding.

On the redemption date, the Series T Debentures will be redeemed in accordance with their terms at a redemption price per $1,000 principal amount of the Debentures equal to approximately $1,000.828 plus accrued and unpaid interest to but excluding the redemption date of approximately $5.431, and will thereafter cease to be outstanding.

About First Capital REIT (TSX: FCR.UN)

First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

Forward‐looking Statement Advisory

This press release contains forward-looking statements and information within the meaning of applicable securities laws, including statements about the REIT's issuance of the Debentures, the closing of the offering, the use of proceeds thereof and the redemption of the Series T Debentures. These forward-looking statements are not historical facts but, rather, reflect First Capital's current expectations and are subject to risks and uncertainties that could cause the outcome to differ materially from current expectations. Such risks and uncertainties include those discussed in First Capital's Management Discussion and Analysis for the year ended December 31, 2024 and for the quarter ended September 30, 2025, and in its current Annual Information Form. Readers, therefore, should not place undue reliance on any such forward-looking statements. First Capital undertakes no obligation to publicly update any such forward-looking statement or to reflect new information or the occurrence of future events or circumstances except as required by applicable securities laws. All forward-looking statements in this press release are made as of the date hereof and are qualified by these cautionary statements.

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SOURCE First Capital Real Estate Investment Trust

For further information: Neil Downey, Executive Vice President, Enterprise Strategies & CFO, [phone], [email protected]