First Capital Realty announces 2012 results

Completes the most active year on record for investments, dispositions and 
financings 
TORONTO, Feb. 20, 2013 /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 urban markets, announced today 
financial results for the three months and year ended December 31, 2012. 
During the year, First Capital Realty generated 4.2% growth in Funds from 
Operations ("FFO") per share and 4.5% Adjusted Funds from Operations ("AFFO") 
per share, excluding other gains, losses and expenses, while continuing 
disciplined execution of its strategy, including the following: 


    --  Expanded the urban footprint of its shopping centre portfolio
        investing $425.7 million in 16 well-located properties in
        existing core urban markets, $328.7 million in 28 properties
        adjacent to its existing shopping centres and an additional
        interest in one property and $44.4 million in 12 development
        land parcels for future development;
    --  Invested $355 million in development, redevelopment,
        intensification and portfolio improvement activities at its
        shopping centres;
    --  Delivered 853,000 square feet of newly developed and
        redeveloped space in its shopping centres, of which 722,000
        square feet was occupied (85%) and leased at an average rate of
        $23.88 per square foot;
    --  Recycled capital totalling $340 million from dispositions of
        non-core assets, representing an increase of $19 million over
        the December 31, 2011 IFRS value and $64 million greater than
        invested cost;
    --  Extended debt maturities through the issuance of $475 million
        of senior unsecured debentures and $181 million of 10-year
        mortgage financing, and repayment (including early repayment of
        certain 2013 and 2014 maturities) of mortgages and senior
        unsecured debentures totalling $457 million, bringing the
        average maturity from 4.5 years at the end of 2011 to 5.3 years
        at the end of 2012;
    --
    --  Strengthened the financial position and balance sheet quality
        through the issuance of $507 million of equity and $127.5
        million of "cashless" convertible debentures and the reduction
        of overall leverage;
    --  Made significant investments in its business infrastructure in
        order to increase the efficiency of operations and quality of
        the management platform to facilitate growth.

"Our strategic course is fundamental to being a best-in-class shopping centre 
company that delivers greater long-term accretion and higher risk adjusted 
returns to our investors," said Dori J. Segal, President and CEO. "It was our 
busiest year on record and a testament to the capability of our team across 
the country in an extremely competitive market."

YEAR END HIGHLIGHTS 

 ____________________________________________________________________
|                                   |in millions (except percentages)|
|                                   |________________________________|
|Years ended December 31            |  2012|                     2011|
|___________________________________|______|_________________________|
|Enterprise value                   |$7,316|                   $6,215|
|___________________________________|______|_________________________|
|Debt to total assets - IFRS basis  | 42.1%|                    46.6%|
|___________________________________|______|_________________________|
|Debt to total market capitalization| 41.8%|                    45.5%|
|___________________________________|______|_________________________|
|Property rental revenue            |$583.1|                   $526.7|
|___________________________________|______|_________________________|
|Net operating income (NOI)((1))    |$371.5|                   $340.1|
|___________________________________|______|_________________________|

 ____________________________________________________________________
|                                        |  in millions |  Per share |
|                                        |______________|____________|
|Years ended December 31                 |  2012|   2011| 2012|  2011|
|________________________________________|______|_______|_____|______|
|FFO ((1))                               |$188.9| $161.3|$1.00| $0.96|
|________________________________________|______|_______|_____|______|
|FFO excluding other gains (losses) and  |$189.7|       |$1.00| $0.96|
|(expenses)                              |      | $162.4|     |      |
|________________________________________|______|_______|_____|______|
|AFFO ((1))                              |$192.6| $172.0|$0.93| $0.91|
|________________________________________|______|_______|_____|______|
|AFFO excluding other gains (losses) and |$189.1|       |$0.92| $0.88|
|(expenses)                              |      | $167.4|     |      |
|________________________________________|______|_______|_____|______|
|Net income attributable to common       |$393.0|       |$1.98| $3.00|
|shareholders                            |      | $548.9|     |      |
|________________________________________|______|_______|_____|______|

((1))(See "Non-IFRS Supplemental Financial Measures" section of this 
press release)
    --  Invested $1.154 billion in acquisitions, development activities
        and property improvements;
    --  Added 3.3 million square feet of gross leasable area from
        acquisitions, development and redevelopment coming on-line;
    --  2.3% total same property NOI growth, 1.4% same property -
        stable NOI growth;
    --  10.0% increase on rate per square foot on 1,301,000 square feet
        of all renewal leases;
    --  Occupancy of same property - stable of 97.5% as compared to
        97.3% at December 31, 2011;
    --  Total occupancy of 95.6% compared to 96.2% at December 31,
        2011; vacancy at December 31, 2012 includes 0.7% of space held
        for redevelopment;
    --  Gross new leasing totalled 1.4 million square feet including
        development and redevelopment coming on line; lease closures
        totalled 741,000 square feet and closures for redevelopment
        totalled 206,000 square feet;
    --  Completed new leasing on existing space totalling 685,000
        square feet at an average rate of $18.92 per square foot;
    --  Lease rates on openings and redevelopment coming on line
        increased by 18.4% versus all lease closures;
    --  Average lease rate per occupied square foot increased by 4.2%
        from December 31, 2011 to $17.51 at December 31, 2012,
        including acquisitions and dispositions;
    --  Acquired 2.3 million square feet at $16.94 per square foot with
        93.2% occupancy, and disposed of 1.2 million square feet leased
        at $14.16 per square foot with 97.0% occupancy.

FOURTH QUARTER HIGHLIGHTS 

 ____________________________________________________________________
|                                        |in millions  |  Per share |
|                                        |_____________|____________|
|Three months ended December 31          | 2012 |2011  | 2012|  2011|
|________________________________________|______|______|_____|______|
|Property rental revenue                 |$156.0|$136.5|    -|     -|
|________________________________________|______|______|_____|______|
|NOI( (1))                               | $96.7| $88.4|    -|     -|
|________________________________________|______|______|_____|______|
|FFO ((1))                               | $48.9| $43.5|$0.24| $0.25|
|________________________________________|______|______|_____|______|
|FFO excluding other gains (losses) and  |      |      |     |      |
|(expenses)                              | $50.6| $43.4|$0.24| $0.25|
|________________________________________|______|______|_____|______|
|AFFO ((1))                              | $50.9| $45.1|$0.23|  $0.23|
|________________________________________|______|______|_____|_______|
|AFFO excluding other gains (losses) and |      |      |     |      |
|(expenses)                              | $49.4| $43.2|$0.22| $0.22|
|________________________________________|______|______|_____|______|

((2))(See "Non-IFRS Supplemental Financial Measures" section of this 
press release)
    --  Invested $269 million in acquisitions, development activities
        and property improvements;
    --  Added 0.9 million square feet of gross leasable area from
        acquisitions, development and redevelopment coming on line;
    --  Acquired four shopping centres, five properties adjacent to
        existing shopping centres, and three development land parcels;
    --  These acquisitions added a total of 0.6 million square feet of
        gross leasable area and three acres of land for future
        development;
    --  Sold one shopping centre totalling 51,000 square feet and one
        2.6 acre land parcel for gross proceeds of $20.4 million;
    --  2.1% total same property NOI growth; 0.2% same property -
        stable NOI growth;
    --  10.6% increase on rate per square foot on 355,000 square feet
        of renewal leases;
    --  Gross new leasing totalled 375,000 square feet including
        development and redevelopment coming on line; lease closures
        totalled 145,000 square feet and closures for redevelopment
        totalled 37,000 square feet;
    --  Completed new leasing on existing space totalling 202,000
        square feet at an average rate of $21.28 per square foot; lease
        rates on new development and redevelopment coming on line at an
        average rate of $20.13 per square foot.
    --  DBRS upgraded the senior unsecured debenture rating of First
        Capital Realty to BBB (high), from BBB, and changed the trend
        to stable, from positive. 
    --  Moody's upgraded the senior unsecured debenture rating of First
        Capital Realty to Baa2 (from Baa3) and revised the rating
        outlook to stable, from positive.

"The credit ratings achieved by the Company in 2012 from DBRS and Moody's 
Investors Services represent the culmination of a strategic financing plan 
executed over the past eight years," said Karen H. Weaver, Executive Vice 
President and CFO. "It is our intention, going forward, that the quality of 
our business and operations will over time, continue to enhance our credit 
metrics."

NET INCOME 

 _____________________________________________________________
|                  |Three months ended| Year ended December 31|
|                  |       December 31|                       |
|__________________|__________________|_______________________|
|($ millions,      | 2012|        2011|  2012|            2011|
|except per share  |     |            |      |                |
|amounts)          |     |            |      |                |
|__________________|_____|____________|______|________________|
|Net income        |$69.8|      $235.0|$393.0|          $548.9|
|attributable to   |     |            |      |                |
|common            |     |            |      |                |
|shareholders      |     |            |      |                |
|__________________|_____|____________|______|________________|
|Net income per    |     |            |      |                |
|share attributable|     |            |      |                |
|to common         |     |            |      |                |
|shareholders      |     |            |      |                |
|(diluted)         |$0.33|       $1.24| $1.98|           $3.00|
|__________________|_____|____________|______|________________|

For the year ended December 31, 2012, the decrease in net income is primarily 
due to the $174.4 million difference in the fair value gain on investment 
properties, offset by an increase in NOI resulting from net acquisitions, 
development and redevelopment projects coming on line and same property NOI 
growth. On a per share basis, the decrease is also partially due to the 
increase in the weighted average number of common shares outstanding resulting 
from various financing activities and growth of the Company. 

For the three months ended December31, 2012, the decrease in net income is 
primarily due to the difference in fair value gain of investment properties 
recorded in the fourth quarter in 2011 versus 2012, offset by the increase in 
NOI resulting from net acquisitions, development and redevelopment projects 
coming on line and same property NOI growth. On a per share basis, the 
decrease is also partially due to the increase in the weighted average number 
of common shares outstanding resulting from various financing activities and 
growth of the Company.

FFO AND AFFO

In the fourth quarter of 2012, FFO was $48.9 million or $0.24 per share 
(diluted) compared to $43.5 million or $0.25 per share (diluted) in the same 
prior year period. For the year, FFO increased to $188.9 million or $1.00 per 
share (diluted) from $161.3 million or $0.96 per share (diluted).

The increase in FFO is primarily due to the increase in NOI resulting from net 
acquisitions, development and redevelopment projects coming on line, same 
property NOI growth, and increased interest income. The effect of the increase 
in NOI was partially offset by increases in interest expense, and corporate 
expenses primarily relating to staffing costs associated with the growth and 
performance of the Company. On a per share basis for the three months ended 
December 31, 2012, the decrease in FFO partially resulted from an increase in 
the weighted average number of common shares outstanding resulting from 
various financing activities.

AFFO is calculated by adjusting FFO for non-cash and other items including 
interest payable in shares, straight-line rent adjustments, non-cash 
compensation expense, actual costs incurred for capital expenditures and 
leasing costs for maintaining shopping centre infrastructures and revenues and 
other gains or losses. Gains or losses on land sales are excluded from AFFO. 
The weighted average number of diluted shares outstanding for AFFO is adjusted 
to assume conversion of the outstanding convertible debentures.

AFFO was $50.9 million or $0.23 per share (diluted) in the fourth quarter of 
2012 compared to $45.1 million or $0.23 per share (diluted) in the same prior 
year period. AFFO included $1.5 million of other net gains in the quarter 
compared to $2.0 million of other net gains for the same prior year period. 
AFFO was $192.6 million or $0.93 per share (diluted) in the year ended 
December 31, 2012 compared to $172.0 million or $0.91 per share (diluted) in 
the same prior year period. AFFO included $3.5 million of other net gains 
compared to $4.6 million of other net gains for the prior year.

Refer to the Funds from Operations, Other Gains (Losses) and (Expenses), 
Adjusted Funds from Operations and Net Operating Income sections in 
Management's Discussion and Analysis for further information.

2012 ACTUAL RESULTS COMPARED TO 2012 GUIDANCE

The purpose of the Company's guidance is to provide Management's view as to 
the expected financial performance of the Company using factors that are 
commonly accepted, and viewed as meaningful indicators of financial 
performance, in the real estate industry. A reconciliation of the Company's 
year end 2012 results to the previously updated guidance follows. 

 _____________________________________________________________________
|(per share amounts, except   | 2012 Guidance | 2012  |     Variance  |
|for FFO, AFFO and shares     |Provided in Q3 |Actual |               |
|outstanding)                 |               |       |               |
|_____________________________|_______________|_______|_______________|
|                                                                     |
|_____________________________________________________________________|
|                             |   Low |  High |       |   Low |  High |
|_____________________________|_______|_______|_______|_______|_______|
|Diluted net income per share | $1.90 | $1.91 | $1.98 | $0.08 | $0.07 |
|_____________________________|_______|_______|_______|_______|_______|
|Adjustments                  |       |       |       |       |       |
|  Fair value increase and    |($0.91)|($0.91)|($0.98)|($0.07)|($0.07)|
|deferred                     |       |       |       |       |       |
|  income taxes               |       |       |       |       |       |
|_____________________________|_______|_______|_______|_______|_______|
|FFO per share                | $0.99 | $1.00 | $1.00 | $0.01 |    -  |
|_____________________________|_______|_______|_______|_______|_______|
|FFO ($ millions)             |$188.6 |$190.2 |$188.9 |  $0.3 |($1.3) |
|_____________________________|_______|_______|_______|_______|_______|
|Weighted average shares      |               |       |               |
|outstanding for per share FFO|       190.4   | 189.9 |       (0.5)   |
|calculations (in millions)   |               |       |               |
|_____________________________|_______________|_______|_______________|
|                                                                     |
|_____________________________________________________________________|
|FFO ($ millions)             |$188.6 |$190.2 |$188.9 |  $0.3 |($1.3) |
|_____________________________|_______|_______|_______|_______|_______|
|Weighted average shares      |               |       |               |
|outstanding for per share    |               |       |               |
|AFFO                         |               |       |               |
|calculations (including      |       205.2   | 206.6 |         1.4   |
|conversion                   |               |       |               |
|of all outstanding           |               |       |               |
|convertible                  |               |       |               |
|debentures) (in millions)    |               |       |               |
|_____________________________|_______________|_______|_______________|
|FFO per share (using weighted|       |       |       |       |       |
|average AFFO shares          | $0.92 | $0.93 | $0.92 |    -  |($0.01)|
|outstanding)                 |       |       |       |       |       |
|_____________________________|_______|_______|_______|_______|_______|
|  Revenue sustaining capital |($0.08)|($0.08)|($0.09)|($0.01)|($0.01)|
|expenditures                 | $0.08 | $0.09 | $0.10 | $0.02 | $0.01 |
|  Non-cash items, net        |       |       |       |       |       |
|_____________________________|_______|_______|_______|_______|_______|
|                             |       |       |       |       |       |
|_____________________________|_______|_______|_______|_______|_______|
|AFFO per share               | $0.92 | $0.94 | $0.93 | $0.01 |($0.01)|
|_____________________________|_______|_______|_______|_______|_______|



The variance in diluted net income per share from Q3 guidance to 2012 actual 
primarily represents the actual increase in the value of investment properties 
recorded in the fourth quarter, net of associated deferred income taxes. The 
Company does not forecast changes in the values of investment properties when 
issuing guidance. These value changes are included in net income but not in 
FFO and AFFO. 

2013 GUIDANCE 

 ____________________________________________________________________
|(per share amounts, except for projected FFO & AFFO,|       |       |
|and shares outstanding)                             |   Low |  High |
|____________________________________________________|_______|_______|
|Projected diluted net income                        | $0.77 | $0.81 |
|____________________________________________________|_______|_______|
|Adjustments                                         |       |       |
|____________________________________________________|_______|_______|
|  Deferred income taxes                             | $0.26 | $0.26 |
|____________________________________________________|_______|_______|
|Projected FFO                                       | $1.03 | $1.07 |
|____________________________________________________|_______|_______|
|Projected FFO ($ millions)                          |$217.6 |$225.6 |
|____________________________________________________|_______|_______|
|Projected weighted average shares outstanding (in   |               |
|millions) for per share FFO                         |       211.0   |
|  calculations                                      |               |
|____________________________________________________|_______________|
|Projected FFO ($ millions)                          |$217.6 |$225.6 |
|____________________________________________________|_______|_______|
|Projected weighted average shares outstanding (in   |               |
|millions) for per share AFFO                        |       227.9   |
|  calculations (including conversion of all         |               |
|outstanding convertible debentures)                 |               |
|____________________________________________________|_______________|
|Projected FFO (using weighted average AFFO shares   |       |       |
|outstanding)                                        | $0.95 | $0.99 |
|____________________________________________________|_______|_______|
|Projected revenue sustaining capital expenditures   |$(0.09)|$(0.09)|
|____________________________________________________|_______|_______|
|Projected non-cash items, net                       | $0.08 | $0.08 |
|____________________________________________________|_______|_______|
|Projected AFFO                                      | $0.94 | $0.98 |
|____________________________________________________|_______|_______|


Projections involve numerous assumptions such as rental income (including 
assumptions on timing of lease-up, development coming on line and levels of 
percentage rent), interest rates, tenant defaults, corporate expenses, the 
level and timing of acquisitions of income-producing properties, investments 
in other real estate assets, the Company's capital structure and share price, 
the number of shares outstanding and numerous other factors. Not all factors 
which affect our range of projected net income, funds from operations and 
adjusted funds from operations are determinable at this time; actual results 
may vary from the projected results in a material respect, and may be above or 
below the range presented in a material respect. 
2013 guidance is based on the following assumptions: 


    --  Total same property NOI growth of 2.0% to 2.5%;
    --
    --  Development, redevelopment and expansion coming on line of
        350,000 to 400,000 square feet with approximate invested cost
        of $140 to $170 million;
    --
    --  Completion of one phase of the mixed use project in King
        Liberty Village in Toronto;
    --  Income-producing and other property acquisitions totalling
        approximately $150 to $200 million for the year assuming no
        accretion;
    --  Disposition of approximately $200 to $250 million of
        income-producing properties in 2013 assuming minor dilution;
    --  Revenue sustaining capital expenditures are expected to be
        approximately $0.83 per square foot on average; and
    --  Exercise of the 5.6 million common share warrants outstanding.

Readers should refer to the section below titled "Forward-Looking Statements" 
for important information regarding the risks and uncertainties associated 
with the Company's guidance.

For further information on management's outlook and view on the business 
environment please refer to the "Outlook and Business Environment" section in 
Management's Discussion and Analysis for the year ended December 31, 2012.

SUBSEQUENT EVENTS

Dividend

The Company announced today that it will pay a fourth quarter dividend of 
$0.21 per common share on April 10, 2013 to shareholders of record on March 
28, 2013.

Senior Unsecured Debentures Issued

On January 14, 2013, the Company completed the issuance of an additional $100 
million principal in the Series P senior unsecured debentures due December 5, 
2022. The additional debentures were sold at a price of $98.887 per $100.00 
principal amount, plus accrued interest, with an effective yield of 4.09% if 
held to maturity.

Convertible Debentures Issued

On February 19, 2013, the Company completed the issuance of $57.5 million 
principal amount of 4.45% convertible unsecured subordinated debentures due 
February 28, 2020. The convertible debentures, which are listed on the TSX 
under the symbol FCR.DB.J, bear interest at the rate of 4.45% per annum 
payable semi-annually on March 31 and September 30 (commencing September 30, 
2013), and are convertible at the option of the holder into common shares of 
First Capital Realty at a conversion price of $26.75 per common share until 
February 28, 2018 and thereafter at a conversion price of $27.75 per common 
share.

PAYMENT OF CONVERTIBLE DEBENTURE INTEREST OWING ON MARCH 31, 2013 IN SHARES

Consistent with past practice and its stated intention, First Capital Realty 
will pay the interest due on March 31, 2013 to holders of its 5.70% 
convertible unsecured subordinated debentures due June 30, 2017 (FCR.DB.D), to 
holders of its 5.40% convertible unsecured subordinated debentures due January 
31, 2019 (FCR.DB.E), to holders of its 5.25% convertible unsecured 
subordinated debentures due January 31, 2019 (FCR.DB.F), to holders of its 
5.25% convertible unsecured subordinated debentures due March 31, 2018 
(FCR.DB.G), to holders of its 4.95% convertible unsecured subordinated 
debentures due March 31, 2017 (FCR.DB.H) and to holders of its 4.75% 
convertible unsecured subordinated debentures due July 31, 2019 (FCR.DB.I) by 
the issuance of common shares. The number of common shares to be issued per 
$1,000 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 22, 2013. The aggregate interest payment is approximately 
$8.8 million.

It is the current intention of First Capital Realty to continue to satisfy its 
obligations to pay principal and interest on its convertible unsecured 
subordinated debentures by issuance of common shares.

REGULATORY FILINGS AND ADDITIONAL INFORMATION

First Capital Realty's financial statements and MD&A for the year ended 
December 31, 2012 will be filed today on the Company's website at 
www.firstcapitalrealty.ca in the 'Investors' section, and on the Canadian 
Securities Administrators' website at www.sedar.com.

MANAGEMENT CONFERENCE CALL AND WEBCAST

First Capital Realty invites you to participate in its live conference call 
with senior management announcing the Company's year end results on Thursday, 
February 21, 2013 at 11:00 a.m. (ET).

Teleconference:

You may participate in the live conference toll-free at 866-696-5910 or at 
416-340-2217 with access code 9624842. In order to ensure your participation, 
please dial-in five minutes prior to the scheduled start time of the call. The 
call will be archived through March 7, 2013 and can be accessed by dialing 
toll free 800-408-3053 or 905-694-9451 with access code 3194689.

Webcast:

To access the webcast and corporate presentation, go to First Capital Realty's 
website at www.firstcapitalrealty.ca and click on the link for the webcast on 
our Home Page. The webcast will be archived on our home page for 30 days and 
can be accessed thereafter in the 'Investors' section of our website, under 
'Conference Calls'.

Management's presentation will be followed by a question and answer period. To 
ask a question, press '1' followed by '4' on a touch-tone phone. The 
conference call coordinator is immediately notified of all requests in the 
order in which they are made, and will introduce each questioner. To cancel 
your request, press '1' followed by '3'. If you hang up, you can reconnect by 
dialing 866-696-5910 or 416-340-2217. For assistance at any point during the 
call, press '*0'.

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 urban markets. The Company currently 
owns interests in 175 properties, including five under ground-up development, 
totalling approximately 25.0 million square feet of gross leasable area and 
four sites in the planning stage for future retail development.

Non-IFRS Supplemental Financial Measures

First Capital Realty prepares and releases unaudited quarterly and audited 
consolidated annual financial statements prepared in accordance with 
International Financial Reporting Standards ("IFRS"). In this and other 
earnings releases and investor conference calls, as a complement to results 
provided in accordance with IFRS, the Company also discloses and discusses 
certain non-IFRS financial measures, including NOI, FFO and AFFO. These 
non-IFRS measures are further defined and discussed in First Capital Realty's 
MD&A for the year ended December 31, 2012, which should be read in conjunction 
with this news release. Since NOI, FFO and AFFO do not have standardized 
meanings prescribed by IFRS, they may not be comparable to similar measures 
reported by other issuers. The Company uses and presents these non-IFRS 
measures as Management believes they are commonly accepted and meaningful 
financial measures of operating performance in the real estate industry. A 
reconciliation of net income and such non-IFRS measures is included in the 
Company's MD&A. These non-IFRS measures should not be construed as 
alternatives to net income or cash flow from operating activities determined 
in accordance with IFRS as measures of First Capital Realty's operating 
performance.

Forward-Looking Statements

This press release contains forward-looking statements and information within 
the meaning of applicable securities law. Forward-looking statements can be 
identified by the expressions "expects", "believes", "estimates", "will", 
"anticipates" and similar expressions. 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, including, without limitation, those set 
forth in the "2013 Guidance" section of this press release. Moreover, the 
assumptions underlying the Company's forward-looking statements contained in 
the "2013 Guidance" section of this press release also include that consumer 
demand will remain stable, demographic trends will continue and there will 
continue to be barriers to entry in the markets in which the Company operates.

Management believes that the expectations reflected in forward-looking 
statements are based upon reasonable assumptions; however, Management can give 
no assurance that the actual results or developments 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, including the matters 
discussed under "Risks and Uncertainties" in First Capital Realty's MD&A and 
under "Risk Factors" in its current Annual Information Form. Factors that 
could cause actual results or events to differ materially from those 
expressed, implied or projected by forward-looking statements, in addition to 
those factors described in the aforementioned "Risks and Uncertainties" and 
"Risk Factors" sections, include, but are not limited to: general economic 
conditions; real property ownership; the availability of new competitive 
supply of retail properties which may become available either through 
construction, lease or sublease; First Capital Realty's ability to maintain 
occupancy and to lease or re-lease space at current or anticipated rents; 
repayment of indebtedness and the availability of debt and equity financing; 
changes in interest rates and credit spreads; changes to credit ratings; 
tenant financial difficulties, defaults and bankruptcies; the relative 
illiquidity of real property; unexpected costs or liabilities related to 
acquisitions, development and construction; increases operating costs and 
property taxes; changes in governmental regulation; environmental liability 
and compliance costs; residential development, sales and leasing; unexpected 
costs or liabilities related to dispositions; challenges associated with the 
integration of acquisitions into the Company; uninsured losses and First 
Capital Realty's ability to obtain insurance coverage at a reasonable cost; 
compliance with financial covenants; risks in joint ventures; matters 
associated with significant shareholders; geographic concentration of assets; 
investments subject to credit and market risk; and loss of key personnel.

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 applicable securities law.

All forward-looking statements in this press release are made as of the date 
hereof and are qualified by these cautionary statements.

* * * *

























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 www.firstcapitalrealty.ca TSX : FCR

SOURCE: First Capital Realty Inc.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/20/c7002.html

CO: First Capital Realty Inc.
ST: Ontario
NI: REL ERN CONF 

-0- Feb/21/2013 03:48 GMT


 
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