First Capital Realty : ANNOUNCES FINAL RESULTS OF CONVERSIONS UNDER ITS TEMPORARY CHANGE TO THE CONVERSION PRIVILEGE OF ITS 5.50% DEBENTURES

Press Release FIRST CAPITAL REALTY ANNOUNCES FINAL RESULTS OF CONVERSIONS UNDER ITS TEMPORARY CHANGE TO THE CONVERSION PRIVILEGE OF ITS 5.50% DEBENTURES Toronto, Ontario (January 3, 2012) - 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, today announced final results of conversions under the temporary change to the conversion privilege for holders of its 5.50% convertible unsecured subordinated debentures (the "Debentures"). In total, approximately $106.8 million principal amount of Debentures were converted into approximately 6.5 million common shares of the Company pursuant to the temporary change to the conversion privilege. These conversions include $83.4 million principal amount of Debentures converted by Gazit Canada Inc. ("Gazit Canada"). First Capital Realty now has 178,224,865 common shares outstanding.

The temporary change to the conversion privilege, announced by First Capital Realty on November 22, 2011, reduced the conversion price of the Debentures to $16.30 from the original price of $16.425 per common share, for a period that ended on December 30, 2011. Effective January 1, 2012, the conversion price for the remaining $19.9 million of Debentures outstanding increased to $17.031 per common share in accordance with the original terms of the Debentures.
Gazit Canada is a wholly owned subsidiary of Gazit Globe Ltd., a publicly traded company listed on the New York Stock Exchange (NYSE: GZT) and the Tel-Aviv Stock Exchange (TASE: GLOB), and now holds approximately 50.5% of First Capital Realty's 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 169 properties, including ten under development, totalling approximately 23.2 million square feet of gross leasable area and three sites in the planning stage for future retail development.
* * * *
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: [phone] www.firstcapitalrealty.ca