First Capital REIT announced that it has closed its previously announced offering (the "Offering") of CAD 300 million aggregate principal amount of Series B senior unsecured debentures (the "Debentures") on a private placement basis in certain provinces of Canada. The Debentures were offered on an agency basis by a syndicate of agents co-led by Desjardins Capital Markets, RBC Capital Markets and TD Securies. The Debentures were issued at par, bear interest at a rate of 5.572% per annum and will mature on March 1, 2031.

Inclusive of the benefit of bond forward hedges, the REIT's all-in interest rate on the Debentures will be 5.481% per annum.