FCR Investor Pesentation - Nov 2010 - FINAL

Essentially
Urban.
First Capital Realty Inc.
Investor Presentation – November, 2010
LOCATION
LOCATION
LOCATION ®
Forward Looking Statements
This material may contain forward-looking statements, including those identified by the expressions
“anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the
Company or its management. The forward-looking statements are not historical facts but reflect the Company’s
current beliefs and are based on information currently available to management. Certain material factors and
assumptions were applied in providing these forward-looking statements, many of which are beyond our control.
Management believes that the forward-looking statements are based upon reasonable assumptions;
however, management can give no assurance that actual results will be consistent with those expressed or implied in
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 those expressed or implied in these
forward-looking statements. Additional information about the risks and uncertainties that could cause actual results
to differ materially, and the material factors or assumptions that were applied in providing these forward-looking
statements, are contained in our various securities filings, including our current annual information form, our MD&A
for the 2009 financial year and our MD&A for the current interim period, all of which are available on SEDAR at
www.sedar.com and on our web site.
You 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. These forward-looking statements are made as of the
date of this presentation. Except as required by securities laws, First Capital Realty undertakes no obligation to
publicly update or revise any such statements whether to reflect new information, the occurrence of future events or
circumstances, or otherwise.
2 First Capital Realty Inc.

Shopping for
Everyday Life ®

Growth Strategy in Stable Business
7 Target Urban Markets

Canada’s leading owner, developer and operator of supermarket
and drugstore-anchored neighbourhood and community shopping centres in
growing metropolitan areas.
WESTERN
CANADA
EDMONTON EASTERN
CENTRAL CANADA
CALGARY CANADA
VANCOUVER QUEBEC CITY
MONTREAL
OTTAWA
GREATER TORONTO AREA

Growth Strategy in Stable Business
Urban Markets
+ Non Discretionary
Goods & Services
= Defensive Asset Class

Defensive Asset Class
 Over 80% of our rents come

from tenants providing daily
necessities
 Over 90% of our rents are
from properties anchored by
supermarkets or drugstores
 Over 90% of our rents are
from Urban Markets
First Capital Realty Today
As of November, 2010 Annual Minimum Rent by Market
• 178 properties, 21.6 mil. sq. ft. of Golden

Horseshoe
GVA &
Vancouver Island
gross leasable area
11%
• 295 acres of active and future Greater
8% Calgary/
Edmonton/
development land Toronto
Area
Red Deer
22%
26%
• Total equity capitalization: $2.5B
• Total enterprise value: $5.3B 2% Quebec
City
4%
• Management team: South 4%
17%
Western 6% Greater
– Substantial ownership Ontario
Other
Montreal
Area
Ottawa/
Gatineau
– Over 100 years of collective
experience Median Household Income *
• Canada $53,830
• Three strong operating platforms • All FCR properties $64,000
across three regions • Average population within 3 km
radius = 62,700
– Central, East and West
*1 km radius, based on 2006 census data
Diversified Geographically
Central Eastern Western

Canada Canada Canada Demographic Positioning - FCR
178 Properties
$160
Properties 68 59 51
Average HH Icome (000's)

$140
$120
9.7M 5.5M 6.4M $100
GLA $80
sq. ft. sq. ft. sq. ft. $60
$40
$20
Occupancy 98.0% 95.1% 95.5% $0
- 50,000 100,000 150,000 200,000 250,000 300,000
Average Population within 3 KMs
NOI Run
$138M $64M $105M
Rate (1) Canadian Average HH Income : $69,548 charted
against average population within 3 KMs of all FCR
shopping centres
Gross Book
$1.8 B $0.8 B $1.4 B
Value
(1) Run Rate excludes straight line, market rent adjustments,

and corporate items
Funds from Operations ($ millions)
Conservative FFO Payout ratio
$152
$146 $112
$125
$117
$95
$65
FFO Payout Ratio –
Regular dividends
82% 81% 85%
78% 79% 77% 79%
2004 2005 2006 2007 2008 2009 Q3 2010
Increasing Dividends Adjusted to reflect the May 25, 2010 3.2:2 stock split
FFO Per Share $0.89 $0.93 $0.99 $1.00 $1.04 $1.01 $0.71
Regular Dividends $0.73 $0.75 $0.77 $0.79 $0.80 $0.80 $0.60
Special Dividends $0.13 $0.28

Accretive Growth with Financial Discipline
Funds From Operations Debt to Aggregate Assets

($ per share)
$1.01
$0.86 73%
51.6%
Jan.1, 2004 2009 Jan. 1, 2004 Q3 2010

Adjusted to reflect the May 25, 2010 3.2:2 stock split

Capital Structure
As of November, 2010
Enterprise Value $5.3B

Mortgages and Secured Credit Facilities
Mortgages Payable = $1.3B
Secured Credit Facilities availability = $300M (UNDRAWN)

25% Senior Unsecured Debentures
$1.12B par value issues due Mar 2011, Dec 2011, June
2012, April 2013, January 2014, October 2014, June
2015, January 2017, November 2017, Aug 30, 2018 and
21% November 2018.
Convertible Debentures (INTEREST PAID IN SHARES)
7% $227M par value due Sept 2017 – 5.50% Coupon (Conversion = $16.425)
$69M par value due Dec 2016 – 6.25% Coupon (Conversion = $14.313)
$50M par value due June 2017 – 5.70% Coupon (Conversion = $18.75)
47% Equity Capitalization – 163.3M shares
Two Major Real Estate Investment Shareholders
– Gazit Globe (49.6%)
– Alony Hetz Properties (12.9%)
Financial Strength
Q3 2010 YE 2009
Aggregate assets $4.5 billion $4.1 billion

Investment grade ratings
DBRS BBB BBB
Moody’s Baa3 Baa3
Unencumbered assets ~ $1.5 billion ~ $0.9 billion
Debt to aggregate assets 51.5% 50.3%
EBITDA interest coverage (1) - YTD 2.42x 2.50x
FFO payout ratio (2) - YTD 84.6% 79.0%
AFFO payout ratio - YTD 92.0% 86.5%
(1) With development interest capitalized excluding interest paid in shares

Financial Liquidity and Financing Activities
2010 2009
$ 300M (April 2010) $ 525M (March 2009)
Revolving credit facilities - approved
(maturing 2012) (pricing revised Apr 2010) (maturing 2012) (reduced to $360)
Drawn on approved facilities _ $34.0M

Average Cash Held (Q3) $80.6M $-
Net Equity capital raised
$103.8M $ 100.6M
(share issue, PIK, warrants and options)
$ All-in Rate Term $ Rate Term
Convertible Debentures Issues (cashless) Coupon

Sep 18, 2009 issue (convertible @ $14.31) $75M 6.25% 7.3 yrs
Dec 30, 2009 issue (convertible @ $18.75) $50M 5.70% 7.5 yrs
Unsecured Financing Completed All-in
Series G – November 2009 (5.95%) $125M 6.13% 5.5 yrs
Series H – January 2010 (5.85%) $125M 6.00% 7.0 yrs
Series I – April 2010 (5.70%) and $75M 5.84% 7.6yrs
June 2010 (5.70%) $50M 5.70% 7.5yrs
Series J - July 2010 (5.25%) $50M 5.67% 8.2yrs
Series K – August 2010 (4.95%) and $50M 5.30% 8.3yrs
October 2010 $50M 5.06% 8.1yrs
Secured Financing Completed
$101.4M 4.78% 8 yrs $187.3M 6.21% 8.5 yrs
(including committed deals)
Well-Staggered Debt Maturities
Weighted average interest rate of 5.9%, term to maturity of 4.6years
Mortgage maturity schedule
10.8%
8.6%
6.7% 7.6%
5.6% 2.2%
1.3% 4.0% 1.2% 3.8%
2.5%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Thereafter
Unsecured debenture maturity schedule
10.2%
8.1% 8.2%
6.0%
4.1% 4.0% 5.1% Mat – 11/30
Mat – 3/30 Mat – 1/31 Mat – 1/31
Mat – 12/1 Mat – 6/21 Mat – 4/1 Mat – 10/30 Mat – 6/1 Mat – 11/30 Mat – 8/30
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Thereafter
All unsecured debt maturities are staggered by at least 6 months

14
Well-Balanced Lease Maturities
19.4%
Lease maturity schedule
9.6% 9.8% 9.2% 9.4%

7.7%
6.2% 6.9% 5.0%
3.2% 4.5%
2.6%
MTM 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Thereafter
Top 40 tenants Lease maturities

0.8% 1.2% 3.0% 4.0% 4.4% 4.3% 4.8% 2.8% 4.0% 3.8% 3.7% 21.0%
o Average Remaining Term Top 10 Tenants: 8.4 years; 36% of AMR

o Excludes options in favour of tenants

Growth Strategy in a Stable Business
Focused Proactive Selective

Acquisitions Management Development
Canada’s leading owner,

developer and operator of
supermarket and drugstore-
anchored neighborhood and
community shopping centres in
growing urban markets

Shopping for Everyday Life®
178 Properties 125 properties have been developed, redeveloped,
expanded or repositioned since 2002.
# of % of
stores Over 80% of revenues come from daily necessities Rent
129(1) Supermarket 19.7
117 Drugstore 9.7

Banks & other
271 Financial Institutions 8.7
National &
201 Discount Retailers 16.0
85 Liquor Stores 3.3
383 Medical Use & Fitness 6.4
Fast-food &
462 6.4
Coffee Shops
Daycare Centres
48 and Schools
0.7
(1) 36 of 129 supermarkets have a pharmacy 17
Top-Forty Tenants
Top 40 Tenants – 57.3% of rents – 77.0% investment grade ratings
47.6% of total rent from investment grade tenants

18
Focused Acquisitions
Create Right real estate in

redevelopment right location and
opportunities demographics
Leasing and
Operating Appropriate
synergies long term return and
growth
Reinforce strong
LOCATION
market position LOCATION
145 properties acquired or developed since 2000 LOCATION
Total Investments
$3.6 Billion over 9 years

Total Aggregate Assets YTD 2010 - $414 M Invested
$4.0B $4.1B $4.5B
Investment as % of Aggregate Assets
$3.6B Acquisitions
$3.2B
$2.6B
48%
$1.9B
$1.6B 19%
$1.2B
Land Held for
26% Future
7% Development
20% 22% 19% 23% 19% 8% 7% 10%
13%
Land Purchased
Development, Adjacent to
Redevelopment Existing Properties
2002 2003 2004 2005 2006 2007 2008 2009 2010 & Expansion

Where People Want To Be
8 properties
0.7 million sq. ft.
49 properties
7.3 million sq. ft.

41 properties 4 properties
0.4 million sq. ft.
4.1 million sq. ft.
15 properties
1.8 million sq. ft.

17 properties
2.1 million sq. ft.
12 properties
2.2 million sq. ft.
22 properties
2.0 million sq. ft.

Retail Property Fundamental
>
GROWTH IN GROWTH IN
POPULATION OR RETAIL SPACE
IN INCOME PER CAPITA
LOCATION
LOCATION
= INCREASE in overall LOCATION

retail sales performance
= INCREASE in rent
Proactive, Hands-on Management
Rent Growth Opportunities
Expand SpaceSpace
Expand & Term
& Term of New Anchor
New Anchor
of Anchor Tenant(s)
Anchor Tenant(s) OrTenant
Major Tenant
Or Major
Acquire Adjacent Renovate All/ Expand

Expand
Site/Space Part of Centre Centre
Renovate All/ Centre
Acquire Adjacent
Site/Space Part of Centre
57 land parcels, 136 acres near 41 existing properties

Shoppers Drug Mart Past & Present

Banks - Past & Present
TD Canada Trust Bank of Montreal Royal Bank of Canada

McDonald’s Past & Present

Sobeys Past and Present

Starbucks Past & Present

Revenue Enhancement
Occupancy & Average Lease Rates

$20 - $23
$16.26
$15.17 $15.71
$13.61 $13.95 $14.56
Avg. Lease rates $12.66
Occupancy 93.1% 95.0% 95.7% 95.3% 96.4% 96.2% 96.4%

Rates
Jan. 1, 2004 2005 2006 2007 2008 2009 2010 Market Rate

Operating Highlights
Q3 2010 YTD FY 2009
Same property NOI growth 2.7% 6.8%
Same property NOI growth
1.2% 2.7%
(excluding re-development & expansion)
New leasing and development coming
647,000 1,247,000
on-line (sq. ft.)
Lease Closures (sq. ft.) (333,000) (632,000)
Renewal leasing (sq. ft.) 634,000 1,246,000
Lease renewal rate increase 10.3% 13.1%
New lease rates vs. closed lease rates 20.2% 20.4%
113,000 sq. ft. 174,000 sq. ft.
Coming off-line for redevelopment
(@ $ 11.48 per sq. ft.) (@ $ 16.34 per sq. ft.)
Demolition coming off-line 126,000 sq. ft. 168,000 sq. ft.
Average lease rate (1) $16.26 $15.71
Period-end occupancy (1) 96.4% 96.2%
(1) Includes tenants occupying and fixturing space at period end
Internal Growth Continues
# OF # OF
PROPERTIES PROPERTIES
(2009 YE) (TODAY)
Stabilized 133 141
Stabilized – with expansion 16 13
underway
Currently under development/ 12 10
re-development
Pre-development planning 20 23
underway (3-5 year completion)
Properties Total 181 187
(including sites in planning stage) 6 9
Selective Development
September 30, 2010 Redevt. &
Greenfield
20 properties with approx. Expansion
518,000 sq .ft. currently Development
~ 3- 4% o f asset s under redevelopment or initiated after
expansion obtaining committed
leases
Low risk development
136 acres of land provide in established retail
nodes
future expansion
opportunities Property upgrades
at or adjacent to enhance value
41 properties
Increase tenant mix
at existing centres
3 properties currently under Adapt to changing

tenant needs
development for total sq. ft.
~ 2- 3% o f asset s of 256,000 on completion Strengthens
relationships with
existing tenants
Increases FCR
127 acres of potential penetration in
Greenfield development existing and new
provides future growth retail nodes
opportunities
Generates higher
returns
LOCATION
Going Green – May 2006 LOCATION
LOCATION
First Shopping Centre Developer

Fully Committed To LEED
> 38 projects initiated, underway or

completed are LEED certified
First Capital Realty
1 Well located & productive grocery and

drugstore-anchored shopping centres
2 Value creation by selective development

and re-development activities
3 Team proven to be disciplined capital

allocators
4 Strong financial structure with moderate

leverage and ample liquidity
5 Management team with significant

equity ownership and long-term record
of continuous growth and performance

FCR 2000 and 2010
2000 Q3 2010
ACGR
20%
NOI run rate $52M $319M
Gross leasable area (millions) 6.2 sq.ft. 21.3 sq.ft.
Properties 40 177
ACGR
Occupancy 92% 96.4% 14%
Rate per square foot $12.10 $16.26
Leverage 84.2% 51.6%

Properties
Our Strategy in Action…

Shops at King Liberty, Toronto, ON
2006 Census 1KM AVG
Population 21,000
Household Income $65,000
Household income Change
25%
vs 2001 census

Shops at King Liberty, Toronto, ON
Assembly of various pieces (approximately 12 acres):
3
1. Main Site (Q2 2004) – major tenants include:
Metro, TD Canada Trust and Blockbuster Video
4
2. 1071 King St. (Q3 2005) – future redevelopment
3. 1005 King St. (Q4 2006) – major tenants include Royal
7 Bank of Canada and Starbucks
1
2
4. 1029 King St. (Q4 2006)
5 5. 85 Hanna Ave. (development completion – Q4 2006) –
9
major tenants include: First Capital Realty Head
6 Office, Starbucks, GoodLife Fitness, LCBO and Mildred
Pierce
6. Barrymore Building (acquisition – Q4
2005, development completion – Q4 2008) – major
tenants include: Gazit America, West Elm (Williams
Sonoma), EMI Music Canada and Knoll Furniture
8 7. 120 Lynn Williams St. (acquisition – Q4 2007)
8. 1100 King St. (acquisition – Q3 2009 and 2010)
9. 43 Hanna Ave (acquisition – Q1 2010)

Steeple Hill Shopping Centre, Pickering, ON
Before

Steeple Hill Shopping Centre, Pickering, ON
After
2006 Census 1KM AVG
Population 6,000
13%
vs 2001 census

Morningside Crossing, Toronto, ON
Before
Vacant

Morningside Crossing, Toronto, ON
Current 2006 Census 1KM AVG
Population 13,000
Household income Change vs
11%
2001 census

Clairfield Commons, Guelph, ON
 Before
2006 Census 1KM AVG

Population 5,000
n/a
vs 2001 census
After 

Strandherd Crossing, Ottawa, ON
 Before
2006 Census 1KM AVG

Population 7,000
4%
vs 2001 census
After 

Humbertown Shopping Centre, Toronto, ON
2006 Census 1KM AVG
Population 8,000
31%
vs 2001 census

Meadowvale Town Centre, Mississauga, ON
2006 Census 1KM AVG
Population 19,000
Household income Change vs
3%
2001 census

Appleby Mall, Burlington, ON
2006 Census 1KM AVG
Population 8,000
6%
vs 2001 census

Under Construction

Proposed Density

Leaside Village, Toronto, ON
2006 Census 1KM AVG
Population 9,000
25%
vs 2001 census

Rutherford Marketplace, Vaughan, ON
2006 Census 1KM AVG

Population 4,000
14%
vs 2001 census

Under Construction

Proposed Density

Promenades du Parc, Longueuil, QC
2006 Census 1KM AVG
Population 10,000
6%
vs 2001 census

Galeries Normandie, Montreal, QC
Before
2006 Census 1KM AVG

Population 15,000
6%
vs 2001 census
After

Marche du Vieux-Longueuil, Longueuil, QC
 Before
2006 Census 1KM AVG

Population 12,000
16%
vs 2001 census
After 

Promenades Lévis, Lévis, QC
Before

Promenades Lévis, Lévis, QC
After
2006 Census 1KM AVG
Population 8,000
21%
vs 2001 census

TransCanada Centre, Calgary, AB
2006 Census 1KM AVG
Population 11,000
10%
vs 2001 census

McKenzie Towne Centre, Calgary, AB
2006 Census 1KM AVG
Population 12,000
3%
vs 2001 census
FUTURE
LRT Station

Richmond Square, Calgary, AB
2006 Census 1KM AVG
Population 9,000
46%
vs 2001 census
London Place West

Time Marketplace, N. Vancouver, BC
2006 Census 1KM AVG
Population 15,000
13%
vs 2001 census

Staples Lougheed, Burnaby, BC
2006 Census 1KM AVG
Population 6,000
11%
vs 2001 census

Staples Lougheed, Burnaby, BC

Port Place Shopping Centre, Nanaimo, BC
Current
2006 Census 1KM AVG
Population 4,000
13%
vs 2001 census

Port Place Shopping Centre, Nanaimo, BC
Proposed

The Olive, Vancouver, BC
2006 Census 1KM AVG
Population 21,000
14%
vs 2001 census

LOCATION
LOCATION
LOCATION
GOOD THINGS HAPPEN WHEN
YOU OWN GOOD REAL ESTATE
Appendix
LOCATION
LOCATION
LOCATION
Senior Management Team
CHAIM KATZMAN - Chairman
Also serves as Chairman of Equity One, Inc. and Chairman of Gazit-Globe, the Company’s largest shareholder.
DORI J. SEGAL – President and Chief Executive Officer
Joined the Company in 2000. President and Chief Executive Officer. Also Executive Vice Chairman of Gazit-Globe, Vice Chairman,
Director of Equity One, Inc. , Director of Citycon Oyj, Chairman of Gazit America Inc. and Vice-Chairman of Realpac , the Real Property
Association of Canada.
KAREN H. WEAVER, CPA – Executive Vice President and Chief Financial Officer
Joined the Company in 2004. Previously SVP & CFO at Brookfield Properties Corporation, Canadian Operations and Gentra Inc. (BPO
Properties Ltd). Ms. Weaver has significant experience in public financial accounting, reporting and corporate operations with over 15
years of real estate experience, and is a Certified Public Accountant.
BRIAN KOZAK – Senior Vice President, Western Canada
Joined the Company in 2004. Previously Vice President, Western Canada for Canadian Tire Real Estate Limited and as Area Real Estate
Manager for Safeway Canada. Mr. Kozak has over 15 years of real estate experience.
ROGER J. CHOUINARD– General Counsel

Previously Partner, McCarthy Tétrault LLP. Mr. Chouinard has over 10 years of experience representing real estate and other companies in
connection with some of their most critical transactions, including mergers, acquisitions, dispositions, public and private offerings of
equity and debt securities, and numerous other commercial transactions. He also has strong expertise advising public companies and
their boards of directors on corporate governance and regulatory compliance matters.
JAMIE CHISHOLM – Vice President, Central Canada (FCAM)

Previously VP, Real Estate and Engineering for Sobeys Inc. He was responsible for acquisition, development, and leasing of properties for
all banner stores within Ontario. He also assisted other retailers including Canadian Tire, Part Source, CIBC and Wendy’s Restaurants in
their expansion programs. Mr. Chisholm has over 19 years experience in the real estate and development industry.

Senior Management Team
GREGORY MENZIES– Vice President, Eastern Canada (FCAM)
Previously President with Mingus Capital Inc. and Co-founder and President of Crofton Moore. Mr. Menzies has over 25 years of real
estate experience encompassing development, acquisition and management of office, mixed-use and retail properties.
RALPH HUIZINGA – Vice President, Acquisitions & Development, Western Canada (FCAM)
Previously Real Estate Manager for Canada Safeway. Mr. Huizinga has 25 years experience in real estate development, acquisition and
management.
FRANÇOIS J. LE ROUZÈS – Vice President, Acquisitions and Development, Eastern Canada (FCAM)
Previously Director, Asset Management at Ivanhoé Cambridge. Mr. Le Rouzès has over 12 years of real estate experience and is a
Chartered Appraiser.
MARYANNE MCDOUGALD – Vice President, Property Management (FCAM)

Previously Senior Vice President, Retail Management and National Client Services at O&Y Enterprise which included overseeing the
delivery of retail property and client management services for a national portfolio comprising of over 24 million square feet. Ms.
McDougald has over 20 years experience in shopping centre operations and asset management encompassing a diverse range of
national real estate portfolios.
SHERI LANGER – Managing Director, Human Resources (FCAM)
Previously Vice President, Human Resources with CBRE Global Corporate Services. Ms. Langer has 11 years of real estate service
industry as the head of human resources.
JOHN TODD – Vice President and Chief Accounting Officer (FCAM)
Previously Vice President and Controller of O&Y REIT and Senior Manager at Deloitte & Touche. Mr. Todd has over 18 years of real
estate and business experience, primarily working with TSX-listed REITs and real estate companies, and is a Chartered Accountant
(Ontario) and a Certified Public Accountant (Illinois).
MICHAEL KIRCHMAIR – Director of Finance (FCAM)

Previously CFO at Urbancorp, a large private residential and commercial developer. He was also Senior Manager, Commercial Real
Estate with TD Bank. Mr. Kirchmair has over 16 years of commercial and residential real-estate and business experience. He holds
both a Masters of Business Administration and is a Certified Management Accountant.
Analysis of FCR Capitalization
Capitalization Calculated FCR Calculated

Rate Share Price Trading Price PSF
6.25 % $ 16.70 $ 248
6.50% $ 15.50 $ 238
6.75% $ 14.45 $ 229
Adjusted to reflect the
May 25, 2010 3.2:2 stock split

High Quality Tenants
% of Total
Num ber % of Total Annualized
of Square Square Minim um DBRS Credit S&P Credit Moody's
Tenant Stores Feet Feet Rent Rating Rating Credit Rating
(1)
Top Forty Tenants
1 SOBEYS 50 1,664,000 7.8% 7.1% BBB BBB-

2 SHOPPERS DRUG MART 64 936,000 4.4% 6.6% A (LOW) BBB+
3 LOBLAW COMPANIES LIMITED 29 1,465,000 6.9% 5.0% BBB BBB
4 METRO 29 1,097,000 5.2% 4.2% BBB BBB
5 ZELLERS/HOME OUTFITTERS 21 1,809,000 8.5% 3.8%
6 CANADIAN TIRE 21 788,000 3.7% 3.2% A (LOW) BBB+
7 TD CANADA TRUST 39 210,000 1.0% 2.0% AA AA- Aaa
8 ROYAL BANK 36 191,000 0.9% 1.6% AA AA- Aaa
9 CANADA SAFEWAY 7 345,000 1.6% 1.3% BBB BBB
10 WAL-MART 4 473,000 2.2% 1.2% AA AA Aa2
11 CIBC 25 132,000 0.6% 1.1% AA A+ Aa2
12 LCBO 19 172,000 0.8% 1.1% AA (LOW) AA- Aa1
13 STAPLES 12 254,000 1.2% 1.1% BBB Baa2
14 H.Y. LOUIE GROUP (LONDON DRUGS) 8 217,000 1.0% 1.0%
15 BANK OF NOVA SCOTIA 21 115,000 0.5% 1.0% AA AA- Aa1
16 GOODLIFE FITNESS CLUB 9 216,000 1.0% 0.9%
17 REXALL 18 145,000 0.7% 0.9%
18 RONA 2 257,000 1.2% 0.9% BBB BBB-
19 DOLLARAMA 24 224,000 1.1% 0.9% BB- Ba2
20 BANK OF MONTREAL 21 101,000 0.5% 0.9% AA A+ Aa2

High Quality Tenants
% of Total
Num ber % of Total Annualized
of Square Square Minim um DBRS Credit S&P Credit Moody's
Tenant Stores Feet Feet Rent Rating Rating Credit Rating
(1)
Top Forty Tenants
21 BLOCKBUSTER 24 117,000 0.5% 0.8% SD
22 CARA OPERATIONS 29 97,000 0.5% 0.8%
23 SAQ 19 82,000 0.4% 0.7% A(High) A+ Aa2
24 SAVE ON FOODS 4 196,000 0.9% 0.7%
25 ROGERS 33 96,000 0.5% 0.7% BBB BBB Baa2
26 TIM HORTONS 40 106,000 0.5% 0.7% A(LOW)
27 REITMANS 31 155,000 0.7% 0.7%
28 WINNERS MERCHANTS INC 5 177,000 0.8% 0.7% A A3
29 STARBUCKS 35 57,000 0.3% 0.6% BBB+ Baa3
30 FUTURE SHOP 5 140,000 0.7% 0.6% BBB- Baa2
31 YUM! BRANDS 27 57,000 0.3% 0.5% BBB- Baa3
32 PHARMACIE JEAN COUTU 8 115,000 0.5% 0.5%
33 LONGO'S 2 78,000 0.4% 0.5%
34 SUBWAY 55 65,000 0.3% 0.5%
35 HOME DEPOT 2 236,000 1.1% 0.5% A(LOW) BBB+ Baa1
36 BELL CANADA 39 58,000 0.3% 0.4% BBB BBB+ Baa1
37 MCDONALD'S 19 56,000 0.3% 0.4% A A3
38 TOYS "R" US (CANADA) LTD. 3 113,000 0.5% 0.4% B B1
39 FORZANI GROUP 6 80,000 0.4% 0.4%
40 UNIPRIX 8 72,000 0.3% 0.4%
Total: Top 40 Tenants 853 12,964,000 61.0% 57.3%
(1)
Includes all related retail brands
LOCATION
LOCATION
LOCATION
Contact Information
Dori J. Segal, President & CEO
Karen H. Weaver, Executive Vice President & CFO
King Liberty Village

85 Hanna Ave, Suite 400
Toronto, Ontario
M6K 3S3
T: (416) 504-4114
F: (416) 941-1655
Website: www.firstcapitalrealty.ca
LOCATION
LOCATION
LOCATION

FCR Investor Pesentation - Nov 2010 - FINAL

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FCR Investor Pesentation - Nov 2010 - FINAL

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Essentially

2 First Capital Realty Inc.

3 First Capital Realty Inc.

7 Target Urban Markets

4 First Capital Realty Inc.

= Defensive Asset Class

5 First Capital Realty Inc.

 Over 80% of our rents come

• 178 properties, 21.6 mil. sq. ft. of Golden

Central Eastern Western

Average HH Icome (000's)

(1) Run Rate excludes straight line, market rent adjustments,

2004 2005 2006 2007 2008 2009 Q3 2010

9 First Capital Realty Inc.

Funds From Operations Debt to Aggregate Assets

Jan.1, 2004 2009 Jan. 1, 2004 Q3 2010

10 First Capital Realty Inc.

Enterprise Value $5.3B

Mortgages Payable = $1.3B

Secured Credit Facilities availability = $300M (UNDRAWN)

Aggregate assets $4.5 billion $4.1 billion

12 First Capital Realty Inc.

Drawn on approved facilities _ $34.0M

$ All-in Rate Term $ Rate Term

Convertible Debentures Issues (cashless) Coupon

Unsecured debenture maturity schedule

All unsecured debt maturities are staggered by at least 6 months

9.6% 9.8% 9.2% 9.4%

Top 40 tenants Lease maturities

o Average Remaining Term Top 10 Tenants: 8.4 years; 36% of AMR

15 First Capital Realty Inc.

Focused Proactive Selective

Canada’s leading owner,

16 First Capital Realty Inc.

129(1) Supermarket 19.7

117 Drugstore 9.7

85 Liquor Stores 3.3

383 Medical Use & Fitness 6.4

47.6% of total rent from investment grade tenants

Create Right real estate in

$3.6 Billion over 9 years

20 First Capital Realty Inc.

21 First Capital Realty Inc.

22 First Capital Realty Inc.

23 First Capital Realty Inc.

= INCREASE in overall LOCATION

Acquire Adjacent Renovate All/ Expand

57 land parcels, 136 acres near 41 existing properties

26 First Capital Realty Inc.

27 First Capital Realty Inc.

28 First Capital Realty Inc.

29 First Capital Realty Inc.

30 First Capital Realty Inc.

Occupancy & Average Lease Rates

Occupancy 93.1% 95.0% 95.7% 95.3% 96.4% 96.2% 96.4%

31 First Capital Realty Inc.

3 properties currently under Adapt to changing

First Shopping Centre Developer

> 38 projects initiated, underway or

1 Well located & productive grocery and

2 Value creation by selective development

3 Team proven to be disciplined capital