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First Capital Real Estate Investment Trust

First Capital Real Estate Investment Trust

FCR-UN · TO · Real Estate / REIT - Retail

23.21CAD+0.02 (+0.09%)

Price History

Full chart

Market Stats

Previous Close23.19
Open23.16
Day Range23.11 – 23.35
52-Week Range17.57 – 23.37
Volume705.55K
Market Cap4.85B
P/E (TTM)4.70
Forward P/E16.64
EPS4.86
Dividend Yield3.99%
Beta0.88
50-Day Avg22.75
200-Day Avg21.88

About

First Capital Real Estate Investment Trust is an unincorporated, open-ended mutual fund trust. First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighborhoods with the strongest demographics in Canada. The Trust is listed on the Toronto Stock Exchange. On November 24, 2025, the Trust's unitholders approved an internal tax reorganization that was completed by way of a plan of arrangement (the Arrangement). The Arrangement simplified First Capital's organizational structure by eliminating First Capital Realty Inc. as the Trust's wholly owned corporate subsidiary that owned, directly and indirectly, all of First Capital's real property portfolio. The Arrangement was completed and became effective on November 30, 2025. Following the Arrangement, First Capital now holds substantially all its real property portfolio through flow-through entities, namely subsidiary partnerships and trusts. First Capital Real Estate Investment Trust is incorporated in Ontario, Canada and its head office is located at 85 Hanna Avenue, Suite 400, Toronto, Ontario, M6K 3S3. First Capital Real Estate Investment Trust was established on November 10, 1993 and incorporated in Ontario, Canada.

Company Details

  • SectorReal Estate
  • IndustryREIT - Retail
  • CEOMr. Adam E. Paul C.A., CPA
  • Employees358
  • HeadquartersKing Liberty Village, Toronto, ON, Canada, M6K 3S3, Canada
  • Websitehttps://www.fcr.ca

Leadership

  • Mr. Adam E. Paul C.A., CPAPresident, CEO & Trustee · b. 1975
  • Mr. Neil William Edward Downey C.A., C.F.A., CPAExecutive VP of Enterprise Strategies & CFO · b. 1970
  • Mr. Jordan RobinsExecutive VP & COO · b. 1970
  • Ms. Alison HarnickSenior VP, General Counsel & Corporate Secretary · b. 1980
  • Mr. Carmine FrancellaSenior Vice President of Real Estate Services, Operations & Leasing · b. 1966
  • Jeff FarbmanVice President of Investments
  • Mr. Matt SilcoffVice President of Investments
  • Ms. Elle AgouriasChief Accounting Officer
  • Mr. Simon StreeterChief Information Officer
  • Mr. Ryan NgHead of Finance & Treasury

Financials

Income Statement

Currency: CAD1996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Revenue49.20M75.50M118.40M145.70M147.89M140.68M125.64M157.37M221.50M268.64M332.90M376.89M411.75M442.13M482.48M526.74M590.69M640.75M666.27M683.07M707.23M764.78M784.44M777.05M676.22M683.81M712.20M752.07M712.59M731.24M
Growth (%)-+53.46%+56.82%+23.06%+1.51%-4.88%-10.69%+25.26%+40.75%+21.28%+23.92%+13.22%+9.25%+7.38%+9.12%+9.17%+12.14%+8.47%+3.98%+2.52%+3.54%+8.14%+2.57%-0.94%-12.98%+1.12%+4.15%+5.60%-5.25%+2.62%
Cost of Revenue---100.00K54.98M49.68M47.32M58.80M82.20M99.79M120.35M134.45M150.60M156.95M168.95M186.65M210.13M233.59M241.53M244.90M254.29M256.95M274.82M286.38M273.86M262.95M267.60M262.72M266.24M271.30M
Gross Profit49.20M75.50M118.40M145.60M92.91M91.00M78.32M98.57M139.30M168.85M212.54M242.44M261.15M285.18M313.52M340.09M380.56M407.15M424.74M438.17M452.95M507.83M509.62M490.67M402.36M420.86M444.61M489.34M446.35M459.94M
Gross Margin100.00%100.00%100.00%99.93%62.82%64.68%62.34%62.64%62.89%62.85%63.85%64.33%63.42%64.50%64.98%64.57%64.43%63.54%63.75%64.15%64.04%66.40%64.97%63.15%59.50%61.55%62.43%65.07%62.64%62.90%
Operating Expense20.80M33.20M52.60M67.20M12.34M51.28M23.84M21.15M48.95M64.69M94.64M103.37M107.87M120.83M24.48M25.17M27.52M29.96M31.19M35.66M34.91M36.44M37.09M38.48M21.78M47.49M39.98M47.66M56.47M61.73M
Operating Income28.40M42.30M65.80M78.40M80.57M39.72M54.48M77.42M90.35M104.16M117.90M139.07M153.28M164.35M289.04M314.92M353.04M377.19M393.55M402.51M418.04M471.39M472.52M452.19M380.58M373.37M404.62M441.68M389.88M398.20M
Operating Margin57.72%56.03%55.57%53.81%54.48%28.23%43.36%49.20%40.79%38.77%35.42%36.90%37.23%37.17%59.91%59.79%59.77%58.87%59.07%58.93%59.11%61.64%60.24%58.19%56.28%54.60%56.81%58.73%54.71%54.46%
EBITDA28.40M42.30M65.80M78.40M92.91M52.81M64.41M90.00M127.66M154.48M186.34M218.90M257.02M272.00M480.00M326.34M357.15M377.19M393.55M402.51M418.04M471.39M472.52M452.19M380.58M373.37M404.62M441.68M389.88M458.78M
EBITDA Margin57.72%56.03%55.57%53.81%62.82%37.54%51.27%57.19%57.63%57.50%55.98%58.08%62.42%61.52%99.49%61.96%60.46%58.87%59.07%58.93%59.11%61.64%60.24%58.19%56.28%54.60%56.81%58.73%54.71%62.74%
Net Income8.00M10.00M16.70M11.20M-15.17M31.50M29.63M44.03M17.89M29.20M45.96M30.35M37.43M41.91M41.34M548.93M392.92M214.86M196.75M203.87M382.71M633.09M343.61M401.35M2.70M460.13M-160.00M-134.06M204.93M1.06B
Net Income Margin16.26%13.25%14.10%7.69%-10.26%22.39%23.59%27.98%8.08%10.87%13.81%8.05%9.09%9.48%8.57%104.21%66.52%33.53%29.53%29.85%54.11%82.78%43.80%51.65%0.40%67.29%-22.47%-17.83%28.76%145.51%
R&D--------------------0.691.050.550.440.060.650.210.26--
R&D as % of Total Revenue--------------------0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%--
Interest Expense------------113.69M125.47M145.66M159.98M158.99M162.85M173.32M163.48M158.69M157.41M153.24M171.83M157.71M152.67M150.04M154.10M166.16M158.79M
Interest Expense % of Total Revenue------------27.61%28.38%30.19%30.37%26.92%25.42%26.01%23.93%22.44%20.58%19.53%22.11%23.32%22.33%21.07%20.49%23.32%21.72%

Balance Sheet

Currency: CAD1996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Total Assets433.70M638.70M984.50M1.11B1.14B988.54M1.19B1.54B1.89B2.47B3.06B3.41B3.71B3.69B4.99B6.08B7.26B7.60B7.91B8.28B9.10B9.97B10.45B10.16B10.03B10.11B9.58B9.19B9.18B9.23B
Total Liabilities275.10M422.40M551.50M691.10M740.84M578.97M681.95M873.70M1.35B1.63B2.15B2.46B2.62B2.60B3.15B3.56B4.01B4.27B4.41B4.61B4.87B5.27B5.44B5.69B5.78B5.44B5.25B5.19B5.17B4.34B
Total Equity158.60M216.30M433.00M421.50M396.68M409.57M507.76M664.99M794.68M842.54M911.59M951.33M1.10B1.10B1.83B2.51B3.25B3.32B3.47B3.64B4.20B4.65B4.98B4.43B4.23B4.62B4.28B3.93B3.95B4.82B
Cash----33.60M43.95M365.00K79.00K4.88M5.33M6.81M10.45M7.26M12.24M38.83M1.84M64.02M4.97M17.35M9.16M12.22M11.51M15.53M25.50M100.44M34.70M32.69M87.42M150.29M53.62M
Total Debt263.90M399.40M519.10M607.60M---786.30M1.25B1.49B1.98B2.28B2.39B2.40B2.76B3.08B3.38B3.60B3.71B3.86B4.02B4.30B4.38B4.73B4.79B4.43B4.14B4.09B4.05B3.99B
Net Debt263.90M399.40M519.10M607.60M-33.60M-43.95M-365.00K786.22M1.25B1.49B1.97B2.27B2.38B2.39B2.72B3.08B3.32B3.59B3.69B3.85B4.01B4.29B4.36B4.71B4.69B4.40B4.11B4.00B3.90B3.94B

Cash Flow

Currency: CAD1996-12-311997-12-311998-12-311999-12-312000-12-312001-12-312002-12-312003-12-312004-12-312005-12-312006-12-312007-12-312008-12-312009-12-312010-12-312011-12-312012-12-312013-12-312014-12-312015-12-312016-12-312017-12-312018-12-312019-12-312020-12-312021-12-312022-12-312023-12-312024-12-312025-12-31
Operating Cash Flow16.20M22.40M25.10M38.30M-11.13M32.37M39.18M64.79M74.81M94.65M115.17M133.06M145.96M148.63M176.28M152.96M193.01M212.97M269.09M244.43M256.60M270.16M283.01M269.15M219.50M249.61M251.22M227.73M233.79M206.71M
Investing Cash Flow-147.30M-209.70M-274.50M-119.90M-34.42M-74.61M-183.69M-356.84M-278.46M-475.63M-507.57M-445.42M-309.72M-232.86M-396.30M-501.50M-440.76M-344.08M-322.38M-342.39M-570.22M-326.36M-291.30M332.62M10.23M154.89M133.98M83.69M33.38M-50.88M
Financing Cash Flow147.80M165.40M291.30M64.70M49.72M50.41M101.00M291.88M207.83M381.34M393.51M316.98M160.24M80.19M247.11M319.80M309.93M72.07M62.89M63.57M326.96M55.22M12.31M-591.80M-154.79M-470.25M-387.21M-256.70M-204.30M-252.50M
Capital Expenditure147.70M213.00M251.90M93.40M092.35M49.76M71.28M195.85M361.47M498.43M463.58M68.59M272.73M228.57M221.37M315.67M266.53M253.50M275.97M218.12M231.91M266.36M228.19M205.03M153.52M125.01M143.02M123.77M146.90M
Free Cash Flow-131.50M-190.60M-226.80M-55.10M-11.13M-59.98M-10.58M-6.49M-121.04M-266.82M-383.26M-330.52M78.93M-124.10M-63.52M-68.42M-122.66M-48.81M18.36M-31.54M38.48M38.25M16.66M40.96M14.47M96.09M126.21M84.71M110.02M59.81M
Dividends Paid9.20M10.80M11.90M12.90M14.18M15.22M17.63M26.32M48.75M52.36M22.47M21.07M49.31M118.19M125.26M132.68M150.86M174.13M177.89M190.21M199.79M209.62M212.65M203.83M187.93M102.62M116.72M183.66M183.39M188.59M
FCF to OCF-811.73%-850.89%-903.59%-143.86%100.00%-185.29%-27.00%-10.02%-161.80%-281.90%-332.77%-248.41%54.08%-83.50%-36.03%-44.73%-63.55%-22.92%6.82%-12.90%15.00%14.16%5.89%15.22%6.59%38.50%50.24%37.20%47.06%28.94%
Dividend Paid to FCF-7.00%-5.67%-5.25%-23.41%-127.36%-25.38%-166.64%-405.39%-40.27%-19.62%-5.86%-6.37%62.48%-95.24%-197.21%-193.94%-122.99%-356.74%968.88%-603.07%519.20%547.97%1276.65%497.67%1298.57%106.79%92.48%216.80%166.68%315.30%

Earnings

Report DateMay 13, 1997Aug 12, 1997Mar 16, 1998May 13, 1998Nov 12, 1998Mar 18, 1999May 13, 1999Aug 10, 1999Nov 5, 1999Mar 27, 2000May 11, 2000Aug 18, 2000Nov 17, 2000May 10, 2004Aug 11, 2004Nov 8, 2004Mar 10, 2005May 9, 2005Aug 10, 2005Nov 7, 2005Mar 10, 2006May 10, 2006Aug 10, 2006Nov 9, 2006Mar 9, 2007May 8, 2007Aug 10, 2007Nov 8, 2007May 7, 2008Aug 8, 2008Nov 7, 2008Mar 6, 2009May 12, 2009Aug 14, 2009Nov 9, 2009Mar 11, 2010May 6, 2010Aug 6, 2010Nov 4, 2010Mar 3, 2011May 12, 2011Aug 11, 2011Nov 7, 2011Mar 8, 2012May 7, 2012Aug 7, 2012Nov 5, 2012Feb 20, 2013May 6, 2013Jul 30, 2013Nov 1, 2013Feb 21, 2014May 5, 2014Jul 29, 2014Nov 3, 2014Feb 11, 2015May 4, 2015Jul 29, 2015Nov 2, 2015Feb 17, 2016May 10, 2016Aug 3, 2016Nov 9, 2016Feb 14, 2017May 9, 2017Aug 2, 2017Nov 8, 2017Feb 13, 2018May 8, 2018Aug 1, 2018Nov 6, 2018Feb 12, 2019May 7, 2019Jul 31, 2019Nov 5, 2019Feb 11, 2020May 5, 2020Aug 5, 2020Nov 3, 2020Feb 9, 2021May 4, 2021Aug 4, 2021Nov 2, 2021Feb 8, 2022May 3, 2022Jul 27, 2022Nov 1, 2022Feb 7, 2023May 2, 2023Aug 1, 2023Oct 31, 2023Feb 6, 2024Apr 30, 2024Jul 30, 2024Oct 29, 2024Feb 11, 2025May 6, 2025Jul 29, 2025Nov 4, 2025Feb 10, 2026May 5, 2026Jul 27, 2026Nov 3, 2026
EPS Estimate0.110.090.130.130.160.160.190.190.090.160.140.140.16-------0.060.08-----------0.080.070.070.050.060.080.090.070.220.310.210.060.140.080.140.150.190.17-0.200.200.200.210.19----------------------------------------------
EPS Actual0.040.060.120.120.080.010.200.130.14-0.580.15-1.13-0.050.050.050.080.070.060.060.090.070.060.170.050.100.060.050.050.060.070.060.070.060.060.060.090.100.060.070.070.270.840.511.130.520.670.510.310.250.340.200.280.170.360.180.210.210.410.110.170.290.710.360.240.821.090.340.300.270.330.520.250.240.360.300.87-0.260.050.050.170.170.960.820.130.20-0.20-0.960.200.23-0.14-1.540.810.350.080.380.150.390.300.314.000.430.11-
Surprise-63.64%-33.33%-7.69%-7.69%-50.00%-93.75%5.26%-31.58%55.56%-462.50%7.14%-907.14%-131.25%-------16.67%-25.00%------------25.00%-14.29%28.57%100.00%0.00%-12.50%-22.22%285.71%281.82%64.52%438.10%766.67%378.57%537.50%121.43%66.67%78.95%17.65%--15.00%80.00%-10.00%0.00%10.53%----------------------------------------------
Timing------------------------------------After-hoursPre-marketAfter-hours-After-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursPre-market-After-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursPre-marketAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hoursAfter-hours

Key Statistics & Ratios

Market Cap4.85B
Enterprise Value8.91B
Trailing P/E4.70
Forward P/E16.64
PEG Ratio1.78
Price / Sales6.55
Price / Book1.00
EPS4.86
Book Value22.78
Revenue (TTM)740.02M
Gross Profit (TTM)357.50M
EBITDA271.91M
Profit Margin139.53%
Operating Margin-6.56%
Return on Equity22.95%
Return on Assets1.79%
Shares Outstanding212.55M
Shares Float211.36M
Beta0.88
Dividend Yield3.99%
Dividend Rate0.91
Payout Ratio6.27%

Dividends

202610×
0.08Oct 30, 20260.08Sep 29, 20260.08Aug 31, 20260.08Jul 31, 20260.08Jun 30, 20260.08May 29, 20260.08Apr 30, 20260.08Mar 31, 20260.08Feb 27, 20260.08Jan 30, 2026
202512×
0.07Dec 31, 20250.07Nov 28, 20250.07Oct 31, 20250.07Sep 29, 20250.07Aug 29, 20250.07Jul 31, 20250.07Jun 30, 20250.07May 30, 20250.07Apr 30, 20250.07Mar 31, 20250.07Feb 28, 20250.07Jan 31, 2025
20242×
0.07Dec 31, 20240.07Nov 29, 2024

Stock Splits

  • May 25, 201032:20