The earnings call presented a strong operational performance with record-high occupancy and robust leasing activity. However, the reduced disposition targets and macroeconomic uncertainty present challenges. The company's development target increase and consistent demand for leasing offer positive signs, but the external economic environment poses potential risks.

Company Guidance -

Q1 2025

During the Q1 2025 Conference Call, the guidance provided highlighted several key metrics. The REIT's same-property cash NOI grew by 5.3% before lease termination fees and bad debt, driven by higher rents. Occupancy reached an all-time high of 96.9%, with average net rent hitting a record $24.23 per square foot. Renewal rental rates in year one of the renewal term averaged $24.91 per square foot, marking a 13.6% increase, with 74% of renewed leases including rent escalations. The REIT is on track to meet its three-year strategic plan goals, which include at least 3% growth in operating FFO per unit and achieving a net debt-to-adjusted EBITDA ratio in the low 8 times range by 2026. Development completions are expected to total $300 million, while dispositions are revised to $750 million over the three-year period. Operating FFO per unit grew approximately 5%, and debt-to-EBITDA improved to 8.9 times. The REIT remains confident in strong leasing activity and a positive outlook amid macroeconomic uncertainties.

Record High Occupancy

Q1 occupancy matched an all-time high of 96.9%, which was last set in Q4 of 2019. Rents in place are notably higher today than they were then.

Strong Leasing Activity

Over 500,000 square feet were renewed with a year one renewal rent increase of 13.6%, above the long-term average. Additionally, new leasing covered about 90,000 square feet across 42 spaces, achieving an average year one rent of approximately $32 per square foot.

Development Completion Target Increased

Development completions are now expected to be $300 million over the three-year plan versus $200 million previously, indicating progress ahead of initial expectations.

Same Property NOI Growth

Same property cash NOI grew by 5.3%, driven primarily by higher rents, exceeding internal business plan expectations.

Positive Leasing Market Outlook

Continued strong demand and leasing activity with no signs of slowdown despite macroeconomic uncertainties.

First Capital Realty (TSE:FCR.UN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TSE:FCR.UN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 29, 2025	2025 (Q2)	- / -	0.08	―	―	―
May 06, 2025	2025 (Q1)	- / 0.39	0.35	11.43% (+0.04)	―	―
Feb 11, 2025	2024 (Q4)	- / 0.15	0.81	-81.48% (-0.66)	―	―
Oct 29, 2024	2024 (Q3)	- / 0.38	-1.53	124.84% (+1.91)	―	―
Jul 30, 2024	2024 (Q2)	- / 0.08	-0.14	157.14% (+0.22)	―	―
Apr 30, 2024	2024 (Q1)	- / 0.35	0.23	52.17% (+0.12)	―	―
Feb 06, 2024	2023 (Q4)	- / 0.81	0.2	305.00% (+0.61)	―	―
Oct 31, 2023	2023 (Q3)	- / -1.53	-0.95	-61.05% (-0.58)	―	―
Aug 01, 2023	2023 (Q2)	- / -0.14	-0.19	26.32% (+0.05)	―	―
May 02, 2023	2023 (Q1)	- / 0.23	0.2	15.00% (+0.03)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSE:FCR.UN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 06, 2025	C$17.09	C$17.32	+1.35%
Feb 11, 2025	C$16.48	C$16.36	-0.73%
Oct 29, 2024	C$17.51	C$17.32	-1.09%
Jul 30, 2024	C$15.75	C$15.69	-0.38%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does First Capital Realty (TSE:FCR.UN) report earnings?

First Capital Realty (TSE:FCR.UN) is schdueled to report earning on Jul 29, 2025, After Close (Confirmed).

What is First Capital Realty (TSE:FCR.UN) earnings time?

First Capital Realty (TSE:FCR.UN) earnings time is at Jul 29, 2025, After Close (Confirmed).

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