First Capital Realty (TSE:FCR.UN)
TSX:FCR.UN
Earnings Data
Report Date
May 05, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.39Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed materially positive operating momentum driven by robust leasing, record occupancy, all‑time high rents and solid FFO growth, supported by meaningful balance sheet strengthening (extended debt ladder, strong liquidity) and continued disciplined dispositions/development. Headwinds include near‑term vacancy and lost rent from lease terminations and Toys "R" Us, increased interest costs from recent refinancings (adding ~$6M/year), fair value markdowns tied to development/density, and a moderated same‑property NOI outlook (~3% for 2026) given tough comps. On balance, the company demonstrated strong execution on core retail fundamentals and financial positioning, while acknowledging transitory financing and transactional headwinds.Company Guidance
Strong Same-Property NOI and Leasing Performance
Full-year 2025 same-property cash NOI grew 5.9% (ex-lease termination fees and bad debt). Q4 same-property NOI rose 5.7% YoY ($112M vs $106M). Renewals totaled ~2.2M sq ft (535 spaces) with average year‑1 renewal rents up nearly 15% vs expiries and a ~20% renewal lift comparing last year of expiring terms to average renewal rents. New leasing was ~500k sq ft across 193 spaces with average year‑1 net rent of $28.23/sq ft.
Record Occupancy and Rental Rates
Portfolio occupancy hit a record 97.2% in Q2 and finished the year at 97.1%. Average in-place net rental rate reached an all‑time high of $24.73 per square foot.
Operating FFO Growth
Q4 operating FFO was $72M, up 7% YoY and 1% sequentially. OFFO per unit in Q4 was $0.34, up 6.6% YoY. Full‑year operating FFO reached $286M ($1.33/unit) versus $270M ($1.26/unit) prior‑comparable, reflecting meaningful FFO per unit growth.
Distribution Increase and Payout Metrics
Board approved a 2.5% increase to monthly distribution effective January 2026. 2025 OFFO payout ratio was 67% and ACFO payout ratio 83%, supporting distribution stability and modest growth.
Balance Sheet Strength and Liquidity
Q4 financings included $500M of senior unsecured debentures (part of $531M originations) and extended the weighted average term to maturity to 4.6 years (vs 3.7 one year ago and 3.3 two years ago). Term debt maturities for 2026 were reduced to $129M (3% of total debt). Liquidity exceeded $700M, unencumbered asset pool was $6.3B (~70% of total assets), and secured debt to total assets was a low 16%.
Active and Productive Disposition Program
In Q4 closed/entered binding agreements on 5 properties for gross proceeds of $85M; in 2025 completed/secured 10 property dispositions for $193M. Disposed assets had run‑rate NOI yields well under 3% and sale proceeds represented roughly a 40% premium to pre‑mark IFRS value.
Progress on Development Pipeline
Q4 capital invested $63M (full year $223M: $163M development, $60M operating). Key projects advancing: Humbertown redevelopment, Yonge & Roselawn (50% interest), 1071 King (25% interest). Guidance for 2026 development spend is $200M–$240M with $55M–$65M of retail development/redevelopment expected to come online (stabilized NOI yield 6.5%–7%).
NAV Increase and Fair Value Gains
Year‑end NAV per unit was $22.57, up $0.28 in Q4 and up $0.52 (+2.4%) for 2025. Q4 saw net fair value increases of $36M driven primarily by higher NOI and cash flow assumptions.
TSE:FCR.UN Earnings History
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 |
|---|---|---|---|
Feb 10, 2026 | C$20.50 | C$20.48 | -0.09% |
Nov 04, 2025 | C$18.17 | C$18.65 | +2.64% |
Jul 29, 2025 | C$17.92 | C$18.24 | +1.78% |
May 06, 2025 | C$16.44 | C$16.66 | +1.34% |
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 May 05, 2026, After Close (Confirmed).
What is First Capital Realty (TSE:FCR.UN) earnings time?
First Capital Realty (TSE:FCR.UN) earnings time is at May 05, 2026, After Close (Confirmed).
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What is TSE:FCR.UN EPS forecast?
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