First Capital Realty (FCR.UN) AI Stock Analysis

• Market Cap: C$4.07B
• Dividend Yield: 4.63%
• Average Volume (3M): 277.79K
• Price to Earnings (P/E): 16.5
• Beta (1Y): 0.44
• Revenue Growth: -0.83%
• EPS Growth: -28.93%
• Country: CA
• Employees: 364
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.31
• Shares Outstanding: 212,445,000
• 10 Day Avg. Volume: 223,063
• 30 Day Avg. Volume: 277,785
• PEG Ratio: -0.07
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 5.05
• P/FCF Ratio: 32.73
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$21.94
• Price Target Upside: 14.51% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: C$20.50 ▲(6.99% Upside)

First Capital Realty's overall score reflects strong financial performance and reasonable valuation, but is tempered by technical indicators suggesting limited momentum. The earnings call provided a positive outlook, though challenges in revenue growth and valuation losses were noted.

Positive Factors

High Occupancy Rate

Maintaining a high occupancy rate reflects strong demand for First Capital Realty's properties, ensuring steady rental income and supporting long-term financial stability.

Record In-Place Net Rental Rate

Achieving record rental rates indicates effective lease management and strong market positioning, contributing to increased revenue potential and profitability.

Positive Strategic Plan Progress

Progress on the strategic plan suggests effective management and operational efficiency, enhancing long-term growth prospects and financial health.

Negative Factors

Revenue Growth Challenges

Negative revenue growth indicates potential difficulties in expanding market share or increasing sales, which could impact future profitability and competitiveness.

Valuation Losses on Residential Development Properties

Valuation losses on development properties may affect asset values and financial results, posing risks to investment returns and balance sheet strength.

Moderate Leverage

Moderate leverage requires careful management to avoid financial strain, especially in volatile markets, impacting long-term financial flexibility.

First Capital Realty Business Overview & Revenue Model

Company Description

First Capital is a leading developer, owner and manager of mixed-use real estate located in Canada's most densely populated cities. First Capital's focus is on creating thriving urban neighbourhoods to generate value for businesses, residents, communities and our investors.

How the Company Makes Money

First Capital Realty generates revenue primarily through leasing its retail and mixed-use properties to tenants, which include a diverse mix of national and local retailers. The company earns rental income from long-term lease agreements, typically structured to provide a stable cash flow. Additionally, FCR.UN benefits from ancillary income sources such as parking fees, property management services, and leasing commissions. Significant partnerships with well-known retailers enhance tenant quality and occupancy rates, contributing positively to the company’s earnings. Moreover, the company’s strategic focus on urban centers with high population density and favorable demographics supports its revenue growth by attracting a steady stream of consumers to its properties.

First Capital Realty Financial Statement Overview

Summary

First Capital Realty demonstrates a solid financial foundation with strong profit margins and balanced leverage. However, the company faces challenges in revenue growth and cash flow stability. While profitability has improved, historical volatility in net income and cash flow metrics suggests the need for strategic improvements to ensure sustainable growth and financial resilience.

Income Statement

First Capital Realty's income statement shows a mixed performance. The company has maintained a strong gross profit margin consistently above 60%, indicating efficient cost management. However, the revenue growth rate has been negative in recent periods, with a notable decline in the TTM period. The net profit margin has improved significantly in the TTM period, reflecting better profitability, but the historical volatility in net income, including periods of losses, suggests potential risks.

Balance Sheet

The balance sheet reflects a stable financial position with a debt-to-equity ratio around 1, indicating balanced leverage. The return on equity has improved in the TTM period, suggesting better utilization of equity. However, the equity ratio has slightly decreased, which could indicate increased reliance on debt financing. Overall, the balance sheet shows stability but with a need for cautious leverage management.

Cash Flow

Cash flow analysis reveals challenges in free cash flow growth, with a significant decline in the TTM period. The operating cash flow to net income ratio is relatively low, indicating potential issues in converting income to cash. Despite this, the free cash flow to net income ratio remains reasonable, suggesting some level of cash generation efficiency. The company needs to focus on improving cash flow stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	736.91M	712.59M	752.07M	712.20M	683.81M	676.22M
Gross Profit	466.12M	446.35M	489.34M	444.61M	420.86M	402.36M
EBITDA	414.80M	389.88M	441.68M	404.62M	373.37M	380.58M
Net Income	246.59M	204.93M	-134.06M	-160.00M	460.13M	2.70M
Balance Sheet
Total Assets	9.17B	9.18B	9.19B	9.58B	10.11B	10.03B
Cash, Cash Equivalents and Short-Term Investments	32.62M	153.54M	90.22M	36.03M	74.06M	104.16M
Total Debt	3.99B	4.05B	4.09B	4.14B	4.43B	4.79B
Total Liabilities	5.08B	5.17B	5.19B	5.25B	5.44B	5.78B
Stockholders Equity	4.02B	3.95B	3.93B	4.28B	4.62B	4.23B
Cash Flow
Free Cash Flow	114.32M	110.02M	84.71M	126.21M	96.09M	14.47M
Operating Cash Flow	219.41M	233.79M	227.73M	251.22M	249.61M	219.50M
Investing Cash Flow	-7.87M	33.38M	83.69M	133.98M	154.89M	10.23M
Financing Cash Flow	-249.20M	-204.30M	-256.70M	-387.21M	-470.25M	-154.79M

First Capital Realty Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.16
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FCR.UN, the sentiment is Positive. The current price of 19.16 is above the 20-day moving average (MA) of 19.04, above the 50-day MA of 19.07, and above the 200-day MA of 17.94, indicating a bullish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 54.12 is Neutral, neither overbought nor oversold. The STOCH value of 78.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FCR.UN.

First Capital Realty Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRT.UN	82 Outperform	C$3.91B	8.39	11.49%	5.73%	4.11%	35.99%
PMZ.UN	76 Outperform	C$1.85B	13.08	6.52%	5.49%	26.88%	77.26%
SRU.UN	68 Neutral	C$4.37B	17.47	5.03%	7.22%	0.48%	96.32%
FCR.UN	68 Neutral	C$4.07B	16.50	6.18%	4.63%	-0.83%	-28.93%
CRR.UN	67 Neutral	C$2.90B	1,035.33	0.14%	5.75%	6.32%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
REI.UN	62 Neutral	C$5.47B	84.76	0.92%	6.19%	22.22%	-71.38%

First Capital Realty Corporate Events

First Capital REIT Announces Debenture Offering and Redemption Plan

First Capital REIT has announced a C$250 million offering of Series G senior unsecured debentures, with the proceeds intended to partially fund the redemption of C$300 million in Series T senior unsecured debentures. This strategic financial move aims to optimize First Capital’s debt structure, potentially enhancing its financial flexibility and market positioning within the Canadian real estate sector.

First Capital REIT Completes Internal Reorganization

First Capital REIT has completed an internal reorganization by eliminating First Capital Realty Inc. as its wholly-owned subsidiary, simplifying its organizational structure. This reorganization does not alter the company’s strategy, portfolio, or operations, maintaining its focus on grocery-anchored shopping centers in Canada.

First Capital REIT Secures Unitholder Approval for Reorganization

First Capital REIT has received overwhelming unitholder approval for its internal reorganization plan, with 99.58% of votes cast in favor during a special meeting. This reorganization, subject to court approval, is expected to be effective by the end of November 2025 and aims to streamline the company’s operations, potentially enhancing its market positioning and providing benefits to stakeholders.

First Capital REIT Completes C$250 Million Debenture Offering

First Capital REIT has successfully completed a C$250 million offering of Series F senior unsecured debentures, which were issued at a price of $99.982 per $100.00 principal amount and carry an interest rate of 4.461% per annum, maturing on February 15, 2034. The proceeds from this offering will be used to repay existing debt and for general business purposes, potentially strengthening the company’s financial position and operational flexibility.

First Capital REIT Launches C$250 Million Debenture Offering

First Capital REIT announced a C$250 million offering of Series F senior unsecured debentures, set to mature in 2034 with an interest rate of 4.461% per annum. The proceeds will be used to repay existing debt and for general business purposes, potentially strengthening the company’s financial position and market presence.

First Capital REIT Seeks Unitholder Approval for Structural Simplification

First Capital REIT is urging unitholders to vote in favor of a proposed arrangement to streamline its organizational structure by eliminating its subsidiary, First Capital Realty Inc., and holding its property portfolio through subsidiary partnerships and trusts. This move is expected to reduce the complexity and costs associated with accounting, legal reporting, and tax compliance without affecting the company’s business strategy. Additionally, the REIT has amended its Declaration of Trust to align with corporate governance best practices, allowing unitholders more flexibility in legal proceedings and ensuring that future unit changes require unitholder approval.

First Capital REIT Proposes Structural Simplification and Governance Enhancements

First Capital REIT has announced a proposed plan of arrangement to simplify its organizational structure by eliminating its wholly-owned subsidiary, First Capital Realty Inc., which currently owns all of the REIT’s real property portfolio. This restructuring is expected to reduce the complexity and costs associated with accounting, legal reporting, and tax compliance, without affecting the company’s business strategy. The board has unanimously approved the arrangement and is urging unitholders to vote in favor at the upcoming meeting. Additionally, the board has amended the Declaration of Trust to align with corporate governance best practices, allowing unitholders more flexibility in legal matters and ensuring that any subdivisions or consolidations of units require unitholder approval.

First Capital REIT Declares November 2025 Distribution

First Capital REIT announced a cash distribution of $0.074167 per REIT unit for November, equating to $0.89 annually. This distribution, payable on December 15, 2025, reflects the company’s ongoing commitment to providing returns to its unitholders, reinforcing its position in the Canadian real estate market.

First Capital REIT Reports Robust Third Quarter 2025 Results

First Capital REIT reported strong financial results for the third quarter of 2025, highlighted by a 6.4% growth in same-property net operating income and a 13.5% lease renewal lift. The company achieved a total portfolio occupancy of 97.1%, reflecting successful execution of its strategy and solid market positioning, which is expected to support continued stability and growth.

First Capital REIT Receives Court Approval for Reorganization Plan

First Capital REIT has received an interim court order for its internal reorganization plan, which will be implemented through a plan of arrangement. This reorganization will not alter the company’s strategy, portfolio, or operations, and unitholders will maintain their current holdings. The arrangement requires approval from unitholders and regulatory bodies, with a special meeting scheduled for November 24, 2025. If approved, the changes will take effect around November 30, 2025.

First Capital REIT Declares October 2025 Cash Distribution

First Capital REIT announced a cash distribution of $0.074167 per REIT unit for October, equating to $0.89 annually. This distribution, payable on November 17, 2025, reflects the company’s ongoing commitment to providing value to its unitholders and reinforces its stable financial positioning in the retail real estate market.

First Capital REIT Schedules Q3 2025 Financial Results Conference Call

First Capital REIT has announced a live conference call scheduled for November 5, 2025, to discuss its financial results for the third quarter ending September 30, 2025. This announcement is significant as it provides stakeholders with an opportunity to gain insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor relations.

First Capital REIT Plans Structural Reorganization for Simplification

First Capital REIT has announced a proposed internal reorganization to simplify its structure by eliminating its subsidiary, First Capital Realty Inc., and holding its real property portfolio through subsidiary partnerships and trusts. This reorganization aims to reduce the complexity of accounting, legal reporting, and tax compliance without altering the company’s overall strategy, portfolio, or operations. The plan requires approval from unitholders and various regulatory bodies, with the expectation of completion by the end of the year.

First Capital REIT Declares September 2025 Distribution

First Capital REIT announced a cash distribution of $0.074167 per REIT unit for September, equating to $0.89 annually. This distribution, payable on October 15, 2025, to unitholders of record as of September 30, 2025, underscores the company’s commitment to providing consistent returns to its investors, reinforcing its stable position in the real estate market.