First Capital Realty (FCR.UN) AI Stock Analysis

• Market Cap: C$3.88B
• Dividend Yield: 4.88%
• Average Volume (3M): 333.76K
• Price to Earnings (P/E): 18.1
• Beta (1Y): 0.82
• Revenue Growth: 3.11%
• EPS Growth: N/A
• Country: CA
• Employees: 364
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.39
• Shares Outstanding: 212,445,200
• 10 Day Avg. Volume: 376,738
• 30 Day Avg. Volume: 333,762
• PEG Ratio: 0.17
• Price to Book (P/B): 0.84
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 28.44
• 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$20.25
• Price Target Upside: 10.96% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 74 Outperform
• Price Target: C$19.50 ▲(6.85%Upside)

First Capital Realty's stock score reflects solid financial performance with strengths in profitability and cash flow, supported by positive technical trends and a reasonable valuation. The recent earnings call and corporate events further bolster the company's position, although macroeconomic uncertainties pose potential challenges. Continued focus on strategic growth and operational efficiency will be key to maintaining stability and enhancing shareholder value.

Positive Factors

Debt Reduction

FCR's portfolio quality, operating momentum, and management's continued focus on debt reduction are considered positive.

Leasing Activity

Leasing activity remains strong, and the runway for rent growth is long.

Negative Factors

Execution Risk

Failure to execute on the three-year business plan is the primary risk.

Interest Expenses

Interest expense rose due to refinancing debt maturities at higher interest rates, increasing FCR's weighted average interest rate.

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 the leasing and management of its retail-centered real estate properties. The company earns income from leasing space to a variety of tenants, including national retailers, local businesses, and service providers, ensuring a diversified and stable revenue stream. Additionally, First Capital Realty engages in strategic property development and redevelopment projects that enhance property values and increase rental income. The company also benefits from property appreciation and potential capital gains on asset sales. Key partnerships with retailers and other stakeholders contribute to the successful execution of its development strategies and long-term revenue growth.

First Capital Realty Financial Statement Overview

Summary

First Capital Realty demonstrates a reasonable financial performance with strengths in profitability and cash flow generation, although it faces challenges in revenue consistency and leveraging. The company is recovering well from past volatilities, showcasing improvements in key financial metrics. However, continued focus on revenue growth and maintaining a balanced capital structure will be crucial for future stability and growth.

Income Statement

The company's income statement shows a moderate level of profitability and stability. The gross profit margin for TTM is a healthy 62.91%, indicating strong cost control and efficient operations. However, the net profit margin has improved to 29.68% from a negative position in 2023, reflecting significant recovery but also recent volatility. Revenue growth is inconsistent, with a slight increase from the previous year, indicating challenges in consistent revenue generation.

Balance Sheet

The balance sheet reveals a solid equity base with a debt-to-equity ratio of 1.02, suggesting a balanced approach to leveraging. The return on equity for TTM is 5.39%, indicating moderate profitability relative to shareholder equity. However, the equity ratio of 43.37% shows a stable financial structure, though there is room for improvement in asset utilization efficiency.

Cash Flow

The cash flow statement indicates robust cash generation capabilities. The free cash flow growth rate is slightly negative at -0.96% in the latest period, but the operating cash flow to net income ratio is 1.09, indicating strong cash flow relative to net earnings. The free cash flow to net income ratio of 0.51 further supports a solid cash position, despite some fluctuations in free cash flow growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	722.73M	713.52M	755.87M	712.20M	674.89M	672.89M
Gross Profit	454.52M	447.29M	493.14M	444.61M	411.94M	399.03M
EBITDA	454.57M	386.27M	445.48M	3.15M	373.67M	194.71M
Net Income	214.56M	204.93M	-134.06M	-160.00M	460.13M	2.70M
Balance Sheet
Total Assets	9.18B	9.18B	9.19B	9.58B	10.11B	10.03B
Cash, Cash Equivalents and Short-Term Investments	149.30M	153.54M	90.22M	36.03M	60.67M	104.16M
Total Debt	4.07B	4.05B	4.09B	4.14B	4.43B	4.79B
Total Liabilities	5.13B	5.17B	5.19B	5.25B	5.44B	5.78B
Stockholders Equity	3.98B	3.95B	3.93B	4.28B	4.62B	4.23B
Cash Flow
Free Cash Flow	108.97M	110.02M	84.71M	126.21M	96.09M	14.47M
Operating Cash Flow	233.50M	233.79M	227.73M	251.22M	249.61M	219.50M
Investing Cash Flow	-33.00K	33.38M	83.69M	133.98M	154.89M	10.23M
Financing Cash Flow	-254.41M	-204.30M	-256.70M	-387.21M	-470.25M	-154.79M

First Capital Realty Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.25
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• 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 18.25 is above the 20-day moving average (MA) of 17.65, above the 50-day MA of 17.29, and above the 200-day MA of 16.91, indicating a bullish trend. The MACD of 0.19 indicates Negative momentum. The RSI at 70.86 is Negative, neither overbought nor oversold. The STOCH value of 76.78 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
FCR.UN	74 Outperform	C$3.88B	18.06	5.40%	4.88%	3.11%	―
Sector *	59 Neutral	C$1.23B	0.83	-8.20%	5.16%	9.89%	-25.14%
RIOCF		$3.83B	20.50	3.61%	6.46%	―	―
CRT.UN	82 Outperform	C$3.80B	8.55	11.23%	5.97%	4.54%	68.32%
SRU.UN	78 Outperform	C$4.35B	18.49	4.75%	7.24%	10.06%	-19.26%
DIR.UN	72 Outperform	C$3.34B	14.69	4.92%	5.95%	6.68%	14.72%
CRR.UN	69 Neutral	C$2.75B	―	-0.49%	5.99%	6.96%	85.15%

First Capital Realty Corporate Events

First Capital REIT Schedules Q2 2025 Financial Results Call

First Capital REIT has announced a conference call scheduled for July 30, 2025, to discuss its financial results for the second quarter ending June 30, 2025. The announcement reflects First Capital’s commitment to transparency and engagement with stakeholders, providing insights into its financial performance and strategic positioning in the Canadian real estate market.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Hold with a C$17.50 price target. To see the full list of analyst forecasts on First Capital Realty stock, see the TSE:FCR.UN Stock Forecast page.

First Capital REIT Completes C$300 Million Debenture Offering

First Capital REIT has successfully completed a C$300 million offering of Series E senior unsecured debentures, which were issued on a private placement basis. The debentures, rated ‘BBB’ with a ‘Positive’ outlook by Morningstar DBRS, will bear interest at 4.832% per annum and mature in 2033. The proceeds from this offering will be used to repay existing debt, including the full repayment of the REIT’s Series S Debentures due in July 2025, and for general business purposes. This strategic financial move is expected to strengthen First Capital’s financial position and support its ongoing operations.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Hold with a C$17.50 price target. To see the full list of analyst forecasts on First Capital Realty stock, see the TSE:FCR.UN Stock Forecast page.

First Capital REIT Launches C$300 Million Debenture Offering

First Capital REIT announced a C$300 million offering of Series E senior unsecured debentures, set to mature in 2033, with a 4.832% interest rate. The proceeds will be used to repay existing debt, including the full repayment of Series S Debentures due in July 2025, and for general business purposes, potentially strengthening the company’s financial position and operational flexibility.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Hold with a C$17.50 price target. To see the full list of analyst forecasts on First Capital Realty stock, see the TSE:FCR.UN Stock Forecast page.

First Capital REIT Declares May 2025 Cash Distribution

First Capital REIT announced a cash distribution of $0.074167 per REIT unit for May, amounting to $0.89 per unit annually. This distribution, payable on June 16, 2025, reflects the company’s ongoing commitment to providing returns to its unitholders, reinforcing its position in the Canadian real estate market.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Hold with a C$17.50 price target. To see the full list of analyst forecasts on First Capital Realty stock, see the TSE:FCR.UN Stock Forecast page.

First Capital Reports Strong Q1 2025 Results Amid Robust Leasing

First Capital reported strong financial results for the first quarter of 2025, driven by robust leasing activity and strategic capital allocation. The company achieved a total portfolio occupancy of 96.9%, matching its all-time high, and reported a 5.3% growth in Same Property NOI, excluding certain expenses. Despite a decrease in Operating FFO per unit due to a prior year’s assignment fee, First Capital’s fundamentals remain strong, supporting stability and growth in cash flow.

First Capital REIT Declares April 2025 Cash Distribution

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

First Capital REIT Schedules Q1 2025 Results Conference Call

First Capital REIT announced that it will hold a live conference call on May 7, 2025, to discuss its financial results for the first quarter ending March 31, 2025. The financial statements and management’s discussion and analysis will be available on their website and the Canadian Securities Administrators’ website prior to the call. This announcement highlights the company’s commitment to transparency and engagement with stakeholders, providing insights into its financial performance and strategic direction.