First Capital Realty (FCR.UN) AI Stock Analysis

• Market Cap: C$3.93B
• Dividend Yield: 4.81%
• Average Volume (3M): 277.79K
• Price to Earnings (P/E): 15.1
• Beta (1Y): 0.75
• 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: 212,400,000
• 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$22.00
• Price Target Upside: 16.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: C$20.00 ▲(5.49% Upside)

First Capital Realty's overall stock score reflects a solid financial foundation with strong profit margins and balanced leverage. The earnings call provided positive insights into operational performance, but technical indicators suggest a bearish trend. The valuation is reasonable, offering a good dividend yield. The company needs to address revenue growth and cash flow stability to improve its financial resilience.

Positive Factors

High Occupancy Rate

High occupancy rates indicate strong demand for First Capital Realty's properties, ensuring stable rental income and supporting long-term revenue stability.

Record In-Place Net Rental Rate

Achieving record rental rates reflects effective property management and pricing power, enhancing revenue potential and profitability over time.

Positive Strategic Plan Progress

Progress on the strategic plan indicates effective management and strategic foresight, positioning the company for sustained growth and improved financial metrics.

Negative Factors

Decline in Operating FFO

A decline in operating FFO suggests challenges in maintaining cash flow, which could impact the company's ability to fund operations and growth initiatives.

Valuation Losses on Residential Development Properties

Valuation losses on development properties can affect asset value and financial health, potentially limiting future development and investment opportunities.

Cash Flow Stability Challenges

Challenges in cash flow stability may hinder the company's ability to invest in growth and manage financial obligations, impacting long-term resilience.

First Capital Realty Business Overview & Revenue Model

Company Description

First Capital Realty (FCR.UN) is a leading Canadian real estate investment trust (REIT) focused on the ownership, operation, and development of retail and mixed-use properties across Canada. The company primarily invests in grocery-anchored shopping centers and urban retail properties, catering to essential needs and convenience shopping. FCR.UN aims to enhance the value of its real estate portfolio through strategic acquisitions, redevelopment, and effective management, contributing to stable and sustainable returns for its 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	718.95M	713.52M	755.87M	712.20M	674.89M	672.89M
Gross Profit	451.00M	447.29M	493.14M	444.61M	411.94M	399.03M
EBITDA	451.89M	386.27M	445.48M	3.15M	373.67M	194.71M
Net Income	261.09M	204.93M	-134.06M	-160.00M	460.13M	2.70M
Balance Sheet
Total Assets	9.39B	9.18B	9.19B	9.58B	10.11B	10.03B
Cash, Cash Equivalents and Short-Term Investments	275.70M	153.54M	90.22M	36.03M	74.06M	104.16M
Total Debt	4.23B	4.05B	4.09B	4.14B	4.43B	4.79B
Total Liabilities	5.32B	5.17B	5.19B	5.25B	5.44B	5.78B
Stockholders Equity	4.00B	3.95B	3.93B	4.28B	4.62B	4.23B
Cash Flow
Free Cash Flow	84.64M	110.02M	84.71M	126.21M	96.09M	14.47M
Operating Cash Flow	220.99M	233.79M	227.73M	251.22M	249.61M	219.50M
Investing Cash Flow	-38.43M	33.38M	83.69M	133.98M	154.89M	10.23M
Financing Cash Flow	-365.27M	-204.30M	-256.70M	-387.21M	-470.25M	-154.79M

First Capital Realty Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.96
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 18.96 is below the 20-day moving average (MA) of 19.06, below the 50-day MA of 19.20, and above the 200-day MA of 17.54, indicating a neutral trend. The MACD of -0.12 indicates Positive momentum. The RSI at 47.82 is Neutral, neither overbought nor oversold. The STOCH value of 67.16 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	75 Outperform	C$3.78B	8.12	11.49%	6.03%	4.11%	35.99%
SRU.UN	72 Outperform	C$4.46B	20.28	4.42%	6.96%	7.01%	-15.80%
REI.UN	71 Outperform	$5.53B	85.68	0.92%	6.10%	22.22%	-71.38%
DIR.UN	71 Outperform	C$3.42B	16.00	5.27%	5.64%	7.31%	74.70%
CRR.UN	67 Neutral	C$2.75B	-714.49	0.14%	5.90%	6.32%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
FCR.UN	65 Neutral	C$3.93B	15.07	6.18%	4.81%	-0.83%	-28.93%

First Capital Realty Corporate Events

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.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Hold with a C$20.00 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 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.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Hold with a C$20.00 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 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.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Buy with a C$21.00 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 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.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Buy with a C$21.00 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 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.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Buy with a C$21.00 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 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.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Buy with a C$21.00 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 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.

The most recent analyst rating on ($TSE:FCR.UN) stock is a Buy with a C$21.00 price target. To see the full list of analyst forecasts on First Capital Realty stock, see the TSE:FCR.UN Stock Forecast page.