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Firm Capital Property Trust

Firm Capital Property Trust

FCD-UN.TO
Firm Capital Property TrustCA flagToronto Stock Exchange
6.98
CAD
+0.04
- -
257.74MMarket Cap
Firm Capital Property Trust
FCD-UN.TO
(Toronto Stock Exchange)

Recent

price

6.98

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.07
0.98
1.1
1.14
1.28
1.42
1.26
1.18
1.52
1.37
1.46
1.56
1.64
1.67
1.68
Revenue per Share
0.07
0.68
0.53
0.82
0.63
1.19
0.9
1.17
0.54
1.72
-0.03
0.42
0.92
0.7
0.69
Basic EPS, GAAP
0.08
0.59
0.55
0.58
0.66
0.67
0.55
0.73
0.76
0.78
0.81
0.78
0.93
0.9
0.89
Free Cash Flow per Basic Share
- -
0.29
0.29
0.34
0.4
0.41
0.43
0.37
0.51
0.47
0.5
0.52
0.52
0.52
0.52
Dividend per Share
4.84
5.25
5.42
5.88
6.11
6.85
7.09
7.47
7.61
8.7
7.99
7.9
8.3
8.47
8.46
Book Value per Share
4.84
5.25
5.42
5.88
6.11
6.85
7.09
7.47
7.61
8.7
7.99
7.9
8.3
8.47
8.46
Tangible Book Value per Share
4
6
9
11
13
14
18
31
29
34
37
37
37
37
37
Basic Weighted Avg Shares
- -
6
10
13
16
19
22
36
45
46
54
58
61
62
62
Sales/Revenue/Turnover
19.91
49.64
50.59
49.28
46.8
48.84
50.25
51.98
55.57
47.82
58.07
56.5
53.76
51.8
52.05
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
4
5
9
8
16
16
36
16
58
-1
15
34
26
25
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
99.77
69.31
48.41
72.28
48.95
84.01
71.75
98.8
35.55
125.75
-2.19
26.72
55.94
41.75
41.16
Profit Margin (%)
-6
-3
-2
-11
-5
-36
-7
-43
-15
-44
-85
-114
-38
-60
-79
Working Capital
6
27
41
47
80
71
81
185
209
222
234
206
287
258
240
LT Debt
21
30
48
67
77
93
124
229
223
296
297
292
306
313
312
Total Equity
- -
5.94
6.49
5.77
5.23
5.25
5.34
5.5
5.28
4.3
- -
5.2
5.14
5.02
5.08
Return on Invested Capital (%)
- -
9.86
8.05
10.12
7.04
10.52
9.18
12.64
5.15
12.93
- -
4.69
7.53
6.26
6.22
Return on Capital (%)
- -
15.07
12.16
16.29
11.02
19.03
14.55
20.21
7
22.48
-0.4
5.23
11.33
8.31
8.24
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
52
61
82
LT Borrowings
267
258
240
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
37
37
37
Market Capitalization
222
224
227

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
14
13
13
Cash, Cash Equivalents & STI
6
6
4
Accounts Receivable, Net
2
2
2
Inventories
- -
- -
- -
Total Current Liabilities
62
72
92
Payables & Accruals
8
8
7
ST Debt
52
61
82
Deferred Revenue
1
1
1

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
18.89%
7.63%
2.13%
Free Cash Flow
21.62%
8.75%
-3.59%
Net Income, GAAP
-97.85%
-226.89%
-24.11%
Sales/Revenue/Turnover
17.92%
6.82%
1.69%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
15
15
15
16
61
2025
16
15
15
16
62
2026
16
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.27
0.24
0.25
- -
0.92
2025
0.12
0.12
0.12
- -
0.7
2026
0.11
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.13
0.13
0.13
- -
0.52
2025
0.13
0.13
0.13
- -
0.52
2026
0.13
- -
- -
- -
- -
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Business
Firm Capital Property Trust (TSX:FCD.UN) is a Canada-based open-ended real estate investment trust focused on creating long-term value for unitholders through capital preservation, disciplined investing, and stable distributable income. The Trust owns a diversified portfolio of properties across five reportable segments: Grocery Anchored Retail, Non-Grocery Anchored Retail, Industrial, Multi-Residential, and Core Service Office Provider; it generates a majority of revenues from grocery-anchored retail properties while also pursuing flex industrial, net lease convenience retail, and professional service spaces. In partnership with management, industry leaders, and strong financial partners, the Trust acquires standalone properties as well as joint and partial interests from existing ownership groups, providing liquidity to sellers and professional management to remaining partners; it is externally asset and property managed by Firm Capital Realty Partners Inc. and offers unitholders a monthly distribution, Distribution Reinvestment Plan (DRIP) with a unit purchase option, and alignment of interests through co-ownership strategies. Founded in 2012 and headquartered at 163 Cartwright Avenue, Toronto, Ontario, the Trust primarily operates in Canada with properties including commercial spaces totaling over 2.5 million square feet, multi-residential complexes with hundreds of units, and manufactured home communities. Its target markets encompass institutional-grade operators and local real estate partners via joint ventures in multi-residential, industrial, and retail asset classes. Among recent major developments, the Trust closed the sale of its 50% interest in a 159,470 square foot industrial building in Montreal for $27.9 million in March 2025, generating an estimated $8.0 million gain and reducing exposure to large tenants while proceeds fund acquisitions in grocery-anchored retail, multi-tenant industrial, and multi-residential sectors. In Q3/2025, it completed $38 million in mortgage refinancing activity, reported year-to-date results with a declining AFFO payout ratio, and announced a Normal Course Issuer Bid for potential repurchases of up to 10% of its units through August 2026. Further enhancements include positive amendments to the DRIP effective July 2025, lowering the floor price to enhance unitholder participation.