First Capital Real Estate Investment Trust

First Capital Real Estate Investment Trust

FCXXF
First Capital Real Estate Investment TrustUS flagOther OTC
16.78
USD
- -
- -
3.57BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3.03
3.06
2.93
2.87
2.84
2.93
3.26
2.49
3.07
3.25
3.24
3.36
3.44
3.38
Basic EPS, GAAP
1.03
0.93
0.91
1.62
2.59
1.38
1.75
0.01
2.1
-0.75
-0.63
0.97
5.01
1.23
Free Cash Flow per Basic Share
1.02
1.28
1.09
1.09
1.1
1.14
1.17
0.81
1.14
1.18
1.07
1.1
0.97
1.04
Dividend per Share
0.84
0.84
0.85
0.85
0.86
0.85
0.89
0.7
0.47
0.55
0.87
0.86
0.89
0.87
Book Value per Share
15.73
16.2
16.16
17.67
18.82
19.83
19.34
15.81
21.13
19.97
18.55
18.65
22.77
18.88
Tangible Book Value per Share
15.96
16.5
16.4
17.96
19.19
20.11
19.51
15.75
21.27
20.3
18.83
18.91
23.04
19.14
Basic Weighted Avg Shares
208
212
224
236
245
249
229
270
220
214
212
212
212
213
Sales/Revenue/Turnover
632
648
655
676
694
730
747
673
675
693
688
714
731
719
Operating Margin (%)
57.66
56.27
56.71
57.05
57.47
56.8
55.89
55.23
53.2
54.8
54.32
54.41
54.46
54.02
Depreciation Expense
4
4
3
1
2
3
5
6
6
6
4
3
3
3
Net Income, GAAP
215
197
204
383
633
344
401
3
460
-160
-134
205
1,064
261
Effective Tax Rate (%)
19.3
19.38
21.51
19.01
16.26
18.36
- -
76.18
5.19
- -
- -
6.57
- -
9
Profit Margin (%)
34.02
30.34
31.13
56.59
91.16
47.1
53.74
0.4
68.18
-23.08
-19.49
28.72
145.51
36.32
Working Capital
-284
-142
-277
-555
-270
-211
-187
-70
-234
-324
-131
-65
-20
-333
LT Debt
3,236
3,452
3,638
3,531
3,972
3,987
4,444
4,468
3,862
3,583
3,619
3,526
3,642
3,270
Total Equity
3,323
3,498
3,668
4,233
4,696
5,008
4,476
4,256
4,669
4,335
3,996
4,014
4,894
4,071
Return on Invested Capital (%)
4.34
4.17
3.96
3.96
3.88
3.68
- -
0.97
3.76
- -
- -
4.49
- -
4.23
Return on Capital (%)
5.14
4.77
4.53
6.47
8.78
5.03
- -
0.39
6.49
- -
- -
4.48
- -
4.92
Return on Common Equity (%)
6.63
5.87
5.79
9.84
14.44
7.2
8.56
0.06
10.33
-3.59
-3.27
5.19
24.19
6.57

Capital Structure

FRC

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
527
613
956
LT Borrowings
3,518
3,448
3,261
LT Finance Leases
8
8
8
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
212
212
212
Market Capitalization
3,606
3,516
3,848

Working Capital

FRC

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
703
675
848
Cash, Cash Equivalents & STI
154
149
276
Accounts Receivable, Net
14
19
19
Inventories
227
242
255
Total Current Liabilities
768
823
1,181
Payables & Accruals
155
145
154
ST Debt
527
613
956
Deferred Revenue
45
42
44

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.45%
3.42%
21.91%
Free Cash Flow
-1.22%
-0.78%
-11.58%
Net Income, GAAP
1,696.95%
3,388.93%
419.21%
Sales/Revenue/Turnover
1.19%
1.69%
2.48%
Total Cash Common Dividend
2.78%
5.67%
2.83%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
183
176
174
180
714
2025
184
180
185
- -
731
2026
190
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.35
0.08
0.38
0.15
0.97
2025
0.4
0.3
- -
- -
5.01
2026
0.43
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.22
0.21
0.22
0.86
2025
0.22
0.22
- -
- -
0.89
2026
0.23
- -
- -
- -
- -

Company Description

APIChat
CEO
Adam E. Paul
Full Time Employees
364
Sector
Real Estate
Industry
REIT - Retail
Address
King Liberty Village Toronto ON Canada M6K 3S3
IPO Date
Oct 30, 2009
Website
fcr.ca
Business
First Capital Real Estate Investment Trust First Capital Real Estate Investment Trust (TSX: FCR.UN) owns, operates, acquires and develops open-air grocery-anchored shopping centres and mixed-use urban real estate in neighbourhoods with the strongest demographics across Canada, including major markets such as the Greater Toronto Area, Greater Ottawa, Montreal, Vancouver, Calgary and Edmonton; its portfolio comprises interests in approximately 139 properties totaling 22.2 million square feet of gross leasable area with $9.2 billion in assets under management, featuring core tenant categories including grocery stores such as Loblaws, Sobeys and Metro; pharmacies; medical and personal services; restaurants; banks like TD Canada Trust and RBC Royal Bank; and retailers including Canadian Tire, Walmart and Dollarama. Founded in 1993 and headquartered at King Liberty Village in Toronto, Ontario, the company targets high-density urban and suburban locations with average population density of 295,000 within a 5-kilometre radius of its properties. In recent developments, First Capital REIT received unitholder approval on November 24, 2025, for a plan of arrangement to simplify its organizational structure by eliminating its wholly-owned subsidiary First Capital Realty Inc. and holding properties directly through subsidiary partnerships and trusts, with the reorganization expected to become effective on or about November 30, 2025; it completed a C$250 million offering of Series F senior unsecured debentures in November 2025 and a C$300 million offering of Series E senior unsecured debentures in June 2025; additionally, the company reported strong third quarter 2025 results with 6.4% same-property NOI growth, 97.1% portfolio occupancy, 13.5% lease renewal lift, and investments of $49 million including a 50% interest in an 18-acre retail development site in Ottawa.

Company News

APIChat
  • First Capital Real Estate Investment Trust (FCR.UN:CA) M&A Call Transcript

  • First Capital Real Estate Investment Trust (FCR.UN:CA) Shareholder/Analyst Call Transcript

  • First Capital Real Estate Investment Trust (OTCMKTS:FCXXF) Shares Down 0.3% – Here’s Why

  • First Capital Real Estate Investment Trust (FCR.UN:CA) Q4 2025 Earnings Call Transcript

  • Canadian REIT Capital Offerings Up Over 23% In 2025

  • First Capital Real Estate Investment Trust (OTCMKTS:FCXXF) Shares Up 2.4% – Here’s Why

  • First Capital Real Estate Investment Trust (FCR.UN:CA) Q3 2025 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q2 2025 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q1 2025 Earnings Conference Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q4 2024 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q3 2024 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q2 2024 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q1 2024 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q4 2023 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q3 2023 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q2 2023 Earnings Call Transcript

  • First Capital REIT: Focusing On AFFO Growth After The Shareholder Fight

  • First Capital Real Estate Investment Trust (FCXXF) Q1 2023 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q4 2022 Earnings Call Transcript

  • First Capital Real Estate Investment Trust (FCXXF) Q3 2022 Earnings Call Transcript