First Capital Real Estate Investment Trust FCR_u

Real EstateResidential & Commercial REITsCanada

Last close 23.05 CAD on Nov 2, 2026, +26.2% year to date

Quant rating

Quant rating B Rank 14 of 38 in Real Estate

Growth C 24 of 38
Valuation D 32 of 38
Quality B 9 of 38
Revisions D 28 of 38
Momentum B 6 of 38

Wall Street consensus Hold (2.75)Average target 24.15 CAD +4.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.9B
Enterprise value: 9.1B
52-week range: 18.26 – 23.84
3-year range: 13.35 – 23.84
Dividend yield: 3.96%
Beta (5 years): 0.88
Shares outstanding: 213M
Next earnings: Nov 2, 2026

About the company

First Capital Real Estate Investment Trust is a Canada-based company. The Company owns, operates, acquires, and develops open-air grocery-anchored shopping centers. Its properties include Shops at King Liberty, 3080 Yonge Street, 2150 Lake Shore Boulevard West, Avenue and Lawrence Assets Bayside Village, Leaside Village, Leaside Village, Rutherford Marketplace, Edmonton Brewery District, King High Line, York Mills Gardens, False Creek Village, Carre Lucerne, Shops at New West, Wilderton Centre, The Olive, One Bloor East, 775 King Street West, Yorkville Village, 78 - 100 Yorkville Avenue, 101 Yorkville Avenue, 102 - 108 Yorkville Avenue, 897-901 Eglinton Avenue West, 1005 King St W, Griffintown - 100 Peel, Griffintown - 225 Peel, Griffintown - 1000 Wellington Street, 1029 King St W, and Mount Royal Village. Its developments include 400 King Street West, Edenbridge Kingsway, Yonge and Roselawn, 1071 King Street West, Humbertown Shopping Centre, Bridgeland Shoppers, and 138 Yorkville.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	731	714	688	693	675	–
Revenue growth	2.5%	3.7%	−0.7%	2.7%	0.3%	1.7%
EPS (basic, normalized)	4.96	0.96	−0.63	−0.73	2.08	–
EPS growth	416.7%	–	–	–	–	–
Gross margin	62.6%	62.2%	61.3%	60.8%	60.0%	61.4%
Net margin	145.5%	28.7%	−19.5%	−23.1%	68.2%	40.0%
ROE	24.3%	5.2%	−3.3%	−3.6%	10.4%	6.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	28.2
Current ratio	0.55x
Long-term debt (mil)	3,508
Net debt (mil)	4,187
Total equity (mil)	4,916
Net debt / equity	0.85x
Net debt / EBITDA	8.75x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	731	+2.5%	12.4x	478	+9.9%	19.0x	4.96	+416.7%	4.6x
2026	765	+4.6%	11.9x	438	−8.4%	20.7x	1.28	−74.2%	18.0x
2027	775	+1.4%	11.7x	445	+1.6%	20.4x	1.35	+5.5%	17.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	765	+0.1%	+0.3%	−0.2%	1.28	0.0%	0.0%	0.0%
2027	775	−0.1%	−0.3%	−1.0%	1.35	0.0%	0.0%	0.0%
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	183	176	174	180	184	180	181	185	190	186
Sales mean (mil)	175	175	177	180	184	184	184	187	186	187
Surprise	+4.3%	+0.7%	−1.6%	+0.5%	+0.3%	−2.2%	−1.2%	−1.0%	+2.2%	−0.8%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FCR_u First Capital Real Estate Investment Trust	4.9B	8.75x	145.5%	1.01x	18.0x	17.1x	20.7x	20.4x
FRT Federal Realty Investment Trust	13.4B	5.32x	31.6%	2.96x	26.3x	34.6x	17.0x	15.9x
BRX Brixmor Property Group Inc	12.7B	5.78x	28.1%	3.00x	29.4x	30.5x	14.9x	13.4x
ADC Agree Realty Corporation	12.5B	6.58x	27.3%	1.28x	35.6x	34.1x	17.6x	15.3x
NNN NNN REIT, Inc.	11.2B	5.82x	42.0%	1.79x	20.3x	19.7x	14.6x	13.8x
MAC The Macerich Company	9.8B	6.34x	−19.5%	2.49x	−141.8x	71.8x	17.4x	15.8x
Mean		6.43x	42.5%	2.09x	−2.0x	34.6x	17.0x	15.8x
Median		6.08x	29.9%	2.14x	23.3x	32.3x	17.2x	15.6x

Technical analysis

1M+1.3%
3M+1.5%
1Y+27.8%
3Y+90.0%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, First Capital Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	731	714	688	693	675	673
Cost of revenue	274	270	266	272	270	282
Gross profit	457	444	422	421	405	391
Selling, general & administrative expenses	59.1	58.7	61.8	49.7	46.0	45.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	2.5	2.6	3.9	5.7	6.0	5.6
Interest expense (income), operating	99.5	192	518	548	−145	352
Unusual expense (income)	6.8	0	0	−12.8	0.2	−15.4
Other operating expenses	−8.0	−26.7	−22.9	−17.0	−1.6	−28.8
Operating income	297	218	−139	−153	500	31.4
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	297	218	−139	−153	500	31.4
Provision for taxes	−763	14.3	−4.8	7.2	25.9	23.9
Minority interest	3.1	1.7	0.3	−0.2	−13.5	−4.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,064	205	−134	−160	460	2.7
Extraordinary items	–	–	–	–	–	–
Net income	1,064	205	−134	−160	460	2.7
EBIT, normalized	413	414	392	383	354	365
EBITDA, normalized	415	416	396	388	360	370
Basic EPS, normalized	4.96	0.96	−0.63	−0.73	2.08	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, First Capital Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	57.2	154	90.2	36.0	60.7	104
Receivables	84.5	96.1	94.1	66.1	144	120
Total inventory	284	227	192	158	156	74.2
Prepaid expenses	10.9	10.6	10.7	14.6	11.4	10.7
Other current assets	114	216	189	199	185	174
Total current assets	550	703	576	473	557	482
Property, plant & equipment	5.6	7.0	7.2	6.6	7.7	10.0
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	8,511	8,373	8,487	8,897	9,416	9,482
Note receivable	141	76.8	100.0	160	125	41.2
Other long-term assets	22.0	21.4	24.0	44.9	3.3	17.0
Total assets	9,230	9,181	9,194	9,582	10,109	10,032
Liabilities
Accounts payable	46.2	52.0	47.9	49.1	44.7	46.2
Payable/accrued	59.6	57.5	76.6	76.3	75.9	74.3
Accrued expenses	57.2	53.9	42.5	45.7	51.5	46.5
Short-term debt	0	0	0	1.6	2.5	0.2
Current portion of long-term debt	348	527	471	556	568	327
Other current liabilities	59.1	77.9	68.9	69.0	48.6	58.2
Total current liabilities	570	768	707	798	791	552
Long-term debt	3,694	3,579	3,619	3,583	3,862	4,468
Minority interest	75.5	68.0	62.8	55.9	48.1	29.3
Other liabilities	72.0	820	872	866	787	756
Total liabilities	4,412	5,235	5,261	5,303	5,488	5,805
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,808	2,806	2,803	2,820	2,898	2,895
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,030	1,155	1,133	1,445	1,741	1,376
Treasury stock	–	–	–	–	–	–
Other equity	−19.2	−14.2	−3.1	14.5	−18.8	−43.6
Total equity	4,818	3,946	3,933	4,279	4,621	4,227
Total liabilities & shareholders' equity	9,230	9,181	9,194	9,582	10,109	10,032

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, First Capital Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,061	203	−134	−160	474	7.5
Depreciation, depletion & amortization	2.5	2.6	3.9	5.7	6.0	5.6
Deferred taxes	−763	14.3	−4.8	7.2	25.9	23.9
Non-cash items	132	225	541	558	−116	345
Changes in working capital	−225	−211	−178	−159	−140	−162
Cash from operations	207	234	228	251	250	220
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−50.9	33.4	83.7	134	155	10.2
Cash from investing	−50.9	33.4	83.7	134	155	10.2
Financing activities
Financing cash flow items	11.0	6.7	2.2	21.0	5.4	−31.4
Cash dividends paid	−189	−183	−184	−117	−103	−188
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−74.9	−27.6	−75.2	−291	−373	64.5
Cash from financing	−253	−204	−257	−387	−470	−155
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−96.7	62.9	54.7	−2.0	−65.7	74.9
Free cash flow	207	234	228	251	250	220

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.