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Home CompaniesFirst Capital Real Estate Investment Trust

First Capital Real Estate Investment Trust

Real Estate REIT - Retail
PortfolioPortfolio WatchlistWatchlist
Company price
23.375 CAD 0.01 ( 0.06%)
Last update at 2026-11-06T16:34:00Z
VOLUME
88028
Market Cap
3293.72M

Momentum Score

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First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
23.28
Low
23.39
High
52 Week Price Range
12.18
Low
17.67
High

Momentum Score

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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

First Capital Real Estate Investment Trust owns and develops urban retail and mixed-use properties across major Canadian cities. Growth drivers include urban densification, redevelopment of existing sites and steady rental cash flows from diversified tenants. The REIT appears positioned to deliver stable income and potential NAV uplift through active asset management.
Key risks are interest-rate and financing sensitivity, structural retail disruption and leasing or redevelopment execution challenges.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
23.36
Dividend Yield
5.57%
Revenue TTM
716.35M
Revenue Per Share
3.38
Gross Profit TTM
444.61M
Debt / Equity
0.97
ROE
-6.48%
Net Debt
4107.84M
ROCE
4.55%
Diluted EPS TTM
-1.27

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Income before tax -152.56M 499.56M 31.41M 332.15M 430.99M
Minority interest -0.24M -13.51M 29.26M 48.91M 29.83M
Net income -159.76M 460.13M 7.48M 401.35M 343.61M
Selling general administrative 39.66M 48.04M 14.38M 38.25M 37.09M
Gross profit 425.50M 412.54M 399.03M 460.40M 454.77M
Reconciled depreciation 5.67M 6.02M 5.59M 4.51M 3.23M
Ebit 399.26M 367.65M 383.41M 452.08M 576.00M
Ebitda 404.93M 373.67M 389.00M 456.59M 579.23M
Depreciation and amortization 5.67M 6.02M 5.59M 4.51M 3.23M
Operating income 399.26M 367.65M 383.41M 452.08M 414.44M
Other operating expenses 312.93M 316.41M 293.82M 329.13M 315.15M
Interest expense 150.04M 152.67M 157.71M 171.83M 153.24M
Tax provision 7.20M 25.93M 23.92M -82.19M 79.15M
Interest income 14.53M 6.41M 8.79M 22.76M 18.38M
Net interest income -130.17M -141.79M -145.46M -138.78M -126.81M
Income tax expense 7.20M 25.93M 23.92M -82.19M 79.15M
Total revenue 693.10M 674.89M 672.89M 746.77M 729.60M
Total operating expenses 45.34M 54.06M 19.96M 42.76M 40.33M
Cost of revenue 267.60M 262.35M 273.86M 286.38M 274.82M
Total other income expense net -551.82M 131.91M -352.01M -119.93M 16.55M
Net income from continuing ops -159.76M 473.64M 7.48M 414.34M 351.84M
Net income applicable to common shares -160.00M 460.13M 2.70M 401.35M 343.61M
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Total assets 9581.94M 10109.07M 10032.46M 10161.36M 10453.06M
Other current assets 213.34M 182.82M 184.19M 176.77M 111.60M
Total liab 5246.64M 5439.99M 5776.04M 5685.85M 5444.98M
Total stockholder equity 4279.37M 4620.94M 4227.16M 4426.59M 4978.24M
Deferred long term liab 3.46M 2.96M 3.02M 3.89M 2.33M
Other current liab 75.22M 59.83M 67.13M 69.34M 96.95M
Common stock 2819.64M 2898.27M 2894.58M 2872.91M 3364.95M
Capital stock 2819.64M 2898.27M 2894.58M 2872.91M 3364.95M
Retained earnings 1445.24M 1741.49M 1376.16M 1561.49M 1573.59M
Other liab 812.85M 776.00M 709.66M 714.68M 803.07M
Other assets 8693.84M 128.01M 44.21M 86.66M 143.26M
Cash 32.69M 34.70M 100.44M 25.50M 15.53M
Total current liabilities 797.53M 791.27M 551.95M 500.93M 654.58M
Current deferred revenue 39.44M 40.24M 37.51M 37.95M 37.45M
Net debt 4107.84M 4397.69M 4693.94M 4707.99M 4361.45M
Short term debt 557.47M 570.60M 326.77M 289.93M 390.32M
Short long term debt 557.47M 570.60M 326.77M 289.93M 390.32M
Short long term debt total 4140.53M 4432.38M 4794.38M 4733.49M 4376.99M
Other stockholder equity 2834.14M 2879.45M 2851.00M 2865.11M 44.19M
Property plant equipment 6.62M 9068.61M 9426.75M 9667.40M 9695.86M
Total current assets 473.37M 556.87M 482.39M 314.06M 443.75M
Long term investments 366.72M 355.29M 79.11M 75.80M 160.21M
Net tangible assets 4279.37M 4620.94M 4227.16M 4426.59M 4978.24M
Short term investments 3.33M 39.36M 3.71M 3.95M 23.56M
Net receivables 66.12M 143.94M 119.85M 97.64M 283.54M
Long term debt 3574.93M 3852.97M 4458.16M 4433.52M 3976.26M
Inventory 157.88M 156.04M 74.19M 10.21M 9.51M
Accounts payable 125.41M 120.60M 120.53M 103.70M 129.86M
Accumulated other comprehensive income 14.50M -18.82M -43.58M -7.80M -4.49M
Non currrent assets other 8735.23M 9189.25M 9461.00M 9745.32M 9835.75M
Non current assets total 9108.57M 9552.21M 9550.08M 9847.30M 10009.31M
Capital lease obligations 8.14M 8.81M 9.44M 10.04M 10.40M
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Investments 133.98M -0.91M -1.19M 32.97M 78.36M
Change to liabilities 3.25M 5.33M 12.23M -12.46M 3.84M
Total cashflows from investing activities 133.98M 154.89M 10.23M 332.62M -291.30M
Net borrowings -197.15M -373.98M 61.71M 364.30M 50.38M
Total cash from financing activities -387.21M -470.25M -154.79M -591.80M 39.33M
Change to operating activities -13.42M -13.91M -8.68M -4.98M 0.74M
Net income -159.76M 473.64M 7.48M 414.34M 343.61M
Change in cash -2.00M -65.75M 74.94M 9.97M 4.03M
Begin period cash flow 34.70M 100.44M 25.50M 15.53M 11.51M
End period cash flow 32.69M 34.70M 100.44M 25.50M 15.53M
Total cash from operating activities 251.22M 249.61M 219.50M 269.15M 283.01M
Issuance of capital stock 0.12M 0.98M 2.83M 4.24M 201.75M
Depreciation 5.67M 6.02M 5.59M 4.51M 3.23M
Other cashflows from investing activities 60.62M -4.43M -11.23M -41.61M 13.79M
Dividends paid 116.72M 102.62M 187.93M 203.83M 212.65M
Change to inventory -1.84M -1.84M -1.84M -1.84M -
Change to account receivables 1.81M 18.51M -14.78M 4.87M -10.95M
Sale purchase of stock -94.46M - 332.84M -741.60M -
Other cashflows from financing activities 318.14M 5.37M 301.44M 1321.83M 417.29M
Change to netincome 422.71M -234.10M 215.88M -130.57M -62.76M
Capital expenditures 125.01M 153.52M 205.03M 228.19M 266.36M
Change in working capital -10.20M 9.93M -11.22M -12.57M -6.37M
Stock based compensation 2.20M 17.51M -10.84M 5.38M 5.23M
Other non cash items 406.11M -283.41M 204.58M -60.33M -141.83M
Free cash flow 126.21M 96.09M 14.47M 40.96M 16.66M

Peer Comparison*

Sector: Real Estate Industry: REIT - Retail

Stock Name
Change
(CAD)
Price
(CAD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
FCR-UN
First Capital Real Estate Investment Trust		 0.01
0.06%		 23.38 - 13.40 4.60 0.86 10.60 -47.84
CHP-UN
Choice Properties Real Estate Investment Trust		 0.03
0.20%		 15.34 15.24 13.72 7.35 0.95 8.73 9.26
REI-UN
RioCan Real Estate Investment Trust		 0.10
0.47%		 21.41 37.32 10.32 4.73 0.73 11.02 36.83
SRU-UN
SmartCentres Real Estate Investment Trust		 -0.01
0.05%		 27.91 8.62 12.05 4.47 0.79 11.07 12.00
CRT-UN
CT Real Estate Investment Trust		 0.03
0.17%		 18.11 14.82 10.80 6.24 2.00 8.99 13.02

Profile*

First Capital Real Estate Investment Trust

First Capital owns, operates and develops grocery-anchored, open-air centres in neighbourhoods with the strongest demographics in Canada.

King Liberty Village, Toronto, ON, Canada, M6K 3S3

416-504-4114

https://www.fcr.ca

371

Name Title Year Born
Mr. Adam E. Paul C.A., CPA, CPA Pres, CEO & Trustee 1975
Mr. Neil William Edward Downey C.A., C.F.A., CPA Exec. VP of Enterprise Strategies & CFO 1970
Mr. Jordan Robins Exec. VP & COO 1970
Ms. Alison Harnick Sr. VP, Gen. Counsel & Corp. Sec. 1980
Mr. Carmine Francella Sr. VP of Leasing 1965
Ms. Elle Agourias Chief Accounting Officer NA
Mr. Simon Streeter Chief Information Officer NA
Mr. Ryan Ng VP of Fin. NA
Ms. Michele Walkau Sr. VP of Brand & Culture NA
Ms. Beatrice Ho Exec. Officer NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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