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Owns grocery-anchored, necessity-based retail properties in major Canadian urban markets.
Owns grocery-anchored, necessity-based retail properties in major Canadian urban markets.
Collects rent from grocery-anchored centres where long leases to food retailers bring daily traffic that supports the smaller shops. It also redevelops sites to add residential towers and other uses. Its properties are concentrated in Toronto, Calgary, Montreal and Vancouver.
Moat: narrow (scale, installed base). Prime urban, grocery-anchored locations are resilient and hard to replicate near dense populations.
Headquarters: Toronto, Canada · Employees: 372
Size First Capital Real Estate Investment Trust (FCR-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $3.55B, the 145th largest of 420 Canada companies the cockpit tracks. Shares closed at C$23.39 on 6 Nov 2026.
Performance Over six months the shares fell 0.3%, against -5.1% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +5.0%); the operating margin is 48.6% (peer median 48.4%).
Valuation It trades at 1.01× book value against a peer median of 0.95× (9th most expensive of 21).
Price implies The share price implies a return on equity of about 8.1%; First Capital Real Estate Investment Trust delivers 24.2%, so the price asks less than the business earns today.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$765M | C$761M | C$761M | C$714M | C$719M |
| Revenue growth | — | 0% | +7% | -1% | — |
| Gross profit | C$486M | C$487M | C$492M | C$447M | C$445M |
| EBITDA | C$374M | C$425M | C$438M | C$394M | C$396M |
| Net income | C$1.08B | C$1.06B | C$205M | -C$134M | -C$160M |
| Free cash flow | C$220M | C$212M | C$239M | C$232M | C$256M |
| Capital expenditure | C$0 | C$0 | C$0 | C$0 | C$0 |
| Total debt | C$4.13B | C$3.99B | C$4.04B | C$4.08B | C$4.13B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| First Capital Real Estate Investment Trust FCR-UN.TO | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% |
| RioCan Real Estate Investment Trust REI-UN.TO | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% |
| Crombie Real Estate Investment Trust CRR-UN.TO | $2.22B | -3% | +4% | -3% | 1.70× | 11.5% |
| Primaris Real Estate Investment Trust PMZ-UN.TO | $2.11B | +21% | +18% | 5% | 1.08× | 9.1% |
| CT Real Estate Investment Trust CRT-UN.TO | $3.11B | +3% | +5% | 13% | 0.68× | 6.2% |
| Slate Grocery REIT SGR-UN.TO | $763M | +8% | +2% | 6% | 1.12× | 9.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FCR-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | +3.3% | 7th lowest of 21 |
| 6-month return | -0.3% | -5.1% | 7th highest of 21 |
| Return on equity | 24.2% | 5.3% | highest of 21 |
| Price / book | 1.01× | 0.95× | 9th most expensive of 21 |
| Trailing P/E | 4.6× | 16.2× | cheapest of 18 |
| ROE the price implies | 8.1% | 8.7% | 11th least demanding of 21 |
| ROE delivered | 24.2% | 5.3% | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 24% | 1.01× | 8.1% | 24.2% |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 1% | 1.57× | 10.6% | 1.3% |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 6% | 0.55× | 7.6% | 5.6% |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 11% | 2.23× | 13.0% | 10.9% |
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 9% | 0.89× | 7.2% | 9.5% |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 8% | 1.48× | 13.8% | 7.9% |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 2% | 1.06× | 9.8% | 1.8% |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 5% | 0.87× | 4.9% | 5.4% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% | -1.5% |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 5% | 0.96× | 4.5% | 4.8% |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% | 7.9% |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 8% | 0.99× | 10.9% | 8.0% |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 3% | 0.93× | 7.4% | 3.1% |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 5% | 1.17× | 10.7% | 5.0% |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 7% | 0.93× | 10.4% | 6.5% |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% | 8.5% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% | 5.2% |
| Park Hotels & Resorts PK | United States | $3.17B | +39% | -1% | -5% | 1.03× | 12.1% | -5.0% |