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First Capital Real Estate Investment TrustTSX:FCR.UN Stock Report

Market Cap CA$4.5b
Share Price
CA$21.06
CA$22.65
7.0% undervalued intrinsic discount
1Y34.3%
7D0.8%
Portfolio Value
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First Capital Real Estate Investment Trust

TSX:FCR.UN Stock Report

Market Cap: CA$4.5b

First Capital Real Estate Investment Trust (FCR.UN) Stock Overview

An unincorporated, open-ended mutual fund trust. More details

FCR.UN fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance5/6
Financial Health1/6
Dividends4/6

Rewards

Trading at 18.6% below our estimate of its fair value

Earnings grew by 419.2% over the past year

Risk Analysis

Interest payments are not well covered by earnings

Large one-off items impacting financial results

Unstable dividend track record


FCR.UN Community Fair Values

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First Capital Real Estate Investment Trust Competitors

Price History & Performance

Summary of share price highs, lows and changes for First Capital Real Estate Investment Trust
Historical stock prices
Current Share PriceCA$21.06
52 Week HighCA$21.85
52 Week LowCA$15.32
Beta0.85
1 Month Change0.91%
3 Month Change8.56%
1 Year Change34.31%
3 Year Change32.54%
5 Year Change20.55%
Change since IPO236.96%

Recent News & Updates

Recent updates

Shareholder Returns

FCR.UNCA Retail REITsCA Market
7D0.8%0.6%1.3%
1Y34.3%20.3%44.6%

Return vs Industry: FCR.UN exceeded the Canadian Retail REITs industry which returned 18.4% over the past year.

Return vs Market: FCR.UN underperformed the Canadian Market which returned 41.1% over the past year.

Price Volatility

Is FCR.UN's price volatile compared to industry and market?
FCR.UN volatility
FCR.UN Average Weekly Movement2.5%
Retail REITs Industry Average Movement2.4%
Market Average Movement11.0%
10% most volatile stocks in CA Market19.2%
10% least volatile stocks in CA Market3.9%

Stable Share Price: FCR.UN has not had significant price volatility in the past 3 months compared to the Canadian market.

Volatility Over Time: FCR.UN's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1993372Adam Paulwww.fcr.ca

First Capital Real Estate Investment Trust is an unincorporated, open-ended mutual fund trust. First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighborhoods with the strongest demographics in Canada. The Trust is listed on the Toronto Stock Exchange.

First Capital Real Estate Investment Trust Fundamentals Summary

How do First Capital Real Estate Investment Trust's earnings and revenue compare to its market cap?
FCR.UN fundamental statistics
Market capCA$4.51b
Earnings (TTM)CA$1.06b
Revenue (TTM)CA$714.05m
4.2x
P/E Ratio
6.3x
P/S Ratio

Is FCR.UN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
FCR.UN income statement (TTM)
RevenueCA$714.05m
Cost of RevenueCA$271.30m
Gross ProfitCA$442.75m
Other Expenses-CA$621.28m
EarningsCA$1.06b

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

May 06, 2026

Earnings per share (EPS)5.01
Gross Margin62.01%
Net Profit Margin149.01%
Debt/Equity Ratio82.8%

How did FCR.UN perform over the long term?

See historical performance and comparison

Dividends

4.3%
Current Dividend Yield
68%
Payout Ratio

Does FCR.UN pay a reliable dividends?

See FCR.UN dividend history and benchmarks
When do you need to buy FCR.UN by to receive an upcoming dividend?
First Capital Real Estate Investment Trust dividend dates
Ex Dividend DateMar 31 2026
Dividend Pay DateApr 15 2026
Days until Ex dividend10 days
Days until Dividend pay date5 days

Does FCR.UN pay a reliable dividends?

See FCR.UN dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/09 05:02
End of Day Share Price 2026/04/09 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

First Capital Real Estate Investment Trust is covered by 16 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael MarkidisBMO Capital Markets Equity Research
Mark RothschildCanaccord Genuity
Dean WilkinsonCIBC Capital Markets