TSE:FCR.UN

First Capital Realty (FCR.UN.TO)

23.33
+0.06 (0.26%)
as of Jun 8, 2026, 3:41:34 pm Market Open.
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Investor Insights
star iconJun 8, 2026, 12:00 am

This summary was created by AI, based on 4 opinions in the last 12 months.

First Capital Realty (FCR.UN-T) has garnered significant attention from experts, highlighting its strong positioning in the Canadian real estate market. The company boasts a high-quality urban portfolio, primarily anchored by shopping centres, and enjoys impressive occupancy rates of around 97%. Experts note its defensive nature in the face of economic challenges, with potential for substantial internal growth and rent increases. Additionally, the recent announcement of a takeover adds to the optimism surrounding the stock, suggesting future mergers and acquisitions in the sector. Overall, FCR.UN-T combines stability with growth potential in a favorable market segment, making it a compelling option for investors.

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Consensus
Positive
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Valuation
Undervalued
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BUY
One of his favourites. Not cheap at these levels. Other names in a similar space can offer better free cash flow yield. This company offers better growth. Tend to buy value-add properties. Good quality core name. If a long-term investor, 3 to 5 years, this is a Buy.
BUY
Shopping malls. 5.6% yield. Have a really good balance sheet. Very experienced management.
PAST TOP PICK
(A Top Pick Aug 16/07. Up 1%.) Came out with a new equity issue that diluted the stock. Balance sheet is in perfect shape. Stable asset class.
TOP PICK
(A Top Pick July 23/07. Down 3%.) Properties are across the country. Located on corners and include a grocery store, drugstore, bank, et cetera. Low payout ratio. Fairly high yield and moderate debt. Earnings are sustainable.
TOP PICK
(A Top Pick May 17/07. Up 2%.) First Capital Bond. (5.08% June 21/12.) Greatest value in the corporate bond world is real estate bonds. Getting 200 to 300 basis points over Government of Canada.
TOP PICK
About 25% of their properties are in the process of being upgraded. Properties are all intercity and are all on corners. Low payout ratio.
TOP PICK
Yield of 5.7%. Low debt. One of the best management you'll get anywhere. Very well structured. Good value.
BUY
This one has been hit by the sector. They own outlet grocery store anchored malls. Excellent managers. He owns their bonds. Growing their bottom line with good acquisitions. They've tapped the unsecured debenture market, which allows them to get access to the funding market in the public space. We Buy on anything below this level, otherwise a Hold.
BUY
Focused on grocery-anchored shopping malls. Have about 19 million square feet of peaceable area. About 50% square-footage is in Ontario with the balance in Quebec, Alberta and B.C. Have managed to increase the portfolio size and decrease the leverage on the balance sheet.
TOP PICK
A more defensive pick. Best management team in the business. Grocery and drug store anchored neighbourhood shopping centres. Trades at about 15% discount to NAV. About a 6% free cash flow yield. Have been tremendous in adding value, developing sites and controlling retail nodes. Management owns in excess of 50%.
TOP PICK
It's got a good distribution. A very disciplined cookie cutter formula. Very conservative on their balance sheets. The thing that's hurt them is the US dollar. They own 17% to 18% of Equity One (a real estate company in the states). So that's hurt them.
BUY
Basically community based shopping centres. Has traded off in the last year. Trades at about 4% discount to its NAV. Wouldn't be surprised to see growth in their distributions.
BUY
Has been his favourite name in this space. Grocery/drugstore anchored retail centres. Best management team in the business. Create a lot of value internally. Good value at this level.
TOP PICK
Grocery and drug store anchored real estate. Best management team in the business. Significant internal growth. Significantly below NAV. Good free cash flow yield at about 5.8%. Buy and forget about it.
TOP PICK
(A Top Pick Dec 8/06. Down 4%.) Very well run. Have brought their debt down. Safe. Long-term growth.
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