First Capital Realty (FCR.UN.TO) Buy, Sell or…

First Capital Realty (FCR.UN.TO)

23.09

+0.11 (0.48%)

as of Oct 13, 2026, 2:57:04 pm Market Open.

179 watching

TOP PICK

Another defensive real estate company. Owns best grocery shopping center portfolio in North America. 85% of tenants are necessity based retails(grocery etc.) Has been trading at a discount to peers and net asset value. New leases has been growing. Company has been buying back shares and selling assets to increase value.

TOP PICK

He had avoided the retail space but is now bullish on necessity-based shopping and that is what they address. The stock has been depressed because cash flows came off during the pandemic and they cut the distribution temporarily for probably two years. It is trading at a big discount to net asset value. He likes management and the setup. (Analysts’ price target is $19.50)

HOLD

A misunderstood name. People saw it as bricks and mortar retail. Its exposure to any retail is in favourable categories such as groceries, medical, department stores. Not big box or malls. Still likes it, though it's not the value it was. Prefers industrial, commerical. Worries about residential, as the rents get capped.

DON'T BUY

Used to own this. Pre-Covid they were a good asset creator through buying and integrating those assets. Problem is they also own retail, which could be a problem for a while. This exposure is a concern. Overall, though he likes the managers and the company.

DON'T BUY

They are in the retail space. Anything that is in the retail space during COVD-19 is in the penalty box and for good reason. The pandemic has shut down traffic to every shopping mall. Their shopping centers are a victim of online sales. The growth outlook has been diminished. He thinks the market has overly discounted it. The catalyst is lacking for the moment. He does not expect the distribution to be increased any time soon.

BUY

Likes it even though he's not positive on retail. They own some of the best Canadian retail in Canada. Pays a 4.5% dividend. Owns some of the best Canadian retail real estate--a niche of grocery stores and pharmacies which are stable and sell necessities. Super managers. The overhang of the previous owner is fading. They converted from a company to a REIT which will attract more investors by appearing on REIT indicies. They have 24 million square feet of development potential on land they already own.

WEAK BUY

Doesn't follow this closely, but they are well-managed and a good real estate company overall. (The ticker has changed to FCR recently.)

TOP PICK

Great Managers. All about intensification at the city level. Fantastic assets with growth profile. (Analysts’ price target is $23.75)

WAIT

They own locations in the larger cities, primarily grocery anchored shopping centres. They are managed by a good focused real estate team. They like to buy the best locations in urban areas. He will look at it on a pull back. It is a good long term hold.

BUY

He does not own REITs but this is probably his favourite in the space. They did it right in the right markets. They created liberty village. They really did well pumping money into Hazelton Lanes. He believes it is still selling at a discount to its NAV.

WEAK BUY

A large owner-operator of shopping malls. 4.2% dividend. It's been sideways. It's an income vehicle and a slow grower. You own this for stable income. He doesn't see a retail "apocalypse." Safe dividend, maybe an increase, and a good
operator. This won't scream up in price anytime soon. It's stable. Prefers Riocan REIT.

HOLD

Not a sell, though he owns the bonds. A retail story, but more defensive with liquor, drug, and grocery stores. Higher rates, and did a questionable issuance. Into new green development. Likes the company and its assets. But not the time to own it.

HOLD

Management quite good, They develop space for condos and stores. Trades at a premium. Yield is not as high as other REITs, but yield of 4% is actually not bad.

BUY ON WEAKNESS

This is an urban everyday needs portfolio. Very resilient. He models 3.8% growth from 2016 to 2018. This is not cheap, trading at around 19X, it is still trading slightly below its five-year average. 81% payout ratio, so you are going to get paid the 4.3% distribution. Its balance sheet is very good. Thinks you could buy this closer to $18.50 or $19 if you get an opportunity.

BUY

Doesn’t own any REITs at this time, but if he were to own one, this would be the one. Likes the way they are running the company and the acquisitions they’ve made. They are in the prime areas where it is difficult to get real estate anymore. They have a serious footprint in Yorkville which arguably, price per square foot, is the most valuable real estate in Toronto.

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First Capital Realty (FCR.UN.TO)