First Capital Realty (FCR-T) Stock Predictions - Stockchase
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155
First Capital Realty (FCR-T)

ON STOCKCHASE SINCE May 2003

property mngmnt/investment

First Capital Realty First Capital Realty
FCR-T

58 155
property mngmnt/investment

First Capital Realty (FCR-T) SAVE

20.04

0.08 (0.4%)

Sep, 21, 2018, 12:00 am

OPINIONS

What the experts are saying about FCR-T



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WEAK BUY
First Capital Realty(FCR-T) 

September 13, 2018

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.

property mngmnt/investment

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.

property mngmnt/investment
Brian Madden

Senior VP , Goodreid Investment ...

Price Price
$20.440
Owned Owned
Unknown

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.

property mngmnt/investment

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.

property mngmnt/investment
Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$20.280
Owned Owned
No

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.

property mngmnt/investment

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.

property mngmnt/investment
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$21.120
Owned Owned
No

BUY on WEAKNESS
First Capital Realty(FCR-T) 

September 28, 2017

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.

property mngmnt/investment

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.

property mngmnt/investment
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$19.520
Owned Owned
Unknown

BUY
First Capital Realty(FCR-T) 

August 15, 2017

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.

property mngmnt/investment

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.

property mngmnt/investment
Kash Pashootan

Sr. VP & P, First Avenue Advisor...

Price Price
$19.640
Owned Owned
No

COMMENT

A very well-capitalized Real Estate Operating Company, with a lot of retail properties across Canada. Focused in urban major city centres and are buying up real estate in good locations, in close proximity to where people live, which benefits from a combination of an increase in population growth and an increase in incomes. About 20% of properties are anchored by grocery stores. Has a good development pipeline and an exceptional balance sheet. 70% of assets are unencumbered, which gives a lot of flexibility in the event of higher rates or an economic downturn. Dividend yield of 4.1%.

property mngmnt/investment

A very well-capitalized Real Estate Operating Company, with a lot of retail properties across Canada. Focused in urban major city centres and are buying up real estate in good locations, in close proximity to where people live, which benefits from a combination of an increase in population growth and an increase in incomes. About 20% of properties are anchored by grocery stores. Has a good development pipeline and an exceptional balance sheet. 70% of assets are unencumbered, which gives a lot of flexibility in the event of higher rates or an economic downturn. Dividend yield of 4.1%.

property mngmnt/investment
Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$20.840
Owned Owned
Yes

BUY

He owns the bonds. They have fantastic assets, and believe in not only growing their bottom line versus acquisitions, but also in the intensification story, such as core cities like Toronto. Their risk money is re-developing projects such as Yorkville, Lawrence or Liberty Square. Believes it is trading at a 20% discount to its NAV.

property mngmnt/investment

He owns the bonds. They have fantastic assets, and believe in not only growing their bottom line versus acquisitions, but also in the intensification story, such as core cities like Toronto. Their risk money is re-developing projects such as Yorkville, Lawrence or Liberty Square. Believes it is trading at a 20% discount to its NAV.

property mngmnt/investment
Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$20.250
Owned Owned
Yes

TOP PICK

Feels the 3 top picks have probably lagged the market unfairly. This has lagged for a number of reasons. There is a bit of a concern on the retail market in general, but he would argue that their locations are highly resilient. They’ve had their guidance lowered a little because of some of the acquisitions they did, some developments cost a fair bit of money. However, long term, this is going to work out very well. Thinks management has got the message that they need to provide more FFO per share growth over the next couple of quarters. The previous CEO has been selling which has put some pressure on the stock, but has nothing to do with the valuation of the company. Dividend yield of 4.2%. (Analysts’ price target is $23.)

property mngmnt/investment

Feels the 3 top picks have probably lagged the market unfairly. This has lagged for a number of reasons. There is a bit of a concern on the retail market in general, but he would argue that their locations are highly resilient. They’ve had their guidance lowered a little because of some of the acquisitions they did, some developments cost a fair bit of money. However, long term, this is going to work out very well. Thinks management has got the message that they need to provide more FFO per share growth over the next couple of quarters. The previous CEO has been selling which has put some pressure on the stock, but has nothing to do with the valuation of the company. Dividend yield of 4.2%. (Analysts’ price target is $23.)

property mngmnt/investment
Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$20.350
Owned Owned
Yes

WATCH

Generally the sector has underperformed.  The largest shareholder has done a secondary offering of their shares.  The feeling is that they will keep selling down.  But this is a fantastic company.  They are incredibly defensive.  They execute well.  He is closer to looking at buying it.  Net operating income should really pop over the next couple of years.

property mngmnt/investment

Generally the sector has underperformed.  The largest shareholder has done a secondary offering of their shares.  The feeling is that they will keep selling down.  But this is a fantastic company.  They are incredibly defensive.  They execute well.  He is closer to looking at buying it.  Net operating income should really pop over the next couple of years.

property mngmnt/investment
Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$19.860
Owned Owned
No

DON'T BUY
First Capital Realty(FCR-T) 

February 21, 2017

Ranks in the top 3rd of his database. A fairly slow growing company. Earnings growth is forecast to be negative, going from $1.03 in 2016 to $.86 in 2017. Free cash flow is a minus 3% on a 4th quarter trailing basis. Using enterprise value to EBITDA, it trades at 22X 4th quarter trailing and is down 2.6%. Dividend yield of 4.2%.

property mngmnt/investment

Ranks in the top 3rd of his database. A fairly slow growing company. Earnings growth is forecast to be negative, going from $1.03 in 2016 to $.86 in 2017. Free cash flow is a minus 3% on a 4th quarter trailing basis. Using enterprise value to EBITDA, it trades at 22X 4th quarter trailing and is down 2.6%. Dividend yield of 4.2%.

property mngmnt/investment
Robert McWhirte

President, Selective Asset Mana...

Price Price
$20.570
Owned Owned
No

TOP PICK
First Capital Realty(FCR-T) 

February 3, 2017

A retail REIT basically focused on Canada’s wealthiest neighbourhoods. They are always focused on the best locations, the best corners. Retail is facing some difficulties, but retailers are not just going to close up all their stores; the best stores in the best locations are going to continue to do well. This offers growth. Because of retail pressures, the stock has sold off giving an interesting opportunity. A compelling return over the next year. Dividend yield of 4.11%. (Analysts’ price target is $23.63.)

property mngmnt/investment

A retail REIT basically focused on Canada’s wealthiest neighbourhoods. They are always focused on the best locations, the best corners. Retail is facing some difficulties, but retailers are not just going to close up all their stores; the best stores in the best locations are going to continue to do well. This offers growth. Because of retail pressures, the stock has sold off giving an interesting opportunity. A compelling return over the next year. Dividend yield of 4.11%. (Analysts’ price target is $23.63.)

property mngmnt/investment
Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$20.890
Owned Owned
Yes

TOP PICK
First Capital Realty(FCR-T) 

November 17, 2016

Retail focused, but it owns a lot of Yorkville and assets in areas of high income. They came out with a perfect quarter, raised guidance, and the stock dropped 5%, so he was buying aggressively that day. This is a rare opportunity to buy a very high quality high end retail at a very reasonable price. Yield of 4.31%. (Analysts’ price target is $23.81.)

property mngmnt/investment

Retail focused, but it owns a lot of Yorkville and assets in areas of high income. They came out with a perfect quarter, raised guidance, and the stock dropped 5%, so he was buying aggressively that day. This is a rare opportunity to buy a very high quality high end retail at a very reasonable price. Yield of 4.31%. (Analysts’ price target is $23.81.)

property mngmnt/investment
Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$19.950
Owned Owned
Yes

COMMENT

A high-quality, urban focused REIT. Has a good growth rate of around 5% for the next couple of years. 81% payout ratio, so the dividend is safe. The balance sheet is pretty good, better than average. Debt to FMV is around 46%. Just raised some equity to fund a Montréal and Toronto acquisition, which looks accretive. Pretty expensive, trading at about 21X. He would consider selling some Call options a couple of times a year, obligating yourself to sell it at $22-$23 giving you some really good cash flow. 4% dividend yield.

property mngmnt/investment

A high-quality, urban focused REIT. Has a good growth rate of around 5% for the next couple of years. 81% payout ratio, so the dividend is safe. The balance sheet is pretty good, better than average. Debt to FMV is around 46%. Just raised some equity to fund a Montréal and Toronto acquisition, which looks accretive. Pretty expensive, trading at about 21X. He would consider selling some Call options a couple of times a year, obligating yourself to sell it at $22-$23 giving you some really good cash flow. 4% dividend yield.

property mngmnt/investment
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$21.530
Owned Owned
Unknown

BUY
First Capital Realty(FCR-T) 

January 5, 2016

They are not taxable yet so they don’t have to be a REIT.  The real estate market is not great right now:  Target left, rising rates, anything related to Alberta.  FCR-T is defensive.  They are great managers.  A lot of properties are anchored by Shoppers or grocery stores.  They de-levered their balance sheet a few years ago.  They are benefiting from intensification in large cities.

property mngmnt/investment

They are not taxable yet so they don’t have to be a REIT.  The real estate market is not great right now:  Target left, rising rates, anything related to Alberta.  FCR-T is defensive.  They are great managers.  A lot of properties are anchored by Shoppers or grocery stores.  They de-levered their balance sheet a few years ago.  They are benefiting from intensification in large cities.

property mngmnt/investment
Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$18.100
Owned Owned
Yes

HOLD
First Capital Realty(FCR-T) 

December 18, 2015

Great company and great assets. Management team is focused on improving cash flow per share, while previous management was focused on building NAV. The slight difference is that one was focused on building quality real estate and the other is a bit more yield focused. Thinks the combination is generating a lot of attention again, as it has underperformed for some time. Very high quality, so this is one he doesn’t Sell, although may trim occasionally. 4.5% dividend yield.

property mngmnt/investment

Great company and great assets. Management team is focused on improving cash flow per share, while previous management was focused on building NAV. The slight difference is that one was focused on building quality real estate and the other is a bit more yield focused. Thinks the combination is generating a lot of attention again, as it has underperformed for some time. Very high quality, so this is one he doesn’t Sell, although may trim occasionally. 4.5% dividend yield.

property mngmnt/investment
Derek Warren

Asst Vice , Lincluden Investment...

Price Price
$19.370
Owned Owned
Yes

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