First Capital Realty | StockChase
152
First Capital Realty (FCR-T)

Last Price Recorded: $20.8900 on 2017-11-17

ON STOCKCHASE SINCE May 2003

property mngmnt/investment

First Capital Realty


Signal Opinion Expert

2017-09-28

BUY on WEAKNESS
First Capital Realty (FCR-T)

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 & Portfolio Manager, Scotia Wealth Management

Price: $19.520
Owned: Unknown

2017-08-15

BUY
First Capital Realty (FCR-T)

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 & Portfolio Manager, First Avenue Advisory, Raymond James

Price: $19.640
Owned: No

2017-06-21

COMMENT
First Capital Realty (FCR-T)

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 & Investment Strategist, Sentry Investments

Price: $20.840
Owned: Yes

2017-06-01

BUY
First Capital Realty (FCR-T)

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, CFA

Partner and Portfolio Manager, Avenue Investment Management

Price: $20.250
Owned: Yes

2017-04-18

TOP PICK
First Capital Realty (FCR-T)

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 President, Lincluden Investment Mgmnt

Price: $20.350
Owned: Yes

2017-03-28

WATCH
First Capital Realty (FCR-T)

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, CFA

Partner and Portfolio Manager, Avenue Investment Management

Price: $19.860
Owned: No

2017-02-21

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

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 McWhirter

President, Selective Asset Management

Price: $20.570
Owned: No

2017-02-03

TOP PICK
First Capital Realty (FCR-T)

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 President, Lincluden Investment Mgmnt

Price: $20.890
Owned: Yes

2016-11-17

TOP PICK
First Capital Realty (FCR-T)

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 President, Lincluden Investment Mgmnt

Price: $19.950
Owned: Yes

2016-06-17

COMMENT
First Capital Realty (FCR-T)

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 & Portfolio Manager, Scotia Wealth Management

Price: $21.530
Owned: Unknown

2016-01-05

BUY
First Capital Realty (FCR-T)

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, CFA

Partner and Portfolio Manager, Avenue Investment Management

Price: $18.100
Owned: Yes

2015-12-18

HOLD
First Capital Realty (FCR-T)

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 President, Lincluden Investment Mgmnt

Price: $19.370
Owned: Yes

2015-07-02

BUY
First Capital Realty (FCR-T)

Was a little worried that the valuation, especially relative to some of the other retail REITs, was a little expensive. However, it has pulled back and this is a pretty good entry point. This is a very, very high quality portfolio. Good management team.

property mngmnt/investment
Andy Nasr

VP & Investment Strategist, Sentry Investments

Price: $17.770
Owned: No

2015-04-22

COMMENT
First Capital Realty (FCR-T)

A fantastic company. Very high quality management team. Great assets. What he likes is that they pay detailed attention to leasing.

property mngmnt/investment
Derek Warren

Asst Vice President, Lincluden Investment Mgmnt

Price: $20.110
Owned: Yes

2015-03-18

PAST TOP PICK
First Capital Realty (FCR-T)

(A Top Pick March 19/14. Up 16.29%.) An owner of high quality retail in Canada. Also, have a very large development pipeline and will likely invest over $1 billion in the next 5 years. Trading slightly above NAV, but this is because of the quality of its properties, the quality of its balance sheet and the above average free cash flow growth.

property mngmnt/investment
Michael Missaghie

VP & Sr. Portfolio Manager, Sentry Investments

Price: $19.600
Owned: Yes

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