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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
First Capital Real Estate Investment Trust
First Capital Real Estate Investment Trust (FCR.UN) investor relations material
First Capital Real Estate Investment Trust Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Grocery-anchored portfolio occupancy was 96.9%; Q3 same-property NOI grew 5.2%, or 5.6% excluding lease termination fees and bad debt, and 9M growth was 4.7%.
Q3 operating FFO was $78.5M, or $0.36 per diluted unit, up 9.2% YoY; net income attributable to unitholders rose to $116.1M, primarily on higher property fair value gains.
The $9.4B proposed acquisition was approved by unitholders and the Ontario court; Q4 2026 closing remained subject to approvals and conditions.
Portfolio comprised 135 neighbourhoods and $8.9B of real estate investments, with a 22.9M sq. ft. incremental density pipeline.
Financial highlights
Q3 revenue was $192.5M vs. $186.4M YoY; NOI was $121.9M vs. $114.9M, and NOI margin was 65.1% vs. 63.4%.
Q3 FFO was $79.2M, or $0.37 per diluted unit, vs. $69.6M and $0.32; operating FFO was $78.5M, up 9.2% YoY.
9M revenue was $578.9M vs. $562.6M; NOI was $357.0M vs. $343.2M, and net income was $232.5M vs. $214.5M.
9M operating FFO was $227.6M, or $1.06 per diluted unit, vs. $213.3M and $0.99; FFO was $212.9M vs. $210.8M.
9M AFFO was $167.1M, or $0.78 per unit, vs. $167.8M and $0.78; ACFO was $164.6M vs. $167.0M.
Outlook and guidance
Year-end 2026 net debt to Adjusted EBITDA target remained in the low-8x range; the September 30 ratio was 8.9x.
The acquisition was expected to close in Q4 2026, subject to required approvals and closing conditions; pre-close covenants could constrain activity and business-plan targets.
The three-year business plan targets FFO and distribution growth and improved debt ratios; execution and the disposition program remain subject to risks.
Canadian GDP growth was expected to remain modest through 2026 before improving gradually in 2027; inflation was projected to remain above 3% through much of 2027.
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Latest events from First Capital Real Estate Investment Trust
- Q4 NOI grew and occupancy improved as asset sales advanced deleveraging goals.FCR.UN
Q4 2023 - Net income fell on one-time charges as operating FFO rose; $9.4B acquisition closes Q4 2026.FCR.UNQ2 2026
- Board and auditor reappointments, distribution increase, and robust financial results highlighted.FCR.UNAGM 2025
- Unitholders approved the sale of the company with 99.78% support for the arrangement.FCR.UNEGM 2026
- Q1 2026 saw record occupancy, strong FFO growth, and a $9.4B acquisition agreement.FCR.UNQ1 2026
- All resolutions passed with strong support amid active discussion on governance and performance.FCR.UNAGM 2026
- Strong 2025 results with record occupancy, robust leasing, and a 2.5% distribution increase for 2026.FCR.UNQ4 2025
- Q3 2024 delivered strong leasing, NOI growth, high occupancy, and robust FFO performance.FCR.UNQ3 2024
- FFO and NOI growth, higher occupancy, and a 3% distribution increase highlight 2024 results.FCR.UNQ4 2024
Next First Capital Real Estate Investment Trust earnings date
Q4 202610 Feb, 2027
First Capital Real Estate Investment Trust
Next First Capital Real Estate Investment Trust earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
First Capital Real Estate Investment Trust is a Canadian REIT focused on owning, operating, and developing urban retail properties. The company’s portfolio includes grocery-anchored and mixed-use properties located in densely populated neighborhoods across major Canadian cities. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX under the symbol FCR.UN.