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First Capital Real Estate Investment Trust (FCR.UN) investor relations material
First Capital Real Estate Investment Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record 97.2% occupancy and strong leasing activity, with renewal rent increases averaging 16.2% and robust new leasing spreads.
Operating FFO per unit grew 6.2% year-over-year to $0.34, with net income attributable to unitholders rising to $63.5 million from $16.9 million.
Portfolio is concentrated in high-quality, grocery-anchored shopping centres in major Canadian urban markets, supporting stability and growth.
Strategic asset sales and acquisitions aligned with capital allocation priorities, including $74.4 million in dispositions and a $22.2 million Toronto acquisition.
Progressing on a three-year strategic plan focused on stability, growth, and leverage reduction.
Financial highlights
Q2 2025 Operating FFO was $73M–$73.5M, up 6% year-over-year; FFO per unit rose to $0.33–$0.34.
Same property NOI grew 6.2% year-over-year, reaching $111M, with net operating income for Q2 at $115.9M.
Net income per diluted unit was $0.30 for Q2 2025, up from $0.08 in Q2 2024.
Net asset value per unit at June 30 was $22.20, up from $22.05 at year-end 2024.
AFFO and ACFO payout ratios remained in the mid-80% range.
Outlook and guidance
2025 same property NOI growth expected at 5%, up from prior 4% guidance, with continued above-average market rent growth anticipated.
Management targets at least 3% annual OFFO per unit growth and net debt to Adjusted EBITDA in the low-8x range by year-end 2026.
Projected cumulative property dispositions of $750M and acquisitions of $100–$150M, focusing on core grocery-anchored assets.
Ongoing investment of $500M in development/redevelopment, with $300M in completions expected.
Economic outlook remains uncertain due to trade policy, inflation, and interest rate volatility, but essential retail focus supports resilience.
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