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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.
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Q2 2025 earnings summary30 Jul, 2025

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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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.

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