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First Capital Real Estate Investment Trust
First Capital Real Estate Investment Trust (FCR.UN) investor relations material
First Capital Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Delivered strong Q4 and full-year 2025 results, with robust growth in key operating and financial metrics, including record-high occupancy of 97.1% and all-time high average in-place net rental rates.
Renewed 2.2 million sq ft of leases with an average 15% increase in net rental rates; 500,000 sq ft of new leasing completed.
Board approved a 2.5% increase to monthly distribution, effective January 2026.
Owns and operates $9.3B in total assets, with 21.8M SF gross leasable area across 136 Canadian neighborhoods, focusing on grocery-anchored, open-air centers in high-density, affluent areas.
Key objectives include FFO per unit, NAV per unit, and distribution per unit growth.
Financial highlights
Q4 operating FFO was CAD 72 million, up 7% year-over-year and 1% sequentially; Q4 FFO per unit was $0.34, up 7% year-over-year.
Same property NOI (excluding lease termination fees and bad debt) grew 5.7% in Q4 and 5.9% for the year.
Full-year operating FFO was CAD 286 million (CAD 1.33 per unit), up from CAD 270 million (CAD 1.26 per unit) in 2024.
Net rent per square foot reached a record $24.73, up 3.0% year-over-year.
Q4 net income attributable to unitholders: $849.5M ($3.95 per unit); annual net income: $1.1B ($4.96 per unit), driven by deferred tax recovery.
Outlook and guidance
2026 is the final year of the three-year plan, with tracking ahead of key objectives.
Same property NOI growth for 2026 expected at approximately 3%, excluding lease termination fees and bad debt.
Development expenditures in 2026 projected at CAD 200–240 million, higher than prior years.
Retail development/redevelopment deliveries expected to generate CAD 55–65 million in NOI, weighted toward late 2026 and 2027.
Value uplift of ~$60M or ~$0.30/unit expected by end of 2026 from entitlement program and density pipeline.
Detail 2-year stacked NOI growth drivers
What are key levers for 2026 debt-to-EBITDA target
Elaborate on density monetization strategy
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Next First Capital Real Estate Investment Trust earnings date
Q1 20266 May, 2026
First Capital Real Estate Investment Trust
Next First Capital Real Estate Investment Trust earnings date
Q1 20266 May, 2026
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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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