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First Capital Real Estate Investment Trust (FCR.UN) investor relations material
First Capital Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 delivered strong operating and financial results, with same property cash NOI up 6.4% year-over-year, driven by increased occupancy and higher rents across the portfolio.
Operating FFO per unit was $0.33, up 9% year-over-year when excluding a prior year density bonus.
Occupancy remained high at 97.1%, with average in-place net rental rates reaching over $24.50 per sq ft.
Lease renewal rates increased by 13.5% in Q3, with blended renewal lifts over 18%.
The three-year strategic plan is on track, with operating FFO per unit CAGR at approximately 5% over 21 months, and Debt-to-EBITDA improving to the low 9s.
Financial highlights
Operating FFO for Q3 was $72 million ($0.33 per unit), down from $77 million ($0.36 per unit) in Q3 2024, which included an $11 million one-time density bonus.
Excluding the 2024 density bonus, FFO per unit grew 9% year-over-year.
Same property NOI (excluding lease termination fees and bad debt) was $111 million, up $6.7 million from Q3 2023.
Net income attributable to unitholders was $66.6 million ($0.31 per diluted unit), down from $81.1 million ($0.38 per unit) last year, mainly due to lower property value increases.
Net asset value per unit increased to $22.29, up $0.37 year-over-year.
Outlook and guidance
Expecting at least 5% same property NOI growth for 2025, ahead of prior expectations.
Management expects continued stability and growth in cash flow, supported by strong fundamentals in the grocery-anchored retail portfolio.
Confident in meeting the $750 million disposition target and achieving low eight times leverage by end of 2026.
Anticipate continued strong leasing and above-average renewal spreads into 2026 and 2027.
Forward-looking statements are subject to risks and uncertainties, with no assurance that future results will match expectations.
Explain unitholder tax benefits post-reorg
Drivers of sustained rent growth despite population changes?
Monetization strategy for 23M sq ft entitlement pipeline
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Next First Capital Real Estate Investment Trust earnings date
Q4 202511 Feb, 2026
Next First Capital Real Estate Investment Trust earnings date
Q4 202511 Feb, 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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