TSX:FCR.UN

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First Capital Real Estate Investment Trust

Executive Summary

First Capital is one of Canada's leading developers, owners and operators of mixed-use urban real estate in Canada's most densely populated neighbourhoods.


Snowflake Analysis

Established dividend payer and fair value.


Similar Companies

Share Price & News

How has First Capital Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FCR.UN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.3%

FCR.UN

0.2%

CA REITs

0.5%

CA Market


1 Year Return

-34.5%

FCR.UN

-20.5%

CA REITs

-2.2%

CA Market

Return vs Industry: FCR.UN underperformed the Canadian REITs industry which returned -20.5% over the past year.

Return vs Market: FCR.UN underperformed the Canadian Market which returned -2.2% over the past year.


Shareholder returns

FCR.UNIndustryMarket
7 Day2.3%0.2%0.5%
30 Day4.0%-0.3%4.0%
90 Day19.7%9.8%14.5%
1 Year-31.4%-34.5%-16.2%-20.5%1.3%-2.2%
3 Year-16.9%-27.1%8.2%-8.4%13.6%2.6%
5 Year1.6%-18.1%31.6%-1.0%42.0%20.1%

Price Volatility Vs. Market

How volatile is First Capital Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is First Capital Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FCR.UN (CA$14.4) is trading below our estimate of fair value (CA$30.03)

Significantly Below Fair Value: FCR.UN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FCR.UN is poor value based on its PE Ratio (14.9x) compared to the CA REITs industry average (7.6x).

PE vs Market: FCR.UN is good value based on its PE Ratio (14.9x) compared to the Canadian market (16.3x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FCR.UN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FCR.UN's PB Ratio (0.7x) is in line with the CA REITs industry average.


Next Steps

Future Growth

How is First Capital Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-6.5%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if FCR.UN's forecast earnings growth is above the savings rate (1.7%).

Earnings vs Market: Insufficient data to determine if FCR.UN's earnings are forecast to grow faster than the Canadian market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FCR.UN's revenue is expected to decline over the next 3 years (-6.5% per year).

High Growth Revenue: FCR.UN's revenue is forecast to decline over the next 3 years (-6.5% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FCR.UN's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has First Capital Real Estate Investment Trust performed over the past 5 years?

1.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FCR.UN has a large one-off loss of CA$111.9M impacting its June 30 2020 financial results.

Growing Profit Margin: FCR.UN's current net profit margins (29.3%) are lower than last year (43.5%).


Past Earnings Growth Analysis

Earnings Trend: FCR.UN's earnings have grown by 1.7% per year over the past 5 years.

Accelerating Growth: FCR.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FCR.UN had negative earnings growth (-37.3%) over the past year, making it difficult to compare to the REITs industry average (14.2%).


Return on Equity

High ROE: FCR.UN's Return on Equity (5.4%) is considered low.


Next Steps

Financial Health

How is First Capital Real Estate Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: FCR.UN's short term assets (CA$338.7M) do not cover its short term liabilities (CA$542.1M).

Long Term Liabilities: FCR.UN's short term assets (CA$338.7M) do not cover its long term liabilities (CA$5.2B).


Debt to Equity History and Analysis

Debt Level: FCR.UN's debt to equity ratio (112.9%) is considered high.

Reducing Debt: FCR.UN's debt to equity ratio has increased from 100.2% to 112.9% over the past 5 years.

Debt Coverage: FCR.UN's debt is not well covered by operating cash flow (5.4%).

Interest Coverage: FCR.UN's interest payments on its debt are not well covered by EBIT (2.5x coverage).


Balance Sheet


Next Steps

Dividend

What is First Capital Real Estate Investment Trust current dividend yield, its reliability and sustainability?

5.97%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FCR.UN's dividend (5.97%) is higher than the bottom 25% of dividend payers in the Canadian market (1.73%).

High Dividend: FCR.UN's dividend (5.97%) is in the top 25% of dividend payers in the Canadian market (5.65%)


Stability and Growth of Payments

Stable Dividend: FCR.UN's dividend payments have been volatile in the past 10 years.

Growing Dividend: FCR.UN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (78.2%), FCR.UN's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FCR.UN's dividends in 3 years are forecast to be covered by earnings (76.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Adam Paul (45 yo)

5.5yrs

Tenure

CA$3,724,800

Compensation

Mr. Adam E. Paul, C.P.A., C.A., has been the Chief Executive Officer and President of First Capital Real Estate Investment Trust (formerly known as First Capital REIT (formerly known as First Capital Realt ...


CEO Compensation Analysis

Compensation vs Market: Adam's total compensation ($USD0.00) is below average for companies of similar size in the Canadian market ($USD2.06M).

Compensation vs Earnings: Adam's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Adam Paul
President5.5yrsCA$3.72m0.094%
CA$ 3.0m
Kay Brekken
Executive VP & CFO6yrsCA$1.45m0.015%
CA$ 464.5k
Jordan Robins
Executive VP & COO4.17yrsCA$1.47m0.021%
CA$ 648.0k
Jodi Shpigel
Senior Vice President of Development4.92yrsCA$773.03k0.0044%
CA$ 137.8k
Ryan Ng
Vice President of Financeno datano datano data
Alison Harnick
Senior VP2.83yrsno data0.00027%
CA$ 8.5k
Maryanne McDougald
Senior Vice President of Operations10yrsno data0.019%
CA$ 602.9k
Carmine Francella
Senior Vice President of Leasing4.58yrsno data0.0034%
CA$ 107.4k
Michele Walkau
Senior Vice President of Brand & Cultureno datano datano data
Beatrice Ho
Executive Officerno datano datano data
Gregory Menzies
Project Lead of Yorkville Village3.5yrsno datano data

4.8yrs

Average Tenure

50.5yo

Average Age

Experienced Management: FCR.UN's management team is considered experienced (4.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Adam Paul
President5.5yrsCA$3.72m0.094%
CA$ 3.0m
Dori Segal
20yrsCA$1.01m0.54%
CA$ 17.1m
Jon Hagan
Independent Trustee17.5yrsCA$126.21k0.0093%
CA$ 294.8k
Aladin Mawani
Independent Trustee2.25yrsCA$85.13k0.0068%
CA$ 216.1k
Bernard McDonell
Independent Chairman of the Board1.17yrsCA$159.00k0.0012%
CA$ 37.6k
Paul Douglas
Independent Trustee1.17yrsno data0.013%
CA$ 417.7k
Andrea Stephen
Independent Trustee8.58yrsCA$126.00k0.010%
CA$ 318.5k
Annalisa King
Independent Trustee3.75yrsCA$120.00k0.0024%
CA$ 74.3k
Leonard Abramsky
Independent Trustee1.17yrsno data0.0060%
CA$ 189.6k

3.8yrs

Average Tenure

58yo

Average Age

Experienced Board: FCR.UN's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First Capital Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: First Capital Real Estate Investment Trust
  • Ticker: FCR.UN
  • Exchange: TSX
  • Founded: 1993
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: CA$3.160b
  • Shares outstanding: 219.42m
  • Website: https://www.fcr.ca

Number of Employees


Location

  • First Capital Real Estate Investment Trust
  • King Liberty Village
  • 85 Hanna Avenue
  • Toronto
  • Ontario
  • M6K 3S3
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FCXX.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDMar 1994
FCR.UNTSX (The Toronto Stock Exchange)YesTrust UnitsCACADMar 1994
A2PXQRDB (Deutsche Boerse AG)YesTrust UnitsDEEURMar 1994

Biography

First Capital is one of Canada's leading developers, owners and operators of mixed-use urban real estate in Canada's most densely populated neighbourhoods. First Capital's focus is on creating thriving nei ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/15 06:05
End of Day Share Price2020/08/14 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.