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First Capital Realty

OTCPK:FCRG.F
Snowflake Description

Established dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FCRG.F
OTCPK
CA$5B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

First Capital Realty Inc. acquires, develops, redevelops, owns, and manages urban retail-centered real estate properties in Canada. The last earnings update was 13 days ago. More info.


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FCRG.F Share Price and Events
7 Day Returns
0%
OTCPK:FCRG.F
-0.9%
US Real Estate
-0.7%
US Market
1 Year Returns
0.5%
OTCPK:FCRG.F
-15.7%
US Real Estate
3%
US Market
FCRG.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First Capital Realty (FCRG.F) 0% -0.8% - 0.5% -0.1% -3.8%
US Real Estate -0.9% -6.6% -8.6% -15.7% 22.9% 4.2%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • FCRG.F outperformed the Real Estate industry which returned -15.7% over the past year.
  • FCRG.F underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
FCRG.F
Industry
5yr Volatility vs Market

Value

 Is First Capital Realty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of First Capital Realty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First Capital Realty.

OTCPK:FCRG.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:FCRG.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.11
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.11 (1 + (1- 26.5%) (94.11%))
1.589
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.59
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.589 * 5.96%)
12.2%

Discounted Cash Flow Calculation for OTCPK:FCRG.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for First Capital Realty is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:FCRG.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 12.2%)
2019 300.71 Est @ 4.99% 268.02
2020 313.69 Est @ 4.31% 249.19
2021 325.73 Est @ 3.84% 230.62
2022 337.15 Est @ 3.51% 212.75
2023 348.18 Est @ 3.27% 195.83
2024 359.01 Est @ 3.11% 179.97
2025 369.77 Est @ 3% 165.21
2026 380.55 Est @ 2.92% 151.54
2027 391.44 Est @ 2.86% 138.93
2028 402.48 Est @ 2.82% 127.32
Present value of next 10 years cash flows CA$1,919.38
OTCPK:FCRG.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$402.48 × (1 + 2.73%) ÷ (12.2% – 2.73%)
CA$4,366.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$4,366.99 ÷ (1 + 12.2%)10
CA$1,381.43
OTCPK:FCRG.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$1,919.38 + CA$1,381.43
CA$3,300.81
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$3,300.81 / 219.07
CA$15.07
OTCPK:FCRG.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:FCRG.F represents 0.75058x of TSX:FCR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.75058x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 15.07 x 0.75058
$11.31
Value per share (USD) From above. $11.31
Current discount Discount to share price of $15.80
= -1 x ($15.80 - $11.31) / $11.31
-39.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of First Capital Realty is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for First Capital Realty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First Capital Realty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:FCRG.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$1.35
TSX:FCR Share Price ** TSX (2019-04-29) in CAD CA$21.05
United States of America Real Estate Industry PE Ratio Median Figure of 26 Publicly-Listed Real Estate Companies 15.37x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of First Capital Realty.

OTCPK:FCRG.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:FCR Share Price ÷ EPS (both in CAD)

= 21.05 ÷ 1.35

15.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Capital Realty is overvalued based on earnings compared to the US Real Estate industry average.
  • First Capital Realty is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does First Capital Realty's expected growth come at a high price?
Raw Data
OTCPK:FCRG.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.59x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
15.8%per year
United States of America Real Estate Industry PEG Ratio Median Figure of 12 Publicly-Listed Real Estate Companies 0.44x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for First Capital Realty, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on First Capital Realty's assets?
Raw Data
OTCPK:FCRG.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$19.52
TSX:FCR Share Price * TSX (2019-04-29) in CAD CA$21.05
United States of America Real Estate Industry PB Ratio Median Figure of 52 Publicly-Listed Real Estate Companies 1.44x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:FCRG.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:FCR Share Price ÷ Book Value per Share (both in CAD)

= 21.05 ÷ 19.52

1.08x

* Primary Listing of First Capital Realty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First Capital Realty is good value based on assets compared to the US Real Estate industry average.
X
Value checks
We assess First Capital Realty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. First Capital Realty has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is First Capital Realty expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover First Capital Realty, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First Capital Realty expected to grow at an attractive rate?
  • First Capital Realty's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • First Capital Realty's earnings growth is expected to exceed the United States of America market average.
  • First Capital Realty's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:FCRG.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:FCRG.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 15.8%
OTCPK:FCRG.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -5.4%
United States of America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United States of America Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 6.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:FCRG.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:FCRG.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 720 2
2019-12-31 751 2
OTCPK:FCRG.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 797 286 340
2018-12-31 784 283 344
2018-09-30 786 276 354
2018-06-30 795 290 306
2018-03-31 772 270 495
2017-12-31 765 270 633
2017-09-30 756 260 616
2017-06-30 730 242 621
2017-03-31 717 254 519
2016-12-31 707 257 383
2016-09-30 694 244 364
2016-06-30 687 236 300

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First Capital Realty's earnings are expected to grow by 15.8% yearly, however this is not considered high growth (20% yearly).
  • First Capital Realty's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:FCRG.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from First Capital Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FCRG.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:FCRG.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 1.35
2018-12-31 1.38
2018-09-30 1.43
2018-06-30 1.25
2018-03-31 2.02
2017-12-31 2.59
2017-09-30 2.52
2017-06-30 2.55
2017-03-31 2.16
2016-12-31 1.62
2016-09-30 1.57
2016-06-30 1.32

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if First Capital Realty will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess First Capital Realty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
First Capital Realty has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has First Capital Realty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare First Capital Realty's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • First Capital Realty's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • First Capital Realty's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • First Capital Realty's 1-year earnings growth is negative, it can't be compared to the US Real Estate industry average.
Earnings and Revenue History
First Capital Realty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from First Capital Realty Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FCRG.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 796.83 339.81 36.95
2018-12-31 784.44 343.61 37.09
2018-09-30 785.60 354.13 38.06
2018-06-30 795.13 305.75 37.75
2018-03-31 772.13 495.36 37.39
2017-12-31 764.78 633.09 36.44
2017-09-30 755.80 616.00 37.21
2017-06-30 729.70 621.41 36.50
2017-03-31 717.07 519.43 36.16
2016-12-31 707.23 382.71 34.91
2016-09-30 694.30 363.92 33.42
2016-06-30 686.55 300.21 33.92
2016-03-31 682.89 224.92 33.93
2015-12-31 683.07 203.87 35.66
2015-09-30 679.85 209.73 35.50
2015-06-30 684.18 224.00 34.76
2015-03-31 674.18 207.44 32.92
2014-12-31 666.27 196.75 31.19
2014-09-30 663.27 199.84 31.08
2014-06-30 649.83 201.90 30.58
2014-03-31 647.00 197.36 30.77
2013-12-31 640.75 214.86 29.96
2013-09-30 634.28 236.85 23.69
2013-06-30 624.79 297.65 23.52
2013-03-31 609.87 346.71 23.75
2012-12-31 590.69 392.92 23.42
2012-09-30 570.95 557.99 28.30
2012-06-30 554.92 552.94 26.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • First Capital Realty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • First Capital Realty used its assets less efficiently than the US Real Estate industry average last year based on Return on Assets.
  • First Capital Realty's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess First Capital Realty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
First Capital Realty has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is First Capital Realty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up First Capital Realty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • First Capital Realty is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • First Capital Realty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of First Capital Realty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from First Capital Realty Company Filings, last reported 1 month ago.

OTCPK:FCRG.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 5,007.63 4,339.76 13.93
2018-12-31 5,008.07 4,383.36 39.10
2018-09-30 5,011.55 4,272.12 40.41
2018-06-30 4,730.60 4,328.18 27.72
2018-03-31 4,689.49 4,316.16 107.01
2017-12-31 4,695.68 4,308.64 33.23
2017-09-30 4,665.13 4,249.48 32.33
2017-06-30 4,618.59 4,149.15 24.18
2017-03-31 4,391.09 4,065.55 24.50
2016-12-31 4,233.08 4,024.54 25.19
2016-09-30 4,204.60 4,049.03 94.49
2016-06-30 3,992.65 3,911.97 23.90
2016-03-31 3,694.81 3,945.94 20.43
2015-12-31 3,668.31 3,865.02 21.07
2015-09-30 3,673.29 3,805.68 19.80
2015-06-30 3,684.46 3,699.88 23.81
2015-03-31 3,603.41 3,731.32 36.51
2014-12-31 3,497.84 3,711.69 50.72
2014-09-30 3,493.44 3,886.91 253.22
2014-06-30 3,366.88 3,954.58 292.51
2014-03-31 3,324.39 3,778.65 125.48
2013-12-31 3,323.01 3,617.77 35.57
2013-09-30 3,317.30 3,643.06 108.92
2013-06-30 3,308.38 3,609.31 171.64
2013-03-31 3,270.64 3,612.67 237.76
2012-12-31 3,248.55 3,384.01 81.00
2012-09-30 3,227.12 3,352.33 219.46
2012-06-30 2,709.59 3,352.59 62.71
  • First Capital Realty's level of debt (86.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (113.7% vs 86.7% today).
  • Debt is not well covered by operating cash flow (6.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.1x coverage).
X
Financial health checks
We assess First Capital Realty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. First Capital Realty has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is First Capital Realty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.09%
Current annual income from First Capital Realty dividends. Estimated to be 4.09% next year.
If you bought $2,000 of First Capital Realty shares you are expected to receive $82 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • First Capital Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • First Capital Realty's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase First Capital Realty before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:FCRG.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:FCRG.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.86 5.00
2019-12-31 0.86 5.00
OTCPK:FCRG.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-07 0.860 4.082
2019-02-12 0.860 4.053
2018-11-06 0.860 4.329
2018-08-01 0.860 4.336
2018-05-08 0.860 4.162
2018-02-13 0.860 4.259
2017-11-07 0.860 4.165
2017-05-09 0.860 4.270
2017-02-14 0.860 4.254
2016-11-09 0.860 4.185
2016-08-03 0.860 3.901
2016-05-10 0.860 3.933
2016-02-17 0.860 4.258
2015-11-02 0.860 4.565
2015-07-29 0.860 4.644
2015-05-04 0.860 4.640
2015-02-11 0.860 4.343
2014-11-03 0.860 4.554
2014-07-29 0.860 4.680
2014-05-06 0.840 4.498
2014-02-20 0.840 4.746
2013-11-01 0.840 4.813
2013-07-30 0.840 4.899
2013-02-20 0.840 4.485
2012-11-05 0.840 4.470
2012-08-07 0.840 4.467
2012-05-08 0.800 4.350
2012-03-08 0.800 4.446
2011-11-08 0.800 4.573
2011-08-11 0.800 4.851
2011-05-12 0.800 4.832
2011-03-04 0.800 4.950
2010-11-08 0.800 5.184
2010-08-06 0.800 5.341
2010-05-06 0.800 5.719
2010-03-11 0.800 5.765
2009-11-09 0.800 6.101
2009-08-14 0.800 6.631

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of First Capital Realty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess First Capital Realty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can First Capital Realty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. First Capital Realty has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of First Capital Realty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Adam Paul
COMPENSATION CA$3,724,800
AGE 43
TENURE AS CEO 4.3 years
CEO Bio

Mr. Adam E. Paul, C.P.A., C.A., has been the Chief Executive Officer and President of First Capital Realty Inc. since February 16, 2015. Prior to joining First Capital Realty Inc. in February 2015, Mr. Paul served as an Executive Vice President of Investments and Leasing at Canadian Real Estate Investment Trust until January 2, 2015. Mr. Paul served as a Vice President of Investments at Canadian Real Estate Investment Trust since March 2007 until November 3, 2014. Mr. Paul served as Director of Acquisitions at Canadian Real Estate Investment Trust. Mr. Paul also has leasing responsibilities related to Canadian Real Estate Investment Trust's office and industrial portfolio in Ontario, Alberta and Manitoba. He has direct responsibility for Canadian Real Estate Investment Trust’s real estate investment activities (including acquisitions, dispositions, mezzanine lending and development investments) and Canadian Real Estate Investment Trust’s mortgage borrowing program. He has been a Non-Independent Director of First Capital Realty Inc. since February 16, 2015. He served as an Independent Director of Cliffside Capital Ltd. from February 7, 2014 to May 26, 2017. Mr. Paul is a Chartered Professional Accountant, Chartered Accountant and a member of the Young Presidents’ Organization. His areas of expertise include Strategic insight/leading growth, Real estate, Retail, Board and governance, Accounting and tax acumen, Corporate finance and capital markets, Legal, Business leadership, Human resource management, Environmental and Public policy/corporate relations.

CEO Compensation
  • Adam's compensation has been consistent with company performance over the past year.
  • Adam's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the First Capital Realty management team in years:

3.5
Average Tenure
48
Average Age
  • The tenure for the First Capital Realty management team is about average.
Management Team

Adam Paul

TITLE
President
COMPENSATION
CA$4M
AGE
43
TENURE
4.3 yrs

Kay Brekken

TITLE
Executive VP & CFO
COMPENSATION
CA$1M
AGE
49
TENURE
4.8 yrs

Jordan Robins

TITLE
Executive VP & COO
COMPENSATION
CA$1M
AGE
48
TENURE
2.9 yrs

Jodi Shpigel

TITLE
Senior Vice President of Development
COMPENSATION
CA$773K
AGE
42
TENURE
3.7 yrs

Ryan Ng

TITLE
Vice President of Finance

Alison Harnick

TITLE
Senior VP
TENURE
1.6 yrs

Maryanne McDougald

TITLE
Senior Vice President of Operations
AGE
59
TENURE
8.8 yrs

Carmine Francella

TITLE
Senior Vice President of Leasing
TENURE
3.3 yrs

Gareth Burton

TITLE
Senior Vice President of Design & Construction
TENURE
3.3 yrs

Michele Walkau

TITLE
Senior Vice President of Brand & Culture
Board of Directors Tenure

Average tenure and age of the First Capital Realty board of directors in years:

4.3
Average Tenure
56
Average Age
  • The tenure for the First Capital Realty board of directors is about average.
Board of Directors

Dor Segal

TITLE
Chairman of the Board
COMPENSATION
CA$1M
AGE
56
TENURE
4 yrs

Adam Paul

TITLE
President
COMPENSATION
CA$4M
AGE
43
TENURE
4.3 yrs

Bernard McDonell

TITLE
Lead Independent Director
COMPENSATION
CA$159K
AGE
63
TENURE
8.2 yrs

Al Mawani

TITLE
Independent Director
COMPENSATION
CA$85K
AGE
66
TENURE
1 yrs

Jon Hagan

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
71
TENURE
16.3 yrs

Andrea Stephen

TITLE
Independent Director
COMPENSATION
CA$126K
AGE
54
TENURE
7.3 yrs

Annalisa King

TITLE
Independent Director
COMPENSATION
CA$120K
AGE
51
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by First Capital Realty insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
10. May 19 Buy Dori Segal Individual 10. May 19 10. May 19 4,500 $7.91 $35,617
16. Apr 19 Sell Gazit Globe Ltd Company 11. Apr 19 11. Apr 19 -22,000,000 $15.40 $-338,787,922
11. Apr 19 Buy Jodi Shpigel Individual 11. Apr 19 11. Apr 19 1,000 $7.70 $7,700
11. Apr 19 Buy Adam Paul Individual 11. Apr 19 11. Apr 19 60,000 $7.70 $461,984
11. Apr 19 Buy Jordan Robins Individual 11. Apr 19 11. Apr 19 20,000 $7.70 $153,995
11. Apr 19 Buy Dori Segal Individual 11. Apr 19 11. Apr 19 75,000 $7.70 $577,479
25. Mar 19 Buy Carmine Francella Individual 25. Mar 19 25. Mar 19 2,229 $15.59 $34,754
25. Mar 19 Buy Jodi Shpigel Individual 25. Mar 19 25. Mar 19 3,344 $15.59 $52,139
25. Mar 19 Buy Kay Brekken Individual 25. Mar 19 25. Mar 19 5,351 $15.59 $83,431
25. Mar 19 Buy Adam Paul Individual 25. Mar 19 25. Mar 19 22,298 $15.59 $347,664
25. Mar 19 Buy Maryanne McDougald Individual 25. Mar 19 25. Mar 19 3,344 $15.59 $52,139
25. Mar 19 Buy Jordan Robins Individual 25. Mar 19 25. Mar 19 7,425 $15.59 $115,768
25. Mar 19 Buy Dori Segal Individual 25. Mar 19 25. Mar 19 10,000 $15.59 $155,917
17. Dec 18 Buy Dori Segal Individual 17. Dec 18 17. Dec 18 10,000 $15.02 $150,200
11. Dec 18 Sell Kay Brekken Individual 11. Dec 18 11. Dec 18 -6,240 $14.93 $-93,134
07. Aug 18 Buy Dori Segal Individual 07. Aug 18 07. Aug 18 17,261 $15.43 $265,391
18. Jul 18 Buy Dori Segal Individual 18. Jul 18 18. Jul 18 60,000 $15.52 $930,972
15. Jun 18 Buy Dori Segal Individual 14. Jun 18 14. Jun 18 2,184 $16.05 $35,058
11. Jun 18 Sell Jodi Shpigel Individual 11. Jun 18 11. Jun 18 -4,325 $16.22 $-70,167
08. Jun 18 Buy Jodi Shpigel Individual 08. Jun 18 08. Jun 18 8,243 $16.29 $134,300
08. Jun 18 Buy Kay Brekken Individual 08. Jun 18 08. Jun 18 11,086 $16.29 $180,620
08. Jun 18 Buy Adam Paul Individual 08. Jun 18 08. Jun 18 40,364 $16.29 $657,634
08. Jun 18 Buy Maryanne McDougald Individual 08. Jun 18 08. Jun 18 8,243 $16.29 $134,300
07. Jun 18 Sell Maryanne McDougald Individual 05. Jun 18 05. Jun 18 -4,500 $16.22 $-73,000
X
Management checks
We assess First Capital Realty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. First Capital Realty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Are First Capital Realty Inc.'s (OTCPK:FCRG.F) Interest Costs Too High?

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as First Capital Realty Inc. … While they are less talked about as an investment category, mid-cap risk-adjusted returns have generally been better than more commonly focused stocks that fall into the small- or large-cap categories. … This article will examine FCRG.F’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth.

Simply Wall St -

Company Info

Description

First Capital Realty Inc. acquires, develops, redevelops, owns, and manages urban retail-centered real estate properties in Canada. The company’s property portfolio comprises grocery stores, pharmacies, liquor stores, banks, restaurants, cafes, fitness centers, medical, and childcare facilities. It also offers other professional and personal services. In addition, the company is involved in the development of mixed-use properties that include residential condominiums and rental apartments. As of December 31, 2018, it owned interests in 166 properties with approximately 25.5 million square feet of gross leasable area. The company was formerly known as Centrefund Realty Corporation and changed its name to First Capital Realty Inc. in September 2001. First Capital Realty Inc. was founded in 1957 and is headquartered in Toronto, Canada.

Details
Name: First Capital Realty Inc.
FCRG.F
Exchange: OTCPK
Founded: 1957
CA$3,426,148,384
219,068,416
Website: http://www.fcr.ca
Address: First Capital Realty Inc.
85 Hanna Avenue,
Suite 400,
Toronto,
Ontario, M6K 3S3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX FCR Common Shares The Toronto Stock Exchange CA CAD 29. Mar 1994
OTCPK FCRG.F Common Shares Pink Sheets LLC US USD 29. Mar 1994
DB FRQ Common Shares Deutsche Boerse AG DE EUR 29. Mar 1994
Number of employees
Current staff
Staff numbers
364
First Capital Realty employees.
Industry
Real Estate Operating Companies
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 02:53
End of day share price update: 2019/04/29 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.