 | |
| Company type | Public |
|---|---|
| TSX: FCR.UN S&P/TSX Composite Component | |
| Industry | Commercial Real Estate |
| Founded | 1994 |
| Headquarters | , Canada |
Key people | Adam E. Paul (President and Chief executive officer) |
| Revenue | $780 million CAD (2019) |
| Total assets | $10 billion CAD (2020) |
| Website | fcr.ca |
First Capital REIT is a Canadian public real estate company, specializing in retail real estate, and based in Toronto, Ontario. It is one of the largest retail landlords in Canada. [1]
First Capital was founded in 1994 as Centrefund Realty through a 1994 IPO. [2] It started with 5 properties, and grew to 70 properties by 2000. [2] In May 2000, Riocan Real Estate Investment Trust briefly entered discussions into buying First Capital. [3] Gazit Group ended up acquiring the company, which was restructured and renamed First Capital Realty in 2001. [3]
Gazit Group (now Gazit-Globe) was a significant shareholder in First Capital up until March 2020. [4]
As of 2003, First Capital had 81 properties, after spinning off its American properties and acquiring 18 properties during the year. [5] In 2011, First Capital Realty bought Hazelton Lanes, a shopping centre in Yorkville, Toronto, for $110 million. [6]
In December 2019, the company rebranded as First Capital REIT, and reorganized into a Real Estate Investment Trust [7]
As of 2021, First Capital owns properties in over 150 Canadian neighbourhoods, consisting of over 200 properties, over 4,000 tenants and over 22.9 million square feet of gross leasable area. [8]
First Capital primarily owns shopping centres in large urban areas across Canada. As of Q1 2021, First Capital has properties in over 150 Canadian neighbourhoods, with 22.9 million square feet of gross leasable area with total enterprise valued at $10 Billion. [9] Major tenant groups include grocery stores (17.0% of Q1 2021 rent), medical & personal services (15.5%), restaurants (12.9%), pharmacies (9.3%), and banks (8.3%). [10] The top 10 tenants in Q1 2021 were Loblaws, Sobeys, Metro, Canadian Tire, Walmart, TD Canada Trust, RBC, Save on Foods, Goodlife Fitness, and Dollarama. [11]
First Capital has recently been shifting to mixed-use developments, as opposed to purely retail developments. [1] As of Q1 2021, the average population density within 5 kilometers of FCR properties is 304,000, up 48% since 2016. [12]
In September 2017, it was announced that First Capital was considering selling $500 million worth of properties in Ottawa and Toronto in which it has a partial interest. [1] As of Q1 2021, 52% of the FCR portfolio is in the Greater Toronto and Greater Ottawa areas. [13]
In December 2019, FCR converted from a corporation to a real estate investment trust, listing on December 30 on the TSX as FCR.UN. [7]
Since 2006, First Capital has engaged in several sustainability initiatives, starting with its commitment to develop all properties using Leadership in Energy and Environmental Design (LEED) standards. [14]
In 2020, First Capital released its 2020-2024 Environmental, Social, and Governance (ESG) Roadmap, and Sustainability Policy, outlining current and future sustainability plans. [15]
As of Q1 2021, FCR has achieved a 'AAA' rating in the Morgan Stanley Capital International (MSCI) ESG Ratings assessment for the third year in a row, a 4-star ranking by the Global Real Estate Sustainability Benchmark (GRESB) in 2020, awarded Silver 2020 Green Lease Leader Recognition by the Institute for Market Transformation (IMT) and the U.S. Department of Energy's Better Building Alliance, and received Prime Status for Corporate ESG Performance by the Institutional Shareholder Services 2020. [16]
Notable properties owned by First Capital include: [17]
Link Real Estate Investment Trust, previously known as The Link Real Estate Investment Trust, is a wholly-owned private real estate investment trust managed by Link Asset Management Limited. It is the first real estate investment trust in Hong Kong and the largest in Asia by market capitalisation.
Centre Laval is a shopping mall located in the Chomedey district of Laval, Quebec, Canada, at the corner of Saint-Martin West and Le Corbusier boulevard. It is a 10-minute walk from the Montmorency metro station in nearby Laval-des-Rapides. Centre Laval is paired with Quartier Laval, a power centre across the street owned by the same company, with which it makes a shopping complex called DUO.
Yorkville Village is a shopping mall in Toronto, Ontario, Canada. It is located in the Yorkville neighbourhood, along Avenue Road, north of Bloor Street. Prior to its redevelopment which concluded on January 25, 2016, it was known as Hazelton Lanes.
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Brad J. Lamb is a Canadian real estate broker and condominium developer. He had a reality television show named Big City Broker on the HGTV Canada network for several years. The show focused on the workings of his real estate brokerage, "Brad J. Lamb Realty Inc." Lamb received media attention in March 2021. Due to a zoning bylaw violation, tenants living in units above an auto-body repair shop were forced to leave their units permanently by the City of Toronto.
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360 Main is a 32-storey office tower located at Portage and Main in downtown Winnipeg, Manitoba.
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College Square is a shopping centre in Nepean, a suburb of Ottawa, Ontario, Canada, located at the intersection of Woodroffe Avenue and Baseline Road, and is north of Algonquin College. It has an area of 389,244 square feet (36,162.0 m2) and houses 35 stores and services across 11 buildings.
Morguard Corporation is a Canadian real estate company, based in Mississauga, Ontario. It owns retail, residential, office, industrial, and hotel properties, as well as managing real estate and financial investments for institutional investors. As of October 2017, it owned $9.4 billion in real estate, and managed an additional $12.6 billion.
SmartCentres Real Estate Investment Trust is a Canadian real estate investment trust, based in Vaughan, Ontario. It specializes in retail real estate, especially power centres. Almost all of its malls have Walmart as a tenant; SmartCentre's logo features a family of penguins with shopping bags.
H&R Real Estate Investment Trust is a Canadian open-ended real estate investment trust, specializing in commercial real estate, and based in Toronto, Ontario. It is the third largest REIT in Canada by market capitalization. H&R's portfolio includes 40 office properties, 161 retail properties, and 105 industrial properties and 11 other properties, with a total value of $13 billion. It is listed on the Toronto Stock Exchange.
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InterRent Real Estate Investment Trust is a Canadian real estate investment trust, specializing in residential real estate, and based in Ottawa, Ontario. As of April 2018, it owns 8,800 suites in Ontario and Quebec, worth $1.66 billion. It is listed on the Toronto Stock Exchange under the symbol IIP.UN.
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