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First Capital REIT

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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 REIT
Company typePublic
TSX: FCR.UN
S&P/TSX Composite Component
IndustryCommercial Real Estate
Founded1994
FounderDori Segal
Headquarters
Toronto, Ontario
,
Canada
Key people
Adam E. Paul (President and Chief executive officer)
Revenue$688 million CAD (2023)
Total assets$9.8 billion CAD (2023)
Websitefcr.ca
Cedarbrae Mall, a First Capital Property

History

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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 March 31, 2024, First Capital REIT owns interests in 139 neighbourhoods, totaling 22.2 million square feet of gross leasable area worth $9.2 billion in total assets.[8]

Business

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As of March 31, 2024, First Capital owns interests in 139 neighbourhoods, totalling 22.2 million square feet of gross leasable area worth $9.2 billion in total assets. Major tenant groups include; grocery stores (17.1% of 2023 annual rent), medical & personal services (15.5%), restaurants (13.0%), pharmacies (9.2%), and banks (8.1%). The top ten tenants, as of December 31, 2023, were Loblaws, Sobeys, Metro, Canadian Tire, Walmart, TD Canada Trust, Dollarama, Goodlife Fitness, Save-On-Foods and RBC Royal Bank.

First Capital owns, operates, and develops grocery anchored open-air centres in neighbourhoods with the strongest demographics in Canada. As of December 31, 2023, the average population density within 5 kilometers of FCR properties is 295,000, up 44% since 2016 [9]

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 December 31, 2023, 45% of the FCR portfolio is in the Greater Toronto and Greater Ottawa areas.[10]

 
Shops at King Liberty, a First Capital Property in Liberty Village, Toronto

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]

Sustainability and environmental responsibilities

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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.[11]

In 2020, First Capital released its 2020-2024 Environmental, Social, and Governance (ESG) Roadmap, and Sustainability Policy, outlining current and future sustainability plans.[12]

In 2020, FCR received a 4-star ranking by the Global Real Estate Sustainability Benchmark (GRESB), was 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. First Capital also received Prime Status for Corporate ESG Performance by the Institutional Shareholder Services[13]

In 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.[14]

In 2022, First Capital was once again named one of Canada's Top Small and Medium Employers. FCR was the first Canadian retail REIT to be a signatory in support of the Task Force on Climate-Related Financial Disclosures and received validation from the Science Based Targets Initiative (SBTi) for their 2030 GHG reduction target of 46%.[15]

In 2023, FCR implemented more than 300 electric vehicle charging stations and over 1,100 bike racks across their portfolio. First Capital was listed as a top 30 Canadian company in Sustainaltyics ‘Road to Net Zero’ Ranking. The FCR Thriving Neighbourhoods Foundation also raised over $925,000 in contributions for charities and non-profits across Canada since its launch in 2020.[16]

Properties

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As of December 31, 2023 around 33.2% of First Capital REIT's annual rent came from its top 10 tenants - Loblaws (94 stores, 10.5% of rent), Sobeys (50 stores, 5.5% of rent), Metro (35 stores, 3.2% of rent), Canadian Tire (19 stores, 2.9% of rent), Walmart (10 stores, 2.1% of rent), TD Canada Trust (43 stores, 2.0% of rent), Dollarama (51 stores, 1.9% of rent), GoodLife Fitness (26 stores, 1.8% of rent), Save-On-Foods (8 stores, 1.7% of rent), and Royal Bank of Canada (35 stores, 1.6% of rent).[17] Around 54.9% of First Capital REIT's annual rent came from its top 40 tenants.[17]

Notable properties owned by First Capital include:[18]

Ontario

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3080 Yonge Street, a First Capital property in midtown Toronto.

Quebec

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Edmonton Brewery District, a First Capital property in Edmonton, Alberta.

Alberta

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British Columbi

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References

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  1. ^ a b "First Capital Realty-backed portfolio of 19 properties in Ottawa and Toronto on the market". Financial Post. September 21, 2017. Archived from the original on January 1, 2018. Retrieved December 29, 2017.
  2. ^ a b "Our History | North American Development Group". North American Development Group. Archived from the original on December 1, 2018. Retrieved December 29, 2017.
  3. ^ a b Howlett, Karen (October 23, 2001). "The stock trades nobody noticed". The Globe and Mail. Retrieved December 29, 2017.
  4. ^ "First Capital Announces Gazit's Disposition of Remaining Interest in FCR" (PDF). March 22, 2017. Archived (PDF) from the original on May 25, 2021. Retrieved May 25, 2021.
  5. ^ Church, Elizabeth (December 27, 2003). "First Capital shops for the right property". The Globe and Mail. Retrieved December 29, 2017.
  6. ^ "Yorkville's $110M Hazelton Lanes mall sold". CBC News. Retrieved December 29, 2017.
  7. ^ a b Inc, First Capital Realty. "First Capital Realty Completes Conversion to a Real Estate Investment Trust". www.newswire.ca. Archived from the original on May 8, 2021. Retrieved February 26, 2021. {{cite web}}: |last= has generic name (help)
  8. ^ Capital, First. "First Capital Annual 2024 Report" (PDF). Retrieved May 21, 2021.
  9. ^ "First Capital Annual Report - 2023" (PDF). Archived (PDF) from the original on May 19, 2024. Retrieved January 2, 2024.
  10. ^ "First Capital Q1 Report" (PDF). First Capital REIT Website. Archived (PDF) from the original on May 19, 2024. Retrieved January 2, 2024.
  11. ^ "First Capital's Sustainability Policy" (PDF). Archived (PDF) from the original on February 9, 2021. Retrieved May 25, 2021.
  12. ^ "First Capital's 2020-2024 ESG Roadmap" (PDF). Archived (PDF) from the original on May 25, 2021. Retrieved May 25, 2021.
  13. ^ "ESG Report - 2020" (PDF). Archived (PDF) from the original on April 2, 2023. Retrieved April 1, 2021.
  14. ^ "First Capital's Q1 2021 Results" (PDF). Archived (PDF) from the original on May 21, 2021. Retrieved May 21, 2021.
  15. ^ "ESG Report - 2022" (PDF). Archived (PDF) from the original on February 9, 2024. Retrieved April 1, 2023.
  16. ^ "ESG Report - 2023" (PDF). Retrieved April 1, 2024.
  17. ^ a b First Capital, REIT. "First Capital REIT Annual Report 2023" (PDF). Retrieved May 24, 2024.
  18. ^ "First Capital Realty - Portfolio&Leasing". fcr.ca. Retrieved December 29, 2017.[dead link‍]
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