First Capital REIT
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Type | Public |
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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) |
![](http://upload.wikimedia.org/wikipedia/commons/thumb/5/51/Cedarbrae_Mall_193289.jpg/220px-Cedarbrae_Mall_193289.jpg)
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]
History[]
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 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]
Business[]
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]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/22/FCR_LibertyVillageAssets.jpg/220px-FCR_LibertyVillageAssets.jpg)
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[]
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]
Properties[]
Notable properties owned by First Capital include:[17]
Ontario[]
- 102-108 Yorkville Avenue in Toronto
- 101 Yorkville Avenue in Toronto
- Shops at King Liberty in Toronto
- Cedarbrae Mall in Scarborough
- Yorkville Village (formerly known as Hazelton Lanes) in Toronto
![](http://upload.wikimedia.org/wikipedia/commons/thumb/c/c7/FCR_3080YongeStreet_Exterior_2020.jpg/220px-FCR_3080YongeStreet_Exterior_2020.jpg)
- One Bloor in Toronto
- Meadowvale Town Centre in Mississauga
- Parkway Mall in Scarborough
- College Square in Ottawa
- Merivale Mall in Ottawa
- Leaside Village in Toronto
- York Mills Gardens in Toronto
- 3080 Yonge Street in Toronto
- King High Line in Toronto
- 1 Bloor East in Toronto
- Yonge & Roselawn in Toronto
- 2150 Lakeshore Boulevard West (formerly known as the Christie Cookie Site) in TorontoCentre Wilderton, a First Capital Property & Development in Montreal, Quebec
Quebec[]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/2/23/10405_120_St%2C_Edmonton_Small_%2816_of_16%29.jpg/220px-10405_120_St%2C_Edmonton_Small_%2816_of_16%29.jpg)
- Centre Domaine in Montreal
- Galeries Normandie in Montreal.
- Carre Lucerne in Montreal
- Place Viau in Montreal
- Wilderton Centre in Montreal
- Griffintown 225 Peel in Montreal
- Griffintown 100 Peel in Montreal
Alberta[]
- Mount Royal Village in Calgary
- Edmonton Brewery District Edmonton
- Northgate Centre in Edmonton
- Westmount Centre in Edmonton
British Columbia[]
- Semiahmoo Shopping Centre in Surrey
- Shops at New West in New Westminster
- False Creek Village in Vancouver
References[]
- ^ a b c "First Capital Realty-backed portfolio of 19 properties in Ottawa and Toronto on the market". Financial Post. September 21, 2017. Retrieved December 29, 2017.
- ^ a b "Our History | North American Development Group". North American Development Group. Retrieved December 29, 2017.
- ^ a b Howlett, Karen (October 23, 2001). "The stock trades nobody noticed". The Globe and Mail. Retrieved December 29, 2017.
- ^ "First Capital Announces Gazit's Disposition of Remaining Interest in FCR" (PDF). March 22, 2017.
{{cite web}}
: CS1 maint: url-status (link) - ^ Church, Elizabeth (December 27, 2003). "First Capital shops for the right property". The Globe and Mail. Retrieved December 29, 2017.
- ^ "Yorkville's $110M Hazelton Lanes mall sold". CBC News. Retrieved December 29, 2017.
- ^ a b Inc, First Capital Realty. "First Capital Realty Completes Conversion to a Real Estate Investment Trust". www.newswire.ca. Retrieved February 26, 2021.
- ^ Capital, First. "First Capital Q1 2021 Report" (PDF).
{{cite web}}
: CS1 maint: url-status (link) - ^ "First Capital REIT - Q1 2021 report" (PDF). www.fcr.ca. Retrieved April 6, 2021.
{{cite web}}
: CS1 maint: url-status (link) - ^ Capital Realty, First. "Strategic and Diversified Tenant Mix" (PDF). First Capital Realty. Retrieved April 6, 2021.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Q1 2021 Report" (PDF). First Capital Website.
{{cite web}}
: CS1 maint: url-status (link) - ^ "First Capital Annual Report - Q1 2020" (PDF). Retrieved April 6, 2021.
{{cite web}}
: CS1 maint: url-status (link) - ^ "First Capital Q1 Report" (PDF). First Capital REIT Website. Retrieved April 6, 2021.
{{cite web}}
: CS1 maint: url-status (link) - ^ "First Capital's Sustainability Policy" (PDF).
{{cite web}}
: CS1 maint: url-status (link) - ^ "First Capital's 2020-2024 ESG Roadmap" (PDF).
{{cite web}}
: CS1 maint: url-status (link) - ^ "First Capital's Q1 2021 Results" (PDF).
{{cite web}}
: CS1 maint: url-status (link) - ^ "First Capital Realty - Portfolio&Leasing". fcr.ca. Retrieved December 29, 2017.
- Companies based in Toronto
- Companies listed on the Toronto Stock Exchange
- Real estate companies of Canada
- Real estate investment trusts of Canada