First Capital Realty

First Capital Realty
Public
Traded as TSX: FCR
S&P/TSX Composite Component
Industry Real estate
Founded 1994
Headquarters Toronto, Ontario, Canada
Key people
 Adam E. Paul (President and Chief executive officer)
Revenue $676 million CAD (2016)
Cedarbrae Mall, a First Capital Property

First Capital Realty 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 Realty 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 into 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) remains a significant shareholder in First Capital (32% as of March 2017)[4], although both they and First Capital have issued a number of shares to public markets in the intervening time.[5] 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]

Business

First Capital primarily owns medium-size shopping centres in large urban areas in Canada. As of the end of 2016, First Capital had 160 retail properties, with 25.3 million square feet of space, worth $8.7 billion.[7] Major tenant groups include grocery stores (17.3% of 2016 rent), restaurants (13.9%), pharmacies (9.2%), and banks (8.6%).[7] The top 10 tenants in 2016 were Loblaws, Sobeys, Metro, Walmart, Canadian Tire, TD Canada Trust, RBC, Goodlife Fitness, Dollarama, and CIBC, accounting for 35% of total rent.[7] Major markets served include Toronto (33% of 2016 rent), Montreal (15%), Calgary (12%), Vancouver (11%), Edmonton (10%), and Ottawa (6%).[7]

First Capital has recently been shifting to mixed-use developments, as opposed to purely retail developments.[1]

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]

Unlike many public real estate companies, First Capital Realty is not structured as a real estate investment trust.[8]

Properties

This is a list of properties larger than 200,000 square feet, as of December 2017:[9]

Ontario

Quebec

Alberta

British Columbia

    References

    1. 1 2 3 "First Capital Realty-backed portfolio of 19 properties in Ottawa and Toronto on the market". Financial Post. 2017-09-21. Retrieved 2017-12-29.
    2. 1 2 "Our History | North American Development Group". North American Development Group. Retrieved 2017-12-29.
    3. 1 2 Howlett, Karen (2001-10-23). "The stock trades nobody noticed". The Globe and Mail. Retrieved 2017-12-29.
    4. ↑ "Gazit-Globe Announces Sale of Common Shares of First Capital Realty Inc". 2017-03-22.
    5. 1 2 Church, Elizabeth (2003-12-27). "First Capital shops for the right property". The Globe and Mail. Retrieved 2017-12-29.
    6. ↑ "Yorkville's $110M Hazelton Lanes mall sold". CBC News. Retrieved 2017-12-29.
    7. 1 2 3 4 "First Capital Realty - 2016 Annual Report". fcr.ca. Retrieved 2017-12-29.
    8. ↑ "RioCan Real Estate Investment Trust vs. First Capital Realty Inc.: Which Is the Better Buy?". The Motley Fool Canada. 2017-04-12. Retrieved 2017-12-29.
    9. ↑ "First Capital Realty - Portfolio&Leasing". fcr.ca. Retrieved 2017-12-29.
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