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First Capital Real Estate Investment Trust
First Capital Real Estate Investment Trust (FCR.UN) investor relations material
First Capital Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Delivered strong Q4 and full-year 2025 results, with robust leasing, NOI, and FFO growth, exceeding expectations.
Achieved record-high occupancy of 97.1% at year-end and all-time high average in-place net rental rates.
Renewed 2.2 million sq ft of leases with an average 15% increase in net rental rates; 500,000 sq ft of new leasing completed.
Net income attributable to unitholders was $1.06 billion for 2025, up from $204.9 million in 2024, driven by a significant deferred tax recovery and higher fair value gains.
Distributions per unit increased by 3% to $0.89 annually, with a further 2.5% increase approved for 2026.
Financial highlights
Q4 2025 FFO per unit was $0.34, up 7% year-over-year; OFFO per unit reached $1.33 for the year.
Same property NOI growth was 5.7% in Q4 and 5.2% for the year, excluding lease termination fees and bad debt.
Net rent per square foot reached a record $24.73, up 3.0% year-over-year.
Year-end NAV per unit was $22.57, up from $22.05 year-over-year.
Net income per diluted unit was $4.96 in 2025, up from $0.96 in 2024.
Outlook and guidance
2026 is the final year of the three-year plan, with tracking ahead of key objectives.
Management targets annual OFFO per unit growth of at least 3% and net debt to Adjusted EBITDA in the low-8x range by year-end 2026.
Same property NOI growth for 2026 expected at approximately 3%, excluding lease termination fees and bad debt.
Development expenditures in 2026 projected at $200–240 million, higher than prior years.
Value uplift of ~$60 million or ~$0.30/unit expected by end of 2026 from entitlement program and density pipeline.
Strategy for 16.4M sq ft unvalued density
How to achieve low-8x Net Debt/EBITDA by 2026?
Challenges to 2030 GHG reduction target?
Detail 2-year stacked NOI growth drivers
What are key levers for 2026 debt-to-EBITDA target
Elaborate on density monetization strategy
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Next First Capital Real Estate Investment Trust earnings date
Q1 20266 May, 2026
First Capital Real Estate Investment Trust
Next First Capital Real Estate Investment Trust earnings date
Q1 20266 May, 2026
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Frequently asked questions
First Capital Real Estate Investment Trust is a Canadian REIT focused on owning, operating, and developing urban retail properties. The company’s portfolio includes grocery-anchored and mixed-use properties located in densely populated neighborhoods across major Canadian cities. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX under the symbol FCR.UN.
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