Canada's First Capital REIT Q1 operating FFO per unit rises

First Capital Real Estate Investment Trust

05/05/2026 22:09

Overview

Canada shopping centre REIT's Q1 operating FFO per unit rose 7.6% yr/yr

Net income attributable to unitholders increased to C$92.2 mln from C$84.4 mln yr/yr

Company agreed to C$9.4 bln acquisition by KingSett Capital and Choice Properties REIT

Outlook

First Capital expects acquisition by KingSett Capital and Choice Properties REIT to close pending approvals

Result Drivers

HIGHER NOI - Co said increase in operating FFO was primarily due to higher net operating income and lower corporate expenses

RENTAL RATE GROWTH - Same property NOI growth was primarily due to rental rate growth and higher occupancy

LEASE RENEWAL LIFTS - Lease renewal rates increased 16.4% on strong renewal volume, contributing to higher average net rental rates

Company press release: ID:nCNWPtwG5a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Income
C$92.2 mln
Q1 Operating FFO
C$74.3 mln
Q1 Operating FFO Per Share
C$0.35


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy"

Wall Street's median 12-month price target for First Capital Real Estate Investment Trust is C$24.00, about 2.7% above its May 4 closing price of C$23.36

The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 15 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)