First Capital Real Estate Investment (TSX:FCR.UN)

Real Estate

First Capital Real Estate Investment Trust is a Canada-based owner and developer of urban real estate properties.

The REIT claims to focus on thriving urban neighborhoods to generate value for investors, businesses, and residents.

The portfolio primarily consists of income-producing, high-quality mixed-use real estate properties.

As of March 31, 2021, the trust has an interest in 150 neighborhood properties, covering 20 million square feet of gross leasable area.

First Capital REIT's properties are centered in and around different Canadian provinces, including Montreal, Toronto, Calgary, Ottawa, and Edmonton.

The property portfolio is broadly categorized as follows:

• Major redevelopment
• Ground-up development
• Same Property
• Dispositions
• Acquisitions

The REIT firm claims to generate 90 per cent of total revenue from retail tenants engaged in grocery and liquor stores, banks, restaurants, cafés, pharmacies, fitness centers and childcare facilities.

In December 2019, First Capital Realty Inc rebranded itself into a real estate investment trust. Following this, the units were listed on the Toronto Stock Exchange (TSX).

First Capital Realty Inc was founded in November 1993. The company owned five properties initially and increased it to approximately 70 properties by 2000. In 2001, First Capital was renamed First Capital Realty, owned by the Gazit Group.

First Capital REIT claims to save approximately 57,000 kilowatt-hours of energy annually at the Promenade du Parc complex, accounting for a 55 per cent reduction in electricity consumption.

Amidst the COVID-19 pandemic, the Canadian REIT supported small business and employees, reportedly.

It reportedly launched First Capital’s $30 million Small Business Support Program (SBSP) and allowed deferring rent payments for over 12 months to support small tenants.

On January 26, 2021, the firm launched FCR Thriving Neighbourhoods Foundation, a charitable foundation to serve local communities where it operates, it claims.

First Capital REIT was reportedly among Greater Toronto’s top employers list for 2021. In addition, it was also among Canada’s Best Employers for Recent Graduates.

As part of its sustainable initiatives, the real estate investment trust aims to achieve net-zero emissions by 2050.

The units trade under the ticker ‘FCR.UN’ on TSX.

Contact Information

company address 85 Hanna Ave, Suite 400 Toronto, ON M6K 3S3

company phone416-504-4114

company website

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