First Capital Real Estate Investment Trust (FCR-UN) has released its Q2 earnings, revealing a mixed performance that highlights both growth and challenges in the retail real estate sector.
On July 27, 2026, First Capital Real Estate Investment Trust (FCR-UN) reported its financial results for the second quarter ending June 30, 2026. The results reflect the current dynamics in the retail real estate market, showcasing both resilience and areas of concern for Canadian investors.
Recent earnings trend
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First Capital Real Estate Investment Trust
FCR-UN.TO
FCR-UN.TO
First Capital Real Estate Investment Trust
WealthAwesomeMarket cap
$4.89B
P/E
4.6x
Div. yield
3.88%
Div. / share
$0.89
52W high
$23.61
52W low
$17.74
1W change
-0.70%
Beta
0.89
Analyst Price Targets
Based on analyst covering FCR-UN
Wall Street analysts forecast FCR-UN stock price to rise 6.5% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$24.34
+6.5% Upside
Current Price
C$22.86
Last close
Analyst ratings and price targets are updated periodically. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on FCR-UN's historical volatility
30-Day Vol
10.2%
Annualized
90-Day Vol
16.5%
Annualized
Trend (90d)
-9.1%
Annualized drift
90d Mean
C$22.13
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$22.61 | C$21.83 – C$23.43 |
| 60 trading days | C$22.37 | C$21.28 – C$23.52 |
| 90 trading days | C$22.13 | C$20.82 – C$23.52 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: Limited — historical beat/miss data exists for 38 quarter(s), but no upcoming consensus.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-06-30 | 2026-07-27 | 0.1122 | — | — |
| 2026-03-31 | 2026-05-05 | 0.4288 | — | — |
| 2025-12-31 | 2026-02-10 | 3.9987 | — | — |
| 2025-09-30 | 2025-11-04 | 0.3100 | — | — |
| 2025-06-30 | 2025-07-29 | 0.2956 | — | — |
| 2025-03-31 | 2025-05-06 | 0.3936 | — | — |
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Investor takeaway: While First Capital's occupancy rates and operating funds from operations (FFO) show positive trends, the significant decrease in net income and challenges linked to its residential projects raise questions about future performance. Investors should weigh the potential for growth against the backdrop of recent challenges.
Q2 EPS of $0.11, Down from $0.30 Year-Over-Year
First Capital's net income attributable to unitholders fell significantly to $24.2 million or $0.11 per diluted unit, compared to $63.5 million or $0.30 per diluted unit in the same quarter last year, primarily due to impairment losses on residential projects.
Bull case
First Capital's portfolio occupancy remains strong at 97.1%. The company has also managed to increase lease renewals by 14.4%. This growth in operating FFO per unit suggests effective management and operational efficiency, which can be appealing to investors looking for stability in the retail REIT sector.
Bear case
The significant drop in net income attributable to unitholders, mainly due to impairment losses related to residential developments, raises concerns about the company's strategic direction. Additionally, a decrease in overall FFO may signal underlying issues that could affect future profitability.
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