First Capital Real Estate Investment Trust's latest earnings reveal both challenges and growth potential for Canadian investors.
First Capital Real Estate Investment Trust (FCR-UN.TO) has released its second-quarter earnings for 2026, providing insights into its operational performance and financial health. As Canadian investors look for reliable income streams and growth opportunities, understanding these results is crucial.
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First Capital Real Estate Investment Trust
FCR-UN.TO
FCR-UN.TO
First Capital Real Estate Investment Trust
WealthAwesomeMarket cap
$4.87B
P/E
4.7x
Div. yield
3.95%
Div. / share
$0.90
52W high
$23.53
52W low
$17.68
1W change
+0.13%
Beta
0.89
Analyst Price Targets
Based on analyst covering FCR-UN
Wall Street analysts forecast FCR-UN stock price to rise 6.3% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$24.37
+6.3% Upside
Current Price
C$22.93
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
10.0%
Annualized
90-Day Vol
16.4%
Annualized
Trend (90d)
-10.7%
Annualized drift
90d Mean
C$22.07
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$22.64 | C$21.87 – C$23.44 |
| 60 trading days | C$22.35 | C$21.29 – C$23.47 |
| 90 trading days | C$22.07 | C$20.79 – C$23.43 |
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 earnings reflect some challenges, especially in net income, the company's consistent occupancy rates and focus on necessity-based retail bode well for its long-term sustainability and dividend strategy.
Net Income Drops to $24.2 Million Amidst Strategic Changes
First Capital reported a net income attributable to unitholders of $24.2 million, or $0.11 per diluted unit, down from $63.5 million. This drop highlights a challenging quarter largely influenced by strategic shifts and impairments in residential developments.
Bull case
The REIT's portfolio boasts a strong occupancy rate of 97.1%, and its year-over-year growth in operating FFO indicates resilience in its business model. The focus on grocery-anchored retail spaces positions First Capital well for stable cash flows.
Bear case
The significant drop in net income, mainly due to impairment losses, raises concerns about the company's profitability. Investors should be cautious about potential future impacts from the ongoing privatization process and market conditions.
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Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
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This content is for educational purposes only and should not be considered personalized financial advice. While our team brings professional expertise, individual circumstances vary. For personalized guidance, consult with a qualified financial advisor, tax professional, or mortgage specialist.
