First Capital REIT grew operating FFO per unit by 9.2% from a year earlier. Same-property NOI and leasing spreads also remained strong.
First Capital Real Estate Investment Trust (FCR-UN.TO; TSX: FCR.UN) reported third-quarter 2026 results after markets closed on November 2. The quarter ended September 30. Calendar data lists EPS of C$0.5384, but no analyst estimate is available for comparison, so there’s no clear beat-or-miss verdict. For REIT investors, the key figures were operating FFO per unit of C$0.36, up 9.2% year over year; same-property NOI growth of 5.6%, excluding bad debt and lease termination items; and portfolio occupancy of 96.9%.
Recent earnings trend
First Capital Real Estate Investment Trust
FCR-UN.TO
FCR-UN.TO
First Capital Real Estate Investment Trust
WealthAwesomeMarket cap
$4.96B
P/E
4.7x
Div. yield
3.92%
Div. / share
$0.91
52W high
$23.39
52W low
$17.85
1W change
+2.10%
Beta
0.88
Analyst Price Targets
Based on analyst covering FCR-UN · as of Oct 23, 2026
Wall Street analysts forecast FCR-UN stock price to rise 4.3% over the next 12 months.
Consensus
NeutralBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$24.36
+4.3% Upside
Previously C$24.41 on Oct 16, 2026
Current Price
C$23.36
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on FCR-UN's historical volatility
30-Day Vol
5.5%
Annualized
90-Day Vol
6.2%
Annualized
Trend (90d)
+14.5%
Annualized drift
90d Mean
C$24.60
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$23.77 | C$23.32 – C$24.22 |
| 60 trading days | C$24.18 | C$23.54 – C$24.84 |
| 90 trading days | C$24.60 | C$23.80 – C$25.42 |
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: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-02 | 0.5384 | — | — |
| 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 | — | — |
Investor takeaway: FCR-UN.TO showed solid operating momentum. Operating FFO per unit rose, renewal rents remained well above expiring rents, and occupancy stayed high. But net debt stood at C$4.12 billion, and net debt to adjusted EBITDA was 8.9 times. Canadian investors may want to weigh the leasing strength and monthly distribution against the high leverage. They should also distinguish recurring operating FFO from net income, which benefited from property fair-value gains.
C$0.36 operating FFO per unit, up 9.2%
Operating FFO per diluted unit rose to C$0.36 from C$0.33 in the third quarter of 2025. This measure gives a clearer picture of recurring operations than net income per unit, which was C$0.54 and included non-cash gains in property fair value.
Bull case
Operating FFO per diluted unit rose to C$0.36 from C$0.33, mainly because NOI increased by C$6.6 million. First-year renewal rents were 13.2% above previous rents, and portfolio occupancy was 96.9%. The trust also declared a November distribution of C$0.076 per unit, equal to C$0.912 a year.
Bear case
Net debt reached C$4.12 billion, and net debt to adjusted EBITDA was 8.9 times. Portfolio occupancy slipped to 96.9% from 97.1% a year earlier. Same-property NOI growth, excluding specified items, slowed to 5.6% from 6.4%. Net income rose sharply, but a C$47.9 million year-over-year increase in the fair value of investment properties was a major factor. That gain doesn’t represent recurring cash operating growth.
Best next step
Keep exploring this topic
If you want to go deeper, these are the most useful follow-up pages and tools for this topic.
Broker comparison
Best trading platforms in Canada
Compare $0-commission brokers before you act on a ticker story.
Safe cash
Best GIC rates in Canada
If the story makes you want to de-risk, compare guaranteed rates next.
HISA roundup
Best high-interest savings accounts
Keep dry powder in a no-fee savings account instead of chequing.
TFSA room
Check TFSA contribution room
Shelter the next contribution before you buy.
Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
View Full Profile →✅ Reviewed by Certified Financial Professionals
This content has been reviewed by CFA® charterholders and Certified Financial Planners (CFP®) with over a decade of experience in Canadian financial markets. All information is fact-checked against official Canadian sources and regulations.
Why these credentials matter: CFA® charterholders complete 900+ hours of rigorous study in investment analysis and ethics. CFP® professionals are held to the highest standards of financial planning competency and fiduciary duty in Canada.
⚠️ Professional Disclaimer
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.
