First Capital REIT reports after the market closes on November 2. Analysts expect flat earnings per share (EPS) and modest revenue growth.
First Capital Real Estate Investment Trust (FCR-UN.TO) is set to report results for the quarter ended September 30, 2026. The available consensus forecast is C$1.30 per share from one analyst, unchanged from a year earlier. Four analysts expect revenue of C$750.24 million, up 1.1% year over year. First Capital owns and operates open-air, grocery-anchored shopping centres in Canadian neighbourhoods. The report comes as the REIT faces an announced acquisition by KingSett Capital and Choice Properties REIT. First Capital says it will not hold a conference call.
Recent earnings trend
First Capital Real Estate Investment Trust
FCR-UN.TO
FCR-UN.TO
First Capital Real Estate Investment Trust
WealthAwesomeMarket cap
$4.89B
P/E
4.8x
Div. yield
3.94%
Div. / share
$0.90
52W high
$23.30
52W low
$17.51
1W change
-1.02%
Beta
0.86
Analyst Price Targets
Based on analyst covering FCR-UN · as of Oct 23, 2026
Wall Street analysts forecast FCR-UN stock price to rise 5.8% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$24.36
+5.8% Upside
Previously C$24.41 on Oct 16, 2026
Current Price
C$23.02
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
5.9%
Annualized
90-Day Vol
6.3%
Annualized
Trend (90d)
+3.4%
Annualized drift
90d Mean
C$23.23
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$23.04 | C$22.58 – C$23.51 |
| 60 trading days | C$23.13 | C$22.48 – C$23.80 |
| 90 trading days | C$23.23 | C$22.43 – C$24.06 |
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 |
|---|---|---|---|---|
| 2026-06-30 | 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 | — | — |
Investor takeaway: The forecasts point to a steady quarter, not a clear pickup in growth. EPS is expected to hold flat, while revenue is forecast to edge higher. First Capital has beaten estimates in two of its last four reported quarters, but that history doesn’t guarantee another surprise. Investors can weigh the results against rental income, operating costs and financing conditions, while keeping the announced acquisition in mind.
C$1.30
That’s the one-analyst EPS forecast for the quarter ended September 30, unchanged from a year earlier. Revenue is expected to reach C$750.24 million, up 1.1% year over year.
Bull case
Revenue is expected to grow modestly, and First Capital’s grocery-anchored centres offer useful context for assessing rental income and operating performance. EPS above C$1.30 would suggest earnings are holding up better than the flat year-over-year forecast indicates. The units also trade above their 50-day and 200-day moving averages, though that reflects market performance, not the trust’s operating strength.
Bear case
The EPS forecast has fallen from C$1.32 to C$1.30 over the past 30 days. One analyst lowered the estimate, and none raised it. With little growth expected, weaker property income, higher costs or financing pressure could weigh on results. The EPS consensus comes from just one analyst, so it offers a limited view of expectations. Since First Capital won’t hold a conference call, investors will need to look to its financial statements and management’s discussion and analysis for more detail.
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