TORONTO, Feb. 10, 2026 /CNW/ – First Capital Real Estate Investment Trust (“First Capital”, “FCR”, or the “Trust”) (TSX:FCR), announced financial results for the fourth quarter and year ended December 31, 2025. The 2025 Fourth Quarter Report is available in the Investors section of the Trust’s website at www.fcr.ca and will be filed on SEDAR+ at www.sedarplus.ca.
KEY HIGHLIGHTS FROM THE FOURTH QUARTER:
- Operating FFO per unit of $0.34, representing YoY growth of 7%
- Same Property NOI growth of 5.7%, excluding bad debt expense (recovery) and lease termination fees
- Lease renewal lift of 15.8% on strong leasing volume
- Total portfolio occupancy of 97.1%, representing an increase of 30 basis points year-over-year
“Strong fundamentals for FCR’s grocery anchored portfolio together with the disciplined execution of our capital allocation strategy delivered solid results again in 2025,” said Adam Paul, President & CEO.
“Healthy leasing metrics including same property NOI growth of more than 5%, lease renewal spreads of nearly 15% and occupancy of 97.1% contributed to normalized Operating FFO per unit growth of 5.5% for the year”. Mr. Paul continued, “As we commence the final year of our three-year strategic plan, I am pleased that we continue to track well against the metrics we presented to our investors in early 2024.”
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Key Earnings Metrics |
Three months ended |
Year ended December 31 |
|||
|
($ millions unless otherwise noted) |
2025 |
2024 |
2025 |
2024 |
|
|
Operating FFO (1) |
72.3 |
67.7 |
285.6 |
291.0 |
|
|
Operating FFO per diluted unit (1) |
$0.34 |
$0.32 |
$1.33 |
$1.36 |
|
|
FFO (1) |
68.4 |
67.5 |
279.2 |
289.7 |
|
|
FFO per diluted unit (1) |
$0.32 |
$0.31 |
$1.30 |
$1.35 |
|
|
Net income (loss) attributable to unitholders |
849.5 |
32.1 |
1,064.0 |
204.9 |
|
|
Net income (loss) attributable to unitholders per diluted unit |
$3.95 |
$0.15 |
$4.96 |
$0.96 |
|
|
Weighted average diluted units for FFO and net income (000s) |
214,897 |
214,355 |
214,735 |
214,234 |
|
|
(1) |
Refer to “Non-IFRS Financial Measures” section of this press release. |
|
Key Operating Performance and Capital Allocation Metrics |
Three months ended |
Year ended December 31 |
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|
($ millions unless otherwise noted) |
2025 |
2024 |
2025 |
2024 |
|
|
Operating Metrics |
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|
Total Same Property NOI growth excluding lease termination fees |
5.7 % |
3.4 % |
5.9 % |
3.3 % |
|
|
Total Same Property NOI growth (1)(2) |
7.9 % |
2.7 % |
5.2 % |
4.4 % |
|
|
Total portfolio occupancy (3) |
97.1 % |
96.8 % |
|||
|
Total Same Property occupancy (1)(3) |
97.2 % |
97.0 % |
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|
Lease renewal volume (square feet) |
522,000 |
749,000 |
2,201,000 |
2,372,000 |
|
|
Lease renewal lift (first year rent of renewal term) |
15.8 % |
12.7 % |
14.8 % |
12.5 % |
|
|
Lease renewal lift (average rent of renewal term) |
20.2 % |
18.5 % |
19.7 % |
17.3 % |
|
|
Average Net Rental Rate per occupied square foot |
$24.73 |
$24.00 |
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Capital Allocation |
|||||
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Acquisition of investment properties |
— |
— |
27.7 |
33.5 |
|
|
Development expenditures (4) |
30.5 |
18.9 |
93.7 |
61.4 |
|
|
Investment in residential inventory (4) |
16.3 |
14.1 |
69.0 |
55.2 |
|
|
Property disposition proceeds (4) |
67.0 |
65.2 |
176.0 |
217.1 |
|
|
Key Balance Sheet Metrics |
December 31 |
December 31 |
|
|
($ millions unless otherwise noted) |
2025 |
2024 |
|
|
Total assets (5) |
9,230.1 |
9,181.2 |
|
|
Assets held for sale (5) |
106.0 |
196.6 |
|
|
Net Debt (4) |
4,052.9 |
4,019.1 |
|
|
Increase (decrease) in fair value of investment properties, net (1)(7) |
44.2 |
(49.6) |
|
|
Unencumbered assets (4) |
6,267.6 |
6,249.8 |
|
|
Net Asset Value per unit |
$22.57 |
$22.05 |
|
|
Net debt to total assets (4)(6) |
44.1 % |