First Capital Real Estate Investment Trust (FCR-UN) Fair Value & Analysis
Real Estate · CA · Market cap C$4.9B
Fair value as of: Jul 17, 2026
From 25 valuation models · updated 4 days ago
Share price −1.3% over the past month.
Price vs Fair Value (12 months)
12‑month range C$17.44 – C$23.52 · fair‑value band C$16.77 – C$27.95 · the C$22.94 price screens above the C$22.36 fair value. As of Jul 17, 2026.
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First Capital Real Estate Investment Trust (FCR-UN) currently trades at C$22.94, while our model-based Fair Value estimate is C$22.36, implying the stock looks roughly 2.5% fairly valued today. We read business quality at 61/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Trailing-twelve-month revenue stands at C$723M. Revenue grew 4.7% year over year. It earns a return on equity of 23.8%. Net debt stands at C$3.9B. Fundamentals as of Jul 17, 2026
Our scenario range runs from C$16.77 (bear case) to C$27.95 (bull case); at C$22.94, the current price sits within that range. The share trades about 3% below its 52-week high and 38% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -35% fair-value upside, at -3%, FCR-UN screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 17, 2026. TTM = trailing twelve months.
About the company
First Capital Real Estate Investment Trust is an unincorporated, open-ended mutual fund trust. First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighborhoods with the strongest demographics in Canada. The Trust is listed on the Toronto Stock Exchange. On November 24, 2025, the Trust's unitholders approved an internal tax reorganization that was completed by way of a plan of arrangement (the Arrangement). The Arrangement simplified First Capital's organizational structure by eliminating First Capital Realty Inc. as the Trust's wholly owned corporate subsidiary that owned, directly and indirectly, all of First Capital's real property portfolio. The Arrangement was completed and became effective on November 30, 2025. Following the Arrangement, First Capital now holds substantially all its real property portfolio through flow-through entities, namely subsidiary partnerships and trusts. First Capital Real Estate Investment Trust is …
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First Capital Real Estate Investment Trust reported revenue of C$731M in FY2025 versus C$684M in FY2021, a compound +1.7%/yr. Reported net income was C$1.1B in FY2025, compounding +23.3%/yr from FY2021.
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Recent news
- FIRST CAPITAL RECEIVES COURT APPROVAL FOR ARRANGEMENT WITH KINGSETT CAPITAL AND CHOICE PROPERTIES REIT
- FIRST CAPITAL UNITHOLDERS APPROVE THE ARRANGEMENT WITH KINGSETT CAPITAL AND CHOICE PROPERTIES REIT
- BOTH LEADING INDEPENDENT PROXY ADVISORS RECOMMEND FIRST CAPITAL UNITHOLDERS VOTE IN FAVOUR OF THE ARRANGEMENT
- FIRST CAPITAL ANNOUNCES THE FILING AND MAILING OF MEETING MATERIALS IN CONNECTION WITH THE SPECIAL MEETING OF UNITHOLDERS TO APPROVE THE ARR
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection, not financial advice.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $216.74 | $113.07 | -48% |
| Realty Income Corporation O | $60.24 | $36.12 | -40% |
| Kimco Realty Corporation K1IM34 | R$115.44 | R$20.04 | -83% |
| Unibail-Rodamco-Westfield SE URW | €100.30 | €103.95 | +4% |
| Scentre Group STGPF | $2.73 | $2.40 | -12% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.27 SGD | 1.39 SGD | -39% |
| Regency Centers Corporation R1EG34 | R$200.95 | R$33.00 | -84% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$35.42 | HK$41.93 | +18% |
| Klépierre SA LI | €35.02 | €34.28 | -2% |
| Federal Realty Investment Trust FRT | $123.68 | $80.89 | -35% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.