First Capital REIT (FCR.UN) Facts

Is First Capital REIT's distribution safe?

First Capital REIT (FCR.UN) currently screens as covered under REIT Stack's deterministic distribution-safety methodology using extraction-period inputs as of March 31, 2026. The public inputs on this sheet show AFFO payout ratio 79.3% and FFO payout ratio 66.0% from that extraction period, plus Distribution Yield 3.97% from the public market snapshot as of August 25, 2026; the engine driver summary is AFFO payout 79%: Comfortably covered by adjusted cash flow. This verdict is a screening signal, not a credit rating or investment recommendation.

Distribution-safety methodology

Is First Capital REIT trading below Reported NAV?

First Capital REIT (FCR.UN) has Price / Reported NAV of 1.01x, using price $22.79 from the public market snapshot as of August 25, 2026 and Reported NAV / Unit $22.57 from issuer filings as of December 31, 2025. This is a 1.0% premium to Reported NAV. This uses issuer-reported Reported NAV only, not REIT Stack Real Estate NAV or Market-Implied NAV.

Reported NAV, Real Estate NAV, and Market-Implied NAV taxonomy

What does First Capital REIT own?

First Capital REIT (FCR.UN) describes its portfolio this way: First Capital REIT is a leading owner and developer of grocery and pharmacy-anchored retail properties in Canada's six major urban markets: Toronto, Vancouver, Calgary, Edmonton, Ottawa, and Montréal. With approximately 160 properties totalling more than 24 million square feet in high-density, transit-proximate neighbourhoods, First Capital under CEO Adam Paul is pursuing a long-term intensification strategy — adding residential and commercial density to its urban retail sites to capture both current income and future land value. The same public row lists Market Cap $4.8B as of August 25, 2026 and sector Retail; property-level inventory, source breadcrumbs, and historical period detail remain in the member product.