Canadian REIT public fact sheet
First Capital REIT (FCR.UN) Facts
First Capital REIT (FCR.UN) is an active Canadian Retail REIT. Market data as of October 28, 2026; safety inputs: June 30, 2026; Reported NAV: December 31, 2025. Price $22.86, Market Cap $4.9B, Distribution Yield 3.92% (public market snapshot, October 28, 2026), and Price / Reported NAV 1.01x; safety screens elevated risk. Data, not advice.
Headline Public Facts
Every value below is emitted by the public facts boundary used by the public sector and ranking pages.
| Ticker | FCR.UN |
|---|---|
| Name | First Capital REIT |
| Slug | first-capital-reit-fcr-un-tsx |
| Raw sector | retail |
| Sector | Retail |
| Price | $22.86 |
| Market Cap | $4.9B |
| Distribution Yield | 3.92% |
| Distribution Yield Basis | Latest market snapshot |
| Distribution Yield As of | October 28, 2026 |
| AFFO Payout Ratio | 97.9% |
| FFO Payout Ratio | 73.5% |
| Reported NAV / Unit | $22.57 |
| Reported NAV As of | December 31, 2025 |
| Price / Reported NAV | 1.01x |
| Reported NAV Discount | - |
| Distribution Safety | Elevated risk |
| As of | October 28, 2026 |
Is First Capital REIT's distribution safe?
First Capital REIT (FCR.UN) currently screens as elevated risk under REIT Stack's deterministic distribution-safety methodology using extraction-period inputs as of June 30, 2026. The public inputs on this sheet show AFFO payout ratio 97.9% and FFO payout ratio 73.5% from that extraction period, plus Distribution Yield 3.92% from the public market snapshot as of October 28, 2026; the engine driver summary is AFFO payout 98%: Distribution consumes nearly all adjusted cash flow — little cushion; Payout ratio rising: Payout climbed 13% year over year, eroding the cushion. This verdict is a screening signal, not a credit rating or investment recommendation.
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 $4.9B as of October 28, 2026 and sector Retail; property-level inventory, source breadcrumbs, and historical period detail remain in the member product.
Deeper member analysis
This public fact sheet stops at headline public facts. The member product opens the source-backed analysis below without exposing those gated values here.
- Source-line citations and extraction notes
- Full historical financial periods
- Complete distribution-safety driver waterfall
- Real Estate NAV waterfall and sensitivity table
- Earnings-call summaries and transcript audit trail