F
irst Capital Real Estate Investment Trust (FCR) has released its financial results for the quarter ended March 31, 2025. The report is available on the company's website and will be filed with SEDAR+.
Key highlights from the first quarter include:
* Operating FFO per unit of $0.32
* Same Property NOI growth of 5.3% excluding bad debt expense and lease termination fees
* Strong leasing activity, including a 13.6% lease renewal spread
* Total portfolio occupancy of 96.9%, matching an all-time high
"We're pleased to start the year with another quarter of strong results," said Adam Paul, President and CEO. "Our high-quality grocery-anchored retail space positions us well for the current environment."
Key earnings metrics include:
* Operating FFO: $68.9 million (2025) vs. $78.1 million (2024)
* Net income attributable to unitholders: $84.4 million (2025) vs. $74.8 million (2024)
Key operating performance and capital allocation metrics include:
* Total Same Property NOI growth excluding lease termination fees and bad debt expense: 5.3% (2025) vs. 2.3% (2024)
* Lease renewal volume: 511,000 square feet (2025) vs. 466,000 square feet (2024)
* Average Net Rental Rate per occupied square foot: $24.23 (2025) vs. $23.62 (2024)
The company also reported significant capital allocation activity, including the acquisition of investment properties and development expenditures.
