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First Capital REIT is a Canadian public real estate company, specializing in
retail Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and th ...
real estate, and based in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
,
Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central C ...
. It is one of the largest retail landlords in Canada.


History

First Capital was founded in 1994 as Centrefund Realty through a 1994 IPO. It started with 5 properties, and grew to 70 properties by 2000. In May 2000, Riocan Real Estate Investment Trust briefly entered discussions into buying First Capital. Gazit Group ended up acquiring the company, which was restructured and renamed First Capital Realty in 2001. Gazit Group (now Gazit-Globe) was a significant shareholder in First Capital up until March 2020. As of 2003, First Capital had 81 properties, after spinning off its American properties and acquiring 18 properties during the year. In 2011, First Capital Realty bought Hazelton Lanes, a shopping centre in Yorkville,
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
, for $110 million. In December 2019, the company rebranded as First Capital REIT, and reorganized into a
Real Estate Investment Trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping ce ...
As of 2021, First Capital owns properties in over 150 Canadian neighbourhoods, consisting of over 200 properties, over 4,000 tenants and over 22.9 million square feet of gross leasable area.


Business

First Capital primarily owns
shopping centres A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof. The first known collec ...
in large urban areas across Canada. As of Q1 2021, First Capital has properties in over 150 Canadian neighbourhoods, with 22.9 million square feet of gross leasable area with total enterprise valued at $10 Billion. Major tenant groups include
grocery store A grocery store ( AE), grocery shop ( BE) or simply grocery is a store that primarily retails a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, ...
s (17.0% of Q1 2021 rent), medical & personal services (15.5%), restaurants (12.9%), pharmacies (9.3%), and banks (8.3%). The top 10 tenants in Q1 2021 were
Loblaws Loblaws Inc. is a Canadian supermarket chain with stores located in the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan. Headquartered in Brampton, Ontario, Loblaws is a subsidiary of Loblaw Companies Limited, ...
,
Sobeys Sobeys Inc. is the second largest supermarket chain in Canada, with over 1,500 stores operating across Canada under a variety of banners. Headquartered in Stellarton, Nova Scotia, it operates stores in all ten provinces and accumulated sales o ...
,
Metro Metro, short for metropolitan, may refer to: Geography * Metro (city), a city in Indonesia * A metropolitan area, the populated region including and surrounding an urban center Public transport * Rapid transit, a passenger railway in an urban ...
,
Canadian Tire Canadian Tire Corporation, Limited is a Canadian retail company which operates in the automotive, hardware, sports, leisure and housewares sectors. Its Canadian operations include: Canadian Tire (including Canadian Tire Petroleum gas stations a ...
,
Walmart Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores from the United States, headquarter ...
,
TD Canada Trust TD Canada Trust, frequently shortened to simply TD, is the commercial banking operation of TD Bank Group in Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1, ...
,
RBC RBC may refer to: Media and arts * ''RBK Daily'', a general business newspaper published in Moscow, Russia. * RBK Group, a large Russian media group * RBC Ministries, now Our Daily Bread Ministries, a Christian media outlet in Grand Rapdis, Mich ...
, Save on Foods,
Goodlife Fitness GoodLife Fitness Centres Inc. is the largest health club company in Canada with over 450 locations across the country, under the banner of four brands.
, and
Dollarama Dollarama is a Canadian dollar store retail chain headquartered in Montreal. Since 2009 it is Canada's largest retailer of items for five dollars or less. Dollarama has over 1400 stores and has a presence in every province of Canada; Ontario h ...
. First Capital has recently been shifting to
mixed-use Mixed-use is a kind of urban development, urban design, urban planning and/or a zoning type that blends multiple uses, such as residential, commercial, cultural, institutional, or entertainment, into one space, where those functions are to so ...
developments, as opposed to purely retail developments. As of Q1 2021, the average population density within 5 kilometers of FCR properties is 304,000, up 48% since 2016. In September 2017, it was announced that First Capital was considering selling $500 million worth of properties in Ottawa and Toronto in which it has a partial interest. As of Q1 2021, 52% of the FCR portfolio is in the
Greater Toronto The Greater Toronto Area, commonly referred to as the GTA, includes the City of Toronto and the regional municipalities of Durham, Halton, Peel, and York. In total, the region contains 25 urban, suburban, and rural municipalities. The Greater ...
and Greater Ottawa areas. In December 2019, FCR converted from a corporation to a real estate investment trust, listing on December 30 on the TSX as FCR.UN.


Sustainability and environmental responsibilities

Since 2006, First Capital has engaged in several sustainability initiatives, starting with its commitment to develop all properties using
Leadership in Energy and Environmental Design Leadership in Energy and Environmental Design (LEED) is a green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating systems for the design, constructio ...
(LEED) standards. In 2020, First Capital released its 2020-2024 Environmental, Social, and Governance (ESG) Roadmap, and Sustainability Policy, outlining current and future sustainability plans. As of Q1 2021, FCR has achieved a 'AAA' rating in the Morgan Stanley Capital International (MSCI) ESG Ratings assessment for the third year in a row, a 4-star ranking by the Global Real Estate Sustainability Benchmark (GRESB) in 2020, awarded Silver 2020 Green Lease Leader Recognition by the Institute for Market Transformation (IMT) and the U.S. Department of Energy's Better Building Alliance, and received Prime Status for Corporate ESG Performance by the
Institutional Shareholder Services Institutional Shareholder Services Inc. (ISS) is a proxy advisory firm. Hedge funds, mutual funds and similar organizations that own shares of multiple companies pay ISS to advise (and often vote their shares) regarding share holder votes. It ...
2020.


Properties

Notable properties owned by First Capital include:


Ontario

* 102-108 Yorkville Avenue in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
* 101 Yorkville Avenue in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
* Shops at King Liberty in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
*
Cedarbrae Mall Cedarbrae Mall is a shopping mall in Toronto, Ontario, Canada. It is located at the corner of Markham Road and Lawrence Avenue East in the Scarborough district. In terms of size, Cedarbrae Mall may be the eighty-ninth largest shopping mall in C ...
in Scarborough *
Yorkville Village Yorkville Village is a shopping mall in Toronto, Ontario, Canada. It is located in the Yorkville neighbourhood, along Avenue Road, north of Bloor Street. Prior to its redevelopment which concluded on January 25, 2016, it was known as Hazelto ...
(formerly known as Hazelton Lanes) in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
* One Bloor in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
* Meadowvale Town Centre in Mississauga *
Parkway Mall Parkway Mall (originally Parkway Plaza) is a community-scale shopping centre in Toronto, Ontario, Canada. It is located at the southeast corner of Victoria Park Avenue and Ellesmere Road in the Maryvale neighbourhood in the Scarborough dis ...
in Scarborough * College Square in
Ottawa Ottawa (, ; Canadian French: ) is the capital city of Canada. It is located at the confluence of the Ottawa River and the Rideau River in the southern portion of the province of Ontario. Ottawa borders Gatineau, Quebec, and forms the core ...
* Merivale Mall in
Ottawa Ottawa (, ; Canadian French: ) is the capital city of Canada. It is located at the confluence of the Ottawa River and the Rideau River in the southern portion of the province of Ontario. Ottawa borders Gatineau, Quebec, and forms the core ...
* Leaside Village in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
* York Mills Gardens in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
*3080
Yonge Street Yonge Street (; pronounced "young") is a major arterial route in the Canadian province of Ontario connecting the shores of Lake Ontario in Toronto to Lake Simcoe, a gateway to the Great Lakes#Geography, Upper Great Lakes. Once the southernmost ...
in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
*King High Line in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
*1 Bloor East in Toronto *Yonge & Roselawn in
Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...
*2150 Lakeshore Boulevard West (formerly known as the Christie Cookie Site) in Toronto 


Quebec

* Place Portobello in
Brossard Brossard (, , ) is a municipality in the Montérégie region of Quebec, Canada and is part of the Greater Montreal area. According to the 2021 census, Brossard's population was 91,525. It shares powers with the urban agglomeration of Longueuil ...
*
Place Panama Place may refer to: Geography * Place (United States Census Bureau), defined as any concentration of population ** Census-designated place, a populated area lacking its own municipal government * "Place", a type of street or road name ** O ...
in
Brossard Brossard (, , ) is a municipality in the Montérégie region of Quebec, Canada and is part of the Greater Montreal area. According to the 2021 census, Brossard's population was 91,525. It shares powers with the urban agglomeration of Longueuil ...
*
Centre Domaine This is a list of small shopping centres (mostly neighbourhood shopping centres) in the island of Montreal. *A neighbourhood shopping centre is an industry term in North America for a shopping centre with of gross leasable area, typically an ...
in
Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...
* Galeries Normandie in
Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...
. * Carre Lucerne in
Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...
* Place Viau in
Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...
* Wilderton Centre in
Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...
* Griffintown 225 Peel in
Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...
* Griffintown 100 Peel in
Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...


Alberta

* Mount Royal Village in
Calgary Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, maki ...
* Edmonton Brewery District
Edmonton Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city anc ...
* Northgate Centre in
Edmonton Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city anc ...
*
Westmount Centre Westmount Centre is a shopping mall located in the Woodcroft neighborhood of Edmonton. It opened in 1955 and is owned by First Capital Realty. Anchors * Safeway * The Home Depot (opened 2008 in former Blockbuster and Scotiabank locations) * ...
in
Edmonton Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city anc ...


British Columbia

* Semiahmoo Shopping Centre in Surrey * Shops at New West in
New Westminster New Westminster (colloquially known as New West) is a city in the Lower Mainland region of British Columbia, Canada, and a member municipality of the Metro Vancouver Regional District. It was founded by Major-General Richard Moody as the capita ...
* False Creek Village in
Vancouver Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the most populous city in the province, the 2021 Canadian census recorded 662,248 people in the city, up from 631,486 in 2016. Th ...


References

{{Authority control Companies based in Toronto Companies listed on the Toronto Stock Exchange Real estate companies of Canada Real estate investment trusts of Canada