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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 the sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholes ...
real estate, and based in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
,
Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...
. 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 ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
, 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, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...
As of March 31, 2024, First Capital REIT owns interests in 139 neighbourhoods, totaling 22.2 million square feet of gross leasable area worth $9.2 billion in total assets.


Business

As of March 31, 2024, First Capital owns interests in 139 neighbourhoods, totalling 22.2 million square feet of gross leasable area worth $9.2 billion in total assets. Major tenant groups include; grocery stores (17.1% of 2023 annual rent), medical & personal services (15.5%), restaurants (13.0%), pharmacies (9.2%), and banks (8.1%). The top ten tenants, as of December 31, 2023, were Loblaws,
Sobeys Sobeys Inc. is a national supermarket chain in Canada with over 1,500 stores operating under a variety of banners. Headquartered in Stellarton, Nova Scotia, it operates stores in all ten provinces and accumulated sales of more than C$25.1 bil ...
, Metro,
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 station ...
,
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 in the United States and 23 other ...
,
TD Canada Trust TD Canada Trust, commonly shortened in marketing to simply TD, is the Canadian commercial banking division of the multinational TD Bank Group. It is the list of banks and credit unions in Canada, second-largest commercial bank in Canada by assets ...
,
Dollarama Dollarama Inc. is a Canadian dollar store retail chain headquartered in Mount Royal, Quebec. Since 2009, it has been Canada's biggest retailer of items for five dollars or less. Dollarama has over 1400 stores and is active in all of Canada; Onta ...
, Goodlife Fitness, Save-On-Foods and RBC Royal Bank. First Capital owns, operates, and develops grocery anchored open-air centres in neighbourhoods with the strongest demographics in Canada. As of December 31, 2023, the average population density within 5 kilometers of FCR properties is 295,000, up 44% 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 December 31, 2023, 45% of the FCR portfolio is in the
Greater Toronto The Greater Toronto Area, commonly referred to as the GTA, includes the Toronto, City of Toronto and the regional municipality, regional municipalities of Regional Municipality of Durham, Durham, Regional Municipality of Halton, Halton, Regional ...
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 systems, green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating ...
(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. In 2020, FCR received a 4-star ranking by the Global Real Estate Sustainability Benchmark ( GRESB), was 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. First Capital also received Prime Status for Corporate ESG Performance by the Institutional Shareholder Services In 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 an American 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 v ...
2020. In 2022, First Capital was once again named one of Canada's Top Small and Medium Employers. FCR was the first Canadian retail REIT to be a signatory in support of the Task Force on Climate-Related Financial Disclosures and received validation from the
Science Based Targets Initiative The Science Based Targets initiative (SBTi) is a collaboration between its founding partners, CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), and We Mean Business Coalition. As of ...
(SBTi) for their 2030 GHG reduction target of 46%. In 2023, FCR implemented more than 300 electric vehicle charging stations and over 1,100 bike racks across their portfolio. First Capital was listed as a top 30 Canadian company in Sustainaltyics ‘Road to Net Zero’ Ranking. The FCR Thriving Neighbourhoods Foundation also raised over $925,000 in contributions for charities and non-profits across Canada since its launch in 2020.


Properties

As of December 31, 2023 around 33.2% of First Capital REIT's annual rent came from its top 10 tenants - Loblaws (94 stores, 10.5% of rent),
Sobeys Sobeys Inc. is a national supermarket chain in Canada with over 1,500 stores operating under a variety of banners. Headquartered in Stellarton, Nova Scotia, it operates stores in all ten provinces and accumulated sales of more than C$25.1 bil ...
(50 stores, 5.5% of rent), Metro (35 stores, 3.2% of rent),
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 station ...
(19 stores, 2.9% of rent),
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 in the United States and 23 other ...
(10 stores, 2.1% of rent),
TD Canada Trust TD Canada Trust, commonly shortened in marketing to simply TD, is the Canadian commercial banking division of the multinational TD Bank Group. It is the list of banks and credit unions in Canada, second-largest commercial bank in Canada by assets ...
(43 stores, 2.0% of rent),
Dollarama Dollarama Inc. is a Canadian dollar store retail chain headquartered in Mount Royal, Quebec. Since 2009, it has been Canada's biggest retailer of items for five dollars or less. Dollarama has over 1400 stores and is active in all of Canada; Onta ...
(51 stores, 1.9% of rent), GoodLife Fitness (26 stores, 1.8% of rent), Save-On-Foods (8 stores, 1.7% of rent), and
Royal Bank of Canada Royal Bank of Canada (RBC; ) is a Canadian multinational Financial institution, financial services company and the Big Five (banks), largest bank in Canada by market capitalization. The bank serves over 20 million clients and has more than ...
(35 stores, 1.6% of rent). Around 54.9% of First Capital REIT's annual rent came from its top 40 tenants. Notable properties owned by First Capital include:


Ontario

* 102-108 Yorkville Avenue in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
* Appleby Village in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
* 101 Yorkville Avenue in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
* Shops at King Liberty in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
* Cedarbrae Mall in
Scarborough Scarborough or Scarboro may refer to: People * Scarborough (surname) * Earl of Scarbrough Places Australia * Scarborough, Western Australia, suburb of Perth * Scarborough, New South Wales, suburb of Wollongong * Scarborough, Queensland, sub ...
*
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 Hazelton La ...
(formerly known as Hazelton Lanes) in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
* One Bloor in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
*
Meadowvale Town Centre Meadowvale may refer to: Australia * Meadowvale, Queensland, a rural locality in the Bundaberg Region Canada *Meadowvale, Ontario, a community of Mississauga, Ontario, Canada ** Meadowvale (village), a residential subdivision near the commun ...
in
Mississauga Mississauga is a Canadian city in the province of Ontario. Situated on the north-western shore of Lake Ontario in the Regional Municipality of Peel, it borders Toronto (Etobicoke) to the east, Brampton to the north, Milton to the northwest, ...
* Parkway Mall in
Scarborough Scarborough or Scarboro may refer to: People * Scarborough (surname) * Earl of Scarbrough Places Australia * Scarborough, Western Australia, suburb of Perth * Scarborough, New South Wales, suburb of Wollongong * Scarborough, Queensland, sub ...
* College Square in
Ottawa Ottawa is the capital city of Canada. It is located in the southern Ontario, southern portion of the province of Ontario, at the confluence of the Ottawa River and the Rideau River. Ottawa borders Gatineau, Gatineau, Quebec, and forms the cor ...
* Merivale Mall in
Ottawa Ottawa is the capital city of Canada. It is located in the southern Ontario, southern portion of the province of Ontario, at the confluence of the Ottawa River and the Rideau River. Ottawa borders Gatineau, Gatineau, Quebec, and forms the cor ...
* Strandherd Crossing in
Ottawa Ottawa is the capital city of Canada. It is located in the southern Ontario, southern portion of the province of Ontario, at the confluence of the Ottawa River and the Rideau River. Ottawa borders Gatineau, Gatineau, Quebec, and forms the cor ...
* Leaside Village in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
* York Mills Gardens in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
*3080
Yonge Street Yonge Street ( ') 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. Ontario's first colonial administrator, ...
in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
*King High Line in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
*1 Bloor East in Toronto *Yonge & Roselawn in
Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...
*2150 Lakeshore Boulevard West (formerly known as the Christie Cookie Site) in Toronto 


Quebec

*
Place Portobello This is a list of shopping centres in the urban agglomeration of Longueuil, in the Montérégie region of Quebec. Boucherville Carrefour de la Rive-Sud Carrefour de la Rive-Sud is a power centre inaugurated in Boucherville, Quebec at the corner of ...
in
Brossard Brossard ( , , ) is a municipality in the Montérégie region of Quebec, Canada and is part of the Greater Montreal, Greater Montreal area. According to the Canada 2021 Census, 2021 census, Brossard's population was 91,525. It shares powers with ...
* Place Panama in
Brossard Brossard ( , , ) is a municipality in the Montérégie region of Quebec, Canada and is part of the Greater Montreal, Greater Montreal area. According to the Canada 2021 Census, 2021 census, Brossard's population was 91,525. It shares powers with ...
* Centre Domaine in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
* Galeries Normandie in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
. * Carre Lucerne in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
* Place Michelete in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
* Place Viau in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
* Wilderton Centre in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
* Griffintown 225 Peel in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...
* Griffintown 100 Peel in
Montreal Montreal is the List of towns in Quebec, largest city in the Provinces and territories of Canada, province of Quebec, the List of the largest municipalities in Canada by population, second-largest in Canada, and the List of North American cit ...


Alberta

* Mount Royal Village in
Calgary Calgary () is a major city in the Canadian province of Alberta. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806 making it the third-largest city and fifth-largest metropolitan area in C ...
* Edmonton Brewery District in
Edmonton Edmonton is the capital city of the Provinces and territories of Canada, Canadian province of Alberta. It is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Central Alberta ...
* Meadowlark Health & Shopping Centre in
Edmonton Edmonton is the capital city of the Provinces and territories of Canada, Canadian province of Alberta. It is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Central Alberta ...
* Northgate Centre in
Edmonton Edmonton is the capital city of the Provinces and territories of Canada, Canadian province of Alberta. It is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Central Alberta ...
* Seton Village in
Calgary Calgary () is a major city in the Canadian province of Alberta. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806 making it the third-largest city and fifth-largest metropolitan area in C ...
* Cranston Market in
Calgary Calgary () is a major city in the Canadian province of Alberta. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806 making it the third-largest city and fifth-largest metropolitan area in C ...
  * Old Strathcona in
Edmonton Edmonton is the capital city of the Provinces and territories of Canada, Canadian province of Alberta. It is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Central Alberta ...


British Columbia

* Semiahmoo Shopping Centre in
Surrey Surrey () is a Ceremonial counties of England, ceremonial county in South East England. It is bordered by Greater London to the northeast, Kent to the east, East Sussex, East and West Sussex to the south, and Hampshire and Berkshire to the wes ...
* 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 cap ...
* False Creek Village in
Vancouver Vancouver is a major city in Western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the cit ...
* Terra Nova Village in
Richmond Richmond most often refers to: * Richmond, British Columbia, a city in Canada * Richmond, California, a city in the United States * Richmond, London, a town in the London Borough of Richmond upon Thames, England * Richmond, North Yorkshire, a town ...
* Pemberton Plaza in North
Vancouver Vancouver is a major city in Western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the cit ...


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