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First Capital Realty (TSE:FCR.UN)
TSX:FCR.UN
Earnings Data
Report Date
May 06, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.5Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 11, 2025
|% Change Since: 0.06%
|Next Earnings Date:May 06, 2025
Earnings Call Sentiment|Positive
The earnings call presented a strong performance in terms of growth in adjusted OFFO and improved debt metrics, demonstrating a successful start to the 3-year strategic plan. However, challenges were noted in interest expenses and achieving disposition volume targets amid a difficult market environment. Overall, the achievements in financial metrics and strategic initiatives slightly outweigh the challenges faced.Company Guidance
During the Q4 2024 conference call, First Capital Realty provided detailed guidance on its strategic three-year plan initiated in early 2024. The plan includes a $1 billion divestiture program aimed at reshaping the company's balance sheet by reducing non-strategic and non-income-generating properties. The proceeds from these divestitures are allocated as follows: 40% for debt reduction, 40-50% for reinvestment in development projects, and the remainder for opportunistic uses, such as potential acquisitions or share repurchases. The company reported an Operating Funds From Operations (OFFO) of $1.36 per unit in 2024, representing a year-over-year growth rate of 14.9%, which adjusts to 5.4% when excluding non-recurring items. The largest contributor to this growth was a 4.4% increase in same-property Net Operating Income (NOI), driven by leasing activities. Additionally, First Capital aims to reduce its debt-to-EBITDA ratio to the low 9% by the end of 2024, achieving 8.7 times at year-end, and targets the low 8s by 2026. The company completed $320 million in divestitures in 2024, with an NOI yield of less than 3% and an average premium to IFRS NAV of over 50%. Looking forward, First Capital projects a 3% annual increase in FFO over the three-year plan, supported by ongoing improvements in its balance sheet and development investments.Strong OFFO Growth
Adjusted OFFO growth rate in 2024 was 5.4%, exceeding the target of 3% per annum over the 3-year plan period.
Improved Debt-to-EBITDA Ratio
Debt-to-EBITDA improved by 120 basis points to 8.7 times at year-end 2024, exceeding the target of a ratio in the low 9s.
Successful Disposition Strategy
$320 million in divestitures were completed in 2024, sold at an average premium to IFRS NAV of more than 50%.
Record Operating Metrics
Occupancy improved to 96.8%, just 10 basis points away from the all-time high, and average net rent reached an all-time high of $24.
Distribution Increase
A 3% increase in FCR's monthly distribution was approved, marking a significant milestone in growth and stability.
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TSE:FCR.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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TSE:FCR.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 11, 2025 | C$16.77 | C$16.65 | -0.72% |
| Oct 29, 2024 | C$17.82 | C$17.63 | -1.07% |
| Jul 30, 2024 | C$16.02 | C$15.97 | -0.31% |
| Apr 30, 2024 | C$14.21 | C$14.32 | +0.77% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does First Capital Realty (TSE:FCR.UN) report earnings?
First Capital Realty (TSE:FCR.UN) is schdueled to report earning on May 06, 2025, TBA Not Confirmed.
What is First Capital Realty (TSE:FCR.UN) earnings time?
First Capital Realty (TSE:FCR.UN) earnings time is at May 06, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:FCR.UN EPS forecast?
Currently, no data Available
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