First Capital Real Estate Investment Trust (FCR.UN) Q1 2026 earnings summary

Executive summary

• Achieved operating FFO per unit of $0.35, up 7.6% year-over-year, and record portfolio occupancy of 97.2% as of March 31, 2026.

• Same Property NOI grew 6.3% year-over-year, excluding bad debt expense and lease termination fees.

• Lease renewal lift reached 16.4% on strong leasing volume, with average net rental rate per occupied square foot rising to $24.81.

• Announced agreement to be acquired by KingSett Capital and Choice Properties REIT in a transaction valued at approximately $9.4 billion.

Financial highlights

• Operating FFO was $74.3 million, up from $68.9 million in Q1 2025; FFO per diluted unit increased to $0.35 from $0.32 year-over-year.

• Net income attributable to unitholders was $92.2 million ($0.43 per diluted unit), up from $84.4 million ($0.39 per diluted unit) in Q1 2025.

• Total assets grew to $9,297.7 million from $9,183.1 million year-over-year.

• Net Asset Value per unit increased to $22.81 from $22.06 year-over-year.

Outlook and guidance

• Forward-looking statements highlight focus on FFO growth, distribution growth, and improved debt ratios as part of a three-year business plan.

• The acquisition transaction is subject to unitholder, court, and regulatory approvals, with closing expected after a special meeting on June 23, 2026.