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Daily Stock Opinions and Ratings
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Beth Hamilton-KeenFirst Capital RealtyFCR.TOTOP PICKJan 09, 2009

Owner, operator and developer in neighbourhood shopping malls and anchored by large grocery stores, drugstores and banks. Good management.
Beth Hamilton-KeenBeth Hamilton-Keen
Owned
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$17.15

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
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PAST TOP PICK

First Capital Realty(FCR.TO)

Nov 30, 2023
(A Top Pick Nov 29/22, Down 15%)

Highest quality globally of grocery-anchored shopping centres. 40% discount to NAV. Activism has been an overhang. Defensive, fundamentals couldn't be better. Keep holding.

Photo of Andrew MoffsAndrew Moffs
Owned
Unlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
PAST TOP PICK

First Capital Realty(FCR.TO)

Sep 27, 2023
(A Top Pick Sep 28/22, Down 6%)

Best idea today. 35% discount to NAV, with attractive distribution yield while you wait for the gap to close. Owns key pharmacy and grocery across the key urban centres in Canada. Resilient. Great setup.

Photo of Andrew MoffsAndrew Moffs
Owned
Unlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
TOP PICK

First Capital Realty(FCR.TO)

Mar 30, 2023

Favourite investment in grocery-anchored shopping centres. Very defensive, with necessity-based tenants. Owns the best portfolio globally in this space. Can double size of portfolio based on what they own today. Board refreshment with timely skills. 35% discount to NAV. Yield is 5.57%.

(Analysts’ price target is $19.31)
Photo of Andrew MoffsAndrew Moffs
Owned
Unlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
TOP PICK

First Capital Realty(FCR.TO)

Jan 30, 2023

It owns retail shopping centres across Canada focused on grocery and pharmacy and is in the best markets. The strength and quality of its tenants is good and it has one of the best shopping centre portfolios globally. It trades at a great discount to the private market value of its real estate net asset value. He agrees with the company's estimate of a share price of $23. Has had some shareholder activism lately and he is hopeful for a strategic review. Yield is 4.7%.   Buy 4  Hold 3  Sell 1.


(Analysts’ price target is $18.71)
Photo of Andrew MoffsAndrew Moffs
Owned
Unlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
TOP PICK

First Capital Realty(FCR.TO)

Nov 29, 2022

They own the finest portfolio of grocery-anchored shopping centres in the world, 22 million Sq. Ft + 24 million Sq. Ft in the future, located in thriving neighbourhoods of density and income growth. It used to trade at a premium to NAV, but at a discount in the past 5 years, during which it was one of the worst-performing stocks. Holds a great portfolio, though struggles that they trade at a discount to NAV. Not surprised that an activist investor has come aboard. Good growth ahead. (Analysts’ price target is $18.71)

Photo of Andrew MoffsAndrew Moffs
Owned
Unlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
TOP PICK

First Capital Realty(FCR.TO)

Sep 28, 2022
Another defensive real estate company. Owns best grocery shopping center portfolio in North America. 85% of tenants are necessity based retails(grocery etc.) Has been trading at a discount to peers and net asset value. New leases has been growing. Company has been buying back shares and selling assets to increase value.
Photo of Andrew MoffsAndrew Moffs
Owned
Unlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
TOP PICK

First Capital Realty(FCR.TO)

May 31, 2021
He had avoided the retail space but is now bullish on necessity-based shopping and that is what they address. The stock has been depressed because cash flows came off during the pandemic and they cut the distribution temporarily for probably two years. It is trading at a big discount to net asset value. He likes management and the setup. (Analysts’ price target is $19.50)
Photo of Andrew MoffsAndrew Moffs
Owned
Unlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
HOLD

First Capital Realty(FCR.TO)

May 26, 2021
A misunderstood name. People saw it as bricks and mortar retail. Its exposure to any retail is in favourable categories such as groceries, medical, department stores. Not big box or malls. Still likes it, though it's not the value it was. Prefers industrial, commerical. Worries about residential, as the rents get capped.
Photo of Kevin BurkettKevin BurkettUnlock Rating
N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
DON'T BUY

First Capital Realty(FCR.TO)

Jan 12, 2021
Used to own this. Pre-Covid they were a good asset creator through buying and integrating those assets. Problem is they also own retail, which could be a problem for a while. This exposure is a concern. Overall, though he likes the managers and the company.
Photo of Paul Gardner, CFAPaul Gardner, CFA
No
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N/A

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
DON'T BUY

First Capital Realty(FCR.TO)

Jun 25, 2020
They are in the retail space. Anything that is in the retail space during COVD-19 is in the penalty box and for good reason. The pandemic has shut down traffic to every shopping mall. Their shopping centers are a victim of online sales. The growth outlook has been diminished. He thinks the market has overly discounted it. The catalyst is lacking for the moment. He does not expect the distribution to be increased any time soon.
Photo of Andrew MoffsAndrew MoffsUnlock Rating
$20.86

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
BUY

First Capital Realty(FCR.TO)

Jan 15, 2020
Likes it even though he's not positive on retail. They own some of the best Canadian retail in Canada. Pays a 4.5% dividend. Owns some of the best Canadian retail real estate--a niche of grocery stores and pharmacies which are stable and sell necessities. Super managers. The overhang of the previous owner is fading. They converted from a company to a REIT which will attract more investors by appearing on REIT indicies. They have 24 million square feet of development potential on land they already own.
Photo of Jeffrey F. OlinJeffrey F. OlinUnlock Rating
$20.86

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
WEAK BUY

First Capital Realty(FCR.TO)

Jan 14, 2020
Doesn't follow this closely, but they are well-managed and a good real estate company overall. (The ticker has changed to FCR recently.)
Photo of Christine PooleChristine Poole
No
Unlock Rating
$20.86

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
TOP PICK

First Capital Realty(FCR.TO)

May 16, 2019
Great Managers. All about intensification at the city level. Fantastic assets with growth profile. (Analysts’ price target is $23.75)
Photo of Paul Gardner, CFAPaul Gardner, CFA
Owned
Unlock Rating
$21.20

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
WAIT

First Capital Realty(FCR.TO)

Nov 21, 2018
They own locations in the larger cities, primarily grocery anchored shopping centres. They are managed by a good focused real estate team. They like to buy the best locations in urban areas. He will look at it on a pull back. It is a good long term hold.
Photo of Michael Simpson, CFAMichael Simpson, CFA
No
Unlock Rating
$19.65

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment
BUY

First Capital Realty(FCR.TO)

Sep 27, 2018

He does not own REITs but this is probably his favourite in the space. They did it right in the right markets. They created liberty village. They really did well pumping money into Hazelton Lanes. He believes it is still selling at a discount to its NAV.

Photo of Kash PashootanKash Pashootan
No
Unlock Rating
$19.38

Stock price when the opinion was issued

$20.86

As of Dec 27, 2019. Market Open.

property mngmntinvestment

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Stockchase, in its reporting on what has been discussed by individuals on business television programs (in particular Business News Network), neither recommends nor promotes any investment strategies.

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