First Capital Realty (FCR.TO) Buy, Sell or Hold

First Capital Realty (FCR.TO)

20.86

-0.00 (0.00%)

as of Dec 27, 2019, 5:00:00 am Market Open.

124 watching

BUY

One of the best real estate companies you can own. Neighbourhood shopping centers primarily in the 6 big markets in Canada. Management owns about 52%. Expects that if there is not a dividend increase later this year, there will be one next year for sure.

HOLD

Not afraid to buy a great piece of property in a very urban center. Able to have large turnarounds with supercenter anchors. Fairly tightly held and is also getting up in price. Their most recent acquisition was Hazelton Lanes in Toronto.

COMMENT

(Market Call Minute.) Well-managed. Very REIT like but is actually a real estate corporation with a pretty good dividend. He doesn't own the stock but does own a convertible debenture issue.

TOP PICK

5.36% bond. Great managers. Real Estate bonds are rated BBB, which is still investment grade but you get 250 basis points over Government of Canada’s. Real estate bonds are less volatile than almost any other bonds out there.

BUY

Recently bought Hazelton Lanes in Toronto. This one has been a favourite of his for a long time. Very well run and long-term focused. Very good, consistent management.

HOLD

Grocery/drug stores are their anchor tenants. There is big demand from international/US retailers for retail space in Canada because of the good economy and rents are cheaper. Great management.

PAST TOP PICK

(A Top Pick Aug 20/10. Up 23.01%. ) Continuing to do a great job in managing and growing cash flow. Probably fairly valued at these levels.

BUY

Inside cities with essential shopping stores. Management has a very significant interest in this. Constantly spending a third of their money for growth. Thinks very highly of them. Long-term growth.

BUY

Tend to be a lower risk in the shopping center area. Very good locations. Have been hurt in the past by spending quite a bit of money buying older buildings and putting them into the shopping centers. Slow growth, long-term.

PAST TOP PICK

(Top pick Sept. 27/10, Up 13.18%) Best known in Toronto for Liberty village.

PAST TOP PICK

(Top Pick Aug 3/10, Up 22.69%) Shopping centers with the essentials, not as much fashion. Coast to Coast, but most in the East.

BUY

Well-managed company. Anchors are Shoppers (SC-T) and Loblaws (L-T). Great executers of strategy. Reasonable at 13X AFFO. Doing more green developments.

PAST TOP PICK

(A Top Pick July 15/10. Up 25.1%.) Community shopping centers, big 6 markets across the country and great management team that owns 52%. At these levels this would be a Hold.

COMMENT

Best managed and best positioned public real-estate companies in Canada. Very strong alignment and ownership. CEO one of the great Canadian success stories in this space. Dividend is solid, they are value added, create space, new development. They focus on grocery store and pharmacy “anchors” in their shopping centers which creates stability. Fairly priced.

TOP PICK

In the shopping centres that are inside the big towns, not the suburbs. Development side will continue to be a big chunk and create value, but will be a smaller portion.

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First Capital Realty (FCR.TO)