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

Likes it. Has very good management and delivering decent growth and has decent growth. He prefers dividend to distributions. Doesn’t see reasons why they would cut the dividend.

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TOP PICK

5.5% convertible debentures maturing 2017 and priced for an 11% yield to maturity. Can be converted to stock $27-$28 giving you 8 years for the stock to recover to that level. You can buy at an 8% cash yield, which they pay in 3% discounted shares.

STRONG BUY

Grocery anchored neighbourhood community shopping centres. Biggest tenants are Sobey’s, Loblaws and banks. One of the best management teams in Canada. Would Buy at $15.50 or less Sell at the $17-$18 range. 97% occupied. (See Top Picks.)

TOP PICK

Owner, operator and developer in neighbourhood shopping malls and anchored by large grocery stores, drugstores and banks. Good management.

PAST TOP PICK

(A Top Pick Dec 7/07. Down 15%.) Great name. Have grown cash flow. 6.1% yield is safe. Buy on weakness.

TOP PICK

One of the largest owners of anchored regional shopping centres in fast growing metropolitan areas. 7% yield. Well-managed. Good long-term play.

BUY

One of his favourites. Not cheap at these levels. Other names in a similar space can offer better free cash flow yield. This company offers better growth. Tend to buy value-add properties. Good quality core name. If a long-term investor, 3 to 5 years, this is a Buy.

BUY

Shopping malls. 5.6% yield. Have a really good balance sheet. Very experienced management.

PAST TOP PICK

(A Top Pick Aug 16/07. Up 1%.) Came out with a new equity issue that diluted the stock. Balance sheet is in perfect shape. Stable asset class.

TOP PICK

(A Top Pick July 23/07. Down 3%.) Properties are across the country. Located on corners and include a grocery store, drugstore, bank, et cetera. Low payout ratio. Fairly high yield and moderate debt. Earnings are sustainable.

TOP PICK

(A Top Pick May 17/07. Up 2%.) First Capital Bond. (5.08% June 21/12.) Greatest value in the corporate bond world is real estate bonds. Getting 200 to 300 basis points over Government of Canada.

TOP PICK

About 25% of their properties are in the process of being upgraded. Properties are all intercity and are all on corners. Low payout ratio.

TOP PICK

Yield of 5.7%. Low debt. One of the best management you'll get anywhere. Very well structured. Good value.

BUY

This one has been hit by the sector. They own outlet grocery store anchored malls. Excellent managers. He owns their bonds. Growing their bottom line with good acquisitions. They've tapped the unsecured debenture market, which allows them to get access to the funding market in the public space. We Buy on anything below this level, otherwise a Hold.

BUY

Focused on grocery-anchored shopping malls. Have about 19 million square feet of peaceable area. About 50% square-footage is in Ontario with the balance in Quebec, Alberta and B.C. Have managed to increase the portfolio size and decrease the leverage on the balance sheet.

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First Capital Realty (FCR.TO)