First Capital
First Capital REIT (TSX: FCR.UN) owns, operates, and develops approximately 136 grocery-anchored open-air shopping centres across Canada's densest urban neighbourhoods, generating rental income from national grocery, retail, and service tenants. The REIT is pending acquisition by KingSett Capital and Choice Properties REIT in a C$9.4 billion deal.
- Company typePublic
- Founded2006
- HeadquartersToronto, Canada
- Headcount251–500
- GTM typeB2B
- OfferingServices
What First Capital does
First Capital REIT (TSX: FCR.UN) is a Canadian real estate investment trust that owns, operates, acquires, and develops open-air grocery-anchored shopping centres located in Canada's most densely populated urban neighbourhoods. The company manages a portfolio of approximately 136 properties across Toronto, Calgary, Montreal, Edmonton, and Vancouver, with C$9.3 billion in total assets and ~372 employees distributed across five regional offices plus its Toronto head office in Liberty Village.
The platform generates revenue almost entirely through rental income from necessity-based retail leases, with grocery anchors (Loblaw banners, Metro, Save-On-Foods, Sobeys/Safeway, Whole Foods, Longo's) supplemented by national retailers, financial-services tenants, fitness operators, and a long tail of local SMB merchants. Capital deployment is supported by an in-house leasing team, a development pipeline focused on unlocking embedded value through mixed-use intensification, and a sustainability program that has produced 130 LEED-certified projects (4.6M sf), 79% BOMA BEST portfolio coverage, and the highest MSCI ESG "AAA" rating.
First Capital is currently operating independently but has agreed to be acquired by KingSett Capital and Choice Properties REIT in a C$9.4 billion transaction announced 16 April 2026 at C$24.40 per unit (79% cash / 21% Choice Properties units), which unitholders approved by ~99.58% in November 2025. The deal is expected to close in H2 2026 subject to regulatory clearances, effectively ending First Capital's standalone trajectory as a public REIT.
First Capital firmographics
Firmographics- Name
- First Capital
- Legal name
- First Capital Real Estate Investment Trust
- Website
- https://fcr.ca
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- First Capital REIT (TSX: FCR.UN) owns, operates, and develops approximately 136 grocery-anchored open-air shopping centres across Canada's densest urban neighbourhoods, generating rental income from national grocery, retail, and service tenants. The REIT is pending acquisition by KingSett Capital and Choice Properties REIT in a C$9.4 billion deal.
- Ownership category
- akta.pro rank
First Capital industry classification
Industry- Product category
- Retail Real Estate / REIT
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259)
- SIC
- Real Estate Investment Trusts (6798)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industries
- Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)
Keywords
Where First Capital is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices5 records
Markets served
First Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Rental Income from Retail Properties: First Capital generates revenue primarily through rental income from its portfolio of grocery-anchored open-air shopping centers across Canada. The company owns and operates approximately 136 shopping centres in urban neighborhoods, generating stable and growing cash flows for investors and partners.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels8 records
First Capital product offering
Product offeringCore offering
First Capital REIT owns, operates, acquires and develops open-air grocery-anchored shopping centres in Canada's most densely populated urban neighbourhoods, leasing retail space to enterprise national and regional tenants under long-term agreements. The portfolio spans approximately 136 properties across major Canadian cities with C$9.3 billion in total assets, generating rental income that produces stable and growing cash flows for unitholders.
Product overview
First Capital is a Real Estate Investment Trust (REIT) that operates as a single unified offering: owning, operating, acquiring, and developing open-air grocery-anchored shopping centres across Canada's most densely populated urban neighbourhoods. The company does not operate a platform-plus-modules architecture but rather provides an integrated set of real estate services including property management, retail leasing, and development. The portfolio consists of 136 Canadian neighbourhoods with total assets of $9.3 billion. Supporting the core real estate business, First Capital offers ESG & sustainability services (BOMA BEST, LEED, WELL Health-Safety certifications) and an internal Supplier Portal for payment processing.
Differentiator
Problem solved
Functional benefit
Products and services
- Open-Air Grocery-Anchored Shopping Centres
- Retail Property Leasing
- Real Estate Development
Quantifiable outcome
- Portfolio occupancy of 97.1% (Q4 2025) and 98.1% (Q1 2026)
- +5 more outcomes
Companies that use First Capital
Customer profileNamed customers27 records
Segments3 records
Ideal customer profiles3 records
First Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
First Capital partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- KingSett CapitalcoreKingSett Capital is a private equity firm that agreed to acquire First Capital REIT along with Choice Properties REIT in a $9.4 billion transaction. KingSett will acquire approximately $4.4 billion of remaining assets and all outstanding units of First Capital. This is the primary acquisition partnership for the company's sale.
- Choice Properties REITcoreChoice Properties REIT (controlled by the Weston family) is co-acquiring First Capital REIT in a $9.4 billion transaction. Choice Properties will acquire approximately $5.0 billion of First Capital's necessity-based shopping centre assets. Unitholders receive 21% of consideration in Choice Properties units.
- Hydro QuebecminorPartnership formed in 2012 to install forty public electric vehicle charging stations at several Quebec properties within a two-year period through Hydro Quebec's Electric Circuit program.
- Natural Resources CanadaminorWorking with Natural Resources Canada as a community partner for the installation of EV charging stations across First Capital's national property portfolio.
- LeadingAhead EnergyminorPartner for installation of EV charging stations across First Capital's property portfolio as part of sustainability initiatives.
- Science Based Targets initiative (SBTi)minorFirst Capital's GHG emission reduction targets (46% reduction by 2030, net-zero by 2050) have been validated by the Science Based Targets initiative.
- Institute for Market Transformation (IMT)minorGold Green Lease Leader recognition awarded by IMT and U.S. Department of Energy's Better Building Alliance for incorporating green leasing practices.
- GRESBminorGlobal Real Estate Sustainability Benchmark partner - First Capital ranked as Sector Leader in Developments Benchmark (2023) and achieved 4-star ranking with score of 78.
- FCR Thriving Neighbourhoods FoundationminorCharitable foundation launched in 2020 focused on addressing food insecurity and poverty, supporting Right To Food's community food centres. Raised over $1.6 million in donations.
- Ontario College of Art and Design University (OCAD U)minorArt program partnership - sponsored $45,000 worth of student programs including graduate exhibitions, awards, and sculpture competitions starting in 2012.
- Emily Carr University of Art + DesignminorPublic art program partnership with university in Vancouver, BC as part of social initiative to support budding young artists.
- Concordia UniversityminorPublic art program partnership with university in Montreal, QC as part of social initiative to support budding young artists.
Scale indicators19 records
Recent moves6 records
Expansion highlights4 records
First Capital competitors and assessment
Company assessmentDirect peers
- RioCan REIT: One of Canada's largest retail REITs, owning an open-air shopping centre portfolio that directly competes with First Capital for grocery-anchored urban retail tenants in major Canadian markets.
- Choice Properties REIT: Canadian retail REIT controlled by the Weston family and the acquirer of ~C$5B of First Capital's assets. Overlap in grocery-anchored necessity-based retail and shared Loblaw's tenant relationships makes it a direct comparable.
- SmartCentres REIT: Canadian open-air retail REIT anchored primarily by Walmart and grocery operators. Comparable in portfolio strategy of necessity-based shopping centres and similar size, though more suburban-focused than First Capital.
- Crombie REIT: Canadian open-air retail REIT with a grocery-anchored portfolio, partly owned by Empire Company (Sobeys parent). Directly comparable business model targeting urban and suburban Canadian grocery-anchored centres.
- CT REIT: Canadian REIT primarily leased to Canadian Tire Corporation, focused on retail properties across Canada. Comparable in scale and Canadian retail REIT structure, though more single-tenant concentrated.
- Plaza Retail REIT: Smaller Canadian open-air retail REIT with a portfolio focused on necessity-based shopping centres in mid-sized Canadian markets. Operates a similar grocery-anchored model, though at a smaller scale than First Capital.
- Slate Grocery REIT: US-focused grocery-anchored REIT with a comparable necessity-based retail model. While US-focused rather than Canadian, the grocery-anchored open-air centre thesis and tenant base overlap directly with First Capital's strategy.
Broad incumbents
- Kite Realty Group: US open-air shopping centre REIT with a grocery-anchored focus. Comparable in retail centre strategy and tenant mix, providing a US public-market comparable for First Capital's grocery-anchored portfolio thesis.
- Canadian Apartment Properties REIT (CAPREIT): Large Canadian REIT (residential focus) comparable in scale and Canadian public-market REIT structure, though operating in a different property sector. Useful as a Canadian REIT comparable for governance, capital structure, and unitholder dynamics.
Others
- KingSett Capital: Canadian private equity firm and acquirer of approximately C$4.4B of First Capital's remaining assets. As the counterparty in the pending acquisition, KingSett is a key transaction participant rather than a direct competitor.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
First Capital social profiles
Digital presenceFirst Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Capital leadership team
Management profileNumber of profiles
Profiles7 records
First Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
First Capital funding detail
Funding detailFunding overview
Funding rounds8 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Capital
What does First Capital do?
First Capital REIT owns, operates, acquires and develops open-air grocery-anchored shopping centres in Canada's most densely populated urban neighbourhoods, leasing retail space to enterprise national and regional tenants under long-term agreements. The portfolio spans approximately 136 properties across major Canadian cities with C$9.3 billion in total assets, generating rental income that produces stable and growing cash flows for unitholders.
Is First Capital a public or private company?
First Capital is a public company. It is classified as public and is currently operating.
When was First Capital founded?
First Capital was founded in 2006. It employs 251 to 500 people.
Where is First Capital based?
First Capital is headquartered in Toronto, Canada, in the North America region.
How does First Capital make money?
One revenue line is on record: rental Income from Retail Properties.
Who are First Capital's main competitors?
Direct peers on record are RioCan REIT, Choice Properties REIT, SmartCentres REIT, Crombie REIT, CT REIT, Plaza Retail REIT and Slate Grocery REIT. Broad incumbents are Kite Realty Group and Canadian Apartment Properties REIT (CAPREIT). KingSett Capital is listed as an others.
Does First Capital have an API?
No public API is recorded for First Capital.
What industry is First Capital in?
First Capital's product category is Retail Real Estate / REIT. Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of BPAJAMAJ, Real Estate Portfolio & Fund Management (Institutional/REIT/PE). Its NAICS code is 525 and its SIC code is 6798.