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About First Capital Realty
FIRST CAPITAL REALTY INC. (TSX:FCR) is Canada's leading owner, developer and operator of supermarket and drug store anchored neighborhood and community shopping centres, located predominantly in growing metropolitan areas.
The Company currently owns interests in 176 properties, including four under development, totaling approximately 20.8 million square feet of gross leasable area and 6 land sites in the planning stage for future retail development.
The Company targets specific urban markets with stable and/or growing populations despite, and because of, the high barriers to entry. The Company intends to continue to operate primarily in and around its target urban markets of the Greater Toronto Area, including the Golden Horseshoe area and London; Calgary; Edmonton; the Greater Vancouver area including Vancouver Island; the Greater Montreal area; the Ottawa and Hull region and Quebec city. Management believes that urban retail properties typically generate sustainable returns on investment, and over time, capital appreciation. The Company seeks to achieve critical mass in its target markets to generate economies of scale and operating synergies.
First Capital Realty targets well-located properties with strong demographics that attract quality tenants including Canada’s leading supermarkets, drugstores, banks, discount retailers and fast food restaurants. Specifically, the Company looks for properties located within dense residential areas where quality tenants provide consumers with daily necessities including both personal goods and services. Such tenants are typically somewhat less sensitive to economic cycles due to the high component of consumer non-discretionary spending for such products and services making them desirable tenants for First Capital Realty’s type of properties.
The Company views proactive management of its existing portfolio and newly acquired properties as an important part of its strategy to attract and retain high quality tenants and grow rental income. Proactive management encompasses continued investment in properties to ensure they remain attractive to tenants and their customers over the long term. Specifically, we strive to create and maintain the highest standards in access, parking, lighting and general appearance of its properties.
In addition, First Capital Realty pursues selective development and redevelopment activities in order to actively participate in growth markets and to achieve a better return on its portfolio. Investments in development and redevelopment activities generally comprise approximately 6-8% of the Company’s total asset value at any given time.
Since May 2006, all of the Company’s new development projects are being built according to LEED (Leadership in Energy and Environmental Design) certification standards. As of the third quarter of 2009, 15 development projects have been completed and an additional 22 development projects are currently underway or in the planning stages to be built in accordance with LEED certification standards.
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KEY FACTS
176 properties, 20.8 mil. Sq. ft. of gross leasable area
312 acres of active and future development land
Total enterprise value: $4.2B
Investment grade rating is BBB by DBRS and Baa3 by Moody's
Three strong operating platforms in Toronto, Montreal, and Calgary
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