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First Capital REIT is a Canadian public real estate company, specializing in
retail Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and t ...
real estate, and based in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
,
Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...
. It is one of the largest retail landlords in Canada.


History

First Capital was founded in 1994 as Centrefund Realty through a 1994 IPO. It started with 5 properties, and grew to 70 properties by 2000. In May 2000,
Riocan Real Estate Investment Trust RioCan Real Estate Investment Trust is the second-largest real estate investment trust (REIT) in Canada. It has an enterprise value of approximately $14 billion, and owns 289 primarily retail properties, with a net leasable area of 44 million ...
briefly entered discussions into buying First Capital. Gazit Group ended up acquiring the company, which was restructured and renamed
First Capital Realty First Capital REIT is a Canadian public real estate company, specializing in retail real estate, and based in Toronto, Ontario. It is one of the largest retail landlords in Canada. History First Capital was founded in 1994 as Centrefund Realt ...
in 2001. Gazit Group (now Gazit-Globe) was a significant shareholder in First Capital up until March 2020. As of 2003, First Capital had 81 properties, after spinning off its American properties and acquiring 18 properties during the year. In 2011, First Capital Realty bought
Hazelton Lanes Yorkville Village is a shopping mall in Toronto, Ontario, Canada. It is located in the Yorkville neighbourhood, along Avenue Road, north of Bloor Street. Prior to its redevelopment which concluded on January 25, 2016, it was known as Hazelton Lan ...
, a shopping centre in Yorkville,
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
, for $110 million. In December 2019, the company rebranded as First Capital REIT, and reorganized into a
Real Estate Investment Trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...
As of 2021, First Capital owns properties in over 150 Canadian neighbourhoods, consisting of over 200 properties, over 4,000 tenants and over 22.9 million square feet of gross leasable area.


Business

First Capital primarily owns
shopping centres A shopping center (American English) or shopping centre (Commonwealth English), also called a shopping complex, shopping arcade, shopping plaza or galleria, is a group of shops built together, sometimes under one roof. The first known collec ...
in large urban areas across Canada. As of Q1 2021, First Capital has properties in over 150 Canadian neighbourhoods, with 22.9 million square feet of gross leasable area with total enterprise valued at $10 Billion. Major tenant groups include
grocery store A grocery store ( AE), grocery shop ( BE) or simply grocery is a store that primarily retails a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, a ...
s (17.0% of Q1 2021 rent), medical & personal services (15.5%), restaurants (12.9%), pharmacies (9.3%), and banks (8.3%). The top 10 tenants in Q1 2021 were
Loblaws Loblaws Inc. is a Canadian supermarket chain with stores located in the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan. Headquartered in Brampton, Ontario, Loblaws is a subsidiary of Loblaw Companies Limited, C ...
,
Sobeys Sobeys Inc. is the second largest supermarket chain in Canada, with over 1,500 stores operating across Canada under a variety of banners. Headquartered in Stellarton, Nova Scotia, it operates stores in all ten provinces and accumulated sales o ...
,
Metro Metro, short for metropolitan, may refer to: Geography * Metro (city), a city in Indonesia * A metropolitan area, the populated region including and surrounding an urban center Public transport * Rapid transit, a passenger railway in an urba ...
,
Canadian Tire Canadian Tire Corporation, Limited is a Canadian retail company which operates in the automotive, hardware, sports, leisure and housewares sectors. Its Canadian operations include: Canadian Tire (including Canadian Tire Petroleum gas stations a ...
,
Walmart Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores from the United States, headquarter ...
,
TD Canada Trust TD Canada Trust, frequently shortened to simply TD, is the commercial banking operation of TD Bank Group in Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,1 ...
, RBC, Save on Foods,
Goodlife Fitness GoodLife Fitness Centres Inc. is the largest health club company in Canada with over 450 locations across the country, under the banner of four brands.
, and
Dollarama Dollarama is a Canadian dollar store retail chain headquartered in Montreal. Since 2009 it is Canada's largest retailer of items for five dollars or less. Dollarama has over 1400 stores and has a presence in every province of Canada; Ontario has ...
. First Capital has recently been shifting to
mixed-use Mixed-use is a kind of urban development, urban design, urban planning and/or a zoning type that blends multiple uses, such as residential, commercial, cultural, institutional, or entertainment, into one space, where those functions are to some ...
developments, as opposed to purely retail developments. As of Q1 2021, the average population density within 5 kilometers of FCR properties is 304,000, up 48% since 2016. In September 2017, it was announced that First Capital was considering selling $500 million worth of properties in Ottawa and Toronto in which it has a partial interest. As of Q1 2021, 52% of the FCR portfolio is in the
Greater Toronto The Greater Toronto Area, commonly referred to as the GTA, includes the City of Toronto and the regional municipalities of Durham, Halton, Peel, and York. In total, the region contains 25 urban, suburban, and rural municipalities. The Greater T ...
and Greater Ottawa areas. In December 2019, FCR converted from a corporation to a real estate investment trust, listing on December 30 on the TSX as FCR.UN.


Sustainability and environmental responsibilities

Since 2006, First Capital has engaged in several sustainability initiatives, starting with its commitment to develop all properties using
Leadership in Energy and Environmental Design Leadership in Energy and Environmental Design (LEED) is a green building certification program used worldwide. Developed by the non-profit U.S. Green Building Council (USGBC), it includes a set of rating systems for the design, construction ...
(LEED) standards. In 2020, First Capital released its 2020-2024 Environmental, Social, and Governance (ESG) Roadmap, and Sustainability Policy, outlining current and future sustainability plans. As of Q1 2021, FCR has achieved a 'AAA' rating in the Morgan Stanley Capital International (MSCI) ESG Ratings assessment for the third year in a row, a 4-star ranking by the Global Real Estate Sustainability Benchmark (GRESB) in 2020, awarded Silver 2020 Green Lease Leader Recognition by the Institute for Market Transformation (IMT) and the U.S. Department of Energy's Better Building Alliance, and received Prime Status for Corporate ESG Performance by the
Institutional Shareholder Services Institutional Shareholder Services Inc. (ISS) is a proxy advisory firm. Hedge funds, mutual funds and similar organizations that own shares of multiple companies pay ISS to advise (and often vote their shares) regarding share holder votes. It i ...
2020.


Properties

Notable properties owned by First Capital include:


Ontario

* 102-108 Yorkville Avenue in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
* 101 Yorkville Avenue in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
* Shops at King Liberty in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
*
Cedarbrae Mall Cedarbrae Mall is a shopping mall in Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most popul ...
in
Scarborough Scarborough or Scarboro may refer to: People * Scarborough (surname) * Earl of Scarbrough Places Australia * Scarborough, Western Australia, suburb of Perth * Scarborough, New South Wales, suburb of Wollongong * Scarborough, Queensland, su ...
*
Yorkville Village Yorkville Village is a shopping mall in Toronto, Ontario, Canada. It is located in the Yorkville neighbourhood, along Avenue Road, north of Bloor Street. Prior to its redevelopment which concluded on January 25, 2016, it was known as Hazelton Lan ...
(formerly known as Hazelton Lanes) in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
*
One Bloor One Bloor, previously One Bloor East and Number One Bloor, is a mixed-use skyscraper at the intersection of Bloor Street and Yonge Street in downtown Toronto, Ontario, Canada. The project was initially launched by developer Bazis International ...
in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
*
Meadowvale Town Centre Meadowvale may refer to: *Meadowvale, Ontario, a community of Mississauga, Ontario, Canada *Meadowvale (village), a residential subdivision near the community * Meadowvale GO Station, a station in the GO Transit network located in the community * M ...
in
Mississauga Mississauga ( ), historically known as Toronto Township, is a city in the Canadian province of Ontario. It is situated on the shores of Lake Ontario in the Regional Municipality of Peel, adjoining the western border of Toronto. With a popul ...
*
Parkway Mall Parkway Mall (originally Parkway Plaza) is a community-scale shopping centre in Toronto, Ontario, Canada. It is located at the southeast corner of Victoria Park Avenue and Ellesmere Road in the Maryvale neighbourhood in the Scarborough distric ...
in
Scarborough Scarborough or Scarboro may refer to: People * Scarborough (surname) * Earl of Scarbrough Places Australia * Scarborough, Western Australia, suburb of Perth * Scarborough, New South Wales, suburb of Wollongong * Scarborough, Queensland, su ...
* College Square in
Ottawa Ottawa (, ; Canadian French: ) is the capital city of Canada. It is located at the confluence of the Ottawa River and the Rideau River in the southern portion of the province of Ontario. Ottawa borders Gatineau, Quebec, and forms the core ...
*
Merivale Mall Merivale Mall is an indoor mall located at 1642 Merivale Road in the Nepean district of Ottawa, Ontario, Canada. The mall opened in 1976 and is bordered by Viewmount Drive to the south and Merivale Road to the east. It's an approximate 20-minute d ...
in
Ottawa Ottawa (, ; Canadian French: ) is the capital city of Canada. It is located at the confluence of the Ottawa River and the Rideau River in the southern portion of the province of Ontario. Ottawa borders Gatineau, Quebec, and forms the core ...
* Leaside Village in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
* York Mills Gardens in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
*3080
Yonge Street Yonge Street (; pronounced "young") is a major arterial route in the Canadian province of Ontario connecting the shores of Lake Ontario in Toronto to Lake Simcoe, a gateway to the Upper Great Lakes. Once the southernmost leg of provincial Hi ...
in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
*King High Line in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
*1 Bloor East in Toronto *Yonge & Roselawn in
Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
*2150
Lakeshore Boulevard Lake Shore Boulevard (often incorrectly compound (linguistics), compounded as Lakeshore Boulevard) is a major arterial road running along more than half of the Lake Ontario waterfront in the city of Toronto, Ontario, Canada. Prior to 1998, two ...
West (formerly known as the Christie Cookie Site) in Toronto 


Quebec

*
Place Portobello This is a list of shopping centres in the Urban agglomeration of Longueuil, in the Montérégie region of Quebec. Boucherville Carrefour de la Rive-Sud Carrefour de la Rive-Sud is a power centre inaugurated in 2002 in Boucherville, Quebec at the c ...
in
Brossard Brossard (, , ) is a municipality in the Montérégie region of Quebec, Canada and is part of the Greater Montreal area. According to the 2021 census, Brossard's population was 91,525. It shares powers with the urban agglomeration of Longueuil a ...
* Place Panama in
Brossard Brossard (, , ) is a municipality in the Montérégie region of Quebec, Canada and is part of the Greater Montreal area. According to the 2021 census, Brossard's population was 91,525. It shares powers with the urban agglomeration of Longueuil a ...
* Centre Domaine in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
*
Galeries Normandie The following is a list of notable shopping centres in Greater Montreal. Island of Montreal – City of Montreal * Ville-Marie, Montreal ** Le 1000 de la Gauchetière ** 2020 University ** Carrefour Industrielle Alliance (formerly Simpsons (de ...
in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
. * Carre Lucerne in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
* Place Viau in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
* Wilderton Centre in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
* Griffintown 225 Peel in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
* Griffintown 100 Peel in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...


Alberta

* Mount Royal Village in
Calgary Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, makin ...
* Edmonton Brewery District
Edmonton Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city ancho ...
*
Northgate Centre Northgate Centre is a shopping mall located in the northern part of Edmonton, Alberta. It contains more than 70 stores and services. Its main anchor tenants are Marshalls, Safeway, and Walmart. History The mall first opened in April 1965 as North ...
in
Edmonton Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city ancho ...
*
Westmount Centre Westmount Centre is a shopping mall located in the Woodcroft neighborhood of Edmonton. It opened in 1955 and is owned by First Capital Realty. Anchors * Safeway * The Home Depot (opened 2008 in former Blockbuster and Scotiabank locations) * D ...
in
Edmonton Edmonton ( ) is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city ancho ...


British Columbia

*
Semiahmoo Shopping Centre Semiahmoo Shopping Centre ( ) is an indoor shopping mall on the Semiahmoo peninsula in Surrey, British Columbia, Canada. Opened in 1980, the shopping centre is named after the nearby Semiahmoo Bay and is currently anchored by Save-On-Foods and Winn ...
in
Surrey Surrey () is a ceremonial and non-metropolitan county in South East England, bordering Greater London to the south west. Surrey has a large rural area, and several significant urban areas which form part of the Greater London Built-up Area. ...
*
Shops at New West Shops at New West is a shopping centre in New Westminster, British Columbia, Canada. The complex is unique for its integration into New Westminster station, a SkyTrain station on Metro Vancouver's metropolitan rail system. The shopping centre ope ...
in
New Westminster New Westminster (colloquially known as New West) is a city in the Lower Mainland region of British Columbia, Canada, and a member municipality of the Metro Vancouver Regional District. It was founded by Major-General Richard Moody as the capita ...
* False Creek Village in
Vancouver Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the ...


References

{{Authority control Companies based in Toronto Companies listed on the Toronto Stock Exchange Real estate companies of Canada Real estate investment trusts of Canada