First Capital REIT
Corporate brand
UnclaimedFirst Capital REIT is a Canadian real estate investment trust focused on grocery-anchored, open-air neighbourhood shopping centres.
Last updated November 4, 2026
AI crawler reads
No AI crawler has read this profile yet.
Overview
First Capital REIT is a Canadian public real estate investment trust headquartered in Toronto, Ontario. The company owns, operates and develops grocery-anchored open-air shopping centres in densely populated Canadian neighbourhoods, with a portfolio concentrated in major urban markets. Its properties combine supermarkets with complementary tenants such as pharmacies, restaurants, banks, medical providers, personal-service businesses, fitness operators and everyday retailers. The business originated in 1994 as Centrefund Realty, which completed an initial public offering with five properties. It expanded rapidly during the 1990s, reaching approximately 70 properties by 2000. In that year, RioCan Real Estate Investment Trust briefly entered discussions concerning a possible acquisition, but Gazit Group ultimately acquired the company. The business was subsequently reorganized and renamed First Capital Realty in 2001. Gazit Group, later known as Gazit-Globe, remained a significant shareholder until March 2020. First Capital expanded its Canadian platform while reshaping its geographic footprint. In 2003, it reported 81 properties after acquiring 18 properties and separating its American holdings. In 2011, the company acquired Hazelton Lanes, a prominent shopping centre in Toronto's Yorkville district, for $110 million. The property was later associated with the Yorkville Village name. In December 2019, First Capital Realty rebranded as First Capital REIT and converted from a corporation into a real estate investment trust. Its units began trading on the Toronto Stock Exchange under FCR.UN on December 30, 2019. As of March 31, 2024, First Capital held interests in 139 neighbourhoods, representing approximately 22.2 million square feet of gross leasable area and total assets valued at about $9.2 billion. The portfolio is especially concentrated in the Greater Toronto and Greater Ottawa areas, which together represented approximately 45% of the portfolio at the end of 2023, while other important markets include Montreal, Calgary, Edmonton, Vancouver, Surrey and surrounding municipalities. The tenant base is oriented toward recurring, necessity-based visits. Grocery stores represented approximately 17.1% of 2023 annual rent, followed by medical and personal services at 15.5%, restaurants at 13.0%, pharmacies at 9.2% and banks at 8.1%. Major tenants reported in the company's portfolio include Loblaw, Sobeys, Metro, Canadian Tire, Walmart, TD Canada Trust, Dollarama, GoodLife Fitness, Save-On-Foods and Royal Bank of Canada. At December 31, 2023, the ten largest tenant groups accounted for approximately one-third of annual rent, while the top forty represented roughly 54.9%. First Capital's positioning is based on owning well-located neighbourhood retail properties in areas with high population density and strong household demographics. The company reported an average population density of approximately 295,000 people within five kilometres of its properties at December 31, 2023, an increase of 44% from 2016. In addition to operating existing centres, the REIT undertakes redevelopment and mixed-use or urban intensification projects in selected locations. Sustainability has been part of the company's stated development and operating approach since 2006, when it committed to using Leadership in Energy and Environmental Design standards in property development. Its 2020–2024 ESG Roadmap and Sustainability Policy set out environmental, social and governance objectives. Initiatives and recognitions cited by the company or referenced in public material include participation in GRESB, green-lease recognition, ESG ratings, electric-vehicle charging infrastructure, bicycle parking and climate-target programs. Through the FCR Thriving Neighbourhoods Foundation, the company has also supported charities and non-profit organizations in Canada. First Capital REIT remains an active Canadian retail property owner and landlord. Its business is less focused on discretionary destination retail than on convenience-oriented centres anchored by supermarkets and supported by services used regularly by local residents.
History
First Capital REIT traces its origins to Centrefund Realty, established in 1994 and brought to the public market through an initial public offering backed by five properties. The company used acquisitions and portfolio expansion to build a substantial Canadian retail property platform, reaching approximately 70 properties by 2000. In May of that year, RioCan Real Estate Investment Trust briefly discussed a possible acquisition of First Capital, but the transaction did not proceed. Gazit Group instead acquired the company, leading to a restructuring and the adoption of the First Capital Realty name in 2001. The company continued to refine its portfolio and operating strategy during the early 2000s. In 2003, First Capital reported 81 properties after acquiring 18 properties and separating its American properties. The resulting platform placed greater emphasis on Canadian retail assets, particularly neighbourhood shopping centres serving daily consumer needs. Grocery stores, pharmacies, restaurants, financial institutions and service providers became central components of the tenant mix. A notable later transaction was the 2011 purchase of Hazelton Lanes in Toronto's Yorkville district for $110 million. The shopping centre, subsequently associated with the Yorkville Village identity, formed part of the company's broader participation in dense urban neighbourhoods where retail can be integrated with residential development and high pedestrian activity. Other portfolio and development projects extended the company's presence across Ontario, Quebec, Alberta and British Columbia. Gazit Group, later known as Gazit-Globe, remained a significant shareholder until March 2020. In September 2017, First Capital was reported to be considering the sale of approximately $500 million in properties in Ottawa and Toronto in which it held partial interests, reflecting the company's continuing use of portfolio management and capital recycling as part of its strategy. In December 2019, First Capital Realty rebranded as First Capital REIT and completed a conversion from a corporation into a real estate investment trust. The new REIT structure began trading on the Toronto Stock Exchange on December 30, 2019, under the symbol FCR.UN. The conversion formalized the company's identity as an income-oriented real estate vehicle while retaining its focus on grocery-anchored urban retail. Environmental and social initiatives became more structured over time. Beginning in 2006, First Capital stated that it would develop properties using LEED standards. In 2020, it published an ESG Roadmap covering 2020 through 2024 and a Sustainability Policy. Publicly cited achievements included a four-star GRESB ranking, green-lease recognition from the Institute for Market Transformation and the U.S. Department of Energy's Better Buildings Alliance, and Prime status in an ISS corporate ESG assessment. The company also reported repeated strong results in MSCI ESG assessments. In 2022, First Capital was recognized among Canada's top small and medium employers and became the first Canadian retail REIT to sign in support of the Task Force on Climate-Related Financial Disclosures. Its 2030 greenhouse-gas reduction target received validation from the Science Based Targets initiative. In 2023, the company reported installing more than 300 electric-vehicle charging stations and more than 1,100 bicycle racks. Its Thriving Neighbourhoods Foundation, launched in 2020, reported raising more than $925,000 for Canadian charities and non-profit organizations. By March 31, 2024, First Capital held interests in 139 neighbourhoods comprising approximately 22.2 million square feet of gross leasable area, with total assets of approximately $9.2 billion. The portfolio remained concentrated in major Canadian metropolitan areas, especially the Greater Toronto and Greater Ottawa regions, and was anchored by grocery and other necessity-oriented tenants. Its modern operating model combines property ownership, leasing, redevelopment, sustainability programming and community-oriented initiatives.
- 2024
Portfolio reaches 139 neighbourhoods
[1]At March 31, the REIT reports interests in 139 neighbourhoods, 22.2 million square feet of gross leasable area and $9.2 billion in total assets.
- 2023
Charging and cycling infrastructure expands
[1]First Capital reports more than 300 electric-vehicle charging stations and more than 1,100 bicycle racks.
- 2022
Climate and disclosure commitments expand
[1]The company supports TCFD and receives SBTi validation for a 2030 greenhouse-gas reduction target of 46%.
- 2020
ESG Roadmap is introduced
[1]First Capital publishes its 2020–2024 ESG Roadmap and Sustainability Policy.
- 2019
Conversion to First Capital REIT
[1]The company rebrands and converts from a corporation into a real estate investment trust; units begin trading as FCR.UN on December 30.
- 2011
Hazelton Lanes is acquired
[1]First Capital acquires Toronto's Hazelton Lanes shopping centre for $110 million.
- 2006
LEED-oriented development commitment begins
[1]First Capital begins describing a commitment to develop its properties using LEED standards.
- 2003
Canadian portfolio reaches 81 properties
[1]After acquiring 18 properties and separating its American holdings, the company reports 81 properties.
- 2001
Company is reorganized as First Capital Realty
[1]Following Gazit Group's acquisition, the company is restructured and renamed First Capital Realty.
- 2000
Portfolio reaches approximately 70 properties
[1]Rapid expansion during the 1990s brings the portfolio to about 70 properties by 2000.
Products and positioning
A Canadian urban retail real estate platform focused on grocery-anchored, open-air neighbourhood centres in dense, high-income and high-growth communities.
Retail real estate · 1994
Grocery-anchored open-air neighbourhood centres
The core offering is a portfolio of open-air shopping centres anchored by major grocery operators. These centres are designed around recurring local needs and combine supermarkets with pharmacies, restaurants, banks, medical and personal services, fitness operators and everyday retailers. First Capital targets dense Canadian neighbourhoods where proximity and convenience support frequent visits and relatively diversified leasing demand.
Property development
Urban mixed-use and redevelopment projects
First Capital also participates in redevelopment and intensification of selected retail properties, particularly in major urban markets. Projects may involve repositioning existing centres, adding residential or mixed-use elements, improving public spaces and upgrading tenant layouts. The strategy seeks to increase the productivity and long-term relevance of assets located in established, high-density neighbourhoods.
Marketing campaigns
- 2020ESG Roadmap and Sustainability Policy
Canada
First Capital formalized a multi-year environmental, social and governance program covering operational sustainability, climate-related objectives, stakeholder practices and responsible property management.
Outcome. The program provided a framework for subsequent climate, green-building, mobility and community initiatives.
- 2020Thriving Neighbourhoods Foundation
Canada
The company launched a foundation-oriented community initiative supporting charities and non-profit organizations in communities connected to its portfolio.
Outcome. The foundation reported more than $925,000 in contributions raised for Canadian charities and non-profits since launch.
Brand decisions
2022
Climate-target and disclosure strategyStrategyBackground
The company expanded its formal response to climate-related risk and emissions reduction.
Action taken
First Capital supported TCFD and received SBTi validation for a 2030 greenhouse-gas reduction target of 46%.
Aftermath
The commitments became part of the REIT's public sustainability framework.
2019
Corporate conversion into a REITStrategyBackground
First Capital Realty sought a structure aligned with the real estate investment trust model.
Action taken
The company rebranded as First Capital REIT and listed its units on the Toronto Stock Exchange as FCR.UN.
Aftermath
The reorganization established the current REIT identity and reinforced the company's income-oriented retail real estate positioning.
2017
Review of potential Ottawa and Toronto asset salesStrategyBackground
The company was reported to be evaluating portfolio options for properties in which it held partial interests.
Action taken
First Capital considered selling approximately $500 million of properties in Ottawa and Toronto.
Aftermath
The reported review reflected portfolio management and possible capital recycling; the referenced material does not establish that all proposed sales were completed.
Potential property-sale value. $500 million (2017)
2011
Acquisition of Hazelton LanesM&ABackground
First Capital sought to expand its presence in a dense and prominent Toronto neighbourhood.
Action taken
The company acquired Hazelton Lanes shopping centre in Yorkville for $110 million.
Aftermath
The property later became associated with the Yorkville Village identity and remained part of the urban retail portfolio.
Acquisition price. $110 million (2011)
2001
Gazit Group acquires and restructures the companyM&ABackground
After a brief 2000 acquisition discussion involving RioCan, Gazit Group became the successful acquirer.
Action taken
The business was restructured and renamed First Capital Realty.
Aftermath
Gazit Group remained a significant shareholder until March 2020 while First Capital continued expanding its Canadian retail platform.
Recent events
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/first-capital-reit · Editorial policy · How profiles are compiled