First Capital Real Estate Investment Trust

PINK:FCXXF USA REIT - Retail
Market Cap
$2.48 Billion
Market Cap Rank
#4429 Global
#2774 in USA
Share Price
$11.66
Change (1 day)
+0.00%
52-Week Range
$11.49 - $11.87
All Time High
$13.89
Categories
Companies in USA REIT - Retail
About

First Capital Real Estate Investment Trust is an unincorporated, open-ended mutual fund trust. First Capital owns and operates, acquires, and develops open-air grocery-anchored shopping centres in neighborhoods with the strongest demographics in Canada. The Trust is listed on the Toronto Stock Exchange. On November 24, 2025, the Trust's unitholders approved an internal tax reorganization that was… Read more

First Capital Real Estate Investment Trust (FCXXF) - Net Assets

Latest net assets as of December 2025: $4.89 Billion USD

Based on the latest financial reports, First Capital Real Estate Investment Trust (FCXXF) has net assets worth $4.89 Billion USD as of December 2025.

Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($9.23 Billion) and total liabilities ($4.34 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.

Key Net Assets Metrics

Metric Value
Current Net Assets $4.89 Billion
% of Total Assets 53.02%
Annual Growth Rate 12.55%
5-Year Change 4.81%
10-Year Change 15.61%
Growth Volatility 27.93

First Capital Real Estate Investment Trust - Net Assets Trend (1996–2025)

This chart illustrates how First Capital Real Estate Investment Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for First Capital Real Estate Investment Trust (1996–2025)

The table below shows the annual net assets of First Capital Real Estate Investment Trust from 1996 to 2025.

Year Net Assets Change
2025-12-31 $4.89 Billion +21.91%
2024-12-31 $4.01 Billion +0.45%
2023-12-31 $4.00 Billion -7.82%
2022-12-31 $4.34 Billion -7.15%
2021-12-31 $4.67 Billion +9.69%
2020-12-31 $4.26 Billion -4.90%
2019-12-31 $4.48 Billion -10.63%
2018-12-31 $5.01 Billion +6.65%
2017-12-31 $4.70 Billion +10.93%
2016-12-31 $4.23 Billion +15.40%
2015-12-31 $3.67 Billion +4.87%
2014-12-31 $3.50 Billion +5.26%
2013-12-31 $3.32 Billion +1.82%
2012-12-31 $3.26 Billion +34.18%
2011-12-31 $2.43 Billion +114.50%
2010-12-31 $1.13 Billion +3.47%
2009-12-31 $1.10 Billion +0.00%
2008-12-31 $1.10 Billion +15.19%
2007-12-31 $951.33 Million +4.36%
2006-12-31 $911.59 Million +8.20%
2005-12-31 $842.54 Million +6.02%
2004-12-31 $794.68 Million +19.50%
2003-12-31 $664.99 Million +30.97%
2002-12-31 $507.76 Million +23.97%
2001-12-31 $409.57 Million +3.25%
2000-12-31 $396.68 Million -5.89%
1999-12-31 $421.50 Million -2.66%
1998-12-31 $433.00 Million +100.18%
1997-12-31 $216.30 Million +36.38%
1996-12-31 $158.60 Million --

Equity Component Analysis

This analysis shows how different components contribute to First Capital Real Estate Investment Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

  • Retained earnings have grown by 203148200000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component Amount Percentage
Retained Earnings $2.03 Billion 42.13%
Other Components $2.79 Billion 57.87%
Total Equity $4.82 Billion 100.00%

First Capital Real Estate Investment Trust Competitors by Market Cap

The table below lists competitors of First Capital Real Estate Investment Trust ranked by their market capitalization.

Company Market Cap
Dana Inc
NYSE:DAN
 		$2.46 Billion
Engie Brasil Energia SA
PINK:EGIEY
 		$2.47 Billion
Freedom Holding Corp
NASDAQ:FRHC
 		$2.47 Billion
China Resources Sanjiu Medical & Pharmaceutical Co Ltd
SHE:000999
 		$2.47 Billion
Bangkok Expressway and Metro Public Company Limited
PINK:BKKXF
 		$2.46 Billion
Voronoi Co. Ltd.
KQ:310210
 		$2.46 Billion
SOCNF
PINK:SOCNF
 		$2.45 Billion
The Unite Group plc
F:U1B
 		$2.45 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in First Capital Real Estate Investment Trust's equity between the two most recent reporting periods.

Equity Growth Insights

  • From 2024 to 2025, total equity changed from 3,946,100,000 to 4,818,178,000, a change of 872,078,000 (22.1%).
  • Net income of 1,064,030,000 contributed positively to equity growth.
  • Dividend payments of 188,587,000 reduced retained earnings.
  • Other comprehensive income increased equity by 14,159,000.

Equity Change Factors (2024 to 2025)

Factor Impact Contribution
Net Income $1.06 Billion +22.08%
Dividends Paid $188.59 Million -3.91%
Other Comprehensive Income $14.16 Million +0.29%
Other Changes $-17.52 Million -0.36%
Total Change $- 22.10%

Book Value vs Market Value Analysis

This analysis compares First Capital Real Estate Investment Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

  • Current price-to-book ratio: 0.51x
  • The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
  • The price-to-book ratio has decreased from 1.49x to 0.51x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date Book Value per Share Market Price P/B Ratio
1996-12-31 $7.81 $11.66 x
1997-12-31 $10.05 $11.66 x
1998-12-31 $18.91 $11.66 x
1999-12-31 $17.48 $11.66 x
2000-12-31 $16.45 $11.66 x
2001-12-31 $7.75 $11.66 x
2002-12-31 $8.96 $11.66 x
2003-12-31 $9.45 $11.66 x
2004-12-31 $12.50 $11.66 x
2005-12-31 $8.64 $11.66 x
2006-12-31 $7.69 $11.66 x
2007-12-31 $7.58 $11.66 x
2008-12-31 $7.85 $11.66 x
2009-12-31 $7.30 $11.66 x
2010-12-31 $6.27 $11.66 x
2011-12-31 $12.80 $11.66 x
2012-12-31 $15.71 $11.66 x
2013-12-31 $14.44 $11.66 x
2014-12-31 $15.05 $11.66 x
2015-12-31 $15.43 $11.66 x
2016-12-31 $17.02 $11.66 x
2017-12-31 $18.63 $11.66 x
2018-12-31 $19.54 $11.66 x
2019-12-31 $20.31 $11.66 x
2020-12-31 $19.27 $11.66 x
2021-12-31 $21.04 $11.66 x
2022-12-31 $19.79 $11.66 x
2023-12-31 $18.49 $11.66 x
2024-12-31 $18.42 $11.66 x
2025-12-31 $22.68 $11.66 x

Capital Efficiency Dashboard

This dashboard shows how efficiently First Capital Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

  • Current Return on Equity (ROE): 22.08%
  • The company demonstrates strong efficiency in generating profits from shareholder equity.
  • DuPont Analysis Breakdown:
  • • Net Profit Margin: 145.51%
  • • Asset Turnover: 0.08x
  • • Equity Multiplier: 1.92x
  • Recent ROE (22.08%) is above the historical average (6.04%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year Return on Equity Net Profit Margin Asset Turnover Equity Multiplier Economic Value Added
1996 5.04% 16.26% 0.11x 2.73x $-7.86 Million
1997 4.62% 13.25% 0.12x 2.95x $-11.63 Million
1998 3.86% 14.10% 0.12x 2.27x $-26.60 Million
1999 2.66% 7.69% 0.13x 2.64x $-30.95 Million
2000 -3.82% -10.26% 0.13x 2.87x $-54.84 Million
2001 7.69% 22.39% 0.14x 2.41x $-9.46 Million
2002 5.84% 23.59% 0.11x 2.34x $-21.14 Million
2003 6.62% 27.98% 0.10x 2.31x $-22.47 Million
2004 4.69% 16.83% 0.12x 2.38x $-42.18 Million
2005 3.47% 10.87% 0.11x 2.93x $-55.06 Million
2006 5.04% 13.81% 0.11x 3.36x $-45.20 Million
2007 3.19% 8.05% 0.11x 3.58x $-64.78 Million
2008 3.41% 9.10% 0.11x 3.40x $-72.24 Million
2009 3.82% 9.36% 0.12x 3.37x $-67.67 Million
2010 3.65% 8.52% 0.12x 3.63x $-72.05 Million
2011 22.67% 104.21% 0.09x 2.52x $306.76 Million
2012 12.11% 67.39% 0.08x 2.25x $68.36 Million
2013 6.47% 34.02% 0.08x 2.29x $-117.07 Million
2014 5.67% 30.34% 0.08x 2.28x $-150.28 Million
2015 5.60% 31.05% 0.08x 2.27x $-160.13 Million
2016 9.12% 56.59% 0.07x 2.17x $-36.81 Million
2017 13.62% 91.16% 0.07x 2.15x $168.38 Million
2018 6.90% 47.10% 0.07x 2.10x $-154.22 Million
2019 9.07% 53.74% 0.07x 2.30x $-41.31 Million
2020 0.18% 1.11% 0.07x 2.37x $-415.23 Million
2021 9.96% 68.18% 0.07x 2.19x $-1.96 Million
2022 -3.73% -23.05% 0.07x 2.24x $-587.70 Million
2023 -3.41% -19.49% 0.07x 2.34x $-527.39 Million
2024 5.19% 28.72% 0.08x 2.33x $-189.68 Million
2025 22.08% 145.51% 0.08x 1.92x $582.21 Million

Industry Comparison

This section compares First Capital Real Estate Investment Trust's net assets metrics with peer companies in the REIT - Retail industry.

Industry Context

  • Industry: REIT - Retail
  • Average net assets among peers: $22,048,860,627
  • Average return on equity (ROE) among peers: 3.28%

Peer Company Comparison

Company Net Assets Return on Equity Debt-to-Equity Market Cap
First Capital Real Estate Investment Trust (FCXXF) $4.89 Billion 5.04% 0.89x $2.46 Billion
Agree Realty Corporation (ADC) $137.98 Million 10.88% 0.90x $9.41 Billion
AEORF (AEORF) $210.91 Billion 5.61% 0.83x $1.34 Billion
Acadia Realty Trust (AKR) $83.00 Million 4.58% 2.01x $2.69 Billion
Alexander & Baldwin Holdings Inc (ALEX) $1.07 Billion 3.30% 0.75x $1.50 Billion
Alexanders Inc (ALX) $50.92 Million -34.84% 17.09x $515.62 Million
Saul Centers Inc (BFS) $-4.60 Million 0.00% 0.00x $453.57 Million
Brixmor Property (BRX) $2.72 Billion 9.94% 2.08x $8.61 Billion
CBL & Associates Properties Inc (CBL) $1.08 Billion 10.83% 4.49x $694.28 Million
Capital & Counties Properties PLC (CCPPF) $2.51 Billion 17.90% 0.23x $1.88 Billion
CapitaLand China Trust (CLDHF) $1.93 Billion 4.63% 1.02x $745.61 Million