First Capital Real Estate Investment Trust (FCR-UN) - Net Assets
Based on the latest financial reports, First Capital Real Estate Investment Trust (FCR-UN) has net assets worth CA$4.89 Billion CAD (≈ $3.54 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 (CA$9.23 Billion ≈ $6.68 Billion USD) and total liabilities (CA$4.34 Billion ≈ $3.14 Billion USD). 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. Check First Capital Real Estate Investment Tru (FCR-UN) asset resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$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 | 24.97 |
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. Also explore total assets of First Capital Real Estate Investment Tru for the complete picture of this company's asset base.
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. For live valuation and market cap data, see First Capital Real Estate Investment Tru market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CA$4.89 Billion ≈ $3.54 Billion |
+21.91% |
| 2024-12-31 | CA$4.01 Billion ≈ $2.90 Billion |
+0.45% |
| 2023-12-31 | CA$4.00 Billion ≈ $2.89 Billion |
-7.82% |
| 2022-12-31 | CA$4.34 Billion ≈ $3.14 Billion |
-7.15% |
| 2021-12-31 | CA$4.67 Billion ≈ $3.38 Billion |
+9.69% |
| 2020-12-31 | CA$4.26 Billion ≈ $3.08 Billion |
-4.90% |
| 2019-12-31 | CA$4.48 Billion ≈ $3.24 Billion |
-10.63% |
| 2018-12-31 | CA$5.01 Billion ≈ $3.62 Billion |
+6.65% |
| 2017-12-31 | CA$4.70 Billion ≈ $3.40 Billion |
+10.93% |
| 2016-12-31 | CA$4.23 Billion ≈ $3.06 Billion |
+15.40% |
| 2015-12-31 | CA$3.67 Billion ≈ $2.65 Billion |
+4.87% |
| 2014-12-31 | CA$3.50 Billion ≈ $2.53 Billion |
+5.26% |
| 2013-12-31 | CA$3.32 Billion ≈ $2.40 Billion |
+2.29% |
| 2012-12-31 | CA$3.25 Billion ≈ $2.35 Billion |
+29.27% |
| 2011-12-31 | CA$2.51 Billion ≈ $1.82 Billion |
+36.84% |
| 2010-12-31 | CA$1.84 Billion ≈ $1.33 Billion |
+67.59% |
| 2009-12-31 | CA$1.10 Billion ≈ $792.72 Million |
+1.17% |
| 2008-12-31 | CA$1.08 Billion ≈ $783.55 Million |
+13.86% |
| 2007-12-31 | CA$951.33 Million ≈ $688.18 Million |
+4.36% |
| 2006-12-31 | CA$911.59 Million ≈ $659.43 Million |
+8.20% |
| 2005-12-31 | CA$842.54 Million ≈ $609.48 Million |
+53.61% |
| 2004-12-31 | CA$548.49 Million ≈ $396.77 Million |
-17.52% |
| 2003-12-31 | CA$664.99 Million ≈ $481.05 Million |
+30.97% |
| 2002-12-31 | CA$507.76 Million ≈ $367.30 Million |
+23.97% |
| 2001-12-31 | CA$409.57 Million ≈ $296.28 Million |
+3.25% |
| 2000-12-31 | CA$396.68 Million ≈ $286.95 Million |
-5.89% |
| 1999-12-31 | CA$421.50 Million ≈ $304.91 Million |
-2.66% |
| 1998-12-31 | CA$433.00 Million ≈ $313.23 Million |
+100.18% |
| 1997-12-31 | CA$216.30 Million ≈ $156.47 Million |
+36.38% |
| 1996-12-31 | CA$158.60 Million ≈ $114.73 Million |
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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 | CA$2.03 Billion | 42.13% |
| Common Stock | CA$2.81 Billion | 58.27% |
| Other Comprehensive Income | CA$-19.25 Million | -0.40% |
| Total Equity | CA$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 |
|---|---|
|
AllianceBernstein Holding L.P.
NYSE:AB
|
$3.60 Billion |
|
Guangdong Aofei Data Technology Co Ltd Class A
SHE:300738
|
$3.60 Billion |
|
Allied Gold Corporation
TO:AAUC
|
$3.60 Billion |
|
Aris Mining Corporation
TO:ARIS
|
$3.60 Billion |
|
Hangzhou EZVIZ Network Co. Ltd. A
SHG:688475
|
$3.59 Billion |
|
Choice Properties Real Estate Investment Trust
TO:CHP-UN
|
$3.59 Billion |
|
Zhende Medical Co Ltd
SHG:603301
|
$3.59 Billion |
|
Brady Corporation
NYSE:BRC
|
$3.59 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 decreased equity by 5,090,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$1.06 Billion | +22.08% |
| Dividends Paid | CA$188.59 Million | -3.91% |
| Other Comprehensive Income | CA$-5.09 Million | -0.11% |
| Other Changes | CA$1.73 Million | +0.04% |
| Total Change | CA$- | 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: 1.03x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 3.00x to 1.03x 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 | CA$7.81 | CA$23.38 | x |
| 1997-12-31 | CA$10.05 | CA$23.38 | x |
| 1998-12-31 | CA$18.91 | CA$23.38 | x |
| 1999-12-31 | CA$17.48 | CA$23.38 | x |
| 2000-12-31 | CA$16.45 | CA$23.38 | x |
| 2001-12-31 | CA$7.75 | CA$23.38 | x |
| 2002-12-31 | CA$8.96 | CA$23.38 | x |
| 2003-12-31 | CA$9.45 | CA$23.38 | x |
| 2004-12-31 | CA$12.50 | CA$23.38 | x |
| 2005-12-31 | CA$7.64 | CA$23.38 | x |
| 2006-12-31 | CA$7.69 | CA$23.38 | x |
| 2007-12-31 | CA$7.58 | CA$23.38 | x |
| 2008-12-31 | CA$7.84 | CA$23.38 | x |
| 2009-12-31 | CA$7.30 | CA$23.38 | x |
| 2010-12-31 | CA$11.45 | CA$23.38 | x |
| 2011-12-31 | CA$13.28 | CA$23.38 | x |
| 2012-12-31 | CA$15.71 | CA$23.38 | x |
| 2013-12-31 | CA$14.44 | CA$23.38 | x |
| 2014-12-31 | CA$15.05 | CA$23.38 | x |
| 2015-12-31 | CA$15.43 | CA$23.38 | x |
| 2016-12-31 | CA$17.02 | CA$23.38 | x |
| 2017-12-31 | CA$18.63 | CA$23.38 | x |
| 2018-12-31 | CA$19.85 | CA$23.38 | x |
| 2019-12-31 | CA$19.18 | CA$23.38 | x |
| 2020-12-31 | CA$15.64 | CA$23.38 | x |
| 2021-12-31 | CA$21.05 | CA$23.38 | x |
| 2022-12-31 | CA$20.04 | CA$23.38 | x |
| 2023-12-31 | CA$18.54 | CA$23.38 | x |
| 2024-12-31 | CA$18.59 | CA$23.38 | x |
| 2025-12-31 | CA$22.68 | CA$23.38 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently First Capital Real Estate Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 22.08%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 145.51%
- • Asset Turnover: 0.08x
- • Equity Multiplier: 1.92x
- Recent ROE (22.08%) is above the historical average (5.88%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1996 | 5.04% | 16.26% | 0.11x | 2.73x | CA$-7.86 Million |
| 1997 | 4.62% | 13.25% | 0.12x | 2.95x | CA$-11.63 Million |
| 1998 | 3.86% | 14.10% | 0.12x | 2.27x | CA$-26.60 Million |
| 1999 | 2.66% | 7.69% | 0.13x | 2.64x | CA$-30.95 Million |
| 2000 | -3.82% | -10.26% | 0.13x | 2.87x | CA$-54.84 Million |
| 2001 | 7.69% | 22.39% | 0.14x | 2.41x | CA$-9.46 Million |
| 2002 | 5.84% | 23.59% | 0.11x | 2.34x | CA$-21.14 Million |
| 2003 | 6.62% | 27.98% | 0.10x | 2.31x | CA$-22.47 Million |
| 2004 | 2.25% | 8.08% | 0.12x | 2.38x | CA$-61.58 Million |
| 2005 | 3.47% | 10.87% | 0.11x | 2.93x | CA$-55.06 Million |
| 2006 | 5.04% | 13.81% | 0.11x | 3.36x | CA$-45.20 Million |
| 2007 | 3.19% | 8.05% | 0.11x | 3.58x | CA$-64.78 Million |
| 2008 | 3.42% | 9.09% | 0.11x | 3.39x | CA$-72.08 Million |
| 2009 | 3.82% | 9.48% | 0.12x | 3.37x | CA$-67.67 Million |
| 2010 | 2.26% | 8.57% | 0.10x | 2.72x | CA$-141.92 Million |
| 2011 | 21.86% | 104.21% | 0.09x | 2.42x | CA$297.79 Million |
| 2012 | 12.11% | 66.52% | 0.08x | 2.24x | CA$68.36 Million |
| 2013 | 6.47% | 33.53% | 0.08x | 2.29x | CA$-117.07 Million |
| 2014 | 5.67% | 29.53% | 0.08x | 2.28x | CA$-150.28 Million |
| 2015 | 5.60% | 29.85% | 0.08x | 2.27x | CA$-160.13 Million |
| 2016 | 9.12% | 54.11% | 0.08x | 2.17x | CA$-36.81 Million |
| 2017 | 13.62% | 82.78% | 0.08x | 2.15x | CA$168.38 Million |
| 2018 | 6.90% | 43.80% | 0.08x | 2.10x | CA$-154.22 Million |
| 2019 | 9.07% | 51.65% | 0.08x | 2.30x | CA$-41.31 Million |
| 2020 | 0.06% | 0.40% | 0.07x | 2.37x | CA$-420.01 Million |
| 2021 | 9.96% | 67.29% | 0.07x | 2.19x | CA$-1.96 Million |
| 2022 | -3.74% | -22.47% | 0.07x | 2.24x | CA$-587.93 Million |
| 2023 | -3.41% | -17.83% | 0.08x | 2.34x | CA$-527.39 Million |
| 2024 | 5.19% | 28.76% | 0.08x | 2.33x | CA$-189.68 Million |
| 2025 | 22.08% | 145.51% | 0.08x | 1.92x | CA$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: $2,188,726,603
- Average return on equity (ROE) among peers: 8.33%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| First Capital Real Estate Investment Trust (FCR-UN) | CA$4.89 Billion | 5.04% | 0.89x | $3.59 Billion |
| Choice Properties Real Estate Investment Trust (CHP-UN) | $4.37 Billion | 18.24% | 2.96x | $3.59 Billion |
| CT Real Estate Investment Trust (CRT-UN) | $3.38 Billion | 2.84% | 0.83x | $1.39 Billion |
| Firm Capital Property Trust (FCD-UN) | $48.18 Million | 9.81% | 0.97x | $175.49 Million |
| Plaza Retail REIT (PLZ-UN) | $521.30 Million | 10.34% | 1.43x | $357.89 Million |
| Primaris Retail R.E. Invest. Tr. Units (PMZ-UN) | $530.22 Million | 1.84% | 2.03x | $1.62 Billion |
| RioCan Real Estate Investment Trust (REI-UN) | $7.93 Billion | 1.79% | 1.02x | $4.53 Billion |
| Slate Grocery REIT (SGR-U) | $623.92 Million | 14.56% | 1.78x | $107.89K |
| Slate Grocery REIT (SGR-UN) | $931.10 Million | 13.83% | 1.44x | $694.00 Million |
| SmartCentres Real Estate Investment Trust (SRU-UN) | $1.37 Billion | 1.70% | 2.09x | $2.97 Billion |
About First Capital Real Estate Investment Trust
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