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First Capital REIT - Q3-2020 Earnings, Price Target Update

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First Capital Real Estate Investment Trust (FCR.UN) is one of Canada's larger developers, owners and operators of mixed-use urban real estate in Canada's most densely populated centres. They target specific urban neighborhoods within cities largest urban centres. First Capital REIT has interests in 150 properties (Sept-30-2020), which were 96% occupied with a leasable area of 20.2M sq. ft. at FCR's ownership interest valued at $10B. This compares to 156 properties (Dec-31-2019), which were 96.9% occupied with 20.9M sq. ft. at FCR's ownership interest valued at $10.2B. As at Sept-30-2019, they owned interests in 166 properties, comprising 25.1M sq. ft. of leasable area and total assets were $10.6B.

Properties located in the Greater Toronto Area represent 48% of value, Calgary & Edmonton – 20%, Montreal-12%, Ottawa -4%, Vancouver -11% and other at 5%. Loblaws, Sobeys and Metro, all grocery retailers contribute 22% of annual rent. They define a super urban property based on its proximity to transit, its walkability score, and population density. Currently, over 90% of the portfolio is located within a 5-minute walk to public transit. The portfolio has a "Walkability Score" of 78 which is considered "Very Walkable" where most errands can be accomplished on foot. The portfolio's average population density is currently 280,000 people within a five km radius of its properties, up 35% from Dec-2016. They are targeting to reach an average population density of 300,000 in 2021. A total of 23.9M sq. ft. of incremental density for future development comprised of 2.2M sq. ft. of commercial and 21.7M sq. ft. of residential space has been identified. The active development pipeline includes enhancing 5M-8M sq. ft. with a goal of increasing average rental rates above the 2.5% historical average. Gazit Global, a $14B real estate company listed on the Tel Aviv stock exchange owned 9.9% a reduction from 31.2%. In Apr-2019, a net of 35M common shares were repurchased from Gazit Global (GZT-Tel Aviv Stock Exchange). Conversion from a corporate structure to a REIT was completed in Dec-2019, dividends remained at $0.86 per share; the dividend frequency was changed from quarterly to monthly.

Gazit Global is a global real estate company focused on the ownership, management and development of retail and mixed use properties in major urban markets in North America, Brazil, Israel, Northern, Central and Eastern Europe. Shares are listed on the Tel Aviv Stock Exchange Ltd. (TASE) under the ticker symbol GZT. The current yield is approximately 4.5%.

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