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| PAST TOP PICK | 21.250 | Dennis Mitchell, CFA | (A Top Pick Dec 7/07. Down 15%.) Great name. Have grown cash flow. 6.1% yield is safe. Buy on weakness. | 2008-11-03 | |
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| TOP PICK | 18.350 | Bill MacLachlan | One of the largest owners of anchored regional shopping centres in fast growing metropolitan areas. 7% yield. Well-managed. Good long-term play. | 2008-10-23 | |
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| BUY | 22.050 | Dennis Mitchell, CFA | One of his favourites. Not cheap at these levels. Other names in a similar space can offer better free cash flow yield. This company offers better growth. Tend to buy value-add properties. Good quality core name. If a long-term investor, 3 to 5 years, this is a Buy. | 2008-08-13 | |
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| BUY | 22.750 | Gavin Graham | Shopping malls. 5.6% yield. Have a really good balance sheet. Very experienced management. | 2008-07-07 | |
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| PAST TOP PICK | 24.250 | Dennis Mitchell, CFA | (A Top Pick Aug 16/07. Up 1%.) Came out with a new equity issue that diluted the stock. Balance sheet is in perfect shape. Stable asset class. | 2008-06-12 | |
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| TOP PICK | 24.140 | Charles Dillingham | (A Top Pick July 23/07. Down 3%.) Properties are across the country. Located on corners and include a grocery store, drugstore, bank, et cetera. Low payout ratio. Fairly high yield and moderate debt. Earnings are sustainable. | 2008-06-02 | |
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| TOP PICK | 23.270 | Paul Gardner, CFA | (A Top Pick May 17/07. Up 2%.) First Capital Bond. (5.08% June 21/12.) Greatest value in the corporate bond world is real estate bonds. Getting 200 to 300 basis points over Government of Canada. | 2008-05-28 | |
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| TOP PICK | 22.320 | Charles Dillingham | About 25% of their properties are in the process of being upgraded. Properties are all intercity and are all on corners. Low payout ratio. | 2008-04-04 | |
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| TOP PICK | 22.220 | Charles Dillingham | Yield of 5.7%. Low debt. One of the best management you'll get anywhere. Very well structured. Good value. | 2008-02-14 | |
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| BUY | 23.180 | Paul Gardner, CFA | This one has been hit by the sector. They own outlet grocery store anchored malls. Excellent managers. He owns their bonds. Growing their bottom line with good acquisitions. They've tapped the unsecured debenture market, which allows them to get access to the funding market in the public space. We Buy on anything below this level, otherwise a Hold. | 2008-02-05 | |
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| BUY | 23.490 | Gail Mifsud | Focused on grocery-anchored shopping malls. Have about 19 million square feet of peaceable area. About 50% square-footage is in Ontario with the balance in Quebec, Alberta and B.C. Have managed to increase the portfolio size and decrease the leverage on the balance sheet. | 2008-02-01 | |
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| TOP PICK | 24.760 | Dennis Mitchell, CFA | A more defensive pick. Best management team in the business. Grocery and drug store anchored neighbourhood shopping centres. Trades at about 15% discount to NAV. About a 6% free cash flow yield. Have been tremendous in adding value, developing sites and controlling retail nodes. Management owns in excess of 50%. | 2007-12-07 | |
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| TOP PICK | 25.600 | Charles Dillingham | It's got a good distribution. A very disciplined cookie cutter formula. Very conservative on their balance sheets. The thing that's hurt them is the US dollar. They own 17% to 18% of Equity One (a real estate company in the states). So that's hurt them. | 2007-10-29 | |
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| BUY | 25.820 | Paul Gardner, CFA | Basically community based shopping centres. Has traded off in the last year. Trades at about 4% discount to its NAV. Wouldn't be surprised to see growth in their distributions. | 2007-10-03 | |
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| BUY | 25.990 | Dennis Mitchell, CFA | Has been his favourite name in this space. Grocery/drugstore anchored retail centres. Best management team in the business. Create a lot of value internally. Good value at this level. | 2007-09-04 | |
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| TOP PICK | 24.950 | Dennis Mitchell, CFA | Grocery and drug store anchored real estate. Best management team in the business. Significant internal growth. Significantly below NAV. Good free cash flow yield at about 5.8%. Buy and forget about it. | 2007-08-16 | |
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| TOP PICK | 25.980 | Charles Dillingham | (A Top Pick Dec 8/06. Down 4%.) Very well run. Have brought their debt down. Safe. Long-term growth. | 2007-07-23 | |
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| BUY | 25.990 | Paul Gardner, CFA | Has come off in the last 6 months because the interest rates have hurt the overall REIT market. Their properties are anchored by Shoppers Drug Mart, smaller supermarkets, etc. Have done a great job of growing. | 2007-07-19 | |
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| TOP PICK | 28.100 | Paul Gardner, CFA | First Capital Bond. (5.08% June 21/12.) Deal mainly in the communities of large cities. Anchored by supermarkets. From that capital structure, it is still pretty conservative. You can pick up 130 basis points above the Government of Canada and still have investment-grade bonds. Have the ability to earn around 5.5%. | 2007-05-17 | |
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| PAST TOP PICK | 27.900 | Charles Dillingham | (A Top Pick Dec 8/06. Up 2.9%.) Excellent management. Diversified. Well-managed and well located. | 2007-05-07 | |
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| PAST TOP PICK | 27.700 | Paul Gardner, CFA | Fundamentals are fantastic. One of the few companies that issue unsecured bonds. | 2007-05-03 | |
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| TOP PICK | 27.700 | Paul Gardner, CFA | Shopping center based real estate outdoor malls. Focused on the bottom line.
Debt to asset is 60%. | 2007-05-03 | |
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| BUY | 27.150 | Charles Dillingham | Dividend of 4.5%. Good locations consisting of a grocery store, drugstore, bank, etc. Performance has been slow, but long-term they look good. Reducing their debt. | 2007-04-11 | |
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| PAST TOP PICK | 27.370 | Charles Dillingham | (A Top Pick Dec 8/06. No change.) Very good and very steady. Good defensive play. | 2007-01-12 | |
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| BUY | 26.820 | Paul Gardner, CFA | Builder, developer and owner of community strip malls, usually anchored by super markets. Good management. Probably has more value. | 2006-12-19 | |
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| TOP PICK | 27.110 | Charles Dillingham | Good yield at about 4.5%. | 2006-12-08 | |
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| TOP PICK | 27.110 | Gail Mifsud | Neighbourhood, grocery anchored mall focused. Substantial dividend. Their specialty is the acquisition and development of grocery anchored malls. Principles own about 50% of the outstanding shares. | 2006-12-08 | |
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| BUY | 26.900 | Robert Lauzon | Portfolio of retail assets, shopping malls, etc. There are 2 large controlling shareholders will own about 65%. Should continue to perform well as long as pension funds and private equities continue to put hard money into real estate. | 2006-11-24 | |
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| BUY on WEAKNESS | 26.450 | Dennis Mitchell, CFA | Real estate operating company. Retail oriented. Probably the best management team in the business. | 2006-11-21 | |
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| VAGUE | 25.900 | Peter Grandich | Formation Capital is one of his clients. It is the only pure cobalt mining company around. They are waiting for one last permit. The company has been around for a while and has a well managed team. | 2006-09-22 | |
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| BUY | 24.030 | Gail Mifsud | Has a strong buy rating on this. A premier owner of grocery anchored retail centres. Good management team. Payout ratio is below that of the REIT sector. A great name to own. | 2006-06-09 | |
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| HOLD | 24.640 | Charles Dillingham | He likes First Capital Realty a lot. This was a previous pick. They have brought their debt down. They are great managers. Problems trading- more expensive. Yield is 5%. Not a trust so the dividend is taxed. Not considering selling it. | 2006-03-11 | |
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| PAST TOP PICK | 24.300 | Sandy McIntyre | First Capital Realty is run by the one of smartest real estate management teams in Canada. It was a top pick in August. They still own and are very happy with it. It pays a dividend so you get full dividend tax credit on it. | 2006-03-05 | |
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| BUY | 23.650 | Robert Lauzon | They own it in a couple of their funds. It pays 5% yield. They like it and continue to buy. In 2007 it may become a REIT. | 2006-03-01 | |
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| BUY | 23.400 | Paul Gardner, CFA | Development in mall areas. Well diversified with great anchors. Does not own on the equity side but owns on the bond side. | 2006-02-23 | |
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| BUY | 23.500 | Charles Dillingham | A name he always likes. Took a bit off the table to balance his portfolio. Good product and good management. Pays 5% dividend. | 2005-12-16 | |
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| BUY | 23.500 | Sandy McIntyre | An extremely well run real estate company. It gives a very decent dividend yield, one of the best dividends on the TSX. You also get a very conservative balance sheet. Did a convertible debt issue a few weeks ago and are in a position to pursue some significant property transactions. Good management. | 2005-12-16 | |
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| BUY | 22.050 | Gail Mifsud | A fantastic name. Not a REIT. They have tax losses and don't pay tax. Similar to a REIT and trades on similar valuation multiples because they effectively pay out 80% of their funds from operations. She has an outperform rating with a $22 target price. Good yield of about 5.2%. Good growth potential. | 2005-11-25 | |
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| TOP PICK | 20.300 | Charles Dillingham | Very good management. Have improved their balance sheet and increased their cash flow. Manage their properties very intelligently, very aggressively. Dividend that's close to 6% which won't be hurt by whatever way the wind blows on trusts, dividends, etc. | 2005-10-31 | |
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| WATCH | 21.000 | Bruce Campbell | Has been a good holding with a nice yield, but not in trust form. You could probably see a little bit of further legs on this. Wonder if they are now looking at a trust format to squeeze out another 10/20% of valuation? Looks fairly fully valued. | 2005-09-12 | |
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| BUY | 20.990 | Sandy McIntyre | An excellent company. One of the best REIT positioners of grocery anchored malls. One of the better managed real estate companies in Canada. | 2005-08-12 | |
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| TOP PICK | 20.400 | Gail Mifsud | Focused on grocery and retail shopping centres. Pays 5.88% yield. Very strong management team with ability to improve property value. | 2005-07-05 | |
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| TOP PICK | 19.250 | Charles Dillingham | Markets are acting very nervous, so all his picks tonight are defensive and "real quality". Pays about 6%. Very conservatively managed. Medium size shopping centres. Have had very strong performance. Bringing their debt down. Expects it will come off a little bit in the next several months, so watch for an opportunity to Buy on dips. | 2005-05-12 | |
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| BUY | 21.130 | Gail Mifsud | Has downgraded from outperform to perform (originally rated at $17 is now around $21 so has reached her target.) Longterm very favourable view on company. Good management. Good assets. | 2005-03-11 | |
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| BUY | 20.500 | Sandy McIntyre | Highest paying dividends. Interests in grocery strip malls. | 2005-03-04 | |
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| WEAK BUY | 13.050 | Peter Hodson | Very attractive yield. Good assets. Well managed. Don't expect much growth. | 2003-05-12 | |
Experts that have talked about First Capital Realty
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