Investment Thesis
First Capital Realty (FCRGF) (TSX:FCR) is one of Canada’s leading owners, developers, and operators of grocery-anchored and retail-focused urban properties. The company’s quality urban assets allow it to charge higher base rents than its peers. The company also has the potential to expand its gross leasable area ((GLA)) further with intensification opportunities. Hence, we believe First Capital Realty is a good investment choice for investors seeking a combination of dividend income and capital appreciation even though it is trading at a premium valuation to its peers.