Investment Thesis
First Capital Realty (OTCPK:FCRGF) (TSX:FCR) delivered a good operating result in Q2 2019 with positive same property net operating income growth and occupancy ratio improvement. We believe the company’s “Super Urban Focus” will help it to continue to deliver above average SPNOI growth rate. Intensification opportunities will also help diversify its asset types to include mixed-use properties. However, its disposition of non-core assets may result in stagnating adjusted funds from operations growth. Therefore, its share price may continue to exhibit weakness in the near-term. Therefore, investors may want to wait for