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First Capital Realty Estimates Lowered By CIBC, 'Sector Performer' Maintained

 March 13, 2012 02:24 PM


CIBC World Markets Inc. lowered its estimates for First Capital Realty Inc. (TSE:FCR) after the company's fourth quarter results. The brokerage maintained its "Sector Performer" rating and $19 price target on shares of FCR.

Q4 FD FFO was $0.25/share versus $0.27/share last year ($0.24/share excluding other gains, losses and expenses and a onetime straight-line rent adjustment) and CIBC's $0.26/share estimate. Q4 FFO was impacted by a 1.5% decline in SP -NOI, mainly due to properties vacated by Blockbuster.

Occupancy was 96.2% at Q4 versus 96.3% at Q3-2011 and 96.4% at Q4-2010; about 60 bps of Q4 vacancy related to redevelopment space and about 40 bps from Blockbuster vacancies. FCR renewed about 251,000 sq. ft. of maturing leases in Q4-2011 at a 7.5% increase ($1.40/sq. ft.) over expiring rent.

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On December 15, 2011, FCR issued $50.0 million of 5.25% March 2018 convertible debt ($23.25/share conversion). On February 16, 2012, FCR issued $75.0 million of 4.95% March 2017 convertible debt (convert at $23.75/share). Debt to GBV assets was 46.4% at Q4-2011 (excluding convertible debt) versus 48.4% last year.

The brokerage reduced its 2012 FFO per share estimate to $1.01 from $1.03, while maintaining its 2013 estimate of $1.06.

First Capital Realty, which is headquartered in Toronto, Canada, owns, develops and operates supermarket, and drug store-anchored neighborhood and community shopping centers in Canada.

FCR is trading up 0.17% at $17.80 on Tuesday.

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