First Capital REIT lifts operating FFO 9.2% in Q3 as renewal rents rise 13.2%
First Capital REIT posted a strong third quarter on Nov 2, led by same property NOI growth, double digit renewal lifts, and record average net rent.
Operating FFO per unit was $0.36, up 9.2%. Same property NOI growth was 5.6%, excluding bad debt and termination fees. Occupancy was 96.9%, and average net rent reached a record $25.21 per occupied sq ft.
Leasing was the driver. Lease renewal lift was 13.2% on 603,000 sq ft renewed. Net debt to adjusted EBITDA was 8.9x.
For retail investors, a 13.2% renewal lift at 96.9% occupancy is embedded income growth without new development. It supports pricing for well located, necessity based retail in Canada, and it gives private landlords a benchmark: check the gap between in place and market rent on every renewal, because that gap is where the return is being created in this market.
Source: First Capital REIT Q3 results, reported Nov 2, 2026.
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