First Capital REIT is a Toronto-based public real estate investment trust that owns and operates grocery-anchored open-air shopping centers across Canada's urban neighborhoods. Founded in 1994 as Centrefund Realty through an initial public offering by Dori Segal, the company started with five properties and grew to 70 by 2000. Gazit Group acquired and restructured the firm in 2001, renaming it First Capital Realty. In December 2019, the company converted to a REIT structure and rebranded as First Capital REIT, trading on the Toronto Stock Exchange under the ticker FCR. As of March 31, 2026, First Capital owns interests in 135 neighborhoods totaling 21.8 million square feet of gross leasable area with $9.3 billion in total assets. The portfolio focuses on necessity-based retail properties anchored by grocery stores, pharmacies, medical services, restaurants, and banks. Grocery stores represent 17.1% of annual rent, followed by medical and personal services at 15.5%, restaurants at 13.0%, pharmacies at 9.2%, and banks at 8.1%. The REIT positions its properties in areas with average population densities of 295,000 within five kilometers, up 44% since 2016. The portfolio is concentrated in the Greater Toronto and Greater Ottawa areas, which account for 45% of total assets, with additional exposure in British Columbia, Alberta, and Quebec. The top 10 tenants contribute 33.2% of annual rent, led by Loblaws at 10.5%, Sobeys at 5.5%, and Metro at 3.2%. In April 2026, First Capital entered into an agreement to be acquired by KingSett Capital and Choice Properties REIT in a transaction valued at $9.4 billion including debt, with the deal expected to close in June 2026.