KEY HIGHLIGHTS FROM THE FOURTH QUARTER:
Operating FFO per unit of $0.34, representing YoY growth of 7%
Same Property NOI growth of 5.7%, excluding bad debt expense (recovery) and lease termination fees
Lease renewal lift of 15.8% on strong leasing volume
Total portfolio occupancy of 97.1%, representing an increase of 30 basis points year-over-year
"Strong fundamentals for FCR's grocery anchored portfolio together with the disciplined execution of our capital allocation strategy delivered solid results again in 2025," said Adam Paul, President & CEO.
"Healthy leasing metrics including same property NOI growth of more than 5%, lease renewal spreads of nearly 15% and occupancy of 97.1% contributed to normalized Operating FFO per unit growth of 5.5% for the year". Mr. Paul continued, "As we commence the final year of our three-year strategic plan, I am pleased that we continue to track well against the metrics we presented to our investors in early 2024."
Key Earnings Metrics
Three months ended December 31
Year ended
December 31
($ millions unless otherwise noted)
2025
2024
2025
2024
Operating FFO (1)
72.3
67.7
285.6
291.0
Operating FFO per diluted unit (1)
$0.34
$0.32
$1.33
$1.36
FFO (1)
68.4
67.5
279.2
289.7
FFO per diluted unit (1)
$0.32
$0.31
$1.30
$1.35
Net income (loss) attributable to unitholders
849.5
32.1
1,064.0
204.9
Net income (loss) attributable to unitholders per diluted unit
$3.95
$0.15
$4.96
$0.96
Weighted average diluted units for FFO and net income (000s)
214,897
214,355
214,735
214,234
(1)
Refer to "Non-IFRS Financial Measures" section of this press release.
Key Operating Performance and Capital Allocation Metrics
Three months ended December 31
Year ended
December 31
($ millions unless otherwise noted)
2025
2024
2025
2024
Operating Metrics
Total Same Property NOI growth excluding lease termination fees and bad debt expense/(recovery) (1)(2)
5.7 %
3.4 %
5.9 %
3.3 %
Total Same Property NOI growth (1)(2)
7.9 %
2.7 %
5.2 %
4.4 %
Total portfolio occupancy (3)
97.1 %
96.8 %
Total Same Property occupancy (1)(3)
97.2 %
97.0 %
Lease renewal volume (square feet)
522,000
749,000
2,201,000
2,372,000
Lease renewal lift (first year rent of renewal term)
15.8 %
12.7 %
14.8 %
12.5 %
Lease renewal lift (average rent of renewal term)
20.2 %
18.5 %
19.7 %
17.3 %
Average Net Rental Rate per occupied square foot
$24.73
$24.00
Capital Allocation
Acquisition of investment properties
—
—
27.7
33.5
Development expenditures (4)
30.5
18.9
93.7
61.4
Investment in residential inventory (4)
16.3
14.1
69.0
55.2
Property disposition proceeds (4)
67.0
65.2
176.0
217.1
Key Balance Sheet Metrics
December 31
December 31
($ millions unless otherwise noted)
2025
2024
Total assets (5)
9,230.1
9,181.2
Assets held for sale (5)
106.0
196.6
Net Debt (4)
4,052.9
4,019.1
Increase (decrease) in fair value of investment properties, net (1)(7)
44.2
(49.6)
Unencumbered assets (4)
6,267.6
6,249.8
Net Asset Value per unit
$22.57
$22.05
Net debt to total assets (4)(6)
44.1 %
