While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.
This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
First Capital Realty www.firstcapitalrealty.ca  TSX: FCR Fiscal Yr: Dec 31
Year 12/31/98 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12 #Y
Accounting Rules C GAAP IFRS
Revenue* $112.8 $136.8 $147.9 $140.7 $127.7 $157.4 $221.5 $268.6 $332.9 $382.9 $419.6 $447.7 $490.1 $525.0 $567.0 231.38% <-Total Growth 10 Revenue
Increase 57.14% 21.27% 8.08% -4.88% -9.26% 23.28% 40.75% 21.28% 23.92% 15.03% 9.58% 6.70% 9.46% 7.13% 8.00% 12.73% <-IRR #YR-> 10 Revenue
Rev per Share $4.93 $5.68 $6.01 $5.72 $4.17 $2.80 $2.68 $2.38 $2.76 $3.00 $2.91 $2.91 $3.00 $3.06 $3.31 12.78% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 2.12 1.34 0.92 1.44 1.82 3.55 4.40 6.05 6.28 5.00 4.07 4.65 5.04 5.64 5.22 -6.72% <-IRR #YR-> 10 Rev Per share
*Revenue in M CDN $  P/S 10 yr  4.52 5 yr  5.00 4.76% <-IRR #YR-> 5 Rev Per share
-$147.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $490.1
-$268.6 $0.0 $0.0 $0.0 $0.0 $490.1
-$6.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.00
-$2.38 $0.00 $0.00 $0.00 $0.00 $3.00
Distri Inc 4th Q -> $0.27 $0.98 <-12 mths
Distri Cash FFO $0.98 $0.86 $0.86 $0.92 $0.93 $0.99 $1.00 $1.04 $1.01 $0.98 $0.96 $1.04 98.06% <-Median 10 FFO
Increase -12.74% 0.73% 6.52% 0.68% 6.76% 1.27% 3.75% -2.41% -3.21% -2.04% 8.33% 0.73% <-Median 9 FFO Payout
Payout R. Dis 61.1% 79.4% 83.5% 78.4% 82.2% 77.0% 77.0% 77.1% 79.0% 81.6% 83.3% 76.9% 0.79 <-Median-> 10 Price/FFO
P/DC 8.41 8.87 11.51 12.82 15.54 17.58 15.01 11.43 13.37 15.42 18.00 16.62 13.10 <-Median-> 10 Price/FFO
Trailing P/DC  7.74 11.60 13.66 15.65 18.77 15.20 11.86 13.05 14.92 17.63 18.00 13.66 <-Median-> 9 Price/FFO
Median H/L P/FFO 6.95 8.74 10.14 11.63 14.22 16.07 16.61 12.31 11.12 14.98 11.97 <-Median-> 10 Price/FFO
High P/FFO 8.41 9.41 11.81 13.06 16.11 17.58 18.22 14.70 13.47 16.26 14.08 <-Median-> 10 Price/FFO
Low P/FFO 5.48 8.07 8.48 10.20 12.33 14.56 15.01 9.92 8.77 13.71 10.06 <-Median-> 10 Price/FFO
Median 5 Yr Payout 77.11% P/E: H/L 16.26 13.71 -0.01% <-IRR #YR-> 9 FFO
Funds from Operations per share 1.16% <-IRR #YR-> 5 FFO
EPS* $0.28 -$0.11 -$1.21 $0.65 $0.46 $0.57 $0.28 $0.31 $0.39 $0.24 $0.27 $0.28 $0.26 $1.82 <-12 mths -121.49% <-Total Growth 10 Earnings
Increase -3.45% -139% 1000% -153.72% -28.85% 22.97% -50.55% 11.11% 24.00% -37.10% 10.26% 4.65% -7.56% 600.00% -9.68% <-IRR #YR-> 9 Earnings
Earnings Yield 2.7% -1.4% -21.8% 7.9% 6.1% 5.7% 2.4% 2.2% 2.2% 1.6% 2.3% 2.1% 1.7% 10.5% -3.61% <-IRR #YR-> 5 Earnings
* ESP per share  E/P 10 Yrs 2.25% 5Yrs 2.08%
-$0.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.26
-$0.31 $0.00 $0.00 $0.00 $0.00 $0.26
Special Dividend $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.28 $0.00 $0.00 $0.00 0.00% <-Median-> 10 Sp Dividends
Div* $0.53 $0.56 $0.56 $0.60 $0.68 $0.72 $0.72 $0.76 $0.76 $0.77 $0.80 $0.80 $0.80 $0.80 $0.80 42.86% <-Total Growth 10 Dividends
Increase 1.92% 5.66% 0.00% 7.14% 13.33% 5.88% 0.00% 5.56% 0.00% 1.32% 3.90% 0.00% 0.00% 0.00% 0.00% 2.61% <-Median-> 10 Dividends
Yield H/L Pr. 4.76% 6.26% 8.96% 8.80% 9.09% 8.23% 6.74% 5.78% 4.79% 4.64% 6.27% 7.11% 5.45% 6.50% <-Median-> 10 Dividends
Yield on High  Pr. 3.86% 5.46% 7.53% 7.27% 8.44% 7.07% 6.00% 5.10% 4.38% 4.23% 5.25% 5.87% 5.02% 5.56% <-Median-> 10 Dividends
Yield on Low Pr. 6.19% 7.34% 11.07% 11.15% 9.85% 9.85% 7.68% 6.66% 5.29% 5.13% 7.78% 9.01% 5.96% 7.73% <-Median-> 10 Dividends
Yield on Cl Pr. 5.08% 7.34% 10.07% 7.27% 8.95% 7.25% 6.11% 5.29% 4.38% 5.13% 6.75% 5.91% 5.29% 4.63% 4.63% 6.01% <-Median-> 10 Dividends
Payout Ratio 189.3% -509.1% -46.3% 92.3% 147.0% 126.6% 256.0% 243.2% 196.1% 315.9% 297.7% 384.0% 307.7% 44.0% #VALUE! 249.60% <-Median-> 10 DPR EPS
Payout Ratio CF 47.3% 33.8% -123.7% 45.6% 47.1% 62.4% 87.0% 90.8% 79.5% 73.8% 79.0% 82.7% 74.2% 88.9% 83.3% 76.56% <-Median-> 10 DPR CF
Payout Ratio CF NC 32.4% 74.7% -200.5% 31.8% 46.0% 71.7% 83.6% 96.1% 80.1% 78.6% 77.5% 106.9% 81.1% 88.9% 83.3% 79.35% <-Median-> 10 DPR CF NC
Median 5 Yrs Div Yd 5.37% 5 6.22% 10 Yield  5.45% 5.29% Payout 307.69% 78.95% 3.63% <-IRR #YR-> 10 Dividends
* Dividends per share  3.0% Years 3.0% Years Curr diff -15.04% Last Div Inc ---> $0.28 $0.29 3.6% 1.03% <-IRR #YR-> 5 Dividends
-$0.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.80
-$0.76 $0.00 $0.00 $0.00 $0.00 $0.80
H/LYield held 5 yrs 7.84% 6.33% 6.46% 8.05% 12.16% 11.15% 10.29% 9.14% 7.49% 6.08% 5.04% 4.82% 7.95% <-Median-> 10 Dividends
H/LYield held 10 yrs 9.93% 7.16% 7.18% 8.95% 12.80% 11.74% 10.69% 8.95% <-Median-> 5 Dividends
H/LYield held 15 yrs 10.46% 7.44% #NUM! <-Median-> 0 Dividends
H/LYield held 20 yrs #DIV/0! #DIV/0! #NUM! <-Median-> 0 Dividends
Graham No. $10.92 $10.50 $10.08 $15.60 $13.13 $12.31 $7.80 $7.24 $8.12 $6.40 $6.78 $6.72 $6.37 -36.79% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L 2.04% -14.82% -37.99% -56.32% -43.03% -28.91% 37.02% 81.69% 95.37% 159.68% 88.26% 67.61% 130.45% 74.65% <-Median-> 10 Graham Price
Prem /Disc. High -2.34% -26.18% -47.13% -38.63% -17.23% 53.84% 105.81% 113.76% 184.79% 124.85% 103.01% 150.06% 104.41% <-Median-> 10 Graham Price
Prem /Disc. Low -27.30% -49.79% -65.52% -47.42% -40.59% 20.19% 57.56% 76.98% 134.58% 51.68% 32.21% 110.84% 41.94% <-Median-> 10 Graham Price
Prem /Disc. Cl -4.37% -27.30% -44.83% -47.13% -42.18% -19.31% 51.04% 98.56% 113.76% 134.67% 74.81% 101.52% 137.19% 171.25% 86.69% <-Median-> 10 Graham Price
Pre-2010 split $0.00 $0.00 $0.00 $0.00 $12.15 $15.89 $18.85 $23.00 $27.78 $24.02 $18.97 $21.66
Price Cl $10.44 $7.63 $5.56 $8.25 $7.59 $9.93 $11.78 $14.38 $17.36 $15.01 $11.86 $13.54 $15.11 $17.28 $17.28 171.76% <-Total Growth 10 Stock Price
Increase -12.78% -26.92% -27.13% 48.38% -7.95% 30.78% 18.63% 22.02% 20.78% -13.53% -21.02% 14.18% 11.62% 14.36% 0.00% 10.51% <-IRR #YR-> 10 Stock Price
P/E 37.29 -69.36 -4.60 12.69 16.42 17.46 41.89 46.00 44.81 61.59 44.12 48.13 58.12 9.49 #VALUE! 1.00% <-IRR #YR-> 5 Stock Price
Trailing P/E 36.00 27.25 -50.55 -6.82 11.68 21.47 20.71 51.11 55.56 38.74 48.64 50.37 53.72 66.46 9.49 19.74% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 9.22% 5.71% % Tot Ret 46.72% 85.07% Price Inc 11.62% P/E:  44.46 48.13 6.72% <-IRR #YR-> 5 Price & Div
-$5.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.11
-$14.38 $0.00 $0.00 $0.00 $0.00 $15.11
-$5.56 $0.60 $0.68 $0.72 $0.72 $0.76 $0.76 $0.77 $0.80 $1.08 $15.91
-$14.38 $0.76 $0.77 $0.80 $1.08 $15.91
Price H/L Median $11.14 $8.94 $6.25 $6.82 $7.48 $8.75 $10.69 $13.15 $15.87 $16.61 $12.77 $11.26 $14.68 134.89% <-Total Growth 10 Stock Price
Increase 3.63% -19.75% -30.09% 9.04% 9.80% 16.93% 22.14% 23.07% 20.65% 4.69% -23.14% -11.82% 30.39% 8.91% <-IRR #YR-> 10 Stock Price
P/E 39.79 -81.27 -5.17 10.48 16.18 15.38 38.00 42.09 40.95 68.15 47.51 40.03 56.46 2.22% <-IRR #YR-> 5 Stock Price
Trailing P/E 38.41 31.93 -56.82 -5.63 11.51 18.92 18.79 46.77 50.78 42.87 52.38 41.90 52.20 17.64% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 8.72% 6.10% % Tot Ret 49.46% 73.30% Price Inc 4.69% P/E:  40.49 47.51 8.32% <-IRR #YR-> 5 Price & Div
-$6.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.68
-$13.15 $0.00 $0.00 $0.00 $0.00 $14.68
-$6.25 $0.60 $0.68 $0.72 $0.72 $0.76 $1.04 $0.77 $0.80 $0.80 $15.48
-$13.15 $0.76 $0.77 $0.80 $1.08 $15.48
Hi Mths Mar Jan Jul Dec Jan Nov Dec Dec Dec Feb Jun Dec Oct Stock Price
Pre-2010 split $0.00 $0.00 $0.00 $0.00 $0.00 $16.30 $19.20 $23.84 $27.78 $29.15 $24.40 $21.82
Price Hi $13.72 $10.25 $7.44 $8.25 $8.06 $10.19 $12.00 $14.90 $17.36 $18.22 $15.25 $13.64 $15.93 114.11% <-Total Growth 10 Stock Price
Increase 8.98% -25.29% -27.41% 10.89% -2.30% 26.40% 17.79% 24.17% 16.53% 4.93% -16.30% -10.57% 16.81% 7.91% <-IRR #YR-> 10 Stock Price
P/E 49.00 -93.18 -6.15 12.69 17.43 17.91 42.67 47.68 44.81 74.74 56.74 48.49 61.27 1.35% <-IRR #YR-> 5 Stock Price
Trailing P/E 47.31 36.61 -67.64 -6.82 12.40 22.03 21.10 52.98 55.56 47.02 62.56 50.74 56.64
Median 10, 5 Yrs Price Inc 4.93% P/E:  46.24 56.74
-$7.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.93
-$14.90 $0.00 $0.00 $0.00 $0.00 $15.93
Low Mths Oct Dec Apr Jan Oct Jan May Apr Jul Dec Nov Mar Stock Price
Price Low $8.56 $7.63 $5.06 $5.38 $6.91 $7.31 $9.38 $11.41 $14.38 $15.01 $10.29 $8.88 $13.43 165.44% <-Total Growth 10 Stock Price
Increase -3.93% -10.86% -33.68% 6.32% 28.37% 5.88% 28.21% 21.67% 26.03% 4.39% -31.45% -13.67% 51.23% 10.25% <-IRR #YR-> 10 Stock Price
P/E 30.57 -69.36 -4.18 8.28 14.93 12.86 33.33 36.50 37.10 61.56 38.28 31.58 51.66 3.32% <-IRR #YR-> 5 Stock Price
Trailing P/E 29.52 27.25 -46.00 -4.45 10.63 15.81 16.48 40.56 46.00 38.73 42.21 33.05 47.76
Median 10, 5 Yrs Price Inc 4.39% P/E:  34.92 38.28
-$5.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.43
Market Cap $239 $184 $137 $203 $233 $558 $974 $1,625 $2,092 $1,914 $1,708 $2,080 $2,470 $2,962 $2,962
# of Sh in M 22.890 24.110 24.603 24.603 30.628 56.176 82.655 113.033 120.477 127.491 144.044 153.673 163.456 171.389 171.389 564.37% <-Total Growth 10 Shares
Increase 6.32% 5.33% 2.05% 0.00% 24.49% 83.41% 47.14% 36.75% 6.59% 5.82% 12.98% 6.68% 6.37% 4.85% 0.00% 9.83% <-Median-> 10 Shares
CF fr Op $M $25.7 $40.0 -$11.1 $32.4 $44.2 $64.8 $68.4 $94.7 $115.2 $133.1 $146.0 $148.6 $176.3 $154.3 $164.5 -1682.45% <-Total Growth 10 Cash Flow
OPS $1.12 $1.66 -$0.45 $1.32 $1.44 $1.15 $0.83 $0.84 $0.96 $1.04 $1.01 $0.97 $1.08 $0.90 $0.96 -338.19% <-Total Growth 10 Cash Flow
Non-Cash CF $11.8 -$21.9 $4.3 $14.1 $1.0 -$8.4 $2.8 -$5.3 -$0.8 -$8.2 $2.7 $6.6 -$15.1 $0.0 $0.0 -2.19% <-IRR #YR-> 9 Cash Flow
OPS non-cash $1.64 $0.75 -$0.28 $1.89 $1.48 $1.00 $0.86 $0.79 $0.95 $0.98 $1.03 $1.01 $0.99 $0.90 $0.96 5.19% <-IRR #YR-> 5 Cash Flow
P/OCF on Close 6.38 10.18 -19.91 4.37 5.14 9.90 13.68 18.18 18.29 15.33 11.49 13.40 15.32 19.20 18.00 -6.96% <-IRR #YR-> 9 CF - non cash
*Operational Cash Flow per share P/CF 10 yr 13.54 5 yr  15.32 4.53% <-IRR #YR-> 5 CF - non cash
-$1.32 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.08
-$0.84 $0.00 $0.00 $0.00 $0.00 $1.08
-$1.89 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.99
-$0.79 $0.00 $0.00 $0.00 $0.00 $0.99
OPM 22.75% 29.23% -7.53% 23.01% 34.63% 41.17% 30.88% 35.23% 34.60% 34.75% 34.78% 33.19% 35.97% should be zero, it is a check on calculations
Diff from Median -34.4% -15.8% -121.7% -33.7% -0.2% 18.7% -11.0% 1.6% -0.3% 0.2% 0.3% -4.3% 3.7% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 34.69% 5 Yrs 34.75%
Curr Assets $62.93 $45.15 $83.22 $61.81 $4.91 $8.78 $19.16 $22.36 $34.88 $46.46 $52.76 $99.39 $133.90 $133.90 $133.90 Liq ratio of 1.5 and up, best Assets
Curr Liab. $31.42 $55.96 $47.87 $31.35 $27.65 $39.33 $44.46 $56.17 $88.84 $73.86 $166.51 $137.66 $100.05 $100.05 $100.05 0.41 <-Median-> 10 Liabilities
Liquidity 2.00 0.81 1.74 1.97 0.18 0.22 0.43 0.40 0.39 0.63 0.32 0.72 1.34 1.34 1.34 0.63 <-Median-> 5 Ratio
Liq. with CF aft div 2.43 1.28 1.22 2.53 1.02 0.84 0.63 0.55 0.66 1.10 0.50 0.91 1.79 1.51 1.61 Liquidity Ratio doesn't mean much for this stock.
Liq. CF re  Inv+Div  0.34 0.36 1.51 1.61
Assets $1,008.9 $1,085.0 $1,137.5 $988.5 $1,189.7 $1,538.7 $1,892.1 $2,469.3 $3,060.9 $3,409.4 $3,720.3 $3,691.6 $4,120.7 $5,696.5 $5,696.5 A/L ratio of 1.5 and up, best Assets
Liabilities $575.8 $663.5 $740.8 $579.0 $681.9 $873.7 $1,097.4 $1,626.7 $2,149.3 $2,458.1 $2,624.5 $2,595.8 $2,986.8 $3,540.2 $3,540.2 1.47 <-Median-> 10 Liabilities
A/L Ratio 1.75 1.64 1.54 1.71 1.74 1.76 1.72 1.52 1.42 1.39 1.42 1.42 1.38 1.61 1.61 1.42 <-Median-> 5 Ratio
Non-Control Int $3.9 $5.2
Book Value $433.0 $421.5 $396.7 $409.6 $507.8 $665.0 $794.7 $842.5 $911.6 $951.3 $1,095.8 $1,095.8 $1,133.9 $2,151.1 $2,151.1 185.85% <-Total Growth 10 Book Value
BV per share $18.92 $17.48 $16.12 $16.65 $16.58 $11.84 $9.61 $7.45 $7.57 $7.46 $7.61 $7.13 $6.94 $12.55 $12.55 -56.97% <-Total Growth 10 Book Value
Change 88.33% -7.58% -7.78% 3.25% -0.41% -28.59% -18.78% -22.47% 1.51% -1.38% 1.95% -6.26% -2.72% 80.92% 0.00% 0.7966 Current/Historical Book Value
P/BV (CL) 0.55 0.44 0.34 0.50 0.46 0.84 1.23 1.93 2.29 2.01 1.56 1.90 2.18 1.38 1.38 -8.09% <-IRR #YR-> 10 Book Value
Change -53.69% -20.92% -20.98% 43.71% -7.57% 83.15% 46.06% 57.38% 18.99% -12.32% -22.53% 21.81% 14.74% -36.79% 0.00% -1.43% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 2.33 2.57 2.87 2.41 2.34 2.31 2.38 2.93 3.36 3.58 3.40 3.37 3.63 2.65 2.65 3.14 <-Median-> 10 A/BV
Debt/Equity Ratio 1.33 1.57 1.87 1.41 1.34 1.31 1.38 1.93 2.36 2.58 2.40 2.37 2.63 1.65 1.65 2.14 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.73 5 yr Med 2.01
-$16.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.94
-$7.45 $0.00 $0.00 $0.00 $0.00 $6.94
ROE 5.1% 1.9% 2.7% 7.0% 3.8% 3.76% <-Median-> 5 Compreh. Inc
Comprehensive Inc $46.37 $18.15 $29.60 $76.62 $42.66 Compreh. Inc
ROE 3.8% 2.7% -3.8% 7.7% 5.8% 6.6% 4.7% 3.5% 5.0% 3.2% 3.4% 3.8% 3.6% 14.1% <-------- Net Income/Shareholders' equity
5Yr Median 3.8% 3.8% 5.8% 5.8% 5.8% 5.0% 4.7% 3.5% 3.5% 3.6% 3.6%
Net Income $16.66 $11.23 -$15.17 $31.50 $29.63 $44.03 $37.29 $29.20 $45.96 $30.35 $37.43 $41.91 $41.34 $303.78 <-------- -372.50% <-Total Growth 10 Net Income
Oper C. F. $25.67 $39.99 -$11.14 $32.37 $44.21 $64.79 $68.41 $94.65 $115.17 $133.06 $145.96 $148.63 $176.29 C F Statement  Oper C. F.
Invest. C. F -$252.93 -$119.99 -$34.42 -$74.61 -$189.18 -$356.84 -$268.13 -$475.63 -$507.57 -$445.42 -$309.72 -$232.86 -$396.30 C F Statement  Invest. C. F
Total Accruals $243.92 $91.23 $30.39 $73.73 $174.61 $336.08 $237.01 $410.18 $438.35 $342.72 $201.19 $126.15 $261.35 Accruals
Total Assets $1,008.9 $1,085.0 $1,137.5 $988.5 $1,189.7 $1,538.7 $1,892.1 $2,469.3 $3,060.9 $3,409.4 $3,720.3 $3,691.6 $4,120.7 Balance Sheet Assets
Accruals Ratio 24.18% 8.41% 2.67% 7.46% 14.68% 21.84% 12.53% 16.61% 14.32% 10.05% 5.41% 3.42% 6.34% Ratio
up/down/neutral
Chge in Close -12.78% -26.92% -27.13% 48.38% -7.95% 30.78% 18.63% 22.02% 20.78% -13.53% -21.02% 14.18% 11.62%
Any Predictions?
Fin. C. F $269.12 $64.68 $49.72 $50.41 $101.46 $291.88 $203.90 $381.34 $393.51 $316.98 $160.24 $80.20 $247.11 C F Statement  Fin. C. F
Total Accruals -$25.20 $26.55 -$19.33 $23.32 $73.15 $44.20 $33.11 $28.84 $44.84 $25.74 $40.95 $45.95 $14.25 Accruals
Accruals Ratio -2.50% 2.45% -1.70% 2.36% 6.15% 2.87% 1.75% 1.17% 1.46% 0.75% 1.10% 1.24% 0.35% Ratio
The increase in shares includes lots of converted debentures and issuance of shares.
There was a stock split of 3.2:2.  This is an odd split.  I got values from different places, so some had accounted for split and some had not.
The stock hit a high in March 1998 that it did not match for 7 years, in Nov 2005.  They lost money in 1999 and 2000.
How they make their money.
First Capital Realty is Canada's leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres, 
located predominantly in growing metropolitan areas. 
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
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