First Capital Realty nets $52.7 million in opening quarter

TORONTO, Cananda – First Capital Realty Inc. (TSX:FCR) recorded $52.7 million in net income in the first quarter, or 25 cents per diluted share.

That’s down from $98.9 million, or 52 cents, in the same quarter a year ago.

The Toronto-based shopping centre owner and operator the decrease is primarily due to $60.3 million lower net increase in value of investment properties.

During the quarter, First Capital says it invested $136 million in acquisitions, property improvements and other assets and dispositions totalled $47.5 million.

The company also announced it will pay a second quarter dividend of 21 cents per common share on July 11 to shareholders of record on as of June 28.