First Capital REIT
Does anyone have insight into this firm in Canada? Info on comp, culture, reputation, etc would be nice.
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Can't be too much help here, but may be able to fil in around the edges a bit.
I met someone from FCR who was an Analyst on the Investments team at the time. They spoke of occasionally really long hours (that guy specifically mentioned he had a couple of nights in the prior week past midnight - not sure if he was actually required to be there that late or if he was just slow) but a great team. They invest in multifamily, retail, and office properties - wouldn't say they skew too much in any direction, but if I had to pick one, probably retail. Not sure if you're from the city but their head office is in Liberty Village, which is a bit far from the downtown core, but not unmanageable. REIT exits are usually quite strong - that Analyst eventually left for a REPE role.
Can't comment on pay specifically for FCR, but I now work with someone who formerly was a development analyst at arguably their biggest competitor, and she told me she was making $60k with no bonus. Comp wise you can do better, but if you really want the job and are willing to eat it for a couple of years, I'd imagine you could exit to a different shop as an associate and receive significantly better pay.
*fill
Thanks a lot! What about development ? Would it be hard to go from development to investments or repe?
Only data point I can give you here is that I work in REPE, and my associate (I'm currently an analyst) came from Developement at a REIT.
I've never made the move myself, so I'm not entirely sure. I would guess though that shops wouldn't have any issue hiring development analysts/associates, provided they were exposed to underwritings/leasing in their development gig (at least to some degree). If you were in a more planning-oriented development role, it might be harder to compete with other lateral candidates who have prior experience in those areas. You do however cover a lot more ground in development, which could really help with your assumptions in either acquisitions or asset management if you were interested in making the switch.
This pretty much sums it up - and to build on this they are heavily retail-focused but pivoting into multifamily moreso these days. Retail at their core though.
FCR is one of the top REITs in the country and are a fantastic shop, I've heard nothing but good things and have been impressed with the people I've met from there. Would agree that pay is likely on the lower end just by nature of them being a REIT (I recently was speaking to recruiters to prep for a comp discussion and some of the larger REITs were generally paying between $10-30k less base than REPE/developers at Associate/Manager level).
You can easily go to REPE from a REIT, particularly one like First Capital, SmartCentres, etc. Regarding your question on development to investments, it's a bit harder. REITs and larger developers in general typically have separate teams for this so you don't get a lot of exposure to the acquisitions process as a development analyst, which from what I understand is true at FCR. You're more of a financial analyst for development projects in that role, managing anything from project underwriting to budget tracking and reporting, capital calls, etc. It can be a bit of a hard sell to lateral to an acquisitions-focused role. Easier to do it at a shop that blends development analytics/finance and acquisitions into a single investments role.
What area of RE are you in? What's your background? Would be curious what market comp you're hearing from recruiters nowadays
Yes all of the numbers are based on investments/acquisitions roles (so for development a mix or acquisitions and development finance/analytics).
I have no data on the debt side whatsoever, but would imagine a similar discount relative to US roles. It's pretty standard across the industry. Regarding the big shops, no, the discount isn't as significant from what I understand but there is still a sizeable discount from US roles, particularly after accounting for the exchange rate. I don't have a recent number for any of those shops, all hearsay.
Just the nature of being in Canada - comp is worse across the board.
What would you say the discount is on the debt side vs investments/acquisitions side at the same firm in Canada? 10-15% less total comp?
I'm actually in Canada and I'm interested in pursuing a role on the debt side, but if the comp discount is significant/debt side isn't viewed as strongly for future exit opps, maybe I'll shift my recruiting focus to investments/acquisitions despite my background being in lending
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