10:04 AM EST, 12/16/2024 (MT Newswires) -- First Capital REIT (FCR-UN.TO) on Monday said its board approved a 3% increase to its dividend for 2025.

The company, which pays its annual dividend in monthly installment, will boost the 2025 dividend to $0.89 per REIT unit compared with $0.864 for 2024.

For December, the last month with the previous monthly payout, First Capital said it would make a cash distribution of $0.072 per unit to be paid on Jan. 15 to unitholders of record as at Dec. 31.

"The strong fundamentals for grocery anchored retail properties, together with the successful execution of our strategy, continue to deliver solid operating and financial results. Accordingly, we are pleased to announce an increase to our monthly distribution for 2025," said First Capital Chief Executive Adam Paul.

Shares of the company were last seen up $0.1 or 0.6%, at $17.42 in early morning trade on the Toronto Stock Exchange.

Price: 17.53, Change: +0.21, Percent Change: +1.21