Rotman School of Management, University of Toronto

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Adam Paul on "First Capital Realty's 'Super-Urban' Strategy"

4:15-4:59pm check-in; 5:00pm sharp to 6:00pm on-stage conversation

Event Details

Speaker Series

Date: Wednesday December 18, 2019 | 05:00 PM - 06:00 PM
Speaker(s): Adam Paul, President and CEO, First Capital Realty

In Conversation With: William Strange, SmartCentres Professor of Real Estate and Director – Centre for Real Estate and Urban Economics, Rotman School of Management, University of Toronto
Topic: “First Capital Realty's 'Super-Urban' Strategy”
Venue:

Desautels Hall (Second Floor, South Building) | map
Rotman School of Management
University of Toronto
105 St George Street

Location: Toronto
Cost: $25.00 per person (includes HST)
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Synopsis: Adam Paul, a chartered financial accountant and 44-year-old CEO, is on a mission. Developing his proposed ‘super-urban’ strategy, Mr. Paul is leading the transformation of a $10 billion company as it prepares to convert to a REIT later this year. When assessing a location within its super-urban strategy, investment and development decisions at First Capital Realty now include three core metrics: population density, incremental density pipeline, and walkability score. The evaluation of these numbers allows Paul to direct his team to invest in and develop communities accordingly.

In a rapidly changing real estate environment how does a youthful CEO chart a course for long-term future success while meeting the short term demands of a public company? Five years into his tenure, the numbers are beginning to talk. So far, the company has had record occupancy of 96.8% in its first quarter of this fiscal year while average net rents jumped 2.7% from last year to a record C$20.38 ($15.14) per square foot. Its166 properties are valued at C$10.1 billion.

As Canadian cities densify amid rapid immigration and rising incomes, Paul forecasts that the company could nearly double its footprint of about 24 million square feet just by redeveloping existing space. In February, the company had an average of 250,000 people living within 5 kilometers (3.1 miles) of its buildings, with plans to boost that to 300,000.

Biography: Adam Paul joined First Capital Realty in 2015. As President and CEO, Mr. Paul has overall responsibility for First Capital's strategy, operations and performance. Prior to joining First Capital, Mr. Paul was a senior executive at Canadian Real Estate Investment Trust (“CREIT”) (now Choice Properties Real Estate Investment Trust), where he had direct responsibility for various aspects of CREIT's business. Mr. Paul is a Chartered Professional Accountant, Chartered Accountant, a member of the Young Presidents' Organization and a director of Real Property Association of Canada (REALpac).

Questions: events@rotman.utoronto.ca, Daniel Ellul, (416) 978-6119 


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