First Industrial Realty Trust Inc

Latest Results (23.12.2024):

Income and Earnings

For the third quarter of 2024, First Industrial Realty Trust Inc. reported a diluted net income available to common stockholders per share (EPS) of $0.75, an increase from $0.57 in the same quarter of the previous year. The funds from operations (FFO) for the third quarter was $0.68 per share/unit on a diluted basis, compared to $0.62 per share/unit a year ago. These figures include a $0.01 reduction related to the net impact of a write-off and accelerated recognition associated with a tenant ceasing operations in Central Pennsylvania.

Rental Rate and Occupancy

First Industrial Realty Trust Inc. achieved a cash rental rate increase of approximately 51% on leases signed to-date commencing in 2024, covering 97% of 2024 expirations by square footage. The in-service occupancy was 95.0% at the end of the third quarter of 2024, slightly down from 95.3% at the end of the second quarter of 2024, and 95.4% at the end of the third quarter of 2023. The company sees an opportunity to increase occupancy by approximately 200 basis points from developments placed in service in the latter half of 2023 and year-to-date 2024.

Development and Leasing

During the third quarter of 2024, First Industrial Realty Trust Inc. leased 100% of the 461,000 square-foot First Pioneer Logistics Center in the Inland Empire and 61,000 square feet of its 200,000 square-foot First 76 Logistics Center in Denver, which is now 50% leased. The company also commenced development of First Rockdale VII in Nashville, a 542,000 square-foot project with an estimated investment of $54 million.

Acquisitions and Sales

In the third quarter of 2024, First Industrial Realty Trust Inc. acquired a fully leased four-building portfolio in Houston, totaling 211,000 square feet, for $29 million. Additionally, the company sold a seven-building portfolio in New Jersey, comprising 445,000 square feet, for $82 million. In the fourth quarter to-date, they sold three buildings in Central Pennsylvania, totaling 163,000 square feet, for $19 million.

2024 Outlook

First Industrial Realty Trust Inc. has raised its 2024 NAREIT FFO guidance by $0.02 at the midpoint, now ranging from $2.61 to $2.65 per share/unit. The company anticipates in-service occupancy at year-end to be between 95.0% and 97.0%, with a full-year quarter-end average of 95.2% to 95.7%. The guidance reflects adjustments to lease-up timing assumptions for developments placed in service and not fully leased, and includes expected incremental costs related to completed and under-construction developments as of September 30, 2024.