PR Newswire
CHICAGO, July 19, 2023
CHICAGO, July 19, 2023 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, today announced results for the second quarter of 2023. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.41, compared to $0.88 a year ago and second quarter FFO was $0.61 per share/unit on a diluted basis, compared to $0.56 per share/unit a year ago.
"Our team delivered another quarter of strong financial and operating results," said Peter E. Baccile, president and chief executive officer of First Industrial. "We grew our same store cash net operating income 10.8%. We also achieved cash rental rate growth of 74% on new and renewal leases commencing in the quarter, establishing a new company record."
Portfolio Performance
Development Leasing
During the second quarter, the Company:
In the third quarter to-date, the Company:
Investment and Disposition Highlights
In the second quarter, the Company:
Outlook for 2023
"Industrial market fundamentals are healthy overall. The pace of leasing decisions within our in-service portfolio continues to be strong, while the timeframes for prospective tenants evaluating new space commitments have lengthened," added Mr. Baccile. "We have adjusted our occupancy guidance by 75 basis points at the midpoint to reflect extended lease-up assumptions for certain developments that will enter our in-service pool in the third and fourth quarters. With the benefit of early leasing at other development projects and higher capitalized interest, we are raising our outlook for FFO per share for 2023 by $0.01 per share at the midpoint."
| | Low End of | | High End of |
| | Guidance for 2023 | | Guidance for 2023 |
| | (Per share/unit) | | (Per share/unit) |
Net Income | | $ 1.40 | | $ 1.48 |
Add: Real Estate Depreciation/Amortization | | 1.20 | | 1.20 |
Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision | | (0.23) | | (0.23) |
| | | | |
FFO (NAREIT Definition) | | $ 2.37 | | $ 2.45 |
| | | | |
Less: Income Related to Accelerated Recognition of a Tenant Improvement | | (0.02) | | (0.02) |
| | | | |
FFO Before Income Related to Accelerated Recognition of a Tenant | | $ 2.35 | | $ 2.43 |
The following assumptions were used for guidance:
Conference Call
First Industrial will host its quarterly conference call on Thursday, July 20, 2023 at 10:00 a.m. CDT (11:00 a.m. EDT). The conference call may be accessed by dialing (877) 870-4263, passcode "First Industrial". The conference call will also be webcast live on the Investors page of the Company's website at www.firstindustrial.com. The replay will also be available on the website.
The Company's second quarter 2023 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab.
FFO Definition
In accordance with the NAREIT definition of FFO, First Industrial calculates FFO to be equal to net income available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. First Industrial also excludes the same adjustments from its share of net income from an unconsolidated joint venture.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, we own and have under development approximately 69.4 million square feet of industrial space as of June 30, 2023. For more information, please visit us at www.firstindustrial.com.
Forward-Looking Statements
This press release and the presentation to which it refers may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the outbreak of coronavirus disease 2019 (COVID-19); our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) and changes in interest rates; the availability and attractiveness of terms of additional debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; our competitive environment; changes in supply, demand and valuation of industrial properties and land in our current and potential market areas; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to manage the integration of properties we acquire; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreased rental rates or increased vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up schedules; potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism; technological developments, particularly those affecting supply chains and logistics; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2022, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the SEC. We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this press release or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.
A schedule of selected financial information is attached.
FIRST INDUSTRIAL REALTY TRUST, INC. | ||||||||
| ||||||||
(In thousands except per share/Unit data) | | Three Months Ended | | Six Months Ended | ||||
| | June 30, | | June 30, | | June 30, | | June 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Statements of Operations and Other Data: | | | | | | | | |
Total Revenues | | $ 152,223 | | $ 130,049 | | $ 301,646 | | $ 255,562 |
| | | | | | | | |
Property Expenses | | (39,757) | | (34,860) | | (81,939) | | (70,275) |
General and Administrative | | (9,520) | | (8,249) | | (18,874) | | (16,990) |
Joint Venture Development Services Expense | | (1,347) | | — | | (2,131) | | — |
Depreciation of Corporate FF&E | | (214) | | (226) | | (459) | | (456) |
Depreciation and Other Amortization of Real Estate | | (40,376) | | (36,244) | | (79,903) | | (69,924) |
Total Expenses | | (91,214) | | (79,579) | | (183,306) | | (157,645) |
Gain on Sale of Real Estate | | 13,053 | | 297 Werbung Mehr Nachrichten zur First Industrial Realty Trust Aktie kostenlos abonnieren
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