First Industrial Realty Trust Reports Third Quarter 2016 Results

• A full building 234,000 square-foot lease at First Arlington Commerce Center II in Dallas.

Investment and Disposition Activities

In the third quarter, the Company:

• Acquired a 99,000 square-foot building in the San Diego market of Southern California for $11.9 million.
• Acquired a vacant, recently constructed 121,000 square-foot development in the Chicago market for $9.0 million.
• Acquired a 26-acre development site in Dallas for $3.0 million that can accommodate a 420,000 square-foot building.
• Started its second development at First Park 94 - Building II in the Chicago market, a 602,000 square-foot building with an estimated investment of $29.9 million.
• Started development of a 618,000 square-foot distribution center in Phoenix with an estimated investment of $32.8 million.
• Started a 243,000 square-foot development in the Inland Empire of Southern California with an estimated investment of $17.8 million.

In the fourth quarter to date, the Company:

• Acquired a 63,000 square-foot building in the Doral submarket of Miami for $8.4 million.

"Using the strength of our platform, we are developing and acquiring high quality, well-located assets that meet the needs of a range of tenants and will contribute to long-term cash flow growth," said Peter Baccile, president. "We will continue to enhance the competitive position of our Company through active portfolio management."

Outlook for 2016

Mr. Duncan stated, "Due to the incremental compensation related to our new CEO hire and an increase in our projected performance-based compensation, we are reducing by $0.01 the midpoint of our FFO per share guidance before the impact of acquisition costs. With fundamentals strong, we are excited about the long-term opportunities to drive cash flow and value within our development program, new value-add investments, and throughout our portfolio."

The following assumptions were used:

• Average quarter-end in service occupancy of 95.25% to 95.75%, a narrowing of the range.
• Fourth quarter same-store NOI on a cash basis before termination fees of 2.5% to 4.0%. This implies a quarterly average same-store NOI range for 2016 of approximately 5.5% to 5.9%, compared to the midpoint of our prior guidance of 5.0% from our second quarter results press release.
• General and administrative expense of approximately $26.5 million to $27.5 million, an increase of $1.5 million reflecting increased performance-related compensation and incremental compensation expense related to our new CEO hire.
• Guidance includes the incremental costs related to the Company's developments under construction as of September 30, 2016. In total, the Company expects to capitalize $0.03 per share of interest related to its development projects in 2016.
• Guidance reflects the aforementioned $8.4 million acquisition in Miami in the fourth quarter to-date.
• Other than the above, guidance does not include the impact of:
  • any future debt repurchases or future debt issuances,
  • any future investments,
  • any future property sales,
  • any future impairment gains or losses,
  • any future NAREIT-compliant gains or losses, or
  • any future equity issuances.

A number of factors could impact our ability to deliver results in line with our assumptions, such as interest rates, the economy, the supply and demand of industrial real estate, the availability and terms of financing to potential acquirers of real estate, the timing and yields for divestment and investment, and numerous other variables.  There can be no assurance that First Industrial can achieve such results.

FFO Definition

First Industrial reports FFO in accordance with the NAREIT definition to provide a comparative measure to other REITs. NAREIT recommends that REITs define FFO as net income, excluding gains (or losses) from the sale of previously depreciated property, plus depreciation and amortization, excluding impairments from previously depreciated assets, and after adjustments for unconsolidated partnerships and joint ventures. 

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 64.9 million square feet of industrial space as of September 30, 2016. For more information, please visit us at www.firstindustrial.com.

Forward-Looking Information

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; 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; changes in 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; difficulties in identifying and consummating acquisitions and dispositions; 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; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; 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, 2015, 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 will host its quarterly conference call on Friday, October 28, 2016 at 11:00 a.m. EDT (10:00 a.m. CDT). The conference call may be accessed by dialing (888) 823-7459, 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 third quarter 2016 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab. 

FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(Unaudited)
(In thousands except per share/Unit data)
	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2016		2015		2016		2015
Statement of Operations and Other Data:
Total Revenues	$          93,562		$          92,159		$        280,044		$        272,614
Property Expenses	(27,539)		(28,044)		(82,781)		(85,662)
General and Administrative	(5,983)		(5,900)		(20,090)		(19,026)
Acquisition Costs	(119)		(45)		(338)		(364)
Impairment of Real Estate	-		(626)		-		(626)
Depreciation of Corporate FF&E	(213)		(179)		(580)		(520)
Depreciation and Other Amortization of Real Estate	(28,602)		(28,410)		(88,088)		(84,419)
Total Expenses	(62,456) Werbung Mehr Nachrichten zur First Industrial Realty Trust Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares 02:00 - PR Newswire Fidelity Special Values Plc - Half-year Report 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59