PR Newswire
CHICAGO, April 24, 2018
CHICAGO, April 24, 2018 /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 first quarter of 2018. Diluted net income available to common stockholders per share (EPS) was $0.30 in the first quarter, compared to $0.19 a year ago.
First Industrial's first quarter FFO was $0.38 per share/unit on a diluted basis, compared to $0.36 per share/unit a year ago. First quarter results reflect a previously disclosed severance charge as well as an impairment charge related to the anticipated sale of an excess land parcel that together resulted in a $0.02 per share impact.
"We are off to a good start in 2018 as our team and our portfolio delivered solid growth in same store cash NOI and rental rates," said Peter E. Baccile, First Industrial's president and chief executive officer. "Industrial real estate fundamentals continue to be favorable and we seek to grow cash flow as we serve tenants' logistics needs through our development investments and portfolio."
Portfolio Performance – First Quarter 2018
Capital Markets
Investment and Disposition Activities
In the first quarter, the Company:
In the second quarter to date, the Company:
"We are using our platform to create value through development and lease up of high quality distribution facilities while adding select acquisitions that will contribute to our long-term cash flow growth," said Johannson Yap, chief investment officer. "Our project-specific joint venture at the PV-303 business park is an extension of our overall strategy, offering us potential to participate in additional growth in this strategic location, while helping us manage our portfolio allocation and risk."
Outlook for 2018
Mr. Baccile stated, "Our team and our portfolio continue to perform well. Given the health of the leasing markets, we remain focused on growing long-term cash flow through rent growth, contractual escalations and securing longer lease terms. Investment through development continues to offer strong risk-adjusted returns and by continuing our track record of execution from construction through lease-up, we can drive future cash flow and further elevate our portfolio."
| | | | | | |
| | | | Low End of | | High End of |
| | | | Guidance for 2018 | | Guidance for 2018 |
| | | | (Per share/unit) | | (Per share/unit) |
| | | | | | |
| Net Income | | | 0.75 | | 0.85 |
| Add: Real Estate Depreciation/Amortization | | | 0.92 | | 0.92 |
| Add: Impairment of Depreciable Real Estate - 1Q18 | | | 0.02 | | 0.02 |
| Less: Gain on Sale of Depreciable Real Estate - 1Q18 | | | (0.16) | | (0.16) |
| | | | | | |
| FFO (NAREIT Definition) | | | $1.53 | | $1.63 |
| | | | | | |
| Plus: Severance Charge and Impairment of Non-Depreciable Real Estate | | | 0.02 | | 0.02 |
| FFO Before Severance Charge and Impairment of Non-Depreciable Real Estate | | | $1.55 | | $1.65 |
The following assumptions were used:
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.
Conference Call
First Industrial will host its quarterly conference call on Wednesday, April 25, 2018 at 9:30 a.m. CDT (10:30 a.m. EDT). The conference call may be accessed by dialing (888) 823-7459, passcode "First Industrial." The conference call will also be webcast live on the Investor Relations page of the Company's website at www.firstindustrial.com. The replay will also be available on the website.
The Company's first quarter 2018 supplemental information can be viewed at www.firstindustrial.com under the "Investors" tab.
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 64.3 million square feet of industrial space as of March 31, 2018. 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, 2017, 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.
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FIRST INDUSTRIAL REALTY TRUST, INC. | |||
Selected Financial Data | |||
(Unaudited) | |||
(In thousands except per share/Unit data) | |||
| | | |
| Three Months Ended | ||
| March 31, | | March 31, |
| 2018 | | 2017 |
| | | |
Statement of Operations and Other Data: | | | |
Total Revenues | $ 99,771 | | $ 97,383 |
| | | |
Property Expenses | (29,411) | | (28,486) |
General and Administrative (a) | (8,143) | | (8,033) |
Impairment of Real Estate | (2,756) | | - |
Depreciation of Corporate FF&E | (183) | | (169) |
Depreciation and Other Amortization of Real Estate | (28,132) | | (28,325) |
| | | |
Total Expenses | (68,625) | | (65,013) |
| | | |
Gain on Sale of Real Estate | 20,089 | | 8,009 |
Interest Expense | (12,791) | | (14,369) |
Amortization of Debt Issuance Costs | (855) | | (778) |
Loss from Retirement of Debt | (39) | | (1,653) |
| | | |
Income from Operations Before Income Tax Provision | 37,550 | | 23,579 Werbung Mehr Nachrichten zur First Industrial Realty Trust Aktie kostenlos abonnieren
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