First Industrial Realty Trust Reports Strong Financial Performance for Q3 2024
Chicago, October 16, 2024 - First Industrial Realty Trust, Inc. (NYSE: FR), a prominent owner, operator, and developer of logistics real estate, announced its financial results for the third quarter of 2024, showcasing robust performance metrics.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Growth | Wall Street Consensus |
|---|---|---|---|---|
| Earnings Per Share (EPS) | $0.75 | $0.57 | +31.6% | $0.38 |
| Funds From Operations (FFO) per share/unit | $0.68 | $0.62 | +9.7% | Not provided |
Interpretation: First Industrial Realty Trust demonstrated notable year-over-year growth in earnings per share (EPS) by 31.6%, significantly outperforming the consensus estimate of $0.38. The company's performance indicates strong execution in capturing higher rental rates and managing operational expenses effectively.
Revenue Performance by Segment
First Industrial Realty did not provide a detailed segment-specific breakdown for this quarter, but operational highlights reflect positive momentum across various regions, particularly in rental rate growth and strategic acquisitions.
Key Developments and Operational Highlights
- Achieved a 51% cash rental rate increase on leases signed commencing in 2024, which includes a significant renewal in Southern California.
- Demonstrated a 33% cash rental rate increase on leases signed commencing in 2025.
- Maintained in-service occupancy at 95.0% at quarter-end.
- Started a 542,000 square-foot development in Nashville with an estimated investment of $54 million.
- Acquired a fully leased four-building portfolio in Houston for $29 million.
- Sold ten buildings for $101 million in the third and fourth quarters to date.
Comments from Leadership
Peter E. Baccile, President and CEO, remarked, 'The First Industrial team delivered another solid quarter with strong operational metrics. We are leveraging rental growth and development leasing to strengthen our future FFO prospects.'
Forward Guidance
The company raised its 2024 NAREIT FFO guidance by $0.02 at the midpoint to $2.61 to $2.65 per share/unit, noting an expected year-end occupancy range of 95.0% to 97.0%. Cash same-store NOI growth for the fourth quarter is projected to range between 8.0% and 10.0%.
Stock Price Movement
After the release of the earnings, First Industrial's stock price experienced an increase of 1.34%.
In summary, First Industrial Realty Trust concluded a successful quarter with substantial growth in key financial metrics and strategic advancements, positioning the company for continued fiscal growth in the upcoming quarters.
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