FR - First Industrial Realty Trust Inc. (FR) Q2 2024 Earnings Call Transcript
2024-07-18 15:38:09 ET
First Industrial Realty Trust, Inc. (FR)
Q2 2024 Earnings Conference Call
July 18, 2024, 11:00 AM ET
Company Participants
Art Harmon - SVP of IR and Marketing
Peter Baccile - President and CEO
Scott Musil - CFO
Jojo Yap - CIO
Peter Schultz - EVP
Chris Schneider - EVP, Operations
Bob Walter - EVP, Capital Markets and Asset Management
Conference Call Participants
Rob Stevenson - Janney
Craig Mailman - Citi
Ki Bin Kim - Truist
Nick Thillman - Baird
Rich Anderson - Wedbush
Caitlin Burrows - Goldman Sachs
Blaine Heck - Wells Fargo
Vikram Malhotra - Mizuho
Todd Thomas - KeyBanc Capital Markets
Jessica Zheng - Green Street
Michael Mueller - JPMorgan
Greg McGinniss - Scotiabank
Brendan Lynch - Barclays
Presentation
Operator
Good day, and welcome to the Industrial Realty Trust, Inc. Second Quarter Results Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Art Harmon, Senior Vice President of Investor Relations and Marketing. Please go ahead.
Art Harmon
Thank you very much, Dave. Hello, everybody, and welcome to our call. Before we discuss our second quarter results and our updated guidance for the year, let me remind everyone that our call may include forward-looking statements as defined by federal securities laws. These statements are based on management's expectations, plans and estimates of our prospects. Today's statements may be time sensitive and accurate only as of today's date, July 18, 2024. We assume no obligation to update our statements or the other information we provide. Actual results may differ materially from our forward-looking statements and factors which could cause this are described in our 10-K and other SEC filings. You can find a reconciliation of non-GAAP financial measures discussed in today's call in our supplemental report and our earnings release. The supplemental report, earnings release and our SEC filings are available at firstindustrial.com under the Investors tab.
Our call will begin with remarks by Peter Baccile, our President and Chief Executive Officer; and Scott Musil, Chief Financial Officer, after which we'll open it up for your questions. Also with us today are Jojo Yap, Chief Investment Officer; Peter Schultz, Executive Vice President; Chris Schneider, Executive Vice President of Operations; and Bob Walter, Executive Vice President of Capital Markets and Asset Management.
Now let me hand the call over to Peter.
Peter Baccile
Thank you, Art, and thank you all for joining us today. As we discussed on our last earnings call, 2024 is all about leasing. Since that call, our team has delivered some big leasing wins, both in our core portfolio and within our development projects. We're also excited to discuss the three new development starts that we kicked off in the second quarter. More on all of this shortly.
Looking at the industrial market broadly, fundamentals are slowly improving, although as expected, U.S. industrial market vacancy ticked up by 40 basis points to 5.7% as last year's starts continue to come online. New starts remain disciplined, totaling 50 million square feet in the second quarter, down 55% from the peak in the third quarter of 2022....
First Industrial Realty Trust, Inc. (FR) Q2 2024 Earnings Call Transcript