STAG - First Industrial: Recent Volatility Makes Them More Attractive Compared To Peers

2024-07-09 02:41:20 ET

Summary

• First Industrial is a quality REIT with a long operating history, focusing on logistics properties in supply-constrained markets.
• Despite missing Q1 FFO estimates, they expect to FFO and revenue growth of 7.4% and 3.2% respectively in their upcoming Q2.
• The recent dip in share price presents a buying opportunity, with a price target of $59 and potential for 23% upside.
• Their balance sheet is also solid with no debt maturing until 2026, putting them in a comfortable position to continue growth.
• Their dividend is also well-covered with a forward FFO payout ratio of 57%.

Introduction

First Industrial ( FR ) is a quality REIT that has seen its fair share of volatility in comparison to their industrial peers over the past several months. The company has a long operating history having been founded in 1994....

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