2023-04-19 16:31:44 ET
- First Industrial Realty Trust press release ( NYSE: FR ): Q1 FFO of $0.57 misses by $0.01 .
- Revenue of $149.42M (+19.1% Y/Y) beats by $5.68M .
- Cash Rental Rates Up 58.3%
- Cash Rental Rate Increase of 56% on Leases Signed To Date Commencing in 2023
- Occupancy of 98.7%; Cash Same Store NOI Growth of 8.1%
- Signed 394,000 Square Feet of New Leases for Speculative Developments Year-To-Date
- Started a 358,000 Square-Foot Development in the Philadelphia Market, Estimated Investment of $61 Million
- Sold 31 Acres at Camelback 303 Joint Venture in Phoenix for $50 Million; FR's Share of Gain and Incentive Fee Before Tax of $24 Million; Purchase Option Agreement and Ground Lease with Buyer for Additional 71 Acres
- 2023 FFO Guidance Increased $0.04 at Midpoint to $2.33 to $2.43 Per Share/Unit, Excluding 1Q23 Accelerated Recognition of Tenant Improvement Reimbursement
- Increased First Quarter 2023 Dividend to $0.32 Per Share, an 8.5% Increase.
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First Industrial Realty Trust FFO of $0.57 misses by $0.01, revenue of $149.42M beats by $5.68M