2024-04-18 17:13:08 ET
First Industrial Realty Trust, Inc. (FR)
Q1 2024 Earnings Conference Call
April 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
Conference Call Participants
Ki Bin Kim - Truist
Rob Stevenson - Janney
Vikram Malhotra - Mizuho
Todd Thomas - KeyBanc Capital Markets
Rich Anderson - Wedbush
Craig Mailman - Citi
Nicholas Yulico - Scotiabank
Nick Thillman - Baird
Jessica Zheng - Green Street
Blaine Heck - Wells Fargo
Caitlin Burrows - Goldman Sachs
Bill Crow - Raymond James
Nikita Bely - JPMorgan
Jon Petersen - Jefferies
Presentation
Operator
Good day, and welcome to the First Industrial Realty Trust, Inc. First Quarter Results Call. [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, Dave. Hello, everybody, and welcome to our call. Before we discuss our first quarter 2024 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, April 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, our 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.
Since our last call in February, our team has signed two big development leases and we continue to make progress on our 2024 renewals at strong cash rental rate increases both of which I will discuss shortly. Looking at the industrial market broadly, vacancies ticked up to about 5.3% as new development projects that were started in 2023 have come online....
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First Industrial Realty Trust, Inc. (FR) Q1 2024 Earnings Call Transcript