Loading...
•
Mar 31, 2020
First Industrial Q1 2020 Earnings Report
First Industrial reported strong first quarter results and portfolio performance, reflecting pre-COVID-19 economic and industry conditions. The company collected 97% of March billings and 93% of April billings to date and issued revised guidance related to the business impact of the COVID-19 pandemic.
Key Takeaways
First Industrial Realty Trust reported a strong first quarter with EPS of $0.32 compared to $0.19 a year ago. FFO was $0.45 per share/unit on a diluted basis, compared to $0.41 per share/unit a year ago. The company placed in service the Ferrero build-to-suit development in Phoenix and acquired Nottingham Ridge Logistics Center in Baltimore.
Occupancy of 97.1%; Cash Same Store NOI Grew 8.4%; Cash Rental Rates Were Up 10.8%.
Collected 97% of March Billings and 93% of April Billings To-Date.
Issued Revised Guidance Related to Business Impact of COVID-19 Pandemic.
Placed in Service Ferrero Build-to-Suit Development at PV303 in Phoenix; $53.0 Million Total Investment.
Forward Guidance
The COVID-19 pandemic has caused a pause in our nation’s economic activity including that of some of our tenants. While our sector may benefit from widespread and accelerated adoption of e-commerce and increasing inventories, we are reducing our 2020 guidance to reflect a reserve for potential tenant defaults and slightly lower occupancy.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...