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Mar 31, 2021
First Industrial Q1 2021 Earnings Report
First Industrial reported first quarter results, demonstrating growth in rental rates and occupancy.
Key Takeaways
First Industrial Realty Trust reported a strong first quarter in 2021, with EPS of $0.48 compared to $0.32 a year ago and FFO of $0.46 per share/unit on a diluted basis, compared to $0.45 per share/unit a year ago. The company saw an increase in rental rates and continued strength in the industrial real estate market.
Occupancy was 95.7% at the end of the first quarter of 2021.
Rental rates increased 10.4% on a cash basis.
Commenced development of three projects totaling 1.4 million square feet with an estimated total investment of $99.6 million.
Increased First Quarter 2021 Dividend to $0.27 Per Share, an 8.0% Increase
Forward Guidance
First Industrial provided guidance for 2021, including average quarter-end in service occupancy of 95.75% to 96.75% and same store NOI growth on a cash basis before termination fees of 3.5% to 4.5% for the full year.
Positive Outlook
- Demand for logistics facilities across our markets remains strong
- Value creation opportunities within our development pipeline
- Cash flow growth opportunities within our development pipeline
- Rental rate growth opportunities within our existing portfolio
- Lease-up opportunities within our existing portfolio
Challenges Ahead
- Changes in national, international, regional and local economic conditions
- Changes in supply, demand and valuation of industrial properties and land
- Higher-than-expected real estate construction costs and delays in development
- Potential natural disasters and other potentially catastrophic events
Historical Earnings Impact
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Avg. Return Before/After Earnings
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