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Mar 31, 2024
First Industrial Q1 2024 Earnings Report
Reported first quarter results with strong rental rate increases and significant leasing activity.
Key Takeaways
First Industrial Realty Trust reported strong first quarter 2024 results, marked by significant leasing activity and rental rate increases. The company signed 1.6 million square feet of new leases for speculative developments and achieved a 45% cash rental rate increase on leases commencing in 2024. Cash Same Store NOI grew by 10.0%.
Signed 1.6 million square feet of new leases for speculative developments.
Achieved a 45% cash rental rate increase on leases signed to-date commencing in 2024.
Reported cash Same Store NOI growth of 10.0%.
Increased first quarter 2024 dividend to $0.37 per share, a 15.6% growth compared to the prior quarterly rate.
Forward Guidance
The company has adjusted certain leasing assumptions within its same store portfolio that are reflected in updated guidance due to ongoing uncertainty in the overall economy and interest rate environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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