First Industrial Q3 2020 Earnings Report

Reported successful quarter, highlighted by excellent collections, leasing, investment and capital markets execution.

Key Takeaways

First Industrial Realty Trust reported a successful third quarter of 2020, with diluted net income available to common stockholders per share (EPS) of $0.28 compared to $0.62 a year ago. Third quarter FFO was $0.49 per share/unit on a diluted basis, compared to $0.44 per share/unit a year ago. The company collected 99% of monthly rental billings and experienced strong cash rental rate growth of 20.3%.

Cash Rental Rates Were Up 20.3%; Approximately 14% Cash Rental Rate Increase Expected for Full Year 2020; 12% Cash Rental Increase on 2021 Rollovers Signed To-Date

Collected 99% of Second and Third Quarter Monthly Rental Billings

Signed 339,000 Square Feet of New Leases for Development Projects in the Third Quarter and Fourth Quarter To-Date

Signed a Build-to-Suit Lease for First Nandina II Logistics Center, a 221,000 Square-Foot Development in the Inland Empire; $22.4 Million Expected Total Investment