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Sep 30, 2021
First Industrial Q3 2021 Earnings Report
First Industrial reported strong third quarter results driven by portfolio performance and execution of its investment strategy.
Key Takeaways
First Industrial Realty Trust reported a strong third quarter with an increase in occupancy to 97.1% and a 6.9% increase in same property cash basis net operating income. The company also saw significant rent growth and continued execution on its development pipeline.
Occupancy increased to 97.1%, up 50 basis points from the previous quarter.
Same property cash basis net operating income increased by 6.9%.
Cash rental rates increased by 22.8%.
The company raised its full year FFO per share guidance by $0.02 at the midpoint to $1.95.
Forward Guidance
First Industrial raised its full year FFO per share guidance for 2021 by $0.02 at the midpoint due to strong third quarter performance and outlook for the fourth quarter.
Positive Outlook
- In service occupancy at year-end fourth quarter of 96.75% to 97.75%.
- Fourth quarter SS NOI growth on a cash basis before termination fees of 6.0% to 7.5%.
- General and administrative expense of approximately $34 million to $35 million.
- The company expects to capitalize $0.08 per share of interest in 2021.
- With strategic land positions that support the development of more than 16 million square feet of additional space, the company is well-positioned for future growth.
Challenges Ahead
- Guidance does not include the impact of any future debt repurchases prior to maturity or future debt issuances.
- Guidance does not include the impact of any future investments or property sales.
- Guidance does not include the impact of any future equity issuances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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