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Sep 30, 2024
First Industrial Q3 2024 Earnings Report
First Industrial reported a strong third quarter in 2024, marked by solid operating metrics, key leases, and strategic capital deployment.
Key Takeaways
First Industrial Realty Trust reported a diluted net income per share of $0.75 and FFO of $0.68 per share/unit. The company achieved a 51% cash rental rate increase on leases commencing in 2024 and 7.6% cash same store NOI growth. They also increased their 2024 NAREIT FFO guidance by $0.02 at the midpoint.
Achieved a 51% increase in cash rental rates on leases signed to-date commencing in 2024.
Experienced a 7.6% increase in cash same store NOI growth in the third quarter.
Increased 2024 NAREIT FFO guidance by $0.02 at the midpoint, to $2.61 to $2.65 per share/unit.
In service occupancy was 95.0% at the end of the third quarter of 2024.
First Industrial
First Industrial
Forward Guidance
First Industrial raised its FFO per share guidance by two cents at the midpoint.
Positive Outlook
- In service occupancy at year-end fourth quarter of 95.0% to 97.0%.
- Fourth quarter SS NOI growth on a cash basis before termination fees of 8.0% to 10.0%.
- The company expects to capitalize $0.06 per share of interest in 2024.
- General and administrative expense of $39.5 million to $40.5 million.