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Dec 31, 2019
First Industrial Q4 2019 Earnings Report
First Industrial reported strong Q4 2019 results, demonstrating the quality of their portfolio and the solid fundamentals in the U.S. industrial real estate market.
Key Takeaways
First Industrial Realty Trust reported a diluted net income per share of $0.76 for the fourth quarter of 2019, compared to $0.40 a year ago. The company's fourth quarter FFO was $0.45 per share/unit on a diluted basis, compared to $0.42 per share/unit a year ago. Cash rental rates were up 9.7% and occupancy was 97.6%.
Cash rental rates increased by 9.7% in Q4 2019.
In-service occupancy was 97.6% at the end of Q4 2019.
Same property cash basis net operating income increased 2.1%.
The company completed $155 million of asset sales in Q4 2019.
First Industrial
First Industrial
Forward Guidance
First Industrial expects to deliver additional growth in rental rates and cash flow in 2020, driven by solid industrial real estate fundamentals and their development program.