The following is a summary of the First Industrial Realty Trust, Inc. (FR) Q1 2024 Earnings Call Transcript:
Financial Performance:
First Industrial Realty Trust reported Q1 2024 NAREIT funds from operations of $0.60 per fully diluted share, an increase mainly driven by higher rental rates and low free rent.
Cash same-store NOI growth for the quarter was at 10%.
The company sold nine properties accumulating 433,000 square feet for $49 million.
Updated 2024 FFO guidance is between $2.55 to $2.65 per share.
Business Progress:
Significant development leases were secured this quarter, with progress made on 2024 renewals.
Leasing achievements consisted of full-building leases at First Rockdale IV in Nashville and First Stockton Logistics Center in Northern California.
68% of 2024 lease expirations handled weighted on-net rent.
Occupancy remained steady at 95.5%, with an anticipated increase in in-service occupancy later in the year.
Development projects in South Florida being contemplated after leasing successes.
Diversified tenant interests and steady growth in leasing and renewal activities, with strong prospects in third-party logistics discussions noted.
Phoenix is a prime location for data center developments and industrial use.
Renewal discussions for properties in the 150,000 to 300,000 square-foot range in Southern California are ongoing.
Despite delays, the company remains optimistic about turning conversations into leases.
More details: First Industrial Realty Trust Inc IR
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