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First Industrial Realty Trust, Inc.
1 North Wacker Drive
Chicago, IL 60606
FIRST INDUSTRIAL REALTY TRUST REPORTS
THIRD QUARTER 2018 RESULTS
Occupancy of 97.6%, Up 70 Basis Points from 2Q18
Cash Same Store NOI Grew 6.8%
Cash Rental Rates Were Up 9.0%
Leased 100% of the 644,000 Square-Foot First Park @ PV 303 Building B in Phoenix
Leased Three Buildings at The Ranch by First Industrial in the Inland Empire West Totaling 422,000 Square Feet as Previously Disclosed
Started Four New Developments Totaling 1.2 Million Square Feet in Southern California, Seattle, Denver and Dallas as Previously Disclosed; Estimated Total Investment of $96.5 Million
Acquired Two Adjacent Sites in the Inland Empire East Totaling 10 Acres for $3.9 Million, Developable to 231,000 Square Feet
In 4Q18, Acquired a 120,000 Square-Foot Building Plus an Adjacent Site Developable to 120,000 Square Feet in New Jersey for a Total of $16.6 Million
Sold Four Buildings Comprised of 447,000 Square Feet and Three Land Sites for $22.5 Million
CHICAGO, October 24, 2018 First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of industrial real estate, today announced results for the third quarter of 2018. Diluted net income available to common stockholders per share (EPS) was $0.24 in the third quarter, compared to $0.36 a year ago.
First Industrials third quarter FFO was $0.41 per share/unit on a diluted basis, compared to $0.41 per share/unit a year ago. Excluding the approximately $0.01 per share gain on sales of land, third quarter 2018 FFO per share was $0.40. This compares with FFO of $0.39 per share in the third quarter 2017 excluding the mark-to-market of an interest rate protection agreement.
Demand for logistics real estate continues to outpace new supply, driven by growth in the overall economy, consumption, and the secular shift in the supply chain resulting from the rapid growth of e-commerce, said Peter E. Baccile, First Industrials president and chief executive officer. Our excellent third quarter results reflect the efforts of our team, the quality of our portfolio and the strength of the overall industrial leasing market.
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The following information was filed by First Industrial Lp on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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