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Exhibit 99.1
First Industrial Realty Trust, Inc.
311 South Wacker Drive
Suite 3900
Chicago, IL 60606
312/344-4300
FAX: 312/922-9851
MEDIA RELEASE
FIRST INDUSTRIAL REALTY TRUST REPORTS
FOURTH QUARTER AND FULL YEAR 2013 RESULTS
| Occupancy of 92.9%, Up 170 Basis Points from 3Q13, 300 Basis Points from 4Q12 |
| Same Store NOI Grew 3.5%, Retained 87.2% of Tenants in 4Q13 |
| Increased First Quarter 2014 Dividend 20.6% to $0.1025 Per Share |
| Invested $26.3 Million in a 627,000 SF 100% Leased Distribution Center in the Chicago Market in 4Q13; Acquired a $13.4 Million, 252,000 SF Bulk Warehouse in Minneapolis in 1Q14 |
| Completed $75.8 Million of Asset Sales in 4Q13, $144.6 Million for 2013 |
| Closed New $200 Million 7-Year Unsecured Term Loan in 1Q14, Swaps Used to Convert to Initial Effective Fixed Rate of 4.04% |
| Retiring All $50 Million of Series F Cumulative Redeemable Preferred Stock and All $25 Million of Series G Cumulative Redeemable Preferred Stock in 1Q14 |
| Received Investment Grade Rating for Unsecured Notes from S&P in 1Q14 |
CHICAGO, February 25, 2014 First Industrial Realty Trust, Inc. (NYSE: FR), a leading owner, operator and developer of industrial real estate, today announced results for the fourth quarter and full year 2013. Diluted net income available to common stockholders per share (EPS) was $0.18 in the fourth quarter, compared to $(0.09) a year ago. Full year 2013 diluted net income available to common stockholders was $0.24 per share, compared to $(0.24) per share in 2012.
First Industrials fourth quarter FFO was $0.27 per share/unit on a diluted basis, compared to $0.18 per share/unit a year ago. Fourth quarter 2013 results included approximately a $0.01 per share/unit net impact related to acquisition costs, loss from retirement of debt, and NAREIT-compliant gains.
Full year 2013 FFO was $0.98 per share/unit on a diluted basis versus $0.88 per share/unit in 2012. FFO results for the full year 2013 include a $0.06 loss on retirement of debt, a $0.05 loss related to the redemption of both the Companys 7.25% Series J and Series K Cumulative Redeemable Preferred Stock, and $0.01 per share of NAREIT-compliant gains.
The First Industrial team delivered strong gains in occupancy in the fourth quarter, as we work to capture the cash flow opportunities within our portfolio, said Bruce W. Duncan, First Industrials president and CEO. The industrial market continues to enjoy positive net absorption and improving market rents as businesses demand additional space to support their growth initiatives, while new supply remains below long-term historical levels.
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First Industrial Realty Trust Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2014 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
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First Industrial Realty Trust Inc provided additional information to their SEC Filing as exhibits
Ticker: FR
CIK: 921825
Form Type: 10-K Annual Report
Accession Number: 0000921825-14-000008
Submitted to the SEC: Fri Feb 28 2014 5:18:38 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Real Estate Investment Trusts