Thu, Jul 18, 7:42 PM (51 days ago)
For the quarter ended June 30, 2024, First Industrial Realty Trust, Inc. and First Industrial, L.P. reported strong financial performance. Key highlights include: 1. **Revenue Growth**: Total revenues increased by 7.8% year-over-year to $164.1 million, driven by higher rental rates and increased tenant recoveries. Same store revenues rose by 4.2%. 2. **Net Income**: Net income was $52.9 million, down from $56.2 million in Q2 2023, primarily due to lower gains on property sales. 3. **Occupancy**: In-service occupancy was 95.3%, reflecting robust leasing activity. 4. **Leasing**: The company executed 48 leases covering 2.9 million square feet, with a weighted average lease term of 6.4 years and a 59.4% increase in straight-line basis rent growth. 5. **Property Sales**: The company sold 10 properties for $56.5 million, contributing to a $6.1 million gain on sale of real estate. 6. **Expenses**: Property expenses increased by 8.3% to $43.1 million, driven by higher real estate taxes and maintenance costs. 7. **Debt and Liquidity**: Total debt stood at $2.2 billion, with $450.5 million available under the unsecured credit facility and $46.0 million in cash and cash equivalents. 8. **Future Outlook**: The company is focused on enhancing its portfolio through strategic acquisitions, developments, and selective asset sales, with a continued emphasis on coastal markets. This performance indicates strong operational execution and a solid financial position, supporting future growth initiatives.