First Industrial Realty Trust Reports Strong Q2 Performance and Raises Full-Year Guidance
First Industrial Realty Trust (NYSE:FR) reported second-quarter Nareit FFO of $0.82 per share, exceeding expectations and up from $0.76 in the same period a year ago. The company raised its full-year guidance midpoint to $3.08–$3.16 per share, with an even higher range excluding proxy-related advisory costs at $3.12–$3.20 per share. Leasing activity improved significantly during the quarter, highlighted by a 708,000-square-foot full-building lease in Pennsylvania and several development leases across Dallas, South Florida, and Philadelphia. In-service occupancy rose to 94.9%, with cash rental rate increases on signed new and renewal leases reaching 39%. The company also added assets through acquisitions in Dallas and a Baltimore infill site while selling non-core properties at favorable prices. CEO Peter Baccile noted stronger leasing demand, improved tenant decision-making, and increased touring activity for larger spaces. CFO Scott Musil attributed the FFO growth to higher rental rates on new leases and contractual rent increases.
Tickers: $FR
Topics: ffo guidance leasing performance portfolio updates q2 earnings