Overview

* First Industrial Q2 revenue beats analyst expectations, per LSEG data

* Q2 FFO at

$0.76

per share/unit on a diluted basis,

* Co completed issuance of $450 mln in senior unsecured notes, first public bond offering since 2007

Outlook

* Company expects 2025 net income per share/unit of $1.53-$1.61

* First Industrial projects 2025 FFO per share/unit of $2.88-$2.96

Result Drivers

* RENTAL RATE GROWTH - Cash rental rates on new and renewal leasing increased 28% in Q2, contributing to strong financial performance

* OCCUPANCY IMPACT - In-service occupancy decreased to 94.2% due to a large move-out and new developments, partially offset by new leasing

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $180.16 $177.30

Revenue mln mln (10

Analysts

)

Q2 Net $56.88

Income mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 9 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy"

* Wall Street's median 12-month price target for First Industrial Realty Trust Inc ( FR ) is $54.00, about 9.2% above its July 15 closing price of $49.05

* The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 32 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)