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First Industrial Realty Trust (FR)
NYSE:FR
RESEARCH TOOLSreports
Holding FR?
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Earnings Data
Report Date
Feb 05, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.35Last Year’s EPS
$0.67Same Quarter Last Year
Moderate Buy
Based on 11 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 16, 2024
|% Change Since: -9.25%
|Next Earnings Date:Feb 05, 2025
Earnings Call Sentiment|Positive
The earnings call presented a generally positive outlook with strong rental growth and effective capital deployment, but it also highlighted some challenges such as occupancy and specific tenant issues. Despite these, the strategic initiatives and positive financial indicators suggest a favorable trajectory.Company Guidance
In the Q3 2024 earnings call for First Industrial Realty Trust, Inc., the company provided detailed guidance and performance metrics. The NAREIT funds from operations were reported at $0.68 per share, up from $0.62 in the previous year's third quarter. Cash same-store NOI grew by 7.6%, excluding termination fees, and 11.9% when including accelerated tenant improvement reimbursements. The company achieved a cash rental rate increase of 51% on 2024 lease expirations and 33% on 2025 commencements. The guidance for 2024 NAREIT FFO was updated to $2.61 to $2.65 per share, with expectations for fourth-quarter occupancy ranging from 95% to 97%. The firm continues to monitor demand, with recent developments including a 542,000-square-foot project in Nashville and a 211,000-square-foot acquisition in Houston. Despite some challenges, such as the cessation of operations at a tenant's site, the company remains optimistic about its strong portfolio and future growth opportunities.Strong Cash Rental Rate Increases
Achieved a cash rental rate increase of 51% for 2024 lease expirations and 58% for 2023 commencements, demonstrating strong leasing performance.
Successful Leasing and Capital Deployment
Signed new leases for major projects, including a full building lease at the First Pioneer project in Inland Empire East and a lease at the First 76 project in Denver.
Positive Cash Same-Store NOI Growth
Cash same-store NOI growth was 7.6%, excluding termination fees, and 11.9% when including accelerated tenant improvement recognition.
Tightened Guidance and Increased Midpoint
NAREIT FFO guidance range tightened to $2.61 to $2.65 per share, with an increase at the midpoint by $0.02 per share.
Strategic Acquisitions and Developments
Acquired a 4-building park in Houston with a 6% cash yield and started a new development in Nashville with a projected cash yield of 7%.
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FR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 16, 2024 | $55.90 | $54.69 | -2.16% |
| Jul 17, 2024 | $51.10 | $52.59 | +2.92% |
| Apr 17, 2024 | $47.90 | $45.41 | -5.20% |
| Feb 07, 2024 | $49.50 | $52.45 | +5.96% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does First Industrial Realty Trust (FR) report earnings?
First Industrial Realty Trust (FR) is schdueled to report earning on Feb 05, 2025, TBA Not Confirmed.
What is First Industrial Realty Trust (FR) earnings time?
First Industrial Realty Trust (FR) earnings time is at Feb 05, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FR EPS forecast?
FR EPS forecast for the fiscal quarter 2024 (Q4) is $0.35.
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