Financial Performance - Total revenues for Q1 2025 were $177,074,000, an increase of 9.9% compared to $162,272,000 in Q1 2024[24] - Net income for Q1 2025 was $52,884,000, down 25.0% from $70,498,000 in Q1 2024[24] - Comprehensive income for Q1 2025 was $44,975,000, a decrease of 44.4% from $80,921,000 in Q1 2024[27] - Net income for the three months ended March 31, 2025, was $52,884,000, a decrease of 25.1% compared to $70,498,000 for the same period in 2024[40] - Basic and diluted earnings per share (EPS) for the company were $0.36 for the three months ended March 31, 2025, down from $0.52 in the same period of 2024[90] - Net income available to common stockholders for Q1 2025 was $48,103,000, a decrease of 29.7% from $68,452,000 in Q1 2024[168] Revenue and Lease Performance - Lease revenue increased to $175,376,000 in Q1 2025, up from $159,735,000 in Q1 2024, reflecting a growth of 9.8%[24] - Total revenues increased to $177,074,000 for the three months ended March 31, 2025, up 9.9% from $162,272,000 in the prior year[40] - Lease revenue for the three months ended March 31, 2025, was $175,376,000, an increase of 9.8% from $159,735,000 in the same period last year[40] - Same Store Revenues increased to $164,394,000 in Q1 2025, up 6.9% from $154,310,000 in Q1 2024[166] Cash Flow and Investments - Net cash provided by operating activities rose to $88,566,000, compared to $62,499,000 in the same quarter of 2024, reflecting a 41.8% increase[33] - Cash provided by operating activities increased to $88,585,000 for the three months ended March 31, 2025, compared to $62,509,000 in the prior year, reflecting a 41.7% increase[49] - The net cash used in investing activities was $213,348,000, significantly higher than $19,031,000 in the same quarter of 2024[33] - Cash used in investing activities rose significantly by $194.3 million, totaling $213.3 million for the three months ended March 31, 2025[148] Assets and Liabilities - Total assets as of March 31, 2025, were $5,448,054,000, compared to $5,261,426,000 at the end of 2024, representing a growth of 3.5%[22] - Total liabilities increased to $2,704,832,000 as of March 31, 2025, from $2,515,398,000 at the end of 2024, an increase of 7.5%[22] - The company’s equity as of March 31, 2025, was $2,743,222,000, slightly down from $2,746,028,000 at the end of 2024[22] - The company’s total debt as of March 31, 2025, was approximately $2,387.1 million, with 81.0% being fixed rate debt[152] Dividends and Distributions - The company declared dividends of $0.445 per share for Q1 2025, compared to $0.370 per share in Q1 2024[30] - The company paid $50,087,000 in common stock dividends and unit distributions during the quarter, compared to $43,220,000 in the previous year[33] - Unit distributions for the three months ended March 31, 2025, totaled $60,854,000, an increase from $50,309,000 in the prior year[49] Property and Operations - The company owned 416 industrial properties as of March 31, 2025, with a total gross leasable area of approximately 68.2 million square feet[57] - The average daily occupancy rate for same store properties was 95.7% for Q1 2025, compared to 95.0% for Q1 2024[127] - Cash rental rates for new and renewal leases increased by 41.7% during the quarter, indicating strong demand[118] - The company focuses on 15 key logistics markets in the U.S., emphasizing coastal markets with favorable industrial real estate fundamentals[115] Joint Venture Performance - The company holds an 88% interest in a Joint Venture Partnership for developing land in the Phoenix metropolitan area, consolidating the partnership in its financial statements[78] - The company earned fees of $465 million from the Joint Venture for the three months ended March 31, 2025, a decrease of 45.9% compared to $859 million for the same period in 2024[80] - Net income of the Joint Venture for the three months ended March 31, 2025, was $39,879 million, significantly up from $2,032 million in 2024, primarily due to a gain on sale of $39,630 million from Buildings A and B[82] - Incentive fees earned from the Joint Venture increased to $7,976 million in Q1 2025 from $406 million in Q1 2024, reflecting a substantial growth in performance[83] Interest and Financing - The company amended and restated its existing $200 million unsecured term loan, now maturing on March 17, 2028, with an all-in interest rate of 1.82%[71] - The company increased its Unsecured Credit Facility from $750 million to $850 million, maturing on March 16, 2029, with a variable interest rate based on SOFR plus a credit spread[72] - Interest expense for Q1 2025 was $19,469,000, a decrease from $20,897,000 in Q1 2024[168] - Interest expense decreased by $1.4 million, or 6.8%, due to a lower weighted average interest rate of 4.03%[134] Legal and Compliance - The company is involved in legal actions related to its industrial properties, but does not expect any material adverse effects on its financial position[103]

Financial Data and Key Metrics Changes - For Q1 2025, funds from operations (FFO) were reported at $0.68 per fully diluted share, an increase from $0.60 per share in Q1 2024, indicating a positive trend in financial performance [22] - Cash same-store rental growth for the quarter, excluding termination fees, was 10.1%, driven by increases in rental rates and higher average occupancy [22][23] - In-service occupancy at the end of the quarter was 95.3%, a decrease of 90 basis points from year-end and 20 basis points from the year-ago quarter [22][23] Business Line Data and Key Metrics Changes - The company achieved a cash rental rate increase of 30% for new and renewal leasing, with a projected growth of 30% to 40% for the full year [15][29] - Development leasing included a successful expansion of a tenant in Denver, bringing a 200,000 square foot building to 100% occupancy [16] - The company plans to break ground on a 176,000 square foot facility in Dallas, targeting a cash yield of approximately 8% [17] Market Data and Key Metrics Changes - Nationally, vacancy in Tier 1 U.S. markets was reported at 5.9%, unchanged since year-end [12] - Net absorption was 56 million square feet, with 24 million square feet in target markets, while new construction starts were 75% lower than the peak in Q3 2022 [13] - In the Inland Empire, vacancy rates decreased by 30 basis points, with net absorption of 3 million square feet, indicating a positive trend in that market [65] Company Strategy and Development Direction - The company is focused on executing objectives to drive long-term cash flow growth while monitoring the impact of tariffs on tenant demand [30] - Future developments will target areas with unmet demand, particularly in Texas, Florida, and Pennsylvania [50] - The company remains opportunistic regarding new investments, emphasizing risk-adjusted returns in targeted sub-markets [50][134] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the evolving landscape surrounding tariffs and their potential impact on business activity and leasing markets [10][11] - The tone remains positive, with good momentum and increased foot traffic, although decision-making has slowed due to uncertainty around tariffs [75][90] - Management anticipates that the majority of tenant demand will continue, despite some conversations being paused [88][90] Other Important Information - The company renewed its senior unsecured revolving credit facility by $100 million, extending the maturity date to March 2030 [24] - The company acquired two fully leased developments in Phoenix for $120 million, with a cash yield of 6.4% [20] - The company expects to capitalize about $0.09 per share of interest for the full year of 2025 [29] Q&A Session Summary Question: Impact of tariffs on tenancy perspective - Management indicated that exposure to Chinese 3PLs is minimal, with only 450,000 square feet leased to them, and no significant concerns from auto tenants [35][37] Question: Development leasing visibility - Management confirmed that the majority of development leasing is expected in Q4, with good activity in the market despite some tenant concerns regarding tariffs [41][46] Question: G&A expenses related to stock-based compensation - Management acknowledged an increase in G&A due to accelerated stock-based compensation but did not provide a specific dollar amount during the call [55] Question: Current tenant activity and leasing velocity - Management noted that while some tenants have paused, the overall interest and demand remain strong, with no specific concentration of paused activity in certain industries [88][92] Question: Development yields and construction costs - Management stated that they can achieve yields over 7% on new developments, despite rising construction costs, by focusing on areas with strong demand [112][114] Question: Amazon's expansion plans and RFPs - Management observed that Amazon is focused on expanding same-day delivery capabilities and is active in several markets, indicating a shift in their approach to warehousing [161][162]

分组1 - First Industrial Realty Trust reported quarterly funds from operations (FFO) of $0.68 per share, missing the Zacks Consensus Estimate of $0.70 per share, but showing an increase from $0.60 per share a year ago, resulting in an FFO surprise of -2.86% [1] - The company posted revenues of $177.07 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.02% and increasing from $162.27 million year-over-year [2] - Over the last four quarters, First Industrial Realty Trust has surpassed consensus FFO estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has lost about 7% since the beginning of the year, compared to the S&P 500's decline of -8.3% [3] - The current consensus FFO estimate for the coming quarter is $0.72 on revenues of $175.88 million, and for the current fiscal year, it is $2.92 on revenues of $717.46 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 35% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - First Industrial's diluted net income available to common stockholders per share (EPS) was $0.36 in Q1 2025, down from $0.52 a year ago; FFO was $0.68 per share/unit, up from $0.60 a year ago[2][5] - Total revenues for the three months ended March 31, 2025, increased to $177,074 million, up from $162,272 million in the same period of 2024, representing a growth of approximately 9.9%[21] - Net income available to First Industrial Realty Trust, Inc.'s common stockholders decreased to $48,103 million for Q1 2025, down from $68,452 million in Q1 2024, a decline of about 29.7%[22] - Funds From Operations (FFO) for the three months ended March 31, 2025, rose to $92,963 million, compared to $81,922 million in the prior year, reflecting an increase of approximately 13.5%[22] - Adjusted Funds From Operations (AFFO) increased to $89,082 million in Q1 2025, up from $75,547 million in Q1 2024, marking a growth of about 17.9%[21] - Net Operating Income (NOI) for the three months ended March 31, 2025, was $128,546 million, compared to $114,832 million in the same period of 2024, an increase of approximately 11.9%[22] Dividend Information - The first quarter 2025 dividend was increased to $0.445 per share, representing a 20.3% increase from the previous rate of $0.37[5][8] - The company reported a common dividend of $0.445 per share for Q1 2025, up from $0.370 per share in Q1 2024, an increase of approximately 20.3%[22] Occupancy and Leasing - In-service occupancy was 95.3% at the end of Q1 2025, down from 96.2% at the end of Q4 2024[5][6] - Cash same store NOI growth was 10.1%, with cash rental rates increasing by 42% in Q1 2025; cash rental rates on new and renewal leasing increased by 41.7%[5][6] Development and Acquisitions - The company acquired two 100% leased buildings totaling 796,000 square feet for $120 million, reflecting a cash yield of 6.4%[5][9] - Planned development starts for Q2 2025 total 402,000 square feet with an estimated investment of $54 million and an estimated combined cash yield of 8%[5][9] - The company has approximately 70.2 million square feet of industrial space under development as of March 31, 2025[16] Guidance and Projections - Guidance for 2025 includes net income available to common stockholders and unitholders projected between $1.52 and $1.62 per share[10] - NAREIT Funds From Operations (FFO) guidance for 2025 is projected between $2.87 and $2.97 per share[10] Financial Position - The company's total assets as of March 31, 2025, were $5,448,054 million, up from $5,261,426 million at the end of 2024, indicating a growth of about 3.6%[23] - Total liabilities increased to $2,704,832 million as of March 31, 2025, compared to $2,515,398 million at the end of 2024, reflecting an increase of approximately 7.5%[23] - The gross real estate investment rose to $6,028,897 million as of March 31, 2025, compared to $5,846,392 million at the end of 2024, representing an increase of about 3.1%[23] Capital Structure - The company renewed its unsecured revolving credit facility, increasing it by $100 million to $850 million, maturing on March 16, 2029[5][9] - The weighted average number of shares outstanding (diluted) increased to 136,115 million in Q1 2025, compared to 135,387 million in Q1 2024, reflecting a growth of about 0.5%[22]

Cash Same Store NOI Growth of 10.1% Cash Rental Rates Up 42% in 1Q25 30% Cash Rental Rate Increase on Leases Signed To-Date Commencing in 2025; 36% Increase Excluding 1.3 Million Square-Foot Fixed-Rate Renewal Acquired Two 100% Leased Buildings from Our Camelback 303 JV in Phoenix; 796,000 Square Feet, $120 Million Purchase Price, Net of Our Share of Gain on Sale and Promote, Cash Yield of 6.4% Two Planned Development Starts for 2Q25 Totaling 402,000 Square Feet in Dallas and Philadelphia, $54 Million Esti ...

Investors might want to bet on First Industrial Realty Trust (FR) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the ...

First Industrial Realty Trust (FR) shares ended the last trading session 7.6% higher at $46.33. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 23.2% loss over the past four weeks.The increased investor optimism in the stock can be attributed to President Donald Trump’s recent announcement to put a 90-day pause on the reciprocal tariff for most countries.This real estate investment trust is expected to post quarter ...

A downtrend has been apparent in First Industrial Realty Trust (FR) lately with too much selling pressure. The stock has declined 17.4% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Here is How to Spot Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical ind ...

First Industrial Realty Trust, Inc. ( FR ) is one of my favorite real estate investment trust, or REIT, holdings, and certainly a top-tier pick in the industrial space. I've been bullish on FR since June 2024Welcome to Cash Flow Venue, where dividends do the heavy lifting! Blending my financial chops with the timeless wisdom of value investing (and love for steady income), I’ve built a rock-solid pillar in my financial foundation through dividend investing. I believe it’s one of the most accessible paths to ...

Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility cleaner, safer, and smarter [3] - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting [3] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [4] - As of December 31, 2024, the company employed 106,100 people across 28 countries, operating 155 plants and 46 research and development centers [4] Share Capital and Voting Rights - As of March 31, 2025, Valeo's issued capital was €244,633,504, with a total of 244,633,504 shares [1] - The total number of theoretical voting rights was 274,270,662, while the total number of exercisable voting rights was 273,803,785 [1][2]