First Industrial Realty Trust(FR) - 2025 Q1 - Quarterly Results

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]