Q1 EPS $0.52, FFO $0.60; cash same-store NOI +10.0%; dividend raised to $0.37; guidance trimmed

FIRST INDUSTRIAL LP

Q1 diluted EPS $0.52 (vs $0.42 YoY); FFO $0.60/share (vs $0.59 adjusted).
Cash same-store NOI grew 10.0%; cash rental rates on new/renewal leases +44.8%.
Signed 1.6M sq ft development leases; sold 9 buildings for $49M.
Quarterly dividend raised 15.6% to $0.37/share from $0.32.
FY2024 guidance lowered: NAREIT FFO $2.53-$2.63; occupancy 95.75%-96.75% midpoint 25bps lower.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST INDUSTRIAL LP reported first quarter of 2024 results: EPS $0.52. Guidance reaffirmed.

Period: first quarter of 2024
EPS: $0.52
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First Industrial's diluted net income available to common stockholders per share (EPS) was $0.52 in the first quarter, compared to $0.42 a year ago and first quarter funds from operations (FFO) was $0.60 per share/unit on a diluted basis, compared to $0.59 per share/unit a year ago.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST INDUSTRIAL LP reported 2024 results: net income $ 1.49 $ 1.59, EPS $ 2.53 $ 2.63. Guidance lowered.

Period: 2024
Net income: $ 1.49 $ 1.59
EPS: $ 2.53 $ 2.63
Guidance: lowered
Result: guidance update

Exact text from the filing

Low End of High End of Guidance for 2024 Guidance for 2024 (Per share/unit) (Per share/unit) Net Income Available to Common Stockholders $ 1.49 $ 1.59 Add: Depreciation and Other Amortization of Real Estate 1.26 1.26 Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision (Including Joint Venture) and Net of Joint Venture Noncontrolling Interest, Through April 17, 2024 (0.22) (0.22) NAREIT Funds From Operations (1) $ 2.53 $ 2.63

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Source: SEC EDGAR

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