Welcome to our dedicated page for First Industrial Realty Trust news (Ticker: FR), a resource for investors and traders seeking the latest updates and insights on First Industrial Realty Trust stock.
First Industrial Realty Trust, Inc. reports developments for a U.S.-only industrial REIT that owns, operates, develops and acquires logistics properties. Company updates commonly address operating results, common stock dividends, portfolio activity, development pipeline priorities and capital allocation across its logistics real estate platform.
News also covers governance matters, including annual meeting results, board composition, shareholder voting campaigns and responses to shareholder communications. The company's tenant base spans supply chain users such as e-commerce, logistics, transportation, manufacturing, retail, food and beverage, building materials, wholesale goods, health services and government customers.
On July 22, 2020, First Industrial Realty Trust (NYSE: FR) reported its Q2 2020 results, revealing a diluted EPS of $0.28, down from $0.31 year-on-year. However, funds from operations (FFO) increased to $0.46 per share, compared to $0.43 in the previous year. Occupancy rates improved to 97.7%, with strong cash collections at 98% for Q2 and 97% for July. The company engaged in significant acquisition activities and enhanced liquidity through a $300 million note offering at favorable rates. They raised their FFO guidance for the year, reflecting positive tenant activity despite ongoing COVID-19 impacts.
First Industrial Realty Trust (NYSE: FR) announced the refinancing of its $200 million unsecured term loan due January 29, 2021, into a new unsecured loan with an initial maturity of July 15, 2021. This refinancing includes two one-year extension options and features interest-only payments with an initial interest rate of LIBOR plus 150 basis points, adjusting based on the company's credit ratings. New interest rate swap agreements will fix the rate at 2.49% starting February 2021. This move aims to enhance financial flexibility amid the COVID-19 recovery.
On July 7, 2020, First Industrial Realty Trust (NYSE: FR) announced a private placement offering of $300 million in fixed-rate senior unsecured notes, featuring a weighted average interest rate of 2.81%. The offering consists of two tranches: $100 million of 2.74% Series F Guaranteed Senior Notes with a 10-year term and $200 million of 2.84% Series G Guaranteed Senior Notes with a 12-year term. Proceeds will be utilized for general corporate purposes, including repayment of existing borrowings and further investment opportunities.
First Industrial Realty Trust (NYSE: FR) is set to host its second quarter 2020 results conference call on July 23, 2020, at 10:00 a.m. CDT. The results will be released on July 22, 2020, after market close. Interested parties can join the conference by dialing (866) 542-2938, with conference ID 3467422. A live webcast will also be available on the company's website. A replay will be accessible until August 7, 2020. The company manages approximately 64.1 million square feet of industrial space across the U.S.