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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.
First Industrial Realty Trust (NYSE: FR) reported strong Q1 2023 results, with diluted EPS rising to $0.42 from $0.27 year-over-year. The company achieved a remarkable 58.3% increase in cash rental rates and maintained a high occupancy rate of 98.7%. Same store cash basis net operating income (NOI) grew by 8.1%. Notably, the year saw a 394,000 square feet leasing activity and the commencement of a 358,000 square-foot development in Philadelphia, costing $61 million. Additionally, they sold 31 acres in Phoenix for $50 million, resulting in a $24 million pre-tax gain. The FFO guidance for 2023 has been raised to between $2.33 and $2.43 per share, excluding the impact of accelerated tenant reimbursements.
First Industrial Realty Trust (NYSE: FR) will hold its Q1 2023 results conference call on April 20, 2023, at 10:00 a.m. CDT. Investors can access the call by dialing (888) 317-6003 with the passcode 'First Industrial' or through a live webcast on the company’s website. The Q1 results will be released on April 19, 2023, after market close. A replay will be available until May 4, 2023 by dialing (877) 344-7529 and entering passcode 5382779. First Industrial is a major owner and developer of industrial real estate in the U.S., with approximately 68.9 million square feet of space as of December 31, 2022.
First Industrial Realty Trust (NYSE: FR) announced its upcoming presentation at Citi's 2023 Global Property CEO Conference scheduled for March 7, 2023, at 4:20 p.m. EST. Investors can access a live webcast of the presentation on their website, with a replay available until May 31, 2023. The company is a leading owner and developer of industrial real estate, managing approximately 68.9 million square feet of industrial space as of December 31, 2022. This event marks an important opportunity for First Industrial to showcase its strategies and future plans to key stakeholders in the real estate sector.
First Industrial Realty Trust (NYSE: FR) announced its upcoming Annual Meeting of Stockholders will be held virtually on May 3, 2023. The Board of Directors has set March 9, 2023 as the record date for stockholders eligible to vote. As of December 31, 2022, the company manages approximately 68.9 million square feet of industrial space across the U.S. First Industrial Realty Trust is a fully integrated owner, operator, and developer of industrial properties, catering to multinational corporations and regional customers. For more details, visit www.firstindustrial.com.
First Industrial Realty Trust (NYSE: FR) reported a strong performance in 2022, achieving a year-end occupancy of 98.8% and a 10.1% increase in cash same-store NOI, both company records. Cash rental rates surged by 26.7% for the year, marking the highest annual increase in history. The company initiated a $126 million development in Northern California and successfully leased 4.1 million square feet of developments in 2022. Additionally, First Industrial increased its dividend by 8.5% to $0.32 per share for Q1 2023. However, diluted EPS for Q4 2022 fell to $0.62 from $0.87 year-over-year.
First Industrial Realty Trust (NYSE: FR) will announce its fourth quarter and full year 2022 results on February 8, 2023, after market close. A conference call is scheduled for February 9, 2023, at 10:00 a.m. CST to discuss the results, accessible via phone at (877) 870-4263 or through a live webcast on the company’s website. A replay will be available until February 23, 2023, by calling (877) 344-7529. As of September 30, 2022, First Industrial managed approximately 68.4 million square feet of industrial space across the United States, demonstrating its leadership in the industrial real estate sector.
On January 18, 2023, First Industrial Realty Trust, Inc. (NYSE: FR) announced the tax treatment for its 2022 stock distributions. The company emphasized that the release is based on preliminary tax filings, with no expected material changes. Shareholders are advised to consult tax advisors for personalized guidance. The summary includes detailed information on distributions made throughout 2022, totaling $1.1800 per share. Of this, ordinary dividends were $1.1572, while qualified dividends accounted for $0.0852. The company also reported capital gain distributions and other tax-related classifications, ensuring stakeholders are informed on the tax implications of their investments.
On November 1, 2022, First Industrial Realty Trust (NYSE: FR) declared a common stock dividend of $0.295 per share for the quarter ending December 31, 2022. This dividend will be payable on January 17, 2023 to stockholders of record as of December 31, 2022. With a portfolio of approximately 68.4 million square feet of industrial space under management and development, the company continues to demonstrate its commitment to delivering value to shareholders.
First Industrial Realty Trust (NYSE: FR) reported a strong third quarter in 2022, with diluted net income of $0.94 per share, up from $0.33 a year prior. Funds From Operations (FFO) rose to $0.60 per share, compared to $0.51. Occupancy remained high at 98.3%, with cash rental rates increasing by 30.9%. The company intensified its development activities with significant projects, including a $210 million development in Phoenix. Increased 2022 FFO guidance by $0.04 to a range of $2.21 to $2.25 per share/unit reflects positive operational momentum.
First Industrial Realty Trust (NYSE: FR) announced it will host its third quarter 2022 results conference call on October 20, 2022, at 10:00 a.m. CDT. The results will be released on October 19, 2022, after market close. Investors can join the call by dialing (877) 870-4263 and using conference ID 10171701, or via a live webcast on the company's website. A replay will be available until November 4, 2022. First Industrial, a key player in industrial real estate, manages approximately 69.8 million square feet across the U.S.