KeyBanc Starts First Industrial Realty Trust (FR) at Hold; Significant Progress Made but Still in Recovery Mode

KeyBanc initiates coverage on First Industrial Realty Trust (NYSE: FR) with a Hold.

KeyBanc analyst says, "FR is a small cap industrial REIT with a 68msf portfolio across the United States, with one property in Canada. The portfolio is concentrated in Minneapolis/St. Paul, Chicago, Detroit, central Pennsylvania and Dallas/Ft. Worth, which represent 7.6%, 7.0%, 7.0%, 6.5% and 6.4% of rents, respectively."

"The Company has made significant progress in restoring credibility to the story and improving the balance sheet following the fall-out from the credit crisis and resultant management shake-up. Nevertheless, the recovery remains unfinished, with a still suspended dividend and another $350 million of non-core assets to pare..."

For more ratings news on First Industrial Realty Trust click here and for the rating history of First Industrial Realty Trust click here.

Shares of First Industrial Realty Trust closed at $8.69 yesterday.

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