Truist Securities Reiterates Buy Rating on First Industrial Realty Trust (FR)

Truist Securities analyst Ki Bin Kim reiterated a Buy rating and $55.00 price target on First Industrial Realty Trust (NYSE: FR)

The analyst comments "Net-net: FR reported 2Q25 FFO/sh. of $0.76, which was above consensus and our estimate of $0.73/sh. Relative to our model, higher NOI (+$0.03, higher executed renewal sf, slightly higher spreads, better net opex-could be timing driven) was the primary variance. Despite the beat, the company maintained FFO/sh guidance at $2.92/sh, compared to cons’ $2.90/sh and Truist Securities $2.91/sh, with major assumptions left unchanged (e.g. FY25 Cash SSNOI growth 6.5%YoY). A little over half-way through the year, FR has leased 158k of its ~1.5m development leasing budget for ’25, all of which slated to occur in 4Q for a ~$0.02 impact. Perhaps some conservativeness around dvlp lease up timing and macro uncertainty is offsetting strong SSNOI growth cadence, leading to maintained FFO guide. We’ll see more details on leasing velocity on the call tomorrow. Notwithstanding the conference call, we think results were slightly better than expected."

For an analyst ratings summary and ratings history on First Industrial Realty Trust click here. For more ratings news on First Industrial Realty Trust click here.

Shares of First Industrial Realty Trust closed at $49.31 yesterday.

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