First Industrial Realty (FR) Tops Q1 EPS by 26c, Revenues Beat

First Industrial Realty (NYSE: FR) reported Q1 EPS of $0.48, $0.26 better than the analyst estimate of $0.22. Revenue for the quarter came in at $116.26 million versus the consensus estimate of $112.88 million.

"Our first quarter results and portfolio performance reflect the favorable industrial real estate fundamentals and the efforts of our team across our entire platform," said Peter E. Baccile, First Industrial's president and chief executive officer. "With the economic recovery well underway, we are excited to launch five new development projects year-to-date that will contribute to our long-term cash flow growth and serve tenant demand."

GUIDANCE:

First Industrial Realty sees FY2021 EPS of $1.17-$1.27, versus the consensus of $0.87.

"Demand for logistics facilities across our markets remains strong, evidenced by a second consecutive quarter of 100 million-plus square feet of net absorption nationally," added Mr. Baccile. "We are excited about the value creation and cash flow growth opportunities within our development pipeline as well as the rental rate growth and lease-up opportunities within our existing portfolio."

The following assumptions were used for guidance:

• Average quarter-end in service occupancy of 95.75% to 96.75%, an increase of 25 basis points at the midpoint.
• Same store NOI growth on a cash basis before termination fees of 3.5% to 4.5% for the full year, an increase of 50 basis points at the midpoint.
• General and administrative expense of approximately $33.0 million to $34.0 million.
• Includes the incremental costs expected in 2021 related to the Company's developments completed and under construction as of March 31, 2021 and the aforementioned planned second quarter starts of First Park 121 Buildings C and D and First Aurora Commerce Center Building E. In total, the Company expects to capitalize $0.05 per share of interest in 2021.
• Reflects the expected payoff of an approximately $57.7 million secured debt maturity in the third quarter with an interest rate of 4.85%.
• Other than the transactions discussed in this release, guidance does not include the impact of:
  • any future debt repurchases prior to maturity or future debt issuances,
  • any future investments or property sales, or
  • any future equity issuances.

For earnings history and earnings-related data on First Industrial Realty (FR) click here.

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