First Industrial Realty (NYSE: FR) reported Q1 EPS of $0.52, $0.21 better than the analyst estimate of $0.31. Revenue for the quarter came in at $162.3 million versus the consensus estimate of $161.49 million.

The following assumptions were used for guidance:

• Average quarter-end in service occupancy of 95.75% to 96.75%, a decrease of 25 basis points at the midpoint.
• SS NOI growth on a cash basis before termination fees of 7.25% to 8.25% for the full year, a decrease of 75 basis points at the midpoint. SS NOI excludes $2.9 million of income related to the 1Q23 accelerated recognition of a tenant improvement reimbursement.
• Includes the incremental costs expected in 2024 related to the Company's completed and under construction developments as of March 31, 2024. In total, the Company expects to capitalize $0.05 per share of interest in 2024.
• General and administrative expense ("G&A") of $39.5 million to $40.5 million. This includes approximately $3.0 million of accelerated expense related to accounting rules that require the Company to fully expense the value of granted equity-based compensation for certain tenured employees.
• Guidance does not include the impact of any future investments, property sales, debt repurchases prior to maturity, debt issuances, or equity issuances post the date of this press release

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