First Industrial Realty (FR) Tops Q1 EPS by 2c, Slight Miss on Revenues; Offers FY19 EPS Mid-Point Guidance Above Consensus

First Industrial Realty (NYSE: FR) reported Q1 EPS of $0.19, $0.02 better than the analyst estimate of $0.17. Revenue for the quarter came in at $104.51 million versus the consensus estimate of $104.68 million

"We continue to see broad-based demand for industrial real estate, reflected in our recent leasing wins at our developments and value-add acquisitions, as well as our portfolio performance," said Peter E. Baccile, First Industrial\'s president and chief executive officer. "Given low national vacancy levels and supply and demand near equilibrium, the environment for rental rate growth in the sector remains favorable."

Outlook for 2019

Mr. Baccile stated, "On the strength of our development and value-add leasing thus far in 2019, we are increasing the midpoint of our FFO guidance by $0.01. Through our investments and our existing portfolio, we are providing quality logistics real estate that supports our customers' growth and supply chain initiatives, while delivering long-term cash flow growth for shareholders."

GUIDANCE:

First Industrial Realty sees FY2019 EPS of $0.80-$0.90, versus the consensus of $0.84.

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

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