NYSE$FR
First Industrial Realty Trust Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Announced second quarter 2024 results, featuring significant leasing wins and increased FFO guidance.
First Industrial Realty Trust reported a diluted EPS of $0.39 for the second quarter of 2024, compared to $0.41 a year ago. Second quarter funds from operations (FFO) was $0.66 per share/unit on a diluted basis, compared to $0.61 per share/unit a year ago. The company signed 1.1 million square feet of new leases for speculative developments in the second quarter and third quarter to-date and increased 2024 NAREIT FFO guidance $0.03 at the midpoint to $2.57 to $2.65 Per Share/Unit.
- Signed 1.1 million square feet of new leases for speculative developments in Q2 and Q3 to-date.
- In service occupancy was 95.3% at the end of the second quarter of 2024.
- Cash rental rates on new and renewal leasing increased 43.4% for leases commenced in the second quarter.
- 2024 NAREIT FFO guidance increased $0.03 at the midpoint to $2.57 to $2.65 Per Share/Unit.
Headline financials
Revenue & EPS history
First Industrial · Revenue · Quarterly
$164M
Forward guidance
With the benefit of the progress we have made leasing our developments, we are raising our FFO per share guidance by 3 cents at the midpoint.
Tailwinds
- Average quarter-end in service occupancy of 95.75% to 96.75%.
- SS NOI growth on a cash basis before termination fees of 7.25% to 8.25% for the full year.
- Includes the incremental costs expected in 2024 related to the Company’s completed and under construction developments as of June 30, 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.
Headwinds
- 2024 NAREIT FFO per share/unit guidance is impacted by $0.02 per share/unit of accelerated expense related to an accounting rule that requires the Company to fully expense the value of granted equity-based compensation for certain tenured employees.
- SS NOI excludes $2.9 million of income related to the 1Q23 accelerated recognition of a tenant improvement reimbursement.
- 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.
- Changes in national, international, regional and local economic conditions generally and real estate markets specifically
- Changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.3%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+1.6%
Avg return
30 days after
62%
40 / 65 earnings
Positive
+4.9%
Q2 2015
Best reaction
-19.6%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.8% | -1.4% | -0.1% | |
| Q4 2025 | +2.2% | +2.9% | +2.4% | |
| Q3 2025 | +1.4% | +3.4% | +3.8% | |
| Q2 2025 | +0.8% | +3.1% | +7.6% | |
| Q1 2025 | +1.5% | -1.1% | +9.1% | |
| Q4 2024 | +2.6% | +2.3% | +7.0% | |
| Q3 2024 | -0.9% | -1.1% | -4.9% | |
| Q2 2024 | +4.1% | +6.5% | +6.7% | |
| Q1 2024 | -8.7% | -9.2% | -4.7% | |
| Q4 2023 | +4.1% | +5.1% | +3.4% | |
| Q3 2023 | -5.3% | -7.0% | -0.2% | |
| Q2 2023 | -1.7% | +0.3% | -3.9% | |
| Q1 2023 | +2.4% | +1.1% | +1.6% | |
| Q4 2022 | +0.0% | +0.2% | -5.3% | |
| Q3 2022 | -2.3% | -2.0% | +8.0% | |
| Q2 2022 | +1.4% | +3.5% | +13.2% | |
| Q1 2022 | +0.7% | +0.2% | -18.4% | |
| Q4 2021 | -0.6% | -1.9% | -3.0% | |
| Q3 2021 | +1.7% | +2.2% | +7.3% | |
| Q2 2021 | -2.2% | -0.8% | +1.0% | |
| Q1 2021 | -2.1% | -1.3% | +0.7% | |
| Q4 2020 | +1.2% | +1.6% | +4.0% | |
| Q3 2020 | +0.7% | -0.7% | +0.6% | |
| Q2 2020 | +3.8% | +6.1% | +8.7% | |
| Q1 2020 | +4.8% | +12.5% | +8.6% | |
| Q4 2019 | +3.3% | +3.6% | -22.1% | |
| Q3 2019 | +2.3% | +3.2% | +2.8% | |
| Q2 2019 | +0.4% | +1.4% | +1.3% | |
| Q1 2019 | +2.2% | +2.5% | +0.4% | |
| Q4 2018 | +0.7% | +1.0% | +3.9% | |
| Q3 2018 | +3.2% | +2.0% | +2.9% | |
| Q2 2018 | +2.7% | +1.9% | +2.6% | |
| Q1 2018 | +1.2% | +3.6% | +9.6% | |
| Q4 2017 | -0.1% | +1.3% | -0.1% | |
| Q3 2017 | -0.5% | -0.3% | +5.9% | |
| Q2 2017 | +2.0% | +2.2% | +2.1% | |
| Q1 2017 | +1.8% | +1.0% | +3.9% | |
| Q4 2016 | -0.3% | +1.2% | -0.8% | |
| Q3 2016 | -3.3% | -3.0% | -0.9% | |
| Q2 2016 | +3.9% | +3.0% | -0.3% | |
| Q1 2016 | +0.2% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | -0.6% | — | — | |
| Q2 2015 | +4.9% | — | — | |
| Q1 2015 | -0.2% | — | — | |
| Q4 2014 | -0.9% | — | — | |
| Q3 2014 | +1.3% | — | — | |
| Q2 2014 | +0.5% | — | — | |
| Q1 2014 | -2.7% | — | — | |
| Q4 2013 | +1.1% | — | — | |
| Q3 2013 | -2.4% | — | — | |
| Q2 2013 | +3.9% | — | — | |
| Q1 2013 | +1.6% | — | — | |
| Q4 2012 | +3.0% | — | — | |
| Q3 2012 | +0.0% | — | — | |
| Q2 2012 | +3.3% | — | — | |
| Q1 2012 | -1.9% | — | — | |
| Q4 2011 | -0.7% | — | — | |
| Q3 2011 | -2.5% | — | — | |
| Q2 2011 | -19.6% | — | — | |
| Q1 2011 | -4.0% | — | — | |
| Q4 2010 | -2.4% | — | — | |
| Q3 2010 | +2.0% | — | — | |
| Q2 2010 | +1.1% | — | — | |
| Q1 2010 | -0.9% | — | — |
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