First Industrial Guides FY FFO to $3.08-$3.16, Above Consensus
FR sits 43% above its 52-week low of $47.38.
Summary
First Industrial Realty Trust issued full-year FFO guidance of $3.08 to $3.16 per share, a range that sits above the current consensus estimate of $3.05. The midpoint of $3.12 implies roughly 10% growth over the prior year, reflecting continued strength in industrial real estate fundamentals. This follows a strong Q1 where rental rates jumped 31.7% and same-store NOI rose 8.7%, leading to a 12.4% dividend hike. The guidance confirms management's confidence in sustaining that momentum through year-end. With the stock trading near its 52-week high, the above-consensus outlook could support further multiple expansion.
At the time of this announcement, FR was trading at $67.71 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $9.3B. The 52-week trading range was $47.38 to $69.88. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.