First Industrial Realty Trust Inc., a leading fully integrated owner, operator and developer of industrial real estate, recently revealed results for the first quarter of 2018. Diluted net income available to common stockholders per share was $0.30 in the first quarter, compared to $0.19 a year ago.
According to Peter Baccile, president and CEO, the company is “off to a good start in 2018 as our team and our portfolio delivered solid growth in same store cash NOI and rental rates.” He noted that industrial real estate fundamentals “continue to be favorable and we seek to grow cash flow as we serve tenants’ logistics needs through our development investments and portfolio.”
First Industrial’s first quarter FFO was $0.38 per share/unit on a diluted basis, compared to $0.36 per share/unit a year ago. First quarter results, the firm said, reflected a previously disclosed severance charge as well as an impairment charge related to the anticipated sale of an excess land parcel that together resulted in a $0.02 per share impact.
Baccile stated, “Our team and our portfolio continue to perform well. Given the health of the leasing markets, we remain focused on growing long-term cash flow through rent growth, contractual escalations and securing longer lease terms. Investment through development continues to offer strong risk-adjusted returns and by continuing our track record of execution from construction through lease-up, we can drive future cash flow and further elevate our portfolio.”
According to Johannson Yap, chief investment officer, “We are using our platform to create value through development and lease up of high quality distribution facilities while adding select acquisitions that will contribute to our long-term cash flow growth. Our project-specific joint venture at the PV-303 business park is an extension of our overall strategy, offering us potential to participate in additional growth in this strategic location, while helping us manage our portfolio allocation and risk.”