What guidance did First Industrial Realty Trust's management provide for the next earnings period?

What does First Industrial Realty Trust do and what are its main business segments?

What factors drove the changes in First Industrial Realty Trust's revenue and profit?

What is First Industrial Realty Trust's gross profit margin?

What is the market's earnings forecast for First Industrial Realty Trust next quarter?

What is First Industrial Realty Trust's latest dividend and current dividend yield?

What were the key takeaways from First Industrial Realty Trust’s earnings call?

Did First Industrial Realty Trust beat or miss consensus estimates last quarter?

- **Record Leasing Achievement**: 501,000 sq ft leased in 45 days at Phoenix project, eliminating $0.02 per share drag.
- **Strong Cash Flow Growth**: 33% cash rental rate growth, 8.7% same-store NOI expansion.
- **New Development Pipeline**: $54M in Dallas/Philadelphia projects targeting 8% yields.
- **Tariff Uncertainty**: Mixed tenant behavior, but e-commerce/3PLs driving activity.
- **Financial Strength**: $450M bond issuance at 5.25%, narrowing 2025 FFO to $2.92 per share.

**【CEO Opening Remarks】**
- Portfolio performance strong with 94.2% in-service occupancy, despite a 110 bps decline due to a Central PA move-out and new developments entering the pool.
- Cash rental rate growth of 33% (38% excluding fixed-rate renewal), on track for 30-40% annual growth.
- New development leases: 501,000 sq ft at Camelback 303 (Phoenix) and 58,000 sq ft at First Loop (Orlando), bringing total project to 100% leased.
- 2025 rollovers: 88% completed by square footage.
- New starts: 176,000 sq ft in Dallas and 226,000 sq ft in Philadelphia, targeting 8% cash yields.
- Tariff uncertainty continues to dampen tenant decision-making, but e-commerce and 3PLs remain active.

**【CFO Financial Commentary】**
- NAREIT FFO: $0.76 per share (vs. $0.66 in 2Q 2024), driven by rental rate growth and contractual bumps.
- Cash same-store NOI growth: 8.7% (excluding termination fees).
- Capital markets: $450M senior unsecured notes issued at 5.25%, narrowing 2025 FFO guidance to $2.88-$2.96 per share (midpoint $2.92).
- Interest expense impact: Higher in H2 due to development funding and bond issuance.
- 2025 development leasing assumption: 1.5M sq ft to be leased by year-end.

**【Q&A Highlights】**
- **Development Leasing Success**: 501,000 sq ft leased at Camelback 303 in 45 days, eliminating $0.02 per share drag in guidance.
- **Construction Costs**: Down 5-10% YoY, stabilizing in 2025 with slight steel and copper price pressures.
- **Tariff Impact**: Tenants split between pausing (e.g., HQ directives) and moving forward (e.g., Amazon-like urgency).
- **Build-to-Suit Strategy**: Lower returns than spec development, executed sparingly for strategic fits.
- **2026-2027 Expirations**: Higher proportion in Dallas and Atlanta, consistent with 2025 trends.
- **Market Strength**: Nashville, Florida submarkets, and infill Dallas/Houston performing best.


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