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CHICAGO - First Industrial Realty Trust, Inc. (NYSE:FR) reported mixed first quarter 2025 results, with earnings slightly missing estimates but revenue beating expectations. The industrial real estate investment trust also announced a significant dividend increase.
First Industrial reported Q1 earnings per share of $0.36, $0.01 below the analyst consensus of $0.37. Revenue for the quarter came in at $177.07 million, surpassing estimates of $176.51 million and representing an 9.1% increase year-over-year.
The company saw strong leasing activity, with cash rental rates on new and renewal leases increasing 41.7% in Q1. Same store net operating income grew 10.1% on a cash basis.
"Our team delivered a solid quarter of operating results and executed on some key investment and capital market transactions," said Peter E. Baccile, First Industrial’s president and CEO.
Notably, First Industrial raised its quarterly dividend by 20.3% to $0.445 per share. The company also acquired two fully leased buildings in Phoenix for $120 million and plans to start two new development projects totaling 402,000 square feet in Q2.
For 2025, First Industrial expects funds from operations (FFO) of $2.87 to $2.97 per share.
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