First Industrial Realty Trust: Q1 Earnings Snapshot

April 20, 2022 GMT

CHICAGO (AP) _ First Industrial Realty Trust Inc. (FR) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Chicago, said it had funds from operations of $70.6 million, or 53 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 52 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $36.2 million, or 27 cents per share.

The real estate investment trust posted revenue of $125.5 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $123.3 million.

First Industrial Realty Trust expects full-year funds from operations in the range of $2.10 to $2.20 per share.


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