First Industrial Realty Trust Inc.
), the Chicago, IL-based real estate investment trust (REIT),
announced the inking of long-term lease agreements for two recently
completed buildings. This corresponds with the usual company
strategy of offering high-quality facility to tenants as well as
keeping its own cash-flow growth momentum going.
One of the leased-out properties is the 708,000 square foot First
Logistics Center, located at I-83 in York, PA. It is leased to a
multinational corporation with the lease period commencing on Sep
15, 2014. The equity REIT also leased out the 43,485 square foot
First Figueroa Logistics Center, located in South Bay submarket of
Los Angeles to a regional events company. For this property, lease
period will start on Jun 1, 2014.
First Industrial Realty is a self-administered and fully integrated
REIT, engaged in owning, managing, acquiring and developing
industrial real estate. The company has a history of serving
regional customers as well as multinational corporations. As of Mar
31, 2014, First Industrial Realty owned, managed and had under
development an industrial space of approximately 65.8 million
We believe that the above-mentioned lease agreements by First
Industrial Realty will provide it with financial flexibility and
position it favorably to pursue future expansion and development
First Industrial Realty reported first-quarter 2014 funds from
operations (FFO) of 24 cents per share on Apr 23, 2014, which
missed the Zacks Consensus Estimate by 11.1%. Nevertheless, this
came in line with the prior-year quarter figure.
First Industrial currently holds a Zacks Rank #3 (Hold). Some
better-ranked equity REITs worth considering include
The GEO Group, Inc.
W. P. Carey Inc.
Terreno Realty Corp.
). All these stocks sport a Zacks Rank #1 (Strong Buy).
Note: FFO, a widely used metric to gauge the performance of
REITs, is obtained after adding depreciation and amortization and
other non-cash expenses to net income.
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