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First Industrial Realty Trust (NYSE:FR) raised the midpoint of its full-year 2023 FFO guidance range by a penny as “we are capturing strong rental rate increases on our renewals with the benefit of the healthy market rent growth the past several years,” President and CEO Peter E. Baccile said on Wednesday.
The industrial REIT now sees FFO per share of $2.38-$2.42, compared with the prior view of $2.35-$2.43.
Q3 FFO of $0.62, slightly topping the $0.61 average analyst estimate, edged up from $0.60 in the year-ago quarter. Total revenue of $155.1M, vs. $153.1M consensus, rose from $139.8M for the three months ended Sept. 30, 2022.
Total expenses advanced to $92.7M from $82.7M a year earlier.
Adjusted EBITDA of $104.8M perked up from $95.4M in the year-ago period.
In service occupancy was 95.4% at the end of Q3 (excluding impact of developments placed in service was 97.1%), compared with 97.7% at the end of Q2 and 98.3% at the end of Q3 2022.
Conference call on October 19 at 10:00 a.m. ET.
