Mon, Apr. 20, 10:29 AM
- Commercial real estate may be getting perky and the industrial names are outliers to the upside in the REIT sector today after Prologis' $5.9B purchase of KTR Capital Partners, announced over the weekend.
- First Industrial Realty (FR +1.5%), DCT Industrial Trust (DCT +1.6%), Eastgroup Properties (EGP +1.2%), Chambers Street (CSG +1.4%).
- ETFs: IYR, VNQ, DRN, URE, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
- Previously: Prologis inks $5.9B portfolio purchase deal (April 19)
Apr. 24, 2014, 3:25 PM
- In-service occupancy of 92.4% is down from 92.9% at the end of 2013, up from 89.6% a year ago. Same property cash basis NOI up 2.3%. Rental rates up 3.1% on a cash basis. Leasing costs of $1.97 per foot.
- The company lowers full-year 2014 FFO per share guidance by $0.02, with the range now $1.09-$1.19. Average quarter-end in-service occupancy rate is cut 0.5% on both ends, now at 92.0-93.0%.
- CEO Bruce Duncan: "Prospective tenants are active across our markets seeking facilities to grow their businesses or enhance supply chain efficiencies. We are positioned to grow cash flow as we increase occupancy in our existing portfolio and lease-up our new investments."
- Keycorp downgrades First Industrial (FR -2.1%) to Hold from Buy.
- Previously: First Industrial Realty Trust FFO misses by $0.03, beats on revenue
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