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EX - 99.1 2 fr - 2021331xex991.htm EX - 99.1 FIRST INDUSTRIAL REALTY TRUST First Industrial Realty Trust , Inc. 1 North Wacker Drive Suite 4200 Chicago , IL 60606 312 / 344-4300 MEDIA RELEASE • • • • • • • FIRST INDUSTRIAL REALTY TRUST REPORTS FIRST QUARTER 2021 RESULTS Occupancy of 95.7 % ; Cash Rental Rates Up 10.4 % 12.7 % Cash Rental Rate Increase On 2021 Rollovers Signed Year - to - Date Started Three Developments Totaling 1.4 Million Square Feet , Estimated Investment of $ 99.6 Million Announced Two New Development Starts for Second Quarter Totaling 1.0 Million Square Feet , Estimated Investment of $ 82.6 Million Acquired a 62,000 Square - Foot Building in Northern California Plus Three Development Parcels for $ 24.1 Million Completed $ 67.2 Million of Asset Sales in the First Quarter Increased First Quarter 2021 Dividend to $ 0.27 Per Share , an 8.0 % Increase CHICAGO , April 21 , 2021 - First Industrial Realty Trust , Inc. ( NYSE : FR ) , a leading fully integrated owner , operator and developer of industrial real estate , today announced results for the first quarter of 2021. First Industrial's diluted net income available to common stockholders per share ( EPS ) was $ 0.48 , compared to $ 0.32 a year ago and first quarter FFO was $ 0.46 per share / unit on a diluted basis , compared to $ 0.45 per share / unit a year ago . “ Our first quarter results and portfolio performance reflect the favorable industrial real estate fundamentals and the efforts of our team across our entire platform , ” said Peter E. Baccile , First Industrial's president and chief executive officer . “ With the economic recovery well underway , we are excited to launch five new development projects year- to - date that will contribute to our long - term cash flow growth and serve tenant demand . ” Portfolio Performance • • • • In service occupancy was 95.7 % at the end of the first quarter of 2021 , compared to 95.7 % at the end of the fourth quarter of 2020 , and 97.1 % at the end of the first quarter of 2020 . Same property cash basis net operating income before termination fees ( " SS NOI " ) increased 2.2 % . SS NOI excludes the impact of an insurance settlement . Rental rates increased 10.4 % on a cash basis and increased 21.4 % on a straight - line basis . The Company , to date , has signed approximately 72 % of 2021 rollovers by square footage at a cash rental rate increase of 12.7 % . Tenant retention of square footage up for renewal was 76.5 % and leasing costs were $ 1.80 per square foot . < more >