Page 1

EX - 99.1 2 fr - 2021630xex991.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 SECOND QUARTER 2021 RESULTS • 2021 FFO Guidance Increased $ 0.03 at Midpoint to $ 1.93 Per Share / Unit • • • • • Occupancy of 96.6 % , Up 90 Basis Points from 1Q21 ; Cash Rental Rates Up 15.7 % Signed 1.2 Million Square Feet of New Leases for Speculative Developments in the Second Quarter and Third Quarter To - Date Started Four Developments Totaling 2.7 Million Square Feet Including a 692,000 Square - Foot Build - to- Suit in Nashville , Estimated Investment of $ 266 Million Announced Three Planned Development Starts for Third Quarter Totaling 692,000 Square Feet , Estimated Investment of $ 108 Million In 3021 , Closed $ 750 Million Unsecured Revolving Credit Facility and $ 200 Million Unsecured Term Loan Previously Scheduled to Mature in 2021 CHICAGO , July 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 second quarter of 2021. First Industrial's diluted net income available to common stockholders per share ( EPS ) was $ 0.40 , compared to $ 0.28 a year ago and second quarter FFO was $ 0.48 per share / unit on a diluted basis , compared to $ 0.46 per share / unit a year ago . “ Our leasing wins , portfolio performance and development pipeline reflect the outstanding effort of our team in the second quarter , ” said Peter E. Baccile , First Industrial's president and chief executive officer . “ As economic growth continues to accelerate driving ever stronger sector fundamentals , we are excited to start several new developments that will contribute to our growth and serve the logistics requirements of our customers . " Portfolio Performance • In service occupancy was 96.6 % at the end of the second quarter of 2021 , compared to 95.7 % at the end of the first quarter of 2021 , and 97.7 % at the end of the second quarter of 2020 . Same property cash basis net operating income before termination fees ( “ SS NOI ” ) increased 2.1 % . . Cash rental rates increased 15.7 % and increased 29.5 % on a straight - line basis . • Tenant retention by square footage was 71.1 % and leasing costs were $ 3.28 per square foot . Development Leasing During the second quarter , the Company : Leased 100 % of the 250,000 square - foot First Logistics Center @ I - 78 / 81 Building B in Central Pennsylvania . < more >