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First Industrial Realty Trust lifts FY'19 Nareit-defined FFO-per-share guidance

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First Industrial Realty Trust lifts FY'19 Nareit-defined FFO-per-share guidance

First Industrial Realty Trust Inc., in reporting its third-quarter results, said it raised the midpoint of its full-year 2019 guidance for Nareit-defined funds from operations per share by 1 cent to a range of $1.71 to $1.75 from an earlier range of $1.68 to $1.76.

Nareit is the U.S.-based trade association for REITs and publicly traded real estate companies.

The S&P Global Market Intelligence consensus FFO-per-share estimate for 2019 is $1.72.

During the third quarter, the industrial real estate investment trust acquired a 6.9-acre site in northeast Philadelphia for $2.0 million, on which a 100,000-square-foot building will be constructed. The REIT's total investment in the property amounts to $12.3 million.

In the Inland Empire in Southern California, the REIT purchased three land sites totaling 42 acres for $19.0 million, as well as a 91,000-square-foot building for $15.2 million and a 44,000-square-foot building for $5.6 million.

It bought a 41,000-square-foot building in San Diego for $7.3 million and a 54,000-square-foot building in Orlando, Fla. for $6.3 million. It also entered into a 50-year ground lease in South Florida for a 374,000-square-foot development site.

First Industrial sold eight buildings and two units consisting of 1.6 million square feet and a number of land parcels for $94.0 million. It is currently selling a 618,000 square-foot building in Phoenix to the property's tenant, which has exercised a purchase option, for $54.5 million in a deal set to close in the third quarter of 2020.

In the fourth quarter to date, First Industrial bought a 19.6-acre future development site in South Florida for $19.8 million with three in-place land leases and sold an 84,000-square-foot building in Minneapolis for $4.0 million.