First Industrial Realty jumps after Q2 beat, FY guidance boost

First Industrial Realty Trust

18/07/2024 17:14

** First Industrial Realty's  FR.N  shares up 4.4% to
$53.69, nearly 5-mth high, on Thurs after qtrly beat and
guidance raise
    ** Logistics REIT late Weds posted adj FFO of $0.66/sh vs
$0.61 a year ago, topping LSEG estimate of $0.64
    ** Co raised FFO guidance by 3 cents at midpoint to
$2.57-$2.65
    ** In flash note late Weds, Baird said better-than-expected
results and raised outlook was driven by more robust development
leasing
    ** Baird rates FR "outperform" with $56 PT
    ** Avg rating among 18 analysts is "buy" and median PT is
$53 - LSEG
    ** FR and other industrial REITs rose on Weds after
warehouse-focused Prologis  PLD.N  increased annual FFO outlook,
saying demand improving as construction pipeline continues to
shrink
    ** With move on the session, FR shares up ~2% in 2024. Stock
has rallied ~13% in Jul amid falling interest rates

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))