Industrial real estate company First Industrial Realty Trust, Inc. (NYSE: FR) announced financial results for the first quarter of 2023, reporting higher revenues and earnings.
Net income available to First Industrial Realty Trust’s shareholders was $55.9 million or $0.42 per share in the first quarter, compared to $36.2 million or $0.27 per share a year earlier. The bottom line benefitted from a 19% increase in revenues to $149.4 million.
“We established a new company quarterly record for cash rental rate change of 58% while maintaining high occupancy and securing new customers for a few of our developments,” said Peter Baccile, First Industrial’s chief executive officer.