Industrial real estate company First Industrial Realty Trust, Inc. (NYSE: FR) announced financial results for the second quarter of 2023. The company also provided guidance for fiscal 2023.
Net income available to First Industrial Realty Trust’s shareholders was $54.6 million or $0.41 per share in the second quarter, compared to $116.9 million or $0.88 per share a year earlier. The bottom line benefitted from a 17% increase in revenues to $152.2 million.
“We grew our same-store cash net operating income by 10.8%. We also achieved cash rental rate growth of 74% on new and renewal leases commencing in the quarter, establishing a new company record,” said Peter Baccile, First Industrial’s chief executive officer.
