Industrial real estate company First Industrial Realty Trust, Inc. (NYSE: FR) announced financial results for the third quarter of 2022, reporting strong revenue and earnings growth.
Adjusted funds from operations increased 18% annually to $0.60 per share during the three-month period. Net income available to First Industrial Realty Trust’s shareholders was $123.76 million or $0.94 per share in the third quarter, compared to $42.40 million or $0.33 per share a year earlier. The bottom line benefitted from a 15% increase in revenues to $139.8 million.
“Our team continued to execute on key transactions that support our capital allocation goals, including the sale of the remainder of our Cleveland holdings, the proceeds from which we are redeploying into value-creating development investments in higher rent growth markets,” said Johannson Yap, First Industrial’s chief investment officer.
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