Analyst Ki Bin Kim of Truist Financial maintained a Buy rating on First Industrial Realty, retaining the price target of $55.00.
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Ki Bin Kim has given his Buy rating due to a combination of factors that highlight First Industrial Realty’s strong performance and growth potential. The company reported a second-quarter FFO per share of $0.76, surpassing both the consensus and Truist’s estimates. This positive variance was driven by higher net operating income, increased executed renewal square footage, and slightly better spreads.
Despite maintaining their FFO per share guidance for the year at $2.92, which is slightly above the consensus, the company’s solid cash same-store net operating income growth of 6.5% year-over-year supports its robust outlook. Additionally, the company has already leased a significant portion of its development budget for the year, indicating strong leasing activity. These elements collectively suggest a promising growth trajectory, justifying the Buy rating.