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First Industrial Realty Trust Inc. Reports Operating Results (10-Q)

November 05, 2012 | About:
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10qk

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First Industrial Realty Trust Inc. (FR) filed Quarterly Report for the period ended 2012-09-30.

First Industrial Realty Trust Inc has a market cap of $1.29 billion; its shares were traded at around $13.56 with a P/E ratio of 14.1 and P/S ratio of 4.1.

Highlight of Business Operations:

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the nine months ended September 30, 2012 and 2011. Same store properties are properties owned prior to January 1, 2011 and held as an operating property through September 30, 2012 and developments and redevelopments that were placed in service prior to January 1, 2011 or were substantially completed for the 12 months prior to January 1, 2011. Properties which are at least 75% occupied at acquisition are placed in service. Acquisitions that are less than 75% occupied at the date of acquisition, developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2010 and held as an operating property through September 30, 2012. Sold properties are properties that were sold subsequent to December 31, 2010. (Re)Developments and land are land parcels and developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2011 or b) stabilized prior to January 1, 2011. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the three months ended September 30, 2012 and 2011. Same store properties are properties owned prior to January 1, 2011 and held as an operating property through September 30, 2012 and developments and redevelopments that were placed in service prior to January 1, 2011 or were substantially completed for the 12 months prior to January 1, 2011. Properties which are at least 75% occupied at acquisition are placed in service. Acquisitions that are less than 75% occupied at the date of acquisition, developments and redevelopments are placed in service as they reach the earlier of a) stabilized

occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2010 and held as an operating property through September 30, 2012. Sold properties are properties that were sold subsequent to December 31, 2010. (Re)Developments and land are land parcels and developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2011 or b) stabilized prior to January 1, 2011. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.

During the nine months ended September 30, 2012, we sold 25 industrial properties comprising approximately 4.1 million square feet of GLA and one land parcel. Proceeds from the sales of the 25 industrial properties and one land parcel, net of closing costs, were approximately $77.9 million. We are in various stages of discussions with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale for the remainder of 2012.

Read the The complete Report

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