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First Industrial Realty Trust Inc. (FR-0.13%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that First Industrial Realty Trust Inc. owns 416 industrial properties across 19 states, totaling approximately 67.5 million square feet of gross leasable area.
For the year ended December 31, 2024, the company reported total revenues of $669.6 million, an increase from $614.0 million in 2023. This increase was primarily due to higher rental rates and tenant recoveries.
Net income for 2024 was $296.0 million, compared to $285.8 million in 2023. The increase in net income was driven by higher revenues and gains on the sale of real estate.
During 2024, First Industrial acquired five industrial properties and approximately 81 acres of land for a total purchase price of $70.7 million. The company also sold 22 properties for gross proceeds of $162.8 million.
The company completed several development projects in 2024, adding approximately 2.8 million square feet of space to its in-service portfolio.
First Industrial Realty Trust Inc. declared an annual dividend of $1.48 per common share, an increase from the previous year.
As of December 31, 2024, the company had $51.2 million in cash and cash equivalents and $467.5 million available under its unsecured credit facility.
The company reported that it was in compliance with all financial covenants related to its indebtedness as of December 31, 2024.
First Industrial Realty Trust Inc. continues to focus on acquiring and developing industrial properties in key logistics markets, with an emphasis on coastal locations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Industrial Realty Trust Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.