Research Desk Line-up: Uniti Group Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on First Industrial Realty Trust, Inc. (NYSE: FR) ("First Industrial"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=FR, following the Company's announcement of its financial results on October 25, 2017, for the third quarter of the fiscal year 2017. The real estate investment trust's funds from operations (FFO) per share surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the REIT - Industrial industry. Pro-TD has currently selected Uniti Group Inc. (NASDAQ: UNIT) for due-diligence and potential coverage as the Company announced on November 02, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Uniti Group when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FR; also brushing on UNIT. With the links below you can directly download the report of your stock of interest free of charge at:
For the three months ended September 30, 2017, First Industrial's total revenues increased 6.1% to $99.31 million from $93.56 million in Q3 FY16.
For the reported quarter, the Company's occupancy increased 180 basis points to 97.2% from 95.4% in Q3 FY16.
During Q3 FY17, First Industrial's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) increased 7.4% to $64.37 million from $59.92 million in the same period of last year. For the reported quarter, the Company's adjusted EBITDA margin increased 80 basis points to 64.8% of revenue from 64% of revenue in Q3 FY16.
For the reported quarter, First Industrial's G&A expenses increased 8.5% to $6.49 million from $5.98 million in Q3 FY16. During Q3 FY17, the Company's D&A expenses increased 3.2% to $29.53 million from $28.60 million in the comparable period of last year.
For the reported quarter, First Industrial's net operating income (NOI) increased 7.3% to $70.86 million from $66.02 million in Q3 FY16. During Q3 FY17, the Company's same store NOI increased 2.3% to $64.46 million from $63.01 million in the corresponding period of last year.
During Q3 FY17, First Industrial's earnings before interest and taxes (EBIT) increased 36.4% to $44.66 million from $32.67 million in the same period of last year. During Q3 FY17, the Company's EBIT margin increased 990 basis points to 44.9% of revenue from 35% of revenue in Q3 FY16.
For the reported quarter, First Industrial's net income increased 37.1% to $43.05 million on a y-o-y basis from $31.41 million in Q3 FY16. During Q3 FY17, the Company's diluted earnings per share (EPS) increased 33.3% to $0.36 on a y-o-y basis from $0.27 in the comparable period of last year.
For the reported quarter, First Industrial's FFO increased 14.5% to $50.75 million on a y-o-y basis from $44.32 million in Q3 FY16. During Q3 FY17, the Company's FFO per share increased 10.8% to $0.41 on a y-o-y basis from $0.37 in the corresponding period of last year. During Q3 FY17, the Company's adjusted funds from operations (AFFO) increased 21.3% to $39.40 million on a y-o-y basis from $32.49 million in Q3 FY16. For the reported quarter, the Company's AFFO per share increased 5.4% to $0.39 on a y-o-y basis from $0.37 in Q3 FY16. The FFO per share surpassed analysts' expectations of $0.39.
As on September 30, 2017, First Industrial's gross real estate investments increased 3.8% to $3.49 billion from $3.36 billion as on December 31, 2016. For the reported quarter, the Company's debt increased 3.3% to $1.37 billion from $1.33 billion in Q4 FY16.
During Q3 FY17, the Company started the development of three projects totaling 1.7 million square feet with an estimated total investment of $105.9 million, and acquired two buildings totaling 385,000 square feet and four land parcels for a total of $64.5 million.
On November 07, 2017, the Company's Board of Directors declared a common stock dividend of $0.21 per share, payable on January 16, 2018, to stockholders of record as on December 29, 2017.
On November 02, 2017, Denise Olsen joined First Industrial's Board of Directors.
For FY17, First Industrial expects diluted EPS to be in the range of $1.26 - $1.30, and FFO per share to be in the band of $1.52 - $1.56. The Company estimates AFFO per share to be in the range of $1.53 - $1.57 for the fiscal year 2017.
First Industrial Realty Trust's share price finished last Friday's trading session at $32.13, slightly sliding 071%. A total volume of 720.95 thousand shares have exchanged hands, which was higher than the 3-month average volume of 712.87 thousand shares. The Company's stock price surged 5.83% in the last three months, 11.76% in the past six months, and 24.78% in the previous twelve months. Additionally, the stock rallied 14.55% since the start of the year. Shares of the Company have a PE ratio of 30.14 and have a dividend yield of 2.61%. The stock currently has a market cap of $3.88 billion.
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