INVESTORS
Approaching three decades as a public company focused on top U.S. markets
Press Release
First Industrial Realty Trust Reports Fourth Quarter and Full Year 2006 Results
- 14% Growth in Funds From Operations (FFO) Per Share in 2006
- Largest Acquirer of Industrial Real Estate in U.S.
- Added $2.5 Billion in New Joint Venture Capital
- 9% Increase in Net Operating Income
- $37 Million Increase in FFO from Joint Ventures
- 24% Growth in Net Economic Gains
- Same Property NOI Grew 2.5% in Fourth Quarter
CHICAGO, Feb. 21 /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE: FR), the nation's largest provider of diversified industrial real estate, today announced results for the fourth quarter and full year ended December 31, 2006. Diluted net income available to common stockholders per share (EPS) was $0.49 in the fourth quarter compared to $0.51 in fourth quarter 2005. For full year 2006, diluted net income available to common stockholders was $2.04 per share, compared to $1.80 per share in 2005.
Fourth quarter funds from operations (FFO) grew 4% to $1.03 per share/unit on a diluted basis from $0.99 per share/unit a year ago. Full year 2006 FFO grew 14% to $4.13 per share/unit on a diluted basis from $3.61 per share/unit in 2005.
"We had a great year in 2006 in all aspects of our business," said Mike Brennan, president and CEO. "By building our franchise to serve the growing industrial real estate needs of corporate customers -- through expanded capital sources, new markets, and growth in our talent base -- we grew FFO per share by 14% in 2006. Looking ahead, we have a large investment pipeline totaling more than $1.9 billion and a growing development business that position us well to achieve further growth in 2007 and beyond, especially given solid industry fundamentals."
Fourth Quarter Portfolio Performance for On Balance Sheet Properties
- Occupancy rose to 94.2%, up 110 basis points from 93.1% in third quarter 2006
- Retained tenants in 65% of square footage up for renewal during the quarter and averaged 73% for full year 2006
- Same property net operating income (NOI) increased 2.5% on a cash basis. Excluding lease termination fees, same property cash basis NOI increased 3.0%
- Rental rates increased 3.0% in the fourth quarter
- Leased 5.6 million square feet
Investment Performance (in millions,
except percentages)
Balance Sheet Investment/Disposition Fourth Qtr. Full Year
Activity 2006 2006
Property Acquisitions $140.4 $573.9
Square Feet 2.8 10.5
Stabilized Weighted Average
Capitalization Rate 7.8% 8.4%
Developments Placed In Service $16.7 $213.8
Square Feet 0.4 5.0
Expected Weighted Average
First-Year Stabilized Yield 10.6% 8.5%
Land Acquisitions $7.3 $38.4
Total Investment $164.4 $826.1
Property Sales $177.4 $916.8
Square Feet 2.9 17.1
Weighted Average
Capitalization Rate 7.2% 7.1%
Land Sales $9.5 $29.4
Total Sales $186.9 $946.2
Joint Venture Investment/Disposition
Activity
Joint Venture Investments
2005 Development/Redevelopment JV $79.0 $306.5
Net Lease JVs (2006 and 2003) 62.0 403.8
2005 Core JV 0.0 7.8
2006 Strategic Land and
Development 19.0 19.0
Total Joint Venture
Investments $160.0 $737.1
Joint Venture Dispositions
2005 Development/Redevelopment JV $130.1 $287.1
2005 Core JV 76.3 304.1
Total Joint Venture
Dispositions $206.4 $591.2
"We invested more than $1.5 billion in 2006 by leveraging the strength of our operating platform, people and capital base to identify opportunities with new and existing customers," said Johannson Yap, chief investment officer. "We were the largest acquirer of industrial properties from third parties in 2006. Our current pipeline is comprised of $1.9 billion of acquisition and development opportunities, with an emphasis on high growth markets where our customers will need additional space to accommodate increasing international trade and favorable population trends."
Investment Pipeline and First Quarter To Date Investments
First quarter to date, $148 million of acquisitions have already been completed, which combined with developments currently under construction and under agreement/letter of intent of $809 million and acquisitions under agreement/letter of intent of $926 million, total $1.9 billion. The breakdown is as follows:
Balance Joint
(millions) Sheet Ventures Total
Developments $251 $558 $809
Acquisitions $373 $701 $1,074
Total $624 $1,259 $1,883
Solid Financial Position
- Fixed-charge coverage was 2.6 times and interest coverage improved to 3.2 times for the quarter
- 96.3% of real estate assets are unencumbered by mortgages
- 8.3 years weighted average maturity of permanent debt
- 100% of permanent debt is fixed rate
"During the quarter, to expand our capital capacity even further, we increased our Development and Repositioning JV to $1.6 billion from $950 million," said Mike Havala, chief financial officer. "Throughout 2006, we increased our total joint venture capacity by nearly $2.5 billion, providing additional capital to drive higher growth from our national platform."
Supplemental Reporting Measure
First Industrial defines FFO as net income available to common stockholders, plus depreciation and amortization of real estate, minus accumulated depreciation and amortization on real estate sold.
The National Association of Real Estate Investment Trusts ("NAREIT") has provided a recommendation on how real estate investment trusts (REITs) should define funds from operations ("FFO"). NAREIT suggests that FFO be defined as net income, excluding gains (or losses) from the sale of previously depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.
NAREIT has also clarified that non-recurring charges and gains should be included in FFO.
Importantly, as part of its guidance concerning FFO, NAREIT has stated that the "management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community." As a result, modifications to the NAREIT calculation of FFO are common among REITs.
First Industrial calculates FFO to include all cash gains and losses on all industrial property sales whether depreciation is or is not accumulated under the GAAP accounting rules.
The Company believes that FFO inclusive of all cash gains and losses is a better performance measure because it reflects all the activities of the Company and better reflects the Company's strategy, which includes investing in real estate; adding value through (re)development, leasing and repositioning; and then selling the improved real estate in order to maximize investment returns.
The Company provides additional disclosure on net economic gains in its quarterly supplemental.
2007 Outlook
Mr. Brennan stated, "First Industrial's guidance for 2007 FFO per share/unit is in the range of $4.40 to $4.60, and for 2007 EPS is in the range of $2.20 to $2.40. On balance sheet investment volume assumptions for 2007, which include both developments placed in service and acquisitions, range from $900 million to $1 billion with a 7.5% to 8.5% average cap rate. On balance sheet sales volume in 2007 is assumed to be approximately $1 billion to $1.1 billion with a 6.5% to 7.5% average cap rate. Book gains from property sales/fees are estimated to be $175 million to $185 million. Our assumption for net economic gains in 2007 is between $125 million and $135 million.
"Our assumption for First Industrial's FFO from joint ventures in 2007 is between $55 million and $60 million. Joint venture investment volume assumptions for 2007, which include both new developments and acquisitions, range from $1.2 billion to $1.3 billion. Joint venture sales volume in 2007 is assumed to be approximately $1 billion to $1.1 billion."
A reconciliation of estimated net income available to common stockholders
to FFO follows.
Low End High End Low End High End
of Guidance of Guidance of Guidance of Guidance
for 1Q 2007 for 1Q 2007 for 2007 for 2007
(Per share/ (Per share/ (Per share/ (Per share/
unit) unit) unit) unit)
Net Income Available
to Common Stockholders $0.41 $0.51 $2.20 $2.40
Add: Real Estate
Depreciation/
Amortization 0.83 0.83 3.30 3.30
Less: Accumulated
Depreciation/
Amortization on
Real Estate Sold (0.27) (0.27) (1.10) (1.10)
Funds From Operations
(FFO) $0.97 $1.07 $4.40 $4.60
Mr. Brennan continued, "A number of factors could impact our ability to deliver results in line with our assumptions, such as interest rates, the overall economy, the supply and demand of industrial real estate, the timing and yields for divestment and investment, and numerous other variables. There can be no assurance that First Industrial can achieve such results for 2007. However, I believe that First Industrial has the proper strategy and tactical plans to deliver such results."
First Industrial Realty Trust, Inc., the nation's largest provider of diversified industrial real estate, serves every aspect of Corporate America's industrial real estate needs, including customized supply chain solutions, through its unique I-N-D-L operating platform, which utilizes a pure Industrial focus and National scope to provide Diverse facility types, while offering Local, full-service management and expertise. The Company owns, operates and has under development more than 100 million square feet of industrial real estate in markets throughout the United States. Building, buying, selling, leasing and managing industrial property in major markets nationwide, First Industrial develops long-term relationships with corporate real estate directors, tenants and brokers to better serve customers with creative, flexible industrial real estate solutions.
This press release and the conference call to which it refers contain forward-looking information about the Company. A number of factors could cause the Company's actual results to differ materially from those anticipated, including changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of financing, interest rate levels, competition, supply and demand for industrial properties in the Company's current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher-than-expected costs and changes in general accounting principles, policies and guidelines applicable to real estate investment trusts. For further information on these and other factors that could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission.
A schedule of selected financial information is attached.
First Industrial Realty Trust, Inc. will host a quarterly conference call at 11:00 a.m. Central time, 12:00 p.m. Eastern time, on Thursday, February 22, 2007. The call-in number is (888) 693-3477 and the passcode is "First Industrial." The conference call will also be webcast live on First Industrial's web site, http://www.firstindustrial.com , under the "Investor Relations" tab. A replay will also be available on the web site or by telephone at (877) 519-4471, passcode 8386147.
The Company's fourth quarter and full year 2006 supplemental information can be viewed on First Industrial's website, http://www.firstindustrial.com , under the "Investor Relations" tab.
FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(In thousands, except for per share/unit and
property data)
(Unaudited)
Three Months Ended Year Ended
December December December December
31, 2006 31, 2005 31, 2006 31, 2005
Statement of Operations and
Other Data:
Total Revenues $113,446 $91,037 $396,036 $325,530
Property Expenses (35,025) (30,492) (130,230) (108,464)
Build to Suit For Sale
Costs (9,597) (5,119) (10,263) (15,574)
General & Administrative
Expense (21,579) (16,937) (77,497) (55,812)
Depreciation of Corporate
F,F&E (572) (371) (1,913) (1,371)
Depreciation and
Amortization of Real
Estate (39,594) (29,880) (143,993) (104,349)
Total Expenses (106,367) (82,799) (363,896) (285,570)
Interest Income 269 430 1,614 1,486
Interest Expense (30,288) (29,233) (121,141) (108,339)
Amortization of Deferred
Financing Costs (840) (565) (2,666) (2,125)
Mark-to-Market/Gain (Loss)
on Settlement of Interest
Rate Protection
Agreements (a) - 62 (3,112) 811
Gain from Early
Retirement of Debt, Net - - - 82
Loss from Continuing
Operations Before
Equity in Net Income
(Loss) of Joint Ventures,
Income Tax (Provision) Benefit
and Minority Interest
Allocable to Continuing
Operations (23,780) (21,068) (93,165) (68,125)
Equity in Net Income
(Loss) of Joint
Ventures (b) 18,654 (59) 30,673 3,699
Income Tax (Provision)
Benefit (1,955) 6,222 8,920 14,022
Minority Interest
Allocable to
Continuing Operations 1,756 2,448 9,795 7,980
Loss from Continuing
Operations (5,325) (12,457) (43,777) (42,424)
Income from
Discontinued
Operations (Including
Gain on Sale of Real
Estate of $42,052 and
$46,367 for the
Three Months Ended
December 31, 2006 and
2005, respectively and
$213,442 and $132,139
for the Year Ended
December 31, 2006
and 2005, respectively
(c)) 43,623 52,108 225,357 154,061
Provision for Income
Taxes Allocable to
Discontinued Operations
(Including a provision
allocable to Gain on Sale
of Real Estate of $5,244
and $8,788 for the Three
Months Ended December 31,
2006 and 2005, respectively
and $47,511 and $20,529
for the Year Ended
December 31, 2006 and 2005,
respectively) (5,754) (9,953) (50,140) (23,583)
Minority Interest Allocable
to Discontinued
Operations (c) (4,866) (5,573) (22,796) (17,171)
Income Before Gain on
Sale of Real Estate 27,678 24,125 108,644 70,883
(Loss) Gain on Sale of
Real Estate (303) 2,255 6,071 29,550
Benefit (Provision) for
Income Taxes Allocable
to Gain on Sale of
Real Estate 69 (712) (2,119) (10,871)
Minority Interest Allocable
to Gain on Sale of Real
Estate 30 (204) (514) (2,458)
Net Income 27,474 25,464 112,082 87,104
Preferred Dividends (5,934) (3,758) (21,424) (10,688)
Redemption of Preferred
Stock - - (672) -
Net Income Available
to Common
Stockholders $21,540 $21,706 $89,986 $76,416
RECONCILIATION OF NET
INCOME AVAILABLE TO
COMMON STOCKHOLDERS
TO FFO (d) AND FAD (d)
Net Income Available
to Common Stockholders $21,540 $21,706 $89,986 $76,416
Add: Depreciation and
Amortization of
Real Estate 39,594 29,880 143,993 104,349
Add: Income Allocated
to Minority
Interest 3,080 3,329 13,515 11,649
Add: Depreciation and
Amortization of
Real Estate
Included in
Discontinued
Operations 2,482 6,664 14,389 22,281
Add: Depreciation and
Amortization of
Real Estate -
Joint Ventures (b) 2,820 2,356 10,869 3,976
Less: Accumulated
Depreciation/
Amortization on
Real Estate Sold (16,456) (14,911) (61,239) (41,807)
Less: Accumulated
Depreciation/
Amortization on
Real Estate
Sold - Joint
Ventures (b) (764) (9) (2,102) (9)
Funds From Operations
("FFO") (d) $52,296 $49,015 $209,411 $176,855
Add: Gain from Early
Retirement of
Debt, Net - - - (82)
Add: Restricted Stock
Amortization 2,512 1,913 9,624 8,845
Add: Amortization of
Deferred Financing
Costs 840 565 2,666 2,125
Add: Depreciation of
Corporate F,F&E 572 371 1,913 1,371
Add: Redemption of
Preferred Stock - - 672 -
Less: Non-Incremental
Capital
Expenditures (10,917) (10,761) (39,930) (42,867)
Less: Straight-Line
Rent (2,297) (2,965) (10,151) (9,460)
Funds Available for
Distribution
("FAD") (d) $43,006 $38,138 $174,205 $136,787
FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(In thousands, except for per share/unit
and property data)
(Unaudited)
Three Months Ended Year Ended
December December December December
31, 2006 31, 2005 31, 2006 31, 2005
RECONCILIATION OF NET
INCOME AVAILABLE TO
COMMON STOCKHOLDERS
TO EBITDA (d) AND NOI (d)
Net Income Available
to Common Stockholders $21,540 $21,706 $89,986 $76,416
Add: Interest Expense 30,288 29,233 121,141 108,339
Add: Interest Expense
Included in
Discontinued
Operations - - - 373
Add: Depreciation
and Amortization
of Real Estate 39,594 29,880 143,993 104,349
Add: Preferred
Dividends 5,934 3,758 21,424 10,688
Add: Mark-to-Market/
(Loss)Gain
on Settlement of
Interest Rate
Protection
Agreements (a) - (62) 3,112 (811)
Add: Provision for
Income Taxes 7,640 4,443 43,339 20,432
Add: Redemption of
Preferred Stock - - 672 -
Add: Income Allocated
to Minority
Interest 3,080 3,329 13,515 11,649
Add: Amortization
of Deferred
Financing Costs 840 565 2,666 2,125
Add: Depreciation
of Corporate
F,F&E 572 371 1,913 1,371
Add: Depreciation
and Amortization
of Real Estate
Included in
Discontinued
Operations 2,482 6,664 14,389 22,281
Add: Gain from
Early Retirement
of Debt, Net - - - (82)
Add: Depreciation
and Amortization
of Real Estate -
Joint Ventures (b) 2,820 2,356 10,869 3,976
Less: Accumulated
Depreciation/
Amortization on
Real Estate Sold (16,456) (14,911) (61,239) (41,807)
Less: Accumulated
Depreciation/
Amortization on
Real Estate Sold
- Joint
Ventures (b) (764) (9) (2,102) (9)
EBITDA (d) $97,570 $87,323 $403,678 $319,290
Add: General and
Administrative
Expense 21,579 16,937 77,497 55,812
Less: Net Economic
Gains (d) (22,371) (29,302) (124,100) (99,696)
Less: Provision
for Income Taxes (7,640) (4,443) (43,339) (20,432)
Less: Equity in FFO
of Joint
Ventures (b) (22,257) (5,501) (52,774) (15,721)
Net Operating
Income ("NOI") (d) $66,881 $65,014 $260,962 $239,253
RECONCILIATION OF GAIN
ON SALE OF REAL ESTATE
TO NET ECONOMIC GAINS (d)
(Loss) Gain on Sale
of Real Estate (303) 2,255 6,071 29,550
Gain on Sale of Real
Estate included in
Discontinued Operations 42,052 46,367 213,442 132,139
Less: Provision for
Income Taxes (7,640) (4,443) (43,339) (20,432)
Less: Accumulated
Depreciation/
Amortization
on Real
Estate Sold (16,456) (14,911) (61,239) (41,807)
Add: Income Taxes
Allocable to FFO
from Joint
Ventures 4,718 34 9,165 246
Net Economic Gains (d) $22,371 $29,302 $124,100 $99,696
Weighted Avg. Number
of Shares/Units
Outstanding - Basic 50,739 49,436 50,703 48,968
Weighted Avg. Number
of Shares/Units
Outstanding
- Diluted (e) 50,739 49,436 50,703 48,968
Weighted Avg. Number
of Shares Outstanding
- Basic 44,118 42,806 44,012 42,431
Weighted Avg. Number
of Shares Outstanding
- Diluted (e) 44,118 42,806 44,012 42,431
Per Share/Unit Data:
FFO:
- Basic $1.03 $0.99 $4.13 $3.61
- Diluted (e) $1.03 $0.99 $4.13 $3.61
Loss from Continuing
Operations Less
Preferred Stock
Dividends and
Redemption of
Preferred Stock Per
Weighted Average
Common Share
Outstanding:
- Basic $(0.26) $(0.35) $(1.42) $(0.87)
- Diluted (e) $(0.26) $(0.35) $(1.42) $(0.87)
Net Income Available
to Common
Stockholders Per
Weighted Average
Common Share
Outstanding:
- Basic $0.49 $0.51 $2.04 $1.80
- Diluted (e) $0.49 $0.51 $2.04 $1.80
Dividends/
Distributions $0.7100 $0.7000 $2.8100 $2.7850
FFO Payout Ratio 68.9% 70.6% 68.0% 77.1%
FAD Payout Ratio 83.8% 90.7% 81.8% 99.7%
Balance Sheet Data
(end of period):
Real Estate Before
Accumulated
Depreciation $3,219,728 $3,260,761
Real Estate and
Other Held For
Sale, Net 115,961 16,840
Total Assets 3,224,399 3,226,243
Debt 1,834,658 1,813,702
Total Liabilities 2,048,873 2,020,361
Stockholders' Equity
and Minority Interest $1,175,526 $1,205,882
Property Data (end of
period):
Total In-Service
Properties 858 884
Total Gross Leasable
Area (in sq ft) 68,610,495 70,193,161
Occupancy 94.2% 92.4%
a) Represents the gain (loss) on settlement/mark to market of interest
rate protection agreements that do not qualify for hedge accounting in
accordance with Statement of Financial Accounting Standard No. 133,
"Accounting for Derivative Instruments and Hedging Activities".
b) Represents the Company's share of net income, depreciation and
amortization of real estate and accumulated depreciation and
amortization on real estate sold from the Company's joint ventures in
which it owns minority equity interests.
c) In August 2001, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standard No. 144 "Accounting for the
Impairment or Disposal of Long-Lived Assets" ("FAS 144"). FAS 144
requires that the operations and gain (loss) on sale of qualifying
properties sold and properties that are classified as held for sale be
presented in discontinued operations. FAS 144 also requires that prior
periods be restated.
d) Investors in and analysts following the real estate industry utilize
FFO, NOI, EBITDA and FAD, variously defined, as supplemental
performance measures. While the Company believes net income available
to common stockholders, as defined by GAAP, is the most appropriate
measure, it considers FFO, NOI, EBITDA and FAD, given their wide use by
and relevance to investors and analysts, appropriate supplemental
performance measures. FFO, reflecting the assumption that real estate
asset values rise or fall with market conditions, principally adjusts
for the effects of GAAP depreciation and amortization of real estate
assets. NOI provides a measure of rental operations, and does not
factor in depreciation and amortization and non-property specific
expenses such as general and administrative expenses. EBITDA provides
a tool to further evaluate the ability to incur and service debt and to
fund dividends and other cash needs. FAD provides a tool to further
evaluate the ability to fund dividends. In addition, FFO, NOI, EBITDA
and FAD are commonly used in various ratios, pricing multiples/yields
and returns and valuation calculations used to measure financial
position, performance and value.
The Company calculates FFO to be equal to net income available to
common stockholders, plus depreciation and amortization on real estate,
minus accumulated depreciation and amortization on real estate sold.
NOI is defined as revenues of the Company, minus property expenses
such as real estate taxes, repairs and maintenance, property
management, utilities, insurance and other expenses. NOI includes NOI
from discontinued operations.
EBITDA is defined as NOI, plus the equity in FFO of the Company's joint
ventures, which are accounted for under the equity method of
accounting, plus Net Economic Gains, minus general and administrative
expenses. EBITDA includes EBITDA from discontinued operations.
FAD is defined as EBITDA, minus GAAP interest expense, minus preferred
stock dividends, minus straight-line rental income, minus provision for
income taxes, plus restricted stock amortization, minus non-incremental
capital expenditures. Non-incremental capital expenditures are
building improvements and leasing costs required to maintain current
revenues.
FFO, NOI, EBITDA and FAD do not represent cash generated from operating
activities in accordance with GAAP and are not necessarily indicative
of cash available to fund cash needs, including the repayment of
principal on debt and payment of dividends and distributions. FFO,
NOI, EBITDA and FAD should not be considered as substitutes for net
income available to common stockholders (calculated in accordance with
GAAP), as a measure of results of operations, or cash flows (calculated
in accordance with GAAP) as a measure of liquidity. FFO, NOI, EBITDA
and FAD, as calculated by the Company, may not be comparable to
similarly titled, but variously calculated, measures of other REITs or
to the definition of FFO published by NAREIT.
The Company also reports Net Economic Gains, which, effectively,
measure the value created in the Company's capital recycling
activities. Net Economic Gains are calculated by subtracting from gain
on sale of real estate (calculated in accordance with GAAP, including
gains on sale of real estate classified as discontinued operations) the
recapture of accumulated depreciation and amortization on real estate
sold (excluding the recapture of accumulated amortization related to
above/below market leases and lease inducements as this amortization is
included in revenues and FFO) and the provision for income taxes
(excluding taxes associated with joint ventures).
In addition, the Company considers cash-basis same store NOI ("SS NOI")
to be a useful supplemental measure of its operating performance.
Beginning with the fourth quarter of 2006, the Company adopted the
following definition of its same store pool of properties: Same store
properties include all properties owned January 1, 2005 and held as an
operating property through the end of the current reporting period and
developments that were placed in service or were substantially
completed for 12 months prior to January 1, 2005 (the "Same Store
Pool"). The Company defines SS NOI as NOI, less NOI of properties not
in the Same Store Pool, less the impact of straight-line rent and the
amortization of above/below market rent. For the quarters ended
December 31, 2006 and 2005, NOI was $66,881 and $65,014, respectively;
NOI of properties not in the Same Store Pool was $21,587 and $20,406,
respectively; the impact of straight-line rent and the amortization of
above/below market rent was $776 and $1,165, respectively. The Company
excludes straight-line rents and above/below market rent amortization
in calculating SS NOI because the Company believes it provides a better
measure of actual cash basis rental growth for a year-over-year
comparison. In addition, the Company believes that SS NOI helps the
investing public compare the operating performance of a company's real
estate as compared to other companies. While SS NOI is a relevant and
widely used measure of operating performance of real estate investment
trusts, it does not represent cash flow from operations or net income
as defined by GAAP and should not be considered as an alternative to
those measures in evaluating our liquidity or operating performance.
SS NOI also does not reflect general and administrative expenses,
interest expenses, depreciation and amortization costs, capital
expenditures and leasing costs, or trends in development and
construction activities that could materially impact our results from
operations. Further, the Company's computation of SS NOI may not be
comparable to that of other real estate companies, as they may use
different methodologies for calculating SS NOI.
e) Pursuant to Statement of Financial Accounting Standard No. 128,
"Earnings Per Share", the diluted weighted average number of
shares/units outstanding and the diluted weighted average number of
shares outstanding are the same as the basic weighted average number of
shares/units outstanding and the basic weighted average number of
shares outstanding, respectively, for periods in which continuing
operations is a loss, as the dilutive effect of stock options and
restricted stock would be antidilutive to the loss from continuing
operations per share.
SOURCE First Industrial Realty Trust, Inc.
CONTACT: Sean O'Neill, SVP, Investor Relations and Corporate Communications, +1-312-344-4401, or Art Harmon, Sr. Manager, Investor Relations and Corporate Communications, +1-312-344-4320, both of First Industrial Realty Trust, Inc.