First Industrial Realty Trust, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, the company achieved total revenues of $167.6 million, an increase of 8.1% from $155.1 million in Q3 2023. Year-to-date revenues reached $494.1 million, up 8.2% from $456.8 million in the same period last year. Lease revenue also saw a notable rise, with Q3 2024 figures at $165.9 million compared to $152.5 million in Q3 2023, and year-to-date lease revenue increasing from $448.1 million to $487.7 million.
Net income for Q3 2024 was $102.2 million, a substantial increase from $77.1 million in Q3 2023. Year-to-date net income rose to $225.5 million from $194.1 million, reflecting strong operational performance. The net income available to common stockholders for Q3 2024 was $99.4 million, compared to $75.0 million in the prior year, with earnings per share increasing from $0.57 to $0.75.
The company reported a gain on the sale of real estate of $56.8 million in Q3 2024, significantly higher than the $34.4 million recorded in Q3 2023. Year-to-date, the gain on sale reached $93.8 million, compared to $47.4 million in the same period last year. This increase is attributed to the sale of 17 industrial properties totaling approximately 1.0 million square feet, generating gross proceeds of $138.3 million.
In terms of strategic developments, First Industrial Realty Trust acquired five industrial properties totaling approximately 0.3 million square feet for $44.8 million during the nine months ended September 30, 2024. The company also commenced speculative development of four buildings totaling 1.2 million square feet. As of September 30, 2024, the company had three industrial properties held for sale, totaling approximately 0.2 million square feet.
Financially, the company reported total assets of $5.2 billion and total equity of $2.7 billion as of September 30, 2024, reflecting increases from the previous fiscal period. Cash and cash equivalents rose to $54.6 million, while retained earnings increased to $199.7 million from $127.7 million at the end of 2023. The company maintained a strong liquidity position with $501.5 million available under its unsecured credit facility.
Overall, First Industrial Realty Trust's performance in Q3 2024 demonstrates robust revenue growth, increased profitability, and strategic asset management, positioning the company favorably in the industrial real estate market.
About FIRST INDUSTRIAL REALTY TRUST INC
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