tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

First Industrial Realty cut to Equal Weight at Barclays on contracting occupancy

As previously reported, Barclays downgraded First Industrial Realty to Equal Weight from Overweight with a price target of $53, down from $63, after assuming coverage of the name. Supply growth in Southern California, where First Industrial has 24.4% of its portfolio, is resulting in higher vacancy and pricing pressure, the analyst tells investors in a research note. The REIT’s same-store portfolio in Southern California was occupied a still-healthy 94.5% at the end of FY23, but contracted 500bps y/y, the firm added.

Elevate Your Investing Strategy:

  • Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Disclaimer & DisclosureReport an Issue

1