First Industrial Realty raises 2023 FFO view to $2.38-$2.42 from $2.37-$2.41

“We are capturing strong rental rate increases on our renewals with the benefit of the healthy market rent growth the past several years,” stated CEO Baccile. “Prospective tenants for newly developed space remain deliberate in their decision-making given the evolving economic environment which is impacting lease-up timing. With the benefit of income from our new Phoenix ground lease, we are raising our outlook for FFO per share for 2023 by 1c per share at the midpoint.”