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First Industrial Realty Trust, Inc. (
- Snapshot Report
, a real estate investment trust (REIT), recently announced the closing of a secured financing transaction worth $100.6 million with an unnamed life insurance company. The 10-year loan bears a fixed interest rate of 4.03% over a 30-year amortization schedule.
The financing is secured by a portfolio of 31 properties totalling 3.8 million square feet. The properties are spread across California, Illinois, Indiana, Maryland, Minnesota, Missouri, Ohio, Tennessee, Texas, and Wisconsin.
The strategic move is aimed to obtain long-term capital and reduce its cost of capital to capitalize on future growth opportunities. The company intends to make a prepayment of $63 million of secured debt in the fourth quarter of 2012 and during 2013. Recently the company also commenced an underwritten public offering of 9.4 million shares of its common stock to inrease its liquidity, which is yet to be closed.
The company reported funds from operations (FFO) of 15 cents per share in the second quarter of 2012 compared with 24 cents in the year-earlier quarter.
First Industrial is engaged in the ownership, management, acquisition, sale, development, and redevelopment of industrial real estate properties. It provides supply chain solutions to a wide array of multinational corporations and regional customers. As of June 30, 2012 the company had approximately 70.1 million square feet of industrial space in its portfolio.
First Industrial currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We also have a long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp. ( DRE - Analyst Report ) also holds a Zacks #3 Rank.
Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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