Riding a wave of demand, First Industrial profits rise in Q1
Benefiting from a booming national industrial real estate market, First Industrial Realty Trust saw its earnings rise in the first quarter. The Chicago-based industrial REIT reported net operating income rose to $74.4 million, nearly 6 percent higher year over year. Funds from operations ticked up 12 percent to $53.7 million in the quarter compared to the same period in 2018. The REIT’s national portfolio includes some 66 million square feet of space in 19 states, including Illinois, California, Florida and New Jersey.