|
Welcome back! What did you think of our Property Management Software?
Are you subscribed to our feed and receiving email updates? |
Real Estate Company First Industrial
CHICAGO, May 10– First Industrial Realty Trust, Inc., a leading provider of industrial real estate supply chain solutions, today provided an update on certain of its joint ventures. First Industrial and its joint venture partner for its 2005 Development and Repositioning JV, 2005 Core JV, 2006 Land and Development JV, and 2007 Canada JV are in active negotiations regarding the conclusion of each of these joint ventures by July 30, 2010.
If the negotiations result in a definitive agreement, First Industrial anticipates that it would transfer its interests in these ventures to the partner for a lump sum cash payment, as well as its pro rata share of distributable cash, capital proceeds, and earned fees, promotes and other entitlements, and, thereafter, no longer serve as asset manager for these ventures.
In addition, First Industrial anticipates it would be eligible for future financial consideration following the conclusion of the joint ventures related to certain asset sales, lease agreements, and built-to-suit agreements currently in process.
Also part of the negotiations is the potential acquisition by First Industrial of its partner’s 90% interest in a 285,000 square-foot distribution facility in the Minneapolis market from the 2005 Development and Repositioning venture.
To the extent these joint ventures are concluded, First Industrial anticipates that funds from operations from its joint ventures for the second half of 2010 would be reduced by approximately $1.4 million from prior estimates. To offset any lost income related to these joint ventures, First Industrial would undertake organizational and other overhead reductions intended to reduce its overhead such that, excluding one-time restructuring costs, the conclusion of these ventures would have minimal impact on First Industrial’s earnings per share or funds from operations for 2010.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. provides industrial real estate solutions for every stage of a customer’s supply chain, no matter how large or complex. Across major markets in North America, our local market experts manage, lease, buy, (re)develop, and sell industrial properties, including all of the major facility types – bulk and regional distribution centers, light industrial, manufacturing, and R&D/flex. We have a track record of industry leading customer service, and in total, we own, manage and have under development 93 million square feet of industrial space. For more information, please visit us at www.firstindustrial.com. We post or otherwise make available on this website from time to time information that may be of interest to investors.
SOURCE: First Industrial Realty Trust
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. First Industrial Realty Trust Provides Update on Joint Ventures is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
- Real Estate Investment Trust Healthcare Realty Trust Announces Q3 Dividend Nov. 2, 2010: Healthcare Realty Trust Incorporated today announced its common stock cash dividend for the quarter ended September 30, 2010. This dividend, in the amount of $0.30 per share,......
- DCT Industrial Trust Inc. Expands Houston Office DENVER, May 25 — DCT Industrial Trust Inc.®, a leading industrial real estate company, today announced it has hired Justin Bennett as Vice President and Regional Market Representative and Sequoya......
- First Industrial Realty Trust, Inc. Announces ‘At-The-Market’ Offering CHICAGO, May 4 — First Industrial Realty Trust, Inc., a leading provider of industrial real estate supply chain solutions, announced today that it has filed a prospectus supplement under which......
