First Industrial Does Not Need Fixing Anymore, CEO Says

CHICAGO-First Industrial Realty Trust Inc., the nation’s largest diversified industrial REIT, reported that third quarter FFO grew 11.9% to $43.1 million from the same period a year earlier. The trust is on track with its exit strategy from eight markets nationwide, while executives say they are pleased with the prospects for 2001 earnings growth.

“First Industrial does not need fixing anymore,” the trust’s CEO Mike Brennan told a group of analysts gathered for a conference call. Calling the asset realignment strategy he has implemented a success, Brennan says First Industrial is now focused on delivering “sector leading earnings and return on asset growth.”

After First Industrial embarked on a dubious acquisition tear several years ago, Brennan was elevated by the trust’s board to clean up the mess. He implemented a strategy of exiting under performing markets, with plans to concentrate on 25 markets identified as exceptional, including Los Angeles, Dallas, Denver, Chicago, Northern New Jersey and Atlanta.