Q2 2024 First Capital Real Estate Investment Trust Earnings Call Transcript
Key Points
- Strong leasing performance with 231 lease transactions completed, covering over 1 million square feet.
- Average in-place net rental rate reached an all-time high of $23.73 per square foot.
- Issued $600 million in unsecured bonds, improving the balance sheet and extending the average term to maturity to four years.
- FFO per unit increased by 8% year-over-year, driven by higher net operating income and interest income.
- Same-property NOI growth exceeded expectations, now projected to be within a range of 2.5% to 3.0% for the full year 2024.
- Higher year-over-year corporate and interest expenses impacted overall financial performance.
- Net asset value per unit decreased by 6% on a trailing 12-month basis due to higher cap rates and reduced density values.
- Interest expense increased by 7% year-over-year due to higher interest rates.
- Non-repeatable items contributed $3 million to NOI, which may not be sustainable in future quarters.
- Disposition activity has been slower than expected, with uncertainty around meeting the $400 million target for 2024.
Good afternoon. Thank you for standing by, and welcome to the Q2 2024 conference call. During the presentation, all participants will be in a listen only mode. Words, we will conduct a question and answer session. At that time, if you have a question, please press star one on your telephone keypad. I would now like to turn the conference over to Allison. Please proceed with your presentation.
Thank you, and good afternoon, everyone. In discussing our financial and operating performance and in responding to your questions during today's call, we may make forward-looking statements. These statements are based on our current estimates and assumptions, many of which are beyond our control and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. A summary of these underlying assumptions, risks and uncertainties is contained in our
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