First Industrial Realty Trust, Inc. (NYSE:FR) Q3 2023 Earnings Conference Call October 19, 2023 11:00 AM ET
Company Participants
Art Harmon - Vice President, Investor Relations & Marketing
Peter Baccile - President & Chief Executive Officer
Scott Musil - Chief Financial Officer
Peter Schultz - Executive Vice President
Jojo Yap - Chief Investment Officer
Chris Schneider - Senior Vice President, Operations
Conference Call Participants
Rob Stevenson - Janney
Ki Bin Kim - Truist
Nicholas Yulico - Scotiabank
Craig Mailman - Citi
Vikram Malhotra - Mizuho
Caitlin Burrows - Goldman Sachs
Michael Carroll - RBC Capital Markets
Nick Thillman - Baird
Rich Anderson - Wedbush
Vince Tibone - Green Street Advisors
Michael Mueller - JPMorgan
Anthony Powell - Barclays
Operator
Good day and welcome to the First Industrial Realty Trust, Inc. Third Quarter Results Call. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to Art Harmon, Vice President of Investor Relations and Marketing. Please go ahead.
Art Harmon
Thank you, Dave. Hello, everybody and welcome to our call.
Before we discuss our third quarter results and our updated 2023 guidance, let me remind everyone that our call may include forward-looking statements as defined by federal securities laws. These statements are based on management's expectations, plans and estimates of our prospects. Today's statements may be time-sensitive and accurate only as of today's date, October 19, 2023. We assume no obligation to update our statements or the other information we provide. Actual results may differ materially from our forward-looking statements and factors which could cause this are described in our 10-K and other SEC filings. You can find a reconciliation of non-GAAP financial measures discussed in today's call in our supplemental report and our earnings release. The supplemental report, earnings release and our SEC filings are available at firstindustrial.com under the Investors tab.
Our call will begin with remarks by Peter Baccile, our President and Chief Executive Officer; and Scott Musil, our Chief Financial Officer, after which we'll open it up for your questions. Also with us today are Jojo Yap, Chief Investment Officer; Peter Schultz, Executive Vice President; Chris Schneider, Senior Vice President of Operations; and Bob Walter, Senior Vice President of Capital Markets and Asset Management.
Now, let me hand the call over to Peter.
Peter Baccile
Thank you, Art and thank you all for joining us today. We continued to deliver strong cash rental rate growth on new and renewal leasing and we're making good progress on our 2024 expirations which I will touch upon shortly. We also achieved some leasing wins at our developments in Pennsylvania, Northern California and Orlando. And we're capturing significant value from the sale and ground lease of our on-balance sheet land sites in Phoenix.