First Industrial Realty President Brennan Resigns
- Oct 23, 2008
First Industrial Realty Trust, Inc. announced yesterday that Michael Brennan resigned as President & CFO and will no longer serve as a member of the board of directors. The company’s board of directors has formed a committee to conduct a search for the next CFO. Ed Tyler, currently a member of the board of directors, will take on the role of lead director and will act as CFO on a temporary basis. The company, formed in 1994, provides industrial real estate solutions, and buys, sells, develops, redevelops, leases and manages industrial real estate in more than 30 markets in the United States, Canada, The Netherlands, Belgium, France and Germany. First Industrial manages or has under development a total of about 100 million square feet of industrial real estate property. The company is traded on the New York Stock Exchange under the ticker FR, and the current price per share is $9.33. Recently, the company announced its first acquisition in Europe, an exciting investment in two separate facilities in Belgium , and the first joint venture between First Industrial and The California State Teachers’ Retirement System. The project is a $475 million joint venture known as FirstCal Industrial Europe JV. To mitigate the turmoil and the challenges in today’s troubled markets, First Industrial’s portfolio can boast one of the industry’s longest weighted average debt maturity schedules. The company has less than $135 million maturing through the end of 2010. The Company also has insurance because it has a large capital capacity for investment through institutional joint ventures. First Industrial’s third quarter results will be released and available on the company website at the close of the market on October 29th, and a conference call has been scheduled for Thursday October 30th.