Standard & Poor's notes Amazon.com Inc. has vacated about 800,000 sf of space owned by First Industrial outside Atlanta. However, "this property represents less than 1% of the company's assets and contributes less than 1% of revenues," Standard & Poor's says, and Amazon.com is current on rent payments under a long-term lease.
Standard & Poor's says First Industrial's 84-million-sf portfolio is diversified, with 37% of it in the bulk warehouse area that could be most susceptible to overbuilding. It also notes operating results have improved since the REIT refocused on 23 of the top 25 US markets.
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