Our same store NOI on a cash basis turned positive this quarter, the first time since the fourth quarter of 2008. Excluding termination fees, same store NOI was positive 2.7%. Looking at the overall state of demand, the US industrial market delivered its fifth consecutive quarter of positive net absorption and we continue to see leasing activity across nearly all of our markets.But we have seen some prospects be more deliberate in committing the space as they accept all the headline news such as Europe, US budget debates, the volatility of the stock market and the related impact on consumer confidence as seen in Tuesday’s report. Hopefully, today’s news of the European accord, as well as the GDP number, will give this business community some renewed conviction.
First Industrial Realty Trust CEO Discusses Q3 2011 Results - Earnings Call Transcript
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