First Industrial Realty Trust Inc., Chicago, has announced a major downward revision of its guidance for earnings per share in 2008 from a range of $4.30 to $4.60 to a range of $2.05 to $2.35. The real estate investment trust attributed the revision primarily to the "rapid deterioration in the capital markets throughout September." The company also revised its 2008 guidance for funds from operations (an alternate financial measure favored by REITs), reducing it from a range of $4.70 to $5.00 per share to a range of $3.45 to $3.75 per share. First Industrial also offered EPS guidance of $1.25 to $1.75 for 2009. The industrial REIT can be found on the Web at http://www.firstindustrial.com.
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