First Industrial Realty Trust, Inc. · NYSE:FR

First Industrial Realty Trust — BofA Securities Global Real Estate Conference 2023

25 slides from First Industrial Realty Trust's conference presentation, September 2023

  1. Slide 1: BofA Securities Global Real Estate Conference

    BofA Securities Global Real Estate Conference September 2023

  2. Slide 2: Safe Harbor

    Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking sta

  3. Slide 3: Company Overview

    Company Overview me FIRST INDUSTRIAL REALTY-TRUST

  4. Slide 4: Strategy to Create Value

    Strategy to Create Value U.S. industrial platform Distribution/logistics focused on 15 key logistics markets critical supply chain with a Coastal orientation properties Drive cash flow growth by: New investment primarily • increasing rents Strong balance sheet, via profitable development • capturing

  5. Slide 5: 2Q23 Highlights

    2Q23 Highlights (1) Portfolio Metrics 97.7% 10.8% 74.1% Occupancy Cash Same Store Cash Rental Rate NOI Growth Increase New FR Quarterly Record 63% Cash Rental Rate Increase on Signed Leases Commencing in 2023 Through July 19th(1) 136 KSF start in Miami, $34M estimated investment Development 159 KSF

  6. Slide 6: U.S. Industrial Market Landscape

    U.S. Industrial Market Landscape • National Market Metrics – 2Q23 INDUSTRIAL SUPPLY & DEMAND (MSF) − Vacancy 3.7% − Net Absorption 323 MSF TTM 499 − New Completions 472 MSF 425 409 472 TTM 323 − Under Construction 519 MSF 265 272 302 302 227 − 31% pre-leased − 13 months-to-lease (1) assuming TTM pac

  7. Slide 7: Construction Starts Decline; Pipelines Shrink

    Construction Starts Decline; Pipelines Shrink Construction Starts (in Million SF) Construction Pipeline (in Million SF) 47% 117 662 668 114 627 620 111 42% 578 41% 545 514 100 100 95 37% 449 410 376 86 300 322 36% 34% 32% 67 68 31% 60 28% 25% 24% 25% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23

  8. Slide 8: Portfolio Composition

    Portfolio Composition % of Rental Revenue as of June 30, 2023 1.7% Seattle Diverse Tenant Base Minneapolis/St. Paul 995 In Service tenants Central/Eastern PA 2.9% Top 20 = 25.0% Detroit 1.5% 11.0% 6.2% 5.2% New Jersey Infill Portfolio Northern California Chicago 1.4% 4.3% 97% of SF within 30 miles o

  9. Slide 9: Key Portfolio Cash Flow Metrics

    Key Portfolio Cash Flow Metrics As of June 30, 2023 OCCUPANCY CASH RENTAL RATES CASH SAME STORE NOI (1) (period end) (period average) (full year) 100% 60% ±57.5% 12% 98.8% 98.5% 98.1% 10.1% 97.7% 50% 98% 97.6% 10% 40% ±8.25% 96% 95.7% 8% 30% 26.7% 5.8% 94% 6% 5.3% 20% 16.2% 13.9% 13.5% 4.4% 92% 8.1%

  10. Slide 10: Financial Performance

    Financial Performance FFO PER SHARE (1) DIVIDEND PER SHARE $2.40 $2.39 $1.40 $2.27 $1.28 $1.18 $2.20 $1.20 $1.08 $1.97 $1.00 $2.00 $1.00 $0.92 $0.87 $1.80 $1.80 $1.74 $0.80 $1.60 $1.60 $0.60 $1.40 $0.40 $1.20 $0.20 $1.00 $0.00 (2) '18 '19 '20 '21 '22 '23F '18 '19 '20 '21 '22 '23F Quarterly dividend

  11. Slide 11: Corporate Responsibility

    Corporate Responsibility Green Development Improving Energy Efficiency Water Conservation Environmentally-friendly features; Efficient lighting: 91% of total SF, Increasing use of sensors, 3.5 MSF LEED certified; volume 52% LED; Investing in drought-resistant program prototype established tracking/m

  12. Slide 12: Investment Activity

    Investment Activity —}+ FIRST

  13. Slide 13: Creating Value Through Development

    Creating Value Through Development Total SF Total GAAP Investment Cash Yield Margin % Range Placed In-Service ($M) 2016-17 3,881,743 256 7.4% ±45% 2018 3,454,560 227 7.9% 101% - 111% 2019 4,428,701 325 6.7% 50% - 60% 2020 2,526,603 224 7.2% 99% - 109% 2021 883,529 98 6.6% 48% - 58% 2022 4,056,587 44

  14. Slide 14: Developments Placed in Service

    Developments Placed in Service As of June 30, 2023 Estimated % Estimated Placed In Property Market SF $/SF Investment ($M) Leased (1) Cash Yield (2) Service Date First Lehigh Logistics Center Central PA 105,000 15.6 149 100% 7.4% 1Q23 First Loop Logistics Park – Orlando 152,826 23.2 152 100% 6.1% 1Q

  15. Slide 15: Developments Placed in Service

    Developments Placed in Service 2022 Estimated % Estimated Placed In Property Market SF $/SF Investment ($M) Leased (1) Cash Yield (2) Service Date First Park @ PV303 - Phoenix 802,439 71.6 89 100% 6.0% 1Q/2Q22 Building C First Park 121 - Building C Dallas 125,213 13.1 105 100% 7.5% 2Q22 South First

  16. Slide 16: Developments Under Construction

    Developments Under Construction As of June 30, 2023 Estimated % Estimated Estimated Property Market SF $/SF Investment ($M) Leased (1) Cash Yield (2) Completion First Elm Logistics Center Inland Empire 83,140 21.4 257 -% 9.3% 3Q23 First 92 NorCal 37,056 20.4 551 -% 4.7% 3Q23 First Wilson Logistics C

  17. Slide 17: Completed Developments In Lease Up

    Completed Developments In Lease Up As of June 30, 2023 Estimated % Estimated Property Market SF $/SF Investment ($M) Leased (1) Cash Yield (2) Completion First Aurora Commerce Denver 588,085 53.8 92 0% 6.0% 3Q22 Center Bldg. E First Steele Seattle 128,682 25.1 195 50% 5.4% 3Q22 First Rockdale IV Nas

  18. Slide 18: First Park Miami – Medley Submarket

    First Park Miami – Medley Submarket Value Creation In Action Bldg. Size Leased % GAAP Investment Cash Yield Complete 1 219,040 100% $42.1 5.8% 2 258,925 100% $42.2 5.8% 9 132,751 100% $21.8 7.9% 10 198,108 100% $38.5 7.7% 11 200,264 100% $32.8 7.1% 13 56,404 100% $15.0 6.4% 1,065,492 100% $192.4M 6.

  19. Slide 19: Joint Venture Value Creation

    Joint Venture Value Creation Camelback 303 JV | Phoenix (1) 31 Acres (sold 1Q23) 71 Acres (under purchase option and ground lease) Square Feet 1.8 MSF 391 Acres (sold 3Q22) Est. Investment $210M (2) $/SF $117 % Leased 24% Est. Cash Yield 6.8% Est. Completion 1Q24 1.8 MSF (under construction) • 1Q23

  20. Slide 20: Strategically Located Land To Drive Growth

    Strategically Located Land To Drive Growth As of June 30, 2023 Lehigh Valley 66 Acres | 0.8 MSF Seattle Denver 2 Acres | 27 KSF 46 Acres | 0.7 MSF Chicago 137 Acres | 2.6 MSF Nashville 26 Acres | 0.3 MSF NorCal 18 Acres | 0.3 MSF Orlando 194 Acres | 2.7 MSF Inland Empire South Florida (2) 271 Acres

  21. Slide 21: Financial

    Financial z . —— Lal an = FIRST Cu INDUSTRIAL REALTY-TRUST

  22. Slide 22: Strong Balance Sheet

    Strong Balance Sheet TOTAL LEVERAGE (1) (DEBT + PREFERRED) TO EBITDA 6.0 (annualized) 40% 35% 5.5 5.2x 5.1x 27.8% 5.0 4.8x 4.9x 30% 27.6% 25.9% 26.1% 25.9% 4.7x 4.6x 24.2% 25% 4.5 20% 4.0 2018 2019 2020 2021 2022 2Q23 2018 2019 2020 2021 2022 2Q23 FIXED CHARGE COVERAGE (1) 6.0 5.0 5.4x Unsecured Bal

  23. Slide 23: Manageable Maturity Schedule

    Manageable Maturity Schedule As of June 30, 2023 Secured Debt Unsecured Notes Line of Credit Unsecured Term Loans 900 800 Weighted Average Maturity = 5.3 years (1) (3) 700 300 Weighted Average Interest Rate = 4.0% 600 LOC = only floating rate debt 500 $M 400 (2) 258 425 300 200 182 225 250 100 200 2

  24. Slide 24: Conclusion

    Conclusion ma FIRST [-U INDUSTRIAL rea meus

  25. Slide 25: First Industrial's Investment Strengths

    First Industrial’s Investment Strengths Well-positioned to capitalize on strong industrial sector fundamentals and GROWTH supply chain trends through portfolio and profitable new developments Targeting investment in 15 key logistics markets with strategic land positions FOCUS for growth; Coastal mar

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