First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Nareit's REITweek: 2025 Investor Conference
26 slides from First Industrial Realty Trust's conference presentation, June 2025
Slide 1: Nareit's REITweek: 2025 Investor Conference
N a re i t ' s R E I Tw e e k : 2 0 2 5 I nve sto r C o n fe re n c e June 2025
Slide 2: Safe Harbor
Safe Harbor This presentation may contain 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 ("Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for
Slide 3: Company Overview
C O M PA N Y OV E RV I E W First State Crossing – Philadelphia 358,848 SF | Built in 2024 FIRST INDUSTRIAL REALTY TRUST, INC. | 3
Slide 4: Strategy to Create Value
Strategy to Create Value U.S. industrial platform focused on 15 key logistics markets with a coastal orientation Focus on distribution/logistics properties critical to customers’ supply chains Drive cash flow growth by: • lease-up of developments • increasing rents • capturing rental rate escalation
Slide 5: Recent Highlights
Recent Highlights (1) 2024 HIGHLIGHTS DEVELOPMENT LEASING • 4.7 MSF development leases signed in 2024 vs. 2.8 MSF in initial ’24 guidance 95.3% 10.1% (2) − 2nd highest total since 2012, broad-based, 10 of 15 target markets Q1 HIGHLIGHTS Q125 IN-SERVICE Q125 CASH SAME DEVELOPMENT LEASING OCCUPANCY ST
Slide 6: Portfolio Composition
Portfolio Composition (1) (2) Diverse Tenant Base % of Rental Revenue as of March 31, 2025 874 tenants Top 20 = 26.0% by net rent Infill Portfolio Within 30 miles of 3.8M avg. population, household income ≈ 11% greater than US median Coastal Markets Increased from 47% to 59% since 3Q 2020 Target Mar
Slide 7: U.S. Industrial Market Landscape
U.S. Industrial Market Landscape INDUSTRIAL SUPPLY & DEMAND (MSF) • National Market Metrics – 1Q25 − Vacancy 5.9% − Net Absorption 54.3 MSF in 1Q25 685 − Completions 86.8 MSF in 1Q25 634 − Under Construction 369 MSF 534 − 47% pre-leased 504 483 − 10-12 months-to-lease (1) assuming TTM pace of net ab
Slide 8: Construction Starts Decline; Pipelines Shrink
Construction Starts Decline; Pipelines Shrink CONSTRUCTION STARTS (MSF) CONSTRUCTION PIPELINE (MSF) Construction Construction Starts Starts 47% 41% 36% 34% 32% 32% 32% 31% 29% 29% 29% 28% 26% 504 569 623 680 738 825 891 867 832 794 703 597 540 489 456 404 24% 24% 25% 144 164 168 168 178 178 189 189
Slide 9: Key Portfolio Cash Flow Metrics
Key Portfolio Cash Flow Metrics ±40.0% As of March 31, 2025 Sans 1.3 MSF Fixed Rate Central PA Renewal CASH RENTAL RATES (3) CASH SAME STORE NOI OCCUPANCY (period average) (full year) 100% 60% 58.3% 12% 98.8% 50.8% 98.1% 10.1% 98% 50% 10% 96.2% 8.4% 8.1% 40% ±35.0% 96% 95.7% 95.5% ±95.5% 8% 30% 26.7
Slide 10: Financial Performance
Financial Performance (1) FFO PER SHARE DIVIDEND PER SHARE First Elm Logistics Center – Inland Empire 83,140 SF | Built in 2023 (2) $2.92 $2.00 $3.00 $1.85 $1.78 $2.80 $2.65 CAGR = 10.2% CAGR = 12.2% $2.60 $1.70 $2.42 $1.55 $1.48 $2.40 $2.27 $2.20 $1.40 $1.28 $1.97 $1.25 $1.18 $2.00 $1.80 $1.08 $1.8
Slide 11: Corporate Responsibility
Corporate Responsibility Responsible Development Environmentally-friendly features; 6.3 MSF LEED certified; committed to certifying all future developments Improving Energy Efficiency Efficient lighting: 95% of total SF, 62% LED Water Conservation Exceeding the industry in customer Increasing use
Slide 12: Investment Activity
I N V ES T M E N T A C T I V I T Y First Stockton Logistics Center – NorCal 1,015,791 SF | Built in 2024 FIRST INDUSTRIAL REALTY TRUST, INC. | 12
Slide 13: Development Strategy & Value Creation
Development S t r a t e g y & Va l u e C r e a t i o n • Emphasis on land-constrained, coastal-oriented markets • Primarily speculative development with select build-to-suits • Best-in-class buildings with flexibility to serve single or multiple tenants • Platform to execute: source, entitle, develo
Slide 14: 2Q25 Development Start: First Park – Building F, Dallas
2Q25 Development Start First Park 121 – Building F | Dallas Square Feet 176,182 Est. Investment $23.3M $/SF $132 % Leased 0% Building F Est. Cash Yield ≈ 8% 176,182 SF Est. Completion 2Q26 • Sixth and final building in 1.2 MSF park in Lewisville • Submarket vacancy ranged from 4% to 5% since year-en
Slide 15: 2Q25 Development Start: First Park @ New Castle – Building B
2Q25 Development Start First Park @ New Castle – Building B | Philadelphia Square Feet 225,680 Est. Investment $31.2M $/SF $138 % Leased 0% Est. Cash Yield ≈ 8% Est. Completion 1Q26 • Proximate to 359 KSF First State Crossing project leased in 3Q24 • Within a mile of a full I-95, I-495 interchange F
Slide 16: Developments Under Construction
Developments Under Construction As of March 31, 2025 Estimated % Estimated Property Market SF $/SF Investment ($M) Leased (1) Completion First Park Miami - Building 3 South Florida 198,112 49.7 251 0% 2Q25 First Pompano Logistics Center South Florida 59,912 14.7 245 0% 2Q25 First Liberty Logistics C
Slide 17: Completed Developments In Lease-Up, Not In Service
Completed Developments In Lease-Up, Not In Ser vice As of March 31, 2025 Estimated % Property Market SF $/SF Completion Investment ($M) Leased (1) First Park Miami Building 12 South Florida 135,707 33.7 248 34% 2Q24 First Harley Knox Logistics Center Inland Empire 158,730 30.8 194 0% 2Q24 Total 294,
Slide 18: Developments Placed In Service - 2025
Developments Placed In Ser vice - 2025 As of March 31, 2025 Estimated % Placed Property Market SF $/SF Investment ($M) Leased (1) In Service Date First Wilson Logistics Center II Inland Empire 154,559 29.3 190 0% 1Q25 First Rider Logistics Center Inland Empire 324,379 44.2 136 0% 1Q25 Total 478,938
Slide 19: Developments Placed In Service - 2024
Developments Placed In Ser vice - 2024 Estimated % Placed Property Market SF $/SF Investment ($M) Leased (1) In Service Date First 92 NorCal 37,056 20.4 551 100% 1Q24 First Loop Logistics Park – Orlando 107,984 14.6 135 0% 1Q24 Building 4 First Logistics Center @ 283 – Bldg. B Central PA 698,880 91.
Slide 20: South Florida Value Creation
South Florida Value Creation First Park Miami | Medley Submarket Bldg. Size Leased % GAAP Investment Cash Yield Complete 1 219,040 100% $42.1 2 258,925 100% $42.2 9 132,751 100% $21.8 10 198,108 100% $38.0 Additional Owned Land 11 200,264 100% $32.8 13 56,404 100% $15.0 12 135,707 34% $33.7 1,201,19
Slide 21: Strategically Located Land to Drive Growth
Strategically Located Land to Drive Growth As of April 16, 2025 Market Acres 27 KSF Chicago 137 Dallas 32 Denver 55 2.6 0.4 0.6 MSF MSF MSF Inland Empire 351 0.2 Lehigh Valley 35 MSF 0.7 MSF Miami 69 Orlando 194 6.5 MSF Philadelphia 45 Northern California 13 0.5 MSF Seattle 2 2.7 Other Land Sites 50
Slide 22: Balance Sheet Strength
BALANCE SHEET STRENGTH First Rockdale IV – Nashville 500,240 SF | Built in 2022 FIRST INDUSTRIAL REALTY TRUST, INC. | 22
Slide 23: Strong Balance Sheet
Strong Balance Sheet TOTAL LEVERAGE (1) (DEBT + PREFERRED) TO EBITDA FIXED CHARGE COVERAGE (1) 6.0 (annualized) 6.0 40% 5.5 5.0 5.4x 35% 5.2x 5.2x 5.1x 5.1x 4.7x 4.9x 4.9x 4.7x 5.0 4.8x 4.0 4.5x 30% 27.6% 26.1% 25.8% 4.6x 24.2% 24.6% 25.1% 25% 4.5 3.0 20% 4.0 2.0 2020 2021 2022 2023 2024 1Q25 2020 2
Slide 24: Manageable Maturity Schedule as of 1Q25
Manageable Maturity Schedule as of 1Q25 In May, completed public offering of $450M Senior No Maturities Until 2027 Notes @ 5.25% due 2031; first public debt deal since 2007 (not 1000 reflected in schedule) 900 Received upgrade from Fitch Ratings to BBB+ prior to 800 (1) offering Weighted Avg. Maturi
Slide 25: Conclusion
C O N C LU S I O N First Liberty Logistics Center – Houston 424,560 SF | Est. Completion 3Q25 FIRST INDUSTRIAL REALTY TRUST, INC. | 25
Slide 26: First Industrial's Investment Strengths
First Industrial’s Investment Strengths Future Cash Flow Growth Ability to grow cash flow and dividends through portfolio rent growth opportunities, development lease-up that is largely funded, and rental rate escalators embedded in our leases Focus Targeting investment in 15 key logistics markets;
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