First Industrial Realty Trust, Inc. · NYSE:FR

First Industrial Realty Trust — Jefferies Real Estate Conference 2023

24 slides from First Industrial Realty Trust's conference presentation, December 2023

  1. Slide 1: Jefferies Real Estate Conference

    Jefferies Real Estate Conference December 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: • lease-up of developments New investment primarily Strong balance sheet, • increasing rents via profita

  5. Slide 5: 3Q23 Highlights

    3Q23 Highlights (1) Portfolio Metrics 95.4% 7.4% 39.4% Occupancy Cash Same Store Cash Rental Rate NOI Growth Increase 97.1% ex development impact 60% Cash Rental Rate Increase on Signed Leases Commencing in 2023 Through October 19th(1) • 100%, 132 KSF FirstGate Commerce Center, South Florida Develop

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

    U.S. Industrial Market Landscape INDUSTRIAL SUPPLY & DEMAND (MSF) • National Market Metrics – 3Q23 − Vacancy 4.2% 624 593 − Net Absorption 420 MSF TTM 528 508 − New Completions 593 MSF TTM 374 379 420 − Under Construction 479 MSF 297 335 336 − 27% pre-leased − 12 months-to-lease (1) assuming TTM pac

  7. Slide 7: Construction Starts Decline; Pipelines Shrink

    Construction Starts Decline; Pipelines Shrink Construction Starts (MSF) Construction Pipeline (MSF) 47% 662 668 627 620 117 114 42% 41% 572 111 545 100 100 514 95 37% 479 86 449 410 376 67 68 64 36% 322 34% 300 32% 31% 41 28% 27% 25% 25% 24% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 3Q2

  8. Slide 8: Portfolio Composition

    Portfolio Composition % of Rental Revenue as of September 30, 2023 1.7% Seattle Diverse Tenant Base Minneapolis/St. Paul 989 In Service tenants Central/Eastern PA 2.9% Top 20 = 25.6% Detroit 1.5% 11.0% 6.1% 5.2% New Jersey Infill Portfolio Northern California Chicago 1.3% 4.2% 97% of SF within 30 mi

  9. Slide 9: Key Portfolio Cash Flow Metrics

    Key Portfolio Cash Flow Metrics As of September 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% 50% 98% 97.6% 10% 40% ±8.25% 96% 95.7% 8% 95.4% 30% 26.7% 5.8% 94% 6% 5.3% 20% 16.2% 13.9% 13.5% 4.4% 92%

  10. Slide 10: Financial Performance

    Financial Performance FFO PER SHARE (1) DIVIDEND PER SHARE $2.40 $2.40 $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: Investment Activity

    Investment Activity —-—__—— —— ms FIRST INDUSTRIAL REALTY sTRUST

  12. Slide 12: 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

  13. Slide 13: Developments Placed in Service

    Developments Placed in Service As of September 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 23.3 152 100% 6.

  14. Slide 14: Developments Under Construction

    Developments Under Construction As of September 30, 2023 Estimated % Estimated Estimated Property Market SF $/SF Investment ($M) Leased (1) Cash Yield (2) Completion First State Crossing Philadelphia/DE 358,848 60.5 169 -% 6.8% 4Q23 First 92 NorCal 37,056 20.4 551 100% 4.5% 4Q23 First Wilson Logisti

  15. Slide 15: Completed Developments In Lease Up

    Completed Developments In Lease Up As of September 30, 2023 Estimated % Estimated Property Market SF $/SF Investment ($M) Leased (1) Cash Yield (2) Completion First 76 Logistics Center Denver 199,500 34.2 171 0% 5.4% 4Q22 First Park 94 Building D Chicago 451,022 37.5 83 0% 6.3% 4Q22 First Loop Logis

  16. Slide 16: 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% $38.0 7.8% 11 200,264 100% $32.8 7.1% 13 56,404 100% $15.0 6.4% 1,065,492 100% $191.9M 6.

  17. Slide 17: Phoenix Value Creation

    Phoenix Value Creation Camelback 303 – FR Interest = 43% Camelback 303 JV & PV 303 Balance Sheet Glendale, AZ JV Buildings In Process (3 Bldgs) Size 1.8 MSF Est. Investment $210M (1) $/SF $117 % Leased 24% Est. Cash Yield 6.8% Est. Completion 1Q24 1Q23 JV Land Sale Size 31 acres Sale Price $50M FR S

  18. Slide 18: Strategically Located Land To Drive Growth

    Strategically Located Land To Drive Growth As of September 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 64 Acres | 0.9 MSF NorCal 18 Acres | 0.3 MSF Orlando 194 Acres | 2.7 MSF South Florida (1) 62 Acres | 1.2 MSF

  19. Slide 19: Corporate Responsibility

    Corporate Responsibility Green Development Improving Energy Efficiency Water Conservation Environmentally-friendly features; Efficient lighting: 91% of total SF, Increasing use of sensors, 4.6 MSF LEED certified; volume 52% LED; Investing in drought-resistant program prototype established tracking/m

  20. Slide 20: Financial

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

  21. Slide 21: Strong Balance Sheet

    Strong Balance Sheet TOTAL LEVERAGE (1) (DEBT + PREFERRED) TO EBITDA 6.0 (annualized) 40% 35% 5.5 5.1x 5.1x 27.8% 5.0 4.8x 4.9x 30% 27.6% 25.9% 26.1% 4.7x 25.6% 4.6x 24.2% 25% 4.5 20% 4.0 2018 2019 2020 2021 2022 3Q23 2018 2019 2020 2021 2022 3Q23 FIXED CHARGE COVERAGE (1) 6.0 5.0 5.4x Unsecured Bal

  22. Slide 22: Manageable Maturity Schedule

    Manageable Maturity Schedule No Maturities Until 2026 Assuming Extensions As of September 30, 2023 Secured Debt Unsecured Notes Line of Credit Unsecured Term Loans 900 800 Weighted Average Maturity = 5.0 years (1) (3) 700 300 Weighted Average Interest Rate = 4.06% 600 LOC = only floating rate debt 5

  23. Slide 23: Conclusion

    Conclusion FIRST INDUSTRIAL REALTY sTRUST

  24. Slide 24: First Industrial's Investment Strengths

    First Industrial’s Investment Strengths Well-positioned to capitalize on long-term supply chain trends, rent growth GROWTH opportunities within portfolio, development lease-up, and future developments on owned land at attractive basis Targeting investment in 15 key logistics markets with strategic l

First Industrial Realty Trust — Jefferies Real Estate Conference 2023 on 6ix