First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Investor Day (November 2020)
98 slides from First Industrial Realty Trust's investor day presentation, Nov 12, 2020
Slide 1: First Industrial Investor Day
FIRST INDUSTRIAL REALTY-TRUST FIRST INDUSTRIAL INVESTOR DAY NOV 12 2020 ope “tela! aL A By a tt
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
Slide 3: Agenda
Agenda Real Estate Industry Tenure I. First Industrial Today Peter Baccile, President and Chief Executive Officer 34 FR 2 02 3 II. The Balance Sheet and Financial Update Scott Musil, Chief Financial Officer 29 III. Portfolio Overview Bob Walter, Senior Vice President - Capital Markets and Asset Mana
Slide 4: First Industrial Today
me FIRST [AU INDUSTRIAL REALTY *TRUST \. First Industrial Today Peter Baccile
Slide 5: FR 2023: What You Should Learn Today
FR 2023: What You Should Learn Today TESTED Portfolio passed the “COVID test” Well-positioned to capitalize on the strong industrial sector fundamentals GROWTH with a robust tailwind from E-commerce acceleration Targeting investment in 15 key logistics markets with strategic land positions FOCUS for
Slide 6: National Platform
National Platform As of September 30, 2020 (1) $6.9B 64.1M TOTAL TOTAL MARKET CAP SQUARE FEET 445 96.3% TOTAL INDUSTRIAL IN SERVICE BUILDINGS OCCUPANCY 1,042 144 KSF IN SERVICE AVERAGE TENANTS BUILDING SIZE (1) Includes properties owned and under construction. | 6
Slide 7: Strategy
Strategy U.S. industrial platform Distribution and other focused on 15 key logistics markets critical supply chain with a Coastal orientation properties Drive cash flow growth by: • increasing rents New investment Strong balance sheet • capturing rental rate bumps primarily via development and prude
Slide 8: Geographic Allocation
Geographic Allocation By Regional Income 50% 50% 47% 42% 40% 40% 31% 30% 30% 25% 20% 21% 20% 20% 10% 7% 10% 7% 0% 0% (1) (1) Coastal Midwest Southeast Southwest Coastal Midwest Southeast Southwest (2) 12/31/09 9/30/20 Portfolio reoriented to Coastal markets (1) Consists of Southern California, North
Slide 9: Portfolio Composition
Portfolio Composition % of Rental Income as of September 30, 2020 (1) 1.2% Seattle Minneapolis/St. Paul 4.9% Milwaukee D etroit C entral/Eastern PA 1.1% 2.9% 2.0% 9.7% 5.6% New Jersey C hicago 7.2% C leveland Northern California 6.1% B a ltimore/DC 1.0% 1.7% 5.5% C incinnati D enver 19.5% 1.4% Na sh
Slide 10: Strategic Focus
Strategic Focus 15 Key Logistics Markets Seattle Central/Eastern PA New Jersey Northern California Chicago Baltimore/DC Denver Nashville Atlanta Southern California Phoenix Dallas/Ft. Worth Central Florida Houston South Florida YE 2023 objectives • 95% of FR’s net rental income (currently ±85%) • 50
Slide 11: Why These Markets? Demand!
Why These Markets? Demand! Projected 248 186 Projected National MSF MSF FR Target Market Net Absorption Net Absorption 295 210 MSF MSF 359 259 MSF MSF Majority of national net absorption will come from 15 target markets Source: CBRE-EA Projections 2Q20 | 11
Slide 12: Diversified Customer Base
Diversified Customer Base In Service Portfolio – As of September 30, 2020 % of Total Annualized Net Rent 30% 26.8% 25% 20% (1) 15% 14.0% 13.5% 10.6% 10% 9.3% 6.9% (2) 6.5% 5.7% 5% 3.4% 3.3% 0% Manufactured 3PL / Retail & Food / Business Lumber & E-commerce Wholesale Health Government / Products Tran
Slide 13: Investment Value Creation
Investment Value Creation 2010 – 2020 YTD Development (1) Acquisition Total Investment $1.5B $0.9B Current Value (2) $2.4B $1.2B SF 20.3M 10.0M Number of Projects 66 63 Margins 61% 37% Cash Yield 7.1% 6.0% (3) More than $11/share of value created (1) Includes developments in process and announced th
Slide 14: Top Drivers of Demand
Top Drivers of Demand 18.2% 17.4% 12.0% 10.7% 7.6% E-commerce Logistics & Traditional Food & Consumer Parcel Delivery Retailer Beverage Products 5 most active industries looking for space today are ±2/3 of demand Source: JLL 2020 Industrial Demand Study | 14
Slide 15: The Driving Force of E-commerce
The Driving Force of E-commerce $1,800 $1,600 $1,651 $1,400 $1,399 E-commerce Sales (B) $1,200 $1,186 $1,000 $1,005 $800 $852 $600 $722 $602 $524 $400 $459 $200 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 HISTORICAL FUTURE STATE JLL anticipates a need for an additional 1 billion square feet by 2
Slide 16: U.S. Retail Sales
U.S. Retail Sales Total and % E-commerce CAGR $6 U.S. Retail Sales = 3.0% 18% E-commerce = 17.5% $5 16% 16.1% $4 14% % of Total Sales Retail Sales (T) $3 12% $2 10.8% 10% 9.8% $1 9.0% 8% 8.1% 7.2% $0 6% TTM 6/30/15 TTM 6/30/16 TTM 6/30/17 TTM 6/30/18 TTM 6/30/19 TTM 6/30/20 Total E-commerce (Period
Slide 17: COVID's Impact on the Retail Landscape
COVID’s Impact on the Retail Landscape WEEKLY CARD TRANSACTIONS (Change From a Year Ago) ■ In Person ■ Online E-commerce adoption appears to be sticky Source: WSJ October 6, 2020 & Facteus | 17
Slide 18: Supply Picture
Supply Picture QUALITY LAND ENTITLEMENTS CONSTRUCTION FINANCING Tougher to Find Take Longer Time and Costs Increasing Construction Financing Constrained Due to COVID Tough to deliver new supply in high barrier markets, FR well-positioned with land and platform to source more! | 18
Slide 19: AFFO Growth Opportunity
AFFO Growth Opportunity (1) 2023 $260M 2020 $203M (2) How? → ±$57M Bumps → ±$20M Rent Growth → ±$12M Completed & DIP → ±$25M Interest Savings → ±$7M Total $64M Path to deliver 9%+ CAGR on AFFO 2020 - 2023 (1) Estimated AFFO reflects guidance per earnings call of October 22, 2020 and as defined in th
Slide 20: Corporate Responsibility
Corporate Responsibility Green Development Improving Energy Efficiency Water Conservation Environmentally-friendly features Energy-efficient buildings Increasing use of sensors, in all new developments 90% of total SF, 34% LED drought-resistant landscaping Charities & Investment Volunteer Paid Time
Slide 21: Balance Sheet & Financial Update
Balance Sheet & Financial Update Scott Musil
Slide 22: Progress Made
Progress Made Since Investor Day 2017 • Achieved our 2020 AFFO growth opportunity • Grew common dividend 19% with average AFFO payout ratio of ±65% • Reduced average cost of debt by ±70 bps | 22
Slide 23: 2017 Investor Day AFFO Opportunity Recap
2017 Investor Day AFFO Opportunity Recap Opportunity for ±$200M of AFFO by 2020 2017 = $156M 2020F = ±$191M (1) How did we get the $9M? Lease-up of Developments Completed and In Process (2) Estimated Investment $245M % Funded 72% Cash Yield 6.7% Incremental AFFO $12M Drivers: Rental rate bumps, incr
Slide 24: Cash is King!
Cash is King! AFFO (1) DIVIDEND PER SHARE $225 CAGR 11.2% $1.00 CAGR 7.1% 2016-2020F 2016-2020F 1.00 (2) 203 0.92 0.87 $175 184 0.84 $0.75 168 0.76 (M) 156 $125 133 $0.50 Quarterly dividend of $0.25 annualized $75 $0.25 '16 '17 '18 '19 '20F '16 '17 '18 '19 '20F (1) AFFO is before one-time items and
Slide 25: Key Portfolio Cash Metrics
Key Portfolio Cash Metrics IN SERVICE OCCUPANCY CASH RENTAL RATES ( 1) (Period End) (P eriod Average) 100% 20% 99% 98.5% 13.9% 14.6% 15% 98% 97.6% 97.3% 8.6% 10% 8.1% 97% 6.6% 96.3% 96.0% 96% 5% 95% 0% 2016 2017 2018 2019 3Q20 2016 2017 2018 2019 3Q20 TI/LC/CAPEX ( 2) CASH SAME STORE NOI ( 3) (As a
Slide 26: Cash Rental Rate Trends
Cash Rental Rate Trends 3Q20 YTD (1) 16% 14.6% 13.9% 14% 12% 10% 8.6% 8.1% 8% 6.6% 6% 4% 2% 2016 2017 2018 2019 2020 ( 2) ( 3) ( 4) ( 4) FR PLD EGP DRE (1) Per Company filings. 2020 reflects 9-month weighted average. (2) Weighted by square footage of leases commenced during period. (3) Includes enti
Slide 27: COVID Period Collection Results
(1) COVID Period Collection Results 2Q Collection % 99% 99% 97% 98% (2) 96% (3) 88% NR 3Q Collection % 99% 99% 99% 98% 98% 97% 95% (4) October Collection % 99% 98% 100% 97% 93% 92% NR As of Date 10/22 10/26 10/27 11/5 10/19 10/19 TBD Market-leading collection performance with minimal deferral requir
Slide 28: Strong Balance Sheet
Strong Balance Sheet TOTAL LEVERAGE ( 1) (DEBT + PREFERRED) TO EBITDA (2) 40% 6.0 5.5x 35% 33.3% 5.5 5.0x 30% 27.6% 28.3% 5.0 4.9x 27.8% 4.7x 25.9% 4.6x 25% 4.5 20% 4.0 2016 2017 2018 2019 3Q20 2016 2017 2018 2019 3Q20 SECURED LEVERAGE FIXED CHARGE COVERAGE ( 1) 20% 6.0 14.4% 15% 12.5% 5.0 4.7x 10%
Slide 29: Manageable Maturity Schedule
Manageable Maturity Schedule As of September 30, 2020 Secured Debt Unsecured Bonds Unsecured Term Loans $400 Weighted Average Maturity = 6.6 years Weighted Average Interest Rate = 3.74% $300 (M) $200 260 250 225 211 $100 200 182 131 68 77 $0 9 (1 ) (2 ) 2021 2022 2023 2027 2028 2029 2030 2032 Averag
Slide 30: Conclusion
Conclusion Industry-leading COVIDcollection and cash rental rate results Ample capacity to drive AFFO growth and grow dividend Fortress-like balance sheet | 30
Slide 31: Portfolio Overview
Portfolio Overview Bob Walter
Slide 32: Portfolio Conversion 2010 – 2020
Portfolio Conversion 2010 – 2020 (1) $132M Developable Land $2,500 $2,200 $217M Total Investments Developments In Process $1,900 $1,600 $1,290M Com pleted Developments $2.5B $1,300 IN 30.3 MSF $1,000 6.7% Cap Rate (2) $700 $400 $853M A cquisitions $100 (M) -$200 $1.6B -$500 OUT 34.4 MSF $1,531M -$80
Slide 33: The Conversion Impact
The Conversion Impact (1) $120 112 113 $105 86 $90 $/SF $75 63 $60 54 $45 41 38 $30 2009 2011 2013 2015 2017 2019 10/22/20 Portfolio value has increased in lockstep with its conversion (1) Based on total GLA in service, plus acquisitions and developments not in service and market cap as of October 2
Slide 34: In Service Portfolio Metrics
In Service Portfolio Metrics 4Q09 3Q20 %Δ Properties 783 425 (46%) Tenants 1,993 1,042 (48%) R&D/Flex (MSF) 4.5 0.9 (80%) Light Industrial (MSF) 18.9 6.2 (67%) Average Building Size (KSF) 88 144 +64% Average Tenant Size (KSF) 28 57 +104% Goal of ±95% warehouse by end of 2023 | 34
Slide 35: Geographic Capital Allocation
Geographic Capital Allocation 2010 through 3Q20 SALES GEOGRAPHY ( 1) INVESTMENT GEOGRAPHY (1) (% by Sales Price) (% by Investment) (2) Midwest Coastal 47% 63% (2) Coastal 23% Midwest 10% Southwest Southwest 24% Southeast 24% Southeast 6% 3% Sold in Midwest Invested in Coastal (1) Reflects sales and
Slide 36: Coastal Market Scorecard
Coastal Market Scorecard % of Rental Income/NOI (1) ( 2) ( 3) (2018) Northeast Baltimore/DC 6.1% 3.2% 0.0% 4.6% 3.0% Central/Eastern PA 9.7% 3.8% 0.0% 4.5% 7.7% NJ 5.6% 7.4% 0.0% 1.9% 10.5% Florida Central FL 1.4% 2.9% 24.1% 2.7% 1.7% South FL 2.3% 9.3% 4.0% 3.8% 4.0% West Coast SoCal 19.5% 10.3% 10
Slide 37: Market Barrier Scorecard
Market Barrier Scorecard % of Rental Income/NOI Low = 1 Medium = 3 High = 5 Composite ( 1) 13% 32% 55% 3.8 16% 39% 45% 3.6 (2018) ( 2) 15% 49% 36% 3.4 33% 32% 35% 3.0 24% 58% 18% 2.9 PA, CO, AZ, GA, SC/NC, MO, TN, Chicago/Mil, CA, WA, South FL, OH, MI, IN, Other, Dallas/Houston, MN, Balt/DC, NY/NJ O
Slide 38: Infill Portfolio
Infill Portfolio Distance From Average % of Portfolio Median Each Asset (mi.) Population (M) with Pop > 1M HH Income 10 0.7 26% $68,216 20 2.3 76% $68,350 30 3.9 95% $70,073 U.S. Median = $62,203 Proximity to higher income population fits broad-based supply chain requirements including E-commerce So
Slide 39: Key Metrics vs. Peers
Key Metrics vs. Peers Trailing 15 Quarter Average (1) ( 2) 98% Quarter End 96% Occupancy #1 94% 97.1% 96.6% 96.5% 96.4% 92% 13% Cash 11% ( 2) Rental Rate 9% Growth ( 3) #1 7% 11.3% 10.6% 8.5% 8.3% 5% 20% ( 2) TI/LC/CapEx 15% as a % of NOI 10% #2 8.0% 11.9% 12.8% 19.7% 5% (1) Starting with 3Q20. (2)
Slide 40: Conclusion
Conclusion Transformation complete, evolution continues; ±95% warehouse by end of 2023 Significant and growing orientation to Coastal & infill markets Key metrics demonstrate portfolio quality | 40
Slide 41: Investment Strategy Overview
Investment Strategy Overview Jojo Yap
Slide 42: Investment Strategy
Investment Strategy • Identify demand/supply imbalances • Employ existing and new land holdings • Navigate local entitlement and construction challenges • Service current demand • Invest for long term with best-in-class quality, functionality and flexibility | 42
Slide 43: Investment Discipline
Investment Discipline Are we maximizing our platform? How will this Are we asset perform creating value? across all cycles? In every Are we What are the investment enhancing the market barriers discussion, portfolio? and dynamics? we ask: | 43
Slide 44: Creating Value
Creating Value Through Acquisitions & Developments (1) ACQUISITIONS Total Estimated Estimated Average Total KSF Investment ($M) Cash Yield Margin (2) 2018 1,035 128.6 5.8% 35% 2019 542 70.0 5.4% 27% 3Q20 YTD 900 135.1 5.6% 40% Total Acquisitions 2,477 333.7 5.6% 35% DEVELOPMENTS Total Estimated Esti
Slide 45: Investment Geography
Investment Geography 2018 – 2020 YTD (1) Acquisitions & Development (% by $ Invested) ( 2) Coastal 65% Southwest Midwest 27% 5% Southeast 3% (1) Includes all new starts through earnings call of October 22, 2020. (2) Consists of Southern California, Northern California, Seattle, Pennsylvania, New Jer
Slide 46: Strategically Located Land To Drive Growth
(1) Strategically Located Land To Drive Growth Central PA Chicago 3 6 Acres | 0.5 MSF Denver 1 6 8 Acres | 3.2 MSF 8 5 Acres | 1.3 MSF Seattle 7 Acres | 0.1 MSF Nashville 7 2 Acres | 1.2 MSF NorCal 5 8 Acres | 1.2 MSF Central Florida 2 6 Acres | 0.3 MSF Inland Empire 7 7 Acres | 1.5 MSF South Florid
Slide 47: Value Creation & Growth: East & Denver
Value Creation & Growth East & Denver Peter Schultz
Slide 48: First Park @ Central Crossing II & III
First Park @ Central Crossing II & III New Jersey Acquisition & Spec Development • 2018 acquisition of 120 KSF 100% leased facility and adjacent site for mirror 120 KSF spec building • Spec building completed in 2019 • Leased at completion • 17% above proforma • $25.6M Investment • 6.4% cash yield •
Slide 49: Nottingham Ridge Logistics Center – A & B
Nottingham Ridge Logistics Center – A & B Baltimore Forward Acquisition • Forward acquisition of a new two- building 751 KSF development built to FR specs • Larger building 100% leased within 4 months of acquisition to Amazon; 93% leased overall • Acquisition price of $70M with $84M Investment • 5.9
Slide 50: Denver Pipeline
Denver Pipeline First Aurora Commerce Center 1.3 MSF | 50
Slide 51: First Aurora Commerce Center
First Aurora Commerce Center Denver Land Acquisition & Spec Development • Acquisition of 138 acre site from a private equity seller • Entitlement and approvals required to accommodate 1.9 MSF in 5 buildings • First spec building delivered in 3Q19, $42.2M Investment • Leased to Amazon upon completion
Slide 52: Ferrero
Ferrero Central PA & Phoenix Multi-Market Solution BTS & Spec Lease • 739 KSF Spec-to-suit (PA) and 644 KSF BTS (AZ) • $111.8M Investment • 7.6% cash yield • ±300 bps spread | 52
Slide 53: Value Creation & Growth: Central & Southeast
Value Creation & Growth Central & Southeast David Harker
Slide 54: Infill Dallas Re-leasing
Infill Dallas Re-leasing Grand Prairie, Texas Value Creation & Growth in Existing Portfolio • 122 KSF tenant declared Chapter 11 as a result of COVID • Local team knew of 2 existing tenants who wanted to expand • Re-leased space within 2 months with a 55% cash rental rate increase | 54
Slide 55: Post Brands
Post Brands Atlanta Build-to-Suit • Recaptured 42 acres of land from 85 ADESA • Purchased additional 40 acres • Reconfigured/entitled site with numerous access issues 85 • 703 KSF BTS with Post Brands, $39.5M Investment • 6.2% cash yield • ±125 bps spread • Expandable by additional 500 KSF | 55
Slide 56: South Florida Pipeline
South Florida Pipeline First 95 Distribution Center I 141 KSF First 95 Distribution Center II First Sawgrass Commerce Center 340 KSF 103 KSF FirstGate First Cypress Commerce Center Commerce Center 131 KSF 374 KSF South Florida Development Summary First Park Miami 1.3 MSF (1) First Sawgrass 1 0 3 KSF
Slide 57: First Sawgrass Commerce Center
First Sawgrass Commerce Center South Florida Spec Development • Acquisition of surplus land which required replatting and entitlements • Completed 103 KSF, $15.7M Investment • 5.6% cash yield • ±150 bps spread • 100% leased at completion | 57
Slide 58: First Cypress Commerce Center
First Cypress Commerce Center South Florida Spec Development Ft. Lauderdale Bldg. D Executive Airport 139,320 SF Bldg. C • Development of three buildings 147,690 SF totaling 374 KSF Bldg. B 86,920 SF • Land leased for 50 years from Ft. Lauderdale Executive Airport • $35.6M Investment • 7.1% cash yie
Slide 59: First 95 Distribution Center I & II
First 95 Distribution Center I & II South Florida Acquisition & Development • Two parcel land assemblage of surplus RE and leased surface lot • Broke ground on 141 KSF, $21.7M Investment • 6.0% cash yield • ±200 bps spread • Balance of land leased as surface storage at 7.5% stabilized yield • Future
Slide 60: First Park Miami
First Park Miami South Florida Multi-Stage Land Acquisition & Development • Complicated acquisition of land and to-be- filled former quarry • 119 net acres, developable to 2.5 MSF • Staggered take-down over next 4 years as quarry is filled; multi-year buildout PHASE I • FR owns Phases I – III • 60 a
Slide 61: First Park Miami
First Park Miami South Florida Phase Size (SF) 2 1 9 KSF 2 5 9 KSF 1 9 7 KSF 1 3 3 KSF 200,264 I 258,925 132,751 2 2 0 KSF 214,820 2 2 0 KSF 215 200 218,728 K SF K SF II & III 55,610 2 0 9 KSF 134,960 197,360 IV 219,560 2 1 3 KSF 135 56 219,560 K SF V K SF 209,381 2 1 7 KSF 212,696 VI 217,080 Total
Slide 62: Value Creation & Growth: West Coast & Arizona
Value Creation & Growth West Coast & Arizona Jojo Yap
Slide 63: Infill South Bay Re-leasing
Infill South Bay Re-leasing Los Angeles Value Creation - Growth in Existing Portfolio 19021 Reyes 3015 Ana • Bought out tenant at 19067 Reyes & replaced with port-focused 3PL at 92% rent increase • Replaced 3PL tenant at 3015 Ana with Amazon for use as delivery center / Last Mile fulfillment at a 19
Slide 64: 19302 – 19400 S Laurel Park
19302 – 19400 S Laurel Park Los Angeles – South Bay Acquisition/Redevelopment • Acquired surplus corporate property in 1Q20 47 • Surface rents are outpacing warehouse rents in South Bay • Redevelopment plan • Demolish 72% of improvements • Utilize as a yard-focused property • $18.5M Investment • 5.1
Slide 65: Inland Empire Pipeline
Inland Empire Pipeline First Pioneer 459 KSF First Elm 84 KSF First Redwood I 402 KSF First Nandina II First Harley Knox 221 KSF 189 KSF First March 419 KSF First Wilson I & II 458 KSF First Rider 325 KSF | 65
Slide 66: Inland Empire Land Positions
Inland Empire Land Positions Estimated Estimated Estimated Estimated Cash Stabilized Construction Purchase Project Market Size (SF) Investment Yield CF Start Price First Wilson I IEE 303,204 $29.3M / $97/SF 6.5% $1.9M 1Q21 $4.3M First Pioneer (1) IEE 458,930 $58.7M / $128/SF 5.1% $3.0M 3Q21 $25.7M F
Slide 67: First Redwood Logistics Center I – A & B
First Redwood Logistics Center I – A & B Inland Empire West Spec Development • Acquired unentitled and developed a two-building 402 KSF complex • Leased 358 KSF building shortly LEASED after completion (post 3Q20 earnings call) • $47.4M Investment • 6.0% cash yield • ±200 bps spread | 67
Slide 68: First Nandina II Logistics Center
First Nandina II Logistics Center Inland Empire East Build-to-Suit • FR assemblage in 2018, followed by entitlements • Planned to go spec, but negotiated a 221 KSF 10-year lease with UMH • $22.4M Investment • 6.2% cash yield • ±200 bps spread | 68
Slide 69: Phoenix Pipeline
Phoenix Pipeline Camelback 303 - JV Land 8.9 MSF (3.8 MSF - FR share) First Park @ PV 303 0.9 MSF 10 17 PV 303 - JV Land 2.2 MSF (1.1 MSF - FR share) 10 | 69
Slide 70: Loop 303 Overview
Loop 303 Overview Camelback 303 – JV Land First Park @ PV 303 0.9 MSF PV 303 – JV Land | 70
Slide 71: PV 303 – JV Land
PV 303 – JV Land Phoenix Land & Development Joint Venture • Acquisition of 532 net acres: • $49M Investment • $2/LSF Unnamed Data • FR share - 49%; $24M Center User • Sold 5 sites, 315 acres and returned 137% of Remaining Unimproved Land 600 KSF invested capital After Land Sales • FR acquired 39 acr
Slide 72: Camelback 303 – JV Land
Camelback 303 – JV Land Phoenix Land & Development Joint Venture Bethany Home Road 526,000 526,000 418,000 326,000 Cotton Lane • Acquisition of 569 net acres unimproved: • $73M Investment 950,000 • $3/LSF 1,500,000 • FR share - 43%; $31M 870,000 • Speculative & BTS development plus land 610,000 770,
Slide 73: Major Market Spotlight
Major Market Spotlight Peter Schultz
Slide 74: Participants
Participants Florida NJ/Philadelphia SoCal Chris Willson John Hanlon Ryan McClean 33 years of 30 years of 25 years of CRE experience CRE experience CRE experience | 74
Slide 75: Florida
Florida Owned & Under Construction as of 9/30/20 (1) (1) Includes First Park Miami and First 95 Distribution Center development starts announced on earnings call of October 22, 2020. | 75
Slide 76: Northeast/Mid-Atlantic
Northeast/Mid-Atlantic Owned & Under Construction as of 9/30/20 | 76
Slide 77: SoCal
SoCal Owned & Under Construction as of 9/30/20 | 77
Slide 78: The Macro View
me FIRST [AU INDUSTRIAL mm —_ == \ The Macro N14 View Bob Walter
Slide 79: First Industrial 2023
me FIRST [AU INDUSTRIAL REALTY *TRUST \ First Industrial 2023 Peter Baccile
Slide 80: Recap: Goals for YE 2023
Recap: Goals for YE 2023 ±95% Warehouse $260M AFFO Opportunity ±95% Concentration in 15 Markets 50 – 55% Coastal Orientation | 80
Slide 81: FR 2023: What You Should Have Learned Today
FR 2023: What You Should Have Learned Today TESTED Portfolio passed the “COVID test” Well-positioned to capitalize on the strong industrial sector fundamentals GROWTH with a robust tailwind from E-commerce acceleration Targeting investment in 15 key logistics markets with strategic land positions FO
Slide 82: First Industrial
m= FIRST [AU INDUSTRIAL REALTY-TRUST
Slide 83: Appendix
wig LIRST BPR houses. arate
Slide 84: 2018 Acquisitions
2018 Acquisitions Estimated Purchase Price Property Market SF $/SF % Leased (1) Cash ($M) Yield (2) 6407 S. 210th St Seattle 35,132 5.6 160 100% 5.7% First Park @ Ocean San Diego 225,489 36.7 163 100% 5.4% Ranch II 4401 Shader Rd Orlando 93,608 8.7 93 100% 5.7% Southern 28545 Livingston Ave 170,556
Slide 85: 2018 Acquisitions
2018 Acquisitions 6407 S 210 th St First Park @ Central 1402 Puyallup St 3 5 ,132 SF Crossing II 5 6 ,336 SF 1 1 9,922 SF 4401 Shader Rd 9 3 ,608 SF 28545 Livingston Ave 1 7 0,556 SF First Park @ Ocean Ranch II Energy Commerce 2 2 5,489 SF Business Park II 3 3 4,360 SF Average margin of ±35% | 85
Slide 86: 2019 Acquisitions
2019 Acquisitions Purchase Price % Estimated Property Market SF $/SF ($M) Leased (1) Cash Yield (2) First Orchard 88 Business Chicago 172,654 12.3 71 60% 6.5% Center Mahalo & Maria Los Angeles 31,900 7.1 223 100% 4.2% 21110 E 31st Circle Denver 84,700 9.0 106 100% 5.2% 930 Columbia Ave Inland Empire
Slide 87: 2019 Acquisitions
2019 Acquisitions 21110 E 31st Circle 22718 58th Place First Orchard 88 84,700 SF 23,360 SF Business Center 172,654 SF 305 Sequoia Ave 90,711 SF 770 Gills 54,000 SF Mahalo & Maria 31,900 SF 930 Columbia Ave 43,550 SF 1964 Kellogg Ave 40,831 SF Average margin of ±27% | 87
Slide 88: 2020 Acquisitions
2020 Acquisitions As of September 30, 2020 Purchase Price % Estimated Property Market SF $/SF ($M) Leased (1) Cash Yield (2) 27403 Industrial Boulevard NorCal 22,500 4.9 219 100% 5.0% Nottingham Ridge Logistics Baltimore 751,074 69.7 93 93% 5.9% Center – A & B 19302-19400 S Laurel Park Dr Los Angele
Slide 89: 2020 Acquisitions
2020 Acquisitions As of September 30, 2020 22950 Clawiter Rd 18,250 SF 27430 Industrial Blvd 22,500 SF Nottingham Ridge Logistics Center – A & B 751,074 SF 4160-70 Business Center Dr 38,692 SF 4200 Business 19302-19400 S Laurel Center Dr Park Dr 46,000 SF 23,970 SF Average margin of ±40% | 89
Slide 90: Development
me FIRST [AU INDUSTRIAL REALTY *TRUST \ \\ Development
Slide 91: Developments Placed In Service
Developments Placed In Service 2018 Estimated Placed % Estimated Property Market SF Investment In Service $/SF Leased (1) Cash Yield (2) ($M) Date First Sycamore 215 Inland 242,580 18.1 75 100% 6.6% 1Q18 Logistics Center Empire First Park 94 – Building II Chicago 602,348 30.7 51 100% 8.4% 2Q18 The R
Slide 92: Developments Placed In Service
Developments Placed In Service 2018 First Park 94 – First Sycamore 215 Building II Logistics Center 6 0 2,348 SF 2 4 2,580 SF The Ranch by First Industrial – Bldg. I 4 9 ,571 SF The Ranch by First Industrial – Bldg. II 1 5 5,742 SF First Park @ PV 303 – Building B 6 4 3,798 SF The Ranch by First The
Slide 93: Developments Placed In Service
Developments Placed In Service 2019/2020 Estimated Placed % Estimated Property Market SF Investment $/SF In Service Leased (1) Cash Yield (2) ($M) Date The Ranch by First Inland 358,065 32.4 90 100% 8.3% 2Q19 Industrial – Bldgs. III & V Empire First Park Fairburn - BTS Atlanta 703,339 39.5 56 100% 6
Slide 94: Developments Placed In Service
Developments Placed In Service 2019/2020 First Glacier Logistics First Joliet Logistics First Aurora Commerce First Logistics Center @ Center Center Center – Bldg. D I-78/81 – Bldgs A & B 6 6 ,751 SF 3 5 5,969 SF First Perry Logistics 5 5 5,840 SF 9 8 8,920 SF Center 2 4 0,247 SF First Park @ Centra
Slide 95: Developments Completed Not In Service
Developments Completed Not In Service As of September 30, 2020 Estimated % Estimated Completion Property Market SF Investment $/SF Leased (1) Cash Yield (2) Date ($M) First Grand Parkway Houston 173,045 13.3 77 0% 7.7% 4Q19 Commerce Center - Bldg. I First Grand Parkway Houston 198,905 15.2 77 29% 7.
Slide 96: Developments Completed Not In Service
Developments Completed Not In Service As of September 30, 2020 First Independence Logistics Center 1 00,227 SF First Redwood Logistics Center I – Buildings A & B 4 02,287 SF First Grand Parkway - Buildings I & II 3 71,950 SF First Redwood Logistics Center II 7 1 ,905 SF First Park 121 – First Fossil
Slide 97: Developments Under Construction
Developments Under Construction As of September 30, 2020 Estimated % Estimated Estimated Property Market SF Investment $/SF Leased (1) Cash Yield (2) Completion ($M) First Park 121 – Bldg. E Dallas 433,710 31.2 72 77% 6.7% 4Q20 First Sawgrass South 103,356 15.7 152 100% 5.6% 4Q20 Commerce Center Flo
Slide 98: Developments Under Construction
Developments Under Construction As of September 30, 2020 First Sawgrass Commerce Center 1 03,356 SF First Nandina II Logistics Center - UMH BTS First 95 Distribution 2 21,321 SF Center I 1 40,880 SF First Park 121 – Building E First Cypress 4 33,710 SF Commerce Center First Park Miami 3 73,930 SF 5
First Industrial Realty Trust — Investor Day (November 2020) on 6ix