First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Q1 2024 Earnings Presentation
28 slides from First Industrial Realty Trust's earnings presentation, Apr 18, 2024
Slide 1: Supplemental Information First Quarter 2024
First Lehigh Logistics Center | Allentown, PA 105,000 Square Feet SUPPLEMENTAL INFORMATION FIRST QUARTER 2024
Slide 2: Table of Contents
TABLE OF CONTENTS SECTION PAGE PORTFOLIO COMPOSITION......................................................................................... 3 FINANCIAL STATEMENTS Balance Sheets.................................................................................................... 4 GAAP Statements of
Slide 3: Portfolio Composition
PORTFOLIO COMPOSITION (UNAUDITED) Q1 2024 SUPPLEMENTAL 3
Slide 4: Balance Sheets
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS) March 31, 2024 December 31, 2023 December 31, 2022 ASSETS Investment in Real Estate Land $ 1,752,507 $ 1,756,971 $ 1,646,179 Buildings and Improvements 3,748,360 3,711,718 3,442,957 Construction in Progress 217,764 245,391 253,903 Gross Real Estate Investmen
Slide 5: GAAP Statements of Operations
GAAP STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended March 31, 2024 March 31, 2023 REVENUES Lease Revenue $ 159,735 $ 146,606 Joint Venture Fees 669 1,073 Other Revenue 1,868 1,744 Total Revenues 162,272 149,423 EXPENSES Property Expenses 47,014 42,182 Ge
Slide 6: Supplemental Statements of Operations
SUPPLEMENTAL STATEMENTS OF OPERATIONS (A) (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended March 31, 2024 March 31, 2023 Rent Revenue $ 123,794 $ 114,457 Tenant Recoveries and Other Revenue, Including Joint Venture Fees, Net 38,052 34,182 Total Revenues 161,846 148,639 Proper
Slide 7: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (A) (UNAUDITED) (IN THOUSANDS) Three Months Ended March 31, 2024 March 31, 2023 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 68,452 $ 55,967 Depreciation and Other Amortization of Real Estate 41,632 39,527 Net Income
Slide 8: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (UNAUDITED) (IN THOUSANDS) Three Months Ended March 31, 2024 March 31, 2023 REVENUES Lease Revenue per GAAP Statements of Operations $ 159,735 $ 146,606 Tenant Recovery Revenue (1) (35,941) (32,149) Rent Revenue per Supplemental Statements of Oper
Slide 9: Equity Analysis
EQUITY ANALYSIS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended March 31, 2024 March 31, 2023 WEIGHTED AVERAGE COMMON STOCK/UNITS Basic Weighted Average Shares/Units Outstanding 135,068 134,686 Weighted Average Shares Outstanding 132,360 132,211 Diluted Weighted Average Shar
Slide 10: Debt Analysis
DEBT ANALYSIS (1) (UNAUDITED) (IN THOUSANDS) Three Months Ended DEBT OUTSTANDING March 31, 2024 March 31, 2023 Average Outstanding Balance Mortgage Loan Payable (2) $ 9,923 $ 10,246 Unsecured Credit Facility (3) 331,388 135,689 Unsecured Term Loans (4) 925,000 925,000 Senior Unsecured Notes, Net (5)
Slide 11: Debt Analysis, Continued
DEBT ANALYSIS, CONTINUED (1) (UNAUDITED) (IN THOUSANDS) DEBT MATURITY AND SCHEDULED PRINCIPAL AMORTIZATION (8) Mortgage Unsecured Unsecured Senior Weighted Average Loan Payable (2) Credit Facility (3) Term Loans (4) Unsecured Notes (5) Total Coupon Interest Rates 2024 252 — — — 252 4.17% (4) 2025 34
Slide 12: Debt Covenant Analysis and Credit Ratings
DEBT COVENANT ANALYSIS AND CREDIT RATINGS (UNAUDITED) Current Covenant March 31, 2024 SENIOR UNSECURED BONDS Indebtedness to Total Assets ≤ 60.0% 37.9% Total Unencumbered Assets to Unsecured Indebtedness ≥ 150.0% 261.5% Indebtedness Subject to Encumbrance to Total Assets ≤ 40.0% 0.2% Consolidated In
Slide 13: Property Overview
PROPERTY OVERVIEW (UNAUDITED) As Of TOTAL PORTFOLIO March 31, 2024 March 31, 2023 Number of Properties In Service (1) 415 420 Completed Developments, Not In Service 6 8 Acquisitions/Redevelopments, Not In Service — 3 Total Number of Properties 421 431 Properties Under Construction 4 11 Land Area - D
Slide 14: Same Store Analysis
SAME STORE ANALYSIS (1) (UNAUDITED) (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2024 2023 % Change Average Daily Occupancy Same Store Properties 96.8% 98.6% (1.8%) Same Store Portfolio Analysis (Straight-Line Basis) (1) Same Store Revenues (2) $ 148,837 $ 139,238 6.9% Same Store Property Exp
Slide 15: Leasing Activity
LEASING ACTIVITY (UNAUDITED) PORTFOLIO LEASING STATISTICS (1) 2024 For the Three Months Ended March 31 Square Feet Number of Leases Commenced Lease Term Cash Basis Rent Straight-line Basis Lease Costs Per Tenant Retention Commenced (In Thousands) (Years) Growth (2) Rent Growth (2) Square Foot (2) (B
Slide 16: Portfolio Information and Same Store Property Statistics
PORTFOLIO INFORMATION AND SAME STORE PROPERTY STATISTICS SAME STORE PROPERTY SAME STORE PROPERTY ANNUAL NET RENTAL INCOME PER (UNAUDITED) (AS OF MARCH 31, 2024) AVERAGE DAILY OCCUPANCY RATES AVERAGE OCCUPIED SQUARE FOOT (3) NUMBER OF CURRENT QUARTER END IN SERVICE % OF GLA QUARTER RENT OCCUPANCY MAR
Slide 17: Largest Tenants
LARGEST TENANTS (UNAUDITED) (AS OF MARCH 31, 2024) 20 Largest Tenants By Annualized Lease Net Rent (1) % of Total Annualized 20 Largest Tenants by Gross Leasable Area Gross Leasable Area Lease Net Rent Occupied % of Total 1 Amazon.com Services 4.9% 1 Amazon.com Services 3,211,589 5.0% 2 Lowe’s Home
Slide 18: Lease Expiration Schedule
LEASE EXPIRATION SCHEDULE (UNAUDITED) LEASE EXPIRATION SCHEDULE (1) Annualized Net Rent Percentage of Number of Percentage of Under Expiring Leases Total Annualized Year of Expiration Leases Expiring GLA Expiring Average Lease (GLA) GLA Expiring (In Thousands) (2) (3) Average Net Rent (2) Net Rent E
Slide 19: 2024 Property Acquisition Summary
2024 PROPERTY ACQUISITION SUMMARY (UNAUDITED) PURCHASE PRICE STABILIZED EXPECTED ADDRESS/PORTFOLIO MARKET SQUARE FEET GROSS LAND ACREAGE (In Millions) CAP RATE (1) No acquisitions in first quarter. First Quarter Property Acquisitions — $ — —% Total First Quarter Acquisitions — N/A $ — Total 2024 Acq
Slide 20: 2023 Property Acquisition Summary
2023 PROPERTY ACQUISITION SUMMARY (UNAUDITED) PURCHASE PRICE STABILIZED EXPECTED ADDRESS/PORTFOLIO MARKET SQUARE FEET GROSS LAND ACREAGE (In Millions) CAP RATE (1) 13769 Arrow Route Inland Empire 18,100 6.0 First Quarter Property Acquisitions 18,100 $ 6.0 8.7% Total First Quarter Acquisitions 18,100
Slide 21: Summary of Under Construction and Not In Service Developments
SUMMARY OF UNDER CONSTRUCTION AND NOT IN SERVICE DEVELOPMENTS (UNAUDITED) DEVELOPMENTS UNDER CONSTRUCTION AT MARCH 31, 2024 (3) ESTIMATED BUILDING ESTIMATED INVESTMENT DEVELOPMENT LOCATION COMPLETION SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Harley Knox Logistics Center Perri
Slide 22: Summary of In Service Developments
SUMMARY OF IN SERVICE DEVELOPMENTS (UNAUDITED) DEVELOPMENTS PLACED IN SERVICE - THREE MONTHS ENDED MARCH 31, 2024 PLACED IN SERVICE ESTIMATED INVESTMENT DEVELOPMENT LOCATION DATE SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First 92 Hayward, CA Q1 2024 37,056 20.4 100% 93% First Loop
Slide 23: Developable Site Inventory
DEVELOPABLE SITE INVENTORY (UNAUDITED) (AS OF MARCH 31, 2024) MARKET LOCATION USABLE LAND AREA (Acres) (1) INDUSTRIAL DEVELOPABLE GLA (Est.) (1) Chicago First Park 94 137.1 2,583,000 Dallas/Ft. Worth First I-20/35 Distribution Center 26.3 420,000 First Park 121 - Building F 10.0 175,000 First Arling
Slide 24: 2024 Property Sales Summary
2024 PROPERTY SALES SUMMARY (UNAUDITED) SALE PRICE STABILIZED AVERAGE ADDRESS/PORTFOLIO MARKET SQUARE FEET LAND ACREAGE (In Millions) CAP RATE (1) CAP RATE AT SALE (1) Windisch Portfolio Cincinnati 278,000 33.0 Sky Harbor Portfolio Chicago 93,059 7.4 100 Kay Industrial Drive Detroit 53,550 6.2 2930
Slide 25: 2023 Property Sales Summary
2023 PROPERTY SALES SUMMARY (UNAUDITED) SALE PRICE STABILIZED AVERAGE ADDRESS/PORTFOLIO MARKET SQUARE FEET LAND ACREAGE (In Millions) CAP RATE (1) CAP RATE AT SALE (1) No sales in first quarter. First Quarter Property Sales — $ — (2) Total First Quarter Sales — N/A $ — 4749-4799 Eastpark Drive Houst
Slide 26: Components of NAV
COMPONENTS OF NAV (UNAUDITED) (IN THOUSANDS) (AS OF MARCH 31, 2024) (1) Quarterly NOI $ 114,138 (2) Stabilized Occupancy Adjustment (97.0% Occupancy) 3,040 (3) Sales, Acquisitions/Developments Placed in Service and Developable Land Run Rate Adjustment 41 (4) Stabilized Completed Developments Not in
Slide 27: Outlook
OUTLOOK (UNAUDITED) 2024 Estimate Current Guidance Low End of High End of Guidance for 2024 Guidance for 2024 (Per Share/Unit) (Per Share/Unit) Net Income Available to Common Stockholders $ 1.49 $ 1.59 Add: Depreciation and Other Amortization of Real Estate 1.26 1.26 Less: Gain on Sale of Real Estat
Slide 28: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES (A) Investors in, and analysts following, the real estate industry utilize funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO"), variously defined below, as supplemental performance measure
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