First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Bank of America 2015 Global Real Estate Conference
43 slides from First Industrial Realty Trust's conference presentation, September 2015
Slide 1: Bank of America 2015 Global Real Estate Conference
Bank of America 2015 Global Real Estate Conference September 2015
Slide 2: Safe Harbor
Safe Harbor This presentation 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. We intend for such statements to be covered by the safe harbor provisions for forward-looking statements contained
Slide 3: Why FR?
Why FR? Tested Leadership and Platform • Focused strategy: Deliver sustainable cash flow growth through leasing and disciplined portfolio and capital management • Local market expertise for leasing, management, acquisitions, development and sales • Track record of industry-leading customer service S
Slide 4: Broad Platform and Presence
Broad Platform and Presence Seattle Minneapolis Milwaukee Detroit Central PA New Jersey Chicago Philadelphia Salt Lake City Cleveland Balt/Wash Indianapolis Denver Cincinnati St. Louis Top 5 Markets(1) % of Rental (as of 2Q15) Income Southern California Nashville So. California 12.3% Phoenix Central
Slide 5: Key Portfolio Cash Flow Metrics
Key Portfolio Cash Flow Metrics Occupancy %(1) Cash Rental Rates %(2) Same Store NOI %(3) 100 5 10 3.2 2.2 95.1 94.3 92.9 0 6.3 2010 2011 2012 2013 2014 1H15 5.2 89.9 5 4.2 -3.4 87.9 -5 -4.7 2.7 85.0 -10 0.1 0 -11.8 2010 2011 2012 2013 2014 1H15 -15 -15.1 -2.7 75 2010 2011 2012 2013 2014 2Q15 -5 -20
Slide 6: New Development Opportunity First Park 94 – Southeast Wisconsin
New Development Opportunity First Park 94 – Southeast Wisconsin PHASE I First Park 94 Rust-Oleum (FR) IMS AFM (FR) (FR BTS) Summary Building 1 SF 600,539 Building 1 Completion By: 2Q16 Developable to 4.6 MSF 150K SF to 1.5 MSF 6
Slide 7: New Development Opportunity First Arlington Commerce Center II @ I-20
New Development Opportunity First Arlington Commerce Center II @ I-20 Dallas, TX – Up to 302,000 SF First Arlington CC I First Arlington CC II First Arlington CC I First Arlington CC II 7
Slide 8: Development Execution First Logistics Center @ Moreno Valley
Development Execution First 36 Logistics Center @ Moreno Valley Summary Square Feet: 555,670 Investment: $33.1M / $60/SF Estimated Yield(1): 7.0% Completed: 2Q14 8 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 9: Development Execution First Pinnacle Industrial Center
Development Execution First Pinnacle Industrial Center Summary Square Feet: 598,445 Estimated Investment: $25.7M / $43/SF Estimated Yield(1): 7.9% Completed: 2Q15 9 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis. Two building project (376,601 SF and 221,844 SF).
Slide 10: New Development – In Process
New Development – In Process Estimated Total Yield % Estimated Name Market SF Investment $/SF (GAAP) Leased Completion First Northwest Commerce Completed Center Houston 351,672 $19.7M $56 8.3% 78% 4Q14 Interstate North Completed Business Park II Minneapolis 142,290 $10.7M $75 6.8% 50% 4Q14 First Arl
Slide 11: Northwest Commerce Center
First Northwest Commerce Center Summary Square Feet: 351,672 Estimated Investment: $19.7M / $56/SF Estimated Yield(1): 8.3% Completed: 4Q14 11 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 12: Interstate North Business Park II
Interstate North Business Park II Summary Square Feet: 142,290 Estimated $10.7M / $75/SF Investment: Estimated Yield(1): 6.8% Completed: 4Q14 12 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 13: First Arlington Commerce Center @ I-20
First Arlington Commerce Center @ I-20 Summary Square Feet: 153,187 Estimated $9.5M / $62/SF Investment: Estimated Yield(1): 6.4% Completion By: 3Q15 13 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 14: First 33 Commerce Center
First 33 Commerce Center Summary Square Feet: 584,760 Estimated Investment: $43.8M / $75/SF Estimated Yield(1): 6.4% Completion By: 4Q15 14 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis. Two building project (341,400 SF and 243,360 SF).
Slide 15: First Park @ Ocean Ranch
First Park @ Ocean Ranch Summary Square Feet: 237,276 $27.5M / Estimated Investment: $116/SF Estimated Yield(1) : 6.7% Completion By: 4Q15 15 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 16: First Park @ Ocean Ranch 1Q15 Start
First Park @ Ocean Ranch 1Q15 Start – Total of 237,276 SF, 3 Buildings(1) First Park @ Ocean Ranch 16 (1) Estimated yield of 6.7% based on first year stabilized NOI over GAAP investment basis; targeted completion of 4Q15.
Slide 17: First Park Tolleson
First Park Tolleson Summary Square Feet: 386,100 Estimated Investment: $21.5M / $56/SF Estimated Yield(1): 7.8% Occupancy(1): 44% Completion By: 1Q16 17 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 18: Development Pipeline
Development Pipeline Key Sites Market Developable SF (K) Rockdale Land Nashville, TN 1,500 First Nandina Logistics Center Inland Empire, CA 1,450 Stockton Land Stockton, CA 1,200 Oakley Distribution Center Atlanta, GA 924 Covington Land Gouldsboro, PA 502 First Grand Parkway Commerce Center Houston,
Slide 19: Rockdale Land Nashville, TN – Up to 1.5 MSF
Rockdale Land Nashville, TN – Up to 1.5 MSF 19
Slide 20: First Nandina Logistics Center Inland Empire, CA - Up to 1.45 MSF
First Nandina Logistics Center Inland Empire, CA - Up to 1.45 MSF 1,388,210 SF 20
Slide 21: First Nandina Logistics Center
First Nandina Logistics Center First 36 First San Michelle First Nandina Logistics Center 21
Slide 22: Stockton Land Stockton, CA – 1.2 MSF
Stockton Land Stockton, CA – 1.2 MSF 22
Slide 23: First Park Fairburn Atlanta, GA – 924,000 SF
First Park Fairburn Atlanta, GA – 924,000 SF 23
Slide 24: Covington Land Covington, PA – 502,000 SF
Covington Land Covington, PA – 502,000 SF Proposed Building 502,000 SF 24
Slide 25: First Grand Parkway Commerce Center Houston, TX – 676,000 SF
First Grand Parkway Commerce Center Houston, TX – 676,000 SF 25
Slide 26: First Grand Parkway Commerce Center
First Grand Parkway Commerce Center First Grand Parkway 26
Slide 27: First San Michelle Logistics Center Inland Empire, CA – 189,000 SF
First San Michelle Logistics Center Inland Empire, CA – 189,000 SF Building 4 189,000 27
Slide 28: First San Michelle Logistics Center
First San Michelle Logistics Center First 36 First San Michelle First Nandina Logistics Center 28
Slide 29: 2014 Placed In Service Developments
2014 Placed In Service Developments Estimated Total Yield % Name Market Investment SF $/SF (GAAP) Occupancy First Logistics Center @ I-83 Central PA $35.4M 708,000 $50 8.4% 100% First Bandini Logistics Center S. California $55.3M 489,038 $113 6.1% 100% Rust-Oleum Expansion(1) Chicago $8.4M 250,243 $
Slide 30: First Logistics Center @ I-83
First Logistics Center @ I-83 Summary Square Feet: 708,000 Investment: $35.4M / $50/SF Yield: 8.4% Completed / Leased: 4Q13 / 3Q14 30
Slide 31: First Bandini Logistics Center
First Bandini Logistics Center Summary Square Feet: 489,038 Investment: $55.3M / $113/SF Yield: 6.1% Completed / Leased: 4Q13 / 4Q14 31
Slide 32: Rust-Oleum Expansion
Rust-Oleum Expansion Summary Square Feet: 250,243 Investment: $8.4M / $34/SF Yield: 6.7% Completed / Leased: 2Q14 / 2Q14 32
Slide 33: First Figueroa Logistics Center
First Figueroa Logistics Center Summary Square Feet: 43,485 Investment: $8.5M / $195/SF Yield: 4.0% Completed / Leased 2Q14 / 2Q14 33
Slide 34: Interstate North Business Park I
Interstate North Business Park I Summary Square Feet: 96,787 Investment: $7.4M / $76/SF Yield: 9.6% Completed / Leased: 4Q14 / 4Q14 34
Slide 35: 2Q15 Acquisition 6150 Sycamore Canyon – Inland Empire
2Q15 Acquisition 6150 Sycamore Canyon – Inland Empire Summary Square Feet: 171,619 Purchase Price: $14.8M / $86/SF GAAP Yield: 5.0% Acquisition Date: 2Q15 35
Slide 36: 2Q15 Acquisition 145 W 134th Street – Los Angeles
2Q15 Acquisition 145 W 134th Street – Los Angeles Summary Square Feet: 44,644 Purchase Price: $5.4M / $121/SF GAAP Yield: 5.1% Acquisition Date: 2Q15 36
Slide 37: 2014 Property Acquisitions
2014 Property Acquisitions Purchase Price Per GAAP Name Market SF Price SF Yield First Arrowhead Business Center Phoenix 220,324 $18.2M(2) $83 6.6% Rivertown Distribution Center Minneapolis 251,968 $13.4M $53 7.3% Aldrin Distribution Center Minneapolis 200,000 $12.0M $60 6.7% 4710 Guasti Road Inland
Slide 38: 2014 Property Acquisitions
2014 Property Acquisitions First Arrowhead Business Center * Phoenix, AZ * 220,324 SF 4710 Guasti Road * Inland Empire, CA * 133,342 SF Rivertown Distribution Center * Minneapolis, MN * 251,968 SF 16875 Heacock Street * Inland Empire, CA * 225,450 SF Aldrin Distribution Center * Minneapolis, MN * 20
Slide 39: Select Sales
Select Sales 2014 Building SF 2.0 MSF Price $103M ($51/SF without land) Average Occupancy 77% Trailing Twelve-Month Yield 6.0% Stabilized Yield 7.4% Occupancy Impact 50 bps 2015 through July 30, 2015 Building SF 917K SF @ $46/SF Price $42.9M / $1.0M (Land) Average Occupancy 84% In-place Yield 4.7% S
Slide 40: Improved Financial Profile Significantly Strengthened Balance Sheet
Improved Financial Profile Significantly Strengthened Balance Sheet Net Debt/Preferred Stock: Reduced by approximately $964M through 2Q15 $2,309 (millions) Net Debt & $2,000 Pref. Stock/ EBITDA(2) 11.1x $1,800 $1,744 Net Debt & Pref. Stock/ $1,600 EBITDA(2) 8.8x $1,400 $1,345 Net Debt & Pref. Stock/
Slide 41: Laddered Debt Maturities
Laddered Debt Maturities (as of June 30,2015) (millions) Secured Unsecured $300 2.98% 4.19% $250 6.24% $200 6.42% 4.56% $150 $100 4.03% 7.64% 7.58% $50 5.58% $0 (1) (2) 2015 2016 2017 2018 2019 2020 2021 2022 Thereafter (1) Assumes 4+1 maturity for LOC renewal. (2) Assumes 2015 prepayment of a $23.1
Slide 42: Strategy for Success
Strategy for Success Leasing and Operations Capital Portfolio Management Management Management • Drive Average Occupancy • Conservative and • Targeted Development to 95% Flexible Balance Sheet Opportunities • Grow Rents • Strong Credit Ratios • Selective Acquisitions • Normalize TI/LC/CapEx • Invest
Slide 43: Q&A September 2015
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