First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Q4 2023 Earnings Presentation
28 slides from First Industrial Realty Trust's earnings presentation, Feb 8, 2024
Slide 1: Supplemental Information Fourth Quarter 2023
First Loop Logistics Park | Kissimmee, FL 347,290 Square Feet SUPPLEMENTAL INFORMATION FOURTH QUARTER 2023
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) (AS OF DECEMBER 31, 2023) Q4 2023 SUPPLEMENTAL 3
Slide 4: Balance Sheets
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS) December 31, 2023 September 30, 2023 December 31, 2022 ASSETS Investment in Real Estate Land $ 1,756,971 $ 1,734,634 $ 1,646,179 Buildings and Improvements 3,711,718 3,673,618 3,442,957 Construction in Progress 245,391 248,085 253,903 Gross Real Estate Inves
Slide 5: GAAP Statements of Operations
GAAP STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 REVENUES Lease Revenue $ 154,221 $ 140,624 $ 602,294 $ 532,237 Joint Venture Fees 1,421 810 5,159 1,322 Other
Slide 6: Supplemental Statements of Operations
SUPPLEMENTAL STATEMENTS OF OPERATIONS (A) (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Rent Revenue $ 121,821 $ 109,719 $ 471,978 $ 413,857 Tenant Recoveries and Other Revenue, Inc
Slide 7: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (A) (UNAUDITED) (IN THOUSANDS) Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 89,201 $ 81,997 $ 274,816 $ 35
Slide 8: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (UNAUDITED) (IN THOUSANDS) Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 REVENUES Lease Revenue per GAAP Statements of Operations $ 154,221 $ 140,624 $ 602,294 $ 532,237 Tenant Recov
Slide 9: Equity Analysis
EQUITY ANALYSIS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Twelve Months Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 WEIGHTED AVERAGE COMMON STOCK/UNITS Basic Weighted Average Shares/Units Outstanding 134,794 134,282 134,777 134,229 Wei
Slide 10: Debt Analysis
DEBT ANALYSIS (1) (UNAUDITED) (IN THOUSANDS) Three Months Ended Twelve Months Ended DEBT OUTSTANDING December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Average Outstanding Balance Mortgage Loan Payable, Net (2) $ 10,005 $ 10,325 $ 10,125 $ 38,756 Unsecured Credit Facility (3) 30
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 334 — — — 334 4.17% (4) 2025 34
Slide 12: Debt Covenant Analysis and Credit Ratings
DEBT COVENANT ANALYSIS AND CREDIT RATINGS (UNAUDITED) Current Covenant December 31, 2023 SENIOR UNSECURED BONDS Indebtedness to Total Assets ≤ 60.0% 38.0% Total Unencumbered Assets to Unsecured Indebtedness ≥ 150.0% 260.9% Indebtedness Subject to Encumbrance to Total Assets ≤ 40.0% 0.2% Consolidated
Slide 13: Property Overview
PROPERTY OVERVIEW (UNAUDITED) As Of TOTAL PORTFOLIO December 31, 2023 December 31, 2022 Number of Properties In Service (1) 422 416 Completed Developments, Not In Service 6 7 Acquisitions/Redevelopments, Not In Service — 3 Total Number of Properties 428 426 Properties Under Construction 6 14 Land Ar
Slide 14: Same Store Analysis
SAME STORE ANALYSIS (1) (UNAUDITED) (DOLLARS IN THOUSANDS) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 % Change 2023 2022 % Change Average Daily Occupancy Same Store Properties 96.7% 98.4% (1.7%) 97.4% 98.0% (0.6%) Same Store Portfolio Analysis (Straight-Line Basis) (1
Slide 15: Leasing Activity
LEASING ACTIVITY (UNAUDITED) PORTFOLIO LEASING STATISTICS (1) 2023 For the Three Months Ended December 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)
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 DECEMBER 31, 2023) AVERAGE DAILY OCCUPANCY RATES AVERAGE OCCUPIED SQUARE FOOT (3) NUMBER OF CURRENT QUARTER END IN SERVICE % OF GLA QUARTER RENT OCCUPANCY
Slide 17: Largest Tenants
LARGEST TENANTS (UNAUDITED) (AS OF DECEMBER 31, 2023) 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 5.0% 1 Amazon.com Services 3,211,589 5.0% 2 Lowe’s Ho
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: 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 20: 2022 Property Acquisition Summary
2022 PROPERTY ACQUISITION SUMMARY (UNAUDITED) PURCHASE PRICE STABILIZED EXPECTED ADDRESS/PORTFOLIO MARKET SQUARE FEET GROSS LAND ACREAGE (In Millions) CAP RATE (1) 680 Columbia Avenue Inland Empire 21,404 6.3 1458 E. Mission Boulevard Los Angeles 19,146 6.5 First Quarter Property Acquisitions 40,550
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 DECEMBER 31, 2023 (3) ESTIMATED BUILDING ESTIMATED INVESTMENT DEVELOPMENT LOCATION COMPLETION SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Wilson Logistics Center II Perr
Slide 22: Summary of In Service Developments
SUMMARY OF IN SERVICE DEVELOPMENTS (UNAUDITED) DEVELOPMENTS PLACED IN SERVICE - TWELVE MONTHS ENDED DECEMBER 31, 2023 PLACED IN SERVICE ESTIMATED INVESTMENT DEVELOPMENT LOCATION DATE SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Lehigh Logistics Center Allentown, PA Q1 2023 105,0
Slide 23: Developable Site Inventory
DEVELOPABLE SITE INVENTORY (UNAUDITED) (AS OF DECEMBER 31, 2023) 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 Arl
Slide 24: 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 25: 2022 Property Sales Summary
2022 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. Total First Quarter Sales — N/A $ — 3877 Eastgate Boulevard - Lot 1 Philadelphia 2.5 1.4 Second Quarter L
Slide 26: Components of NAV
COMPONENTS OF NAV (UNAUDITED) (IN THOUSANDS) (AS OF DECEMBER 31, 2023) (1) Quarterly NOI $ 114,614 (2) Stabilized Occupancy Adjustment (97.0% Occupancy) 2,526 (3) Sales, Acquisitions/Developments Placed in Service and Developable Land Run Rate Adjustment 1,263 (4) Stabilized Completed Developments N
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 $ 1.42 $ 1.52 Add: Depreciation and Other Amortization of Real Estate 1.27 1.27 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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