First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Q2 2023 Earnings Presentation
27 slides from First Industrial Realty Trust's earnings presentation, Jul 20, 2023
Slide 1: Supplemental Information Second Quarter 2023
First Park @ PV303 - Building C | Goodyear, AZ 802,439 Square Feet SUPPLEMENTAL INFORMATION SECOND QUARTER 2023
Slide 2: Table of Contents
TABLE OF CONTENTS SECTION PAGE FINANCIAL STATEMENTS Balance Sheets.................................................................................................... 3 GAAP Statements of Operations ........................................................................ 4 Supplemental Statements of
Slide 3: Balance Sheets
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS) June 30, 2023 March 31, 2023 December 31, 2022 ASSETS Investment in Real Estate Land $ 1,735,920 $ 1,648,867 $ 1,646,179 Buildings and Improvements 3,605,818 3,487,413 3,442,957 Construction in Progress 224,750 265,720 253,903 Gross Real Estate Investment 5,
Slide 4: GAAP Statements of Operations
GAAP STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 REVENUES Lease Revenue $ 148,950 $ 128,957 $ 295,556 $ 253,869 Joint Venture Fees 1,843 37 2,916 74 Other Revenue 1,430 1,055 3,1
Slide 5: Supplemental Statements of Operations
SUPPLEMENTAL STATEMENTS OF OPERATIONS (A) (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Rent Revenue $ 116,949 $ 100,583 $ 231,406 $ 196,461 Tenant Recoveries and Other Revenue, Including Joint Ventur
Slide 6: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (A) (UNAUDITED) (IN THOUSANDS) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 54,636 $ 116,991 $ 110,603 $ 153,249 Depreciation
Slide 7: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (UNAUDITED) (IN THOUSANDS) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 REVENUES Lease Revenue per GAAP Statements of Operations $ 148,950 $ 128,957 $ 295,556 $ 253,869 Tenant Recovery Revenue (1) (32
Slide 8: Equity Analysis
EQUITY ANALYSIS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 WEIGHTED AVERAGE COMMON STOCK/UNITS Basic Weighted Average Shares/Units Outstanding 134,702 134,278 134,694 134,176 Weighted Average Share
Slide 9: Debt Analysis
DEBT ANALYSIS (1) (UNAUDITED) (IN THOUSANDS) Three Months Ended Six Months Ended DEBT OUTSTANDING June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Average Outstanding Balance Mortgage Loan Payable, Net (2) $ 10,167 $ 56,123 $ 10,206 $ 67,619 Unsecured Credit Facility (3) 227,989 242,165 182,0
Slide 10: 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 2023 - 2024 496 — — — 496 4.17% (4)
Slide 11: Debt Covenant Analysis and Credit Ratings
DEBT COVENANT ANALYSIS AND CREDIT RATINGS (UNAUDITED) Current Covenant June 30, 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 Inc
Slide 12: Property Overview
PROPERTY OVERVIEW (UNAUDITED) As Of TOTAL PORTFOLIO June 30, 2023 June 30, 2022 Number of Properties In Service (1) 422 417 Completed Developments, Not In Service 10 3 Acquisitions/Redevelopments, Not In Service (2) 3 2 Total Number of Properties 435 422 Properties Under Construction 9 21 Land Area
Slide 13: Same Store Analysis
SAME STORE ANALYSIS (1) (UNAUDITED) (DOLLARS IN THOUSANDS) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 % Change 2023 2022 % Change Average Daily Occupancy Same Store Properties 97.6% 97.9% (0.3%) 98.0% 97.8% 0.2% Same Store Portfolio Analysis (Straight-Line Basis) (1) Same Store
Slide 14: Leasing Activity
LEASING ACTIVITY (UNAUDITED) PORTFOLIO LEASING STATISTICS (1) 2023 For the Three Months Ended June 30 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) (By
Slide 15: 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 JUNE 30, 2023) AVERAGE DAILY OCCUPANCY RATES AVERAGE OCCUPIED SQUARE FOOT (1) % OF GLA CURRENT QUARTER QUARTER END MARKET GLA TOTAL RENT REVENUE % OCCUPANC
Slide 16: Portfolio Statistics and Largest Tenants
PORTFOLIO STATISTICS AND LARGEST TENANTS (UNAUDITED) (AS OF JUNE 30, 2023) NUMBER OF AVERAGE IN SERVICE IN SERVICE PROPERTIES BASE RENT % OCCUPANCY IN SERVICE GROSS LEASABLE AREA (GLA) PROPERTY SIZE (GLA) PROPERTY TYPE (1) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Bulk Warehouse 188 189 72%
Slide 17: 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) Average Net Rent (2) Net Rent Expir
Slide 18: 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 19: 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 20: Summary of Under Construction and Planned Developments
SUMMARY OF UNDER CONSTRUCTION AND PLANNED DEVELOPMENTS (UNAUDITED) DEVELOPMENTS UNDER CONSTRUCTION AT JUNE 30, 2023 (3) ESTIMATED BUILDING ESTIMATED INVESTMENT DEVELOPMENT LOCATION COMPLETION SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Elm Logistics Center Fontana, CA Q3 2023 8
Slide 21: Summary of In Service and Completed Developments
SUMMARY OF IN SERVICE AND COMPLETED DEVELOPMENTS (UNAUDITED) DEVELOPMENTS PLACED IN SERVICE - SIX MONTHS ENDED JUNE 30, 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 202
Slide 22: Developable Site Inventory
DEVELOPABLE SITE INVENTORY (UNAUDITED) (AS OF JUNE 30, 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 Arlington Commerce Center III @ I-20 6.1 82,000
Slide 23: 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 24: 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 25: Components of NAV
COMPONENTS OF NAV (UNAUDITED) (IN THOUSANDS) (AS OF JUNE 30, 2023) Quarterly NOI $ 111,119 (1) Stabilized Occupancy Adjustment (97.0% Occupancy) (1,098) (2) Sales, Acquisitions/Developments Placed in Service and Developable Land Run Rate Adjustment 391 (3) Stabilized Completed Developments Not in Se
Slide 26: Outlook
OUTLOOK (UNAUDITED) 2023 Estimate Current Guidance Low End of High End of Guidance for 2023 Guidance for 2023 (Per Share/Unit) (Per Share/Unit) Net Income $ 1.40 $ 1.48 Add: Real Estate Depreciation/Amortization 1.20 1.20 Less: Gain on Sale of Real Estate, Net of Allocable Income Tax Provision (Incl
Slide 27: 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
First Industrial Realty Trust — Q2 2023 Earnings Presentation on 6ix