First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Q1 2023 Earnings Presentation
27 slides from First Industrial Realty Trust's earnings presentation, Apr 20, 2023
Slide 1: Supplemental Information First Quarter 2023
First Bordentown Logistics Center | Bordentown, NJ 208,000 Square Feet SUPPLEMENTAL INFORMATION FIRST 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) March 31, 2023 December 31, 2022 December 31, 2021 ASSETS Investment in Real Estate Land $ 1,648,867 $ 1,646,179 $ 1,387,198 Buildings and Improvements 3,487,413 3,442,957 3,020,221 Construction in Progress 265,720 253,903 239,025 Gross Real Estate Investmen
Slide 4: GAAP Statements of Operations
GAAP STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended March 31, 2023 March 31, 2022 REVENUES Lease Revenue $ 146,606 $ 124,912 Joint Venture Fees 1,073 37 Other Revenue 1,744 564 Total Revenues 149,423 125,513 EXPENSES Property Expenses 42,182 35,415 Gener
Slide 5: Supplemental Statements of Operations
SUPPLEMENTAL STATEMENTS OF OPERATIONS (A) (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended March 31, 2023 March 31, 2022 Rent Revenue $ 114,457 $ 95,878 Tenant Recoveries and Other Revenue, Including Joint Venture Fees, Net 34,182 29,635 Total Revenues 148,639 125,513 Propert
Slide 6: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (A) (UNAUDITED) (IN THOUSANDS) Three Months Ended March 31, 2023 March 31, 2022 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 55,967 $ 36,258 Depreciation and Other Amortization of Real Estate 39,527 33,680 Noncontroll
Slide 7: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (UNAUDITED) (IN THOUSANDS) Three Months Ended March 31, 2023 March 31, 2022 REVENUES Lease Revenue per GAAP Statements of Operations $ 146,606 $ 124,912 Tenant Recovery Revenue (1) (32,149) (29,034) Rent Revenue per Supplemental Statements of Oper
Slide 8: Equity Analysis
EQUITY ANALYSIS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended March 31, 2023 March 31, 2022 WEIGHTED AVERAGE COMMON STOCK/UNITS Basic Weighted Average Shares/Units Outstanding 134,686 134,073 Weighted Average Shares Outstanding 132,211 131,811 Diluted Weighted Average Shar
Slide 9: Debt Analysis
DEBT ANALYSIS (1) (UNAUDITED) (IN THOUSANDS) Three Months Ended DEBT OUTSTANDING March 31, 2023 March 31, 2022 Average Outstanding Balance Mortgage Loans Payable, Net (2) $ 10,246 $ 79,242 Unsecured Credit Facility (3) 135,689 152,567 Unsecured Term Loans (4) 925,000 460,000 Senior Unsecured Notes,
Slide 10: Debt Analysis, Continued
DEBT ANALYSIS, CONTINUED (1) (UNAUDITED) (IN THOUSANDS) DEBT MATURITY AND SCHEDULED PRINCIPAL AMORTIZATION (9) Mortgage Unsecured Unsecured Senior Weighted Average Loan Payable (2) Credit Facility (3) Term Loans (4) Unsecured Notes (5) Total Coupon Interest Rates 2023 - 2024 576 — — — 576 4.17% (4)
Slide 11: Debt Covenant Analysis and Credit Ratings
DEBT COVENANT ANALYSIS AND CREDIT RATINGS (UNAUDITED) Current Covenant March 31, 2023 SENIOR UNSECURED BONDS Indebtedness to Total Assets ≤ 60.0% 37.4% Total Unencumbered Assets to Unsecured Indebtedness ≥ 150.0% 265.6% Indebtedness Subject to Encumbrance to Total Assets ≤ 40.0% 0.2% Consolidated In
Slide 12: Property Overview
PROPERTY OVERVIEW (UNAUDITED) As Of TOTAL PORTFOLIO March 31, 2023 March 31, 2022 Number of Properties In Service (1) 420 408 Completed Developments, Not In Service 8 4 Acquisitions/Redevelopments, Not In Service (2) 3 2 Total Number of Properties 431 414 Properties Under Construction 11 20 Land Are
Slide 13: Same Store Analysis
SAME STORE ANALYSIS (1) (UNAUDITED) (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2023 2022 % Change Average Daily Occupancy Same Store Properties 98.4% 97.7% 0.7% Same Store Portfolio Analysis (Straight-Line Basis) (1) Same Store Revenues $ 128,614 $ 119,732 7.4% Same Store Property Expenses
Slide 14: Leasing Activity
LEASING ACTIVITY (UNAUDITED) PORTFOLIO LEASING STATISTICS (1) 2023 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 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 MARCH 31, 2023) AVERAGE DAILY OCCUPANCY RATES AVERAGE OCCUPIED SQUARE FOOT (1) CURRENT QUARTER END QUARTER RENT OCCUPANCY MARKET GLA % OF GLA TOTAL REVENUE
Slide 16: Portfolio Statistics and Largest Tenants
PORTFOLIO STATISTICS AND LARGEST TENANTS (UNAUDITED) (AS OF MARCH 31, 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 187 185 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 MARCH 31, 2023 (3) ESTIMATED BUILDING ESTIMATED INVESTMENT DEVELOPMENT LOCATION COMPLETION SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Logistics Center @ 283 Building B Elizabe
Slide 21: Summary of In Service and Completed Developments
SUMMARY OF IN SERVICE AND COMPLETED DEVELOPMENTS (UNAUDITED) DEVELOPMENTS PLACED IN SERVICE - THREE MONTHS ENDED MARCH 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
Slide 22: Developable Site Inventory
DEVELOPABLE SITE INVENTORY (UNAUDITED) (AS OF MARCH 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 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 $ — Total 2023 Sales — N/A $ — (1)
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 MARCH 31, 2023) (1) Quarterly NOI $ 103,899 (2) Stabilized Occupancy Adjustment (97.0% Occupancy) (2,078) (3) Sales, Acquisitions/Developments Placed in Service and Developable Land Run Rate Adjustment 437 (4) Stabilized Completed Developments Not
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 $ 1.28 $ 1.38 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
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