First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Investor Day (November 2013)
90 slides from First Industrial Realty Trust's investor day presentation, Nov 12, 2013
Slide 1: Southern California Property Tour and Market Reviews
Southern California Property Tour and Market Reviews First Industrial Investor Day | November 12, 2013
Slide 2: Safe Harbor
Safe Harbor This presentation contains certain 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 such forward-looking statements to be covered by the safe harbor provisions for forward-looking
Slide 3: Agenda
Agenda I. Southern California • Inland Empire – Tour and Market Review • Los Angeles – Tour and Market Review • San Diego – Market Review II. Additional Market Reviews • Seattle • Phoenix • Salt Lake City • Denver • Houston 3
Slide 4: Southern California Market
Southern California Market • Population: 24 million • 2012 GDP: – Los Angeles: $671 billion – Riverside/San Bernardino/Ontario: $97 billion – San Diego/Carlsbad: $155 billion 12925 Marlay Avenue Fontana, CA • Largest container port in the U.S. • Largest employment sectors: trade/ transportation, gov
Slide 5: First Industrial Southern California Portfolio
First Industrial Southern California Portfolio • 40 properties* • 3.5 MSF – 5.7% of total • 9.7% of rental income • Occupancy: 87% as of 3Q13 27801 Avenue Scott Santa Clarita, CA – Average Base Rent: $6.87 per SF 3Q13 Rental Avg. Bldg Occupancy Income Ann. Ceiling Avg. Property Type Count SF (MSF) A
Slide 6: Southern California Property Map
Southern California Property Map 20 19 21-27 17 1 16 34 11 18 32 31 12-15 2-10 28-30 33 35-42 43 45 44 46-47 6
Slide 7: Southern California Property List
Southern California Property List Address City Property Type SF 1 First Bandini Logistics Center(1) - 5555 Bandini Boulevard Bell Bulk Distribution 489,000 2 18201-18291 Santa Fe Rancho Dominguez Bulk Distribution 141,100 3 2835 East Ana Street Rancho Dominguez Light Industrial 70,000 4 First Doming
Slide 8: Southern California Property List (con't)
Southern California Property List (con’t) Address City Property Type SF 24 1270 Rancho Conejo Blvd Thousand Oaks Light Industrial 20,740 25 1280 Rancho Conejo Blvd Thousand Oaks Light Industrial 33,652 26 1290 Rancho Conejo Blvd Thousand Oaks Light Industrial 28,988 27 2300 Corporate Center Drive Th
Slide 9: Inland Empire Industrial Market
Inland Empire Industrial Market Completions (SF x 1000) 30,000 • 414 MSF Industrial Market 25,000 20,000 • Market Occupancy: 94.8% 15,000 • 7th largest in the U.S. 10,000 • Net absorption YTD: 10.7 MSF 5,000 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 16,000 18% 14,000 16% • Ports of LA and
Slide 10: Inland Empire – State of the Market
Inland Empire – State of the Market • New supply increasing but in balance with demand – 12.3 MSF under construction – 12.2 MSF of net absorption predicted for 2013, 7.0 MSF in 2014 • West Inland Empire vacancy of 4.0% • East Inland Empire vacancy of 6.9% • Continued recovery in consumer spending wi
Slide 11: Inland Empire Market – Tour Properties
Inland Empire Market – Tour Properties 1 2-4 11
Slide 12: Inland Empire Market – Tour Properties
Inland Empire Market – Tour Properties Address City Property Type SF First Chino Logistics Center 1 6185 Kimball Avenue Chino Bulk Distribution 300,300 First Inland Logistics Center and Potential Expansion* 2 24870 Nandina Avenue Moreno Valley Bulk Distribution 691,960 First 36 Logistics Center 3 NE
Slide 13: First Chino Logistics Center • Chino, CA
First Chino Logistics Center • Chino, CA 6185 Kimball Avenue Metropolitan City S. California/Inland Empire Submarket Inland Empire West Property Type Bulk Distribution Square Feet 300,300 Total Acres 16 Clear Height 32’ Building Depth 273 Dock High Doors 46 Drive-in Doors 2 Office Finish 2% 13
Slide 14: First Inland Logistics Center • Moreno Valley, CA
First Inland Logistics Center • Moreno Valley, CA 24870 Nandina Avenue Metropolitan City S. California/Inland Empire Submarket Inland Empire East Property Type Bulk Distribution Square Feet 691,960 Total Acres* 39 (excludes adjacent 9 acre expansion parcel) Clear Height 32’ Building Depth 670 Dock H
Slide 15: First Inland Logistics Center – Expansion
First Inland Logistics Center • Moreno Valley, CA Corner of San Michele / Perris Avenue - Expansion Metropolitan City S. California/Inland Empire Submarket Inland Empire East Property Type Developable Land Total Acres* 9 * Additional land developable to 189K SF; expandable to 394K SF if combined wit
Slide 16: First 36 Logistics Center • Moreno Valley, CA
First 36 Logistics Center • Moreno Valley, CA Corner of Perris Blvd & Edwin Rd Metropolitan City S. California/Inland Empire Submarket Inland Empire East Property Type Bulk Distribution Square Feet 555,670 Total Acres 28 Clear Height 36’ Building Depth 340 Dock High Doors 122 Drive-in Doors 1 Office
Slide 17: First Nandina Logistics Center Site • Moreno Valley, CA
First Nandina Logistics Center Site • Moreno Valley, CA Corner of Nandina and Indian Street Metropolitan City S. California/Inland Empire Submarket Inland Empire East Property Type Developable Land Square Feet ≈ 1,370,000 Total Acres 73 17
Slide 18: Los Angeles Market – Tour Properties
Los Angeles Market – Tour Properties 1 2-4 5-6 18
Slide 19: Los Angeles Industrial Market
Los Angeles Industrial Market Completions (SF x 1000) 5,000 4,000 • 995 MSF Industrial Market 3,000 • Market Occupancy: 97.8% 2,000 • Largest in the U.S. 1,000 • Net absorption YTD: 4.0 MSF 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 10,000 9% 8% • 2nd Largest MSA 5,000 0 7% 6% • Proximity t
Slide 20: Los Angeles – State of the Market
Los Angeles – State of the Market • Vacancy of 2.2% in LA overall – South Bay: 2.3% – Commerce/Vernon: 2.1% • Irreplaceable infill real estate • No supply of new land • Redevelopment economics prohibitive in most cases – User buyers are significant drivers of pricing • Rents growth of 6.2% forecaste
Slide 21: Los Angeles Market – Tour Properties
Los Angeles Market – Tour Properties Address City Property Type SF First Bandini Logistics Center - 5555 Bandini Boulevard 1 Development In Process – Completed, In Lease-Up Bell Bulk Distribution 489,000 2 18201-18291 Santa Fe Rancho Dominguez Bulk Distribution 141,100 3 2835 East Ana Street Rancho
Slide 22: First Bandini Logistics Center • Bell, CA
First Bandini Logistics Center • Bell, CA 5555 Bandini Boulevard Metropolitan City S. California/Los Angeles Submarket Commerce/Vernon Property Type Bulk Distribution Square Feet 489,000 Total Acres 21 Clear Height 32’ Building Depth 580 Dock High Doors 71 Drive-in Doors 2 Office Finish 2% 22
Slide 23: 18201-18291 Santa Fe • Rancho Dominguez, CA
18201-18291 Santa Fe • Rancho Dominguez, CA Metropolitan City S. California/Los Angeles Submarket South Bay Property Type Bulk Distribution Square Feet 141,100 Total Acres 6 Clear Height 32’ Building Depth 495 Dock High Doors 29 Drive-in Doors 0 Office Finish 7% 23
Slide 24: 2835 East Ana Street • Rancho Dominguez, CA
2835 East Ana Street • Rancho Dominguez, CA Metropolitan City S. California/Los Angeles Submarket South Bay Property Type Light Industrial Square Feet 70,000 Total Acres 3 Clear Height 18’ Building Depth 200 Dock High Doors 11 Drive-in Doors 0 Office Finish 10% 24
Slide 25: First Dominguez Gateway Center
First Dominguez Gateway Center 3015 East Ana Street • Rancho Dominguez, CA Metropolitan City S. California/Los Angeles Submarket South Bay Property Type Bulk Distribution Square Feet 213,544 Total Acres 14 Clear Height 22’ Building Depth 480 Dock High Doors 22 Drive-in Doors 0 Office Finish 7% 25
Slide 26: 19067 Reyes Avenue • Rancho Dominguez, CA
19067 Reyes Avenue • Rancho Dominguez, CA Metropolitan City S. California/Los Angeles Submarket South Bay Property Type Bulk Distribution Square Feet 173,000 Total Acres 7 Clear Height 21’ Building Depth 415 Dock High Doors 7 Drive-in Doors 9 Office Finish 5% 26
Slide 27: 19021 Reyes Avenue • Rancho Dominguez, CA
19021 Reyes Avenue • Rancho Dominguez, CA Metropolitan City S. California/Los Angeles Submarket South Bay Property Type Light Industrial Square Feet 23,240 Total Acres 6 Clear Height 20’ Building Depth 393 Dock High Doors 60 Drive-in Doors 0 Office Finish 25% 27
Slide 28: San Diego Industrial Market
San Diego Industrial Market Completions (SF x 1000) 14,000 • 201 MSF Industrial Market 12,000 10,000 • Market Occupancy: 91.6% 8,000 6,000 • 26th largest in the U.S. 4,000 • Net absorption YTD: 3.0 MSF 2,000 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 8,000 18% 6,000 16% • Government/Defense
Slide 29: San Diego – State of the Market and FR Position
San Diego – State of the Market and FR Position • Market recovery much slower than LA and Inland Empire • Low velocity, significant competition in smaller spaces • FR portfolio largely competes in this segment – Focus is on occupancy • Rent growth forecast: 2.0% in 2013, 3.6% in 2014 • Asset Pricing
Slide 30: 6305 El Camino Real • Carlsbad, CA
6305 El Camino Real • Carlsbad, CA Metropolitan City S. California/San Diego Submarket Carlsbad Property Type Light Industrial Square Feet 67,240 Total Acres 4 Clear Height 20’ Building Depth 125 Dock High Doors 7 Drive-in Doors 1 Office Finish 25% Lab/Tech Finish 38% 30
Slide 31: 2365 Camino Vida Roble • San Diego, CA
2365 Camino Vida Roble • San Diego, CA Metropolitan City S. California/San Diego Submarket Carlsbad Property Type Light Industrial Square Feet 16,440 Total Acres 1 Clear Height 21’ Building Depth 80 Dock High Doors 0 Drive-in Doors 1 Office Finish 39% 31
Slide 32: 8572 Spectrum Lane • San Diego, CA
8572 Spectrum Lane • San Diego, CA Metropolitan City S. California/San Diego Submarket Central County Property Type Regional Distribution Square Feet 28,210 Total Acres 2 Clear Height 22’ Building Depth 190 Dock High Doors 4 Drive-in Doors 0 Office Finish 81% 32
Slide 33: 13100 Gregg Street • San Diego, CA
13100 Gregg Street • San Diego, CA Metropolitan City S. California/San Diego Submarket Poway Property Type Regional Distribution Square Feet 41,775 Total Acres 3 Clear Height 24’ Building Depth 160 Dock High Doors 3 Drive-in Doors 5 Office Finish 19% 33
Slide 34: 16275 Technology Drive • San Diego
16275 Technology Drive • San Diego Metropolitan City San Diego Submarket Rancho Bernardo Property Type Light Industrial Square Feet 65,755 Total Acres 3 Clear Height 18’ Building Depth 158 Dock High Doors 0 Drive-in Doors 2 Office Finish 65% 34
Slide 35: Southern California Portfolio Summary
Southern California Portfolio Summary • Sought after, in-fill locations in LA • Expanding investment in Inland Empire – Beneficiary of growth in international trade • Improving cash flow via lease-up in San Diego • Seeking opportunities to grow portfolio further in LA and IE – Development – Redevelo
Slide 36: Seattle Market
Seattle Market • Population: 3.6 million (Seattle/Tacoma MSA) • 2012 nominal GDP: $259 Billion – 12th Largest U.S. MSA 18640 68th Avenue South Kent, WA • Largest employment sectors: aerospace/transportation, technology, professional services, government • Unemployment rate of 5.8% 36
Slide 37: Seattle (Puget Sound) Industrial Market
Seattle (Puget Sound) Industrial Market Completions (SF x 1000) 7,000 • 253 MSF Industrial Market 6,000 5,000 • Market Occupancy: 93.2% 4,000 3,000 • 16th largest in the U.S. 2,000 • Net absorption YTD: 2.3 MSF 1,000 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 8,000 14% 6,000 12% • Long-term
Slide 38: Seattle – State of the Market and FR Position
Seattle – State of the Market and FR Position • Strong demand given regional economic and job growth • Supply of new large distribution centers increasing – Developers underwriting growth tied to port and increasing consumer demand – 3.2 MSF under construction – 2.0 MSF of net absorption predicted f
Slide 39: First Industrial Seattle Portfolio
First Industrial Seattle Portfolio • 4 properties • 0.4 MSF – 0.6% of total • 1.0% of rental income • Occupancy: 100% as of 3Q13 3480 Marginal Way – Average Base Rent: $5.00 per SF Seattle, WA 3Q13 Rental Bldg Occupancy as Income Avg. Ceiling Avg. Property Type Count SF (MSF) Avg. SF of 9/30/13 Ann.
Slide 40: Seattle Property Map
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Slide 41: Seattle Property List
Seattle Property List Address City Property Type SF 1 1901 Raymond Ave. S.W. Renton Bulk Distribution 100,611 2 3480 Marginal Way Seattle Bulk Distribution 157,515 3 19014 64th Avenue South Kent Regional Distribution 79,750 4 18640 68th Ave. South Kent Regional Distribution 47,649 41
Slide 42: 1901 Raymond Avenue SW • Renton, WA
1901 Raymond Avenue SW • Renton, WA Metropolitan City Seattle Submarket Kent Valley South Property Type Bulk Distribution Square Feet 100,611 Total Acres 4 Clear Height 24’ Building Depth 250 Dock High Doors 16 Drive-in Doors 2 Office Finish 12% 42
Slide 43: 19014 64th Avenue South • Kent, WA
19014 64th Avenue South • Kent, WA Metropolitan City Seattle Submarket Kent Valley South Property Type Regional Distribution Square Feet 79,750 Total Acres 4 Clear Height 28’ Building Depth 185 Dock High Doors 12 Drive-in Doors 2 Office Finish 12% 43
Slide 44: Seattle Summary
Seattle Summary • Manage existing portfolio • Monitor the market for opportunities to expand portfolio – Competitive pricing for leased assets – Development sites sought after 44
Slide 45: Phoenix Market
Phoenix Market • Population: 3.3 million • 2012 nominal GDP: $202 Billion – 15th Largest U.S. MSA 14131 North Rio Vista Blvd • Largest employment sectors: Peoria, AZ trade/transportation, professional services, education/health, government, hospitality • Unemployment rate: 6.8% 1590 East Riverview D
Slide 46: Phoenix Industrial Market
Phoenix Industrial Market Completions (SF x 1000) 14,000 • 281 MSF Industrial Market 12,000 10,000 • Market Occupancy: 88.0% 8,000 6,000 • 13th largest in the U.S. 4,000 2,000 • Net absorption YTD: 2.2 MSF 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 10,000 25% 8,000 • Distribution demand, in
Slide 47: Phoenix – State of the Market and FR Position
Phoenix – State of the Market and FR Position • Economic recovery driving absorption of distribution space • New supply of distribution facilities growing, but mostly BTS – 6.4 MSF under construction, 67% BTS – 5.1 MSF of net absorption predicted for 2013, 4.4 MSF in 2014 • Available land and econom
Slide 48: First Industrial Phoenix Portfolio
First Industrial Phoenix Portfolio • 11 properties • 1.1 MSF – 1.8% of total • 1.7% of rental income • Occupancy: 87% as of 3Q13 50 South 56th Street – Average Base Rent: $4.90 per SF Chandler, AZ 3Q13 Rental Bldg Occupancy as Income Avg. Ceiling Avg. Property Type Count SF (MSF) Avg. SF of 9/30/13
Slide 49: Phoenix Property Map
Phoenix Property Map 10 11 2 4 3 5 1 6 7 8 9 49
Slide 50: Phoenix Property List
Phoenix Property List Address City Property Type SF 1 9180 W. Buckeye Road Tolleson Bulk Distribution 197,526 2 7102 W. Roosevelt Phoenix Bulk Distribution 153,600 3 4701 W. Jefferson Phoenix Bulk Distribution 131,000 4 3815 W. Washington St. Phoenix Regional Distribution 90,000 5 4137 West Adams St
Slide 51: 7102 West Roosevelt • Phoenix, AZ
7102 West Roosevelt • Phoenix, AZ Metropolitan City Phoenix Submarket Southwest Property Type Bulk Distribution Square Feet 153,600 Total Acres 8 Clear Height 30’ Building Depth 250 Dock High Doors 22 Drive-in Doors 2 Office Finish 4% 51
Slide 52: 8716 Ludlow Drive • Peoria, AZ
8716 Ludlow Drive • Peoria, AZ Metropolitan City Phoenix Submarket Northwest Phoenix Property Type Bulk Distribution Square Feet 123,048 Total Acres 8 Clear Height 30’ Building Depth 148 Dock High Doors 18 Drive-in Doors 18 Office Finish 20% 52
Slide 53: Phoenix Summary
Phoenix Summary • Well-located, predominantly distribution portfolio • Drive cash flow/value through lease-up of available spaces • Selective new investment 53
Slide 54: Salt Lake City Market
Salt Lake City Market • Population: 1.0 million • 2012 nominal GDP: $72 billion – 42nd Largest U.S. MSA 1142 West 2320 South • Largest employment sectors: finance, West Valley City, UT real estate, government, durable goods manufacturing • Unemployment rate: 4.5% 1272 West 2240 South Salt Lake City,
Slide 55: Salt Lake City Industrial Market
Salt Lake City Industrial Market Completions (SF x 1000) 3,500 • 119 MSF Industrial Market 3,000 2,500 • Market Occupancy: 95.3% 2,000 1,500 • 34th largest in the U.S. 1,000 • Net absorption YTD: 0.2 MSF 500 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 4,000 12% 3,000 • Strong local economy 1
Slide 56: Salt Lake City – State of the Market and FR Position
Salt Lake City – State of the Market and FR Position • Strong regional economy with good business climate • Some new supply of distribution facilities – 0.7 MSF under construction – 0.6 MSF of net absorption predicted for 2013, 2.5 MSF in 2014 • FR’s SLC portfolio: Lease-up to drive occupancy and ca
Slide 57: First Industrial Salt Lake City Portfolio
First Industrial Salt Lake City Portfolio • 41 properties • 1.1 MSF – 1.8% of total • 1.8% of rental income • Occupancy: 84% as of 3Q13 1152 West 2240 South – Average Base Rent: $5.18 per SF West Valley City, UT 3Q13 Rental Bldg Occupancy as Income Avg. Ceiling Avg. Property Type Count SF (MSF) Avg.
Slide 58: Salt Lake City Property Map
Salt Lake City Property Map 2 4-13 1 14-15 3 58
Slide 59: Salt Lake City Property List
Salt Lake City Property List Address City Property Type SF 1 2323 South 900 W Salt Lake City Regional Distribution 122,900 2 1815-1957 South 4650 West Salt Lake City Bulk Distribution 279,179 3 350 Ironwood Drive Salt Lake City Light Industrial 384,305 4 1270 West 2320 South West Valley City R & D/F
Slide 60: 1815-1957 South 4650 West • Salt Lake City, UT
1815-1957 South 4650 West • Salt Lake City, UT Metropolitan City Salt Lake City Submarket California Property Type Bulk Distribution Square Feet 279,179 Total Acres 13 Clear Height 28’ Building Depth 268 Dock High Doors 33 Drive-in Doors 2 Office Finish 5% 60
Slide 61: 2064 Alexander Street • Salt Lake City, UT
2064 Alexander Street • Salt Lake City, UT Metropolitan City Salt Lake City Submarket West Valley Property Type Light Industrial Square Feet 66,000 Total Acres 4 Clear Height 20’ Building Depth 167 Dock High Doors 6 Drive-in Doors 5 Office Finish 41% 61
Slide 62: 350 Ironwood Drive • Salt Lake City, UT
350 Ironwood Drive • Salt Lake City, UT Metropolitan City Salt Lake City Submarket Southwest SLC Property Type Light Industrial Square Feet 384,305 Total Acres 35 Clear Height 12’ average Building Depth Varies Dock High Doors 4 Drive-in Doors 65 Office Finish 48% 62
Slide 63: Metro Business Park • Salt Lake City, UT
Metro Business Park • Salt Lake City, UT Metropolitan City Salt Lake City Submarket Southwest SLC Property Type Light Industrial & R&D/Flex Square Feet 239,557 Total Acres 18 Clear Height 18’ average Building Depth Varies Dock High Doors 15 Drive-in Doors 24 Office Finish 69% 63
Slide 64: Salt Lake City Summary
Salt Lake City Summary • Attractive business environment drives broad-based leasing demand • Drive cash flow/value through lease-up of available spaces • Potential to recycle assets • Selective new investment 64
Slide 65: Denver Market
Denver Market • Population: 2.6 million • 2012 nominal GDP: $168 billion – 18th Largest U.S. MSA • Largest employment sectors: 11701 East 53rd Avenue education/health, transportation, retail, Denver, CO government • Unemployment rate: 6.7% 5885 Stapleton Drive North Denver, CO 65
Slide 66: Denver Industrial Market
Denver Industrial Market Completions (SF x 1000) 5,000 • 224 MSF Industrial Market 4,000 • Market Occupancy: 95.3% 3,000 2,000 • 21st largest in the U.S. 1,000 • Net absorption YTD: 1.5 MSF 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 6,000 14% 12% • Growing local economy 4,000 10% • Food pro
Slide 67: Denver – State of the Market and FR Position
Denver – State of the Market and FR Position • Growth in the local economy driving demand for industrial across spectrum of sizes/types • 2.2 MSF under construction – 4.8 MSF of net absorption predicted for 2013, 0.5 MSF in 2014 • FR portfolio: Average size of 60K SF, tenant base of diverse business
Slide 68: First Industrial Denver Portfolio
First Industrial Denver Portfolio • 48 properties • 2.8 MSF – 4.6% of total • 5.7% of rental income • Occupancy: 94% as of 3Q13 7367 South Revere Parkway – Average Base Rent: $5.90 per SF Centennial, CO 3Q13 Rental Bldg Occupancy as Income Avg. Ceiling Avg. Property Type Count SF (MSF) Avg. SF of 9/
Slide 69: Denver Property Map
Denver Property Map 24 25-28 23 29-31 9-11 12 32-35 13-14 5-8 15-1821-22 2-4 19 20 1 36 37-41 43-44 42 45 46 69
Slide 70: Denver Property List
Denver Property List Address City Property Type SF 1 445 Bryant Street Denver Regional Distribution 292,471 2 3811 Joliet Denver Regional Distribution 124,290 3 3250 Quentin Street Aurora Light Industrial 144,464 4 3851-3871 Revere Denver Regional Distribution 75,265 5 5885 Stapleton Drive North Den
Slide 71: Denver Property List (con't)
Denver Property List (con’t) Address City Property Type SF 24 4001 Salazar Way Frederick Bulk Warehouse 187,259 25 1130 W. 124th Ave Westminster Light Industrial 39,434 26 960 W. 124th Avenue Westminster Light Industrial 39,434 27 1020 W. 124th Avenue Westminster Light Industrial 33,419 28 1070 W. 1
Slide 72: 18150 E. 32nd Place • Aurora, CO
18150 E. 32nd Place • Aurora, CO Metropolitan City Denver Submarket Northeast Denver Property Type Regional Distribution Square Feet 81,564 Total Acres 6 Clear Height 24’ Building Depth 178 Dock High Doors 29 Drive-in Doors 4 Office Finish 20% 72
Slide 73: 3400 Fraser Street • Aurora, CO
3400 Fraser Street • Aurora, CO Metropolitan City Denver Submarket Northeast Denver Property Type Bulk Distribution Square Feet 110,400 Total Acres 5 Clear Height 22’ Building Depth 200 Dock High Doors 20 Drive-in Doors 1 Office Finish 8% 73
Slide 74: 7005 East 46th Avenue • Denver, CO
7005 East 46th Avenue • Denver, CO Metropolitan City Denver Submarket Airport Corridor Property Type Light Industrial Square Feet 36,828 Total Acres 2 Clear Height 21’ Building Depth 156 Dock High Doors 14 Drive-in Doors 1 Office Finish 10% 74
Slide 75: 4001 Salazar Way • Frederick, CO
4001 Salazar Way • Frederick, CO Metropolitan City Denver Submarket Frederick Property Type Bulk Distribution Square Feet 187,259 Total Acres 14 Clear Height 28’ Building Depth 360 Dock High Doors 28 Drive-in Doors 1 Office Finish 20% 75
Slide 76: Denver Summary
Denver Summary • Portfolio reflects local distribution and service nature of the Denver economy • Drive cash flow/value through lease-up of available spaces • Refine portfolio through asset management process 76
Slide 77: Houston Market
Houston Market • Population: 6.2 million • 2012 nominal GDP: $449 billion – 4th Largest U.S. MSA • Largest employment sectors: trade, 8505 North Loop East transportation and utilities (energy), Houston, TX government, education/health, professional services, hospitality, manufacturing • Unemployment
Slide 78: Houston Industrial Market
Houston Industrial Market Completions (SF x 1000) 16,000 14,000 • 457 MSF Industrial Market 12,000 • Market Occupancy: 94.9% 10,000 8,000 • 6th largest in the U.S. 6,000 4,000 • Net absorption YTD: 4.0 MSF 2,000 0 2007 2008 2009 2010 2011 2012 2013F 2014F Drivers 15,000 12% • Energy-driven growing 1
Slide 79: Houston – State of the Market and FR Position
Houston – State of the Market and FR Position • Economy hitting on all cylinders driven by the energy sector • 9.9 MSF under construction – 10.3 MSF of net absorption predicted for 2013, 11.8 MSF in 2014 • Rents trending positive given low vacancy levels, positive net absorption • FR portfolio: 99%
Slide 80: First Industrial Houston Portfolio
First Industrial Houston Portfolio • 32 properties • 3.6 MSF – 5.8% of total • 5.2% of rental income • Occupancy: 99% as of 3Q13 2012 Edwards Street – Average Base Rent: $3.64 per SF Houston, TX 3Q13 Rental Bldg Occupancy as Income Avg. Ceiling Avg. Property Type Count SF (MSF) Avg. SF of 9/30/13 An
Slide 81: Houston Property Map
Houston Property Map 32 17 3-6 7-8 9 10 11 18 20- 22- 12- 14- 21 24-23 13 16 26 19 27- 29 30 31 1 2 81
Slide 82: Houston Property List
Houston Property List ADDRESS CITY PROPERTY TYPE SF 1 700 Industrial Blvd Sugar Land Regional Distribution 90,525 2 12705 S. Kirkwood Stafford R&D/Flex 45,898 3 8850 Jameel Houston R&D/Flex 21,740 4 8800 Jameel Houston R&D/Flex 21,725 5 8700 Jameel Houston R&D/Flex 21,886 6 8600 Jameel Houston R&D/F
Slide 83: Houston Property List (con't)
Houston Property List (con’t) ADDRESS CITY PROPERTY TYPE SF 17 4526 N Sam Houston Houston Ground Lease N/A - ADESA 18 3851 Yale Street Houston Light Industrial 132,554 19 2102-2314 Edwards Houston Light Industrial 115,248 20 4851 Homestead Road Houston Bulk Distribution 142,250 21 4749-4799 Eastpark
Slide 84: 8800 City Park Loop (Michelin) • Houston, TX
8800 City Park Loop (Michelin) • Houston, TX Metropolitan City Houston Submarket Northeast Houston Property Type Bulk Distribution Square Feet 663,821 Total Acres 41 Clear Height 26’ Building Depth 450 Dock High Doors 62 Drive-in Doors 0 Office Finish 1% 84
Slide 85: 1805-1815 Turning Basin Drive • Houston, TX
1805-1815 Turning Basin Drive • Houston, TX Metropolitan City Houston Submarket Southeast Houston Property Type 2 Bulk, 1 Light Industrial Square Feet 360,374, 3 buildings Total Acres 17 Clear Height 18’ to 22’ Building Depth 150 to 180 Dock High Doors 100 Drive-in Doors 13 Office Finish 15% 85
Slide 86: 11505 State Highway 225 • La Porte, TX
11505 State Highway 225 • La Porte, TX Metropolitan City Houston Submarket Far East Houston Property Type Bulk Distribution Square Feet 200,000 Total Acres 15 Clear Height 27’ Building Depth 630 Dock High Doors 17 Drive-in Doors 1 Office Finish 4% 86
Slide 87: 9835 Genard Road • Houston, TX
9835 Genard Road • Houston, TX Metropolitan City Houston Submarket Northwest Houston Property Type Bulk Distribution Square Feet 417,350 Total Acres 39 Clear Height 30’ Building Depth 436 Dock High Doors 81 Drive-in Doors 2 Office Finish 6% 87
Slide 88: First Northwest Commerce Center • Houston, TX
First Northwest Commerce Center • Houston, TX West Greens Road Metropolitan City Houston Submarket Northwest Houston Property Type Planned 2014 Start Bulk Distribution Square Feet ≈ 350,000 Total Acres 25 88
Slide 89: Houston Summary
Houston Summary • Push rents given market fundamentals • Execute on development of First Northwest Commerce development with planned start in 2014 • Target new investments, most likely land sites for development • Select asset recycling 89
Slide 90: Thank you for attending our tour
Thank you for attending our tour First Industrial Investor Day | November 12, 2013
First Industrial Realty Trust — Investor Day (November 2013) on 6ix