First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Citi 2015 Global Property CEO Conference
34 slides from First Industrial Realty Trust's conference presentation, March 2015
Slide 1: Investor Presentation Citi 2015 Global Property CEO Conference
Investor Presentation Citi 2015 Global Property CEO Conference March 2015
Slide 2: Safe Harbor
Safe Harbor This presentation may 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 conta
Slide 3: Why FR?
Why FR? • Focused strategy: Deliver sustainable cash flow growth through leasing and Tested Leadership disciplined portfolio and capital management and Platform • Local market expertise for management, leasing, 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 4Q14) Income Southern California Nashville So. California 11.7% Phoenix Chicago
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 2.2 94.3 92.9 0 6.3 2009 2010 2011 2012 2013 2014 89.9 5 4.2 -3.4 87.9 -5 -4.7 2.7 85.0 -6.9 -10 0.1 82.0 0 -11.8 2009 2010 2011 2012 2013 2014 -15 -15.1 -2.7 75 -3.8 2009 2010 2011 2012 2013 2014 -5 -
Slide 6: Drive to 95%! Ten Key Bulk Opportunities
Drive to 95%! Ten Key Bulk Opportunities Per Investor Day November 2013 Vacant SF as of Vacant SF as of Market Property 9/30/13 12/31/14 Los Angeles First Dominguez Gateway Center 213,544 0 Chicago 9501 Nevada 118,670 Sold Atlanta 596 Bonnie Valentine 212,525 106,525 Central & Eastern PA 18212 Shawl
Slide 7: 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 6.7% 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 8: First Arrowhead Business Center
First Arrowhead Business Center Summary Square Feet: 220,324 Investment: $18.2M(1) / $83/SF In-Place Yield: 4.6% In-Place Occupancy: 71% Stabilized Yield: 6.7% Potential Annual NOI $1.3M Impact: (1) Estimated total investment is expected to be $20.2M due to costs related to stabilizing the vacant bu
Slide 9: Rivertown Distribution Center
Rivertown Distribution Center Summary Square Feet: 251,968 Investment: $13.4M / $53/SF In-Place Yield: 7.3% In-Place Occupancy: 100% Annual NOI Impact: $1.0M 9
Slide 10: Aldrin Distribution Center
Aldrin Distribution Center Summary Square Feet: 200,000 Investment: $12.0M / $60/SF In-Place Yield: 6.7% In-Place Occupancy: 100% Annual NOI Impact: $0.8M 10
Slide 11: 4710 Guasti Road
4710 Guasti Road Summary Square Feet: 133,342 Investment: $10.6M / $79/SF In-Place Yield: 5.6% In-Place Occupancy: 100% Annual NOI Impact: $0.6M 11
Slide 12: 16875 Heacock Street
16875 Heacock Street Summary Square Feet: 225,450 Investment(1): $10.0M / $44/SF In-Place Yield: 6.4% In-Place Occupancy: 100% Annual NOI Impact: $0.65M 12 (1) Leasehold interest with 40 years remaining plus two 10-year options.
Slide 13: 401 Airport Road
401 Airport Road Summary Square Feet: 53,260 Investment: $3.2M / $60/SF In-Place Yield: 7.1% In-Place Occupancy: 100% Annual NOI Impact: $0.2M 13
Slide 14: 2014 Placed In Service Developments
2014 Placed In Service Developments Total GAAP % Name Market Investment SF $/SF Yield Occupancy First Logistics Center @ I-83 Central PA $35.3M 708,000 $50 8.5% 100% First Bandini Logistics Center S. California $55.0M 489,038 $112 6.0% 100% Rust-Oleum Expansion(1) Chicago $8.4M 250,243 $34 6.8% 100%
Slide 15: First Logistics Center @ I-83
First Logistics Center @ I-83 Summary Square Feet: 708,000 Investment: $35.3M / $50/SF GAAP Yield: 8.5% Completed: 4Q13 15
Slide 16: First Bandini Logistics Center
First Bandini Logistics Center Summary Square Feet: 489,038 Investment: $55.0M / $112/SF GAAP Yield: 6.0% Completed: 4Q13 16
Slide 17: Rust-Oleum Expansion
Rust-Oleum Expansion Summary Square Feet: 250,243 Investment: $8.4M / $34/SF GAAP Yield: 6.8% Completed: 2Q14 17
Slide 18: First Figueroa Logistics Center
First Figueroa Logistics Center Summary Square Feet: 43,485 Investment: $8.5M / $196/SF GAAP Yield: 4.0% Completion Date: 2Q14 18
Slide 19: Interstate North Business Park I
Interstate North Business Park I Summary Square Feet: 96,787 Investment: $8.0M / $83/SF GAAP Yield: 8.9% Completed: 4Q14 19
Slide 20: New Development – Completed or In Process
New Development – Completed or In Process Estimated Total Yield % Estimated Name Market SF Investment $/SF (GAAP) Leased Completion First 36 Logistics Center S. California 555,670 $31.6M $57 6.8% 0% 2Q14 First Northwest Commerce Center Houston 350,820 $19.7M $56 8.1% 0% 4Q14 Interstate North Busines
Slide 21: First 36 Logistics Center @ Moreno Valley, CA
First 36 Logistics Center @ Moreno Valley, CA Summary Square Feet: 555,670 Investment: $31.6M / $57/SF Yield(1): 6.8% Completed: 2Q14 21 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 22: First Northwest Commerce Center
First Northwest Commerce Center Summary Square Feet: 350,820 Estimated Investment: $19.7M / $56/SF Estimated Yield(1): 8.1% Completed: 4Q14 22 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 23: Interstate North Business Park II
Interstate North Business Park II Summary Square Feet: 142,290 Estimated $10.7M / $75/SF Investment: Estimated Yield(1): 7.3% Completed: 4Q14 23 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 24: First Pinnacle Industrial Center
First Pinnacle Industrial Center Summary Square Feet: 598,445 Estimated Investment: $25.7M / $43/SF Estimated Yield(1): 7.5% Completion By: 1Q/2Q15 24 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis. Two building project (376,601 SF and 221,844 SF).
Slide 25: First Arlington Commerce Center @ I-20
First Arlington Commerce Center @ I-20 Summary Square Feet: 153,000 Estimated $9.5M / $62/SF Investment: Estimated Yield(1): 6.4% Completion By: 2Q15 25 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis.
Slide 26: 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 26 (1) Estimated yield based on first year stabilized NOI over GAAP investment basis. Two building project (341,400 SF and 243,360 SF).
Slide 27: Developable Land
Developable Land 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, TX
Slide 28: First Park @ Ocean Ranch
First Park @ Ocean Ranch 1Q15 Start – Total of 237,000 SF, 3 Buildings(1) First Park @ Ocean Ranch 28 (1) Estimated yield of 6.7% based on first year stabilized NOI over GAAP investment basis; targeted completion of 4Q15.
Slide 29: 2014 Sales Summary
2014 Sales Summary Balance Sheet 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 29
Slide 30: Upgrading the Portfolio Through 2014
Upgrading the Portfolio Through 2014 Investments (2010+) + $550M+(1) 9.0 MSF 6.7% Cap (GAAP) FR Portfolio (3Q10) = 34% by $ $2.9B = 31% by SF 68.9 MSF - Dispositions (4Q10+) $428M 12.1 MSF 6.0% Cap (TTM) (1) Through 12/31/14. Reflects full development cost of First 36, First Figueroa, First
Slide 31: Improved Financial Profile: Significantly Strengthened Balance Sheet
Improved Financial Profile Significantly Strengthened Balance Sheet Net Debt/Preferred Stock: Reduced by approximately $969M through 4Q14 $2,309 (millions) Net Debt & $2,000 Pref. Stock/ EBITDA 11.1x $1,800 $1,744 Net Debt & Pref. Stock/ $1,600 EBITDA 8.8x $1,400 $1,340 Net Debt & Pref. Stock/ EBITD
Slide 32: Laddered Debt Maturities
Laddered Debt Maturities (as of December 31, 2014) (millions) Secured Unsecured $300 3.23% 4.23% $250 6.24% $200 6.42% 4.56% $150 $100 4.03% 7.64% 7.58% $50 5.58% $0 (2) (1) 2015 2016 2017 2018 2019 2020 2021 2022 Thereafter (1) Assumes 4+1 maturity for LOC renewal. 32 (2) Assumes prepayment of a $2
Slide 33: Strategy for Success
Strategy for Success Leasing and Operations Capital Portfolio Management Management Management • Drive to 95% by YE 2015 • Conservative and Flexible • Selective Acquisitions • Grow Rents Balance Sheet • Targeted Development • Normalize TI/LC/CapEx • Strong Credit Ratios Opportunities • Customer Serv
Slide 34: Q&A March 2015
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