First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Q3 2025 Earnings Presentation
28 slides from First Industrial Realty Trust's earnings presentation, Oct 16, 2025
Slide 1: Supplemental Information Third Quarter 2025
First Park Miami | Medley, FL 1.4 Million Square Feet; Buildable up to 2.5 Million Square Feet SUPPLEMENTAL INFORMATION THIRD QUARTER 2025
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 (1) (UNAUDITED) Allocation of Rent Revenue as of September 30, 2025 (2) (1) The map excludes the markets of Minneapolis/St. Paul (2.3%), Detroit (0.7%) and Cincinnati (0.5%). (2) Current quarter rent revenue % excludes rent revenue from properties sold during Q3 2025. Q3 2025 S
Slide 4: Balance Sheets
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS) September 30, 2025 June 30, 2025 December 31, 2024 ASSETS Investment in Real Estate Land $ 1,839,302 $ 1,830,843 $ 1,795,136 Buildings and Improvements 4,122,894 4,029,755 3,897,284 Construction in Progress 207,020 234,164 153,972 Gross Real Estate Investmen
Slide 5: GAAP Statements of Operations
GAAP STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 REVENUES Lease Revenue $ 179,424 $ 165,909 $ 532,268 $ 487,719 Joint Venture Fees 388 413 1,120 1,686 Other
Slide 6: Supplemental Statements of Operations
SUPPLEMENTAL STATEMENTS OF OPERATIONS (A) (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Rent Revenue $ 141,841 $ 130,812 $ 419,669 $ 382,139 Tenant Recoveries and Other Revenue, I
Slide 7: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (A) (UNAUDITED) (IN THOUSANDS) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 65,306 $ 99,363 $ 168,594 $
Slide 8: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (UNAUDITED) (IN THOUSANDS) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 REVENUES Lease Revenue per GAAP Statements of Operations $ 179,424 $ 165,909 $ 532,268 $ 487,719 Tenant Rec
Slide 9: Equity Analysis
EQUITY ANALYSIS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 WEIGHTED AVERAGE COMMON STOCK/UNITS Basic Weighted Average Shares/Units Outstanding 135,479 135,099 135,461 135,088 W
Slide 10: Debt Analysis
DEBT ANALYSIS (1) (UNAUDITED) (IN THOUSANDS) Three Months Ended Nine Months Ended DEBT OUTSTANDING September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Average Outstanding Balance Mortgage Loan Payable (2) $ 9,413 $ 9,757 $ 9,499 $ 9,840 Unsecured Credit Facility (3) 55,967 24
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 2025 88 — — — 88 4.17% 2026 364 — 30
Slide 12: Debt Covenant Analysis and Credit Ratings
DEBT COVENANT ANALYSIS AND CREDIT RATINGS (UNAUDITED) Current Covenant September 30, 2025 SENIOR UNSECURED BONDS (1) Indebtedness to Total Assets ≤ 60.0% 38.1% Total Unencumbered Assets to Unsecured Indebtedness ≥ 150.0% 259.3% Indebtedness Subject to Encumbrance to Total Assets ≤ 40.0% 0.1% Consoli
Slide 13: Property Overview
PROPERTY OVERVIEW (UNAUDITED) As Of TOTAL PORTFOLIO September 30, 2025 September 30, 2024 Number of Properties In Service (1) 414 417 Completed Developments, Not In Service 3 4 Acquisitions/Redevelopments, Not In Service — — Total Number of Properties 417 421 Properties Under Construction 6 5 Land A
Slide 14: Same Store Analysis
SAME STORE ANALYSIS (1) (UNAUDITED) (DOLLARS IN THOUSANDS) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Change 2025 2024 % Change Average Daily Occupancy Same Store Properties 94.6% 95.4% (0.8%) 95.0% 95.3% (0.3%) Same Store Portfolio Analysis (Straight-Line Basis) (1
Slide 15: Leasing Activity
LEASING ACTIVITY (UNAUDITED) PORTFOLIO LEASING STATISTICS (1) 2025 For the Three Months Ended September 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
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 SEPTEMBER 30, 2025) 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 SEPTEMBER 30, 2025) 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 5.9% 1 Amazon.com Services 4,227,380 6.2% 2 Lowe’s H
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: 2025 Property Acquisition Summary
2025 PROPERTY ACQUISITION SUMMARY (UNAUDITED) PURCHASE PRICE STABILIZED EXPECTED ADDRESS/PORTFOLIO MARKET SQUARE FEET GROSS LAND ACREAGE (In Millions) CAP RATE (1) Camelback 303 Buildings A & B (2) Phoenix 796,196 $ 120.0 First Quarter Property Acquisitions 796,196 120.0 6.4% First Park New Castle P
Slide 20: 2024 Property Acquisition Summary
2024 PROPERTY ACQUISITION SUMMARY (UNAUDITED) PURCHASE PRICE STABILIZED EXPECTED ADDRESS/PORTFOLIO MARKET SQUARE FEET GROSS LAND ACREAGE (In Millions) CAP RATE (1) No acquisitions in first quarter. First Quarter Property Acquisitions — — —% Total First Quarter Acquisitions — N/A $ — 3870 Seville Ave
Slide 21: Summary of Under Construction and Not in Service Developments
SUMMARY OF UNDER CONSTRUCTION AND NOT IN SERVICE DEVELOPMENTS (3) (UNAUDITED) DEVELOPMENTS UNDER CONSTRUCTION AT SEPTEMBER 30, 2025 ESTIMATED BUILDING ESTIMATED INVESTMENT DEVELOPMENT LOCATION COMPLETION SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Park 33 Buildings I & II Easto
Slide 22: Summary of In Service Developments
SUMMARY OF IN SERVICE DEVELOPMENTS (UNAUDITED) DEVELOPMENTS PLACED IN SERVICE - NINE MONTHS ENDED SEPTEMBER 30, 2025 PLACED IN SERVICE ESTIMATED INVESTMENT DEVELOPMENT LOCATION DATE SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Wilson Logistics Center II Perris, CA Q1 2025 154,55
Slide 23: Developable Site Inventory
DEVELOPABLE SITE INVENTORY (UNAUDITED) (AS OF SEPTEMBER 30, 2025) 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
Slide 24: 2025 Property Sales Summary
2025 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) 28435 Automation Blvd. & 47711 Clipper Street Detroit 99,926 $ 11.9 First Quarter Property Sales 99,926 11.9 7.1% 7.1% Total First Q
Slide 25: 2024 Property Sales Summary
2024 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) Windisch Portfolio Cincinnati 278,000 $ 33.0 Sky Harbor Portfolio Chicago 93,059 7.4 100 Kay Industrial Drive Detroit 53,550 6.2 293
Slide 26: Components of NAV
COMPONENTS OF NAV (UNAUDITED) (IN THOUSANDS) (AS OF SEPTEMBER 30, 2025) Quarterly NOI $ 134,762 (1) Stabilized Occupancy Adjustment (97.0% Occupancy) 6,161 (2) Sales, Acquisitions/Developments Placed in Service and Developable Land Run Rate Adjustment 570 (3) Stabilized Completed Developments Not in
Slide 27: Outlook
OUTLOOK (UNAUDITED) 2025 Estimate Current Guidance (1) Low End of High End of Guidance for 2025 Guidance for 2025 (Per Share/Unit) (Per Share/Unit) Net Income Available to Common Stockholders and Unitholders $ 1.67 $ 1.71 Add: Depreciation and Other Amortization of Real Estate * 1.36 1.36 Less: Gain
Slide 28: Definitions of Non-GAAP Financial Measures
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES (A) Investors and analysts in the real estate industry commonly use funds from operations ("FFO"), net operating income ("NOI"), adjusted EBITDA and adjusted funds from operations ("AFFO") as supplemental performance measures. While we consider net income,
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