First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Nareit REITWeek 2022
27 slides from First Industrial Realty Trust's conference presentation, June 2022
Slide 1: Nareit REITWeek
ma FIRST A INDUSTRIAL REALTY-TRUST Nareit REITWeek June 2022
Slide 2: Safe Harbor
Safe Harbor This presentation contains 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 forward‐looking statements to be covered by the safe harbor provisions for forward‐looking sta
Slide 3: Recent Highlights
(1) Recent Highlights • 1Q21 cash same store NOI grew 14.4%; occupancy 98.0%; cash rental rates up 12.7% • Signed 72% of 2022 rollovers to‐date at a cash rental rate increase of 20% • Started five developments in 1Q totaling 1.3 MSF, estimated investment of $168M • Planned 2Q development start, 83 K
Slide 4: Company Overview
Company Overview ms FIRST [-U INDUSTRIAL REALTY-TRUST
Slide 5: Strategy
Strategy U.S. industrial platform Distribution and other focused on 15 key logistics markets critical supply chain with a Coastal orientation properties Drive cash flow growth by: New investment primarily Strong balance sheet • increasing rents via profitable development and prudent enterprise risk
Slide 6: U.S. Industrial Market Landscape
U.S. Industrial Market Landscape • Q122 Market Metrics ̶ Net Absorption 79 MSF in line with New Completions 73 MSF • Demand by sector broad‐based; Long‐ term E‐commerce drivers intact INDUSTRIAL SUPPLY & DEMAND (MSF) ̶ Top industries: 3PLs, Retail, 600 E‐commerce, Food & Beverage 500 400 483 • Natio
Slide 7: Portfolio Composition
Portfolio Composition % of Rental Revenue as of March 31, 2022 1.3% Seattle Minneapolis/St. Paul Central/Eastern PA 3.9% Detroit 1.8% 6.9% 1.9% 10.0% 5.1% New Jersey Chicago Northern California Cleveland 1.6% 5.2% Baltimore/D.C. 1.4% 5.2% Denver Cincinnati 23.2% 1.4% Nashville 5.8% 5.8% Atlanta Sout
Slide 8: Infill Portfolio
Infill Portfolio Distance From Average % of Portfolio Median Each Asset (mi.) Population (M) with Pop > 1M HH Income 10 0.7 24% $70.9K 20 2.2 77% $71.1K 30 3.8 96% $72.7K U.S. Median = $64.7K Proximity to higher income population fits broad‐based supply chain requirements including E‐commerce Source
Slide 9: Key Portfolio Cash Flow Metrics
Key Portfolio Cash Flow Metrics As of March 31, 2022 OCCUPANCY CASH RENTAL RATES CASH SAME STORE NOI (1) (period end) (period average) (full year) 100% 22% 9% ±20.0% ±8.25% 98.5% 8% 98.1% ±98% 98% 97.6% 18% 97.3% 16.2% 7% 5.8% 13.9% 13.5% 6% 95.7% 5.3% 96% 14% 5% 4.4% 4.4% 4% 94% 10% 8.6% 3.1% 8.1%
Slide 10: Financial Performance
Financial Performance FFO PER SHARE (1) DIVIDEND PER SHARE $2.25 $1.25 $2.15 $1.18 $1.08 $2.00 $1.97 $1.00 $1.00 $0.92 $1.80 $0.87 $1.74 $0.84 $1.75 $1.60 $1.56 $0.75 $1.50 $0.50 $1.25 $1.00 $0.25 (2) '17 '18 '19 '20 '21 '22F '17 '18 '19 '20 '21 '22F Quarterly dividend of $0.295 annualized (1) FFO p
Slide 11: Investment Activity
Investment Activity Cane m= FIRST ri INDUSTRIAL REALTY +TRUST
Slide 12: Creating Value Through Development
Creating Value Through Development Total SF Total GAAP Investment Cash Yield Margin % Range Placed In‐Service ($M) 2016‐17 3,881,743 256 7.4% ±45% 2018 3,454,560 227 7.9% 101% ‐ 111% 2019 4,428,701 325 6.7% 50% ‐ 60% 2020 2,526,603 224 7.2% 99% ‐ 109% 2021 883,529 98 6.6% 96% – 106% Q1 2022 547,764
Slide 13: Q2 Development Start
Q2 Development Start First Elm Logistics Center | Inland Empire Square Feet 83,140 Est. Investment $21.4M $/SF $257 % Leased 0% Est. Cash Yield 9.7% Est. Completion 2Q23 | 13
Slide 14: Developments Under Construction
Developments Under Construction As of March 31, 2022 Estimated % Estimated Estimated Property Market SF $/SF (1) (2) Investment ($M) Leased Cash Yield Completion First 121 – Bldgs. C & D Dallas 374,306 30.1 80 100% 7.7% 2Q22 First Rockdale IV Nashville 500,240 32.2 64 0% 8.0% 2Q22 First Park @ PV303
Slide 15: First Lehigh Logistics Center
First Lehigh Logistics Center Central PA Square Feet 105,000 Est. Investment $16.3M $/SF $155 % Leased 0% Est. Cash Yield 6.1% Est. Completion 4Q22 | 15
Slide 16: First 76 Logistics Center
First 76 Logistics Center Denver Square Feet 199,500 Est. Investment $34.2M $/SF $171 % Leased 0% Est. Cash Yield 5.6% Est. Completion 4Q22 | 16
Slide 17: First Park 94 – Building D
First Park 94 – Building D Chicago/SE Wisconsin Square Feet 451,022 Est. Investment $37.5M $/SF $83 % Leased 0% Est. Cash Yield 6.3% Est. Completion 4Q22 | 17
Slide 18: First Park Miami – Bldg. 10
First Park Miami – Bldg. 10 South Florida Bldg. 9 Bldg. 10 Square Feet 198,108 Est. Investment $36.5M $/SF $184 % Leased 00% Est. Cash Yield 6.2% Est. Completion 1Q23 | 18
Slide 19: First Park Miami Future Growth
First Park Miami Future Growth South Florida Multi‐Stage Land Acquisition & Development Bldg. 1 Bldg. 2 (UC) (Complete) • FR currently owns 11 additional acres, Future Phases 191 KSF developable Bldg. 10 (UC) Bldgs. 9 & 11 • Future growth from option for staggered (Complete) takedown ̶ 59 acres, up
Slide 20: First Rider Logistics Center
First Rider Logistics Center Inland Empire Square Feet 324,379 Est. Investment $43.7M $/SF $135 % Leased 0% Est. Cash Yield 9.5% Est. Completion 1Q23 | 20
Slide 21: Strategically Located Land To Drive Growth
Strategically Located Land To Drive Growth As of April 20, 2022 Seattle Denver 2 Acres | 27 KSF 46 Acres | 0.7 MSF Chicago Central PA 137 Acres | 2.6 MSF 54 Acres | 0.7 MSF NorCal 79 Acres | 1.4 MSF Orlando 194 Acres | 2.8 MSF South Florida (2) 31 Acres | 0.5 MSF Inland Empire 181 Acres | 3.1 MSF Ph
Slide 22: Corporate Responsibility
Corporate Responsibility Green Development Improving Energy Efficiency Water Conservation Environmentally‐friendly features; Energy‐efficient buildings Increasing use of sensors, pursuing LEED certs for most new 90% of total SF, 36% LED drought‐resistant landscaping projects, 1.7 MSF certified in 20
Slide 23: Financial
Financial ms FIRST Fa INDUSTRIAL REALTY-+TRUST
Slide 24: Strong Balance Sheet
Strong Balance Sheet TOTAL LEVERAGE (1) (DEBT + PREFERRED) TO EBITDA 6.0 (annualized) 40% 35% 5.5 5.3x 4.9x 4.9x 30% 27.6% 27.8% 27.6% 5.0 4.8x 25.9% 4.7x 4.6x 25.4% 24.2% 25% 4.5 20% 4.0 2017 2018 2019 2020 2021 1Q22 2017 2018 2019 2020 2021 1Q22 FIXED CHARGE COVERAGE (1) 6.0 5.0 5.4x 5.2x Consolid
Slide 25: Manageable Maturity Schedule
Manageable Maturity Schedule As of March 31, 2022 Pro Forma with New Term Loan Secured Debt Unsecured Debt Line of Credit 600 (1) Weighted Average Maturity = 6.5 years 500 Weighted Average Interest Rate = 3.2% 400 425 $M 300 (2) 70 200 225 250 100 200 182 211 131 69 1 9 0 2022 2023‐2025 2026 2027 20
Slide 26: Conclusion
ms FIRST INDUSTRIAL REALTY-TRUST
Slide 27: First Industrial’s Investment Strengths
First Industrial’s Investment Strengths Well‐positioned to capitalize on strong industrial sector fundamentals GROWTH through portfolio and profitable new developments Targeting investment in 15 key logistics markets with strategic land positions FOCUS for growth PLATFORM Drives superior portfolio a