First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — Q1 2025 Earnings Presentation
28 slides from First Industrial Realty Trust's earnings presentation, Apr 17, 2025
Slide 1: Supplemental Information First Quarter 2025
Camelback 303 - Building B | Litchfield Park, AZ 420,536 Square Feet SUPPLEMENTAL INFORMATION FIRST 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 (UNAUDITED) Q1 2025 SUPPLEMENTAL 3
Slide 4: Balance Sheets
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS) March 31, 2025 December 31, 2024 December 31, 2023 ASSETS Investment in Real Estate Land $ 1,830,815 $ 1,795,136 $ 1,756,971 Buildings and Improvements 3,999,050 3,897,284 3,711,718 Construction in Progress 199,032 153,972 245,391 Gross Real Estate Investmen
Slide 5: GAAP Statements of Operations
GAAP STATEMENTS OF OPERATIONS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended March 31, 2025 March 31, 2024 REVENUES Lease Revenue $ 175,376 $ 159,735 Joint Venture Fees 426 669 Other Revenue 1,272 1,868 Total Revenues 177,074 162,272 EXPENSES Property Expenses 48,311 47,014 Gene
Slide 6: Supplemental Statements of Operations
SUPPLEMENTAL STATEMENTS OF OPERATIONS (A) (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended March 31, 2025 March 31, 2024 Rent Revenue $ 136,987 $ 123,794 Tenant Recoveries and Other Revenue, Including Joint Venture Fees, Net 39,870 38,052 Total Revenues 176,857 161,846 Proper
Slide 7: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (A) (UNAUDITED) (IN THOUSANDS) Three Months Ended March 31, 2025 March 31, 2024 NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES $ 48,103 $ 68,452 Depreciation and Other Amortization of Real Estate 43,583 41,632 Depreciatio
Slide 8: Supplemental Statements of Operations Reconciliation
SUPPLEMENTAL STATEMENTS OF OPERATIONS RECONCILIATION (UNAUDITED) (IN THOUSANDS) Three Months Ended March 31, 2025 March 31, 2024 REVENUES Lease Revenue per GAAP Statements of Operations $ 175,376 $ 159,735 Tenant Recovery Revenue (1) (38,389) (35,941) Rent Revenue per Supplemental Statements of Oper
Slide 9: Equity Analysis
EQUITY ANALYSIS (UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE/UNIT DATA) Three Months Ended March 31, 2025 March 31, 2024 WEIGHTED AVERAGE COMMON STOCK/UNITS Basic Weighted Average Shares/Units Outstanding 135,440 135,068 Weighted Average Shares Outstanding 132,415 132,360 Diluted Weighted Average Shar
Slide 10: Debt Analysis
DEBT ANALYSIS (1) (UNAUDITED) (IN THOUSANDS) Three Months Ended DEBT OUTSTANDING March 31, 2025 March 31, 2024 Average Outstanding Balance Mortgage Loan Payable (2) $ 9,586 $ 9,923 Unsecured Credit Facility (3) 317,322 331,388 Unsecured Term Loans (4) 925,000 925,000 Senior Unsecured Notes, Net (5)
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 (4) 2025 262 — 300,000 — 300,262 4.8
Slide 12: Debt Covenant Analysis and Credit Ratings
DEBT COVENANT ANALYSIS AND CREDIT RATINGS (UNAUDITED) Current Covenant March 31, 2025 SENIOR UNSECURED BONDS Indebtedness to Total Assets ≤ 60.0% 38.3% Total Unencumbered Assets to Unsecured Indebtedness ≥ 150.0% 256.9% Indebtedness Subject to Encumbrance to Total Assets ≤ 40.0% 0.2% Consolidated In
Slide 13: Property Overview
PROPERTY OVERVIEW (UNAUDITED) As Of TOTAL PORTFOLIO March 31, 2025 March 31, 2024 Number of Properties In Service (1) 414 415 Completed Developments, Not In Service 2 6 Acquisitions/Redevelopments, Not In Service — — Total Number of Properties 416 421 Properties Under Construction 8 4 Land Area - De
Slide 14: Same Store Analysis
SAME STORE ANALYSIS (1) (UNAUDITED) (DOLLARS IN THOUSANDS) Three Months Ended March 31, 2025 2024 % Change Average Daily Occupancy Same Store Properties 95.7% 95.0% 0.7% Same Store Portfolio Analysis (Straight-Line Basis) (1) Same Store Revenues (2) $ 164,394 $ 154,310 6.5% Same Store Property Expen
Slide 15: Leasing Activity
LEASING ACTIVITY (UNAUDITED) PORTFOLIO LEASING STATISTICS (1) 2025 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) (3
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 MARCH 31, 2025) AVERAGE DAILY OCCUPANCY RATES AVERAGE OCCUPIED SQUARE FOOT (3) NUMBER OF CURRENT QUARTER END IN SERVICE % OF GLA QUARTER RENT OCCUPANCY MAR
Slide 17: Largest Tenants
LARGEST TENANTS (UNAUDITED) (AS OF MARCH 31, 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 Home
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 MARCH 31, 2025 ESTIMATED BUILDING ESTIMATED INVESTMENT DEVELOPMENT LOCATION COMPLETION SQUARE FEET (In Millions) PERCENT LEASED (2) PERCENT FUNDED First Park Miami Building 3 Medley, FL Q
Slide 22: Summary of In Service Developments
SUMMARY OF IN SERVICE DEVELOPMENTS (UNAUDITED) DEVELOPMENTS PLACED IN SERVICE - THREE MONTHS ENDED MARCH 31, 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 154,559 $
Slide 23: Developable Site Inventory
DEVELOPABLE SITE INVENTORY (UNAUDITED) (AS OF MARCH 31, 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 Park 121 - Building F 10.0 175,000 First Arling
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 MARCH 31, 2025) (1) Quarterly NOI $ 128,123 (2) Stabilized Occupancy Adjustment (97.0% Occupancy) 2,208 (3) Sales, Acquisitions/Developments Placed in Service and Developable Land Run Rate Adjustment 3,207 (4) Stabilized Completed Developments Not
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 $ 1.52 $ 1.62 Add: Depreciation and Other Amortization of Real Estate * 1.37 1.37 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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