First Industrial Realty Trust, Inc. · NYSE:FR
First Industrial Realty Trust — BMO Capital Markets North American Real Estate Conference 2014
32 slides from First Industrial Realty Trust's conference presentation, September 2014
Slide 1: First Industrial Realty Trust, Inc. BMO Capital Markets North American Real Estate Conference
First Industrial Realty Trust, Inc. BMO Capital Markets North American Real Estate Conference September 2014
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 for such forward-looking statements to be covered by the safe harbor provisions for forward-loo
Slide 3: Why FR?
Why FR? • Focused strategy: Deliver sustainable cash flow growth through leasing and disciplined portfolio and capital management Tested Leadership • Local market experts execute management, leasing, acquisitions, development and and Platform targeted sales • Track record of industry-leading custome
Slide 4: 2Q14 and 3Q14 Actions
2Q14 and 3Q14 Actions 3Q14 • Signed a long-term lease for a 376,601 SF facility at the First Pinnacle Industrial Center development in Dallas; expected commencement in 2Q15 • Leased 245,143 SF at the First Bandini Logistics Center in Los Angeles on a long-term basis to FAM, LLC; lease start date of
Slide 5: Broad Platform and Presence
Broad Platform and Presence Seattle Minneapolis Milwaukee Central & Detroit Eastern PA New Jersey Chicago Cleveland Salt Lake City Indianapolis Baltimore/ Denver Washington Cincinnati St. Louis Nashville Southern California Phoenix Atlanta Dallas Houston Tampa Miami 5
Slide 6: Where We've Been…
Where We’ve Been… 2009 – 2010 2011 – 2Q14 • Addressed liquidity and maturities • Drove occupancy and NOI • Redefined strategy • Strengthened balance sheet • Rationalized G&A • Executed targeted sales • Set the stage for portfolio refinement • Initiated selective growth • Re-initiated common dividend
Slide 7: Where We've Been… Key Portfolio Cash Flow Metrics
Where We’ve Been… Key Portfolio Cash Flow Metrics Occupancy %(1) Cash Rental Rates %(2) (FY) Same Store NOI %(3) (FY) 100 5 10 2.1 92.9 93.0 0 6.3 2009 2010 2011 2012 2013 1H14 89.9 5 -3.4 87.9 -5 -4.7 2.7 (4) 2.4 85.0 -6.9 -10 0.1 82.0 0 -11.8 2009 2010 2011 2012 2013 1H14 -15 -15.1 -2.7 75 -3.8 20
Slide 8: Where We've Been… Capital Management Progress
Where We’ve Been… Capital Management Progress (millions) $2,500 ■ Preferred Stock ■ Net Debt $2,309 Net Debt & Pref. Stock (1)/ EBITDA(2) 11.1x $2,000 $1,744 Net Debt & Pref. Stock(1)/ EBITDA(2) $1,500 8.8x $1,378 Net Debt & Pref. Stock(1)/ EBITDA(2) 6.5x Debt/Total Debt/Total Debt/Total Assets(3) A
Slide 9: Where We're Going… Strategy for Success
Where We’re Going… 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 • Return to Investment Grade Opp
Slide 10: 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 6/30/14 Los Angeles First Dominguez Gateway Center 213,544 0 Chicago 9501 Nevada 118,670 118,670 Atlanta 596 Bonnie Valentine 212,525 159,525 Central & Eastern PA 18212 Sh
Slide 11: First Logistics Center @ I-83 • Central Pennsylvania Development
First Logistics Center @ I-83 • Central Pennsylvania Development Summary Square Feet: 708,000 Estimated Investment: $35M Estimated GAAP Yield: 8.4% Completed: 4Q13 Lease Start Date: 9/15/14 Potential NOI Impact: $2.9M 11
Slide 12: First Figueroa Logistics Center • Southern California Development
First Figueroa Logistics Center • Southern California Development Summary Square Feet: 43,000 Estimated Investment(1): $9M Estimated GAAP Yield(1): 3.8% Completion Date: 2Q14 Lease Start Date: 6/1/14 Potential Gross NOI Impact: $0.3M (1) Incremental investment $5M, yield 7.1% 12
Slide 13: First Bandini Logistics Center • Southern California Development
First Bandini Logistics Center • Southern California Development Summary Square Feet: 489,000 Estimated Investment: $54M Estimated GAAP Yield: 6.5% Completed: 4Q13 Potential NOI Impact: $3.5M 13
Slide 14: First 36 Logistics Center • Southern California Development
First 36 Logistics Center • Southern California Development Summary Square Feet: 555,000 Estimated Investment: $32M Estimated GAAP Yield: 6.9% Completion Date: 2Q14 Potential Annual NOI Impact: $2.2M 14
Slide 15: First Pinnacle Industrial Center • Dallas Development Start – 1Q14
First Pinnacle Industrial Center • Dallas Development Start – 1Q14 222,000 SF 376,000 SF Summary Square Feet: 598,000 Estimated Investment(1): $26M Estimated GAAP Yield(1): 7.5% Targeted Completion Date: 1Q15 Potential NOI Impact: $1.9M (1) Incremental investment $23M, yield 8.3% 15
Slide 16: First Arlington Commerce Center @ I-20 • Dallas Development
First Arlington Commerce Center @ I-20 • Dallas Development Start – Planned 4Q14 Summary Square Feet: 153,000 Estimated Investment(1): $10M Estimated Yield(1): 6.4% Completion Date: 3Q15 Potential Gross NOI Impact: $0.6M (1) Estimated yield based on first year stabilized NOI over GAAP investment bas
Slide 17: First Northwest Commerce Center • Houston Development Start – 1Q14
First Northwest Commerce Center • Houston Development Start – 1Q14 Summary Square Feet: 351,000 Estimated Investment: $20M Estimated GAAP Yield: 8.0% Targeted Completion Date: 1Q15 Potential NOI Impact: $1.6M 17
Slide 18: Interstate North Business Center • Minneapolis Development Start – 2Q14
Interstate North Business Center • Minneapolis Development Start – 2Q14 Summary Square Feet: 239,000 Estimated Investment: $19M Estimated GAAP Yield: 7.3% Completion Date: 1Q15 Potential NOI Impact: $1.4M 18
Slide 19: Rust-Oleum • Chicago Expansion
Rust-Oleum • Chicago Expansion Summary Square Feet: 250,000 Estimated Investment: $9M Estimated GAAP Yield: 6.5% Completed: 3Q14 NOI Impact: $0.6M 19
Slide 20: 4100 Rock Creek • Chicago Acquisition
4100 Rock Creek • Chicago Acquisition Houbolt Road Exit Summary Square Feet: 509,216 Initial Investment: $20.5M Estimated GAAP Yield: 6.6% Potential NOI Impact: $1.4M 20
Slide 21: 401 Airport Road • Chicago Acquisition
401 Airport Road • Chicago Acquisition Summary Square Feet: 53,260 Investment: $3M In-place GAAP Yield: 7.1% 21
Slide 22: 16875 Heacock Street • Southern California Acquisition
16875 Heacock Street • Southern California Acquisition Summary Square Feet: 225,450 Investment(1): $10M In-place GAAP Yield: 6.4% (1) Leasehold interest with 40 years remaining plus two 10-year options 22
Slide 23: 375 Rivertown Drive • Minneapolis Acquisition
375 Rivertown Drive • Minneapolis Acquisition Summary Square Feet: 251,968 Investment: $13M In-place GAAP Yield: 7.3% 23
Slide 24: Developable Land Inventory
Developable Land Inventory Key Sites Market Developable SF First 33 Commerce Center Allentown, PA 584,000 Covington Land Covington, PA 502,000 Rockdale Land Nashville, TN 1,500,000 First Nandina Logistics Center Inland Empire, CA Up to 1,450,000 First San Michelle Logistics Center Inland Empire, CA
Slide 25: First 33 Commerce Center • Central & Eastern Pennsylvania Developable Land
First 33 Commerce Center • Central & Eastern Pennsylvania Developable Land – 584,000 SF (341K + 243K) 25
Slide 26: Covington Land • Central & Eastern Pennsylvania Developable Land
Covington Land • Central & Eastern Pennsylvania Developable Land – 502,000 SF 502,000 SF 26
Slide 27: Rockdale Land • Nashville Developable Land
Rockdale Land • Nashville Developable Land – 1,500,000 SF 27
Slide 28: First Nandina Logistics Center • Southern California Developable Land
First Nandina Logistics Center • Southern California Developable Land – Up to 1,450,000 SF First 36 28
Slide 29: First San Michelle Logistics Center • Southern California Developable Land
First San Michelle Logistics Center • Southern California Developable Land – 185,300 SF 185,300 SF 691,960 SF 29
Slide 30: Stockton Land • Northern California Developable Land
Stockton Land • Northern California Developable Land – 1,200,000 SF 30
Slide 31: FR Value Propositions
FR Value Propositions • Opportunity to deliver AFFO growth of as much as 70% to 90% by YE 2017 from YE 2013 • Valuation discount relative to: − Peers − Sales comparables − Replacement cost 31
Slide 32: First Industrial
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