Nareit's REITweek: 2025 Investor Conference

Published: 2025-06-03 07:59:06 ET FR

Published on 06/03/2025 at 07:59

Nareit' s REITweek: 2025 Investor Conference

J u n e 2025

FiPr

Strategy to Create Value

First Park Miami-Bldg. 9 - South Florida

132,751 SF | Built in 2021

U.S. industrial platform focused on 15 key logistics markets with a coastal orientation

Focus on distribution/logistics properties critical to customers' supply chains

Drive cash flow growth by:

lease-up of developments

increasing rents

capturing rental rate escalations

sustaining occupancy

New investment primarily in supply-constrained coastal markets via profitable development of best-in-class assets

Land developable up to 16 MSF as market conditions/tenant demand warrant

Strong balance sheet, prudent enterprise risk management

(1)

Recent Highlights

2024 HIGHLIGHTS

DEVELOPMENT LEASING

4.7 MSF development leases signed in 2024 vs. 2.8 MSF in initial '24 guidance

(2)

95.3%

Q125 IN-SERVICE OCCUPANCY

42%

CASH RENTAL RATE INCREASE 1Q25

20.3%

DIVIDEND

10.1%

Q125 CASH SAME STORE NOI GROWTH

70% GAAP

51%

CASH RENTAL RATE INCREASE FY24

2nd Highest

$0

DEBT MATURING

− 2ndhighest total since 2012, broad-based, 10 of 15 target markets

Q1 HIGHLIGHTS

DEVELOPMENT LEASING

50%, 200 KSF, First 76 Logistics Center, Denver - Fully Leased

ACQUISITIONS

Two fully-leased buildings totaling 796 KSF from JV, $120M, Phoenix

61-acre land site for two-phase development project, $16M, Philadelphia

DISPOSITIONS

2 buildings, 100 KSF, $12M, Detroit

Q2 HIGHLIGHTS

DEVELOPMENT START ANNOUNCEMENTS

First Park 121 - Building F, 176 KSF, $23M, Dallas

First Park @ New Castle - Building B, 226 KSF, $31M, Philadelphia

DISPOSITIONS

INCREASE IN 2025

PRIOR TO 2027

(3)

1 building, 18 KSF, $2M, Detroit

CAPITAL

Completed public offering of $450M Senior Notes @ 5.25% due May 2031;

(1) Per results press release/earnings call April 16/17, Notes May 12, 2025, and Fitch release May 6, 2025.

(2) 190 basis points of occupancy opportunity, as of March 31, 2025, from the future lease-up of developments placed in service.

(3) Assumes exercise of FR's extension options included in its bank loan agreements.

first public debt deal since 2007

Received upgrade from Fitch Ratings to BBB+ prior to offering

Disclaimer

First Industrial Realty Trust Inc. published this content on June 03, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 03, 2025 at 11:58 UTC.