First Industrial Realty Trust : Second Quarter Supplemental Information 20 MB
FR
Published on 07/16/2025 at 16:55
SUPPLEMENTAL INFORMATION
SECOND QUARTER 2025
First Elm Logistics Center | Fontana, CA
83,140 Square Feet
Camelback 303 - Building B Litchfield Park, AZ
First State Crossing Claymont, DE
PORTFOLIO COMPOSITION 3
FINANCIAL STATEMENTS
Balance Sheets 4
GAAP Statements of Operations 5
Supplemental Statements of Operations 6
Supplemental Statements of Operations Reconciliation 7
SELECTED FINANCIAL INFORMATION
Equity Analysis 9
Debt Analysis 10
Debt Covenant Analysis and Credit Ratings 12
SELECTED PROPERTY INFORMATION
Property Overview 13
Same Store Analysis 14
Leasing Activity 15
Portfolio Information and Same Store Property Statistics 16
Largest Tenants 17
Lease Expiration Schedule 18
Property Acquisition Summary 19
Property Development Summary 21
Developable Site Inventory 23
Property Sales Summary 24
COMPONENTS OF NAV 26
OUTLOOK 27
DEFINITIONS OF NON-GAAP FINANCIAL MEASURES 28
This supplemental information package presents funds from operations, net operating income, adjusted EBITDA, adjusted funds from operations and same store net operating income, which are standard REIT industry financial measures that are not calculated in accordance with generally accepted accounting principles ("GAAP"). Please see page 28for a definition of these supplemental performance measures, which are denoted with endnote (A). Please see the Statements of Operations Reconciliation for a reconciliation of Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities to the non-GAAP financial measures.
This supplemental information may contain 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 ("Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors that could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities; our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) and changes in interest rates; the availability and attractiveness of terms of additional debt repurchases; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; our competitive environment; changes in supply, demand and valuation of industrial properties and land in our current and potential market areas; our ability to identify, acquire, develop and/or manage properties on favorable terms; our ability to dispose of properties on favorable terms; our ability to manage the integration of properties we acquire; potential liability relating to environmental matters; defaults on or non-renewal of leases by our tenants; decreased rental rates or increased vacancy rates; higher-than-expected real estate construction costs and delays in development or lease-up schedules; the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events; risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems; potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism; technological developments, particularly those affecting supply chains and logistics; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and other risks and uncertainties described under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2024, as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the "SEC"). We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this supplemental information or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. For further information on these and other factors that could impact us and the statements contained herein, reference should be made to our filings with the SEC.
(UNAUDITED)
Allocation of Rent Revenue as of June 30, 2025 (2)
(1) The map excludes the markets of Minneapolis/St. Paul (2.5%), Detroit (0.8%) and Cincinnati (0.5%).
(2) Current quarter rent revenue % excludes rent revenue from properties sold during Q2 2025.
(UNAUDITED) (IN THOUSANDS) June 30, 2025 March 31, 2025 December 31, 2024
ASSETS
Investment in Real Estate
Land
$ 1,830,843
$ 1,830,815
$ 1,795,136
Buildings and Improvements
4,029,755
3,999,050
3,897,284
Construction in Progress
234,164
199,032
153,972
Gross Real Estate Investment
6,094,762
6,028,897
5,846,392
Less: Accumulated Depreciation
(1,143,363)
(1,116,322)
(1,085,708)
Net Investment in Real Estate
4,951,399
4,912,575
4,760,684
Real Estate and Other Assets Held for Sale, Net
-
426
4,631
Operating Lease Right-of-Use Assets
19,311
19,535
19,866
Cash and Cash Equivalents
34,949
35,738
44,512
Restricted Cash
-
1,672
7,170
Tenant Accounts Receivable
7,715
8,942
7,312
Investment in Joint Venture (1)
60,420
82,152
51,180
Deferred Rent Receivable
172,682
168,900
162,883
Prepaid Expenses and Other Assets, Net (2)
205,639
218,114
203,188
Total Assets
$ 5,452,115
$ 5,448,054
$ 5,261,426
LIABILITIES AND EQUITY
Liabilities
Mortgage Loan Payable
$ 9,471
$ 9,557
$ 9,643
Senior Unsecured Notes, Net
1,437,522
995,364
995,184
Unsecured Term Loans, Net
922,102
921,633
922,476
Unsecured Credit Facility
24,000
454,000
282,000
Accounts Payable, Accrued Expenses and Other Liabilities
146,353
143,542
132,740
Operating Lease Liabilities
17,010
17,255
17,608
Rents Received in Advance and Security Deposits
99,867
102,014
104,558
Dividends and Distributions Payable
61,397
61,467
51,189
Total Liabilities
2,717,722
2,704,832
2,515,398
Commitments and Contingencies
Equity
First Industrial Realty Trust, Inc.'s Equity
Common Stock
1,324
1,324
1,323
Additional Paid-in Capital
2,431,682
2,429,120
2,425,253
Retained Earnings
204,660
208,434
219,095
Accumulated Other Comprehensive Income
7,356
12,199
19,936
Total First Industrial Realty Trust, Inc.'s Equity
2,645,022
2,651,077
2,665,607
Noncontrolling Interests
89,371
92,145
80,421
Total Equity
2,734,393
2,743,222
2,746,028
Total Liabilities and Equity
$ 5,452,115
$ 5,448,054
$ 5,261,426
(1) See page 23, footnote (2) for information on developable land owned by our joint venture. See page 21, footnote (3) for information on development activity in our joint venture.
(2) Prepaid Expenses and Other Assets, Net at June 30, 2025, are comprised of: Furniture, Fixtures, Leasehold Improvements and Equipment, Net of $1,016, Prepaid Real Estate Taxes of $1,436, Earnest Money, Escrow and Other Deposits of $14,636, Unsecured Credit Facility Debt Issuance Costs, Net of $8,494, Leasing Commissions, Net and Lease Inducements, Net of $138,014, Fair Value of Interest Rate Swaps of $10,386, Deferred Leasing Intangibles, Net of $24,803 and Other of $6,854.
(UNAUDITED) (IN THOUSANDS EXCEPT PER SHARE DATA) Three Months Ended Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
REVENUES
Lease Revenue
$ 177,468
$ 162,075
$ 352,844
$ 321,810
Joint Venture Fees
306
604
732
1,273
Other Revenue
2,389
1,457
3,661
3,325
Total Revenues
180,163
164,136
357,237
326,408
EXPENSES
Property Expenses
45,454
43,051
93,765
90,065
General and Administrative
8,434
9,621
24,331
21,402
Joint Venture Development Services Expense
117
371
334
797
Depreciation of Corporate FF&E
159
185
330
372
Depreciation and Other Amortization of Real Estate
47,048
42,863
90,631
84,495
Total Expenses
101,212
96,091
209,391
197,131
OTHER INCOME (EXPENSE)
Gain on Sale of Real Estate
1,121
6,135
7,965
36,987
Interest Expense
(21,722)
(21,126)
(41,191)
(42,023)
Amortization of Debt Issuance Costs
(1,328)
(912)
(2,291)
(1,824)
Total Other Income (Expense)
(21,929)
(15,903)
(35,517)
(6,860)
INCOME FROM OPERATIONS BEFORE EQUITY IN (LOSS) INCOME OF JOINT VENTURE AND INCOME TAX PROVISION
57,022
52,142
112,329
122,417
Equity in (Loss) Income of Joint Venture
(64)
1,160
3,413
2,562
Income Tax Provision
(79)
(426)
(5,979)
(1,605)
NET INCOME
56,879
52,876
109,763
123,374
Less: Net Income Attributable to the Noncontrolling Interests
(1,694)
(1,558)
(6,475)
(3,604)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS AND PARTICIPATING SECURITIES
$ 55,185
$ 51,318
$ 103,288
$ 119,770
Less: Allocation to Participating Securities
(39)
(41)
(75)
(86)
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
$ 55,146
$ 51,277
$ 103,213
$ 119,684
Weighted Average Shares - Basic
132,431
132,368
132,423
132,364
Weighted Average Shares - Diluted
132,479
132,399
132,486
132,402
EPS - Basic and Diluted
$ 0.42
$ 0.39
$ 0.78
$ 0.90
Disclaimer
First Industrial Realty Trust Inc. published this content on July 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 16, 2025 at 20:54 UTC.