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[PART I: FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements and accompanying notes for First Industrial Realty Trust, Inc. and First Industrial, L.P. for the period ended June 30, 2025 [First Industrial Realty Trust, Inc. Financial Statements](index=6&type=section&id=First%20Industrial%20Realty%20Trust%2C%20Inc.%20Financial%20Statements) This section presents the consolidated balance sheets, statements of operations, comprehensive income, changes in equity, and cash flows for First Industrial Realty Trust, Inc. for the periods ended June 30, 2025, and 2024 First Industrial Realty Trust, Inc. - Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Investment in Real Estate | $4,951,399 | $4,760,684 | | Total Assets | $5,452,115 | $5,261,426 | | Total Liabilities | $2,717,722 | $2,515,398 | | Total Equity | $2,734,393 | $2,746,028 | First Industrial Realty Trust, Inc. - Operations Highlights (in thousands, except per share data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $357,237 | $326,408 | | Net Income | $109,763 | $123,374 | | Diluted EPS | $0.78 | $0.90 | First Industrial Realty Trust, Inc. - Cash Flow Highlights (in thousands) | Cash Flow | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $214,620 | $170,234 | | Net Cash used in Investing Activities | ($290,048) | ($71,879) | | Net Cash from (used in) Financing Activities | $58,695 | ($95,651) | [First Industrial, L.P. Financial Statements](index=12&type=section&id=First%20Industrial%2C%20L.P.%20Financial%20Statements) This section presents the consolidated balance sheets, statements of operations, comprehensive income, changes in partners' capital, and cash flows for First Industrial, L.P. for the periods ended June 30, 2025, and 2024 First Industrial, L.P. - Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Investment in Real Estate | $4,951,399 | $4,760,684 | | Total Assets | $5,461,303 | $5,270,655 | | Total Liabilities | $2,717,722 | $2,515,398 | | Total Partners' Capital | $2,743,581 | $2,755,257 | First Industrial, L.P. - Operations Highlights (in thousands, except per unit data) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $357,237 | $326,408 | | Net Income | $109,763 | $123,374 | | Diluted EPU | $0.78 | $0.91 | [Notes to the Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the consolidated financial statements, covering organization, accounting policies, real estate investments, indebtedness, and derivative instruments - As of June 30, 2025, the company owned **415 industrial properties** totaling approximately **68.2 million square feet** of gross leasable area (GLA) across 19 states[56](index=56&type=chunk) - During the first six months of 2025, the company acquired **two industrial properties** and **one land parcel** for a total purchase price of **$135.7 million**[64](index=64&type=chunk) - In the first six months of 2025, **three industrial properties** were sold for gross proceeds of **$13.7 million**, resulting in a gain of **$8.0 million**[65](index=65&type=chunk) - In May 2025, the company issued **$450 million of 5.25% senior unsecured notes** due 2031, with an effective interest rate of **5.41%**[71](index=71&type=chunk) - In March 2025, the company amended its revolving credit facility, increasing its capacity by **$100 million to $850 million** and extending the maturity to March 2029[73](index=73&type=chunk) - As of June 30, 2025, the company had **nine development projects** under construction, with an estimated total investment of **$285.2 million**, of which approximately **$146.6 million** remains to be funded[107](index=107&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, including business objectives, performance summary, operating results, leasing activity, liquidity, and non-GAAP reconciliations [Management's Overview](index=34&type=section&id=Management%27s%20Overview) This section outlines the company's business objectives and growth strategies, emphasizing portfolio enhancement, decentralized operations, disciplined financing, and strong operating results for H1 2025 - The company's strategy focuses on internal and external growth, with a portfolio concentration in **15 key logistics markets**, primarily in coastal areas[119](index=119&type=chunk) - Highlights for the first six months of 2025 include **94.2% quarter-end occupancy**, a **9.4% increase in cash-basis same store NOI**, and a **34% average increase in cash rental rates** on new and renewal leases[122](index=122&type=chunk) - Key financing activities in H1 2025 included a credit rating upgrade by Fitch to **BBB+**, the issuance of **$450.0 million in senior notes**, and an increase in the unsecured credit facility to **$850.0 million**[124](index=124&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) This section provides a comparative analysis of operating results for the six months ended June 30, 2025, highlighting a **9.4% increase in total revenues** to **$357.2 million** and a decrease in net income to **$109.8 million** primarily due to lower gains on real estate sales Comparison of Revenues (Six Months Ended June 30, in thousands) | Category | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Same Store Properties | $327,619 | $308,445 | $19,174 | 6.2% | | Acquired Properties | $4,785 | $11 | $4,774 | 43,400.0% | | (Re)Developments | $18,711 | $3,669 | $15,042 | 410.0% | | **Total Revenues** | **$357,237** | **$326,408** | **$30,829** | **9.4%** | - Net income for H1 2025 was **$109.8 million**, a decrease from **$123.4 million** in H1 2024, mainly driven by a lower gain on sale of real estate, which was **$8.0 million** in 2025 compared to **$37.0 million** in 2024[132](index=132&type=chunk)[138](index=138&type=chunk) - General and administrative expenses for H1 2025 increased by **$2.9 million (13.7%)** primarily due to accelerated recognition of equity compensation expense for retirement-eligible employees[135](index=135&type=chunk) - Interest expense for H1 2025 decreased by **$0.8 million (2.0%)** due to higher capitalized interest and a lower weighted average interest rate, despite a higher average debt balance[139](index=139&type=chunk) [Leasing Activity](index=42&type=section&id=Leasing%20Activity) This section details leasing activity for the first half of 2025, with **83 leases** commenced totaling **3.9 million square feet**, achieving **59.9% straight-line rent growth** and a **6.0-year weighted average lease term** Leasing Activity Summary (Six Months Ended June 30, 2025) | Lease Type | Leases Commenced | Square Feet (in 000's) | Straight Line Rent Growth | Weighted Avg. Lease Term (Yrs) | | :--- | :--- | :--- | :--- | :--- | | New Leases | 31 | 837 | 64.7% | 5.8 | | Renewal Leases | 50 | 2,863 | 58.6% | 6.0 | | **Total / Weighted Avg.** | **83** | **3,857** | **59.9%** | **6.0** | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$34.9 million in cash** and **$823.8 million available** under its credit facility, with short-term needs met by operations and asset sales, and long-term needs by dispositions, debt, and equity issuances - As of June 30, 2025, the company had **$34.9 million in cash and cash equivalents** and **$823.8 million available** under its Unsecured Credit Facility[159](index=159&type=chunk) - The company holds investment-grade credit ratings of **BBB/Stable (S&P)**, **Baa2/Stable (Moody's)**, and **BBB+/Stable (Fitch)**[163](index=163&type=chunk) Cash Flow Activity Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $214,620 | $170,234 | | Net cash used in investing activities | ($290,048) | ($71,879) | | Net cash provided by (used in) financing activities | $58,695 | ($95,651) | - The **$154.3 million positive swing** in financing cash flow was primarily due to the issuance of **$443.8 million in senior unsecured notes** in 2025, offset by lower net borrowings on the credit facility and higher dividend payments[165](index=165&type=chunk) [Supplemental Earnings Measure](index=46&type=section&id=Supplemental%20Earnings%20Measure) This section provides reconciliations for non-GAAP financial measures, FFO and Same Store NOI, with FFO available to common stockholders increasing to **$190.1 million** and cash basis SS NOI growing by **9.4%** for the first six months of 2025 Funds From Operations (FFO) Reconciliation (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Income Available to Common Stockholders | $103,288 | $119,770 | | Adjustments (Depreciation, Gain on Sale, etc.) | $86,781 | $47,384 | | **FFO Available to Common Stockholders** | **$190,069** | **$167,154** | Same Store Net Operating Income (SS NOI) Reconciliation (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | Same Store Revenues | $327,619 | $308,445 | | | Same Store Property Expenses | ($78,499) | ($76,364) | | | GAAP Same Store NOI | $249,120 | $232,081 | 7.3% | | Adjustments (Straight-line rent, etc.) | ($5,729) | ($9,634) | | | **Cash Basis SS NOI** | **$243,391** | **$222,447** | **9.4%** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with **99.0% of total debt fixed-rate** as of June 30, 2025, and a hypothetical **10% SOFR increase** having a minimal **$0.6 million impact** on interest expense for H1 2025 - As of June 30, 2025, **99.0% ($2.38 billion)** of the company's total debt was fixed-rate, including the effect of interest rate swaps, an increase from **87.3%** at the end of 2024[169](index=169&type=chunk) - The company uses derivative instruments, specifically interest rate swaps with a notional value of **$925.0 million**, to hedge its exposure to variable interest rates on its unsecured term loans[169](index=169&type=chunk) - A sensitivity analysis shows that a **10% increase in the SOFR rate** would have increased interest expense by approximately **$0.6 million** for the six months ended June 30, 2025[171](index=171&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures for both First Industrial Realty Trust, Inc. and First Industrial, L.P. were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - The principal executive and financial officers concluded that the disclosure controls and procedures for both the Company and the Operating Partnership were effective as of the end of the reporting period[188](index=188&type=chunk)[190](index=190&type=chunk) - No changes occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting for either entity[189](index=189&type=chunk)[191](index=191&type=chunk) [PART II: OTHER INFORMATION](index=50&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings - None[194](index=194&type=chunk) [Item 1A. Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's annual report on Form 10-K for the year ended December 31, 2024, were reported - No material changes to the risk factors disclosed in the 2024 Form 10-K were reported[195](index=195&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or use of proceeds during the period - None[196](index=196&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the second quarter of 2025 - No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025[197](index=197&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section references the Exhibit Index, listing all exhibits filed with or furnished as part of the Form 10-Q report - The exhibits required by Item 6 are listed in the Exhibit Index[198](index=198&type=chunk)

First Industrial Realty Trust (FR 0.10%), a real estate investment trust focused on logistics and industrial properties in major U.S. markets, reported fiscal 2025 second-quarter results on Wednesday, July 16, that topped analysts' consensus expectations. Earnings per share (EPS) of $0.42 beat the forecasted $0.38, while Q2 revenue came in at $180.2 million, ahead of the $177.6 million consensus estimate. The quarter showed strong operational execution with expansion in FFO per share, but revealed a slight ...

Financial Data and Key Metrics Changes - Funds from operations (FFO) for Q2 2025 were $0.76 per fully diluted share, an increase from $0.66 per share in Q2 2024, reflecting strong performance [16] - Cash same store net operating income (NOI) growth for the quarter was 8.7%, driven by increases in rental rates and new and renewal leasing [16] - In-service occupancy at the end of the quarter was 94.2%, down 110 basis points from the previous quarter [17] Business Line Data and Key Metrics Changes - Overall cash rental rate increase for new and renewal leasing was 33%, with a 38% increase when excluding a large fixed-rate renewal in Central Pennsylvania [11] - Approximately 2,500,000 square feet of leases commenced during the quarter, with 400,000 being new leases and 2,100,000 being renewals [17] Market Data and Key Metrics Changes - Vacancy in Tier one U.S. markets was 6.3% at the end of Q2, up 30 basis points compared to the prior quarter [10] - Nationally, net absorption year-to-date totaled 16,000,000 square feet, with 5,000,000 square feet in target markets [10] - New construction start volume was 62,000,000 square feet in Q2, down from 66,000,000 in Q1 2025 and 72% lower than the peak in Q3 2022 [10] Company Strategy and Development Direction - The company remains focused on securing and serving existing and new customers to drive long-term cash flow growth [23] - The company is executing new starts in markets with good fundamentals and unmet demand [26] - The company plans to maximize value from its Camelback project and is considering various strategies for its remaining land [40] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty around tariffs continues to dampen decision-making momentum [7] - There is a positive outlook for improved confidence and investment in new growth initiatives once the tariff situation becomes clearer [23] - Management expressed that the demand side is a key issue, with tenants needing the right fit at the right time [53] Other Important Information - The company was upgraded by Fitch to BBB+ and launched a $450,000,000 public bond offering at a coupon rate of 5.25% [14] - Guidance for NAREIT FFO for the year remains at $2.92 per share at the midpoint, with a range narrowed to $2.88 to $2.96 per share [19] Q&A Session Summary Question: How attractive are incremental development starts today compared to three or six months ago? - Management indicated that more consistent development lease signings are needed to deepen new starts, with strong gross leasing activity in the first half of the year [25] Question: Any abnormal or non-recurring items in the second quarter FFO? - Management noted that higher interest expense in the second half of the year would slightly drag down FFO due to funding the development pipeline and the recent bond offering [30] Question: Can you clarify the new lease that was not in the $1,600,000 target? - Management confirmed that the new lease announced has positively impacted the guidance, and the $0.02 per share impact is now $0.00 [36] Question: What is the plan for the Camelback lease? - The plan is to maximize value, with various options being considered for the remaining land [40] Question: How are private industrial developers behaving in the current environment? - Developers are cautious, with some offering elevated concession packages due to increased tenant choices [71] Question: What is the outlook for specific markets? - Nashville is performing strongly, with good demand and little new supply, while certain submarkets in Dallas and Houston are also doing well [106][107]

Financial Data and Key Metrics Changes - Funds from operations (FFO) for Q2 2025 were $0.76 per fully diluted share, an increase from $0.66 per share in Q2 2024 [12] - Cash same store net operating income (NOI) growth for the quarter was 8.7%, driven by rental rate increases and new and renewal leasing [12][13] - In-service occupancy at the end of the quarter was 94.2%, down 110 basis points from the previous quarter [13] Business Line Data and Key Metrics Changes - Overall cash rental rate increase for new and renewal leasing was 33%, and 38% when excluding a large fixed-rate renewal in Central Pennsylvania [8] - Approximately 2,500,000 square feet of leases commenced during the quarter, with 400,000 being new leases and 2,100,000 being renewals [13] Market Data and Key Metrics Changes - Vacancy in Tier one U.S. markets was 6.3% at the end of Q2, up 30 basis points from the prior quarter [6] - Year-to-date net absorption nationally totaled 16,000,000 square feet, with 5,000,000 square feet in target markets [7] - New construction start volume was 62,000,000 square feet in Q2, down from 66,000,000 square feet in Q1 2025 and 72% lower than the peak in Q3 2022 [7] Company Strategy and Development Direction - The company is focused on securing and serving existing and new customers to drive long-term cash flow growth [17] - The company plans to continue executing new starts in markets with good fundamentals and unmet demand [21] - The company remains cautious about new development starts due to the need for more consistent development lease signings [21] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty around tariffs continues to dampen decision-making momentum [5] - There is an expectation for improved confidence and timely decision-making once the tariff situation becomes clearer [17] - The company anticipates a higher interest expense in the second half of the year due to funding its development pipeline and the recent bond offering [24] Other Important Information - The company was upgraded by Fitch to BBB+ in early May, which facilitated a public bond offering of $450,000,000 at a coupon rate of 5.25% [11] - The guidance range for NAREIT FFO for the year remains at $2.92 per share at the midpoint, with a narrowed range of $2.88 to $2.96 per share [14] Q&A Session Summary Question: How attractive are incremental development starts today compared to three or six months ago? - Management indicated that they would like to see more consistent development lease signings before increasing new starts [20] Question: Is there anything abnormal in the second quarter FFO? - Management noted that higher interest expense in the second half is expected due to funding the development pipeline and the recent bond offering being slightly dilutive [24] Question: Can you clarify the new lease that was not in the $1,600,000 target? - Management confirmed that the new lease announced has positively impacted their guidance, reducing the expected drag on FFO [31] Question: What is the current demand for build-to-suit projects? - Management stated that while they do execute on build-to-suit projects, their platform is more targeted towards speculative development [51] Question: How are private industrial developers behaving in the current environment? - Management observed that where there are more choices, concessions have increased, but there is no material difference across the landscape for developers [67] Question: What is the outlook for specific markets? - Nashville and certain submarkets in Dallas and Houston are performing well, while Southern California saw a 5% decline in market rents from Q1 to Q2 [99][103]

Financial Performance - For the three months ended June 30, 2025, lease revenue was $177468 thousand, compared to $162075 thousand for the same period in 2024[14] - Net income available to common stockholders for the three months ended June 30, 2025, was $55185 thousand, compared to $51318 thousand for the same period in 2024[14] - Funds From Operations (FFO) allocable to common stockholders and unitholders for the three months ended June 30, 2025, was $102800 thousand, compared to $89647 thousand for the same period in 2024[15] - Adjusted Funds From Operations (AFFO) for the three months ended June 30, 2025, was $84160 thousand, compared to $74139 thousand for the same period in 2024[15] Portfolio Composition - As of June 30, 2025, the total number of in-service properties was 414, with a gross leasable area of 68044707 square feet and an occupancy rate of 942%[33] - Same Store NOI Cash Basis (Less Termination Fees) increased by 87% for the three months ended June 30, 2025, compared to the same period in 2024, reaching $121947 thousand[34] Debt Analysis - The total weighted average interest rate on debt outstanding was 410% as of June 30, 2025, compared to 416% as of June 30, 2024[21] - Fixed-rate debt accounted for $2379774 thousand of the total debt outstanding as of June 30, 2025[21] Leasing Activity - For the three months ended June 30, 2025, new leases commenced totaled 411 thousand square feet with a cash basis rent growth of 405%[36] - Tenant retention by square feet was 710% for the three months ended June 30, 2025[36] Outlook - The company estimates Funds From Operations - FFO (NAREIT) to be between $288 and $296 per share/unit for 2025[68]

分组1 - First Industrial Realty Trust reported quarterly funds from operations (FFO) of $0.76 per share, exceeding the Zacks Consensus Estimate of $0.72 per share, and up from $0.66 per share a year ago, representing an FFO surprise of +5.56% [1] - The company posted revenues of $180.16 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.40%, compared to year-ago revenues of $164.14 million [2] - Over the last four quarters, First Industrial Realty Trust has surpassed consensus FFO estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 2.2% since the beginning of the year, while the S&P 500 gained 6.2% [3] - The current consensus FFO estimate for the coming quarter is $0.74 on revenues of $178.26 million, and for the current fiscal year, it is $2.90 on revenues of $714.55 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges for the sector [8]

FIRST INDUSTRIAL REALTY TRUST REPORTS SECOND QUARTER 2025 RESULTS CHICAGO, July 16, 2025 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the second quarter of 2025. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.42 in the second quarter, compared to $0.39 a year ago and second quarter funds from operations (FFO) was $0.76 per share/unit on a diluted ...

Core Insights - First Industrial Realty Trust, Inc. reported a diluted net income per share of $0.42 for Q2 2025, up from $0.39 in the same period last year, and funds from operations (FFO) of $0.76 per share/unit, compared to $0.66 a year ago [1][5][20] Portfolio Performance - The company's diverse portfolio is performing strongly, with cash rental rate growth among sector leaders and healthy renewal activity [2] - Cash basis same store net operating income (SS NOI) increased by 8.7%, driven by rental rate increases on new and renewal leases [6][26] - In-service occupancy was 94.2% at the end of Q2 2025, down from 95.3% at the end of Q1 2025 and Q2 2024 [6] Development and Leasing Highlights - During Q2 2025, the company leased 58,000 square feet at First Loop Logistics Park Building 4 in Orlando [3] - The company started two development projects totaling 402,000 square feet with an estimated total investment of $54 million [7] Investment and Capital Markets Highlights - The company completed its first public bond offering since 2007, issuing $450 million of 5.25% senior unsecured notes due January 15, 2031 [5][7] - The company received a 'BBB+' unsecured credit rating from Fitch Ratings [5][7] Financial Guidance - The company provided guidance for 2025, estimating net income available to common stockholders and unitholders between $1.53 and $1.61 per share/unit, and NAREIT FFO between $2.88 and $2.96 per share/unit [8][9]