Shares of First Industrial Realty Trust (NYSE: FR ) have been a modest performer over the past year, gaining just about 3%. As a major owner of logistics real estate with a significant West Coast presence, FR has meaningful exposure to tariffs, particularly onOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an art ...

PRESS RELEASEParis, June 4, 2025 Information on the total number of voting rightsand shares forming the share capital(Article L.233-8 II of the French Commercial Code andArticle 223-16 of the General Regulation of the French Financial Markets Authority) DateIssued capitalPar valueTotal number of sharesTotal number of voting rightsTheoretical*Exercisable**May 30, 2025€ 244,633,504<td style="width:69.8px;;bor ...

First Industrial Realty Trust (FR) 2025 Conference June 03, 2025 02:30 PM ET Speaker0 Thank you, everyone, for joining the First Industrial NAREIT session. My name is Ki Bin Kim, Senior REIT Equity Analyst and Managing Director at Truist. It is my pleasure to introduce the First Industrial management team, starting with my left, Peter Baszliki, CEO and Art Harman, Head of Investor Relations. And to my right, we have Scott Musil, Chief Financial Officer. We'll start off the session with some opening remarks ...

CHICAGO, June 2, 2025 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, will present at Nareit's REITWeek 2025 Investor Conference on Tuesday, June 3, 2025 at 2:30 PM EDT (1:30 PM CDT).A webcast of the presentation will be available on First Industrial's website at www.firstindustrial.com under the "Investors" tab. A replay of the webcast will also be available on the website through Thursday, July 3, 2025.First ...

Valeo announces a new green bond issue for an amount of 650 million euros with maturity May 2031 Paris, May 13, 2025 - Valeo announced the placement of new green bonds maturing May 20, 2031 for an amount of 650 million euros. This issue raised 650 million euros in bonds maturing in 6 years with a coupon of 5.125%. BNP Paribas, Crédit Agricole CIB, CIC, Helaba, ING and Mizuho and acted as Joint Active Bookrunners. The net proceeds of the transaction will be used for financing projects and investments linked ...

PRESS RELEASEParis, May 12, 2025 Information on the total number of voting rightsand shares forming the share capital(Article L.233-8 II of the French Commercial Code andArticle 223-16 of the General Regulation of the French Financial Markets Authority) DateIssued capitalPar valueTotal number of sharesTotal number of voting rightsTheoretical*Exercisable**April 30, 2025€ 244,633,504<td style="width:69.8px;;b ...

PARISApril 29, 2025 Valeo records first-quarter sales of 5.3 billion euros. Valeo confirms its objectives for 2025, thanks to its ability to rapidly adapt its costs, and its strict policy on mitigating and obtaining compensation for the impact of tariffs. Valeo records further commercial achievements in ADAS. Sales of 5.3 billion euros, down 1% on a like-for-like basis (LFL)Original equipment sales stable LFLAftermarket sales up 3% LFL 2025 objectives confirmed, based on recent S&P Global Mobility as ...

Financial Performance - Total revenues for Q1 2025 were $177,074,000, an increase of 9.9% compared to $162,272,000 in Q1 2024[24] - Net income for Q1 2025 was $52,884,000, down 25.0% from $70,498,000 in Q1 2024[24] - Comprehensive income for Q1 2025 was $44,975,000, a decrease of 44.4% from $80,921,000 in Q1 2024[27] - Net income for the three months ended March 31, 2025, was $52,884,000, a decrease of 25.1% compared to $70,498,000 for the same period in 2024[40] - Basic and diluted earnings per share (EPS) for the company were $0.36 for the three months ended March 31, 2025, down from $0.52 in the same period of 2024[90] - Net income available to common stockholders for Q1 2025 was $48,103,000, a decrease of 29.7% from $68,452,000 in Q1 2024[168] Revenue and Lease Performance - Lease revenue increased to $175,376,000 in Q1 2025, up from $159,735,000 in Q1 2024, reflecting a growth of 9.8%[24] - Total revenues increased to $177,074,000 for the three months ended March 31, 2025, up 9.9% from $162,272,000 in the prior year[40] - Lease revenue for the three months ended March 31, 2025, was $175,376,000, an increase of 9.8% from $159,735,000 in the same period last year[40] - Same Store Revenues increased to $164,394,000 in Q1 2025, up 6.9% from $154,310,000 in Q1 2024[166] Cash Flow and Investments - Net cash provided by operating activities rose to $88,566,000, compared to $62,499,000 in the same quarter of 2024, reflecting a 41.8% increase[33] - Cash provided by operating activities increased to $88,585,000 for the three months ended March 31, 2025, compared to $62,509,000 in the prior year, reflecting a 41.7% increase[49] - The net cash used in investing activities was $213,348,000, significantly higher than $19,031,000 in the same quarter of 2024[33] - Cash used in investing activities rose significantly by $194.3 million, totaling $213.3 million for the three months ended March 31, 2025[148] Assets and Liabilities - Total assets as of March 31, 2025, were $5,448,054,000, compared to $5,261,426,000 at the end of 2024, representing a growth of 3.5%[22] - Total liabilities increased to $2,704,832,000 as of March 31, 2025, from $2,515,398,000 at the end of 2024, an increase of 7.5%[22] - The company’s equity as of March 31, 2025, was $2,743,222,000, slightly down from $2,746,028,000 at the end of 2024[22] - The company’s total debt as of March 31, 2025, was approximately $2,387.1 million, with 81.0% being fixed rate debt[152] Dividends and Distributions - The company declared dividends of $0.445 per share for Q1 2025, compared to $0.370 per share in Q1 2024[30] - The company paid $50,087,000 in common stock dividends and unit distributions during the quarter, compared to $43,220,000 in the previous year[33] - Unit distributions for the three months ended March 31, 2025, totaled $60,854,000, an increase from $50,309,000 in the prior year[49] Property and Operations - The company owned 416 industrial properties as of March 31, 2025, with a total gross leasable area of approximately 68.2 million square feet[57] - The average daily occupancy rate for same store properties was 95.7% for Q1 2025, compared to 95.0% for Q1 2024[127] - Cash rental rates for new and renewal leases increased by 41.7% during the quarter, indicating strong demand[118] - The company focuses on 15 key logistics markets in the U.S., emphasizing coastal markets with favorable industrial real estate fundamentals[115] Joint Venture Performance - The company holds an 88% interest in a Joint Venture Partnership for developing land in the Phoenix metropolitan area, consolidating the partnership in its financial statements[78] - The company earned fees of $465 million from the Joint Venture for the three months ended March 31, 2025, a decrease of 45.9% compared to $859 million for the same period in 2024[80] - Net income of the Joint Venture for the three months ended March 31, 2025, was $39,879 million, significantly up from $2,032 million in 2024, primarily due to a gain on sale of $39,630 million from Buildings A and B[82] - Incentive fees earned from the Joint Venture increased to $7,976 million in Q1 2025 from $406 million in Q1 2024, reflecting a substantial growth in performance[83] Interest and Financing - The company amended and restated its existing $200 million unsecured term loan, now maturing on March 17, 2028, with an all-in interest rate of 1.82%[71] - The company increased its Unsecured Credit Facility from $750 million to $850 million, maturing on March 16, 2029, with a variable interest rate based on SOFR plus a credit spread[72] - Interest expense for Q1 2025 was $19,469,000, a decrease from $20,897,000 in Q1 2024[168] - Interest expense decreased by $1.4 million, or 6.8%, due to a lower weighted average interest rate of 4.03%[134] Legal and Compliance - The company is involved in legal actions related to its industrial properties, but does not expect any material adverse effects on its financial position[103]

Financial Data and Key Metrics Changes - For Q1 2025, funds from operations (FFO) were reported at $0.68 per fully diluted share, an increase from $0.60 per share in Q1 2024, indicating a positive trend in financial performance [22] - Cash same-store rental growth for the quarter, excluding termination fees, was 10.1%, driven by increases in rental rates and higher average occupancy [22][23] - In-service occupancy at the end of the quarter was 95.3%, a decrease of 90 basis points from year-end and 20 basis points from the year-ago quarter [22][23] Business Line Data and Key Metrics Changes - The company achieved a cash rental rate increase of 30% for new and renewal leasing, with a projected growth of 30% to 40% for the full year [15][29] - Development leasing included a successful expansion of a tenant in Denver, bringing a 200,000 square foot building to 100% occupancy [16] - The company plans to break ground on a 176,000 square foot facility in Dallas, targeting a cash yield of approximately 8% [17] Market Data and Key Metrics Changes - Nationally, vacancy in Tier 1 U.S. markets was reported at 5.9%, unchanged since year-end [12] - Net absorption was 56 million square feet, with 24 million square feet in target markets, while new construction starts were 75% lower than the peak in Q3 2022 [13] - In the Inland Empire, vacancy rates decreased by 30 basis points, with net absorption of 3 million square feet, indicating a positive trend in that market [65] Company Strategy and Development Direction - The company is focused on executing objectives to drive long-term cash flow growth while monitoring the impact of tariffs on tenant demand [30] - Future developments will target areas with unmet demand, particularly in Texas, Florida, and Pennsylvania [50] - The company remains opportunistic regarding new investments, emphasizing risk-adjusted returns in targeted sub-markets [50][134] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the evolving landscape surrounding tariffs and their potential impact on business activity and leasing markets [10][11] - The tone remains positive, with good momentum and increased foot traffic, although decision-making has slowed due to uncertainty around tariffs [75][90] - Management anticipates that the majority of tenant demand will continue, despite some conversations being paused [88][90] Other Important Information - The company renewed its senior unsecured revolving credit facility by $100 million, extending the maturity date to March 2030 [24] - The company acquired two fully leased developments in Phoenix for $120 million, with a cash yield of 6.4% [20] - The company expects to capitalize about $0.09 per share of interest for the full year of 2025 [29] Q&A Session Summary Question: Impact of tariffs on tenancy perspective - Management indicated that exposure to Chinese 3PLs is minimal, with only 450,000 square feet leased to them, and no significant concerns from auto tenants [35][37] Question: Development leasing visibility - Management confirmed that the majority of development leasing is expected in Q4, with good activity in the market despite some tenant concerns regarding tariffs [41][46] Question: G&A expenses related to stock-based compensation - Management acknowledged an increase in G&A due to accelerated stock-based compensation but did not provide a specific dollar amount during the call [55] Question: Current tenant activity and leasing velocity - Management noted that while some tenants have paused, the overall interest and demand remain strong, with no specific concentration of paused activity in certain industries [88][92] Question: Development yields and construction costs - Management stated that they can achieve yields over 7% on new developments, despite rising construction costs, by focusing on areas with strong demand [112][114] Question: Amazon's expansion plans and RFPs - Management observed that Amazon is focused on expanding same-day delivery capabilities and is active in several markets, indicating a shift in their approach to warehousing [161][162]

First Industrial Realty Trust, Inc. (FR) Q1 2025 Earnings Conference Call April 17, 2025 11:00 AM ET Company Participants Conference Operator - ModeratorArt Harmon - Senior Vice President, Investor Relations and MarketingPeter Basile - President and Chief Executive OfficerScott Musil - Chief Financial OfficerJojo Yap - Chief Investment OfficerPeter Schultz - Executive Vice PresidentChris Schneider - Executive Vice President of Operations Conference Call Participants Heebin Kim - Analyst, TruistCraig Mailman ...