Part I: Financial Information [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the company and its Operating Partnership for the period ended September 30, 2022 [First Industrial Realty Trust, Inc. Consolidated Financial Statements](index=6&type=section&id=First%20Industrial%20Realty%20Trust%2C%20Inc.%20Consolidated%20Financial%20Statements) Total assets grew to $4.86 billion, and net income increased significantly, driven by gains on real estate sales and joint venture income First Industrial Realty Trust, Inc. - Balance Sheet Summary (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$4,864,392** | **$4,179,098** | | Net Investment in Real Estate | $4,324,316 | $3,778,148 | | Cash and Cash Equivalents | $147,255 | $58,591 | | **Total Liabilities** | **$2,377,948** | **$1,930,726** | | Total Indebtedness | $1,980,000 | $1,610,020 | | **Total Equity** | **$2,486,444** | **$2,248,372** | First Industrial Realty Trust, Inc. - Statement of Operations Summary (in thousands) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Total Revenues | $395,315 | $354,739 | | Gain on Sale of Real Estate | $84,204 | $66,378 | | Equity in Income of Joint Ventures | $118,182 | $(154) | | **Net Income** | **$297,674** | **$160,163** | | Net Income Attributable to Common Stockholders | $277,137 | $156,580 | | **Diluted EPS** | **$2.10** | **$1.21** | [First Industrial, L.P. Consolidated Financial Statements](index=13&type=section&id=First%20Industrial%2C%20L.P.%20Consolidated%20Financial%20Statements) The Operating Partnership's financial results reflect similar growth, with total assets reaching $4.87 billion and net income at $297.7 million First Industrial, L.P. - Balance Sheet Summary (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$4,873,684** | **$4,188,333** | | Net Investment in Real Estate | $4,324,316 | $3,778,148 | | **Total Liabilities** | **$2,377,948** | **$1,930,726** | | **Total Partners' Capital** | **$2,495,736** | **$2,257,607** | First Industrial, L.P. - Statement of Operations Summary (in thousands) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Total Revenues | $395,315 | $354,739 | | **Net Income** | **$297,674** | **$160,163** | | Net Income Available to Unitholders | $283,313 | $160,104 | | **Diluted EPU** | **$2.10** | **$1.21** | [Notes to Consolidated Financial Statements](index=20&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on accounting policies, real estate activities, indebtedness, and joint venture performance - As of September 30, 2022, the company owned **421 industrial properties** totaling approximately **64.8 million square feet** of gross leasable area (GLA) across 18 states[65](index=65&type=chunk) - During the nine months ended September 30, 2022, the company entered into a new five-year, **$425 million** unsecured term loan and a new three-year, **$300 million** unsecured term loan facility, while also paying off **$68.0 million** in mortgage loans[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) - The company's Joint Venture sold **391 acres of land**, resulting in a **$176.3 million** gain for the JV, of which the company's economic share was **$86.4 million** plus a **$32.3 million** incentive fee[89](index=89&type=chunk)[91](index=91&type=chunk)[142](index=142&type=chunk) - At September 30, 2022, the company had **18 development projects** under construction, totaling approximately **3.7 million square feet** of GLA with a remaining funding commitment of approximately **$259.4 million**[113](index=113&type=chunk) Real Estate Activity (Nine Months Ended Sep 30, 2022) | Activity | Details | Value (in thousands) | | :--- | :--- | :--- | | **Acquisitions** | 10 properties, 11 land parcels | $266,910 (Purchase Price) | | **Sales** | 8 buildings, 1 land parcel | $124,340 (Gross Proceeds) | | **Gain on Sale** | - | $84,204 | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, business strategies, leasing activity, liquidity, and supplemental non-GAAP performance measures [Management's Overview](index=35&type=section&id=Management's%20Overview) The company's objective is to maximize stockholder return through internal growth, external development, and disciplined financing strategies - The company's long-term growth plans are centered on both **internal and external growth strategies**[125](index=125&type=chunk) - Key business strategies include increasing rental rates, developing properties in 15 target markets, upgrading the portfolio through asset sales, and utilizing a mix of financing sources[126](index=126&type=chunk)[128](index=128&type=chunk) [Summary of the Nine Months Ended September 30, 2022](index=37&type=section&id=Summary%20of%20the%20Nine%20Months%20Ended%20September%2030%2C%202022) The company reports strong operating results, including high occupancy, significant rent growth, and active acquisition and development pipelines - In-service occupancy was **98.3%** at quarter-end, with cash rental rates on new and renewal leases increasing by **22.8%** year-to-date[129](index=129&type=chunk) - Key activities included **$266.9 million** in acquisitions, **$124.3 million** in sales, commencing development of **2.3 million sq. ft.**, and increasing the quarterly dividend by **9.3%**[130](index=130&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Net income increased by 85.9% year-over-year, driven by higher same-store revenue, gains on property sales, and joint venture income - The increase in net income for the nine months of 2022 was primarily driven by a **$26.0 million** increase in same-store property revenue, a **$17.8 million** increase in gain on sale of real estate, and a **$118.3 million** increase in equity in income of joint ventures[135](index=135&type=chunk)[139](index=139&type=chunk)[142](index=142&type=chunk) - Average daily occupancy for same-store properties increased to **97.9%** for the nine months ended Sep 30, 2022, compared to **95.9%** in the prior year period[134](index=134&type=chunk) Comparison of Nine Months Ended Sep 30, 2022 vs 2021 (in thousands) | Metric | 2022 | 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$395,315** | **$354,739** | **$40,576** | **11.4%** | | Same Store Revenues | $353,625 | $327,583 | $26,042 | 7.9% | | **Total Property Expenses** | **$106,050** | **$98,386** | **$7,664** | **7.8%** | | **Net Income** | **$297,674** | **$160,163** | **$137,511** | **85.9%** | [Leasing Activity](index=43&type=section&id=Leasing%20Activity) The company commenced leases on 11.1 million square feet year-to-date, achieving strong straight-line rent growth of 38.4% Leasing Summary (Nine Months Ended Sep 30, 2022) | Lease Type | Square Feet (000's) | Straight Line Rent Growth | Weighted Avg. Term (Yrs) | Tenant Retention | | :--- | :--- | :--- | :--- | :--- | | New Leases | 2,253 | 39.1% | 6.1 | N/A | | Renewal Leases | 4,742 | 38.1% | 5.0 | 69.2% | | **Total / Weighted Avg.** | **11,139** | **38.4%** | **7.1** | **69.2%** | [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained a strong liquidity position of $826.2 million and saw a significant increase in cash flow from operations - As of September 30, 2022, total liquidity was approximately **$826.2 million**, consisting of **$138.6 million** in cash and **$687.6 million** available on credit facilities[157](index=157&type=chunk) - The **$149.6 million** increase in operating cash flow was primarily due to a **$118.0 million** increase in distributions from joint ventures and improved Net Operating Income (NOI)[164](index=164&type=chunk)[165](index=165&type=chunk) Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $346,022 | $196,437 | | Net cash used in investing activities | ($511,467) | ($291,602) | | Net cash provided by (used in) financing activities | $258,500 | ($43,473) | [Supplemental Earnings Measure](index=47&type=section&id=Supplemental%20Earnings%20Measure) This section reconciles non-GAAP measures, showing growth in Funds From Operations (FFO) and Same Store Net Operating Income (SS NOI) Funds From Operations (FFO) Reconciliation (in thousands) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net Income Available to Common Stockholders | $277,137 | $156,580 | | Adjustments (Depreciation, Gain on Sale, etc.) | ($54,589) | $31,705 | | **FFO Available to Common Stockholders** | **$222,548** | **$188,285** | Same Store Net Operating Income (SS NOI) (in thousands) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | % Change | | :--- | :--- | :--- | :--- | | Same Store Revenues | $353,625 | $327,583 | - | | Same Store Property Expenses | ($87,439) | ($84,714) | - | | **SS NOI (Cash Basis)** | **$257,437** | **$232,163** | **10.9%** | [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its variable-rate debt, which is partially mitigated by derivative instruments - At September 30, 2022, **60.7%** of total debt was fixed rate, while **39.3%** was variable rate, including debt fixed through interest rate swaps[170](index=170&type=chunk) - A hypothetical **10%** increase in the relevant LIBOR and SOFR rates would have increased interest expense by approximately **$0.5 million** for the nine months ended September 30, 2022[173](index=173&type=chunk) - The company is preparing for the cessation of LIBOR after June 30, 2023, and does not expect the transition to have a material impact[169](index=169&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - Management concluded that the disclosure controls and procedures for both the Company and the Operating Partnership were **effective** as of the end of the period covered by the report[187](index=187&type=chunk)[189](index=189&type=chunk) - **No changes** in internal control over financial reporting occurred during the fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[188](index=188&type=chunk)[190](index=190&type=chunk) Part II: Other Information [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no material legal proceedings during the period - None[193](index=193&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2021 Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the annual report on Form 10-K for the year ended December 31, 2021[194](index=194&type=chunk) [Other Items (Items 2, 3, 4, 5, 6)](index=50&type=section&id=Other%20Items) This section confirms no reportable events regarding equity sales, defaults, mine safety, or other material information - The company reports **"None"** for Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults Upon Senior Securities), Item 4 (Mine Safety Disclosures), and Item 5 (Other Information)[195](index=195&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ Form 10-Q _______________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.) 333-21873 (First Industrial, L.P. ...

Nareit REITWeek FR LISTED NYSE Safe Harbor This presentation contains 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‐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 ...

First Industrial Realty Trust, Inc. (NYSE:FR) Q1 2022 Results Conference Call April 21, 2022 11:00 AM ET Company Participants Art Harmon - Vice President, Investor Relations and Marketing Peter Baccile - President and Chief Executive Officer Scott Musil - Chief Financial Officer Jojo Yap - Chief Investment Officer Peter Schultz - Executive Vice President Chris Schneider - Senior Vice President, Operations Bob Walter - Senior Vice President, Capital Markets and Asset Management Conference Call Participants K ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FIRST INDUSTRIAL REALTY TRUST, INC. Washington, D.C. 20549 _______________________________ Form 10-Q _______________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-13102 (First Industrial Realty Trust, In ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ Form 10-K _______________________________ For the transition period from to Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.) 333-21873 (First Industrial, L.P.) _______________________________ FIRST INDUSTRIAL REALTY TRUST, INC. FIRST INDUSTRIAL, L.P. (Exact name of Registrant as specified in its Charter) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

First Industrial Realty Trust, Inc. (NYSE:FR) Q3 2021 Earnings Conference Call October 21, 2021 11:00 AM ET Company Participants Art Harmon - Vice President, Investor Relations and Marketing Peter Baccile - President and Chief Executive Officer Scott Musil - Chief Financial Officer Jojo Yap - Chief Investment Officer Peter Schultz - Executive Vice President Chris Schneider - Senior Vice President, Operations Bob Walter - Senior Vice President, Capital Markets and Asset Management Conference Call Participant ...

[Part I: Financial Information](index=6&type=section&id=PART%20I%3A%20FINANCIAL%20INFORMATION) This section provides the company's unaudited consolidated financial statements and management's discussion and analysis for the period ended September 30, 2021 [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for First Industrial Realty Trust, Inc. and First Industrial, L.P. as of September 30, 2021, and for the three and nine months then ended, including detailed notes [First Industrial Realty Trust, Inc. Consolidated Financial Statements](index=6&type=section&id=First%20Industrial%20Realty%20Trust%2C%20Inc.%20Consolidated%20Financial%20Statements) The consolidated financial statements for First Industrial Realty Trust, Inc. show increased assets and net income for the nine months ended September 30, 2021, driven by real estate investments and sales Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Net Investment in Real Estate | $3,575,488 | $3,255,240 | | Total Assets | $3,975,444 | $3,791,938 | | Total Liabilities | $1,901,862 | $1,844,618 | | Total Equity | $2,073,582 | $1,947,320 | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Total Revenues | $354,739 | $335,739 | | Gain on Sale of Real Estate | $66,378 | $29,594 | | Net Income | $160,163 | $114,662 | | Diluted EPS | $1.21 | $0.88 | - Net cash provided by operating activities was **$196.4 million** for the nine months ended Sep 30, 2021, a slight increase from **$190.1 million** in the prior year period[37](index=37&type=chunk) - Net cash used in investing activities increased to **$291.6 million**, primarily due to higher acquisitions of real estate[37](index=37&type=chunk) [First Industrial, L.P. Consolidated Financial Statements](index=13&type=section&id=First%20Industrial%2C%20L.P.%20Consolidated%20Financial%20Statements) The financial statements for First Industrial, L.P. mirror the parent company's, showing increased assets and net income for the nine months ended September 30, 2021, with primary differences in capital presentation Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Net Investment in Real Estate | $3,575,488 | $3,255,240 | | Total Assets | $3,984,773 | $3,801,308 | | Total Liabilities | $1,901,862 | $1,844,618 | | Total Partners' Capital | $2,082,911 | $1,956,690 | Consolidated Statement of Operations Highlights (in thousands, except per unit data) | Account | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Total Revenues | $354,739 | $335,739 | | Net Income | $160,163 | $114,662 | | Diluted EPU | $1.21 | $0.88 | [Notes to Consolidated Financial Statements](index=20&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's 423 industrial properties, significant acquisitions and dispositions, and the amendment of its unsecured credit facility and term loan, enhancing financial flexibility - As of September 30, 2021, the company owned **423 industrial properties** with approximately **62.1 million square feet** of gross leasable area (GLA)[64](index=64&type=chunk) - During the first nine months of 2021, the company acquired **four industrial properties** and **nine land parcels** for a total purchase price of **$216.4 million**[70](index=70&type=chunk) - The company sold **12 industrial properties**, seven industrial condominium units, and one land parcel for gross proceeds of **$118.6 million**, realizing a gain of **$66.4 million** during the first nine months of 2021[72](index=72&type=chunk)[133](index=133&type=chunk) - On July 7, 2021, the company amended and restated its revolving credit agreement, increasing the capacity to **$750 million** and extending the maturity to July 7, 2025[76](index=76&type=chunk) - A **$200 million** unsecured term loan was also amended, extending its maturity to July 7, 2026[78](index=78&type=chunk) - As of September 30, 2021, the company had **17 industrial properties** under construction, totaling approximately **5.6 million square feet**, with an estimated remaining funding commitment of **$355.6 million**[108](index=108&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports strong operating results for the nine months ended September 30, 2021, with increased occupancy, rental rates, and net income, supported by strategic growth and strong liquidity [Management's Overview](index=35&type=section&id=Management%27s%20Overview) The company's objective is to maximize stockholder return through internal growth, external growth in target logistics markets, and portfolio enhancement, achieving strong performance in occupancy and rental rates - The company's long-term growth plans focus on internal growth (increasing revenues, controlling expenses), external growth (development, acquisitions), and portfolio enhancement (selling non-core assets to invest in **15 target logistics markets**)[118](index=118&type=chunk)[119](index=119&type=chunk) Key Operating Metrics as of September 30, 2021 | Metric | Value | | :--- | :--- | | Quarter-end in-service occupancy | 97.1% | | YTD Cash rental rate growth (new/renewal) | 15.9% | | Q3 Cash rental rate growth (new/renewal) | 22.8% | - During the first nine months of 2021, the company commenced development on **14 buildings** totaling **5.0 million square feet** and acquired approximately **455.8 acres of land** for future development[122](index=122&type=chunk)[123](index=123&type=chunk) - Financing activities included amending and extending the Unsecured Line of Credit to **$750 million**, paying off **$57.9 million** in mortgage loans, and raising **$59.0 million** in net proceeds from ATM offerings[123](index=123&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) For the nine months ended September 30, 2021, total revenues increased 5.7% to $354.7 million, driven by same-store growth and acquisitions, with net income rising significantly due to higher real estate sales gains Comparison of Nine Months Ended Sep 30, 2021 vs 2020 (in thousands) | Account | 2021 | 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $354,739 | $335,739 | $19,000 | 5.7% | | Total Property Expenses | $98,386 | $87,487 | $10,899 | 12.5% | | Gain on Sale of Real Estate | $66,378 | $29,594 | $36,784 | 124.3% | | Interest Expense | ($34,374) | ($37,864) | $3,490 | (9.2)% | | Net Income | $160,163 | $114,662 | $45,501 | 39.7% | - Same-store property revenue increased by **$17.6 million (5.8%)** due to higher rental rates and tenant recoveries[128](index=128&type=chunk) - Same-store property expenses increased by **$8.3 million (11.1%)** primarily from higher real estate taxes and snow removal costs[130](index=130&type=chunk) Comparison of Three Months Ended Sep 30, 2021 vs 2020 (in thousands) | Account | 2021 | 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $121,082 | $116,194 | $4,888 | 4.2% | | Total Property Expenses | $33,396 | $30,355 | $3,041 | 10.0% | | Net Income | $43,419 | $36,707 | $6,712 | 18.3% | [Leasing Activity](index=43&type=section&id=Leasing%20Activity) In the third quarter of 2021, the company commenced 60 leases totaling 2.4 million square feet, with a weighted average straight-line rent growth of 36.2% Leasing Activity Summary | Period | Leases Commenced | Square Feet (in 000's) | Straight Line Rent Growth | Tenant Retention | | :--- | :--- | :--- | :--- | :--- | | **Q3 2021** | 60 | 2,358 | 36.2% | 84.7% | | New Leases | 26 | 465 | 39.5% | N/A | | Renewal Leases | 28 | 1,408 | 34.9% | 84.7% | | **Nine Months 2021** | 189 | 9,223 | 28.6% | 76.2% | | New Leases | 76 | 2,125 | 36.0% | N/A | | Renewal Leases | 97 | 5,728 | 25.7% | 76.2% | [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2021, the company maintained strong liquidity with $52.3 million in cash and $670.7 million available on its credit facility, supported by investment-grade credit ratings - At September 30, 2021, liquidity consisted of **$52.3 million** in cash and **$670.7 million** available on the Unsecured Credit Facility[151](index=151&type=chunk) - The company anticipates meeting its short-term liquidity needs through cash flow from operations and proceeds from asset sales[152](index=152&type=chunk) - The company holds investment-grade credit ratings: **BBB/Stable from S&P**, **Baa2/Stable from Moody's**, and **BBB/Stable from Fitch Ratings**[155](index=155&type=chunk) [Cash Flow Activity](index=45&type=section&id=Cash%20Flow%20Activity) For the nine months ended September 30, 2021, operating cash flow increased by $6.3 million to $196.4 million, while investing cash flow rose due to acquisitions, and financing cash flow shifted due to prior year's note issuance Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $196,437 | $190,139 | | Net cash used in investing activities | ($291,602) | ($274,355) | | Net cash (used in) provided by financing activities | ($43,473) | $102,619 | - The increase in cash from operations was primarily due to higher Net Operating Income (NOI) from the property portfolio[157](index=157&type=chunk) - The increase in cash used for investing was driven by an **$87.1 million** rise in acquisition and development spending compared to the prior year[157](index=157&type=chunk) - The shift in financing cash flow was primarily due to a **$300 million** issuance of unsecured notes in 2020, which was not repeated in 2021, and higher mortgage repayments in 2021[158](index=158&type=chunk) [Supplemental Earnings Measure](index=47&type=section&id=Supplemental%20Earnings%20Measure) The company provides supplemental performance measures including Funds From Operations (FFO) and Same Store Net Operating Income (SS NOI) Funds From Operations (FFO) Reconciliation (in thousands) | | Three Months Ended Sep 30 | Nine Months Ended Sep 30 | | :--- | :--- | :--- | | | **2021** | **2020** | **2021** | **2020** | | Net Income Available to Common Stockholders | $42,446 | $35,959 | $156,580 | $112,262 | | Adjustments (Depreciation, Gain on Sale, etc.) | $23,826 | $27,049 | $31,705 | $65,926 | | **FFO Available to Common Stockholders** | **$66,272** | **$63,008** | **$188,285** | **$178,188** | Same Store Net Operating Income (SS NOI) Growth (Cash Basis) | Period | 2021 (in thousands) | 2020 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Three Months Ended Sep 30 | $79,076 | $73,982 | 6.9% | | Nine Months Ended Sep 30 | $229,402 | $222,173 | 3.3% | [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, largely mitigated by 95.4% fixed-rate debt and interest rate swaps, while actively monitoring the LIBOR transition - As of September 30, 2021, **95.4% ($1.54 billion)** of the company's total debt was fixed-rate, with the remaining **4.6% ($74.0 million)** being variable-rate[162](index=162&type=chunk) - The company utilizes interest rate swaps with an aggregate notional amount of **$460.0 million** to convert its variable-rate Unsecured Term Loans to fixed-rate debt, managing cash flow volatility[162](index=162&type=chunk)[163](index=163&type=chunk) - The company is monitoring the planned cessation of USD-LIBOR after June 30, 2023, and the transition to alternative benchmark rates such as SOFR[166](index=166&type=chunk)[167](index=167&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the reporting period, with no material changes to internal control over financial reporting - Management concluded that the disclosure controls and procedures for both the Company and the Operating Partnership were **effective** as of the end of the period covered by the report[181](index=181&type=chunk)[183](index=183&type=chunk) - There were no changes in internal control over financial reporting during the fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[182](index=182&type=chunk)[184](index=184&type=chunk) [Part II: Other Information](index=47&type=section&id=PART%20II%3A%20OTHER%20INFORMATION) This section covers other information including legal proceedings, risk factors, and unregistered sales of equity securities [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no material legal proceedings - There are no material legal proceedings to report for the period[187](index=187&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) There have been 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, 2020 - No material changes to the risk factors disclosed in the 2020 Form 10-K were reported[188](index=188&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None reported[189](index=189&type=chunk)

First Industrial Realty Trust, Inc. (NYSE:FR) Q2 2021 Earnings Conference Call July 22, 2021 11:00 AM ET Company Participants Arthur Harmon - VP, IR & Marketing Peter Baccile - President, CEO & Director Scott Musil - CFO, SVP, Treasurer & Assistant Secretary Johannson Yap - Co-Founder, CIO & EVP, West Region Christopher Schneider - SVP, O&CIO Peter Schultz - EVP, East Region Conference Call Participants Craig Mailman - KeyBanc Capital Markets Ki Bin Kim - Truist Rob Stevenson - Janney Caitlin Burrows - Gold ...

PART I: FINANCIAL INFORMATION [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the Company and Operating Partnership, detailing financial position and performance [First Industrial Realty Trust, Inc. Financial Statements](index=6&type=section&id=First%20Industrial%20Realty%20Trust%2C%20Inc.%20Financial%20Statements) The Company's consolidated financial statements show total assets increased to $3.86 billion and net income rose to $116.7 million, driven by real estate sales Consolidated Balance Sheet Summary (in millions) | Account | June 30, 2021 ($) | December 31, 2020 ($) | | :--- | :--- | :--- | | Net Investment in Real Estate | $3,447.4 million | $3,255.2 million | | **Total Assets** | **$3,863.8 million** | **$3,791.9 million** | | Total Liabilities | $1,861.8 million | $1,844.6 million | | **Total Equity** | **$2,002.0 million** | **$1,947.3 million** | | **Total Liabilities and Equity** | **$3,863.8 million** | **$3,791.9 million** | Consolidated Statement of Operations Summary (in millions, except per share data) | Metric | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | | :--- | :--- | :--- | | Total Revenues | $233.7 million | $219.5 million | | Gain on Sale of Real Estate | $57.5 million | $23.1 million | | **Net Income** | **$116.7 million** | **$78.0 million** | | Diluted EPS | $0.88 | $0.60 | Consolidated Statement of Cash Flows Summary (in millions) | Cash Flow Activity | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $118.5 million | $117.5 million | | Net Cash Used in Investing Activities | ($161.7 million) | ($245.8 million) | | Net Cash (Used in) Provided by Financing Activities | ($73.9 million) | $76.4 million | | **Net Decrease in Cash** | **($117.0 million)** | **($51.9 million)** | [First Industrial, L.P. Financial Statements](index=12&type=section&id=First%20Industrial%2C%20L.P.%20Financial%20Statements) The Operating Partnership's financial statements, similar to the Company's, show total assets grew to $3.87 billion and net income reached $116.7 million Consolidated Balance Sheet Summary (in millions) | Account | June 30, 2021 ($) | December 31, 2020 ($) | | :--- | :--- | :--- | | **Total Assets** | **$3,873.2 million** | **$3,801.3 million** | | Total Liabilities | $1,861.8 million | $1,844.6 million | | **Total Partners' Capital** | **$2,011.4 million** | **$1,956.7 million** | | **Total Liabilities and Partners' Capital** | **$3,873.2 million** | **$3,801.3 million** | Consolidated Statement of Operations Summary (in millions) | Metric | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | | :--- | :--- | :--- | | Total Revenues | $233.7 million | $219.5 million | | **Net Income** | **$116.7 million** | **$78.0 million** | [Notes to the Consolidated Financial Statements](index=18&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes detail accounting policies and financial items, including real estate transactions, debt management, construction commitments, and post-quarter credit facility refinancing - During the first six months of 2021, the company acquired three industrial properties and five land parcels for an aggregate purchase price of **$147.0 million**[64](index=64&type=chunk) - In the same period, the company sold six industrial properties, three condominium units, and one land parcel for gross proceeds of **$104.4 million**, recognizing a gain of **$57.5 million**[66](index=66&type=chunk)[126](index=126&type=chunk) - As of June 30, 2021, the company had 13 industrial properties under construction, totaling **5.0 million square feet**, with an estimated **$300.5 million** remaining to be funded[98](index=98&type=chunk) - Subsequent to quarter-end, on July 7, 2021, the company amended and restated its Unsecured Credit Facility, increasing its capacity to **$750 million** and extending the maturity to 2025, also extending its **$200 million** unsecured term loan to 2026[100](index=100&type=chunk)[101](index=101&type=chunk) - The company uses interest rate swaps to manage exposure on its Unsecured Term Loans, with **$460 million** in notional value to fix variable interest rates as of June 30, 2021[91](index=91&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strong financial performance for the first half of 2021, driven by high occupancy, rental rate growth, strategic development, and enhanced liquidity [Management's Overview](index=32&type=section&id=Management%27s%20Overview) Management's overview outlines the company's objective to maximize stockholder returns through internal and external growth strategies, focusing on target logistics markets and portfolio enhancement - The company's growth strategy is based on both internal growth, through increasing revenues from the existing portfolio, and external growth, via development and acquisition[112](index=112&type=chunk) - The market strategy targets the top 15 U.S. industrial real estate markets, focusing on bulk and regional warehouse properties while reducing exposure to light industrial and R&D/flex buildings[112](index=112&type=chunk)[114](index=114&type=chunk) - The financing strategy utilizes proceeds from property sales, unsecured debt, term loans, the revolving credit facility, and equity issuances to fund growth and manage debt maturities[114](index=114&type=chunk) [Summary of the Six Months Ended June 30, 2021](index=34&type=section&id=Summary%20of%20the%20Six%20Months%20Ended%20June%2030%2C%202021) The first half of 2021 saw strong operational performance, with in-service occupancy at 96.6%, 13.3% cash rental rate growth, 4.1 million square feet of new development, and increased dividends - In-service occupancy rose **90 basis points** from year-end 2020 to **96.6%**[115](index=115&type=chunk) - Cash rental rates on new and renewal leases grew by **13.3%** during the six-month period[115](index=115&type=chunk) - Acquired 3 industrial properties (**0.2 million sq. ft.**) and land (**320.6 acres**) for a total of **$147.2 million**[116](index=116&type=chunk) - Commenced development of eight buildings totaling **4.1 million square feet**[116](index=116&type=chunk) - Sold properties and land for gross proceeds of **$104.4 million**[116](index=116&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Total revenues increased 6.4% to $233.7 million and net income rose to $116.7 million, driven by higher same-store revenue and increased gains on real estate sales Revenue Comparison (Six Months Ended June 30, in millions) | Category | 2021 ($) | 2020 ($) | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Same Store Properties | $211.3 million | $201.1 million | $10.2 million | 5.1% | | Acquired Properties | $6.6 million | $0.5 million | $6.1 million | 1,230.2% | | Sold Properties | $2.4 million | $12.2 million | ($9.8 million) | (80.7)% | | (Re)Developments | $11.0 million | $3.3 million | $7.7 million | 230.7% | | **Total Revenues** | **$233.7 million** | **$219.5 million** | **$14.1 million** | **6.4%** | Property Expense Comparison (Six Months Ended June 30, in millions) | Category | 2021 ($) | 2020 ($) | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Same Store Properties | $55.4 million | $48.2 million | $7.2 million | 14.9% | | Acquired Properties | $1.3 million | $0.1 million | $1.2 million | 985.0% | | Sold Properties | $0.2 million | $2.7 million | ($2.5 million) | (92.0)% | | (Re)Developments | $3.2 million | $1.6 million | $1.7 million | 105.1% | | **Total Property Expenses** | **$65.0 million** | **$57.1 million** | **$7.9 million** | **13.8%** | - Gain on sale of real estate increased by **$34.4 million** to **$57.5 million** for the six months ended June 30, 2021, compared to the same period in 2020[126](index=126&type=chunk) [Leasing Activity](index=40&type=section&id=Leasing%20Activity) In the first half of 2021, the company commenced 129 leases totaling 6.9 million square feet, with strong rent growth across new and renewal leases Leasing Summary (Six Months Ended June 30, 2021) | Lease Type | Square Feet (millions) | Straight Line Rent Growth | Weighted Avg. Lease Term (Yrs) | | :--- | :--- | :--- | :--- | | New Leases | 1.7 | 34.8% | 6.2 | | Renewal Leases | 4.3 | 22.2% | 4.1 | | **Total / Weighted Avg.** | **6.9** | **25.8%** | **5.1** | [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2021, the company maintained strong liquidity with $55.6 million in cash and $660.9 million available credit, further enhanced by post-quarter credit facility amendments - At June 30, 2021, liquidity consisted of **$55.6 million** in cash and **$660.9 million** available on the Unsecured Credit Facility[146](index=146&type=chunk) - The company believes it was in compliance with all financial covenants as of June 30, 2021[149](index=149&type=chunk) - Cash used in investing activities decreased by **$84.1 million**, primarily due to a **$60.6 million** increase in net proceeds from real estate dispositions and a **$24.0 million** increase in distributions from joint ventures[153](index=153&type=chunk)[154](index=154&type=chunk) - Cash used in financing activities increased by **$150.3 million**, driven by a **$102.0 million** decrease in net borrowings on the credit facility and a **$42.8 million** increase in mortgage repayments[153](index=153&type=chunk)[154](index=154&type=chunk) [Supplemental Earnings Measure](index=44&type=section&id=Supplemental%20Earnings%20Measure) The company uses FFO and Same Store NOI as supplemental measures, with FFO increasing to $122.0 million and cash-basis Same Store NOI growing by 1.5% FFO Reconciliation (in millions) | Metric | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | | :--- | :--- | :--- | | Net Income Available to Common Stockholders | $114.1 million | $76.3 million | | Depreciation and Other Amortization of Real Estate | $64.0 million | $62.8 million | | Gain on Sale of Real Estate | ($57.5 million) | ($23.1 million) | | **FFO Available to Common Stockholders** | **$122.0 million** | **$115.2 million** | Same Store NOI (Cash Basis) (in millions) | Metric | Six Months Ended June 30, 2021 ($) | Six Months Ended June 30, 2020 ($) | % Change | | :--- | :--- | :--- | :--- | | **Same Store NOI (Cash Basis)** | **$150.7 million** | **$148.6 million** | **1.5%** | [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with 96.3% of total debt fixed-rate, and it is actively monitoring the transition from LIBOR to alternative reference rates - As of June 30, 2021, **$1.54 billion**, or **96.3%** of total debt, was fixed-rate, including variable-rate debt swapped to a fixed rate[158](index=158&type=chunk) - The company is monitoring the planned cessation of USD-LIBOR after June 30, 2023, with new debt agreements including provisions for an alternative benchmark rate[162](index=162&type=chunk)[163](index=163&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the reporting period, with no material changes to internal control over financial reporting during the quarter - The principal executive and financial officers concluded that disclosure controls and procedures for both the Company and Operating Partnership were effective as of the end of the reporting period[178](index=178&type=chunk)[180](index=180&type=chunk) - No material changes occurred in internal control over financial reporting during the quarter[179](index=179&type=chunk)[181](index=181&type=chunk) PART II: OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings - None[184](index=184&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2020 Annual Report on Form 10-K - No material changes have occurred to the risk factors disclosed in the 2020 Form 10-K[185](index=185&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&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[186](index=186&type=chunk)