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First Industrial Realty Trust(FR) - 2020 Q3 - Quarterly Report
2020-10-23 20:14
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 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) First Industrial Realty T ...
First Industrial Realty Trust(FR) - 2020 Q3 - Earnings Call Transcript
2020-10-23 00:32
First Industrial Realty Trust, Inc. (NYSE:FR) Q3 2020 Earnings Conference Call October 22, 2020 11:00 AM ET Company Participants Arthur Harmon - VP, IR & Marketing Johannson Yap - Co-Founder, CIO & Executive VP of West Region Scott Musil - CFO, SVP, Treasurer & Assistant Secretary Peter Baccile - President, CEO & Director Arthur Harmon - VP, IR & Marketing Christopher Schneider - SVP, Operations & Chief Information Officer Peter Schultz - EVP, East Region Conference Call Participants Craig Mailman - KeyBanc ...
First Industrial Realty Trust(FR) - 2020 Q2 - Quarterly Report
2020-07-24 20:39
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, 2020 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. ...
First Industrial Realty Trust(FR) - 2020 Q2 - Earnings Call Transcript
2020-07-24 01:58
First Industrial Realty Trust, Inc. (NYSE:FR) Q2 2020 Earnings Conference Call July 23, 2020 11:00 AM ET Company Participants Arthur Harmon - Vice President, Investor Relations and Marketing Peter Baccile - President and Chief Executive Officer Scott Musil - Chief Financial Officer Johannson Yap - Chief Investment Officer Peter Schultz - Executive Vice President Christopher Schneider - Senior Vice President, Operations and Chief Information Officer Conference Call Participants Craig Mailman - KeyBanc Capit ...
First Industrial Realty Trust(FR) - 2020 Q1 - Quarterly Report
2020-04-29 01:34
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 March 31, 2020 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 ...
First Industrial Realty Trust(FR) - 2020 Q1 - Earnings Call Transcript
2020-04-23 22:00
Financial Data and Key Metrics Changes - Diluted EPS for Q1 2020 was $0.32, compared to $0.19 in the same period last year [29] - NAREIT funds from operations (FFO) were $0.45 per fully diluted share, up from $0.41 per share in Q1 2019 [30] - Occupancy rate was 97.1%, down 50 basis points from the prior quarter and down 20 basis points from a year ago [32] - Same-store NOI growth on a cash basis was 8.4%, with cash rental rates up 10.8% overall [33][34] Business Line Data and Key Metrics Changes - The company signed 72% of its 2020 lease expirations as of April 22, with a cash rental rate increase of 8.4% [17] - Approximately 2.6 million square feet of leases were commenced during the quarter, with 459,000 square feet being new leases [32] - Rent relief requests from tenants represented approximately 19% of April billings, with 8% from tenants asking for specific terms [14][55] Market Data and Key Metrics Changes - The company experienced a significant impact on commerce due to COVID-19, with unemployment rising sharply [9] - Prior to the pandemic, most tenants' businesses were performing well, leading to optimism for recovery as restrictions are lifted [10] Company Strategy and Development Direction - The company is focusing on maintaining liquidity and has postponed new speculative development starts [22] - It plans to continue with developments in process totaling 1.5 million square feet and a total investment of $154 million [22] - The company expects an increase in demand for industrial space due to accelerated e-commerce adoption and inventory increases [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the economy's recovery, assuming a return to work in early summer [40] - The company is prepared for potential economic disruptions and is focused on disciplined risk management [50] - Management noted that the situation is fluid, with daily updates on tenant payments and requests for rent relief [58] Other Important Information - The company has closed on $40 million of sales in 2020, aiming for a total sales guidance range of $125 million to $175 million [20] - An additional $1 million of reserves for bad debt has been included in the updated guidance due to the economic impact of COVID-19 [13] Q&A Session Summary Question: Can you clarify the 19% of April billings that requested relief? - The 19% is based on dollar amounts, with requests typically for rent deferrals or abatements [55] Question: How do you anticipate handling rent deferrals? - The company plans to evaluate each request on a case-by-case basis, aiming to recover rent in 2020 [58] Question: What is the bad debt assumption for the remainder of the year? - The bad debt expense assumption has been increased to $900,000 per quarter, based on historical data and current tenant quality [66] Question: Are there any tenants similar to Pier 1 that are concerning? - Currently, there are no tenants identified as concerning, and the company has security deposits from tenants like Karma [91] Question: How will uncollected rent be reported? - Uncollected rent will be evaluated for deferral or bad debt expense based on tenant creditworthiness [94] Question: What is the outlook for leasing activity post-COVID? - The company expects a gradual return to normalcy, with some leasing activity already occurring [120]
First Industrial Realty Trust (FR) Presents At 2020 Citi Global Property CEO Conference - Slideshow
2020-03-04 22:56
Citi Global Property Conference March 2020 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. Forwardlooking statements are based on certain assumptions and describe our fut ...
First Industrial Realty Trust(FR) - 2019 Q4 - Annual Report
2020-02-13 21:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ Form 10-K _______________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 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.) __ ...
First Industrial Realty Trust(FR) - 2019 Q4 - Earnings Call Transcript
2020-02-13 20:23
First Industrial Realty Trust, Inc. (NYSE:FR) Q4 2019 Earnings Conference Call February 13, 2020 11:00 AM ET Company Participants Art Harmon - VP, IR & Marketing Peter Baccile - President & CEO Scott Musil - CFO Jojo Yap - CIO Peter Schultz - EVP Chris Schneider - SVP, Operations Bob Walter - SVP, Capital Markets & Asset Management Conference Call Participants Craig Mailman - KeyBanc Capital Markets Rob Stevenson - Janney John Guinee - Stifel Eric Frankel - Green Street Advisors Rich Anderson - SMBC Dave Ro ...
First Industrial Realty Trust (FR) Presents At RBC Hosted Company Meetings At REITWorld 2019 - Slideshow
2019-11-22 11:49
REITWorld: 2019 Annual Conference November 2019 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 ...