PART I [Business](index=7&type=section&id=Item%201.%20Business) First Industrial Realty Trust, Inc. is a REIT managing 416 industrial properties (62.9 million sq. ft.) as of 2022, focused on growth and portfolio enhancement - The company is a fully integrated real estate company specializing in industrial properties, operating as a **REIT**[30](index=30&type=chunk) Portfolio Overview as of December 31, 2022 | Metric | Value | | :--- | :--- | | In-Service Properties | 416 | | Gross Leasable Area (GLA) | 62.9 million sq. ft. | | States of Operation | 18 | | Ownership in Operating Partnership | ~97.7% | - The company's growth strategy is multifaceted, focusing on **internal growth**, **external growth** in 15 target markets, and **portfolio enhancement**[33](index=33&type=chunk) - Financing relies on property sales, unsecured debt, term loans, a **$750.0 million unsecured credit facility**, and potential equity issuances[34](index=34&type=chunk) - As of December 31, 2022, the company had **157 full-time employees** with an average tenure of approximately 12 years, and its Board of Directors is **43% diverse**[41](index=41&type=chunk)[42](index=42&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse business, financing, organizational, tax, and general risks, including economic downturns, geographic concentration, and cybersecurity threats - Business risks include real estate value fluctuations and significant geographic concentration, with **California (23.6%)** and **Pennsylvania (10.7%)** of consolidated net operating income as of December 31, 2022[47](index=47&type=chunk)[49](index=49&type=chunk) - Development projects pose risks such as financing issues, cost overruns, construction delays, and failure to achieve budgeted leasing levels[57](index=57&type=chunk) - Financing and capital risks include financial market disruptions, rising interest rates impacting cash flow, and the necessity to comply with debt financial covenants[72](index=72&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) - The company is transitioning its **LIBOR-indexed debt** (Unsecured Credit Facility, **$200.0 million term loan**) to **SOFR**, with modifications planned before June 2023[75](index=75&type=chunk) - Tax risks include potential failure to qualify as a **REIT**, leading to corporate income tax and a **100% penalty tax** on prohibited property sales gains[97](index=97&type=chunk)[99](index=99&type=chunk) - General risks encompass cybersecurity attacks that could compromise information and disrupt operations, and potential adverse impacts from future pandemics[102](index=102&type=chunk)[104](index=104&type=chunk) [Unresolved SEC Comments](index=24&type=section&id=Item%201B.%20Unresolved%20SEC%20Comments) The company has no unresolved comments from the Securities and Exchange Commission - None [Properties](index=25&type=section&id=Item%202.%20Properties) As of December 31, 2022, the company owned 416 industrial properties (62.9 million sq. ft.) with **98.8% occupancy**, actively managing its portfolio and achieving strong leasing growth In-Service Property Summary by Type (as of Dec 31, 2022) | Property Type | GLA (in thousands sq. ft.) | Number of Properties | Occupancy | | :--- | :--- | :--- | :--- | | Bulk Warehouse | 50,350 | 186 | 98.7% | | Regional Warehouse | 7,923 | 125 | 99.2% | | Light Industrial | 4,626 | 105 | 99.2% | | **Total** | **62,899** | **416** | **98.8%** | - In 2022, **10 development properties** (**4.1 million sq. ft.**) were placed into service at a cost of **$447.8 million**, achieving a **6.6% capitalization rate**[121](index=121&type=chunk) - As of year-end 2022, **14 development projects** (**3.6 million sq. ft.**) were under construction with an estimated total investment of **$556.2 million**[121](index=121&type=chunk) - In 2022, **11 industrial properties** and **134 acres of land** were acquired for approximately **$299.1 million**[122](index=122&type=chunk) - In 2022, **nine industrial properties** (**2.2 million sq. ft.**) and one land parcel were sold for gross proceeds of approximately **$178.3 million**[123](index=123&type=chunk) Leasing Activity Summary (Year Ended Dec 31, 2022) | Lease Type | Leases Commenced | Square Feet (in thousands) | Straight Line Rent Growth | Weighted Avg. Term (Years) | | :--- | :--- | :--- | :--- | :--- | | New Leases | 97 | 2,921 | 48.9% | 6.1 | | Renewal Leases | 120 | 5,914 | 40.3% | 5.0 | | **Total / Weighted Avg.** | **241** | **13,286** | **43.3%** | **6.8** | [Legal Proceedings](index=30&type=section&id=Item%203.%20Legal%20Proceedings) Ordinary course legal proceedings are not expected to materially impact the company's financial results, position, or liquidity - Legal proceedings in the ordinary course of business are not expected to have a **material impact**[131](index=131&type=chunk) [Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - None PART II [Market for Registrant's Common Equity and Related Matters](index=31&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%20%2F%20Partners%27%20Capital%2C%20Related%20Stockholder%20%2F%20Unitholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades as "FR" on the NYSE, paid a **$0.295 quarterly dividend** in 2022, and outperformed key indices over five years 2022 Quarterly Stock Price and Dividends | Quarter Ended | Closing High | Closing Low | Dividend Declared | | :--- | :--- | :--- | :--- | | Dec 31, 2022 | $50.68 | $43.82 | $0.295 | | Sep 30, 2022 | $55.62 | $44.14 | $0.295 | | Jun 30, 2022 | $65.32 | $46.13 | $0.295 | | Mar 31, 2022 | $65.01 | $56.31 | $0.295 | - The company must distribute at least **90% of its REIT taxable income** to comply with IRS requirements, influencing its dividend policy[138](index=138&type=chunk) 5-Year Performance Graph Comparison | Index ($100 Invested on 12/31/17) | Value at 12/31/22 | | :--- | :--- | | First Industrial Realty Trust, Inc. | $173.34 | | S&P 500 | $156.89 | | FTSE NAREIT Equity REITs | $119.78 | [Reserved](index=33&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, the company achieved strong operating performance with **98.8% occupancy**, **26.7% cash rental rate growth**, **$381.6 million net income**, and **$410.9 million operating cash flow** - Key operational achievements in 2022 include **98.8% year-end in-service occupancy** (a **70 basis point increase**) and a **26.7% increase in cash rental rates** on new and renewal leases[148](index=148&type=chunk) - A joint venture land sale in Phoenix generated **$255.3 million gross proceeds**, with the company's pro-rata gain share of **$74.0 million** and an incentive fee of **$27.6 million**[149](index=149&type=chunk) - Significant financing activities included paying off **$68.0 million in mortgages**, increasing unencumbered real estate to **99.3%**, and refinancing a **$260.0 million term loan** with a new **$425.0 million term loan**[150](index=150&type=chunk) Comparison of Operating Results (in thousands) | Item | 2022 (in thousands) | 2021 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $539,929 | $476,290 | 13.4% | | Total Property Expenses | $143,663 | $131,300 | 9.4% | | Gain on Sale of Real Estate | $128,268 | $150,310 | (14.7)% | | Equity in Income of Joint Ventures | $114,942 | $(161) | N/A | | **Net Income** | **$381,612** | **$277,171** | **37.7%** | Cash Flow Summary (in thousands) | Cash Flow Activity | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $410,943 | $266,895 | | Net cash used in investing activities | $(629,108) | $(416,823) | | Net cash provided by financing activities | $304,503 | $9,050 | - As of December 31, 2022, **93.1% of total debt was fixed rate**, with the remaining **6.9% being variable rate**[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section refers to the market risk discussion in Item 7, detailing interest rate exposure and risk management strategies - The response to this item is included in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations"[200](index=200&type=chunk) [Financial Statements and Supplementary Data](index=46&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section directs the reader to Item 15 for the company's complete financial statements and supplementary data - The full financial statements and schedules are located in **Item 15** of the report[201](index=201&type=chunk) [Changes in and Disagreements with Accountants](index=46&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting principles or financial disclosure - None [Controls and Procedures](index=47&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and auditors concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2022, with no material Q4 changes - The principal executive and financial officers concluded that disclosure controls and procedures for both the Company and Operating Partnership were **effective** as of period-end[205](index=205&type=chunk)[212](index=212&type=chunk) - Management concluded that internal control over financial reporting for both entities was **effective** as of December 31, 2022, based on the **COSO framework**[207](index=207&type=chunk)[214](index=214&type=chunk) - No material changes in internal control over financial reporting occurred during the **fourth quarter of 2022**[209](index=209&type=chunk)[216](index=216&type=chunk) [Other Information](index=48&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=48&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable PART III [Directors, Executive Officers, Compensation, Security Ownership, and Accountant Fees](index=49&type=section&id=Item%2010%2C%2011%2C%2012%2C%2013%20and%2014) Information for Items 10-14, covering directors, executive compensation, security ownership, and accountant fees, is incorporated by reference from the definitive proxy statement - Information for **Items 10, 11, 12, 13, and 14** is incorporated by reference from the Company's definitive proxy statement[220](index=220&type=chunk) PART IV [Exhibits and Financial Statement Schedule](index=49&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statements%20and%20Financial%20Statement%20Schedule) This section provides an index to the financial statements, schedules, and exhibits filed as part of the Form 10-K report - This section contains the index to the financial statements, schedules, and exhibits included in the report[222](index=222&type=chunk) [Form 10-K Summary](index=52&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable to the company - Not applicable Financial Statements and Notes [Reports of Independent Registered Public Accounting Firm](index=54&type=section&id=Reports%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on financial statements and internal controls, identifying Purchase Price Allocation as a Critical Audit Matter - PricewaterhouseCoopers LLP provided an **unqualified opinion** on the consolidated financial statements and the **effectiveness of internal control** over financial reporting for both entities[234](index=234&type=chunk)[252](index=252&type=chunk) - "Purchase Price Allocation" was identified as a **Critical Audit Matter**, emphasizing significant management judgment in determining fair value of acquired real estate assets, involving assumptions on land comparables, discount rates, and market rent[243](index=243&type=chunk)[244](index=244&type=chunk) [Consolidated Financial Statements](index=63&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show **total assets grew to $4.95 billion** in 2022, with **net income available to common stockholders at $359.1 million** or **$2.72 per diluted share** Consolidated Balance Sheet Highlights (Company) | (In thousands) | Dec 31, 2022 (in thousands) | Dec 31, 2021 (in thousands) | | :--- | :--- | :--- | | Net Investment in Real Estate | $4,421,559 | $3,778,148 | | Total Assets | $4,954,322 | $4,179,098 | | Total Liabilities | $2,424,023 | $1,930,726 | | Total Equity | $2,530,299 | $2,248,372 | Consolidated Statement of Operations Highlights (Company) | (In thousands, except per share) | Year Ended Dec 31, 2022 (in thousands) | Year Ended Dec 31, 2021 (in thousands) | | :--- | :--- | :--- | | Total Revenues | $539,929 | $476,290 | | Net Income | $381,612 | $277,171 | | Net Income Available to Common Stockholders | $359,134 | $270,997 | | Diluted Earnings Per Share | $2.72 | $2.09 | [Notes to Consolidated Financial Statements](index=75&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, **$2.08 billion indebtedness**, interest rate swaps, a **43% joint venture interest** with a significant land sale, and equity compensation - Real estate acquisitions are typically accounted for as **asset acquisitions**, capitalizing transaction costs when fair value is concentrated in a single asset[315](index=315&type=chunk) Indebtedness Summary (as of Dec 31, 2022) | Debt Type | Gross Balance (in thousands) | Weighted Avg. Interest Rate | | :--- | :--- | :--- | | Mortgage Loans Payable | $10,299 | 4.17% | | Senior Unsecured Notes | $998,571 | 4.38% (calculated) | | Unsecured Term Loans | $925,000 | 3.59% (calculated) | | Unsecured Credit Facility | $143,000 | 5.16% | | **Total** | **$2,076,870** | | - The company holds a **43% interest** in a joint venture, accounted for by the equity method, which sold **391 acres of land** in 2022, resulting in a **$171.7 million gain** for the JV and an **$84.1 million economic share** for the company[361](index=361&type=chunk)[364](index=364&type=chunk) - The company utilized an **"at-the-market" (ATM) offering program** in 2022, issuing **218,230 shares** and raising **$12.8 million in net proceeds**[373](index=373&type=chunk) - The company uses **interest rate swaps** to manage variable-rate term loan exposure, with **$925 million notional value** designated as cash flow hedges at year-end 2022[398](index=398&type=chunk)[399](index=399&type=chunk)[400](index=400&type=chunk)

Financial Data and Key Metrics Changes - The company reported NAREIT funds from operations (FFO) of $0.60 per fully diluted share for Q4 2022, compared to $0.52 per share in Q4 2021, and for the full year, FFO per share was $2.28 versus $1.97 in 2021 [27] - Cash same-store NOI growth for the full year was a record 10.1%, with Q4 growth at 7.6%, driven by higher occupancy and rental rate increases [10][28] - The company declared a dividend of $0.32 per share for Q1 2023, an increase of 8.5% from the prior rate, with a payout ratio of approximately 70% based on anticipated AFFO for 2023 [8] Business Line Data and Key Metrics Changes - The company placed 4.1 million square feet of development in service during the year, all 100% leased at a cash yield of 6.6% [24] - Leasing activity in Q4 included approximately 2.1 million square feet of leases commenced, with tenant retention by square footage at 81% [11][28] - The company signed leases that commenced in 2023 at a cash rental rate increase of 33%, ahead of the previous year's pace [22] Market Data and Key Metrics Changes - Industrial vacancy was reported at 3% at year-end, with net absorption of 412 million square feet versus completions of 370 million for the full year [21] - The company anticipates cash rental rate changes for 2023 to be between 40% to 50% [22] - The company expects continued demand in key markets, particularly in high barrier markets on the East and West Coast [35] Company Strategy and Development Direction - The company is focused on maintaining strong fundamentals in the industrial real estate market, with plans for new developments in high-demand areas [32] - The company is managing its portfolio actively, with sales guidance for 2023 set between $50 million to $150 million [25] - The company is prepared for economic and geopolitical challenges while aiming to outperform through the cycle [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industrial real estate market, citing strong fundamentals and continued demand despite potential economic headwinds [32] - The company is monitoring the economic landscape closely and is prepared for both challenges and opportunities [32] - Management noted that while there is a normalization of demand, the overall market remains strong with solid interest from tenants [72] Other Important Information - The company has a development pipeline of approximately $225 million, funded by excess cash flow after dividends [75] - The company has a strong liquidity position with $600 million available on its line of credit and no maturities until 2026 [94] - The company is seeing a decline in land values in certain markets, with adjustments made to reflect increased return requirements [106][119] Q&A Session Summary Question: Can you provide commentary on the development pipeline for '23? - Management indicated that development starts will depend on lease-up performance, with expectations for additional starts in high barrier markets [35] Question: How much pressure are you seeing on the same-store expense side? - Management noted minimal pressure on expenses, with most being recoverable under net leases [53][54] Question: What are the expectations for market rent growth across the portfolio? - Management expects market rent growth of 5% to 10% nationally, with higher growth in coastal markets [96] Question: Can you clarify the impact of ADESA on rental income? - ADESA accounted for 1.8% of rental income, and management believes the basis in land and current rents are below market [29][44] Question: What is the anticipated impact of rising interest rates on operations? - Management acknowledged the impact of rising interest rates on their line of credit and overall financing costs [89] Question: How is leasing progressing for newly completed projects? - Management reported active discussions and proposals for leasing new projects, with encouraging interest from various sectors [68]

First Industrial Realty Trust, Inc. (NYSE:FR) Q3 2022 Earnings Conference Call October 20, 2022 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 Robert Walter - Senior Vice President, Capital Markets and Asset Management Johannson Yap - Chief Investment Officer Peter Schultz - Executive Vice President Christopher Schneider - Senior Vice President, Operations and Chief ...

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. ...

Financial Highlights - Same-store NOI increased by 14.4% in 1Q21[3] - Occupancy reached 98.0% in 1Q21[3] - Cash rental rates were up 12.7% in 1Q21[3] - The company increased its 1Q22 dividend to $0.295 per share, a 9.3% increase[3] - 2022 FFO guidance increased $0.01 at the midpoint to $2.10 to $2.20 per share/unit[3] Portfolio and Market Strategy - The company is focused on a U.S industrial platform concentrated in 15 key logistics markets with a coastal orientation[5] - Approximately 91% of the company's rental revenue is derived from the 15 target markets, with a YE 2023 objective of 95%[10] - The company aims for a 50-55% Coastal market orientation, currently at approximately 51%[10] Development and Investment - The company started five developments in 1Q totaling 1.3 MSF, with an estimated investment of $168 million[3] - In-process developments plus planned 2Q22 start total $751 million of estimated investment and 6.3 MSF[3] - The company estimates creating approximately $900 million of value in the last 6+ years, or approximately $7.10 per share of NAV, through development[18]

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 ...