[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)

Nareit REITweek: 2021 Investor Conference June 2021 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 descri ...

First Industrial Realty Trust, Inc. (NYSE:FR) Q1 2021 Earnings Conference Call April 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, Operations & Chief Information Officer Peter Schultz - EVP, East Region Conference Call Participants Michael Carroll - RBC Capital Markets Craig Mailman - KeyBanc Capital M ...

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, 2021 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 ...

[PART I](index=7&type=section&id=PART%20I) [Business](index=7&type=section&id=Item%201.%20Business) First Industrial Realty Trust, Inc. is a self-administered REIT focused on owning, managing, acquiring, and developing industrial real estate Portfolio Overview as of December 31, 2020 | Property Type | Number of Properties | GLA (million sq. ft.) | | :--- | :--- | :--- | | Bulk Warehouse | 183 | 49.3 | | Regional Warehouse | 96 | 6.6 | | Light Industrial | 127 | 5.8 | | R&D/Flex | 14 | 0.7 | | **Total** | **420** | **62.4** | - The company's long-term business growth plans focus on **internal growth** through rent increases, **external growth** via development and acquisitions, and **portfolio enhancement** by selling non-strategic assets[32](index=32&type=chunk) - A Corporate Responsibility Committee advises on sustainability and social responsibility, prioritizing tenant engagement and green building techniques[36](index=36&type=chunk)[37](index=37&type=chunk) - As of December 31, 2020, the company had **153 full-time employees**, implementing safety protocols and remote work in response to COVID-19[40](index=40&type=chunk)[45](index=45&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces a range of risks that could adversely affect its business, including real estate, financial, organizational, and tax-related challenges - **Business & Real Estate Risks** include fluctuations in real estate values, competition for acquisitions, leasing challenges, property development risks, environmental liabilities, and ADA compliance[47](index=47&type=chunk)[49](index=49&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) - **Financing & Capital Risks** involve limited access to capital due to market disruptions, leverage-related debt obligations, rising interest rates, LIBOR transition, and potential defaults from covenant non-compliance[69](index=69&type=chunk)[71](index=71&type=chunk)[73](index=73&type=chunk) - **Tax & REIT Status Risks** highlight the critical importance of maintaining REIT qualification, as failure would result in corporate income tax and a **100% penalty tax** on prohibited transactions[93](index=93&type=chunk)[94](index=94&type=chunk)[96](index=96&type=chunk) - **General Risks** include the adverse impact of the COVID-19 pandemic on tenant rent payments and development projects, alongside significant cybersecurity attack threats[100](index=100&type=chunk)[102](index=102&type=chunk) [Unresolved SEC Comments](index=23&type=section&id=Item%201B.%20Unresolved%20SEC%20Comments) The company reports no unresolved comments from the Securities and Exchange Commission - There are no unresolved SEC comments[111](index=111&type=chunk) [Properties](index=24&type=section&id=Item%202.%20Properties) As of December 31, 2020, the company's in-service portfolio comprised 420 industrial properties totaling 62.4 million square feet, with strong occupancy and active transaction summary In-Service Property Summary by Market (Top 5) as of 12/31/2020 | Metropolitan Area | Number of Properties | GLA (thousand sq. ft.) | Occupancy | | :--- | :--- | :--- | :--- | | Southern California | 68 | 9,654 | 99.2% | | Dallas/Ft. Worth, TX | 52 | 7,076 | 94.3% | | Central/Eastern PA | 23 | 6,735 | 93.8% | | Chicago, IL | 26 | 5,812 | 97.8% | | Atlanta, GA | 23 | 5,250 | 95.3% | | **Total Portfolio** | **420** | **62,385** | **95.7%** | - **2020 Transaction Summary** included acquiring **8 industrial properties** and **128.8 acres of land** for approximately **$224.0 million**, placing **10 development properties** in-service at a cost of **$221.7 million**, and selling **29 industrial properties** for **$153.4 million** in gross proceeds[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) 2020 Leasing Activity Summary | Lease Type | Square Feet (thousand sq. ft.) | Straight Line Rent Growth | Weighted Average Lease Term (Years) | Tenant Retention | | :--- | :--- | :--- | :--- | :--- | | New Leases | 2,533 | 32.9% | 5.0 | N/A | | Renewal Leases | 5,673 | 28.0% | 5.9 | 76.8% | | **Total / Weighted Avg.** | **11,897** | **29.7%** | **6.7** | **76.8%** | - Scheduled lease expirations for 2021 represent **8.0%** of the total in-service portfolio's Gross Leasable Area (GLA)[131](index=131&type=chunk) [Legal Proceedings](index=29&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings which are not expected to have a material impact on its financial position or results - Ongoing legal proceedings are not expected to materially impact the company's results of operations, financial position, or liquidity[132](index=132&type=chunk) [Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - None[133](index=133&type=chunk) [PART II](index=30&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE under "FR", with **$1.00** per share dividends in 2020 and outperformance against the FTSE NAREIT Equity REITs index 2020 Quarterly Stock Price and Dividends | Quarter Ended | Closing High | Closing Low | Dividend Declared | | :--- | :--- | :--- | :--- | | Dec 31, 2020 | $44.30 | $39.75 | $0.25 | | Sep 30, 2020 | $44.09 | $37.99 | $0.25 | | Jun 30, 2020 | $40.93 | $30.52 | $0.25 | | Mar 31, 2020 | $46.01 | $27.09 | $0.25 | - A **$100** investment in the company's stock on 12/31/15 would be worth **$218.23** on 12/31/20, outperforming the S&P 500 (**$203.04**) and the FTSE NAREIT Equity REITs index (**$126.25**)[144](index=144&type=chunk) [Selected Financial Data](index=32&type=section&id=Item%206.%20Selected%20Financial%20Data) This section provides a five-year summary of key financial data for both the Company and the Operating Partnership, highlighting trends in revenues, net income, and FFO Selected Financial Data for the Company (2018-2020) | Metric (thousand USD, except per share) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | Total Revenues | $448,028 | $425,984 | $403,954 | | Net Income Available to Common Stockholders | $195,989 | $238,775 | $163,239 | | Diluted EPS | $1.53 | $1.88 | $1.31 | | Dividends Per Share | $1.00 | $0.92 | $0.87 | | Total Assets | $3,791,938 | $3,518,828 | $3,142,691 | | Indebtedness | $1,594,641 | $1,483,565 | $1,297,783 | | Funds from Operations (FFO) | $234,964 | $221,136 | $199,391 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong 2020 operating results, significant acquisition and financing activities, liquidity, cash flow, and reconciles non-GAAP measures like FFO and Same Store NOI [Summary of 2020](index=33&type=section&id=Summary%20of%202020) Despite the COVID-19 pandemic, the company achieved strong operating results in 2020, marked by high occupancy and significant transaction activity - Despite the COVID-19 pandemic, 2020 operating results were strong, with year-end occupancy at **95.7%** and a **13.5%** increase in cash rental rates, while **99%** of monthly rental billings were collected from April through December 2020[149](index=149&type=chunk) - Key activities in 2020 included acquiring **8 industrial properties** for **$154.4 million**, placing **10 development properties** in-service at a cost of **$221.7 million**, selling **29 industrial properties** for **$153.4 million**, and issuing **$300 million** in private placement notes while raising **$78.7 million** through an ATM offering[150](index=150&type=chunk)[151](index=151&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Total revenues increased by **5.2%** in 2020, primarily from acquisitions and developments, though net income decreased due to lower gains on property sales Comparison of Results of Operations (2020 vs. 2019) | Metric (thousand USD) | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $448,028 | $425,984 | 5.2% | | Total Property Expenses | $119,195 | $116,585 | 2.2% | | General and Administrative | $32,848 | $28,569 | 15.0% | | Gain on Sale of Real Estate | $86,751 | $124,942 | (30.6)% | | Interest Expense | $51,293 | $50,273 | 2.0% | | Net Income | $200,169 | $243,881 | (17.9)% | - The increase in total revenues was primarily driven by acquired properties and developments placed in service, partially offset by property sales, with same store property revenues increasing by **$9.6 million (2.6%)** due to higher rental rates[158](index=158&type=chunk) - The decrease in net income was largely attributable to a **$38.2 million** reduction in gain on sale of real estate compared to the prior year[152](index=152&type=chunk)[162](index=162&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2020, the company maintained strong liquidity with **$162.1 million** in cash and **$724.6 million** available under its credit facility - As of December 31, 2020, the company held **$162.1 million** in cash and cash equivalents, with **$724.6 million** available for borrowing under its Unsecured Credit Facility[171](index=171&type=chunk) - Short-term liquidity needs include a **$200.0 million** term loan maturing in July 2021 and an Unsecured Credit Facility maturing in October 2021, both with one-year extension options[172](index=172&type=chunk) - The company's senior unsecured notes hold investment-grade credit ratings of **BBB/Stable** from S&P and Fitch, and **Baa2/Stable** from Moody's[175](index=175&type=chunk) [Supplemental Earnings Measure](index=43&type=section&id=Supplemental%20Earnings%20Measure) This section provides reconciliations of net income to FFO and details Same Store Net Operating Income, key non-GAAP performance indicators Reconciliation of Net Income to FFO | (thousand USD) | 2020 | 2019 | | :--- | :--- | :--- | | Net Income Available to Common Stockholders | $195,989 | $238,775 | | Depreciation and Amortization of Real Estate | $128,814 | $120,516 | | Gain on Sale of Real Estate | ($86,751) | ($124,942) | | Other Adjustments | ($3,088) | ($13,213) | | **FFO Available to Common Stockholders** | **$234,964** | **$221,136** | Same Store Net Operating Income (SS NOI) | (thousand USD) | 2020 | 2019 | | :--- | :--- | :--- | | Same Store Revenues | $376,511 | $366,952 | | Same Store Property Expenses | ($92,588) | ($90,476) | | Adjustments (Straight-line rent, etc.) | ($2,688) | ($7,209) | | **Same Store Net Operating Income** | **$281,235** | **$269,267** | [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with **100%** of its total debt effectively fixed-rate as of December 31, 2020, through derivative instruments - At December 31, 2020, **100%** of the company's **$1.6 billion** in total debt was fixed rate, including **$460.0 million** of variable-rate debt effectively swapped to a fixed rate[187](index=187&type=chunk) - The company uses interest rate swaps to manage exposure to interest rate volatility on its unsecured term loans, with derivative instruments having a notional amount of **$460.0 million** outstanding at year-end 2020[191](index=191&type=chunk) [Financial Statements and Supplementary Data](index=45&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This item refers the reader to the Index to Financial Statements and Financial Statement Schedule, included in Item 15 of the report - This item refers to the Index to Financial Statements and Financial Statement Schedule in Item 15[205](index=205&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=45&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 and financial disclosure - None[206](index=206&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2020, with no material changes during Q4 2020 - Management concluded that disclosure controls and procedures for both the Company and the Operating Partnership were effective as of the end of the reporting period[209](index=209&type=chunk)[216](index=216&type=chunk) - Based on the COSO framework, management concluded that internal control over financial reporting for both entities was effective as of December 31, 2020[211](index=211&type=chunk)[218](index=218&type=chunk) - There were no material changes in internal control over financial reporting during the fourth quarter of 2020[213](index=213&type=chunk)[220](index=220&type=chunk) [Other Information](index=47&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[221](index=221&type=chunk) [PART III](index=48&type=section&id=PART%20III) [Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, and Certain Relationships](index=48&type=section&id=Items%2010-14) Information for Items 10 through 14 is incorporated by reference from the company's separately filed definitive proxy statement - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the Company's definitive proxy statement[224](index=224&type=chunk) [PART IV](index=48&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=48&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section provides an index to the consolidated financial statements, financial statement schedule, and a list of all exhibits filed as part of the Form 10-K - This item contains the index to the financial statements and the exhibit index, which lists all filed exhibits such as articles of incorporation, bylaws, material contracts, and certifications[226](index=226&type=chunk)[229](index=229&type=chunk) [Form 10-K Summary](index=51&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable for this filing - Not applicable[233](index=233&type=chunk)

First Industrial Realty Trust, Inc. (NYSE:FR) Q4 2020 Earnings Conference Call February 11, 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 of Operations Bob Walter - Senior Vice President of Capital Markets and Asset Management Conference Call Partic ...

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, 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 ...