FIRST INDUSTRIAL REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS [Accessibility Statement] Skip Navigation- 2026 NAREIT FFO Guidance Initiated at a Range of $3.09 to $3.19 Per Share/Unit, Representing Approximately 6% Growth at the Midpoint- Closed $425 Million and $375 Million Unsecured Term Loans in 1Q26- Signed 447,000 SF of New Leases for Development Projects in the Fourth Quarter; 231,000 SF Signed Subsequent to the Third Quarter Earnings Call- Started Two Developments in 1Q26 To Date To ...

Core Viewpoint - Duff & Phelps Investment Management Co. has increased its position in First Industrial Realty Trust, indicating confidence in the industrial REIT despite current market challenges [2][6]. Company Overview - First Industrial Realty Trust, Inc. is a leading U.S. industrial REIT, focusing on developing and acquiring logistics properties, with at least 70.4 million square feet of industrial space owned or under development as of September 30, 2025 [5]. - The company reported a total revenue of $714 million and a net income of $236.90 million for the trailing twelve months (TTM), with a dividend yield of 3.07% [4]. Recent Transactions - In the fourth quarter, Duff & Phelps acquired an additional 735,333 shares of First Industrial Realty Trust, valued at approximately $41.04 million, bringing their total holdings to 2,184,408 shares worth $125.10 million [2][9]. - First Industrial Realty Trust now constitutes 1.42% of Duff & Phelps' 13F U.S. equity holdings [9]. Market Context - The real estate industry is facing limited supply, slower construction, and lower demand for property purchases, yet First Industrial continues to grow its revenue despite experiencing negative year-over-year net income growth in Q3 2025 [7]. - The share prices of First Industrial Realty Trust increased by approximately 14% in 2025, although growth has slowed recently [8]. Financial Flexibility - The company refinanced a $425 million loan and a $300 million loan, allowing for interest-only payments and extended maturity dates, which provides First Industrial with more financial flexibility for potential investments [8].

Core Viewpoint - First Industrial Realty Trust, Inc. has successfully refinanced multiple term loans, enhancing its financial flexibility and supporting long-term growth strategies [1][3][5]. Group 1: Refinancing Details - The company refinanced a $425 million unsecured term loan with a maturity date of January 22, 2030, including a one-year extension option, with interest-only payments at SOFR plus 85 basis points [1]. - Additionally, the company expanded a $300 million term loan to $375 million, with an initial maturity date of January 22, 2029, and two one-year extension options, also at SOFR plus 85 basis points [3]. - The company amended a $200 million unsecured term loan to eliminate the previous 10 basis point SOFR adjustment [5]. Group 2: Financial Partners - Wells Fargo Securities, LLC and PNC Capital Markets LLC acted as Joint Lead Arrangers and Joint Book Runners for the refinancing [2]. - Other financial institutions involved include BofA Securities, U.S. Bank National Association, Regions Capital Markets, and several others as additional Joint Lead Arrangers and Co-Syndication Agents [2][4]. Group 3: Company Overview - First Industrial Realty Trust, Inc. is a leading owner, operator, developer, and acquirer of logistics properties in the U.S., managing approximately 70.4 million square feet of industrial space across 15 target metropolitan statistical areas as of September 30, 2025 [6].

Core Insights - Industrial REITs are experiencing improved visibility in 2026 due to a rebound in industrial demand during the latter half of 2025 [1] - The U.S. industrial vacancy rate remained stable at 7.1% for three consecutive quarters, with full-year net absorption reaching 176.8 million square feet, a 16.3% year-over-year increase [2] - Prologis closed 2025 with strong performance, signing 57 million square feet of leases in Q4, resulting in a period-end occupancy of 95.8% and a core FFO of $1.44 per share [3] Industrial Real Estate Market Fundamentals in Q4 - The fourth quarter of 2025 saw net absorption of approximately 54.5 million square feet, a 29% improvement year-over-year, with leasing activity concentrated in inland distribution hubs [5] - National asking rents increased by about 1.5% year-over-year, with notable softness in the Northeast and West regions [6] - Approximately 268 million square feet of industrial space remained under construction at year-end, with development activity showing signs of leveling off [6] Outlook for Industrial Real Estate - The outlook for the industrial real estate market indicates gradual improvement rather than a rapid rebound, with vacancy expected to stabilize before tightening over time [7] - Structural drivers such as e-commerce, automation, and reshoring are expected to support long-term demand [7] Stock Picks - Industrial Logistics Properties Trust (ILPT) focuses on high-quality industrial and logistics properties, with a portfolio of 411 properties totaling approximately 59.9 million rentable square feet [8] - ILPT's investment case is bolstered by solid fundamentals, with a Zacks Rank of 1 (Strong Buy) and an expected FFO per share increase of over 100% year-over-year for Q4 2025 [10][12] - First Industrial Realty Trust (FR) offers a focused investment in U.S. logistics demand, with a portfolio of roughly 70 million square feet concentrated in supply-constrained coastal markets [13]

Core Viewpoint - First Industrial Realty Trust, Inc. has reported the tax treatment of its 2025 distributions, providing detailed information on the income tax implications for shareholders [1][2]. Distribution Summary - The company will distribute a total of $1.7800 per share in 2025, with each quarterly distribution set at $0.4450 [3]. - The breakdown of the distributions includes $0.2028 classified as Ordinary Dividends and $1.5772 as Qualified Dividends [3]. Company Overview - First Industrial Realty Trust, Inc. is a prominent owner, operator, developer, and acquirer of logistics properties in the U.S., focusing on high-quality facilities and customer service for supply chains [4]. - As of September 30, 2025, the company owns and has under development approximately 70.4 million square feet of industrial space across 15 target metropolitan statistical areas (MSAs) [4].

Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on innovations to enhance mobility by making it cleaner, safer, and smarter [3] - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting, which are essential for the transformation of mobility [3] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [4] - As of December 31, 2024, the company employed 106,100 people across 28 countries, operating 155 plants and 46 research and development centers, along with 18 distribution platforms [4] Share Capital and Voting Rights - As of December 31, 2025, Valeo's issued capital was €245,607,624, with a total of 245,607,624 shares [1] - The total number of theoretical voting rights was 275,984,538, while the total number of exercisable voting rights was 273,334,437 [1][2]

Core Viewpoint - First Industrial Realty Trust, Inc. is set to announce its fourth quarter and full year 2025 results on February 4, 2026, with a conference call scheduled for February 5, 2026, to discuss these results [1][2]. Company Overview - First Industrial Realty Trust, Inc. is a leading owner, operator, developer, and acquirer of logistics properties in the U.S. [3]. - The company manages approximately 70.4 million square feet of industrial space across 15 target metropolitan statistical areas (MSAs) as of September 30, 2025 [3].

Core Viewpoint - First Industrial Realty Trust (FR) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of changing earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Company Performance and Outlook - The upgrade for First Industrial Realty Trust indicates an improvement in the company's underlying business, which is expected to drive stock appreciation [5]. - The Zacks Consensus Estimate for First Industrial Realty Trust is projected at $2.94 per share for the fiscal year ending December 2025, reflecting no year-over-year change, but estimates have increased by 0.7% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a "Strong Buy" or "Buy" rating, indicating superior earnings estimate revisions [9][10]. - The upgrade of First Industrial Realty Trust to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Company Overview - Valeo is a technology company that partners with automakers and new mobility players to innovate for cleaner, safer, and smarter mobility [3] - The company has a strong technological and industrial leadership in four key areas: electrification, driving assistance systems, interior experience reinvention, and lighting [3] Financial Performance - Valeo reported sales of €21.5 billion in 2024 [4] - The company employs 106,100 people across 28 countries, operates 155 plants, and has 46 research and development centers as well as 18 distribution platforms as of December 31, 2024 [4] Share Capital Information - As of November 30, 2025, Valeo's issued capital is €245,607,624 with a par value of €1 per share [1] - The total number of shares is 245,607,624, with a total number of theoretical voting rights at 275,987,446 and exercisable voting rights at 273,329,845 [1][2]

Core Viewpoint - Activist investor Jonathan Litt is urging First Industrial Realty Trust to take measures such as selling assets, returning capital to shareholders, and refreshing its board to potentially increase the stock price by 3% [1] Group 1: Investor Actions - Jonathan Litt is advocating for the sale of assets by First Industrial Realty Trust [1] - The proposal includes returning capital to shareholders as a strategy to enhance shareholder value [1] - A refresh of the board is suggested as a necessary step to improve governance and performance [1] Group 2: Potential Impact - Implementing these strategies could lead to a projected increase in stock price by 3% [1]