Core Viewpoint - First Industrial Realty Trust, Inc. will announce its first quarter 2025 results on April 16, 2025, and host a conference call on April 17, 2025, to discuss these results [1][2]. Company Overview - First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties, focusing on high-quality facilities and customer service for multinational corporations and regional firms [3]. - The company owns and has under development approximately 69.5 million square feet of industrial space as of December 31, 2024, with investments concentrated in 15 target metropolitan statistical areas (MSAs) [3].

PRESS RELEASE Valeo Shareholders' Meeting 2025 Paris, March 26, 2025 - Valeo hereby informs its shareholders that its Combined (ordinary and extraordinary) Shareholders' Meeting will be held at 2:30 pm on May 22, 2025 at 3 Mazarium, 3 Rue Mazarine, 75006 Paris. During this Shareholders' Meeting, shareholders will be asked, in particular, to approve Valeo's financial statements as well as the Group's consolidated financial statements for the financial year ended December 31, 2024, to allocate the earnings fo ...

Core Viewpoint - First Industrial Realty Trust, Inc. has successfully closed an $850 million senior unsecured revolving credit facility, enhancing its financial capacity and extending maturity dates to support long-term growth [1][2][7] Financing Details - The new revolving credit facility matures on March 16, 2029, with options for two six-month extensions, and includes an additional $100 million in capacity [1][2] - Initial interest payments are set at SOFR plus 77.5 basis points, with a facility fee of 15 basis points, and an accordion feature allowing for an increase in borrowing capacity to $1 billion [2] - The company has also refinanced a $200 million unsecured term loan, maturing on March 17, 2028, with similar interest terms [4][5] Credit Metrics - The pricing for both the revolving credit facility and the term loan is based on a favorable credit rating of BBB+/Baa1/BBB+, despite the current ratings being BBB/Baa2/BBB [6] - This pricing is contingent on maintaining a consolidated leverage ratio below 35.0% [6] Company Overview - First Industrial Realty Trust, Inc. is a leading owner, operator, developer, and acquirer of logistics properties in the U.S., focusing on high-quality facilities essential for supply chains [7] - The company owns and has under development approximately 69.5 million square feet of industrial space as of December 31, 2024, concentrated in 15 target metropolitan statistical areas [7]

Company Overview - Valeo is a technology company that partners with automakers and new mobility players, focusing on making mobility cleaner, safer, and smarter [3] - The company has 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 109,600 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 February 28, 2025, Valeo's issued capital was €244,633,504, with a total of 244,633,504 shares and 274,030,560 theoretical voting rights [1] - The total number of exercisable voting rights, excluding shares deprived of voting rights, was 272,337,362 [2]

Company Overview - First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties [3] - The company provides high-quality facilities and industry-leading customer service to multinational corporations and regional firms essential for their supply chains [3] - As of December 31, 2024, the company owns and has under development approximately 69.5 million square feet of industrial space [3] Upcoming Events - The company will present at Citi's 2025 Global Property CEO Conference on March 4, 2025, at 11:40 a.m. EST [1] - A live webcast of the presentation will be available on the company's website, with a replay accessible through May 31, 2025 [2] - Presentation materials for the conference will be available in the Investors section of the company website on March 3, 2025 [2] Market Focus - The company's portfolio and new investments are concentrated in 15 target metropolitan statistical areas (MSAs) with an emphasis on supply-constrained, coastally oriented markets [3]

Core Insights - Valeo achieved its profitability and cash generation objectives in 2024, with a focus on improving financial performance in 2025 through attractive offerings and cost management [1][2][5] - The company aims for structurally higher profitability and cash generation in 2025, targeting sales between €21.5 billion and €22.5 billion, an EBITDA margin of 13.5% to 14.5%, and free cash flow of €700 million to €800 million before one-off restructuring costs [4][60] Financial Performance - In 2024, Valeo reported sales of €21,492 million, a decrease of 0.5% on a like-for-like basis compared to 2023 [4][11] - EBITDA increased by 8% to €2,863 million, representing 13.3% of sales, which is an improvement of 1.3 percentage points year-on-year [4][40] - Operating margin rose by 9.7% to €919 million, accounting for 4.3% of sales, up 0.5 percentage points from the previous year [4][40] - Free cash flow before one-off restructuring costs was €551 million, exceeding guidance, while after one-off costs, it stood at €481 million [4][49] Debt and Dividend - Net debt decreased by €215 million to €3,813 million, with a leverage ratio of 1.3x EBITDA [4][50] - A dividend of €0.42 per share is proposed, reflecting a 5% increase compared to 2023 [4][54] Market Dynamics - Original equipment sales fell by 2% on a like-for-like basis in 2024, significantly impacted by lower production levels in certain European electric vehicle platforms [19][26] - Aftermarket sales increased by 4% on a like-for-like basis, driven by an aging vehicle fleet and enhanced product offerings [15][19] - New orders for 2024 totaled €17.8 billion, down from previous years due to postponements and cancellations by automaker customers [55][59] Strategic Initiatives - Valeo's Move Up strategic plan is set to conclude in 2025, with a focus on cost reduction and improved profitability [6] - The company is pursuing a divestment strategy for non-strategic assets, aiming to dispose of assets worth €500 million [51][52] - Valeo's commitment to sustainability is reflected in its first sustainability report, integrating sustainability into its strategy and operations [3]

Core Viewpoint - First Industrial Realty Trust, Inc. (FR) is showing potential for a bullish breakout due to a recent "golden cross" formation in its moving averages [1][2]. Technical Indicators - FR's 50-day simple moving average has crossed above its 200-day simple moving average, indicating a bullish signal known as a "golden cross" [1][2]. - A golden cross typically signifies a bullish breakout and is characterized by a stock's short-term moving average surpassing a longer-term moving average [2]. Market Performance - Over the last four weeks, FR's stock price has increased by 7.6%, suggesting positive momentum [4]. - The company currently holds a 3 (Hold) rating on the Zacks Rank, indicating a neutral outlook [4]. Earnings Expectations - There have been three upward revisions in earnings expectations for the current quarter, with no downward changes in the past 60 days, which supports the bullish sentiment [4]. - The Zacks Consensus Estimate for FR has also increased, further reinforcing the positive outlook for the company [4]. Investment Consideration - Given the technical indicators and positive earnings revisions, investors are encouraged to consider adding FR to their watchlist [5].

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Property Portfolio and Operations - As of December 31, 2024, the company owned 412 industrial properties across 19 states, totaling approximately 66.7 million square feet of gross leasable area (GLA) [32]. - The company focuses on external growth by developing and acquiring industrial properties in 15 key logistics markets, particularly coastal markets, to enhance its portfolio [35]. - Approximately 25.6% of the company's consolidated net operating income for the year ended December 31, 2024, came from properties located in California, while 11.4% came from Pennsylvania [53]. - The company had 151 employees as of December 31, 2024, with an average tenure of approximately 12 years [44]. - As of December 31, 2024, the company owned 416 industrial properties, with 412 classified as in-service, totaling approximately 66.7 million square feet of GLA and a weighted average occupancy of 96.2% [128][130]. - Approximately 96.2% of the GLA of in-service properties was leased as of December 31, 2024, with no single tenant accounting for more than 6.5% of rent revenues [136]. - The company has eight development projects under construction totaling approximately 2.0 million square feet, with an estimated total investment of $280.4 million [133]. - The company executed 13 leases at development properties, totaling 3,853,268 square feet of GLA [159]. Financial Performance - Net income for the year ended December 31, 2024, was $296.0 million, compared to $285.8 million for 2023 [161]. - For the year ended December 31, 2024, total revenues increased by $55.6 million, or 9.1%, to $669.6 million compared to $614.0 million in 2023 [165]. - Revenue from same store properties rose by $30.6 million, primarily due to increases in rental rates and tenant recoveries, despite a slight decrease in occupancy [165]. - Same store revenues for 2024 were $594,527,000, representing a 5.4% increase from $563,949,000 in 2023 [206]. - Same store net operating income (NOI) for 2024 was $443,031,000, a 8.4% increase compared to $408,667,000 in 2023 [206]. - Net income available to common stockholders for 2024 was $287,554,000, an increase of 4.4% from $274,816,000 in 2023 [202]. - Funds from operations (FFO) available to common stockholders for 2024 reached $350,485,000, up 8.6% from $322,667,000 in 2023 [202]. Capital Structure and Liquidity - The company has approximately $480.5 million available for additional borrowings under its $750 million unsecured revolving credit agreement as of February 13, 2025 [36]. - The company anticipates cash flows from operating activities and asset dispositions will meet short-term liquidity needs, including $177.5 million for ongoing development projects [187]. - The total debt as of December 31, 2024, was $2,215.2 million, with 87.3% being fixed rate debt and 12.7% variable rate debt [194]. - The company has a $300.0 million unsecured term loan maturing on August 12, 2025, and is considering refinancing options [182]. - The company must distribute at least 90% of its taxable income annually as a REIT, which may limit its ability to retain capital for ongoing business needs [85]. Risks and Challenges - The company faces competition from other REITs and real estate investors, which may increase acquisition prices and impact leasing strategies [37]. - The company's operating performance may be adversely affected by deteriorating market conditions, including oversupply of logistics space or reduced demand [55]. - International trade disputes, including tariffs, could increase costs for tenants and impact the company's business operations [56]. - The company faces risks in renewing leases or finding new tenants on favorable terms, which could adversely impact financial condition and cash flow [58]. - Adverse market conditions could lead to impairment charges, negatively impacting the company's financial condition [71]. - The company is exposed to risks associated with joint venture arrangements, which may affect its ability to manage properties effectively [72]. - Climate change impacts could disrupt tenant operations and impair their ability to pay rent, affecting the company's financial performance [75]. - The evolving nature of cyber threats makes it impossible to entirely eliminate cybersecurity risks, which could materially affect the company's business and financial performance [113]. Cybersecurity - Cybersecurity risks are a significant focus, with the company implementing controls to protect its systems and data from unauthorized access and breaches [120]. - The company continuously assesses external threats to identify material cyber risks and has established processes to mitigate these risks [121]. - The cybersecurity program is overseen by a team with decades of expertise, including a Chief Information Officer and an Information Technology Security Manager with a master's degree in Network Security [125]. - The company engaged in monthly mock phishing exercises and maintained written playbooks for various cyberattack scenarios to enhance cybersecurity measures [127]. Environmental and Regulatory Compliance - The company emphasizes environmental sustainability in its operations, with many recent development projects achieving LEED certification [40]. - The company may incur significant costs complying with various laws and regulations, which could adversely affect financial condition and results of operations [70]. - Environmental expenditures for 2025 are estimated at approximately $1.9 million, with total future expenditures not exceeding $4.6 million [189]. Market Conditions and Interest Rates - Rising interest rates could reduce cash flow by increasing interest payments on both floating and fixed-rate debt [81]. - The company's credit ratings influence the availability and terms of indebtedness, and any downgrade could lead to higher borrowing costs [84]. - Disruptions in financial markets could limit the company's access to refinancing options, potentially increasing borrowing costs and impacting liquidity [78].

Company Overview - First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties [2] - The company provides high-quality facilities and industry-leading customer service to multinational corporations and regional firms essential for their supply chains [2] - As of December 31, 2024, the company owns and has under development approximately 69.5 million square feet of industrial space [2] Upcoming Events - The Annual Meeting of Stockholders is scheduled to be held virtually on April 30, 2025 [1] - March 7, 2025, has been set as the record date for the Annual Meeting [1]