Financial Data and Key Metrics Changes - The company reported FFO per fully diluted share of $0.71 for Q4 2024, up from $0.63 in Q4 2023, representing an 8.6% increase in NAREIT FFO per fully diluted share for the year to $2.65 compared to $2.44 in 2023 [26][10][12] - Cash same-store NOI growth for Q4 2024 was 9.3%, driven by increases in rental rates and new leasing, while full-year growth was 8.1% [27][12] - In-service occupancy at year-end was 96.2%, an increase of 120 basis points from Q3 2024 and 70 basis points from year-end 2023 [28][12] Business Line Data and Key Metrics Changes - The company signed 4.7 million square feet of development leases in 2024, significantly exceeding the budgeted 2.8 million square feet [16][12] - Cash rental rates for leases signed with a 2025 commencement date increased by 33%, with a 42% increase excluding a fixed-rate renewal in Central Pennsylvania [14][12] - The company expects cash rental rate growth for 2025 to range from 30% to 40% overall [15][12] Market Data and Key Metrics Changes - The U.S. industrial market vacancy rate rose to 6.1% at year-end 2024, a 30 basis point increase from Q3 2024 [11][12] - New construction starts were 62% lower than the peak in Q3 2022, with only 43 million square feet breaking ground in Q4 2024 [11][12] - Net absorption nationally was 24 million square feet in Q4 2024, with 15 million square feet occurring in the company's target markets [12][12] Company Strategy and Development Direction - The company is focused on long-term growth through development leasing and rental rate increases, with a strong emphasis on maintaining high occupancy rates [32][12] - Future development opportunities are being targeted in Pennsylvania, Texas, and Florida, with a total land position that can accommodate 15 million square feet of growth [21][12][46] - The company plans to continue trimming its portfolio, having sold $2.4 billion of legacy assets since 2010, and expects asset sales of up to $75 million in 2025 [22][23][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment post-election, noting an increase in leasing activity and demand [12][12] - The company anticipates a 10% growth in FFO for 2025, with key assumptions including an average occupancy range of 95% to 96% [29][12] - Management highlighted that while some markets are experiencing falling rents, leasing activity remains robust, indicating a potential recovery in demand [60][12] Other Important Information - The Board of Directors declared a dividend of 44.5 cents per share, a 20.3% increase aligned with anticipated cash flow growth [24][12] - The company has not seen significant impacts from potential tariffs on China, with tenant activity remaining steady [88][12] Q&A Session Summary Question: Insights on Los Angeles and Inland Empire markets - Management noted an increase in tours and proposals post-election, indicating a positive trend in demand [35][12] Question: Update on Denver market leasing - Management acknowledged improved demand in Denver but noted that decision-making remains elongated [44][12] Question: Development pipeline leasing assumptions - The company is assuming 1.6 million square feet of development lease-up, primarily in the second half of 2025 [39][12] Question: Tenant retention rates and bad debt - Tenant retention was high at 77% in 2024, with bad debt expense at a low 10 basis points of gross revenue [69][71] Question: Future development funding - Funding for development will come from excess cash flow, sales, and borrowings on the line of credit [48][12] Question: Market rent growth expectations - Management expects modest rent growth across various markets, with some areas potentially seeing declines [84][12] Question: Impact of automation on space needs - Management indicated that while some tenants are investing in automation, it is not leading to a significant reduction in space needs [118][12] Question: Wildfire impact on rebuilding efforts - Management believes that the LA market may benefit from rebuilding efforts, particularly in infrastructure and storage needs [125][12] Question: Development lease-up timing - Management clarified that most development leases signed in 2024 will impact cash flow in 2025, with some projects expected to start leasing in Q1 and Q3 of 2025 [138][12]

Core Viewpoint - First Industrial Realty Trust reported strong quarterly funds from operations (FFO) of $0.71 per share, exceeding the Zacks Consensus Estimate of $0.69 per share, and showing an increase from $0.63 per share a year ago [1][2] Financial Performance - The company achieved revenues of $175.59 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.60%, compared to $157.28 million in the same quarter last year [2] - Over the last four quarters, First Industrial Realty Trust has exceeded consensus FFO estimates three times and topped revenue estimates four times [2] Stock Performance - Since the beginning of the year, First Industrial Realty Trust shares have increased by approximately 7.2%, outperforming the S&P 500's gain of 2.7% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.68 on revenues of $173.08 million, and for the current fiscal year, it is $2.86 on revenues of $702.14 million [7] - The estimate revisions trend for First Industrial Realty Trust is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The REIT and Equity Trust - Other industry is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting that the outlook for the industry could significantly impact the stock's performance [8]

FIRST INDUSTRIAL REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS CHICAGO, February 5, 2025 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the fourth quarter and full year 2024. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.52 in the fourth quarter, compared to $0.67 a year ago. Full year 2024 EPS was $2.17, compared to $2.07 in 2023. ...

2025 NAREIT FFO Guidance Initiated at a Range of $2.87 to $2.97 Per Share/Unit, Approximately 10% Growth at the Midpoint Increased First Quarter 2025 Dividend to $0.445 Per Share, a 20.3% Increase Signed 4.7 Million Square Feet of Development Leases in 2024 Inclusive of Joint Venture, Second Highest Annual Total Since 2012; 1.4 Million Square Feet Signed in the Fourth Quarter Cash Rental Rates Up 50.8%, Second Consecutive Annual Increase Greater Than 50% 33% Cash Rental Rate Increase on Leases Signed To-Da ...

PRESS RELEASEParis, February 5, 2025 Information on the total number of voting rightsand shares forming the share capital(Article L.233-8 II of the French Commercial Code andArticle 223-16 of the General Regulation of the French Financial Markets Authority) DateIssued capitalPar valueTotal number of sharesTotal number of voting rightsTheoretical*Exercisable**January 31, 2025€ 244,633,504<td style="width:69. ...

CHICAGO, Jan. 17, 2025 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today reported the tax treatment of its 2024 distributions.  This release is based on the preliminary results of work on the Company's tax filings and may be subject to correction or adjustment when the filings are completed. However, no material change in the information reported is expected. Shareholders are encouraged to consult with the ...

CHICAGO, January 13, 2025 /PRNewswire/ -- First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, will host its fourth quarter and full year 2024 results conference call on Thursday, February 6, 2025 at 10:00 a.m. CST (11:00 a.m. EST). The conference call may be accessed by dialing (877) 870-4263, passcode "First Industrial". The conference call will also be webcast live on the Investors page of the Company's website at www.firstindu ...

PRESS RELEASEParis, January 6, 2025 Information on the total number of voting rightsand shares forming the share capital(Article L.233-8 II of the French Commercial Code andArticle 223-16 of the General Regulation of the French Financial Markets Authority) DateIssued capitalPar valueTotal number of sharesTotal number of voting rightsTheoretical*Exercisable**December 31, 2024€ 244,633,504<td style="width:69. ...

Group 1 - First Industrial Realty Trust (NYSE: FR) has experienced a moderate performance over the past year, with a share price increase of 26% [1] - The forward outlook for the company may be less encouraging due to elevated interest rates and uncertainty surrounding trade flows [1]

Financial Data and Key Metrics Changes - NAREIT funds from operations increased to $0.68 per fully diluted share compared to $0.62 per share in Q3 2023, reflecting a growth of 9.7% year-over-year [9] - Cash same-store NOI growth for the quarter was 7.6%, driven by increases in rental rates on new and renewal leasing, with an adjusted growth of 11.9% when including tenant improvement reimbursements [9][10] - In-service occupancy finished at 95%, with approximately 200 basis points of lease-up opportunity from developments placed in service in 2023 and 2024 [10] Business Line Data and Key Metrics Changes - Renewal leasing remained strong, achieving a cash rental rate increase of 51% for 2024 expirations, following a 58% increase for 2023 commencements [6] - Approximately 3.5 million square feet of leases commenced in the quarter, with 500,000 square feet being new leases, 2.2 million square feet for renewals, and 900,000 square feet for developments and acquisitions [10] Market Data and Key Metrics Changes - The U.S. industrial market vacancy increased by 10 basis points to 5.8%, with third-quarter completions totaling 87 million square feet, down approximately 30% from the previous quarter [5] - In target markets, completions were 45 million square feet, down 40% from the prior quarter, while new starts totaled 36 million square feet, down 68% from the peak in Q3 2022 [5] Company Strategy and Development Direction - The company is focused on capital deployment and monitoring demand and competing supply in target investment markets, with a new development launched in Nashville projected at $54 million and an expected cash yield of approximately 7% [7][8] - The company has a strong balance sheet with no maturities until 2026, allowing for flexibility in capital allocation [14] Management's Comments on Operating Environment and Future Outlook - Management noted that while renewal activity is strong, new growth investments are being delayed due to macroeconomic uncertainties and geopolitical issues [33][38] - The company anticipates that the dynamics of the market will shift as alternatives for potential tenants are absorbed, particularly in markets like Southern California, New Jersey, and South Florida [17][18] Other Important Information - The company sold a portfolio in New Jersey for $82 million and has completed year-to-date dispositions totaling $157 million [8] - The impact of California's AB-98 legislation is expected to be a tailwind for the company, increasing the value of existing assets and putting upward pressure on rents [54][55] Q&A Session Summary Question: Can you discuss the drivers for occupancy guidance? - Management indicated that development leasing is key to achieving higher occupancy, with 400,000 square feet of development leasing included in guidance for Q4 [15][16] Question: What markets are poised for growth? - Management highlighted strong rent growth in Southern California, New Jersey, and South Florida, with traction also seen in Pennsylvania, Nashville, and Houston [17][18] Question: What is the status of the Boohoo lease? - Management confirmed that Boohoo is current on rent and plans to sublet the building, with a security deposit in place to cover potential rent shortfalls [21][23] Question: How does the election impact tenant decision-making? - Management noted that tenants are cautious about new growth investments until the economic landscape stabilizes post-election [38] Question: What is the outlook for market rent growth? - Management indicated that overall rents are flattish to slightly up, with Southern California seeing increases of 2% to 3% year-over-year [42] Question: How is the transaction market performing? - Management observed significant capital chasing opportunities, with increased competition for transactions and a decrease in cap rates by about 25 basis points over the last three months [44][45]