First Industrial Realty Trust(FR) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for Q1 2025 were $177,074,000, an increase of 9.9% compared to $162,272,000 in Q1 2024[24] - Net income for Q1 2025 was $52,884,000, down 25.0% from $70,498,000 in Q1 2024[24] - Comprehensive income for Q1 2025 was $44,975,000, a decrease of 44.4% from $80,921,000 in Q1 2024[27] - Net income for the three months ended March 31, 2025, was $52,884,000, a decrease of 25.1% compared to $70,498,000 for the same period in 2024[40] - Basic and diluted earnings per share (EPS) for the company were $0.36 for the three months ended March 31, 2025, down from $0.52 in the same period of 2024[90] - Net income available to common stockholders for Q1 2025 was $48,103,000, a decrease of 29.7% from $68,452,000 in Q1 2024[168] Revenue and Lease Performance - Lease revenue increased to $175,376,000 in Q1 2025, up from $159,735,000 in Q1 2024, reflecting a growth of 9.8%[24] - Total revenues increased to $177,074,000 for the three months ended March 31, 2025, up 9.9% from $162,272,000 in the prior year[40] - Lease revenue for the three months ended March 31, 2025, was $175,376,000, an increase of 9.8% from $159,735,000 in the same period last year[40] - Same Store Revenues increased to $164,394,000 in Q1 2025, up 6.9% from $154,310,000 in Q1 2024[166] Cash Flow and Investments - Net cash provided by operating activities rose to $88,566,000, compared to $62,499,000 in the same quarter of 2024, reflecting a 41.8% increase[33] - Cash provided by operating activities increased to $88,585,000 for the three months ended March 31, 2025, compared to $62,509,000 in the prior year, reflecting a 41.7% increase[49] - The net cash used in investing activities was $213,348,000, significantly higher than $19,031,000 in the same quarter of 2024[33] - Cash used in investing activities rose significantly by $194.3 million, totaling $213.3 million for the three months ended March 31, 2025[148] Assets and Liabilities - Total assets as of March 31, 2025, were $5,448,054,000, compared to $5,261,426,000 at the end of 2024, representing a growth of 3.5%[22] - Total liabilities increased to $2,704,832,000 as of March 31, 2025, from $2,515,398,000 at the end of 2024, an increase of 7.5%[22] - The company’s equity as of March 31, 2025, was $2,743,222,000, slightly down from $2,746,028,000 at the end of 2024[22] - The company’s total debt as of March 31, 2025, was approximately $2,387.1 million, with 81.0% being fixed rate debt[152] Dividends and Distributions - The company declared dividends of $0.445 per share for Q1 2025, compared to $0.370 per share in Q1 2024[30] - The company paid $50,087,000 in common stock dividends and unit distributions during the quarter, compared to $43,220,000 in the previous year[33] - Unit distributions for the three months ended March 31, 2025, totaled $60,854,000, an increase from $50,309,000 in the prior year[49] Property and Operations - The company owned 416 industrial properties as of March 31, 2025, with a total gross leasable area of approximately 68.2 million square feet[57] - The average daily occupancy rate for same store properties was 95.7% for Q1 2025, compared to 95.0% for Q1 2024[127] - Cash rental rates for new and renewal leases increased by 41.7% during the quarter, indicating strong demand[118] - The company focuses on 15 key logistics markets in the U.S., emphasizing coastal markets with favorable industrial real estate fundamentals[115] Joint Venture Performance - The company holds an 88% interest in a Joint Venture Partnership for developing land in the Phoenix metropolitan area, consolidating the partnership in its financial statements[78] - The company earned fees of $465 million from the Joint Venture for the three months ended March 31, 2025, a decrease of 45.9% compared to $859 million for the same period in 2024[80] - Net income of the Joint Venture for the three months ended March 31, 2025, was $39,879 million, significantly up from $2,032 million in 2024, primarily due to a gain on sale of $39,630 million from Buildings A and B[82] - Incentive fees earned from the Joint Venture increased to $7,976 million in Q1 2025 from $406 million in Q1 2024, reflecting a substantial growth in performance[83] Interest and Financing - The company amended and restated its existing $200 million unsecured term loan, now maturing on March 17, 2028, with an all-in interest rate of 1.82%[71] - The company increased its Unsecured Credit Facility from $750 million to $850 million, maturing on March 16, 2029, with a variable interest rate based on SOFR plus a credit spread[72] - Interest expense for Q1 2025 was $19,469,000, a decrease from $20,897,000 in Q1 2024[168] - Interest expense decreased by $1.4 million, or 6.8%, due to a lower weighted average interest rate of 4.03%[134] Legal and Compliance - The company is involved in legal actions related to its industrial properties, but does not expect any material adverse effects on its financial position[103]