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First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-based company specializing in owning, operating, developing, and acquiring logistics properties. The company provides high-quality industrial facilities and customer service to multinational corporations and regional firms, supporting their supply chain operations. Its portfolio spans approximately 69.5 million square feet of industrial space across 15 target metropolitan areas, with a focus on supply-constrained, coastally oriented markets.
- Lease Revenue - Generates income from leasing industrial properties to businesses, serving as the primary source of revenue.
- Other Revenue - Includes miscellaneous income streams from various operational activities.
- Joint Venture Fees - Earns fees from partnerships and joint ventures related to industrial property investments.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Johannson L. Yap ExecutiveBoard | Chief Investment Officer | Member of the Urban Land Institute; Member of NAREIT; Board of Advisors for the James Graaskamp Center for Real Estate at the University of Wisconsin; Advisory Board of the Kelley School of Business, Center for Real Estate Studies at the University of Indiana | Johannson L. Yap has served as the Chief Investment Officer at FR since February 1997 and, additionally, as the Executive Vice President – West Region since March 2009. He began his FR career in senior roles dating back to April 1994 and has played a key role in driving the company’s investment strategies, while also contributing to several external boards and professional organizations. | |
Peter E. Baccile ExecutiveBoard | President and Chief Executive Officer | Member of the National Association of Real Estate Investment Trusts (executive board); Member of The Real Estate Roundtable | Peter E. Baccile has served as President since September 2016 and as Chief Executive Officer since December 2016 at First Industrial Realty Trust, Inc., where he also sits on the Board of Directors. Previously, he led key real estate and investment banking divisions at UBS Securities, LLC and J.P. Morgan, further building his extensive expertise in real estate management and finance. | View Report → |
Jennifer E. Matthews Rice Executive | General Counsel and Secretary | Jennifer E. Matthews Rice has served as the General Counsel and Secretary at FR since November 2019, managing legal and corporate governance matters. She previously held senior legal roles at Brandywine Realty Trust, Exeter Property Group, and Preferred Unlimited, Inc.. | ||
Peter O. Schultz Executive | Executive Vice President – East Region | Peter O. Schultz is the Executive Vice President – East Region at FR since March 2009. He has held several key leadership roles at FR, including Senior Vice President – Portfolio Management and Managing Director – East Region, reflecting his extensive experience in real estate management. | ||
Scott A. Musil Executive | Chief Financial Officer | Director and Chair of the Audit Committee at HC Government Realty Trust, Inc. (May 2017 - March 2019) | Scott A. Musil is the Chief Financial Officer of First Industrial Realty Trust, Inc. since March 2011; he previously served as Senior Vice President since March 2001 and Treasurer since May 2002, and he has held external board responsibilities such as Director and Chair of the Audit Committee at HC Government Realty Trust, Inc. (May 2017 - March 2019). |
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With 40% of your 2025 lease expirations still unaddressed and no significant variances in terms of geography or size, how confident are you in maintaining tenant retention rates similar to the 77% achieved last year, especially amidst potential market uncertainties?
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Since you build your budgets from the ground up on a lease-by-lease basis without heavily relying on economic metrics, how do you ensure that your market pricing assumptions in your guidance accurately reflect broader market dynamics and potential economic shifts?
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Given the challenges in underwriting new development starts in markets like Southern California, how do you plan to manage your development pipeline and mitigate risks associated with starting new projects in markets where demand recovery is harder to predict?
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For development projects that have taken longer to lease up, are you reconsidering your stance on pricing strategy given that reducing rent doesn't seem to be the issue, and what specific measures are you taking to accelerate lease-up in a market where tenants have more choices?
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With expectations of only modest rent growth—some markets flat or even down—how does this outlook reconcile with your projection of approximately 10% FFO growth in 2025, and what strategies are you implementing to achieve this growth despite potential market headwinds?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Fully Leased Four‐Building Portfolio in Houston | 2024 | Acquired 211,000 square feet of fully leased (100% on long‑term leases) building assets for $29 million, with an in-place cash yield of approximately 6% and a strategic location in Houston's Southeast submarket near the port. |
Five Industrial Properties Portfolio | 2024 | Acquired approximately 0.3 million square feet of GLA across Houston and Southern California for an aggregate purchase price of $44.8 million (excluding transaction costs), with detailed price allocations for land, building, and lease components, structured as an asset acquisition. |
Industrial Property Acquisitions in Southern California | 2023 | Acquired five industrial properties totaling around 0.08 million square feet for an aggregate purchase price of $28.4 million (transaction costs excluded), reinforcing market presence in Southern California through a structured asset acquisition. |
Land Parcels for Development | 2023 | Acquired land parcels in markets such as Nashville, Philadelphia, South Florida, and Southern California for a total of $76.5 million during the nine months ended September 30, 2023 to support future development initiatives. |
Coastal Markets Acquisition | 2022 | Completed multiple transactions across coastal markets (Northern & Southern California, Seattle, South Florida) including acquisitions of buildings, industrial properties, income-producing land parcels, and development land, with individual transactions ranging from $34 million to $122 million, aligning with the firm’s strategy to expand in coastal markets. |
Two Buildings and Small Site Acquisition | 2022 | Acquired two buildings comprising 96,000 square feet in South Florida and Southern California along with a 2‑acre site in the Inland Empire for a total purchase price of $35 million, enhancing the portfolio in key regional markets. |
One Industrial Property and Two Land Parcels Acquisition | 2022 | Acquired one industrial property and two land parcels subsequent to March 31, 2022 for an aggregate purchase price of $29.3 million (excluding transaction costs), further diversifying the asset base in the region. |
Recent press releases and 8-K filings for FR.
- Q1 2025 Financial Performance: Reported diluted EPS of $0.36 (vs. $0.52 last year), FFO of $0.68 per share, a 10.1% increase in cash same store NOI, and a 42% jump in rental rates .
- Leasing & Development: Achieved robust leasing activity with 1.3 million square feet of leases and initiated Q2 development projects totaling 402,000 square feet at an estimated $54 million investment .
- Dividend Increase: Boosted the dividend by 20.3% to $0.445 per share .
- Capital Structure Enhancements: Renewed and upsized liquidity by closing an $850 million revolving credit facility and extended a $200 million term loan maturity to 2030 .
- Strategic Investments: Acquired two fully leased buildings for $120 million .
- Full-Year Guidance: Maintained targets with projected FFO of $2.87–$2.97 per share and in-service occupancy of 95%–96% .
- The company closed an $850 million unsecured revolving credit facility that amends its previous facility and adds an extra $100 million capacity, maturing on March 16, 2029 with extension options available.
- It also refinanced a $200 million unsecured term loan with an initial maturity of March 17, 2028, featuring interest-only payments and extension options.
- Both facilities include pricing based on SOFR plus an incremental basis point margin, supporting the company's long-term growth and liquidity needs.
- Closed an $850 million unsecured revolving credit facility with an added $100 million capacity, maturing on March 16, 2029, and offering interest-only payments at SOFR plus 77.5 basis points.
- Refinanced a $200 million unsecured term loan with an initial maturity of March 17, 2028, including extension options, and featuring interest-only payments at SOFR plus 85 basis points plus an additional 10 basis point adjustment.
- Maintained favorable pricing at the BBB+/Baa1/BBB+ level, contingent upon keeping the consolidated leverage ratio under 35.0%.