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First Industrial Realty Trust (FR)

First Industrial Realty Trust, Inc. is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, its local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types. In total, the company owns and has under development approximately 64.1 million square feet of industrial space as of December 31, 2020.

FR stock data

Calendar

22 Jul 22
9 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 44.65M 44.65M 44.65M 44.65M 44.65M 44.65M
Cash burn (monthly) 4.71M 11.25M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 20.31M 48.5M n/a n/a n/a n/a
Cash remaining 24.34M -3.86M n/a n/a n/a n/a
Runway (months of cash) 5.2 -0.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 May 22 Rau John Common Stock Grant Acquire A No No 0 1,255 0 25,752
4 May 22 Smith Marcus L. Common Stock Grant Acquire A No No 0 1,255 0 2,982
4 May 22 Olsen Denise LP Units Common Stock Grant Acquire A No No 0 1,255 0 6,717
4 May 22 Dominski Matthew LP Units Common Stock Grant Acquire A No No 0 1,255 0 6,717
4 May 22 Hackett H Patrick JR LP Units Common Stock Grant Acquire A No No 0 1,255 0 6,717
94.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 333 355 -6.2%
Opened positions 33 62 -46.8%
Closed positions 55 23 +139.1%
Increased positions 120 135 -11.1%
Reduced positions 132 115 +14.8%
13F shares Current Prev Q Change
Total value 7.77B 8.52B -8.7%
Total shares 125.11M 125.48M -0.3%
Total puts 278.2K 0 NEW
Total calls 6.3K 11.6K -45.7%
Total put/call ratio 44.2
Largest owners Shares Value Change
Vanguard 19.2M $1.19B +1.8%
BLK Blackrock 15.24M $943.58M -2.0%
PFG Principal Financial Group Inc - Registered Shares 10.25M $634.51M +5.6%
STT State Street 7.13M $443.26M +13.4%
BX Blackstone 4.27M $264.42M NEW
CNS Cohen & Steers 3.51M $217.3M +8.3%
GS Goldman Sachs 3.34M $206.53M -13.1%
AMP Ameriprise Financial 3.09M $182.11M +1.1%
Dimensional Fund Advisors 2.38M $147.6M -0.2%
TROW T. Rowe Price 2.13M $131.71M -1.6%
Largest transactions Shares Bought/sold Change
BX Blackstone 4.27M +4.27M NEW
Millennium Management 808.99K -1.38M -63.1%
Canada Pension Plan Investment Board 21.1K -1.35M -98.5%
Norges Bank 0 -1.08M EXIT
Weiss Multi-Strategy Advisers 241.02K -1.07M -81.6%
NMR Nomura 902.47K +902.47K NEW
STT State Street 7.13M +844.83K +13.4%
IVZ Invesco 1.18M -789.64K -40.0%
Vision Capital 666.5K +666.5K NEW
MCQEF Macquarie 834.7K +620.93K +290.5%

Financial report summary

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Risks
  • Real estate investments fluctuate in value depending on conditions in the general economy and the real estate industry. These conditions may limit our revenues and available cash.
  • Many real estate costs are fixed, even if income from properties decreases.
  • We may be unable to renew leases or find other tenants on advantageous terms or at all.
  • We may be unable to acquire real estate on advantageous terms or acquisitions may not perform as we expect.
  • We may obtain only limited warranties when we purchase a property and would have only limited recourse in the event our due diligence did not identify any issues that lower the value of our property.
  • We may be unable to sell properties when appropriate or at all because real estate investments are not as liquid as certain other types of assets.
  • We may be unable to sell properties on advantageous terms.
  • We may be unable to complete development and re-development projects on advantageous terms.
  • We may incur unanticipated costs and liabilities due to environmental problems.
  • We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties and, in particular, costs associated with complying with regulations such as the Americans with Disabilities Act of 1990 (the "ADA") may result in unanticipated expenses.
  • Adverse market and economic conditions could cause us to recognize impairment charges.
  • We could be subject to risks and liabilities in connection with joint venture arrangements.
  • We own certain properties subject to ground leases that expose us to the loss of such property upon breach or termination of the ground lease.
  • We are exposed to the potential impacts of future climate change.
  • Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results.
  • Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.
  • Failure to comply with covenants in our debt agreements could adversely affect our financial condition.
  • Adverse changes in our credit ratings could negatively affect our liquidity and business operations.
  • We may have to make lump-sum payments on our existing indebtedness.
  • Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
  • Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.
  • Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock.
  • Future sales or issuances of our common stock may cause the market price of our common stock to decline.
  • The market price of our common stock may fluctuate significantly.
  • The Company is authorized to issue preferred stock. The issuance of preferred stock could adversely affect the holders of the Company's common stock issued pursuant to its public offerings.
  • The Company's Board of Directors may change its strategies, policies or procedures without stockholder approval, which may subject us to different and more significant risks in the future.
  • Certain provisions of our charter and bylaws could hinder, delay or prevent a change in control of our company.
  • The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change.
  • Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.
  • The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources.
  • The current pandemic of the novel coronavirus, or COVID-19, and the future outbreak of other highly infectious or contagious diseases, may adversely affect our business.
  • We may become subject to litigation.
  • Terrorist attacks and other acts of violence or war may affect the market for the Company's common stock, the industry in which we conduct our operations and our profitability.
  • Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.
  • We may be unable to retain and attract key management personnel.
Management Discussion
  • The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the three and six months ended June 30, 2022 and 2021. Same store properties are properties owned prior to January 1, 2021 and held as an in-service property through June 30, 2022 and developments and redevelopments that were placed in service prior to January 1, 2021. Properties which are at least 75% occupied at acquisition are placed in service, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Properties that are less than 75% occupied at the date of acquisition are placed in service as they reach the earlier of 90% occupancy or one year subsequent to acquisition. Developments, redevelopments and acquired income-producing land parcels for which our ultimate intent is to redevelop or develop on the land parcel are placed in service as they reach the earlier of 90% occupancy or one year subsequent to development/redevelopment construction completion. Acquired properties with occupancy greater than 75% at acquisition, but with tenants that we anticipate will move out within two years of ownership, will be placed in service upon the earlier of reaching 90% occupancy or twelve months after move out. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2020 and held as an operating property through June 30, 2022. Sold properties are properties that were sold subsequent to December 31, 2020. Developments and redevelopments (collectively referred to as "(Re)Developments") include (re)developments that were not: a) substantially complete 12 months prior to January 1, 2021; or b) stabilized prior to January 1, 2021. Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

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New words: approach, cumulative, HLBV, intent, proportionate, South, Southern
Removed: Empire, grew, Inland, pay, predict, working