First Industrial Realty Trust, Inc. is a real estate investment trust that owns, operates, and develops industrial and logistics properties. The company's portfolio is located in major U.S. markets, with significant concentrations in Southern California (including Los Angeles, the Inland Empire, and San Diego), Central and Eastern Pennsylvania, Dallas/Ft. Worth, Chicago, and Phoenix. Other key investment regions include Atlanta, Baltimore/D.C., Denver, Houston, Northern and Southern Florida, Minneapolis/St. Paul, Nashville, and Seattle. A core part of the company's strategy includes the acquisition and development of new properties, as evidenced by its active pipeline of projects under construction and its inventory of developable land.
Summary
First Industrial Realty Trust has actively managed its portfolio to drive value, balancing modern development and acquisitions with targeted asset sales. The company has focused broadly on selling non-core assets to fund growth, buy back shares, and capture strong rental rate increases on current logistics facilities. First Industrial continues to benefit from a significant historical portfolio repositioning, in which it recycled approximately $6.0 billion of capital since 2010 to exit lower-growth markets and invest in newer bulk distribution sites. While precise cap rates for the entirety of these legacy historical sales are not available, this major transformation substantially upgraded asset quality to match that of its blue-chip peers.
Acquisitions
Dispositions
Refinancings, new loans & other capital markets
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