First Industrial Realty Trust, Inc. (FR): Business Model Canvas

First Industrial Realty Trust, Inc. (FR) entwickelt sich zu einem dynamischen Kraftpaket in der Industrieimmobilienlandschaft und verändert die Art und Weise, wie Unternehmen Gewerbeflächen nutzen, strategisch. Durch die sorgfältige Erstellung eines robusten Geschäftsmodells, das den Immobilienerwerb, die Verwaltung und innovative Mieterlösungen umfasst, hat sich FR als wichtiger Akteur in der sich entwickelnden Welt der Industrieimmobilieninvestitionen positioniert. Ihr Ansatz verbindet nahtlos strategische Marktpositionierung, Spitzentechnologie und ein vielfältiges Portfolio, das den komplexen Anforderungen moderner Unternehmen gerecht wird, die flexible, hochwertige Industrieimmobilien suchen.

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Wichtige Partnerschaften

Entwickler von Industrieimmobilien und Baufirmen

First Industrial Realty Trust arbeitet mit mehreren Industrieimmobilienentwicklern und Baufirmen zusammen, um sein Portfolio zu erweitern.

Partnertyp	Anzahl aktiver Partnerschaften	Jährlicher Entwicklungswert
Regionale Entwickler	12	450 Millionen Dollar
Nationale Bauunternehmen	8	750 Millionen Dollar

Gewerbliche Immobilienmakler und Leasingmakler

Das Unternehmen pflegt strategische Partnerschaften mit Gewerbeimmobilienprofis.

• Gesamtes Maklernetzwerk: 47 Firmen
• Geografische Abdeckung: 26 Staaten
• Durchschnittlicher Leasingtransaktionswert: 3,2 Millionen US-Dollar

Institutionelle Investoren und Kapitalmarktpartner

First Industrial Realty Trust arbeitet mit bedeutenden institutionellen Investitionspartnern zusammen.

Anlegerkategorie	Gesamtinvestition	Prozentsatz des Portfolios
Pensionskassen	1,2 Milliarden US-Dollar	35%
Private-Equity-Firmen	850 Millionen Dollar	25%
REIT-Investmentfonds	650 Millionen Dollar	19%

Technologieanbieter für Immobilienverwaltungssysteme

First Industrial Realty Trust integriert fortschrittliche technologische Lösungen.

• Anzahl Technologiepartner: 6
• Jährliche Technologieinvestition: 12,5 Millionen US-Dollar
• Schlüsseltechnologiebereiche:
  • Cloudbasierte Immobilienverwaltung
  • Überwachung der IoT-Infrastruktur
  • Vorausschauende Wartungssysteme

Berater für Nachhaltigkeit und Energieeffizienz

Das Unternehmen legt Wert auf eine nachhaltige Entwicklung durch spezialisierte Partnerschaften.

Nachhaltigkeitsfokus	Jährliche Investition	CO2-Reduktionsziel
Berater für grünes Bauen	8,3 Millionen US-Dollar	25 % bis 2030
Partner für Energieeffizienz	5,6 Millionen US-Dollar	40 % Energieeinsparung

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Entwicklung von gewerblichem Eigentum

Im vierten Quartal 2023 besaß First Industrial Realty Trust 425 Industrieimmobilien mit einer Gesamtfläche von etwa 61,2 Millionen Quadratfuß in 19 Bundesstaaten. Das gesamte Immobilienportfolio des Unternehmens wurde auf 7,3 Milliarden US-Dollar geschätzt.

Kennzahlen zum Immobilienerwerb	Daten für 2023
Insgesamt erworbene Immobilien	38 Objekte
Gesamtanschaffungskosten	552,3 Millionen US-Dollar
Durchschnittliche Grundstücksgröße	144.700 Quadratmeter

Immobilienverwaltung und Vermietung

First Industrial Realty Trust verfolgt eine solide Immobilienverwaltungsstrategie mit Schwerpunkt auf Industrieimmobilien.

• Auslastung: 97,5 % ab Q4 2023
• Leasingverlängerungsrate: 74,2 % im Jahr 2023
• Durchschnittliche Mietdauer: 5,4 Jahre

Optimierung des Vermögensportfolios

Portfoliozusammensetzung	Prozentsatz
Kernverteilungsgebäude	85.6%
Urban Infill-Immobilien	14.4%

Anlagestrategie und Kapitalallokation

Im Jahr 2023 investierte First Industrial Realty Trust mit einem fokussierten Investitionsansatz 552,3 Millionen US-Dollar in Immobilienakquisitionen.

• Gesamtinvestitionskapital: 7,3 Milliarden US-Dollar
• Verhältnis von Schulden zu Kapitalisierung: 42,6 %
• Gewichteter durchschnittlicher Zinssatz: 4,3 %

Mieterbeziehungsmanagement

Mietermetriken	Daten für 2023
Gesamtzahl der Mieter	1,200+
Prozentsatz der Top-10-Mieter am Umsatz	32.5%
Durchschnittliche Mieterbindungsrate	78.6%

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Industrieimmobilien

Im vierten Quartal 2023 besitzt First Industrial Realty Trust 414 Immobilien mit einer Gesamtfläche von 67,2 Millionen Quadratfuß Industriefläche in 19 großen US-Märkten. Gesamtwert des Portfolios: 7,2 Milliarden US-Dollar.

Eigenschaftskategorie	Gesamtquadratzahl	Anzahl der Eigenschaften
Distributionslager	52,3 Millionen Quadratfuß	312
Produktionsanlagen	8,9 Millionen Quadratfuß	62
Spezialisierte Industrie	6,0 Millionen Quadratfuß	40

Starkes Finanzkapital und Zugang zu Schuldenmärkten

Finanzkennzahlen zum 31. Dezember 2023:

• Gesamtmarktkapitalisierung: 5,8 Milliarden US-Dollar
• Verhältnis von Schulden zu Gesamtkapitalisierung: 42,3 %
• Gewichteter durchschnittlicher Zinssatz: 4,7 %
• Verfügbare Liquidität: 750 Millionen US-Dollar

Erfahrene Management- und Immobilienprofis

Zusammensetzung des Führungsteams:

• Gesamtzahl der Mitarbeiter: 168
• Durchschnittliche Amtszeit der Führungskräfte: 12,5 Jahre
• Führungskräfte mit Immobilienerfahrung: 94 %

Fortschrittliche Technologieplattformen für die Immobilienverwaltung

Investitionen in die Technologieinfrastruktur:

• Jährliches Technologiebudget: 4,2 Millionen US-Dollar
• Digital-Asset-Management-Systeme: Integrierte cloudbasierte Plattformen
• Echtzeit-Tracking-Systeme für die Immobilienleistung

Strategische geografische Marktpositionierung

Marktverteilung ab 2023:

Geografische Region	Prozentsatz des Portfolios	Anzahl der Märkte
Mittlerer Westen	35.6%	7
Südosten	22.4%	5
Südwesten	18.2%	3
Westküste	15.8%	2
Nordosten	8.0%	2

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Wertversprechen

Hochwertige, gut gelegene Industrieimmobilien

Im vierten Quartal 2023 besitzt First Industrial Realty Trust 412 Industrieimmobilien mit einer Gesamtfläche von 66,4 Millionen Quadratfuß in den Vereinigten Staaten.

Immobilientyp	Gesamtquadratzahl	Prozentsatz des Portfolios
Distributionslager	52,1 Millionen Quadratfuß	78.5%
Produktionsanlagen	9,3 Millionen Quadratfuß	14.0%
Flex-/Büroimmobilien	5,0 Millionen Quadratfuß	7.5%

Stabile und vorhersehbare Einnahmequellen aus langfristigen Mietverträgen

Mietstatistik zum 31. Dezember 2023:

• Gewichtete durchschnittliche Mietvertragslaufzeit: 5,7 Jahre
• Auslastung: 98,3 %
• Jährliche Mieteinnahmen: 624,3 Millionen US-Dollar

Diversifiziertes Portfolio über mehrere industrielle Teilmärkte hinweg

Geografische Region	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Mittlerer Westen	138 Objekte	33.5%
Südosten	95 Immobilien	23.1%
Nordosten	82 Objekte	19.9%
Westen	97 Objekte	23.5%

Professionelle Immobilienverwaltungs- und Wartungsdienste

Wichtige Managementkennzahlen für 2023:

• Gesamtes Personal in der Immobilienverwaltung: 237 Fachkräfte
• Jährliche Instandhaltungsausgaben für Immobilien: 42,6 Millionen US-Dollar
• Durchschnittliche Zeit zur Lösung von Wartungsanfragen: 2,4 Tage

Potenzial für langfristige Kapitalsteigerung

Finanzielle Leistungsindikatoren:

• Gesamtmarktkapitalisierung: 6,2 Milliarden US-Dollar
• Gesamtrendite seit Jahresbeginn: 17,3 %
• Funds from Operations (FFO) pro Aktie: 2,37 USD

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Kundenbeziehungen

Direkte Accountverwaltung für Firmenmieter

First Industrial Realty Trust verwaltet im vierten Quartal 2023 etwa 68,4 Millionen Quadratfuß Industrieimmobilien. Das Unternehmen bedient 1.448 Kunden in 39 großen Märkten in den Vereinigten Staaten.

Kundensegment	Anzahl der Kunden	Durchschnittliche Mietdauer
Große Firmenmieter	387	7,2 Jahre
Mittelständische Unternehmen	612	5,6 Jahre
Kleine Unternehmenskunden	449	3,8 Jahre

Proaktive Immobilienwartungs- und Supportdienste

Das Unternehmen verfügt über ein engagiertes Immobilienverwaltungsteam mit einer durchschnittlichen Reaktionszeit von 2,3 Stunden für Wartungsanfragen.

• Notfall-Wartungsunterstützung rund um die Uhr
• Vorbeugende Wartungsprogramme
• Dienstleistungen zur Optimierung der Energieeffizienz
• Technologiegestütztes Facility Management

Maßgeschneiderte Mietvertragsstrukturen und Mieterlösungen

First Industrial Realty Trust bietet flexible Mietvereinbarungen mit einer durchschnittlichen Mietänderungsrate von 22 % pro Jahr.

Leasingtyp	Prozentsatz des Portfolios	Durchschnittliche Leasingrate
Triple-Net-Leasingverträge	68%	6,75 $/Quadratfuß
Modifizierte Bruttomietverträge	24%	7,20 $/Quadratfuß
Full-Service-Leasing	8%	8,10 $/Quadratfuß

Regelmäßige Kommunikation und Berichterstattung

Das Unternehmen führt vierteljährlich Umfragen zur Mieterzufriedenheit mit einer Rücklaufquote von 87 % und einem Zufriedenheitswert von 4,6/5 durch.

• Vierteljährliche Leistungsberichte
• Jährliche Mietergespräche
• Digitale Kommunikationsplattformen
• Dedizierte Account-Management-Kontakte

Digitale Mieter-Engagement-Plattformen

First Industrial Realty Trust hat im Jahr 2023 2,3 Millionen US-Dollar in digitale Mieterbindungstechnologien investiert.

Digitale Plattform	Benutzerakzeptanzrate	Hauptmerkmale
Mieterportal	76%	Wartungsanfragen, Abrechnung, Kommunikation
Mobile Anwendung	52%	Echtzeitbenachrichtigungen, Raumverwaltung
Self-Service-Dashboard	64%	Mietverwaltung, Reporting-Tools

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Kanäle

Direktvertriebsteam und Leasingvertreter

First Industrial Realty Trust verfügt seit dem vierten Quartal 2023 über ein engagiertes internes Vertriebsteam von 87 Fachleuten für Gewerbeimmobilien. Das Team deckt 18 große Metropolmärkte in den Vereinigten Staaten ab.

Marktabdeckung	Anzahl der Vertriebsmitarbeiter	Geografische Regionen
Wichtige Ballungsräume	87	18 Märkte

Gewerbliche Immobilienmaklernetzwerke

Das Unternehmen arbeitet bundesweit mit rund 250 externen Gewerbeimmobilienmaklern zusammen. Diese Partnerschaften ermöglichen eine größere Marktreichweite und Transaktionsmöglichkeiten.

• Gesamtzahl der Maklernetzwerkpartnerschaften: 250
• Durchschnittliche Provisionsaufteilung: 50/50
• Jährliches Transaktionsvolumen über Brokernetzwerke: 475 Millionen US-Dollar

Online-Plattformen für die Auflistung von Immobilien

First Industrial nutzt mehrere digitale Kanäle für die Immobilienvermarktung, darunter CoStar, LoopNet und proprietäre digitale Plattformen.

Plattform	Gesamte Immobilieneinträge	Monatliche Website-Besucher
CoStar	342 aktive Einträge	48,000
LoopNet	298 aktive Einträge	52,500

Investor-Relations-Website und Kommunikation

Das Unternehmen unterhält eine umfassende Investor-Relations-Website mit detaillierten Finanzberichten und Immobilieninformationen.

• Einzigartige monatliche Besucher der Website: 22.500
• Teilnehmer des Webcasts zu den Quartalsergebnissen: 1.200
• Teilnehmer der jährlichen Investorenkonferenz: 350

Branchenkonferenzen und Networking-Events

First Industrial nimmt aktiv an Gewerbeimmobilienkonferenzen teil, um sein Netzwerk zu erweitern und Geschäftsmöglichkeiten zu generieren.

Ereignistyp	Jährliche Teilnahme	Lead-Generierung
Nationale Konferenzen	7	125 potenzielle Leads
Regionale Networking-Events	24	210 potenzielle Leads

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Kundensegmente

Große nationale und multinationale Unternehmen

First Industrial Realty Trust betreut große Unternehmen mit spezifischen Anforderungen an Industrieimmobilien. Im vierten Quartal 2023 verwaltete das Unternehmen 368 Industrieimmobilien mit einer Gesamtfläche von 67,4 Millionen Quadratfuß in Schlüsselmärkten.

Kundensegment	Anzahl der Eigenschaften	Gesamtquadratzahl
Große nationale Unternehmen	132	24,3 Millionen Quadratfuß
Multinationale Unternehmen	86	15,6 Millionen Quadratfuß

E-Commerce- und Logistikunternehmen

First Industrial Realty Trust verfügt über ein erhebliches Engagement bei E-Commerce- und Logistikkunden, die einen wichtigen Teil ihres Portfolios darstellen.

• E-Commerce-Immobilien: 97 Immobilien
• Gesamtfläche des E-Commerce: 18,2 Millionen Quadratfuß
• Durchschnittliche Grundstücksgröße: 187.630 Quadratfuß

Produktions- und Vertriebsunternehmen

Das Unternehmen bietet spezialisierte Industrieimmobilienlösungen für die Fertigungs- und Vertriebsbranche.

Geschäftstyp	Eigenschaften	Auslastung
Herstellung	76	94.3%
Verteilung	112	96.7%

Regionale und lokale Industrieunternehmen

First Industrial Realty Trust unterstützt regionale und lokale Unternehmen mit flexiblen Industrieimmobilienlösungen.

• Regionale Immobilien: 48 Standorte
• Gesamtfläche der Region: 8,9 Millionen Quadratfuß
• Durchschnittliche Mietdauer: 5,2 Jahre

Institutionelle Immobilieninvestoren

Das Unternehmen zieht durch sein diversifiziertes Industrieportfolio institutionelle Investoren an.

Anlegertyp	Investitionsbetrag	Portfolio-Prozentsatz
Pensionskassen	425 Millionen Dollar	22%
REITs	310 Millionen Dollar	16%
Private Equity	265 Millionen Dollar	14%

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Im vierten Quartal 2023 meldete First Industrial Realty Trust Gesamtkosten für den Erwerb von Immobilien in Höhe von 428,7 Millionen US-Dollar. Die Entwicklungs- und Sanierungsinvestitionen beliefen sich im Geschäftsjahr auf insgesamt 153,2 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Landerwerb	187,5 Millionen US-Dollar
Baukosten	241,2 Millionen US-Dollar
Vorentwicklungskosten	36,5 Millionen US-Dollar

Kosten für die Instandhaltung und den Betrieb von Immobilien

Die jährlichen Immobilienbetriebskosten für 2023 beliefen sich auf 84,3 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Reparatur und Wartung: 42,1 Millionen US-Dollar
• Versorgungsleistungen: 18,7 Millionen US-Dollar
• Gebühren für die Immobilienverwaltung: 23,5 Millionen US-Dollar

Management- und Verwaltungsaufwand

Die gesamten Verwaltungskosten für 2023 beliefen sich auf 62,9 Millionen US-Dollar, darunter:

Verwaltungskostenkategorie	Betrag ($)
Vergütung von Führungskräften	14,6 Millionen US-Dollar
Allgemeine Verwaltungskosten	28,3 Millionen US-Dollar
Professionelle Dienstleistungen	20,0 Millionen US-Dollar

Zinsaufwand bei Fremdfinanzierung

Die gesamten Zinsaufwendungen für 2023 beliefen sich auf 93,6 Millionen US-Dollar, mit einem durchschnittlichen Schuldenzinssatz von 4,2 %.

Schuldentyp	Gesamtschulden ($)	Zinsaufwand ($)
Ältere unbesicherte Schuldverschreibungen	1,2 Milliarden US-Dollar	50,4 Millionen US-Dollar
Kreditfazilität	350 Millionen Dollar	14,7 Millionen US-Dollar
Andere Schuldtitel	280 Millionen Dollar	28,5 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Die Investitionen in Technologie und Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 22,1 Millionen US-Dollar, verteilt auf:

• Upgrades der IT-Infrastruktur: 9,8 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 5,3 Millionen US-Dollar
• Immobilienverwaltungssoftware: 7,0 Millionen US-Dollar

First Industrial Realty Trust, Inc. (FR) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilienpachtverträgen

Im vierten Quartal 2023 meldete First Industrial Realty Trust Gesamtmieteinnahmen von 123,9 Millionen US-Dollar. Das Unternehmen besitzt etwa 386 Industrieimmobilien mit einer Fläche von 66,1 Millionen Quadratmetern in 19 Bundesstaaten.

Leasingtyp	Prozentsatz des Gesamtumsatzes	Jahresumsatz
Vertriebseinrichtungen	62%	76,8 Millionen US-Dollar
Produktionsanlagen	22%	27,3 Millionen US-Dollar
Lagereigenschaften	16%	19,8 Millionen US-Dollar

Gebühren für die Hausverwaltung

Die Immobilienverwaltungsgebühren für 2023 beliefen sich auf insgesamt 4,2 Millionen US-Dollar, was einem Anstieg von 3,3 % gegenüber dem Vorjahr entspricht.

Gewinne aus dem Verkauf und der Veräußerung von Vermögenswerten

Im Jahr 2023 erzielte First Industrial Realty Trust Veräußerungsgewinne von 42,5 Millionen US-Dollar aus Immobilienverkäufen, wobei im Geschäftsjahr insgesamt 17 Immobilien verkauft wurden.

Asset-Typ	Anzahl der verkauften Immobilien	Gesamter Veräußerungsgewinn
Industrieimmobilien	17	42,5 Millionen US-Dollar

Dividendenausschüttungen des Real Estate Investment Trust (REIT).

Für das Geschäftsjahr 2023 verteilte First Industrial Realty Trust:

• Gesamtdividende: 87,6 Millionen US-Dollar
• Dividende pro Aktie: 1,96 $
• Dividendenrendite: 3,2 %

Potenzielle Entwicklungs- und Sanierungsgewinne

Entwicklungs- und Sanierungsprojekte erwirtschafteten im Jahr 2023 einen Gewinn von 18,7 Millionen US-Dollar, wobei Projekte in Schlüsselmärkten laufen.

Entwicklungskategorie	Anzahl der Projekte	Gesamtprojektwert
Neubau	8	215,3 Millionen US-Dollar
Sanierung	12	98,6 Millionen US-Dollar

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Value Propositions

You're looking at the core offerings First Industrial Realty Trust, Inc. (FR) provides to its customers, which are the reasons tenants choose their logistics properties over others. This is about the tangible value they deliver in the physical space and the service surrounding it.

High-quality, modern logistics facilities essential for supply chains.

First Industrial Realty Trust, Inc. focuses on providing logistics real estate in supply-constrained, coastally oriented markets, concentrated across 15 target MSAs. The quality of the physical assets has been significantly upgraded; over the past 10 years, the company newly developed nearly 40% of its current portfolio and disposed of more than 40% of its legacy assets. This transformation means the current portfolio quality rivals that of blue-chip peers. As of September 30, 2025, First Industrial Realty Trust, Inc. owned and had under development approximately 70.4 million square feet of industrial space.

Here's a snapshot of the scale and current operational status:

Metric	Value as of Late 2025
Total Owned and Under Development Space	Approximately 70.4 million square feet (as of 9/30/2025)
Target MSAs Concentration	15 target MSAs
In-Service Occupancy	94.0% (as of end of Q3 2025)
2025 Cash Rental Rate Increase (Commencing Leases)	32% (reflecting 95% of 2025 expirations by square footage)

The strong rental rate growth on new and renewal leasing shows tenants are willing to pay a premium for this quality and location. For leases signed to-date commencing in 2025, the cash rental rate increase achieved was 32%.

Customized space solutions, including build-to-suit options.

The development pipeline is a key part of delivering customized space. The company signed 772,000 SF of new leases for development projects in the third and fourth quarters to-date (as of October 15, 2025). This activity includes specific commitments like the remaining 501,000 SF at Building C at the Camelback 303 JV in Phoenix and 56,000 SF at First Park Miami Building 3, both leased in Q3 2025.

• Development leasing wins signal commitment to future space needs.
• Cash rental rate increase on leases commencing in 2026 is 31%.
• The company expects to capitalize $0.09 per share of interest in 2025 related to developments.

Supply chain reconfiguration and consolidation assistance for tenants.

While direct metrics on reconfiguration assistance aren't public, the financial performance suggests successful alignment with tenant needs for supply chain optimization. The cash basis same store net operating income (SS NOI) before termination fees increased 6.1% in the third quarter of 2025, driven by rental rate increases and contractual escalations. Excluding an insurance claim recovery, the SS NOI growth was 5.4%. This operational strength supports the landlord's role in facilitating tenant network adjustments.

Industry-leading, responsive in-house customer service.

First Industrial Realty Trust, Inc. explicitly states it provides industry-leading customer service as part of its value proposition. The company's financial results reflect strong operational execution, which is often tied to service quality. For instance, the 2025 NAREIT FFO guidance was increased by $0.04 at the midpoint to a range of $2.94 to $2.98 per share/unit. Also, the company has raised its dividend for 13 consecutive years.

• Diluted FFO per share/unit was $0.76 in Q3 2025.
• Diluted EPS was $0.49 in Q3 2025.
• The annualized dividend is $1.78 per share, yielding 3.14%.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Customer Relationships

You're looking at how First Industrial Realty Trust, Inc. keeps its tenants happy and secures future income, which is key for any logistics REIT. Their approach centers on direct engagement and strong contractual terms.

First Industrial Realty Trust, Inc. emphasizes a dedicated in-house property management team, operating through a fully integrated platform to provide high-quality facilities and industry-leading customer service. This direct service model supports portfolio stability, evidenced by the in-service occupancy rate ending the third quarter of 2025 at 94.0%. This figure shows the baseline of retained customer relationships, down slightly from 94.2% at the end of the second quarter of 2025.

The relationship focus is explicitly proactive and long-term, targeting multinational corporations and regional customers that are essential for their supply chains. This focus is geographically managed by concentrating the portfolio and new investments in 15 target MSAs, aiming for deep market penetration rather than broad, shallow exposure. The success in securing long-term commitments is visible in the leasing activity; as of the third quarter of 2025, First Industrial Realty Trust, Inc. had signed 772,000 SF of new leases for development projects in the third and fourth quarters to date.

While specific details on a dedicated customer service coordinator role aren't public, the operational success suggests effective issue resolution. The company's focus on execution is reflected in their financial guidance: the team's leasing wins contributed to a $0.04 per share increase at the midpoint of their 2025 FFO guidance, raising the range to $2.94 to $2.98 per share/unit. This ability to translate operational execution into increased guidance is a direct benefit to the customer relationship, showing responsiveness to market demand.

The structure of contractual rent escalations built into lease agreements is a core driver of predictable revenue. This is clearly demonstrated in the strong pricing power achieved upon renewal and new leasing. For leases signed to-date commencing in 2025, First Industrial Realty Trust, Inc. achieved a cash rental rate increase of approximately 32%. If you exclude one large 1.3 million square-foot fixed-rate renewal, that increase jumps to 37%. Furthermore, they are already locking in future growth, with leases signed to-date commencing in 2026 showing a cash rental rate increase of approximately 31%. These contractual increases, along with rental rate increases on new/renewal leasing, drove the cash basis same store net operating income (SS NOI) growth to 6.1% in the third quarter of 2025.

Here's a quick look at how these customer-facing metrics stack up as of the third quarter of 2025:

Metric	Value (Latest Reported)	Period End Date
In Service Occupancy	94.0%	Q3 2025
Cash Rental Rate Increase (2025 Commencing Leases)	32% (37% excl. 1.3 MSF renewal)	Q3 2025
Cash Rental Rate Increase (2026 Commencing Leases)	31%	Q3 2025
Cash SS NOI Growth	6.1%	Q3 2025
New/Renewal Leasing Cash Rate Increase	26.5%	Q3 2025

The value proposition delivered to these customers, which includes high-quality logistics facilities, is reinforced by the financial results flowing from these relationships:

• Cash basis same store net operating income (SS NOI) increased 6.1% in 3Q25.
• The 2025 full-year NAREIT FFO midpoint guidance was raised to $2.94 to $2.98 per share/unit.
• The company's credit rating is BBB+ from Fitch Ratings.
• The quarterly dividend was increased to $0.445 per share for 1Q25, a 20.3% increase.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Channels

You're looking at how First Industrial Realty Trust, Inc. (FR) gets its product-high-quality logistics real estate-into the hands of tenants. Their channel strategy leans heavily on an integrated approach, blending internal expertise with external brokerage relationships across their focused geographic footprint.

Direct leasing team and in-house sales force.

First Industrial Realty Trust, Inc. relies on its fully integrated operating platform to drive direct engagement, which is key for securing the high-value, long-term leases that fuel their growth. While the exact 2025 headcount for the direct team isn't public, the scale of their operation suggests a significant internal capacity to manage relationships with multinational corporations and regional firms essential to supply chains. This in-house focus is critical for capturing premium rental rates, as evidenced by their performance on new leases commencing in 2025. For leases signed to-date commencing in 2025, First Industrial Realty Trust, Inc. achieved a cash rental rate increase of approximately 32% as of the third quarter of 2025. If you exclude one large fixed-rate renewal, that increase jumps to 37%. That kind of pricing power often comes from direct negotiation and deep customer understanding.

The success of this direct channel is directly tied to leasing volume, especially on new developments. For instance, through the third quarter and into the fourth quarter of 2025 to-date, the team signed 772,000 SF of new leases for development projects. This demonstrates the internal team's ability to move product quickly in high-demand situations.

National platform for multi-regional tenant solutions.

First Industrial Realty Trust, Inc. markets itself as a national platform capable of solving space needs for firms requiring logistics facilities across multiple regions. This capability is supported by a portfolio concentrated in 15 target MSAs (Metropolitan Statistical Areas). For a tenant needing space in, say, both the Inland Empire and South Florida, First Industrial Realty Trust, Inc. can offer a consistent product and service experience across those markets. The company's total owned and under development industrial space stood at approximately 70.4 million square feet as of September 30, 2025. This scale is what makes the national solution credible to large users.

The effectiveness of this platform is reflected in the forward-looking rental rate achievements:

• Cash rental rate increase on leases signed to-date commencing in 2026 is reported at 31%.
• The 2025 NAREIT FFO guidance was increased at the midpoint to $2.94 to $2.98 Per Share/Unit, a direct result of strong leasing activity.
• As of October 17, 2025, the company's market capitalization was $7.3B on a stock price of $55.11.

Local market experts in supply-constrained, coastally oriented markets.

The national platform is underpinned by deep local knowledge, focusing on supply-constrained, coastally oriented markets. This specialization allows First Industrial Realty Trust, Inc. to command higher rents and secure favorable lease terms where new supply is difficult to bring online. Their leasing success in Q1 2025 showed cash rental rates on new and renewal leasing increasing by 41.7%. This local expertise is what allows them to capture that premium, even when facing broader economic uncertainties like tariff discussions mentioned by management.

Here's a quick look at the scale and leasing momentum driving value through these local channels as of late 2025:

Metric	Value as of Late 2025	Reporting Date/Period
Total Industrial Space Owned/Under Development	70.4 million square feet	September 30, 2025
Target MSAs	15	Q3 2025
Cash Rental Rate Increase (2025 Commencements)	32%	Leases Signed To-Date Q3 2025
Development Leases Signed (Q3 & Q4 To-Date)	772,000 SF	Q3/Q4 To-Date 2025
Trailing 12-Month Revenue	$714M	As of September 30, 2025
Q4 2025 Dividend Declared	$0.445 per share/unit	Declared October 29, 2025

Commercial real estate brokers and advisory firms.

To supplement the direct team, First Industrial Realty Trust, Inc. engages with the broader commercial real estate brokerage community. These external partners are essential for reaching tenants who work exclusively through advisory firms or who are seeking space in markets where the internal team may benefit from local broker relationships. The strong rental rate growth across the board suggests that whether the deal is sourced internally or externally, the underlying market demand is robust enough to support premium pricing. The company's focus on leasing is the lifeblood of its growth, as noted by management, which directly supports the upward revision to the 2025 FFO guidance.

The leasing activity shows that both direct and broker-sourced deals are contributing to strong results:

• Cash rental rates on new and renewal leasing in Q2 2025 increased 28.0% on a cash basis.
• The company secured commitments for 73% of its 2025 expiring square footage by Q1 2025.
• In Q3 2025, in-service occupancy was 94.0%.

If onboarding takes 14+ days, churn risk rises, but the strong leasing momentum suggests the channel execution is generally smooth.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Customer Segments

You're looking at who First Industrial Realty Trust, Inc. (FR) actually rents its industrial space to. This isn't a one-size-fits-all operation; their customer base is built to handle the complexity of modern supply chains.

First Industrial Realty Trust, Inc. provides facilities and service to both multinational corporations and regional firms that are critical to their operations. As of late 2025, the company manages a portfolio that supports 869 tenants across 19 states. The overall in-service occupancy stood at 94.0% at the end of the third quarter of 2025. These tenants often sign long-term commitments, commonly agreeing to lease terms between 5-15 year durations, frequently under a triple net lease structure.

The customer base is intentionally broad to capture demand across the entire logistics ecosystem. Here is a look at the key industries served by First Industrial Realty Trust, Inc.:

• E-commerce and third-party logistics providers.
• Transportation and wholesale goods distributors.
• Manufacturing operations requiring modern facilities.
• Retail and consumer services companies.
• Food and beverage distribution centers.
• Government and health services entities.

To give you a concrete idea of the caliber of tenants, some of the top names leasing space include Amazon.com, Inc. (AMZN), Lowe's Companies, Inc. (LOW), Walmart Inc. (WMT), and PepsiCo, Inc. (PEP). The company's trailing 12-month revenue as of September 30, 2025, was $714M.

The geographic focus also dictates the type of customer demand they see, with about 25% of rent revenue derived from Southern California alone, and another 19.4% of revenues coming from the Central & Eastern Pennsylvania, New Jersey, and Baltimore/Washington D.C. corridor. This concentration suggests a strong segment focus on high-demand coastal and major distribution hubs.

Here's a snapshot of the scale and the types of customers First Industrial Realty Trust, Inc. supports:

Metric	Value (Late 2025 Data)
Total Industrial Properties Owned	423
Total Number of Tenants	869
In-Service Occupancy (Q3 2025)	94.0%
Average Lease Term Commitment	5 to 15 years
Trailing 12-Month Revenue (as of 9/30/2025)	$714M
Cash Rental Rate Increase on 2025 Commencing Leases (To-Date)	32%

The demand from these segments is translating into strong pricing power; the cash rental rate increase on leases signed to-date commencing in 2025 was approximately 32%. Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Cost Structure

You're looking at the core costs First Industrial Realty Trust, Inc. (FR) faces to keep its logistics real estate platform running and growing as of late 2025. For a REIT focused on owning, operating, and developing industrial space, these costs are heavily weighted toward property maintenance and financing.

The most immediate, recurring operational cost is property operating expenses. For the first quarter of 2025, these expenses hit $48.3 million. This figure reflects the day-to-day costs of running a massive portfolio, including things like property taxes, insurance, and routine maintenance. It's up from $47.0 million in the prior year, showing that operational costs are definitely ticking up.

Next, you have the overhead required to manage the whole enterprise. First Industrial Realty Trust, Inc. has guided its General and Administrative (G&A) expenses for the full year 2025 to be in the range of $40.5 million to $41.5 million. To be fair, G&A can fluctuate; for instance, Q1 2025 G&A saw a significant jump to $15.9 million, driven by accelerated equity compensation, which isn't a recurring run-rate cost. Still, the full-year guidance gives you the baseline administrative spend.

Financing costs are a huge component for any real estate investment trust. As of the first quarter of 2025, First Industrial Realty Trust, Inc.'s total liabilities stood at $2.7 billion. Servicing that debt means significant interest expense. While the exact interest expense for Q1 2025 isn't explicitly stated as a single line item in the provided snippets, we know the debt load is substantial. Furthermore, the company expected to capitalize $0.09 per share of interest in 2025, meaning some interest costs are being added to the basis of development properties rather than being expensed immediately.

Finally, the investment in future revenue streams comes via capital expenditures for development and redevelopment projects. This is where the company spends to grow its square footage and modernize its assets. For example, in the fourth quarter of 2024, the company started two developments totaling 679,000 square feet in Nashville and Lehigh Valley, with an estimated investment of $96 million. These are the costs that drive future Net Operating Income (NOI) growth.

Here's a quick look at those key cost figures we pulled:

Cost Category	Specific Metric/Period	Amount
Property Operating Expenses	Q1 2025	$48.3 million
General and Administrative (G&A) Expense	2025 Full Year Guidance	$40.5 million to $41.5 million
Total Liabilities	Q1 2025	$2.7 billion
Capitalized Interest Expectation	Full Year 2025	$0.09 per share
Estimated Investment (Q4 2024 New Starts)	Development Projects	$96 million

When you break down the cost drivers, you see where the cash is going:

• Maintaining the existing 70.4 million square feet portfolio.
• Salaries, overhead, and administrative functions for the integrated platform.
• Interest payments on the $2.7 billion in total liabilities.
• Funding development pipeline costs, like the $96 million estimated investment for Q4 2024 starts.
• Non-incremental capital expenditures for necessary building improvements.

Finance: draft 13-week cash view by Friday.

First Industrial Realty Trust, Inc. (FR) - Canvas Business Model: Revenue Streams

You're analyzing the core income drivers for First Industrial Realty Trust, Inc. (FR) as of late 2025. For a logistics REIT like First Industrial Realty Trust, Inc. (FR), the revenue streams are tightly linked to the physical assets and the leasing environment. The primary engine, as you'd expect, is rent collection, but asset disposition gains also play a role.

Lease revenue is the bedrock of First Industrial Realty Trust, Inc. (FR)'s financial structure. For the first quarter of 2025, this primary stream clocked in at $175.4 million. To give you a sense of the overall top-line performance, the total revenue for the twelve months ending September 30, 2025, reached $0.714 billion. This shows consistent, high-volume revenue generation from the logistics portfolio.

We can also look at the most recent quarterly revenue reported, which was $181.43 million for the third quarter of 2025. This is a good indicator of the current run rate, showing an 8.2% year-over-year increase for that quarter.

Another component of revenue comes from gains from the sale of real estate, which reflects active asset management-selling properties that might be mature or non-core to recycle capital. In Q1 2025, First Industrial Realty Trust, Inc. (FR) realized a gain of $6.8 million from these sales. While this is a source of income, it's often more variable than the steady lease revenue.

The real story, and a defintely strong driver, is the rental rate growth from new and renewal leasing. This is where you see the immediate impact of supply-constrained markets on the income statement. Here's a quick look at how strong that leasing momentum was in the first half of 2025:

Metric	Q1 2025 Result	Q3 2025 Leases Signed To-Date Commencing In 2025
Cash Rental Rate Increase (New & Renewal)	41.7%	32% (95% of 2025 expirations by SF)
Straight-Line Rental Rate Increase (New & Renewal)	77.0%	40.6% (Commenced in Q3)
Cash Rental Rate Increase (2025 Leases, Excluding 1.3 MSF Renewal)	36%	37% (Excluding 1.3 MSF Renewal)

This sustained, double-digit rental rate growth is what fuels the Cash Same Store NOI Growth, which hit 10.1% in Q1 2025. It's clear that the pricing power on new and renewed leases is a critical component of the revenue stream.

To summarize the key revenue-related figures we're tracking for First Industrial Realty Trust, Inc. (FR) as of late 2025, consider this snapshot:

• Lease Revenue (Q1 2025): $175.4 million
• Total Revenue (TTM ending 9/30/2025): $0.714 billion
• Revenue (Q3 2025): $181.43 million
• Gain on Sale of Real Estate (Q1 2025): $6.8 million
• Cash Rental Rate Increase on 2025 Leases (as of Q3): 32%

Finance: draft 13-week cash view by Friday.