First Industrial Realty Trust, Inc. (FR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

First Industrial Realty Trust, Inc. (FR) surge como una potencia dinámica en el panorama inmobiliario industrial, transformando estratégicamente cómo las corporaciones aprovechan los espacios comerciales. Al crear meticulosamente un sólido lienzo de modelo de negocio que abarca la adquisición de propiedades, la gestión y las innovadoras soluciones de inquilinos, FR se ha posicionado como un jugador crítico en el mundo en evolución de las inversiones inmobiliarias industriales. Su enfoque combina perfectamente el posicionamiento del mercado estratégico, la tecnología de vanguardia y una cartera diversa que satisface las complejas necesidades de las empresas modernas que buscan propiedades industriales flexibles y de alta calidad.

First Industrial Realty Trust, Inc. (FR) - Modelo de negocios: asociaciones clave

Desarrolladores de propiedades industriales y empresas de construcción

First Industrial Realty Trust colabora con múltiples desarrolladores de propiedades industriales y empresas de construcción para expandir su cartera.

Tipo de socio	Número de asociaciones activas	Valor de desarrollo anual
Desarrolladores regionales	12	$ 450 millones
Empresas de construcción nacionales	8	$ 750 millones

Corredores de bienes raíces comerciales y agentes de arrendamiento

La compañía mantiene asociaciones estratégicas con profesionales de bienes raíces comerciales.

• Red de corredor total: 47 empresas
• Cobertura geográfica: 26 estados
• Valor de transacción de arrendamiento promedio: $ 3.2 millones

Inversores institucionales y socios del mercado de capitales

First Industrial Realty Trust se involucra con importantes socios de inversión institucional.

Categoría de inversionista	Inversión total	Porcentaje de cartera
Fondos de pensiones	$ 1.2 mil millones	35%
Empresas de capital privado	$ 850 millones	25%
Fondos de inversión REIT	$ 650 millones	19%

Proveedores de tecnología para sistemas de gestión de propiedades

First Industrial Realty Trust integra soluciones tecnológicas avanzadas.

• Número de socios tecnológicos: 6
• Inversión tecnológica anual: $ 12.5 millones
• Dominios de tecnología clave:
  • Administración de propiedades basada en la nube
  • Monitoreo de infraestructura de IoT
  • Sistemas de mantenimiento predictivo

Consultores de sostenibilidad y eficiencia energética

La compañía prioriza el desarrollo sostenible a través de asociaciones especializadas.

Enfoque de sostenibilidad	Inversión anual	Objetivo de reducción de carbono
Consultores de construcción verde	$ 8.3 millones	25% para 2030
Socios de eficiencia energética	$ 5.6 millones	40% de reducción de energía

First Industrial Realty Trust, Inc. (FR) - Modelo de negocio: actividades clave

Adquisición y desarrollo de propiedades industriales

A partir del cuarto trimestre de 2023, First Industrial Realty Trust poseía 425 propiedades industriales con un total de aproximadamente 61.2 millones de pies cuadrados en 19 estados. La cartera de bienes raíces totales de la compañía se valoró en $ 7.3 mil millones.

Métricas de adquisición de propiedades	2023 datos
Propiedades totales adquiridas	38 propiedades
Costo de adquisición total	$ 552.3 millones
Tamaño promedio de la propiedad	144,700 pies cuadrados

Gestión de propiedades y arrendamiento

First Industrial Realty Trust mantiene una sólida estrategia de gestión de propiedades centrada en bienes raíces industriales.

• Tasa de ocupación: 97.5% a partir del cuarto trimestre 2023
• Tasa de renovación de arrendamiento: 74.2% en 2023
• Término de arrendamiento promedio: 5.4 años

Optimización de la cartera de activos

Composición de cartera	Porcentaje
Edificios de distribución de núcleo	85.6%
Propiedades de relleno urbano	14.4%

Estrategia de inversión y asignación de capital

En 2023, First Industrial Realty Trust desplegó $ 552.3 millones en adquisiciones de propiedades con un enfoque de inversión enfocado.

• Capital de inversión total: $ 7.3 mil millones
• Relación de deuda / capitalización: 42.6%
• Tasa de interés promedio ponderada: 4.3%

Gestión de la relación de inquilino

Métricas del inquilino	2023 datos
Número total de inquilinos	1,200+
Porcentaje de ingresos de los 10 inquilinos principales	32.5%
Tasa de retención de inquilinos promedio	78.6%

First Industrial Realty Trust, Inc. (FR) - Modelo de negocio: recursos clave

Extensa cartera de propiedades inmobiliarias industriales

A partir del cuarto trimestre de 2023, First Industrial Realty Trust posee 414 propiedades por un total de 67.2 millones de pies cuadrados de espacio industrial en 19 mercados principales de EE. UU. Valor total de la cartera: $ 7.2 mil millones.

Categoría de propiedad	Hoques cuadrados totales	Número de propiedades
Almacenes de distribución	52.3 millones de pies cuadrados	312
Instalaciones de fabricación	8.9 millones de pies cuadrados	62
Industrial especializado	6.0 millones de pies cuadrados	40

Fuerte capital financiero y acceso a los mercados de deuda

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado total: $ 5.8 mil millones
• Relación de capitalización de deuda / total: 42.3%
• Tasa de interés promedio ponderada: 4.7%
• Liquidez disponible: $ 750 millones

Profesionales de gestión y bienes raíces experimentadas

Composición del equipo de liderazgo:

• Total de empleados: 168
• Promedio de tenencia ejecutiva: 12.5 años
• Alta Gestión con experiencia en bienes raíces: 94%

Plataformas de tecnología de administración de propiedades avanzadas

Inversiones de infraestructura tecnológica:

• Presupuesto de tecnología anual: $ 4.2 millones
• Sistemas de gestión de activos digitales: plataformas integradas basadas en la nube
• Sistemas de seguimiento de rendimiento de propiedad en tiempo real

Posicionamiento del mercado geográfico estratégico

Distribución del mercado a partir de 2023:

Región geográfica	Porcentaje de cartera	Número de mercados
Medio oeste	35.6%	7
Sudeste	22.4%	5
Suroeste	18.2%	3
Costa oeste	15.8%	2
Nordeste	8.0%	2

First Industrial Realty Trust, Inc. (FR) - Modelo de negocio: propuestas de valor

Activos de bienes raíces industriales de alta calidad y bien ubicados

A partir del cuarto trimestre de 2023, First Industrial Realty Trust posee 412 propiedades industriales por un total de 66.4 millones de pies cuadrados en los Estados Unidos.

Tipo de propiedad	Hoques cuadrados totales	Porcentaje de cartera
Almacenes de distribución	52.1 millones de pies cuadrados	78.5%
Instalaciones de fabricación	9.3 millones de pies cuadrados	14.0%
Propiedades Flex/Office	5.0 millones de pies cuadrados	7.5%

Flujos de ingresos estables y predecibles de arrendamientos a largo plazo

Estadísticas de arrendamiento al 31 de diciembre de 2023:

• Término de arrendamiento promedio ponderado: 5.7 años
• Tasa de ocupación: 98.3%
• Ingresos anuales de alquiler: $ 624.3 millones

Cartera diversificada en múltiples submercados industriales

Región geográfica	Número de propiedades	Porcentaje de cartera
Medio oeste	138 propiedades	33.5%
Sudeste	95 propiedades	23.1%
Nordeste	82 propiedades	19.9%
Oeste	97 propiedades	23.5%

Servicios de administración y mantenimiento de propiedades profesionales

Métricas de gestión clave para 2023:

• Personal total de administración de propiedades: 237 profesionales
• Gastos anuales de mantenimiento de la propiedad: $ 42.6 millones
• Tiempo promedio para resolver solicitudes de mantenimiento: 2.4 días

Potencial para la apreciación del capital a largo plazo

Indicadores de desempeño financiero:

• Capitalización de mercado total: $ 6.2 mil millones
• Retorno total hasta la fecha: 17.3%
• Fondos de Operaciones (FFO) por acción: $ 2.37

First Industrial Realty Trust, Inc. (FR) - Modelo de negocios: relaciones con los clientes

Gestión directa de cuentas para inquilinos corporativos

First Industrial Realty Trust administra aproximadamente 68.4 millones de pies cuadrados de bienes raíces industriales a partir del cuarto trimestre de 2023. La compañía atiende a 1,448 clientes en 39 mercados principales en los Estados Unidos.

Segmento de clientes	Número de clientes	Duración promedio de arrendamiento
Grandes inquilinos corporativos	387	7.2 años
Empresas de tamaño mediano	612	5.6 años
Pequeños clientes empresariales	449	3.8 años

Servicios de soporte y mantenimiento de propiedades proactivas

La compañía mantiene un equipo de administración de propiedades dedicado con un tiempo de respuesta promedio de 2.3 horas para solicitudes de mantenimiento.

• Soporte de mantenimiento de emergencia 24/7
• Programas de mantenimiento preventivo
• Servicios de optimización de eficiencia energética
• Gestión de instalaciones habilitadas para la tecnología

Estructuras de arrendamiento personalizadas y soluciones de inquilinos

First Industrial Realty Trust ofrece arreglos de arrendamiento flexibles con una tasa de modificación de arrendamiento promedio del 22% anual.

Tipo de arrendamiento	Porcentaje de cartera	Tasa de arrendamiento promedio
Arrendamientos de triple red	68%	$ 6.75/pies cuadrados
Arrendamientos brutos modificados	24%	$ 7.20/pies cuadrados
Arrendamientos de servicio completo	8%	$ 8.10/pies cuadrados

Comunicación e informes regulares

La compañía realiza encuestas trimestrales de satisfacción del inquilino con una tasa de respuesta del 87% y un puntaje de satisfacción de 4.6/5.

• Informes de rendimiento trimestrales
• Reuniones anuales de revisión de inquilinos
• Plataformas de comunicación digital
• Contactos de gestión de cuentas dedicados

Plataformas de compromiso de inquilinos digitales

First Industrial Realty Trust ha invertido $ 2.3 millones en tecnologías de participación de inquilinos digitales en 2023.

Plataforma digital	Tasa de adopción de usuarios	Características clave
Portal de inquilino	76%	Solicitudes de mantenimiento, facturación, comunicación
Aplicación móvil	52%	Notificaciones en tiempo real, gestión del espacio
Tablero de autoservicio	64%	Gestión de arrendamiento, herramientas de informes

First Industrial Realty Trust, Inc. (FR) - Modelo de negocio: canales

Equipo de ventas directas y representantes de arrendamiento

First Industrial Realty Trust mantiene un equipo de ventas interno dedicado de 87 profesionales de bienes raíces comerciales a partir del cuarto trimestre de 2023. El equipo cubre 18 principales mercados metropolitanos en los Estados Unidos.

Cobertura del mercado	Número de representantes de ventas	Regiones geográficas
Principales áreas metropolitanas	87	18 mercados

Redes de corredores de bienes raíces comerciales

La compañía colabora con aproximadamente 250 firmas de corretaje de bienes raíces comerciales externas en todo el país. Estas asociaciones permiten oportunidades de alcance y transacciones más amplias del mercado.

• Asociaciones totales de redes de corredores: 250
• División de comisión promedio: 50/50
• Volumen de transacción anual a través de Broker Networks: $ 475 millones

Plataformas de listado de propiedades en línea

First Industrial utiliza múltiples canales digitales para el marketing de propiedades, incluidas las plataformas digitales de Costar, Loopnet y Propietary.

Plataforma	Listados de propiedades totales	Visitantes mensuales del sitio web
Coestrella	342 listados activos	48,000
Bucle	298 listados activos	52,500

Sitio web y comunicaciones de Relaciones con los Inversores

La Compañía mantiene un sitio web integral de relaciones con los inversores con información financiera detallada e información de propiedad.

• Sitio web Visitantes mensuales únicos: 22,500
• Participantes de transmisión por Internet de ganancias trimestrales: 1.200
• Asistentes anuales de la Conferencia de Inversores: 350

Conferencias de la industria y eventos de redes

First Industrial participa activamente en conferencias inmobiliarias comerciales para expandir la red y generar oportunidades comerciales.

Tipo de evento	Participación anual	Generación de leads
Conferencias nacionales	7	125 cables potenciales
Eventos de redes regionales	24	210 cables potenciales

First Industrial Realty Trust, Inc. (FR) - Modelo de negocio: segmentos de clientes

Grandes corporaciones nacionales y multinacionales

First Industrial Realty Trust sirve a grandes corporaciones con requisitos de bienes raíces industriales específicos. A partir del cuarto trimestre de 2023, la compañía administró 368 propiedades industriales con un total de 67.4 millones de pies cuadrados en los mercados clave.

Segmento de clientes	Número de propiedades	Hoques cuadrados totales
Grandes corporaciones nacionales	132	24.3 millones de pies cuadrados
Corporaciones multinacionales	86	15.6 millones de pies cuadrados

Empresas de comercio electrónico y logística

First Industrial Realty Trust tiene una exposición significativa a los clientes de comercio electrónico y logística, que representa un segmento crítico de su cartera.

• Propiedades de comercio electrónico: 97 propiedades
• Total de metro de comercio electrónico Square: 18.2 millones de pies cuadrados
• Tamaño promedio de la propiedad: 187,630 pies cuadrados

Negocios de fabricación y distribución

La compañía ofrece soluciones de bienes raíces industriales especializadas para sectores de fabricación y distribución.

Tipo de negocio	Propiedades	Tasa de ocupación
Fabricación	76	94.3%
Distribución	112	96.7%

Empresas industriales regionales y locales

First Industrial Realty Trust apoya a las empresas regionales y locales con soluciones de bienes raíces industriales flexibles.

• Propiedades regionales: 48 ubicaciones
• Total de pies cuadrados regionales: 8.9 millones de pies cuadrados
• Término de arrendamiento promedio: 5.2 años

Inversores inmobiliarios institucionales

La compañía atrae a inversores institucionales a través de su cartera industrial diversificada.

Tipo de inversor	Monto de la inversión	Porcentaje de cartera
Fondos de pensiones	$ 425 millones	22%
Reits	$ 310 millones	16%
Capital privado	$ 265 millones	14%

First Industrial Realty Trust, Inc. (FR) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del cuarto trimestre de 2023, First Industrial Realty Trust informó costos totales de adquisición de propiedades de $ 428.7 millones. Las inversiones de desarrollo y reurbanización totalizaron $ 153.2 millones para el año fiscal.

Categoría de gastos	Monto ($)
Adquisición de tierras	$ 187.5 millones
Costos de construcción	$ 241.2 millones
Gastos de desarrollo previo	$ 36.5 millones

Mantenimiento de la propiedad y costos operativos

Los gastos operativos anuales de propiedad para 2023 fueron de $ 84.3 millones, con un desglose de la siguiente manera:

• Reparación y mantenimiento: $ 42.1 millones
• Utilidades: $ 18.7 millones
• Tarifas de administración de propiedades: $ 23.5 millones

Gestión y gastos generales administrativos

Los gastos administrativos totales para 2023 alcanzaron $ 62.9 millones, que incluyen:

Categoría de costos administrativos	Monto ($)
Compensación ejecutiva	$ 14.6 millones
Gastos administrativos generales	$ 28.3 millones
Servicios profesionales	$ 20.0 millones

Gastos de intereses sobre financiamiento de la deuda

Los gastos de intereses totales para 2023 fueron de $ 93.6 millones, con una tasa de interés de deuda promedio del 4.2%.

Tipo de deuda	Deuda total ($)	Gasto de intereses ($)
Notas senior no seguras	$ 1.2 mil millones	$ 50.4 millones
Línea de crédito	$ 350 millones	$ 14.7 millones
Otros instrumentos de deuda	$ 280 millones	$ 28.5 millones

Inversiones de tecnología e infraestructura

Las inversiones de tecnología e infraestructura para 2023 totalizaron $ 22.1 millones, distribuidas en todo:

• Actualización de la infraestructura de TI: $ 9.8 millones
• Mejoras de ciberseguridad: $ 5.3 millones
• Software de administración de propiedades: $ 7.0 millones

First Industrial Realty Trust, Inc. (FR) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedad industrial

A partir del cuarto trimestre de 2023, First Industrial Realty Trust informó ingresos por alquiler totales de $ 123.9 millones. La compañía posee aproximadamente 386 propiedades industriales que comprenden 66.1 millones de pies cuadrados en 19 estados.

Tipo de arrendamiento	Porcentaje de ingresos totales	Ingresos anuales
Instalaciones de distribución	62%	$ 76.8 millones
Instalaciones de fabricación	22%	$ 27.3 millones
Propiedades de almacén	16%	$ 19.8 millones

Tarifas de administración de propiedades

Las tarifas de administración de propiedades para 2023 totalizaron $ 4.2 millones, lo que representa un aumento del 3.3% respecto al año anterior.

Venta de venta y ganancias de disposición

En 2023, First Industrial Realty Trust obtuvo ganancias de disposición de $ 42.5 millones de las ventas de propiedades, con un total de 17 propiedades vendidas durante el año fiscal.

Tipo de activo	Número de propiedades vendidas	Ganancia de disposición total
Propiedades industriales	17	$ 42.5 millones

Distribuciones de dividendos de fideicomiso de inversión inmobiliaria (REIT)

Para el año fiscal 2023, First Industrial Realty Trust distribuido:

• Dividendos totales: $ 87.6 millones
• Dividendo por acción: $ 1.96
• Rendimiento de dividendos: 3.2%

Potencios de desarrollo y ganancias de reurbanización

Los proyectos de desarrollo y reurbanización generaron $ 18.7 millones en ganancias durante 2023, con proyectos en curso en mercados clave.

Categoría de desarrollo	Número de proyectos	Valor total del proyecto
Nueva construcción	8	$ 215.3 millones
Reurbanización	12	$ 98.6 millones

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.