First Industrial Realty Trust, Inc. (FR): Modelo de negócios Canvas [Jan-2025 Atualizado]

A First Industrial Realty Trust, Inc. (FR) surge como uma potência dinâmica no cenário imobiliário industrial, transformando estrategicamente como as empresas aproveitam os espaços comerciais. Ao criar meticulosamente uma tela robusta de modelo de negócios que abrange a aquisição de propriedades, gerenciamento e soluções inovadoras de inquilinos, o FR se posicionou como um participante crítico no mundo em evolução dos investimentos imobiliários industriais. Sua abordagem combina perfeitamente o posicionamento estratégico do mercado, a tecnologia de ponta e um portfólio diversificado que atende às complexas necessidades de empresas modernas que buscam propriedades industriais flexíveis e de alta qualidade.

First Industrial Realty Trust, Inc. (FR) - Modelo de negócios: Parcerias -chave

Proprietários de propriedades industriais e empresas de construção

O First Industrial Realty Trust colabora com vários promotores de propriedades industriais e empresas de construção para expandir seu portfólio.

Tipo de parceiro	Número de parcerias ativas	Valor anual do desenvolvimento
Desenvolvedores regionais	12	US $ 450 milhões
Empresas nacionais de construção	8	US $ 750 milhões

Corretores imobiliários comerciais e agentes de leasing

A empresa mantém parcerias estratégicas com profissionais do setor imobiliário comercial.

• Total Broker Network: 47 empresas
• Cobertura geográfica: 26 estados
• Valor médio da transação de arrendamento: US $ 3,2 milhões

Investidores institucionais e parceiros do mercado de capitais

A primeira confiança da Realty Industrial se envolve com parceiros significativos de investimento institucional.

Categoria de investidores	Investimento total	Porcentagem de portfólio
Fundos de pensão	US $ 1,2 bilhão	35%
Empresas de private equity	US $ 850 milhões	25%
REIT Fundos de investimento	US $ 650 milhões	19%

Provedores de tecnologia para sistemas de gerenciamento de propriedades

O First Industrial Realty Trust integra soluções tecnológicas avançadas.

• Número de parceiros de tecnologia: 6
• Investimento de tecnologia anual: US $ 12,5 milhões
• Principais domínios de tecnologia:
  • Gerenciamento de propriedades baseadas em nuvem
  • Monitoramento da infraestrutura da IoT
  • Sistemas de manutenção preditivos

Consultores de sustentabilidade e eficiência energética

A empresa prioriza o desenvolvimento sustentável por meio de parcerias especializadas.

Foco de sustentabilidade	Investimento anual	Alvo de redução de carbono
Consultores de construção verde	US $ 8,3 milhões	25% até 2030
Parceiros de eficiência energética	US $ 5,6 milhões	40% de redução de energia

Primeiro Industrial Realty Trust, Inc. (FR) - Modelo de negócios: Atividades -chave

Aquisição e Desenvolvimento de Propriedades Industriais

A partir do quarto trimestre de 2023, o First Industrial Realty Trust possuía 425 propriedades industriais, totalizando aproximadamente 61,2 milhões de pés quadrados em 19 estados. O portfólio total de imóveis da empresa foi avaliado em US $ 7,3 bilhões.

Métricas de aquisição de propriedades	2023 dados
Propriedades totais adquiridas	38 propriedades
Custo total de aquisição	US $ 552,3 milhões
Tamanho médio da propriedade	144.700 pés quadrados

Gerenciamento de propriedades e leasing

O First Industrial Realty Trust mantém uma estratégia robusta de gerenciamento de propriedades focada no setor imobiliário industrial.

• Taxa de ocupação: 97,5% a partir do quarto trimestre 2023
• Taxa de renovação do arrendamento: 74,2% em 2023
• Termo médio de arrendamento: 5,4 anos

Otimização do portfólio de ativos

Composição do portfólio	Percentagem
Edifícios de distribuição central	85.6%
Propriedades de preenchimento urbano	14.4%

Estratégia de investimento e alocação de capital

Em 2023, a First Industrial Realty Trust implantou US $ 552,3 milhões em aquisições de propriedades com uma abordagem de investimento focada.

• Capital total de investimento: US $ 7,3 bilhões
• Taxa de dívida / capitalização: 42,6%
• Taxa de juros médios ponderados: 4,3%

Gerenciamento de relacionamento inquilino

Métricas de inquilino	2023 dados
Número total de inquilinos	1,200+
10 principais inquilinos porcentagem de receita	32.5%
Taxa média de retenção de inquilinos	78.6%

First Industrial Realty Trust, Inc. (FR) - Modelo de negócios: Recursos -chave

Extenso portfólio de propriedades imobiliárias industriais

A partir do quarto trimestre de 2023, o First Industrial Realty Trust possui 414 propriedades, totalizando 67,2 milhões de pés quadrados de espaço industrial em 19 principais mercados dos EUA. Valor total do portfólio: US $ 7,2 bilhões.

Categoria de propriedade	Mágua quadrada total	Número de propriedades
Armazéns de distribuição	52,3 milhões de pés quadrados	312
Instalações de fabricação	8,9 milhões de pés quadrados	62
Industrial especializado	6,0 milhões de pés quadrados	40

Capital financeiro forte e acesso aos mercados de dívida

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado total: US $ 5,8 bilhões
• Índice de capitalização dívida / total: 42,3%
• Taxa de juros médios ponderados: 4,7%
• Liquidez disponível: US $ 750 milhões

Gestão experiente e profissionais imobiliários

Composição da equipe de liderança:

• Total de funcionários: 168
• PRODIÇÃO EXECUTIVO Média: 12,5 anos
• Gestão sênior com experiência imobiliária: 94%

Plataformas avançadas de tecnologia de gerenciamento de propriedades

Investimentos de infraestrutura de tecnologia:

• Orçamento de tecnologia anual: US $ 4,2 milhões
• Sistemas de gerenciamento de ativos digitais: plataformas integradas baseadas em nuvem
• Sistemas de rastreamento de desempenho de propriedades em tempo real

Posicionamento de mercado geográfico estratégico

Distribuição de mercado a partir de 2023:

Região geográfica	Porcentagem de portfólio	Número de mercados
Centro -Oeste	35.6%	7
Sudeste	22.4%	5
Sudoeste	18.2%	3
Costa Oeste	15.8%	2
Nordeste	8.0%	2

Primeiro Industrial Realty Trust, Inc. (FR) - Modelo de negócios: proposições de valor

Ativos imobiliários industriais bem localizados e bem localizados

A partir do quarto trimestre de 2023, o First Industrial Realty Trust possui 412 propriedades industriais, totalizando 66,4 milhões de pés quadrados nos Estados Unidos.

Tipo de propriedade	Mágua quadrada total	Porcentagem de portfólio
Armazéns de distribuição	52,1 milhões de pés quadrados	78.5%
Instalações de fabricação	9,3 milhões de pés quadrados	14.0%
Propriedades do Flex/Office	5,0 milhões de pés quadrados	7.5%

Fluxos de renda estáveis ​​e previsíveis de arrendamentos de longo prazo

Estatísticas de arrendamento em 31 de dezembro de 2023:

• Termo médio ponderado de arrendamento: 5,7 anos
• Taxa de ocupação: 98,3%
• Receita anual de aluguel: US $ 624,3 milhões

Portfólio diversificado em vários submercados industriais

Região geográfica	Número de propriedades	Porcentagem de portfólio
Centro -Oeste	138 propriedades	33.5%
Sudeste	95 propriedades	23.1%
Nordeste	82 propriedades	19.9%
Oeste	97 propriedades	23.5%

Serviços profissionais de gerenciamento e manutenção de propriedades

Métricas de gerenciamento -chave para 2023:

• Equipe total de gerenciamento de propriedades: 237 profissionais
• Despesas anuais de manutenção de propriedades: US $ 42,6 milhões
• Tempo médio para resolver solicitações de manutenção: 2,4 dias

Potencial para valorização de capital a longo prazo

Indicadores de desempenho financeiro:

• Capitalização de mercado total: US $ 6,2 bilhões
• Retorno total do ano: 17,3%
• Fundos de operações (FFO) por ação: US $ 2,37

First Industrial Realty Trust, Inc. (FR) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de conta direta para inquilinos corporativos

O First Industrial Realty Trust administra aproximadamente 68,4 milhões de pés quadrados de imóveis industriais a partir do quarto trimestre de 2023. A empresa atende 1.448 clientes em 39 grandes mercados nos Estados Unidos.

Segmento de clientes	Número de clientes	Duração média do arrendamento
Grandes inquilinos corporativos	387	7,2 anos
Empresas de tamanho médio	612	5,6 anos
Pequenos clientes empresariais	449	3,8 anos

Serviços proativos de manutenção e suporte de propriedades

A empresa mantém uma equipe dedicada de gerenciamento de propriedades com um tempo médio de resposta de 2,3 horas para solicitações de manutenção.

• Suporte de manutenção de emergência 24 horas por dia, 7 dias por semana
• Programas de manutenção preventiva
• Serviços de otimização de eficiência energética
• Gerenciamento de instalações habilitado para tecnologia

Estruturas de locação personalizadas e soluções de inquilinos

O First Industrial Realty Trust oferece acordos flexíveis de arrendamento com uma taxa média de modificação de arrendamento de 22% ao ano.

Tipo de arrendamento	Porcentagem de portfólio	Taxa média de arrendamento
Arrendamentos de rede tripla	68%	$ 6,75/sq ft
Arrendamentos brutos modificados	24%	US $ 7,20/pés quadrados
Arrendamentos de serviço completo	8%	$ 8,10/m² Ft

Comunicação e relatórios regulares

A empresa realiza pesquisas trimestrais de satisfação do inquilino com uma taxa de resposta de 87% e uma pontuação de satisfação de 4,6/5.

• Relatórios trimestrais de desempenho
• Reuniões anuais de revisão de inquilinos
• Plataformas de comunicação digital
• Contatos de gerenciamento de conta dedicados

Plataformas de engajamento de inquilinos digitais

A First Industrial Realty Trust investiu US $ 2,3 milhões em tecnologias de engajamento de inquilinos digitais em 2023.

Plataforma digital	Taxa de adoção do usuário	Principais recursos
Portal de inquilino	76%	Pedidos de manutenção, cobrança, comunicação
Aplicativo móvel	52%	Notificações em tempo real, gerenciamento de espaço
Painel de autoatendimento	64%	Gerenciamento de arrendamento, ferramentas de relatório

First Industrial Realty Trust, Inc. (FR) - Modelo de Negócios: Canais

Equipe de vendas diretas e representantes de leasing

O First Industrial Realty Trust mantém uma equipe de vendas interna dedicada de 87 profissionais imobiliários comerciais a partir do quarto trimestre de 2023. A equipe cobre 18 principais mercados metropolitanos nos Estados Unidos.

Cobertura de mercado	Número de representantes de vendas	Regiões geográficas
Principais áreas metropolitanas	87	18 mercados

Redes de corretoras imobiliárias comerciais

A empresa colabora com aproximadamente 250 corretores imobiliários comerciais externos em todo o país. Essas parcerias permitem oportunidades mais amplas de alcance e transação do mercado.

• Total Broker Network Partnerships: 250
• Comissão média dividida: 50/50
• Volume anual de transações através de redes de corretor: US $ 475 milhões

Plataformas de listagem de propriedades online

A First Industrial utiliza vários canais digitais para o marketing de propriedades, incluindo Costar, Loopnet e plataformas digitais proprietárias.

Plataforma	Total de listagens de propriedades	Visitantes mensais do site
Costar	342 listagens ativas	48,000
Loopnet	298 listagens ativas	52,500

Site de Relações com Investidores e Comunicações

A empresa mantém um site abrangente de relações com investidores com relatórios financeiros detalhados e informações de propriedade.

• Site exclusivo visitantes mensais: 22.500
• Participantes trimestrais do webcast: 1.200
• Participantes anuais da conferência de investidores: 350

Conferências do setor e eventos de rede

A primeira industrial participa ativamente de conferências imobiliárias comerciais para expandir a rede e gerar oportunidades de negócios.

Tipo de evento	Participação anual	Geração de chumbo
Conferências Nacionais	7	125 leads potenciais
Eventos regionais de networking	24	210 leads potenciais

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

Grandes empresas nacionais e multinacionais

A First Industrial Realty Trust serve grandes corporações com requisitos imobiliários industriais específicos. A partir do quarto trimestre de 2023, a empresa administrou 368 propriedades industriais, totalizando 67,4 milhões de pés quadrados nos mercados -chave.

Segmento de clientes	Número de propriedades	Mágua quadrada total
Grandes corporações nacionais	132	24,3 milhões de pés quadrados
Corporações multinacionais	86	15,6 milhões de pés quadrados

Empresas de comércio eletrônico e logística

O First Industrial Realty Trust tem uma exposição significativa a clientes de comércio eletrônico e logística, representando um segmento crítico de seu portfólio.

• Propriedades do comércio eletrônico: 97 propriedades
• Quadra quadrada total de comércio eletrônico: 18,2 milhões de pés quadrados
• Tamanho médio da propriedade: 187.630 pés quadrados

Empresas de fabricação e distribuição

A empresa fornece soluções imobiliárias industriais especializadas para setores de fabricação e distribuição.

Tipo de negócio	Propriedades	Taxa de ocupação
Fabricação	76	94.3%
Distribuição	112	96.7%

Empresas industriais regionais e locais

A First Industrial Realty Trust apoia empresas regionais e locais com soluções imobiliárias industriais flexíveis.

• Propriedades regionais: 48 locais
• Mágua quadrada regional total: 8,9 milhões de pés quadrados
• Termo médio de arrendamento: 5,2 anos

Investidores imobiliários institucionais

A empresa atrai investidores institucionais por meio de seu portfólio industrial diversificado.

Tipo de investidor	Valor do investimento	Porcentagem de portfólio
Fundos de pensão	US $ 425 milhões	22%
REITS	US $ 310 milhões	16%
Private equity	US $ 265 milhões	14%

First Industrial Realty Trust, Inc. (FR) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

No quarto trimestre 2023, o First Industrial Realty Trust registrou custos totais de aquisição de propriedades de US $ 428,7 milhões. Os investimentos em desenvolvimento e reconstrução totalizaram US $ 153,2 milhões para o ano fiscal.

Categoria de despesa	Valor ($)
Aquisição de terras	US $ 187,5 milhões
Custos de construção	US $ 241,2 milhões
Despesas de pré -desenvolvimento	US $ 36,5 milhões

Manutenção de propriedades e custos operacionais

As despesas operacionais anuais de propriedades para 2023 foram de US $ 84,3 milhões, com um colapso da seguinte maneira:

• Reparo e manutenção: US $ 42,1 milhões
• Utilitários: US $ 18,7 milhões
• Taxas de gerenciamento de propriedades: US $ 23,5 milhões

Gestão e sobrecarga administrativa

As despesas administrativas totais de 2023 atingiram US $ 62,9 milhões, incluindo:

Categoria de custo administrativo	Valor ($)
Compensação executiva	US $ 14,6 milhões
Despesas administrativas gerais	US $ 28,3 milhões
Serviços profissionais	US $ 20,0 milhões

Despesas de juros no financiamento da dívida

As despesas totais de juros para 2023 foram de US $ 93,6 milhões, com uma taxa média de juros de dívida de 4,2%.

Tipo de dívida	Dívida total ($)	Despesa de juros ($)
Notas não seguras sênior	US $ 1,2 bilhão	US $ 50,4 milhões
Linha de crédito	US $ 350 milhões	US $ 14,7 milhões
Outros instrumentos de dívida	US $ 280 milhões	US $ 28,5 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para 2023 totalizaram US $ 22,1 milhões, distribuídos por:

• Atualizações de infraestrutura de TI: US $ 9,8 milhões
• Aprimoramentos de segurança cibernética: US $ 5,3 milhões
• Software de gerenciamento de propriedades: US $ 7,0 milhões

First Industrial Realty Trust, Inc. (FR) - Modelo de negócios: fluxos de receita

Renda de aluguel de arrendamentos de propriedades industriais

A partir do quarto trimestre de 2023, o First Industrial Realty Trust registrou uma receita total de aluguel de US $ 123,9 milhões. A empresa possui aproximadamente 386 propriedades industriais, compreendendo 66,1 milhões de pés quadrados em 19 estados.

Tipo de arrendamento	Porcentagem da receita total	Receita anual
Instalações de distribuição	62%	US $ 76,8 milhões
Instalações de fabricação	22%	US $ 27,3 milhões
Propriedades do armazém	16%	US $ 19,8 milhões

Taxas de gerenciamento de propriedades

As taxas de gerenciamento de propriedades para 2023 totalizaram US $ 4,2 milhões, representando um aumento de 3,3% em relação ao ano anterior.

Ganhos de venda e disposição de ativos

Em 2023, o First Industrial Realty Trust obteve ganhos de disposição de US $ 42,5 milhões em vendas de propriedades, com um total de 17 propriedades vendidas durante o ano fiscal.

Tipo de ativo	Número de propriedades vendidas	Ganho total de disposição
Propriedades industriais	17	US $ 42,5 milhões

Distribuições de Dividendos de Confiança de Investimento Imobiliário (REIT)

Para o ano fiscal de 2023, o First Industrial Realty Trust distribuiu:

• Dividendos totais: US $ 87,6 milhões
• Dividendo por ação: US $ 1,96
• Rendimento de dividendos: 3,2%

Potencial desenvolvimento e lucro de reconstrução

Projetos de desenvolvimento e reconstrução geraram US $ 18,7 milhões em lucros durante 2023, com projetos em andamento nos principais mercados.

Categoria de desenvolvimento	Número de projetos	Valor total do projeto
Nova construção	8	US $ 215,3 milhões
Reconstrução	12	US $ 98,6 milhões

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.