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First Industrial Realty Trust Inc (FR) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

First Industrial Realty Trust Inc

CIK: 921825 Ticker: FR

Exhibit 99.1

 

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First Industrial Realty Trust, Inc.

311 South Wacker Drive

Suite 3900

Chicago, IL 60606

312/344-4300

FAX: 312/922-9851

MEDIA RELEASE

FIRST INDUSTRIAL REALTY TRUST REPORTS

FOURTH QUARTER AND FULL YEAR 2013 RESULTS

 

    Occupancy of 92.9%, Up 170 Basis Points from 3Q13, 300 Basis Points from 4Q12

 

    Same Store NOI Grew 3.5%, Retained 87.2% of Tenants in 4Q13

 

    Increased First Quarter 2014 Dividend 20.6% to $0.1025 Per Share

 

    Invested $26.3 Million in a 627,000 SF 100% Leased Distribution Center in the Chicago Market in 4Q13; Acquired a $13.4 Million, 252,000 SF Bulk Warehouse in Minneapolis in 1Q14

 

    Completed $75.8 Million of Asset Sales in 4Q13, $144.6 Million for 2013

 

    Closed New $200 Million 7-Year Unsecured Term Loan in 1Q14, Swaps Used to Convert to Initial Effective Fixed Rate of 4.04%

 

    Retiring All $50 Million of Series F Cumulative Redeemable Preferred Stock and All $25 Million of Series G Cumulative Redeemable Preferred Stock in 1Q14

 

    Received Investment Grade Rating for Unsecured Notes from S&P in 1Q14

CHICAGO, February 25, 2014 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading owner, operator and developer of industrial real estate, today announced results for the fourth quarter and full year 2013. Diluted net income available to common stockholders per share (EPS) was $0.18 in the fourth quarter, compared to $(0.09) a year ago. Full year 2013 diluted net income available to common stockholders was $0.24 per share, compared to $(0.24) per share in 2012.

First Industrial’s fourth quarter FFO was $0.27 per share/unit on a diluted basis, compared to $0.18 per share/unit a year ago. Fourth quarter 2013 results included approximately a $0.01 per share/unit net impact related to acquisition costs, loss from retirement of debt, and NAREIT-compliant gains.

Full year 2013 FFO was $0.98 per share/unit on a diluted basis versus $0.88 per share/unit in 2012. FFO results for the full year 2013 include a $0.06 loss on retirement of debt, a $0.05 loss related to the redemption of both the Company’s 7.25% Series J and Series K Cumulative Redeemable Preferred Stock, and $0.01 per share of NAREIT-compliant gains.

“The First Industrial team delivered strong gains in occupancy in the fourth quarter, as we work to capture the cash flow opportunities within our portfolio,” said Bruce W. Duncan, First Industrial’s president and CEO. “The industrial market continues to enjoy positive net absorption and improving market rents as businesses demand additional space to support their growth initiatives, while new supply remains below long-term historical levels.”

 

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The following information was filed by First Industrial Realty Trust Inc (FR) on Wednesday, February 26, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Iii - Real Estate And Accumulated Depreciation (detail)
Schedule Iii - Real Estate And Accumulated Depreciation (parenthetical) (detail)
Schedule Iv: Mortgage Loans On Real Estate
Schedule Iv: Mortgage Loans On Real Estate Mortgage Loan On Real Estate (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Changes In Stockholders Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accumulated Other Comprehensive Loss (changes In Aoci) (details)
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (amounts Reclassified From Aoci) (details)
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (tables)
Basis Of Presentation
Basis Of Presentation - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Rental Payments Under Terms Of All Non-cancelable Ground And Operating Leases (detail)
Commitments And Contingencies Commitments And Contingencies - Future Minimum Rental Payments Under Terms Of All Non-cancelable Ground And Operating Leases (parenthetical) (details)
Derivatives
Derivatives (tables)
Derivatives - Additional Information (detail)
Earnings Per Share (eps)
Earnings Per Share (eps) (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Computation Of Basic And Diluted Earning Per Share (detail)
Earnings Per Share - Non-participating Securities (detail)
Fair Value Measurements On Recurring Basis (detail)
Future Rental Revenues
Future Rental Revenues (tables)
Future Rental Revenues - Minimum Lease Payments Receivable, Excluding Tenant Reimbursements Of Expenses, Under Non-cancelable Operating Leases (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Income Tax Benefit (provision) (detail)
Income Taxes - Deferred Tax Assets (liabilities) (detail)
Income Taxes - Federal Income Tax Treatment Of Share Distributions (detail)
Income Taxes - Federal Income Tax Treatment Of Share Distributions (parenthetical) (detail)
Income Taxes - Income Tax Benefit (provision) Pertaining To Income From Continuing Operations And Gain On Sale Of Real Estate (detail)
Indebtedness
Indebtedness (tables)
Indebtedness - Additional Information (detail)
Indebtedness - Information Regarding Indebtedness (detail)
Indebtedness - Mortgage Loans Obtained (detail)
Indebtedness - Schedule Of Maturities Of Long-term Debt (detail)
Indebtedness - Senior Unsecured Notes Repurchases (detail)
Indebtedness - Summary Of Indebtedness At Estimated Fair Value (detail)
Investment In Real Estate
Investment In Real Estate (tables)
Investment In Real Estate - Additional Information (detail)
Investment In Real Estate - Net Non-cash Impairment Charges (detail)
Investment In Real Estate - Summary Of Intangible Assets (liabilities) Subject To Amortization In Period Of Acquisition (detail)
Investment In Real Estate - Summary Regarding Industrial Properties Included In Discontinued Operations (detail)
Investments In Joint Ventures
Investments In Joint Ventures (tables)
Investments In Joint Ventures - Additional Information (detail)
Investments In Joint Ventures - Condensed Combined Statements Of Operations (detail)
Investments In Joint Ventures Condensed Combined Balance Sheets (parenthetical) (detail)
Investments In Joint Ventures Investments In Joint Ventures - Condensed Combined Balance Sheets (detail)
Organization And Formation Of Company
Organization And Formation Of Company - Additional Information (detail)
Quantitative Information About Level 3 Fair Value Measurements (detail)
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited) (tables)
Quarterly Financial Information - Net Income (loss) Available To Common Stockholders And Basic And Diluted Eps (detail)
Real Estate And Accumulated Depreciation
Reconciliation Of Liabilities Classified As Level 3 (detail)
Restructuring Costs
Restructuring Costs - Summarization Of Restructuring Costs (detail)
Schedule Iii: Real Estate And Accumulated Depreciation Real Estate And Accumulated Depreciation - Additional Information (details)
Stock Based Compensation
Stock Based Compensation (tables)
Stock Based Compensation - Additional Information (detail)
Stock Based Compensation - Summary Of Restricted Stock Award And Restricted Stock Unit Award Transactions (detail)
Stock Based Compensation - Valuation Assumptions (details)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Information (detail)
Stockholders' Equity - Common Stock Outstanding, Including Unvested Restricted Shares Of Common Stock (detail)
Stockholders' Equity - Summary Of Dividend Distributions (detail)
Stockholders' Equity - Summary Of Preferred Shares Outstanding (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Derivatives And Fair Values (detail)
Summary Of Impact Of Derivatives In Cash Flow Hedging Relationships On Statement Of Operations And Statement Of Oci (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Summary Of Significant Accounting Policies - Deferred Leasing Intangibles Included In Total Assets And Liabilities (detail)
Summary Of Significant Accounting Policies - Net Amortization Expense Related To Deferred Leasing Intangibles (detail)
Summary Of Significant Accounting Policies - Useful Lives Of Depreciable Assets (detail)
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies - Deferred Leasing Intangibles Included In Total Assets And Liabilities (parenthetical) (details)
Supplemental Information To Statements Of Cash Flows
Supplemental Information To Statements Of Cash Flows (tables)
Supplemental Information To Statements Of Cash Flows - Cash Flow Information (detail) (detail)
Ticker: FR
CIK: 921825
Form Type: 10-K Annual Report
Accession Number: 0000921825-14-000008
Submitted to the SEC: Fri Feb 28 2014 5:18:38 PM EST
Accepted by the SEC: Fri Feb 28 2014
Period: Tuesday, December 31, 2013
Industry: Real Estate Investment Trusts

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