This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

First Industrial Realty Trust's CEO Hosts Analyst Day - Conference Call Transcript

Stocks in this article: FR

Our second value proposition is that we trade at a significant discount to our public peers, to sales comparables and to replacement costs. We’re going to go through that and again gives you data points, but our job is to close that gap. And one of the reasons we’re having Investor Day here is, we want to give you more information about our portfolio to really slightly and exactly and give you more date points for you to sort of look at it, make your own conclusions of what you think. But we think we represent good value.

So why FR? We have a tested leadership and platform, we strengthen the capital structure, we are primarily an infill portfolio in a major U.S. market. And we have a focused conservative investment and asset management strategy. We’re coming into favorable industry fundamentals, we’ll talk about that in terms of the supply (inaudible) in terms of new construction and we have a great occupancy opportunity.

For those of you that are new to this story, but those of you that are coming back, I’d like to just spend a few seconds to go through some of the achievements of the team over the last few years. We’ve reduced our debt by $563 million, we’ve improved our debt-to-EBITDA from 9.8 times to 7.2 times, we’ve aligned our expenses through our current business model, we are taking out over 70% of overhead, and even with that we feel our capacity for growth. We are executing on our leasing plans, that is since our bottom in the first quarter of 2010, we’ve increased occupancy about 520 basis points and we are executing on our plans to dispose off our non-strategic portfolio, this portfolio we outlined in October of last year and to-date we have sold about $85 million of that, at $24 a foot, which is above 20% of our book value.

3 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs