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

Stocks in this article: FR

So you’re going to continue to see some roll down there, but the best news is in the fourth, I mean the third quarter for the first time since 2008, we had positive same store numbers. We are up 2.7% and as you bet you know things are getting better. We are not declaring victory, but we’re in the right trend and there is hard work to be done, but we are moving forward.

This chart is important because as I talk about our occupancy goal to get to 92% by the end of 2013 and being it where to 86.6% right now. It’s important to note that back in the first quarter 2008, we were at 91.9%. Now it’s not an identical portfolio, but it’s a pretty similar portfolio. A lot of the same assets, we sold some, we bought some, but it’s pretty similar. And we went down to 81.4% in the first quarter of ’10, so we’re on our way up. And again, our goal is to get to 92% by the end of 2013 and again, this chart shows that we were there before.

This chart is our top ten vacancies in our strategic portfolio. We want to just sort of show you those and again we’re going to go through that when we go through the regional presentations. We’re going to talk about each one of these vacancies. We have pictures of each one of these vacancies, we’re not hiding pictures. We want you to get a sense of what these assets are, where they are, and be the judge in terms of getting it laid, but at the end of the day the owners are going to get them leased.

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