This Day On The Street
Continue to site
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

First Industrial Realty Trust's CEO Discusses Q2 2012 Results - Earnings Call Transcript

To that end, in late June, we closed on the acquisition of three development ready land sites in our target markets and have launched those developments. Two of the sites are in Southern California and were acquired as a package. The first site is located in a constrained infill location in LA County, adjacent to the 710 Freeway, approximately 25 minutes directly north of the Ports of LA and Long Beach.

There we are building First Bandini Logistics Center, a 489,000 square foot distribution center. We believe it will be a perfect home for a company located in the South Bay or Vernon Commerce sub-market that we want to upgrade to a state of the art [clock stop] facility with abundant trailer parking that is scarce in the submarket.

Total investment is estimated at $54 million with an estimated yield based on first year’s stabilized NOI over our GAAP basis of 6.5%. The facility is expected to be completed in the third quarter of 2013.

The second site is located in Chino, California; an infill submarket in the Inland Empire West. The site will be the home of First Chino Logistic Center; a 300,000 square foot distribution center. The building will offer expert functionality with double stag trailer lots that are difficult to find in the market. Users attracted to the Chino submarket want to take advantage of lower rental rate relative to nearby Los Angeles locations and lower transpiration costs compared to Eastern Inland Empire options.

Total investment is expected to be approximately $20 million. The estimated yield based on the first year stabilized NOI over our GAAP investment basis is 7.1%. We are targeting completion in the second quarter of 2013.

We also acquired a site in Central Pennsylvania, in New York that will be the home of our first logistic center at I-83. We are developing a 708,000 square foot distribution facility to meet market demand; with the supply of buildings greater than 500,000 square feet is limited.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs