First Industrial Realty Trust, Inc. (FR) Earnings Call Transcript & Summary

Hello, and welcome to the Annual Meeting of Stockholders of First Industrial Realty Trust, Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Peter Baccile, President and Chief Executive Officer of First Industrial Realty Trust, Inc. Mr. Baccile, the floor is yours.

Thank you, operator, and good morning. I would like to welcome all of our shareholders to our 2025 Annual Meeting. At the outset of this meeting, I would like to point everyone attending to our safe harbor statement regarding forward-looking statements found in our SEC filings. Before we begin today's meeting, I'd like to take a moment to recognize the outstanding efforts of the entire First Industrial team. Their dedication and performance drove strong results in 2024, despite a year marked by highly volatile capital markets, economic uncertainty and a rapidly evolving geopolitical landscape. To our shareholders, thank you for your continued support and confidence in our company. To our valued tenants, thank you for choosing First Industrial facilities to meet your logistics needs. And to our business partners, thank you for your collaboration and the expertise you bring, which play a vital role in our shared success. To my fellow Board members, thank you for your invaluable leadership, insights and contributions in guiding us along the path of disciplined growth. And lastly, thank you to all of my First Industrial teammates for bringing your talent, efforts, commitment and strong sense of team work each and every day. With that, I'd like to turn the call over to Matt Dominski, our Chairman.

Thank you, Peter. I, too, would like to welcome you to our 2025 Annual Meeting of Stockholders. Before we move forward with the business of the meeting, I would like to take a moment to honor the memory of our colleague and fellow Director, John Rau, who recently passed away. John's unwavering dedication and visionary leadership were instrumental in guiding First Industrial through periods of growth and transformation. His counsel brought clarity, wisdom and strategic insight to every decision leaving a lasting impact on our company. We extend our deepest sympathies to John's family, friends and colleagues. His presence will be deeply missed, but the legacy of his leadership and character will remain with us always. With the remembrance of John's many contributions in our hearts and in the spirit of continuity that he so strongly championed, I now formally call this meeting to order. At this time, I would like to introduce you to the other directors. Our other directors: Peter Baccile, Teresa Bazemore, Patrick Hackett, Denise Olsen and Marcus Smith. Next, I would like to introduce the members of our senior management team at First Industrial, who are here today. Scott Musil, the company's Chief Financial Officer; Jojo Yap, our Chief Investment Officer and Executive Vice President of our West region; Peter Schultz, our Executive Vice President of the East region; Robert Walter, Executive Vice President, Capital Markets and Asset Management; Chris Schneider, Chief Information Officer and Executive Vice President, Operations; Jennifer Matthews Rice, General Counsel and Secretary; Art Harmon, Senior Vice President, Investment Relations and Marketing; Don Stoffle, Executive Director of Dispositions; and Sara Niemiec, Chief Accounting Officer. Next, I would also like to acknowledge Ian Nelson, our engagement partner with the independent registered public accounting firm of PricewaterhouseCoopers LLP and Matthew Jackson from Barack Ferrazzano Kirschbaum & Nagelberg LLP, the company's corporate counsel. Mr. Jackson will serve as the Inspector of Election for the meeting. Our agenda this morning will be: first, to conduct the business of the meeting, which includes the election of directors, approval of the executive compensation of the company's named executive officers on an advisory basis and ratification of the appointment of PricewaterhouseCoopers LLP, as the company's independent registered public accounting firm. Then following the adjournment of the meeting, we will entertain any questions you may have. Stockholders, the polls are now open. For those who have already submitted a signed proxy card, you need not vote by ballot at this meeting. If there are any proxies not yet submitted, please vote at this time using the link titled Vote on your computer screen. The Board of Directors established March 7, 2025, as the record date for determining the stockholders entitled to receive notice of and vote at this meeting. Ms. Secretary, will you please present the notice of the meeting as well as the evidence of its mailing.

Notice of the meeting was mailed on or about April 2, 2025, to all stockholders of record as of the record date. The notice of the meeting and affidavit of mailing of the notice will be included in the books and records of the company minute book.

Thank you, Ms. Secretary. Can you next report whether the shares represented at this meeting in person or by proxy are sufficient to constitute a quorum?

Mr. Chairman, the company has received proxies of stockholders representing in excess of a majority of the company's common stock, which is the minimum required for a quorum. A quorum is present.

Thank you, Ms. Secretary. Since the majority of the company's common stock are represented here today, a quorum is present, and we can proceed to the business of the meeting. There are 3 proposals before stockholders this morning. The first proposal is to elect directors to the Board to serve until the 2026 Annual Meeting of Stockholders. Each of our current directors: Peter Baccile, Teresa Bazemore, Patrick Hackett, Denise Olsen, Marcus Smith and me have been nominated by the Board to serve as directors until the 2026 Annual Meeting of Stockholders. The second proposal is to approve on an advisory basis the company's compensation of its named executive officers as set forth in the proxy statement. The third proposal is to ratify the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the year ending December 31, 2025. Again, if there are any stockholders who do not turn in their proxies or who wish to vote by ballot, please vote using the title -- the link titled Vote on your computer screen. [Voting]

Thank you for voting today, and the polls are now closed. All of the proposals to be voted upon at this meeting are before us, and I believe that the votes have been tallied. Will the secretary please present the results?

Mr. Chairman, the results of the vote are as follows: First, Mr. Chairman, all of the nominated directors have received more than a majority of the votes cast. Accordingly, you have each been elected as directors of the company to serve until the 2026 Annual Meeting. Second, a majority of the votes cast were voted in favor of the company's compensation of its named executive officers as disclosed in the proxy statement. Third, a majority of the votes cast were voted in favor of the Audit Committee's appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the year ending December 31, 2025. Accordingly, each of the 3 proposals has been approved.

That concludes the official business of this meeting. The meeting is hereby adjourned. We will now respond to any questions that you submit through the message icon on your computer screen. Mr. Harmon, do we have any questions?

Mr. Chairman, we do not have any questions.

Thank you, Art. We appreciate you, our stockholders, participating in the 2025 Annual Stockholder Meeting and wish you and your families good health. Thank you for joining.

This concludes the meeting. You may now disconnect.