First Industrial Realty Trust Inc. (FR, Financial) filed Annual Report for the period ended 2010-12-31.
1st Industrial Realty has a market cap of $719.4 million; its shares were traded at around $11.28 with a P/E ratio of 9.3 and P/S ratio of 1.7. Hedge Fund Gurus that owns FR: Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns FR: Third Avenue Management.
During 2010, we repurchased and retired $264.8 million of our senior unsecured notes and recognized a loss on early debt retirement of $4.1 million (see Note 6 to the Consolidated Financial Statements).
During 2010, we obtained $105.6 million in mortgage financings at a weighted average interest rate of 6.22%, with maturities ranging between February 2015 and October 2020. Also, we paid off and retired $14.6 million in mortgage loans payable (see Note 6 to the Consolidated Financial Statements).
Effective October 22, 2010, we amended our Unsecured Credit Facility to provide for a $200.0 million term loan and a $200.0 million revolving line of credit. The Unsecured Credit Facility matures on September 28, 2012. On October 22, 2010, we repaid $99.1 million in connection with the decrease in the Unsecured Credit Facilitys capacity to $400.0 million from $500.0 million as part of the amendment. For the term borrowing, the Unsecured Credit Facility requires interest only payments through March 29, 2012 at LIBOR plus 325 basis points or at a base rate plus 225 basis points, at our election. The term borrowing requires quarterly principal pay-downs of $10.0 million beginning March 30, 2012 until maturity on September 28, 2012. For the revolving borrowings, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 275 basis points or at a base rate plus 175 basis points, at our election. Additionally, certain financial covenants were changed in connection with the amendment, including the fixed charge coverage ratio, which decreased to 1.2 times from 1.5 times. Also, the calculation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), as defined in the Unsecured Credit Facility and used in the fixed charge coverage ratio, no longer includes economic gains or losses from property sales.
During the year ended December 31, 2010, we issued 875,402 shares of the Companys common stock, generating approximately $6.0 million in net proceeds, under the direct stock purchase component of the DRIP. Additionally, we issued 5,469,767 shares of the Companys common stock, generating $43.9 million in net proceeds, under the ATM (see Note 7 to the Consolidated Financial Statements).
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1st Industrial Realty has a market cap of $719.4 million; its shares were traded at around $11.28 with a P/E ratio of 9.3 and P/S ratio of 1.7. Hedge Fund Gurus that owns FR: Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns FR: Third Avenue Management.
Highlight of Business Operations:
During 2010, we acquired three industrial properties for a total investment of approximately $22.4 million. We also sold 13 industrial properties and several parcels of land for an aggregate gross sales price of $71.0 million (see Note 4 to the Consolidated Financial Statements). At December 31, 2010, we owned 774 in-service industrial properties containing approximately 68.6 million square feet of GLA.During 2010, we repurchased and retired $264.8 million of our senior unsecured notes and recognized a loss on early debt retirement of $4.1 million (see Note 6 to the Consolidated Financial Statements).
During 2010, we obtained $105.6 million in mortgage financings at a weighted average interest rate of 6.22%, with maturities ranging between February 2015 and October 2020. Also, we paid off and retired $14.6 million in mortgage loans payable (see Note 6 to the Consolidated Financial Statements).
Effective October 22, 2010, we amended our Unsecured Credit Facility to provide for a $200.0 million term loan and a $200.0 million revolving line of credit. The Unsecured Credit Facility matures on September 28, 2012. On October 22, 2010, we repaid $99.1 million in connection with the decrease in the Unsecured Credit Facilitys capacity to $400.0 million from $500.0 million as part of the amendment. For the term borrowing, the Unsecured Credit Facility requires interest only payments through March 29, 2012 at LIBOR plus 325 basis points or at a base rate plus 225 basis points, at our election. The term borrowing requires quarterly principal pay-downs of $10.0 million beginning March 30, 2012 until maturity on September 28, 2012. For the revolving borrowings, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 275 basis points or at a base rate plus 175 basis points, at our election. Additionally, certain financial covenants were changed in connection with the amendment, including the fixed charge coverage ratio, which decreased to 1.2 times from 1.5 times. Also, the calculation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), as defined in the Unsecured Credit Facility and used in the fixed charge coverage ratio, no longer includes economic gains or losses from property sales.
During the year ended December 31, 2010, we issued 875,402 shares of the Companys common stock, generating approximately $6.0 million in net proceeds, under the direct stock purchase component of the DRIP. Additionally, we issued 5,469,767 shares of the Companys common stock, generating $43.9 million in net proceeds, under the ATM (see Note 7 to the Consolidated Financial Statements).
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