First Industrial Realty Trust, Inc. Financial Ratios — FR

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	358.11
Return on Assets (%)	0.18	-6.81	-0.27	-0.05	1.55	1.9	2.79	4.41	7.03	5.37	7.17	5.36	6.8	7.86	5.43
Return on Capital (%)	- -	- -	- -	- -	- -	17.23	18.36	22.64	32.37	- -	28.14	19.19	21.5	20.67	14.49
Return on Invested Capital (%)	- -	- -	- -	- -	- -	3.9	4.48	4.66	5.09	- -	5.01	4.78	4.74	4.63	4.98
Gross Margin (%)	57.36	66.75	66.54	68.3	67.43	66.98	68.67	70.29	71.37	71.07	72.63	73.4	72.43	73.39	73.02
EBITDA Margin (%)	56.1	64.21	65.36	68.06	65.9	63.62	63.78	64.98	66.04	65.48	67.31	67.88	66.87	67.84	66.63
Operating Margin (%)	13.23	18.93	21.64	23.67	26.68	27.95	30.62	32.2	34.93	35.37	37.47	37.13	37.67	39.63	39.84
Incremental Operating Margin (%)	-68.23	-15.41	-26.59	355.38	92.5	42.21	79.13	79.46	91.14	58.62	75.85	30.6	46.28	54.27	41.39
Pretax Margin (%)	-10.15	-52.71	-11.29	-6.93	1.48	5.75	20.98	33.54	52.85	41.47	54.24	44.28	59.25	53.72	42.72
Profit Margin (%)	1.49	-63.24	-2.46	-0.43	12.66	14.16	20.17	32.07	50.82	40.41	56.05	43.74	56.9	66.52	44.76
Net Income to Common Margin (%)	-3.58	-69.38	-8.92	-6.65	9.91	13.87	20.17	32.07	50.82	40.41	56.05	43.74	56.9	66.52	44.76
Effective Tax Rate (%)	- -	- -	- -	- -	- -	1.19	0.15	0.86	0.57	- -	1.47	1.21	1.73	8.06	3.31
Dvd Payout Ratio (%)	-32.36	- -	7.85	-9.54	-1,055.45	189.55	70.11	63.55	46.72	63.96	47.08	62.31	49.31	38.44	57.05
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	153.79

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	1,998	1,743	1,479	1,336	1,297	1,350	1,434	1,347	1,297	1,298	1,506	1,617	1,633	2,089	2,246
ST Debt	- -	- -	149	98	173	185	52	190	144	- -	158	- -	79	143	299
LT Debt	1,998	1,743	1,330	1,238	1,124	1,165	1,382	1,158	1,152	1,298	1,348	1,617	1,554	1,946	1,947
Total Debt/EBITDA	9.26	8.46	7.48	6.45	6.18	6.12	6.15	5.48	4.95	4.91	5.25	5.32	5.13	5.7	5.49
Net Debt/EBITDA	8.41	8.34	7.43	6.42	6.14	6.08	6.13	5.44	4.87	4.74	5.1	4.71	4.87	5.28	5.33
Total Debt/EBIT	39.29	28.71	22.59	18.53	15.26	13.93	12.8	11.07	9.37	9.08	9.44	9.72	9.1	9.76	9.18
Net Debt/EBIT	35.69	28.28	22.43	18.46	15.17	13.83	12.77	10.99	9.21	8.78	9.16	8.61	8.65	9.03	8.91
EBITDA to Interest Expense	1.88	1.94	1.98	2.48	2.85	3.06	3.46	4.13	4.58	5.21	5.7	5.93	7.22	7.47	5.5
EBITDA-CapEx/Interest Expense	1.22	1.1	1.07	2.48	2.85	3.06	3.46	4.13	4.58	5.21	5.7	5.93	7.22	7.47	5.5
EBIT to Interest Expense	0.44	0.57	0.65	0.86	1.16	1.34	1.66	2.05	2.42	2.81	3.17	3.24	4.07	4.37	3.29
Interest Expense	115	106	100	84	74	72	67	59	57	51	50	51	44	49	74
Common Equity/Total Assets	-11.96	-22.03	-23.74	-25.17	-25.75	-26.66	-24.86	-22.94	-18.38	-15.58	-10.5	-8.04	-4.23	0.49	2.49
Long-Term Debt/Equity (%)	186.02	195.35	124.04	108.04	95.95	106.79	123.9	90.11	78.09	77.25	74.96	83.06	69.1	76.89	73.9
Long-Term Debt/Capital (%)	118.96	147.41	149.08	171.55	167.13	165.58	172.16	154.43	143.27	154.01	115.19	119.19	102.94	89.08	79.56
Long-Term Debt/Total Assets (%)	62.36	63.37	49.89	47.45	43.26	45.11	50.99	41.44	39.19	41.3	38.31	42.66	37.18	39.27	37.62
Total Debt/Equity (%)	186.02	195.35	137.93	116.59	110.72	123.75	128.61	104.86	87.88	77.25	83.74	83.06	72.61	82.54	85.25
Total Debt/Capital (%)	118.96	147.41	165.78	185.14	192.86	191.88	178.7	179.71	161.23	154.01	128.69	119.19	108.18	95.63	91.78
Total Debt/Total Assets (%)	62.36	63.37	55.48	51.2	49.92	52.28	52.93	48.23	44.1	41.3	42.8	42.66	39.07	42.16	43.4
Net Debt to Equity	168.99	192.44	136.99	116.16	110.08	122.87	128.25	104.1	86.45	74.69	81.33	73.57	69	76.4	82.75
Net Debt/Capital (%)	121.28	148.47	166.53	185.72	193.91	193.14	179.09	180.77	162.89	156.93	127.27	119.88	106.95	94.26	90.72
EBITDA	216	206	198	207	210	221	233	246	262	264	287	304	318	366	409
EBITDA-CapEx	140	116	107	207	210	221	233	246	262	264	287	304	318	366	409
Operating Income (Loss)	51	61	66	72	85	97	112	122	138	143	160	166	179	214	245

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	2.25	0.39	0.04	0.02	0.03	0.03	0.02	0.03	0.07	0.28	0.06	0.75	0.16	0.28	0.07
Current Ratio	2.28	0.43	0.63	0.34	0.24	0.24	0.48	0.28	0.4	0.81	0.66	1.41	0.44	0.58	0.34
Quick Ratio	2.28	0.43	0.26	0.31	0.24	0.24	0.36	0.24	0.32	0.77	0.3	1.17	0.44	0.55	0.34
CFO/Avg Current Liab	1.01	1.12	0.56	0.6	0.5	0.46	0.63	0.64	0.6	0.92	0.95	0.84	0.91	0.97	0.57
Common Equity/Total Assets	-11.96	-22.03	-23.74	-25.17	-25.75	-26.66	-24.86	-22.94	-18.38	-15.58	-10.5	-8.04	-4.23	0.49	2.49
Long-Term Debt/Equity (%)	186.02	195.35	124.04	108.04	95.95	106.79	123.9	90.11	78.09	77.25	74.96	83.06	69.1	76.89	73.9
Long-Term Debt/Capital (%)	118.96	147.41	149.08	171.55	167.13	165.58	172.16	154.43	143.27	154.01	115.19	119.19	102.94	89.08	79.56
Long-Term Debt/Total Assets (%)	62.36	63.37	49.89	47.45	43.26	45.11	50.99	41.44	39.19	41.3	38.31	42.66	37.18	39.27	37.62
Total Debt/Equity (%)	186.02	195.35	137.93	116.59	110.72	123.75	128.61	104.86	87.88	77.25	83.74	83.06	72.61	82.54	85.25
Total Debt/Capital (%)	118.96	147.41	165.78	185.14	192.86	191.88	178.7	179.71	161.23	154.01	128.69	119.19	108.18	95.63	91.78
Total Debt/Total Assets (%)	62.36	63.37	55.48	51.2	49.92	52.28	52.93	48.23	44.1	41.3	42.8	42.66	39.07	42.16	43.4
CFO/Total Liabilities	6.67	4.48	5.49	9.32	8.82	9.2	10.18	11.54	13.16	14.39	14.28	13.07	13.83	16.95	12
CFO/CapEx	1.87	0.93	0.97	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.1	-0.01	0.05	0.18	0.36	0.47	0.6	0.9	1.23	1.31	1.7	1.77	2.61	1.7	1.82

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	60.77	120.86	10.78	5.43	5.25	5.43	5.48	5.4	5.38	5.34	5.24	5.08	4.91	4.62	4.31
Days Sales Outstanding	6.01	3.02	33.86	67.27	69.5	67.17	66.57	67.63	67.8	68.4	69.62	71.9	74.38	79.05	84.73
Inventory Turnover	- -	- -	2.21	1.96	30.66	- -	91.34	46.19	96.43	- -	- -	15.22	16.77	- -	- -
Days Inventory Outstanding	- -	- -	165.16	186.11	11.9	- -	4	7.9	3.79	- -	- -	23.98	21.77	- -	- -
Accounts Payable Turnover	1.57	2.64	5.4	0.15	1.24	1.48	1.35	1.26	1.3	1.41	1.21	1.15	0.85	0.83	0.98
Accounts Payable Turnover Days	233.15	138.09	67.6	2,388.48	293.57	247.12	270.21	289.79	280.7	258	302.59	317.92	431.46	440.97	371.78
Cash Conversion Cycle	-227.14	-135.07	131.42	-2,135.1	-212.16	-179.95	-199.64	-214.26	-209.12	-189.6	-232.97	-222.04	-335.32	-361.91	-287.04
Inventory to Cash Days	6.01	3.02	-131.3	-118.83	57.6	67.17	62.57	59.73	64.01	68.4	69.62	47.92	52.61	79.05	84.73
Inventories	- -	- -	92	7	- -	- -	3	2	- -	- -	- -	16	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	92	7	- -	- -	3	2	- -	- -	- -	16	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	188	407	609	951	1,408	1,741	1,929	2,624	3,115	3,079	4,632	4,879	7,943	6,035	6,767
- Cash & Cash Equivalents	183	26	10	5	8	10	4	10	21	43	21	162	59	133	44
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	65	45	46	42	44	42	42	43	48	34	34	45	54	71	72
+ Total Debt	1,998	1,743	1,479	1,336	1,297	1,350	1,434	1,347	1,297	1,298	1,506	1,617	1,633	2,089	2,246
Enterprise Value	2,068	2,169	2,124	2,324	2,742	3,123	3,401	4,004	4,439	4,368	6,151	6,379	9,571	8,061	9,041
Total Capital	1,680	1,182	892	722	672	703	803	750	804	843	1,170	1,357	1,509	2,184	2,447
Total Debt/Capital (%)	118.96	147.41	165.78	185.14	192.86	191.88	178.7	179.71	161.23	154.01	128.69	119.19	108.18	95.63	91.78
Total Debt / EV	0.97	0.8	0.7	0.57	0.47	0.43	0.42	0.34	0.29	0.3	0.24	0.25	0.17	0.26	0.25
EV/Sales	5.38	6.76	7.02	7.63	8.61	9.01	9.3	10.59	11.2	10.81	14.44	14.24	20.09	14.93	14.72
EV/EBITDA	9.59	10.54	10.74	11.22	13.06	14.16	14.58	16.3	16.96	16.51	21.45	20.97	30.05	22.01	22.1
EV/EBIT	40.66	35.73	32.42	32.25	32.27	32.23	30.36	32.9	32.06	30.57	38.54	38.34	53.34	37.68	36.96
EV/Cash Flow to Firm	11.31	11.36	11.24	9.61	13.75	14.98	14.81	17.18	17.77	16.72	20.84	21.86	30.84	17.68	24
EV/Free Cash Flow to Firm	7.99	7.73	7.6	9.61	13.75	14.98	14.81	17.18	17.77	16.72	20.84	21.86	30.84	17.68	24
Diluted Market Cap	188	407	609	951	1,408	1,748	1,936	2,632	3,129	3,089	4,643	4,886	7,949	6,038	6,771
Diluted Enterprise Value	2,068	2,169	2,124	2,324	2,742	3,130	3,409	4,012	4,453	4,378	6,162	6,386	9,576	8,065	9,045
EV per Share	42.47	34.46	26.35	25.41	25.62	28.41	30.82	34.81	37.53	35.28	48.67	49.94	73.8	61.06	68.36
TTM Sales	385	321	303	305	318	347	366	378	396	404	426	448	476	540	614
TTM EBITDA	216	206	198	207	210	221	233	246	262	264	287	304	318	366	409
TTM Operating Income	51	61	66	72	85	97	112	122	138	143	160	166	179	214	245
TTM Cash Flow to Firm	183	191	189	242	199	208	230	233	250	261	295	292	310	456	377
TTM Free Cash Flow to Firm	259	281	280	242	199	208	230	233	250	261	295	292	310	456	377

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings

First Industrial Realty Trust, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples