Core Insights - Valeo achieved its profitability and cash generation objectives in 2024, with a focus on improving financial performance in 2025 through attractive offerings and cost management [1][2][5] - The company aims for structurally higher profitability and cash generation in 2025, targeting sales between €21.5 billion and €22.5 billion, an EBITDA margin of 13.5% to 14.5%, and free cash flow of €700 million to €800 million before one-off restructuring costs [4][60] Financial Performance - In 2024, Valeo reported sales of €21,492 million, a decrease of 0.5% on a like-for-like basis compared to 2023 [4][11] - EBITDA increased by 8% to €2,863 million, representing 13.3% of sales, which is an improvement of 1.3 percentage points year-on-year [4][40] - Operating margin rose by 9.7% to €919 million, accounting for 4.3% of sales, up 0.5 percentage points from the previous year [4][40] - Free cash flow before one-off restructuring costs was €551 million, exceeding guidance, while after one-off costs, it stood at €481 million [4][49] Debt and Dividend - Net debt decreased by €215 million to €3,813 million, with a leverage ratio of 1.3x EBITDA [4][50] - A dividend of €0.42 per share is proposed, reflecting a 5% increase compared to 2023 [4][54] Market Dynamics - Original equipment sales fell by 2% on a like-for-like basis in 2024, significantly impacted by lower production levels in certain European electric vehicle platforms [19][26] - Aftermarket sales increased by 4% on a like-for-like basis, driven by an aging vehicle fleet and enhanced product offerings [15][19] - New orders for 2024 totaled €17.8 billion, down from previous years due to postponements and cancellations by automaker customers [55][59] Strategic Initiatives - Valeo's Move Up strategic plan is set to conclude in 2025, with a focus on cost reduction and improved profitability [6] - The company is pursuing a divestment strategy for non-strategic assets, aiming to dispose of assets worth €500 million [51][52] - Valeo's commitment to sustainability is reflected in its first sustainability report, integrating sustainability into its strategy and operations [3]

Core Viewpoint - First Industrial Realty Trust, Inc. (FR) is showing potential for a bullish breakout due to a recent "golden cross" formation in its moving averages [1][2]. Technical Indicators - FR's 50-day simple moving average has crossed above its 200-day simple moving average, indicating a bullish signal known as a "golden cross" [1][2]. - A golden cross typically signifies a bullish breakout and is characterized by a stock's short-term moving average surpassing a longer-term moving average [2]. Market Performance - Over the last four weeks, FR's stock price has increased by 7.6%, suggesting positive momentum [4]. - The company currently holds a 3 (Hold) rating on the Zacks Rank, indicating a neutral outlook [4]. Earnings Expectations - There have been three upward revisions in earnings expectations for the current quarter, with no downward changes in the past 60 days, which supports the bullish sentiment [4]. - The Zacks Consensus Estimate for FR has also increased, further reinforcing the positive outlook for the company [4]. Investment Consideration - Given the technical indicators and positive earnings revisions, investors are encouraged to consider adding FR to their watchlist [5].

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging opportunities [1] - The service offers a Free Two-Week Trial for potential investors to explore top ideas across exclusive income-focused portfolios [1] Group 2 - There is no current stock, option, or similar derivative position in any of the companies mentioned, but there may be plans to initiate a beneficial Long position in the near future [2] - The article expresses personal opinions and is not compensated for the content, indicating an independent analysis [2] Group 3 - The article is intended for informational purposes and does not constitute financial advice, encouraging readers to perform their own due diligence [3] - Seeking Alpha clarifies that past performance does not guarantee future results and that no specific investment recommendations are provided [4]

Property Portfolio and Operations - As of December 31, 2024, the company owned 412 industrial properties across 19 states, totaling approximately 66.7 million square feet of gross leasable area (GLA) [32]. - The company focuses on external growth by developing and acquiring industrial properties in 15 key logistics markets, particularly coastal markets, to enhance its portfolio [35]. - Approximately 25.6% of the company's consolidated net operating income for the year ended December 31, 2024, came from properties located in California, while 11.4% came from Pennsylvania [53]. - The company had 151 employees as of December 31, 2024, with an average tenure of approximately 12 years [44]. - As of December 31, 2024, the company owned 416 industrial properties, with 412 classified as in-service, totaling approximately 66.7 million square feet of GLA and a weighted average occupancy of 96.2% [128][130]. - Approximately 96.2% of the GLA of in-service properties was leased as of December 31, 2024, with no single tenant accounting for more than 6.5% of rent revenues [136]. - The company has eight development projects under construction totaling approximately 2.0 million square feet, with an estimated total investment of $280.4 million [133]. - The company executed 13 leases at development properties, totaling 3,853,268 square feet of GLA [159]. Financial Performance - Net income for the year ended December 31, 2024, was $296.0 million, compared to $285.8 million for 2023 [161]. - For the year ended December 31, 2024, total revenues increased by $55.6 million, or 9.1%, to $669.6 million compared to $614.0 million in 2023 [165]. - Revenue from same store properties rose by $30.6 million, primarily due to increases in rental rates and tenant recoveries, despite a slight decrease in occupancy [165]. - Same store revenues for 2024 were $594,527,000, representing a 5.4% increase from $563,949,000 in 2023 [206]. - Same store net operating income (NOI) for 2024 was $443,031,000, a 8.4% increase compared to $408,667,000 in 2023 [206]. - Net income available to common stockholders for 2024 was $287,554,000, an increase of 4.4% from $274,816,000 in 2023 [202]. - Funds from operations (FFO) available to common stockholders for 2024 reached $350,485,000, up 8.6% from $322,667,000 in 2023 [202]. Capital Structure and Liquidity - The company has approximately $480.5 million available for additional borrowings under its $750 million unsecured revolving credit agreement as of February 13, 2025 [36]. - The company anticipates cash flows from operating activities and asset dispositions will meet short-term liquidity needs, including $177.5 million for ongoing development projects [187]. - The total debt as of December 31, 2024, was $2,215.2 million, with 87.3% being fixed rate debt and 12.7% variable rate debt [194]. - The company has a $300.0 million unsecured term loan maturing on August 12, 2025, and is considering refinancing options [182]. - The company must distribute at least 90% of its taxable income annually as a REIT, which may limit its ability to retain capital for ongoing business needs [85]. Risks and Challenges - The company faces competition from other REITs and real estate investors, which may increase acquisition prices and impact leasing strategies [37]. - The company's operating performance may be adversely affected by deteriorating market conditions, including oversupply of logistics space or reduced demand [55]. - International trade disputes, including tariffs, could increase costs for tenants and impact the company's business operations [56]. - The company faces risks in renewing leases or finding new tenants on favorable terms, which could adversely impact financial condition and cash flow [58]. - Adverse market conditions could lead to impairment charges, negatively impacting the company's financial condition [71]. - The company is exposed to risks associated with joint venture arrangements, which may affect its ability to manage properties effectively [72]. - Climate change impacts could disrupt tenant operations and impair their ability to pay rent, affecting the company's financial performance [75]. - The evolving nature of cyber threats makes it impossible to entirely eliminate cybersecurity risks, which could materially affect the company's business and financial performance [113]. Cybersecurity - Cybersecurity risks are a significant focus, with the company implementing controls to protect its systems and data from unauthorized access and breaches [120]. - The company continuously assesses external threats to identify material cyber risks and has established processes to mitigate these risks [121]. - The cybersecurity program is overseen by a team with decades of expertise, including a Chief Information Officer and an Information Technology Security Manager with a master's degree in Network Security [125]. - The company engaged in monthly mock phishing exercises and maintained written playbooks for various cyberattack scenarios to enhance cybersecurity measures [127]. Environmental and Regulatory Compliance - The company emphasizes environmental sustainability in its operations, with many recent development projects achieving LEED certification [40]. - The company may incur significant costs complying with various laws and regulations, which could adversely affect financial condition and results of operations [70]. - Environmental expenditures for 2025 are estimated at approximately $1.9 million, with total future expenditures not exceeding $4.6 million [189]. Market Conditions and Interest Rates - Rising interest rates could reduce cash flow by increasing interest payments on both floating and fixed-rate debt [81]. - The company's credit ratings influence the availability and terms of indebtedness, and any downgrade could lead to higher borrowing costs [84]. - Disruptions in financial markets could limit the company's access to refinancing options, potentially increasing borrowing costs and impacting liquidity [78].

Company Overview - First Industrial Realty Trust, Inc. is a leading U.S.-only owner, operator, developer, and acquirer of logistics properties [2] - The company provides high-quality facilities and industry-leading customer service to multinational corporations and regional firms essential for their supply chains [2] - As of December 31, 2024, the company owns and has under development approximately 69.5 million square feet of industrial space [2] Upcoming Events - The Annual Meeting of Stockholders is scheduled to be held virtually on April 30, 2025 [1] - March 7, 2025, has been set as the record date for the Annual Meeting [1]

Financial Data and Key Metrics Changes - The company reported FFO per fully diluted share of $0.71 for Q4 2024, up from $0.63 in Q4 2023, representing an 8.6% increase in NAREIT FFO per fully diluted share for the year to $2.65 compared to $2.44 in 2023 [26][10][12] - Cash same-store NOI growth for Q4 2024 was 9.3%, driven by increases in rental rates and new leasing, while full-year growth was 8.1% [27][12] - In-service occupancy at year-end was 96.2%, an increase of 120 basis points from Q3 2024 and 70 basis points from year-end 2023 [28][12] Business Line Data and Key Metrics Changes - The company signed 4.7 million square feet of development leases in 2024, significantly exceeding the budgeted 2.8 million square feet [16][12] - Cash rental rates for leases signed with a 2025 commencement date increased by 33%, with a 42% increase excluding a fixed-rate renewal in Central Pennsylvania [14][12] - The company expects cash rental rate growth for 2025 to range from 30% to 40% overall [15][12] Market Data and Key Metrics Changes - The U.S. industrial market vacancy rate rose to 6.1% at year-end 2024, a 30 basis point increase from Q3 2024 [11][12] - New construction starts were 62% lower than the peak in Q3 2022, with only 43 million square feet breaking ground in Q4 2024 [11][12] - Net absorption nationally was 24 million square feet in Q4 2024, with 15 million square feet occurring in the company's target markets [12][12] Company Strategy and Development Direction - The company is focused on long-term growth through development leasing and rental rate increases, with a strong emphasis on maintaining high occupancy rates [32][12] - Future development opportunities are being targeted in Pennsylvania, Texas, and Florida, with a total land position that can accommodate 15 million square feet of growth [21][12][46] - The company plans to continue trimming its portfolio, having sold $2.4 billion of legacy assets since 2010, and expects asset sales of up to $75 million in 2025 [22][23][12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment post-election, noting an increase in leasing activity and demand [12][12] - The company anticipates a 10% growth in FFO for 2025, with key assumptions including an average occupancy range of 95% to 96% [29][12] - Management highlighted that while some markets are experiencing falling rents, leasing activity remains robust, indicating a potential recovery in demand [60][12] Other Important Information - The Board of Directors declared a dividend of 44.5 cents per share, a 20.3% increase aligned with anticipated cash flow growth [24][12] - The company has not seen significant impacts from potential tariffs on China, with tenant activity remaining steady [88][12] Q&A Session Summary Question: Insights on Los Angeles and Inland Empire markets - Management noted an increase in tours and proposals post-election, indicating a positive trend in demand [35][12] Question: Update on Denver market leasing - Management acknowledged improved demand in Denver but noted that decision-making remains elongated [44][12] Question: Development pipeline leasing assumptions - The company is assuming 1.6 million square feet of development lease-up, primarily in the second half of 2025 [39][12] Question: Tenant retention rates and bad debt - Tenant retention was high at 77% in 2024, with bad debt expense at a low 10 basis points of gross revenue [69][71] Question: Future development funding - Funding for development will come from excess cash flow, sales, and borrowings on the line of credit [48][12] Question: Market rent growth expectations - Management expects modest rent growth across various markets, with some areas potentially seeing declines [84][12] Question: Impact of automation on space needs - Management indicated that while some tenants are investing in automation, it is not leading to a significant reduction in space needs [118][12] Question: Wildfire impact on rebuilding efforts - Management believes that the LA market may benefit from rebuilding efforts, particularly in infrastructure and storage needs [125][12] Question: Development lease-up timing - Management clarified that most development leases signed in 2024 will impact cash flow in 2025, with some projects expected to start leasing in Q1 and Q3 of 2025 [138][12]

Core Viewpoint - First Industrial Realty Trust reported strong quarterly funds from operations (FFO) of $0.71 per share, exceeding the Zacks Consensus Estimate of $0.69 per share, and showing an increase from $0.63 per share a year ago [1][2] Financial Performance - The company achieved revenues of $175.59 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.60%, compared to $157.28 million in the same quarter last year [2] - Over the last four quarters, First Industrial Realty Trust has exceeded consensus FFO estimates three times and topped revenue estimates four times [2] Stock Performance - Since the beginning of the year, First Industrial Realty Trust shares have increased by approximately 7.2%, outperforming the S&P 500's gain of 2.7% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.68 on revenues of $173.08 million, and for the current fiscal year, it is $2.86 on revenues of $702.14 million [7] - The estimate revisions trend for First Industrial Realty Trust is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The REIT and Equity Trust - Other industry is currently ranked in the bottom 33% of over 250 Zacks industries, suggesting that the outlook for the industry could significantly impact the stock's performance [8]

FIRST INDUSTRIAL REALTY TRUST REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS CHICAGO, February 5, 2025 – First Industrial Realty Trust, Inc. (NYSE: FR), a leading fully integrated owner, operator and developer of logistics real estate, today announced results for the fourth quarter and full year 2024. First Industrial's diluted net income available to common stockholders per share (EPS) was $0.52 in the fourth quarter, compared to $0.67 a year ago. Full year 2024 EPS was $2.17, compared to $2.07 in 2023. ...

2025 NAREIT FFO Guidance Initiated at a Range of $2.87 to $2.97 Per Share/Unit, Approximately 10% Growth at the Midpoint Increased First Quarter 2025 Dividend to $0.445 Per Share, a 20.3% Increase Signed 4.7 Million Square Feet of Development Leases in 2024 Inclusive of Joint Venture, Second Highest Annual Total Since 2012; 1.4 Million Square Feet Signed in the Fourth Quarter Cash Rental Rates Up 50.8%, Second Consecutive Annual Increase Greater Than 50% 33% Cash Rental Rate Increase on Leases Signed To-Da ...

PRESS RELEASEParis, February 5, 2025 Information on the total number of voting rightsand shares forming the share capital(Article L.233-8 II of the French Commercial Code andArticle 223-16 of the General Regulation of the French Financial Markets Authority) DateIssued capitalPar valueTotal number of sharesTotal number of voting rightsTheoretical*Exercisable**January 31, 2025€ 244,633,504<td style="width:69. ...