First Industrial Realty Trust, Inc. (NYSE:FR) Q4 2022 Earnings Conference Call February 9, 2023 11:00 AM ET
Company Participants
Arthur Harmon - VP, IR & Marketing
Peter Baccile - President, CEO & Director
Scott Musil - CFO, SVP, Treasurer & Assistant Secretary
Jennifer Matthews Rice - General Counsel & Secretary
Johannson Yap - Co-Founder, CIO & EVP, West Region
Christopher Schneider - SVP, Operations & Chief Information Officer
Peter Schultz - EVP
Conference Call Participants
Ki Bin Kim - Truist Securities
Robert Stevenson - Janney Montgomery Scott
Greg McGinniss - Scotiabank
Todd Thomas - KeyBanc Capital Markets
Vikram Malhotra - Mizuho Securities
Michael Mueller - JPMorgan Chase & Co.
Richard Anderson - SMBC
Anthony Powell - Barclays Bank
David Rodgers - Robert W. Baird & Co.
Operator
Good day, and welcome to the First Industrial Realty Trust, Inc. Fourth Quarter Results Call. [Operator Instructions].
I would now like to turn the conference over to Art Harmon, Vice President of Investor Relations and Marketing. Please go ahead.
Arthur Harmon
Thank you, Dave. Hello, everybody, and welcome to our call. Before we discuss our fourth quarter and full year 2022 results and our initial guidance for 2023, let me remind everyone that our call may include forward-looking statements as defined by federal securities laws. These statements are based on management's expectations, plans and estimates of our prospects. Today's statements may be time sensitive and accurate only as of today's date, February 9, 2023.
We assume no obligation to update our statements or the other information we provide. Actual results may differ materially from our forward-looking statements and factors which could cause this are described in our 10-K and other SEC filings. You can find a reconciliation of non-GAAP financial measures discussed in today's call in our supplemental report and our earnings release.
The supplemental report, earnings release and our SEC filings are available at firstindustrial.com under the Investors tab. Our call will begin with remarks by Peter Baccile, our President and Chief Executive Officer; and Scott Musil, our Chief Financial Officer, after which we'll open it up for your questions. Also on the call today are Jojo Yap, Chief Investment Officer; Peter Schultz, Executive Vice President; Chris Schneider, Senior Vice President of Operations; and Bob Walter, Senior Vice President of Capital Markets and Asset Management.
Now let me turn the call over to Peter.
Peter Baccile
Thank you, Art, and thank you all for joining us today. The First Industrial team delivered another excellent performance in 2022. We ended the year with in-service occupancy of 98.8%, and achieved an annual cash rental rate increase of 26.7% on our 2022 commencements, both our First Industrial records. The end result was an FR record-setting annual increase in cash same-store NOI of 10.1% that Scott will discuss further in his remarks.