Andrew Moffs First Industrial Realty Trust FR-N PAST TOP PICK Jan 30, 2025

Fed is thinking of ending QE early which could take the bite out of silver. It is below its 20 and 50 day moving averages so it is a bit concerning. You might want to consider stepping aside.

In the 15 tightest markets in the US, with very low vacancy rates. Mostly in southern California, which benefits from being home to a #1 distribution hub. Leader in earnings growth in 2023 with lease renewal. Solid development pipeline. 20-25% discount to NAV. Expects 8% earnings growth this year. Could be an M&A target. Yield is 2.46%.

Concentrated in 15 of the top US markets. Outside of DIR.UN, his best idea for industrial warehousing globally. Over 20% discount to NAV. Southern California strong industrial hub. Inflation has muted new starts, yet demand is increasing, so pricing power should return next year. Expiring leases can be renewed higher. Yield is 3%.

If discount to NAV persists, possible takeout candidate.

Exclusively in the US, a strong industrial market. Zeroes in on 15 of the best industrial markets. Heavy concentration in southern California, home to the largest port in NA. Big development pipeline, waiting to be leased. Positive is that money's all been spent, only upside from here. 15-16% discount to NAV, 8-9% internal growth. Yield is 2.9%.

Strong industrial fundamentals, yet recent weakness because of new supply and slower leasing decisions. That's all priced in. One of the best portfolios in public markets. 27% discount to NAV. Cashflows go higher by 40-50% on each lease renewal. Right time to buy.

Bullish on the space. Got really close to its NAV of ~%58, so he took the opportunity to exit. Reallocated proceeds to other industrial warehouse names that trade at a discount.