(1)
| (A)Funds from operations ("FFO") is a non-GAAP measure used in the real estate industry. See definition and a complete reconciliation of FFO to Net Income (Loss) Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities under the caption "Supplemental Earnings Measure" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations."
| | | | | | | Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations." |
The Operating Partnership
| | | | | | | | | | | | | | | | | | | | | | | Year Ended 12/31/17 | | Year Ended 12/31/16 | | Year Ended 12/31/15 | | Year Ended 12/31/14 | | Year Ended 12/31/13 | | | (In thousands, except per Unit data) | | Statement of Operations Data: | | | | | | | | | | | Total Revenues | $ | 396,402 |
| | $ | 378,020 |
| | $ | 365,823 |
| | $ | 346,709 |
| | $ | 320,808 |
| | Income from Continuing Operations | 208,301 |
| | 125,684 |
| | 76,820 |
| | 23,434 |
| | 4,908 |
| | Net Income Available to Unitholders and Participating Securities | 208,158 |
| | 125,547 |
| | 76,682 |
| | 48,704 |
| | 27,033 |
| | Basic Per Unit Data: | | | | | | | | | | | Income (Loss) from Continuing Operations Available to Unitholders | $ | 1.70 |
| | $ | 1.05 |
| | $ | 0.67 |
| | $ | 0.18 |
| | $ | (0.09 | ) | | Net Income Available to Unitholders | 1.70 |
| | 1.05 |
| | 0.67 |
| | 0.42 |
| | 0.24 |
| | Diluted Per Unit Data: | | | | | | | | | | | Income (Loss) from Continuing Operations Available to Unitholders | $ | 1.69 |
| | $ | 1.05 |
| | $ | 0.66 |
| | $ | 0.18 |
| | $ | (0.09 | ) | | Net Income Available to Unitholders | 1.69 |
| | 1.05 |
| | 0.66 |
| | 0.42 |
| | 0.24 |
| | Distributions Per Unit | $ | 0.84 |
| | $ | 0.76 |
| | $ | 0.51 |
| | $ | 0.41 |
| | $ | 0.34 |
| | Basic Weighted Average Units | 122,306 |
| | 119,274 |
| | 114,709 |
| | 114,388 |
| | 111,646 |
| | Diluted Weighted Average Units | 122,821 |
| | 119,614 |
| | 115,138 |
| | 114,791 |
| | 111,646 |
| | Balance Sheet Data (End of Period): | | | | | | | | | | | Real Estate, Before Accumulated Depreciation | $ | 3,495,745 |
| | $ | 3,384,914 |
| | $ | 3,293,968 |
| | $ | 3,183,369 |
| | $ | 3,119,547 |
| | Total Assets | 2,951,180 |
| | 2,803,701 |
| | 2,720,523 |
| | 2,585,624 |
| | 2,601,291 |
| | Indebtedness | 1,296,997 |
| | 1,347,092 |
| | 1,434,168 |
| | 1,342,762 |
| | 1,289,986 |
| | Total Partners' Capital | 1,485,995 |
| | 1,295,063 |
| | 1,125,850 |
| | 1,101,590 |
| | 1,181,817 |
| | Cash Flow Data: | | | | | | | | | | | Cash Flow From Operating Activities | $ | 191,428 |
| | $ | 173,612 |
| | $ | 162,286 |
| | $ | 137,918 |
| | $ | 126,410 |
| | Cash Flow From Investing Activities | (96,228 | ) | | (110,992 | ) | | (197,074 | ) | | (69,724 | ) | | (61,926 | ) | | Cash Flow From Financing Activities | (83,913 | ) | | (56,748 | ) | | 29,304 |
| | (66,253 | ) | | (61,800 | ) |
| | | Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the sections of this Form 10-K titled "Forward-Looking Statements" and "Selected Financial Data" and the Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K. Business OverviewSummary of 2020
The CompanyDespite the COVID-19 pandemic, our operating results remained strong in 2020. Our year-end occupancy was 95.7% and during 2020 we grew cash rental rates by 13.5%, which is the second highest annual increase in our history. We collected 99% of our monthly rental billings from April through December of 2020. We granted $1.0 million of rent deferral requests during the year, all of which have now been collected. However, our accounts receivable reserves were higher than our bad debt experience over the past several years. During the year ended December 31, 2020, we recorded a self-administeredreserve on accounts receivable (or did not recognize rental revenue due to converting certain tenants to cash basis) of $1.8 million and fully integrated real estate company which owns, manages, acquires, sells, developsalso recorded a reserve of $1.7 million related to our deferred rent receivables. During the first quarter of 2020, we temporarily suspended all new speculative vertical development projects other than completing development and redevelops industrial real estate. The Company is a Maryland corporation organizedredevelopment properties that were already in progress and expenditures required to obtain permits and other horizontal construction work. During the fourth quarter of 2020, we resumed speculative development activity in our target markets due to favorable market conditions. Although the impact of COVID-19 pandemic had an overall minimal impact on August 10, 1993us in 2020, with the continued uncertainty regarding the COVID-19 pandemic and a real estate investment trust as defined inits impact on the Code.
We believeeconomy we cannot predict the future impact the COVID-19 pandemic may have on our business, future financial condition and results of operations are, primarily, a function of our performance in four key areas: leasing of industrial properties, acquisition and development of additional industrial properties, disposition of industrial properties and access to external capital.operating results.
We generate revenue primarily from rental income and tenant recoveries from operating leases of our industrial properties. Such revenue is offset by certain property specific operating expenses, such as real estate taxes, repairs and maintenance, property management, utilities and insurance expenses, along with certain other costs and expenses, such as depreciation and amortization costs and general and administrative and interest expenses. Our revenue growth is dependent, in part, on our ability to: (i) increase rental income, through increasing either or both occupancy rates and rental rates at our properties; (ii) maximize tenant recoveries; and (iii) minimize operating and certain other expenses. Revenues generated from rental income and tenant recoveries are a significant source of funds, in addition to income generated from gains on the sale of our properties (as discussed below), for our liquidity. The leasing of property, in general, and occupancy rates, rental rates, operating expenses and certain non-operating expenses, in particular, are impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond our control. The leasing of property also entails various risks, including the risk of tenant default. If we were unable to maintain or increase occupancy rates and rental rates at our properties or to maintain tenant recoveries and operating and certain other expenses consistent with historical levels and proportions, our revenue would decline. Further, if a significant number of our tenants were unable to pay rent (including tenant recoveries) or if we were unable to rent our properties on favorable terms, our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units would be adversely affected.
Our revenue growth is also dependent, in part, on our ability to acquire existing, and develop new industrial properties on favorable terms. We seek to identify opportunities to acquire existing industrial properties on favorable terms, and, when conditions permit, also seek to acquire and develop new industrial properties on favorable terms. Existing properties, as they are acquired, and acquired and developed properties, as they are leased, generate revenue from rental income, tenant recoveries and fees, income from which, as discussed above, is a source of funds for our distributions to our stockholders and Unitholders. The acquisition and development of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond our control. The acquisition and development of properties also entails various risks, including the risk that our investments may not perform as expected. For example, acquired existing and acquired and developed new properties may not sustain and/or achieve anticipated occupancy and rental rate levels. With respect to acquired and developed new properties, we may not be able to complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties. Also, we face significant competition for attractive acquisition and development opportunities from other well-capitalized real estate investors, including publicly-traded REITs and private investors. Further, as discussed below, we may not be able to finance the acquisition and development opportunities we identify. If we were unable to acquire and develop sufficient additional properties on favorable terms, or if such investments did not perform as expected, our revenue growth would be limited and our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units would be adversely affected.
We also generate income from the sale of our properties (including existing buildings, buildings which we have developed or re-developed on a merchant basis and land). The gain or loss on, and fees from, the sale of such properties are included in our income and can be a significant source of funds, in addition to revenues generated from rental income and tenant recoveries. Proceeds from sales are used to repay outstanding debt and, market conditions permitting, may be used to fund the acquisition of existing industrial properties, and the acquisition and development of new industrial properties. The sale of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond our control. The sale of properties also entails various risks, including competition from other sellers and the availability of attractive financing for potential buyers of our properties. Further, our ability to sell properties is limited by safe harbor rules applying to REITs under the Code which relate to the number of properties that may be disposed of in a year, their tax bases and the cost of improvements made to the properties, along with other tests which enable a REIT to avoid punitive taxation on the sale of assets. If we are unable to sell properties on favorable terms, our income growth would be limited and our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.
We utilize a portion of the net sales proceeds from property sales, borrowings under our Unsecured Credit Facility and proceeds from the issuance, when and as warranted, of additional debt and equity securities to refinance debt and finance future acquisitions and developments. Access to external capital on favorable terms plays a key role in our financial condition and results of operations, as it impacts our cost of capital and our ability and cost to refinance existing indebtedness as it matures and our ability to fund acquisitions and developments. Our ability to access external capital on favorable terms is dependent on various factors, including general market conditions, interest rates, credit ratings on our debt, the market’s perception of our growth potential, our current and potential future earnings and cash distributions and the market price of the Company's common stock. If we were unable to access external capital on favorable terms, our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.
Summary of Significant Transactions During 2017
During 2017,In 2020, we completed the following significant transactions and financing activities:
•We acquired eight industrial properties comprisingcomprised of approximately 1.11.5 million square feet of GLA located in our Baltimore/Washington, Northern California, Phoenix and several land parcelsSouthern California markets for an aggregate purchase price of approximately $174.2$154.4 million. These properties were 92% leased at December 31, 2020. •We added to our development pipeline 128.8 acres of land located in our Central Florida, Seattle, South Florida and Southern California markets for an aggregate purchase price of $69.6 million. •We placed in-service, a10 industrial properties comprising approximately 2.5 million square feet of GLA located in our Dallas/Ft. Worth, Houston, Phoenix, South Florida and Southern California markets at an estimated total cost of $221.7 million. These properties were 79% leased at December 31, 2020. •We commenced development projectfor five development projects totaling approximately 0.61.0 million square feet of GLA at aan estimated total costinvestment of $135.3 million. •We sold 29 industrial properties comprised of approximately $45.4 million. The occupancy of this development project is 100% at December 31, 2017. We sold 60 industrial properties comprising approximately 4.61.9 million square feet of GLA for total gross sales proceeds of $153.4 million. Included in these sales were our remaining industrial properties located in Indianapolis, IN and Tampa, FL.
•One of our joint ventures sold 93.5 acres of land and a newly constructed 0.6 million square foot building (of which we were the purchaser) located in Phoenix, AZ for gross proceeds of $60.0 million. •We entered into a new joint venture through which we acquired, for a purchase price of $70.5 million, approximately $236.1 million.569 net developable acres of land located in Phoenix for the purpose of developing, leasing, and operating industrial properties and potentially selling land.
We completed the following financing activities during the year ended December 31, 2020: •We issued 1,842,281 shares of our common stock, through "at-the-market" ("ATM") offerings, resulting in net proceeds of $78.7 million. •We issued $100.0 million of ten-year $125.0 million private placement unsecured notes at a fixed rate of 4.30%2.74% and $200.0 million of twelve-year $75.0 million private placement unsecured notes at a fixed rate of 4.40%2.84%. Also, subsequent to year-end, we issued $150 million of 3.86% fixed rate senior unsecured notes with •We entered into a 10-year term and $150 million of 3.96% fixed rate seniornew unsecured notes with a 12-year term. See Subsequent Events. We amended the terms of our revolving line of credit to, among other things, decrease the interest spread, based on our current leverage, by five basis points, increase available capacity by $100 million and extend the maturity to October 2021, with a one-year extension option.
We amended the terms of both term loan agreements to, among other things, decrease by 50 basis points the interest spread onfacility that refinanced our $200$200.0 million term loan which maturesfacility previously scheduled to mature in January 2021. The new loan has an initial maturity of July 15, 2021 and decrease by a 40includes two, one-year extension options at our election. The new loan provides for interest only payments and currently bears an interest rate based of LIBOR plus 150 basis points the interest spread on our $260 million term loan, which matures in September 2022.points.
•We paid off and retired $156.9 million of unsecured notes with an average interest rate of 6.49% as well as $36.1$25.4 million in mortgage loans payable with an average interest rate of 5.58%.payable. We issued 2,560,000 shares of the Company's common stock in an underwritten public offering for proceeds, net of underwriting discounts and commissions, of $74.9 million.
•We declared an annual cash dividend of $0.84$1.00 per common share or Unit, an increase of 10.5%8.7% from 2016.2019.
Results of Operations Comparison of Year Ended December 31, 20172020 to Year Ended December 31, 20162019 Our net income was $208.3$200.2 million and $125.7$243.9 million for the years ended December 31, 20172020 and 2016,2019, respectively. The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 20172020 and 2016.2019. Same store properties are properties owned prior to January 1, 20162019 and held as an in-service property through December 31, 20172020 and developments and redevelopments that were placed in service prior to January 1, 2016 or were substantially completed for the 12 months prior to January 1, 2016.2019. Properties which are at least 75% occupied at acquisition are placed in service, unless we anticipate the tenants to move out inwithin the first yeartwo years of ownership. Acquisitions that are less than 75% occupied at the date of acquisition, developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined(defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Acquired properties with occupancy greater than 75% at acquisition, but with tenants that we anticipate will move out in the first yearwithin two years of ownership, will be placed in service upon the earlier of reaching 90% occupancy or twelve months after move out. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 20152018 and held as an operating property through December 31, 2017.2020. Sold properties are properties that were sold subsequent to December 31, 2015.2018. (Re)Developments include developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2016;2019; or b) stabilized prior to January 1, 2016.2019. Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses. During the year ended December 31, 2017,2018, one industrial property, comprising approximately 0.1 million square feet of GLA, was taken out of service due to a fire which caused major damage to the building.for redevelopment. As a result of taking this industrial property out of service, the results of operations related to this property were reclassified from the same store property classification to the (re)development classification. Additionally, duringDuring the year ended December 31, 2018, we completed the redevelopment of this property and as of December 31, 2018, the property was 100% leased. This property returned to the same store classification in the first quarter 2020. During the year ended December 31, 2016, one industrial property, comprising approximately 28 thousand square feet of GLA, was taken out of service due to a fire which caused complete destruction of the building. The results of this property are also included in the (re)development classification. We intend to rebuild and repair both of these damaged buildings and will reclassify the operations of both properties to the same store classification following a complete calendar year of in service classification. During the year ended December 31, 2015, one industrial property, comprising approximately 0.2 million square feet2019, we completed the rebuild of GLA, was taken out of service with the intention of demolishing the industrialthis property and developing a new industrial property. During the year endedas of December 31, 2016,2019, the newly developed industrial property was completed and the results related to this industrial property are included in the (re)development classification.100% leased. This property will return to the same store classification in the first quarter of 2018.2021. Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition, (re)development and sale of properties. Our future revenues and expenses may vary materially from historical rates. For the years ended December 31, 20172020 and 2016,2019, the average occupancy rates of our same store properties were 96.2%97.1% and 96.4%97.7%, respectively.
| | | | 2017 | | 2016 | | $ Change | | % Change | | 2020 | | 2019 | | $ Change | | % Change | | | (In thousands) | | | | (In thousands) | | | | REVENUES | | | | | | | | REVENUES | | | Same Store Properties | $ | 339,403 |
| | $ | 329,704 |
| | $ | 9,699 |
| | 2.9 | % | Same Store Properties | $ | 376,511 | | | $ | 366,952 | | | $ | 9,559 | | | 2.6 | % | | Acquired Properties | 9,021 |
| | 2,409 |
| | 6,612 |
| | 274.5 | % | Acquired Properties | 8,132 | | | 1,711 | | | 6,421 | | | 375.3 | % | | Sold Properties | 17,010 |
| | 33,260 |
| | (16,250 | ) | | (48.9 | )% | Sold Properties | 12,947 | | | 44,210 | | | (31,263) | | | (70.7) | % | | (Re) Developments | 26,850 |
| | 10,036 |
| | 16,814 |
| | 167.5 | % | (Re) Developments | 35,139 | | | 7,361 | | | 27,778 | | | 377.4 | % | | Other | 4,118 |
| | 2,611 |
| | 1,507 |
| | 57.7 | % | Other | 15,299 | | | 5,750 | | | 9,549 | | | 166.1 | % | | Total Revenues | $ | 396,402 |
| | $ | 378,020 |
| | $ | 18,382 |
| | 4.9 | % | Total Revenues | $ | 448,028 | | | $ | 425,984 | | | $ | 22,044 | | | 5.2 | % |
Revenues from same store properties increased $9.7$9.6 million primarily due primarily to an increase in rental rates andas well as tenant recoveries, slightly offset by a decrease in occupancy.occupancy and an increase in reserves taken on accounts receivable and deferred rent receivable amounts for tenants due to our assessment that full collection of future contractual lease payments was no longer probable. Revenues from acquired properties increased $6.6$6.4 million due to the 1417 industrial properties acquired subsequent to December 31, 20152018 totaling approximately 1.82.1 million square feet of GLA. Revenues from sold properties decreased $16.3$31.3 million due to the 12369 industrial properties sold subsequent to December 31, 20152018 totaling approximately 8.67.8 million square feet of GLA. Revenues from (re)developments increased $16.8 million due to an increase in occupancy. Other revenues increased $1.5 million primarily due to an increase in occupancy related to three properties acquired in the year ended December 31, 2015 that were placed in service during the year ended December 31, 2016. | | | | | | | | | | | | | | | | | | 2017 | | 2016 | | $ Change | | % Change | | | (In thousands) | | | | PROPERTY EXPENSES | | | | | | | | | Same Store Properties | $ | 90,755 |
| | $ | 88,218 |
| | $ | 2,537 |
| | 2.9 | % | | Acquired Properties | 2,462 |
| | 600 |
| | 1,862 |
| | 310.3 | % | | Sold Properties | 5,527 |
| | 11,684 |
| | (6,157 | ) | | (52.7 | )% | | (Re) Developments | 5,797 |
| | 2,449 |
| | 3,348 |
| | 136.7 | % | | Other | 8,953 |
| | 9,373 |
| | (420 | ) | | (4.5 | )% | | Total Property Expenses | $ | 113,494 |
| | $ | 112,324 |
| | $ | 1,170 |
| | 1.0 | % |
Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $2.5 million primarily due to an increase in real estate tax expense caused by higher assessed values on our properties and real estate tax abatements expiring. Property expenses from acquired properties increased $1.9 million due to properties acquired subsequent to December 31, 2015. Property expenses from sold properties decreased $6.2 million due to properties sold subsequent to December 31, 2015. Property expenses from (re)developments increased $3.3 million primarily due to the substantial completion of developments. Other property expenses decreased $0.4 million due to a decrease in certain miscellaneous expenses.
General and administrative expense increased $1.4 million, or 5.2%, primarily due to an increase in incentive compensation during the year ended December 31, 2017 as compared to the year ended December 31, 2016.
As discussed in Note 2 to the Consolidated Financial Statements, on January 1, 2017 we adopted a new accounting standard relating to the definition of a business. As a result of this adoption, our acquisitions of real estate during the year ended December 31, 2017 did not meet the definition of a business combination and thus the closing costs, which historically have been expensed, were capitalized as part of the basis of the real estate assets acquired. For the year ended December 31, 2016, we recognized $0.5 million of expenses related to costs associated with acquiring industrial properties from third parties.
| | | | | | | | | | | | | | | | | | 2017 | | 2016 | | $ Change | | % Change | | | (In thousands) | | | | DEPRECIATION AND OTHER AMORTIZATION | | | | | | | | | Same Store Properties | $ | 97,516 |
| | $ | 98,909 |
| | $ | (1,393 | ) | | (1.4 | )% | | Acquired Properties | 4,874 |
| | 1,358 |
| | 3,516 |
| | 258.9 | % | | Sold Properties | 4,305 |
| | 9,352 |
| | (5,047 | ) | | (54.0 | )% | | (Re) Developments | 7,223 |
| | 5,404 |
| | 1,819 |
| | 33.7 | % | | Corporate Furniture, Fixtures and Equipment and Other | 2,446 |
| | 2,259 |
| | 187 |
| | 8.3 | % | | Total Depreciation and Other Amortization | $ | 116,364 |
| | $ | 117,282 |
| | $ | (918 | ) | | (0.8 | )% |
Depreciation and other amortization from same store properties decreased by $1.4 million due to accelerated depreciation and amortization taken during the year ended December 31, 2016 attributable to certain tenants who terminated their leases early. Depreciation and other amortization from acquired properties increased $3.5 million due to properties acquired subsequent to December 31, 2015. Depreciation and other amortization from sold properties decreased $5.0 million due to properties sold subsequent to December 31, 2015. Depreciation and other amortization from (re)developments increased $1.8 million primarily due to an increase in depreciation and amortization related to completed developments offset by accelerated depreciation on one property in Rancho Dominguez, CA which was razed during the year ended December 31, 2016. Depreciation from corporate furniture, fixtures and equipment and other increased $0.2 million due to higher depreciation related to incurred leasing costs at three properties acquired in the year ended December 31, 2015 that were placed in service during the year ended December 31, 2016.
For the year ended December 31, 2017, we recognized $131.3 million of gain on sale of real estate related to the sale of 60 industrial properties comprising approximately 4.6 million square feet of GLA and one land parcel. For the year ended December 31, 2016, we recognized $68.2 million of gain on sale of real estate related to the sale of 63 industrial properties comprising approximately 3.9 million square feet of GLA and several land parcels.
Interest expense decreased $2.2 million, or 3.8%, primarily due to a decrease in the weighted average interest rate for the year ended December 31, 2017 (4.42%) as compared to the year ended December 31, 2016 (4.50%), a decrease in the weighted average debt balance outstanding for the year ended December 31, 2017 ($1,392.2 million) as compared to the year ended December 31, 2016 ($1,400.5 million) and an increase in capitalized interest of $0.8 million for the year ended December 31, 2017 as compared to the year ended December 31, 2016 due to an increase in development activities.
Amortization of debt issuance costs remained relatively unchanged.
In September 2017, we entered into interest rate protection agreements (the “Treasury Locks”) in order to fix the interest rate on an anticipated unsecured debt offering. The Treasury Locks were settled during the fourth quarter. Due to the strict requirements surrounding the application of hedge accounting, we elected not to designate the Treasury Locks as hedges. As such, the Company recorded the full change in the fair value of the Treasury Locks within the income statement as opposed to being recorded in other comprehensive income. During the year ended December 31, 2017, we recorded $1.9 million of settlement gain on interest rate protection agreements.
For the year ended December 31, 2017, we recognized a loss from retirement of debt of $1.8 million due to prepayment penalties related to the early payoff of certain mortgage loans and the write-off of unamortized debt issuance costs on these mortgage loans as well as the write-off of unamortized debt issuance costs related to an exiting lender on our revolving line of credit and one of our unsecured term loans.
The income tax provision remained relatively unchanged.
Comparison of Year Ended December 31, 2016 to Year Ended December 31, 2015
The Company's net income was $125.7 million and $76.7 million for the years ended December 31, 2016 and 2015, respectively. The Operating Partnership's net income was $125.7 million and $76.8 million for the years ended December 31, 2016 and 2015, respectively.
The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2016 and 2015. Same store properties are properties owned prior to January 1, 2015 and held as an in-service property through December 31, 2016 and developments and redevelopments that were placed in service prior to January 1, 2015 or were substantially completed for the 12 months prior to January 1, 2015. Properties which are at least 75% occupied at acquisition are placed in service, unless we anticipate the tenants to move out in the first year of ownership. Acquisitions that are less than 75% occupied at the date of acquisition, developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Acquired properties with occupancy greater than 75% at acquisition, but with tenants that we anticipate will move out in the first year of ownership, will be placed in service upon the earlier of reaching 90% occupancy or twelve months after move out. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2014 and held as an operating property through December 31, 2016. Sold properties are properties that were sold subsequent to December 31, 2014. (Re)Developments include developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2015; or b) stabilized prior to January 1, 2015. Other revenues are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company and other miscellaneous revenues. Other property expenses are derived from the operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.
During the year ended December 31, 2015, one industrial property, comprising approximately 0.2 million square feet of GLA, was taken out of service with the intention of demolishing the industrial property and developing a new industrial property. During the year ended December 31, 2016, the newly developed industrial property was completed and the results related to this industrial property are included in the (re)development classification. This property will return to the same store classification in the first quarter of 2018.
During the year ended December 31, 2016, one industrial property, comprising approximately 28 thousand square feet of GLA, was taken out of service due to a fire which caused complete destruction of the building. As a result of taking the industrial property out of service, the results related to this industrial property were reclassified from the same store classification to the (re) development classification. We intend to rebuild the damaged building and will reclassify the operations of the property to the same store classification following a complete calendar year of in service classification.
Our future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition, (re)development and sale of properties. Our future revenues and expenses may vary materially from historical rates.
For the years ended December 31, 2016 and 2015, the average occupancy rates of our same store properties were 95.9% and 95.2%, respectively.
| | | | | | | | | | | | | | | | | | 2016 | | 2015 | | $ Change | | % Change | | | (In thousands) | | | | REVENUES | | | | | | | | | Same Store Properties | $ | 335,674 |
| | $ | 324,280 |
| | $ | 11,394 |
| | 3.5 | % | | Acquired Properties | 10,367 |
| | 2,189 |
| | 8,178 |
| | 373.6 | % | | Sold Properties | 9,429 |
| | 32,222 |
| | (22,793 | ) | | (70.7 | )% | | (Re) Developments | 20,297 |
| | 5,129 |
| | 15,168 |
| | 295.7 | % | | Other | 2,253 |
| | 2,003 |
| | 250 |
| | 12.5 | % | | Total Revenues | $ | 378,020 |
| | $ | 365,823 |
| | $ | 12,197 |
| | 3.3 | % |
Revenues from same store properties increased $11.4 million due primarily to an increase in occupancy, rental rates and tenant recoveries. Revenues from acquired properties increased $8.2 million due to the 14 industrial properties acquired subsequent to December 31, 2014 totaling approximately 2.7 million square feet of GLA. Revenues from sold properties decreased $22.8 million due to the 129 industrial properties sold subsequent to December 31, 2014 totaling approximately 7.7 million square feet of GLA. Revenues from (re)developments increased $15.2$27.8 million due to an increase in occupancy. Other revenuesoccupancy and tenant recoveries as well as $1.1 million of final insurance proceeds received and recorded as revenue related to a property that was destroyed by fire in 2016. Revenues from other increased $0.3$9.5 million primarily due to an increase in occupancyfinal insurance settlement proceeds of $5.4 million received and recorded as revenue related to a property acquiredthat was destroyed by fire in 2017, the acquisition of partially occupied properties during 2018 that were not yet stabilized at December 31, 2018 and therefore are not yet included in the year ended December 31, 2014 that was placedsame store pool and the acquisition of a land site during 2019 on which we intend to develop industrial buildings in service during the year ended December 31, 2015.future but currently are leasing to tenants and collecting ground lease rent.
| | | | 2016 | | 2015 | | $ Change | | % Change | | 2020 | | 2019 | | $ Change | | % Change | | | (In thousands) | | | | (In thousands) | | | | PROPERTY EXPENSES | | | | | | | | PROPERTY EXPENSES | | | Same Store Properties | $ | 91,462 |
| | $ | 90,241 |
| | $ | 1,221 |
| | 1.4 | % | Same Store Properties | $ | 92,588 | | | $ | 90,476 | | | $ | 2,112 | | | 2.3 | % | | Acquired Properties | 3,098 |
| | 516 |
| | 2,582 |
| | 500.4 | % | Acquired Properties | 2,386 | | | 598 | | | 1,788 | | | 299.0 | % | | Sold Properties | 3,925 |
| | 12,779 |
| | (8,854 | ) | | (69.3 | )% | Sold Properties | 3,495 | | | 13,048 | | | (9,553) | | | (73.2) | % | | (Re) Developments | 5,240 |
| | 2,122 |
| | 3,118 |
| | 146.9 | % | (Re) Developments | 10,328 | | | 2,570 | | | 7,758 | | | 301.9 | % | | Other | 8,599 |
| | 8,970 |
| | (371 | ) | | (4.1 | )% | Other | 10,398 | | | 9,893 | | | 505 | | | 5.1 | % | | Total Property Expenses | $ | 112,324 |
| | $ | 114,628 |
| | $ | (2,304 | ) | | (2.0 | )% | Total Property Expenses | $ | 119,195 | | | $ | 116,585 | | | $ | 2,610 | | | 2.2 | % |
Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $1.2$2.1 million primarily due to an increase in real estate taxes and insurance, partially offset by a decrease in real estate tax refunds received in 2016 compared to 2015.repairs and maintenance and snow removal costs. Property expenses from acquired properties increased $2.6$1.8 million due to properties acquired subsequent to December 31, 2014.2018. Property expenses from sold properties decreased $8.9$9.6 million due to properties sold subsequent to December 31, 2014.2018. Property expenses from (re)developments increased $3.1$7.8 million primarily due to the substantial completion of developments. Other propertyProperty expenses remained relatively unchanged. General and administrative expense for the Companyfrom other increased $1.3$0.5 million or 5.3%, and for the Operating Partnership increased $1.5 million, or 5.8%, in each case primarily due to an increase in compensation, partiallyreal estate tax expense on developable land and on a land site we acquired during 2019 on which we intend to develop industrial buildings in the future but currently we are leasing it to tenants and collecting ground lease rent and certain miscellaneous expenses, offset by a decrease in professional servicemaintenance company expenses.
General and administrative expense increased by $4.3 million, or 15.0%, primarily due to an increase in incentive compensation as well as severance expense of $0.9 million associated with the closing of our Indianapolis regional office during the year ended December 31, 2016 as compared to the year ended December 31, 2015. For the years ended December 31, 2016 and 2015, we recognized $0.5 million and $1.4 million, respectively, of expense related to costs associated with acquiring industrial properties from third parties.
The impairment charge for the year ended December 31, 2015 of $0.6 million is due to marketing certain properties for sale and our assessment of the likelihood of a potential sale transaction.
2020.
| | | | 2016 | | 2015 | | $ Change | | % Change | | 2020 | | 2019 | | $ Change | | % Change | | | (In thousands) | | | | (In thousands) | | | | DEPRECIATION AND OTHER AMORTIZATION | | | | | | | | DEPRECIATION AND OTHER AMORTIZATION | | | Same Store Properties | $ | 97,773 |
| | $ | 98,691 |
| | $ | (918 | ) | | (0.9 | )% | Same Store Properties | $ | 104,308 | | | $ | 101,714 | | | $ | 2,594 | | | 2.6 | % | | Acquired Properties | 7,085 |
| | 1,782 |
| | 5,303 |
| | 297.6 | % | Acquired Properties | 4,883 | | | 1,451 | | | 3,432 | | | 236.5 | % | | Sold Properties | 2,767 |
| | 10,036 |
| | (7,269 | ) | | (72.4 | )% | Sold Properties | 2,459 | | | 10,652 | | | (8,193) | | | (76.9) | % | | (Re) Developments | 8,592 |
| | 2,354 |
| | 6,238 |
| | 265.0 | % | (Re) Developments | 14,075 | | | 4,484 | | | 9,591 | | | 213.9 | % | | Corporate Furniture, Fixtures and Equipment and Other | 1,065 |
| | 951 |
| | 114 |
| | 12.0 | % | Corporate Furniture, Fixtures and Equipment and Other | 3,913 | | | 2,928 | | | 985 | | | 33.6 | % | | Total Depreciation and Other Amortization | $ | 117,282 |
| | $ | 113,814 |
| | $ | 3,468 |
| | 3.0 | % | Total Depreciation and Other Amortization | $ | 129,638 | | | $ | 121,229 | | | $ | 8,409 | | | 6.9 | % |
Depreciation and other amortization from same store properties remained relatively unchanged.increased $2.6 million primarily due to accelerated depreciation and amortization taken during the year ended December 31, 2020 attributable the early termination of certain tenants' leases. Depreciation and other amortization from acquired properties increased $5.3$3.4 million due to properties acquired subsequent to December 31, 2014.2018. Depreciation and other amortization from sold properties decreased $7.3$8.2 million due to properties sold subsequent to December 31, 2014.2018. Depreciation and other amortization from (re)developments increased $6.2$9.6 million primarily due to an increase in developments that were placed in service as well as accelerated depreciation on one property in Rancho Dominguez, CA which was razed during the year ended December 31, 2016.and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other remained relatively unchanged.increased $1.0 million primarily due to depreciation related to properties acquired during 2018 that were not yet stabilized at December 31, 2018 and therefore are not yet included in the same store pool as well as depreciation on land improvements related to the acquisition of a land site during 2019. We intend to develop industrial buildings on such land site in the future, but we are currently leasing the property to tenants and collecting ground lease rent. For the year ended December 31, 2016,2020, we recognized $68.2$86.8 million of gain on sale of real estate related to the sale of 6329 industrial properties comprising approximately 3.91.9 million square feet of GLA. For the year ended December 31, 2015,2019, we recognized $48.9$124.9 million of gain on sale of real estate related to the sale of 6640 industrial properties comprising approximately 3.85.9 million square feet of GLA and several land parcels. Interest expense decreased $8.0 million, or 11.9%, primarily due to a decrease Included in the weighted average interest rate for40 industrial properties sold during the year ended December 31, 2016 (4.50%) as compared2019 was a gain related to the reclassification of an operating lease to a sales-type lease which was triggered by a tenant that exercised an option in its lease to purchase a 0.6 million square foot building from us located in the Phoenix market. The sale of this property occurred during the year ended December 31, 2015 (4.99%) and an increase in capitalized interest of $1.12020.
Interest expense increased $1.0 million, for the year ended December 31, 2016 as compared to the year ended December 31, 2015or 2.0%, primarily due to an increase in development activities, offset by an increase in the weighted average debt balance outstanding for the year ended December 31, 20162020 ($1,400.51,593.5 million) as compared to the year ended December 31, 20152019 ($1,399.91,397.6 million). Amortization, offset by an increase in capitalized interest of debt issuance costs remained relatively unchanged.
In August 2014, we entered into interest rate protection agreements in order to maintain our flexibility to pursue an offering of unsecured debt. During$1.1 million for the year ended December 31, 2015, we de-designated the interest rate protection agreements2020 as a result of determining the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the respective hedge designation memos. For the year ended December 31, 2015, we recorded $11.5 million of settlement loss on the three interest rate protection agreements.
Equity in income of joint ventures is not significant.
The income tax provision increased $1.0 million during the year ended December 31, 2016 compared to the year ended December 31, 20152019, as well as a decrease in the weighted average interest rate for the year ended December 31, 2020 (3.65%) as compared to the year ended December 31, 2019 (4.01%).
Amortization of debt issuance costs increased $0.2 million, or 6.5%, primarily due to an increasedebt issuance costs incurred related to the refinancing of a $200 million unsecured term loan in taxableJuly 2020, the issuance of $150.0 million of private placement notes in July 2019 and the issuance of $300.0 million of private placement notes in September 2020. Equity in income of Joint Ventures for the year ended December 31, 2020 decreased $12.0 million, or 74.1% primarily due to a decrease in our pro-rata share of gain related to the sale of real estate and accrued incentive fees during the year ended December 31, 2020 as compared to the year ended December 31, 2019. Income tax expense decreased $1.0 million, or 29.3%, primarily due to a decrease in our pro-rata share of gain from the salessale of real estate by the Joint Ventures as well as accrued incentive fees we earned from the Joint Ventures. Our equity ownership in the Joint Ventures is owned through a wholly-owned TRS.
Comparison of Year Ended December 31, 2019 to Year Ended December 31, 2018 A discussion of changes in our results of operations between 2019 and 2018 can be found in "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of Year Ended December 31, 2019 to Year Ended December 31, 2018" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Critical Accounting Policies A critical accounting policy is one that involves an estimate or assumption that is subjective and requires management judgment about the effect of our TRSs.
CRITICAL ACCOUNTING POLICIES
Oura matter that is inherently uncertain and material to an entity's financial condition and results of operations. Of the significant accounting policies are described in more detaildiscussed in Note 2 to the Consolidated Financial Statements. WeStatements, we believe the the following critical accounting policies relate to the more significant judgments and estimates used in the preparation of our consolidated financial statements.statements:
Accounts Receivable: We are subject to tenant defaults and bankruptcies that could affect the collection•Acquisitions of rent due under our outstanding accounts receivable, including straight-line rent. In order to mitigate these risks, we perform credit reviews on all prospective tenants meeting certain financial thresholds before leases are executed. We closely monitor all existing tenants and maintain an allowance for doubtful accounts which is an estimate that is based on our assessment of various factors including the accounts receivable aging, customer credit-worthiness and historical bad debts.
Investment in Real Estate:Estate Assets: We allocate the purchase price of acquired properties to tangible (land, building,real estate, including real estate acquired as a portfolio, based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements)improvements, construction in progress, leasing commissions and identified intangible assets (leasing commissions,lease intangibles including in-place leases tenant relationships,and above market and below market lease assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Acquired above and below market leases and below market ground lease obligations). Above-market and below-market lease and below market ground lease obligation values for acquired propertiesintangibles are recordedvalued based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i)prevailing market rental rates and the contractual amountsin-pace rental rates measured over a period equal to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. Leasing commission, in-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value allocated to tenant relationships is amortized to depreciation and amortization expense over the expectedremaining term of the relationship, which includeslease for above market leases or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The purchase price is further allocated to in-place lease values based on an estimate of the probability of lease renewal and its estimated term. We also allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets whererevenue received during a reasonable lease-up period as if the property is located andwas vacant on the expected cash flowsdate of the property.
acquisition.Capitalization of Costs: We capitalize costs incurred in developing and expanding real estate assets as part of the investment basis. During the construction period, we capitalize interest costs, real estate taxes and certain costs of the personnel performing development up to the time the property is substantially complete. The interest rate used to capitalize interest is based upon our average borrowing rate on existing debt. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We also capitalize internal and external costs incurred to successfully originate a lease that result directly from, and are essential to, the acquisition of that lease. Leasing costs that meet the requirements for capitalization are presented as a component of prepaid expenses and other assets. The determination and calculation of certain costs requires estimates by us.
•Impairment of Real Estate Assets: We review our tangible and intangible real estate assets held for use for possible impairment wheneverwhen events or changes in circumstances indicate that their carrying amounts may not be recoverable. The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, as well as our ability to hold and our intent with regard to each property. The judgments regarding whether the carrying amounts of these assets may not be recoverable are based on estimates of future undiscounted cash flows from properties which include estimates of future operating performance and market conditions. If any real estate investment is considered permanently impaired, a loss is recorded to reduce the carrying value of the property to its estimated fair value. Real estate assets that are classified as held-for-sale are reported at the lower of their carrying value or theirThe impairment assessment and fair value less estimated costs to sell.
Deferred Tax Assetsmeasurement requires the use of estimates and Liabilities: We account for income taxesassumptions related to onethe timing and amounts of our TRSs under the assetcash flow projections, discount rates and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequents of events that have been included in the financial statements. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, the Company's inability to qualify as a REIT and changes in tax laws. Adjustments required in any given period are included within the income tax provision. In assessing the need for a valuation allowance against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made.terminal capitalization rates.
Liquidity and Capital Resources At December 31, 2017,2020, our cash and cash equivalents and restricted cash were approximately $21.1$162.1 million and $25.3$37.6 million, respectively. Restricted cash is comprised of gross proceeds from the sales of certain industrial properties. These sale proceeds will be disbursed as we exchange industrial properties under Section 1031 of the Code. We also had $575.7$724.6 million available for additional borrowings under our Unsecured Credit Facility as of December 31, 2017.2020. We have considered our short-term (through December 31, 2018)2021) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. We have $158.5a $200.0 million term loan maturing in July 2021. In connection with this maturity, we have two, one-year extension options at our election, subject to the satisfaction of certain conditions. Also, our Unsecured Credit Facility matures in October 2021; however, it is extendable for one year, at our election, subject to the satisfaction of certain conditions. Lastly, we have $58.8 million in mortgage loans payable outstanding at December 31, 2017 that we anticipate prepaying prior to December 31, 2018.2020 maturing in October 2021. We expect to satisfy these payment obligations on or prior to the maturity dates withby extending the term of the Unsecured Credit Facility and/or the $200.0 million term loan or through the issuance of unsecuredother debt securities (see Subsequent Events).or equity securities. With the exception of these payment obligations,the $200.0 million term loan, the Unsecured Credit Facility and the mortgage maturities, we believe that our principal short-term liquidity needs are to fund normal recurring expenses, property acquisitions, developments, renovations, expansions and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT qualification under the Code and distributions approved by the Company's Board of Directors. We anticipate that these needs will be met with cash flows provided by operating activities as well as the disposition of select assets. These needs may also be met by the issuance of additionalother debt or equity or debt securities, or long-term unsecured indebtedness, subject to market conditions and contractual restrictions or borrowings under our Unsecured Credit Facility. We expect to meet long-term (after December 31, 2018)2021) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through long-term unsecured and secured indebtedness, the disposition of select assets long-term unsecured and secured indebtedness and the issuance of additional equity or debt securities, subject to market conditions. At December 31, 2017, borrowings under our Unsecured Credit Facility bore interest at a weighted average interest rate of 2.46%. As of February 23, 201815, 2021, we had approximately $720.8$724.6 million available for additional borrowings under our Unsecured Credit Facility. Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of December 31, 2017,2020, and we anticipate that we will be able to operate in compliance with our financial covenants in 2018.2021.
As of December 31, 2017,2020, our senior unsecured notes have been assigned credit ratings from Standard & Poor’s, Moody’sPoor's, Moody's and Fitch Ratings of BBB-/Positive, Baa3/PositiveBBB/Stable, Baa2/Stable and BBB/Stable, respectively. A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization. In the event of a downgrade, we believe we would continue to have access to sufficient capital; however, our cost of borrowing would increase and our ability to access certain financial markets may be limited.
Cash Flow Activity The following table summarizes our cash flow activity for the Company for the years ended December 31, 20172020 and 2016:2019: | | | | | Year Ended December 31, | | Year Ended December 31, | | | | 2017 | | 2016 | | 2020 | | 2019 | | | | (In millions) | | (In thousands) | | Net cash provided by operating activities | | $ | 191.1 |
| | $ | 173.3 |
| Net cash provided by operating activities | | $ | 240,430 | | | $ | 245,533 | | | Net cash used in investing activities | | (96.2 | ) | | (111.0 | ) | Net cash used in investing activities | | (251,738) | | | (205,386) | | | Net cash used in financing activities | | (83.6 | ) | | (56.5 | ) | | | Net cash provided by financing activities | | Net cash provided by financing activities | | 58,248 | | | 62,198 | |
The following table summarizes our cash flow activity for the Operating Partnership for the years ended December 31, 20172020 and 2016:2019: | | | | | Year Ended December 31, | | Year Ended December 31, | | | | 2017 | | 2016 | | 2020 | | 2019 | | | | (In millions) | | (In thousands) | | Net cash provided by operating activities | | $ | 191.4 |
| | $ | 173.6 |
| Net cash provided by operating activities | | $ | 241,081 | | | $ | 245,620 | | | Net cash used in investing activities | | (96.2 | ) | | (111.0 | ) | Net cash used in investing activities | | (251,738) | | | (205,386) | | | Net cash used in financing activities | | (83.9 | ) | | (56.7 | ) | | | Net cash provided by financing activities | | Net cash provided by financing activities | | 57,597 | | | 62,111 | |
Changes in cash flow for the year ended December 31, 2017,2020, compared to the prior year comparable period are described as follows: Operating Activities: Cash provided by operating activities increased $17.8 million, primarily due to the following: Increase in NOI generated from recently developed properties of $13.5 million, an increase in NOI from same store properties due to an increase in rental rates of $7.2 million and an increase in NOI from acquired properties of $4.8 million offset by decreases in NOI due to building disposals of $10.1 million.
Investing Activities: Cash used in investing activities decreased $14.8 million, primarily due to the following:
Decrease of $38.5 million due to higher proceeds received from the disposition of real estate in 2017 less cash held at our 1031 intermediary; and
Decrease of $34.0 million due to less building, tenant improvement and leasing commission expenditures; and
Insurance proceeds of $10.1 million received in 2017 related to casualty losses related to fires at two of our buildings.
Offset by:
Increase of $67.8 million due to an increase in real estate acquisitions in 2017.
Financing Activities: Cash used in financing activities increased $27.1$5.1 million for the Company (increased $27.2(decreased $4.5 million for the Operating Partnership), primarily due to the following:
Increase•decrease in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments; and
•decrease in operating distributions from our Joint Ventures of $11.7 million in 2020 as compared to 2019; offset by •decrease in tenant accounts receivable, prepaid expenses and other assets due to timing of cash receipts; •decrease in payments to settle derivative instruments of $3.1 million; and •increase in net debt repayments aggregatingoperating income from same store properties, acquired properties, and recently developed properties of $32.1 million, offset by decreases in net operating income due to $155.6 million; andproperty disposals of approximately $21.7 million. DecreaseInvesting Activities: Cash used in investing activities increased $46.4 million, primarily due to the following:
•increase of $50.1$67.5 million related to the acquisition of real estate; •increase of $31.3 million related to net contributions made to our Joint Ventures in 2020 as compared to 2019; •decrease of $50.6 million in net proceeds received from the disposition of real estate and collection of a sales-type lease receivable in 2020 as compared to 2019; offset by •decrease of $96.1 million related to the development of real estate and payments for improvements and leasing commissions in 2020 as compared to 2019; •decrease of $8.2 million in escrow balances; and •increase of $6.5 million related to the collection of insurance settlement proceeds.
Financing Activities: Cash provided by financing activities decreased $4.0 million for the Company (decreased $4.5 million for the Operating Partnership), primarily due to the following: •increase in net repayments of our Unsecured Credit Facility of $316.0 million in 2020 compared to 2019; and •increase in dividend and unit distributions of $10.1 million due to the Company raising the dividend rate in 2020; offset by •increase of $150.0 million related to the issuance of unsecured notes in a private placement in 2020; •decrease in repayments of mortgage loans payable of $93.1 million; and •increase of $78.7 million related to net proceeds from the issuance of 1,842,281 shares of the Company's common stock under our ATM in underwritten public offerings; and Increase of $17.8 million in the payment of common stock dividends and distributions.
Offset by:
The issuance of unsecured private placement notes in 2017 aggregating to $200.0 million.
2020.
Contractual Obligations and Commitments The following table lists our contractual obligations and commitments as of December 31, 2017:2020: | | | | | | | | | | | | | | | | | | | | | | | | | Payments Due by Period (In thousands) | | | Total | Less Than 1 Year | | 1-3 Years | | 3-5 Years | | Over 5 Years | Operating and Ground Leases(1)(2) | $ | 31,297 |
| | $ | 1,495 |
| | $ | 1,450 |
| | $ | 1,213 |
| | $ | 27,139 |
| Real Estate Development Costs(1)(3) | 175,800 |
| | 175,800 |
| | — |
| | — |
| | — |
| | Long Term Debt | 1,304,673 |
| | 165,449 |
| | 138,091 |
| | 752,562 |
| | 248,571 |
| Interest Expense on Long Term Debt(1)(4) | 235,176 |
| | 46,869 |
| | 75,156 |
| | 46,266 |
| | 66,885 |
| | Total | $ | 1,746,946 |
| | $ | 389,613 |
| | $ | 214,697 |
| | $ | 800,041 |
| | $ | 342,595 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Payments Due by Period
(In thousands) | | | Total | Less Than
1 Year | | 1-3 Years | | 3-5 Years | | Over 5 Years | | Rent Payments Due on Operating and Ground Leases | $ | 71,277 | | | $ | 2,610 | | | $ | 5,023 | | | $ | 4,289 | | | $ | 59,355 | | Real Estate Development Costs(A)(B) | 92,000 | | | 92,000 | | | — | | | — | | | — | | | Long Term Debt | 1,602,785 | | | 261,891 | | | 332,345 | | | 684 | | | 1,007,865 | | Interest Expense on Long Term Debt(A)(C) | 366,070 | | | 55,403 | | | 88,969 | | | 81,747 | | | 139,951 | | Unsecured Credit Facility(D) | 909 | | | 909 | | | — | | | — | | | — | | | Total | $ | 2,133,041 | | | $ | 412,813 | | | $ | 426,337 | | | $ | 86,720 | | | $ | 1,207,171 | |
_______________ | | (1)(A)Not on balance sheet. (B)Represents estimated remaining payments on the completion of development projects under construction. Estimated remaining costs include all costs necessary to place the properties into service and could extend beyond one year. (C)Includes interest expense on our unsecured term loans, inclusive of the impact of interest rate swaps which effectively swap the variable interest rate to a fixed interest rate. Excludes interest expense on our Unsecured Credit Facility. (D)Represents fees on our Unsecured Credit Facility which has a contractual maturity in October 2021.
| Not on balance sheet. |
| | (2)
| Operating lease minimum rental payments have not been reduced by minimum sublease rentals of $0.8 million due in the future under non-cancelable subleases. |
| | (3)
| Represents estimated remaining costs on the completion of development projects under construction. |
| | (4)
| Includes interest expense on our unsecured term loans, inclusive of the impact of interest rate protection agreements which effectively swap the variable interest rate to a fixed interest rate. Excludes interest expense on our Unsecured Credit Facility. |
Off-Balance Sheet Arrangements At December 31, 2017,2020, we had letters of credit and performance bonds outstanding amounting to $20.2$22.0 million in the aggregate. The letters of credit and performance bonds are not reflected as liabilities on our balance sheet. We have no other off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, other than those disclosed on the Contractual Obligations and Commitments table above that have or are reasonably likely to have a current or future effect on our financial condition, results of operation or liquidity and capital resources. Environmental We paid approximately $0.4$1.1 million and $0.4$0.3 million during the years ended December 31, 20172020 and 2016,2019, respectively, related to environmental expenditures. We estimate 20182021 expenditures of approximately $0.3 million.$2.3 million which has been accrued at December 31, 2020. We estimate that the aggregate expenditures which need to be expended in 20182021 and beyond with regard to currently identified environmental issues will not exceed approximately $1.0 million.$5.0 million which has been accrued at December 31, 2020. Inflation For the last several years, inflation has not had a significant impact on us because of the relatively low inflation rates in our markets of operation. Most of our leases require the tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation. In addition, our leases have a weighted average lease length of 6.67.2 years which may enable us to replace existing leases with new leases at higher base rentals if rents of existing leases are below the then-existing market rate.
Market Risk The following discussion about our risk-management activities includes "forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Our business subjects us to market risk from interest rates, as described below.
Interest Rate Risk The following analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by us at December 31, 20172020 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast. In the normal course of business, we also face risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis. At December 31, 2017, $1,160.32020, $1,602.7 million or 88.9%100% of our total debt, excluding unamortized debt issuance costs, was fixed rate debt. ThisAt December 31, 2019, $1,332.9 million or 89.4% of our total debt, excluding unamortized debt issuance costs, was fixed rate debt. As of the same date, $158.0 million or 10.6% of our total debt, excluding unamortized debt issuance costs, was variable rate debt. Fixed rate debt for both years includes $460.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements. As of the same date, $144.5 million or 11.1% of our total debt, excluding unamortized debt issuance costs, was variable rate debt. At December 31, 2016, $1,164.2 million or 86.0% of our total debt, excluding unamortized debt issuance costs, was fixed rate debt. This includes $460.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements. As of the same date, $189.5 million or 14.0% of our total debt, excluding unamortized debt issuance costs, was variable rate debt.derivative instruments. For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on us until we are required to refinance such debt. See Note 4 to the Consolidated Financial Statements for a discussion of the maturity dates of our various fixed rate debt. Our variable rate debt is subject to risk based upon prevailing market interest rates. As of December 31, 2017 and 2016, we had approximately $144.5 million and $189.5 million, respectively, of variable rate debt outstanding indexed to LIBOR rates (excluding the $460.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements). If the LIBOR rates relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the years ended December 31, 20172020 and 20162019 would have increased by approximately $0.26$0.09 million and $0.14$0.23 million, respectively, based on our average outstanding floating-rate debt during the years ended December 31, 20172020 and 2016.2019. Additionally, if weighted average interest rates on our fixed rate debt were to have increased by 10% due to refinancing, interest expense would have increased by approximately $5.8$5.7 million and $6.0$5.3 million during the years ended December 31, 20172020 and 2016.2019. As of December 31, 20172020 and 2016,2019, the estimated fair value of our debt was approximately $1,341.5$1,703.2 million and $1,384.1$1,554.7 million, respectively, based on our estimate of the then-current market interest rates. The use of derivative financial instruments allows us to manage risks of increases in interest rates with respect to the effect these fluctuations would have on our earnings and cash flows. As of December 31, 20172020 and 2016,2019, we had interest rate protection agreementsderivative instruments with a notional aggregate amount outstanding of $460.0 million which mitigate our exposure to our unsecured term loans' variable interest rates, which are based upon LIBOR (the "Term Loan Swaps"). We designated the Term Loan Swaps as defined in the loan agreements. During the year ended December 31, 2017, we settled certain interest rate protection agreements, which were entered into in September 2017, to maintain our flexibility to pursue an offering of unsecured debt. We received a settlement payment of $1.9 million from our derivative counterparties and recognized such payment as settlement gain on interest rate protection agreements.cash flow hedges. See Note 12 to the Consolidated Financial Statements for a more detailed discussion of these interest rate protection agreements.derivative instruments. Currently, we do not enter into financial instruments for trading or other speculative purposes.
Supplemental Earnings Measure Investors in and industry analysts following the real estate industry utilize funds from operations ("FFO") and net operating income ("NOI") as supplemental operating performance measures of an equity REIT. Historical cost accounting for real estate assets in accordance with accounting principles generally accepted in the United States of America ("GAAP") implicitly assumes that the value of real estate assets diminishes predictably over time through depreciation. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors prefer to supplement operating results that use historical cost accounting with measures such as FFO and NOI, among others. We provide information related to FFO and same store NOI ("SS NOI") both because such industry analysts are interested in such information, and because our management believes FFO and SS NOI are important performance measures. FFO and SS NOI are factors used by management in measuring our performance, including for purposes of determining the compensation of our executive officers under our 20172020 incentive compensation plan. Neither FFO nor SS NOI should be considered as a substitute for net income, or any other measures derived in accordance with GAAP. Neither FFO nor SS NOI represents cash generated from operating activities in accordance with GAAP and neither should be considered as an alternative to cash flow from operating activities as a measure of our liquidity, nor is either indicative of funds available for our cash needs, including our ability to make cash distributions. Funds From Operations The National Association of Real Estate Investment Trusts ("NAREIT") has recognized and defined for the real estate industry a supplemental measure of REIT operating performance, FFO, that excludes historical cost depreciation, among other items, from net income determined in accordance with GAAP. FFO is a non-GAAP financial measure. FFO is calculated by us in accordance with the definition adopted by the Board of Governors of NAREIT and therefore may not be comparable to other similarly titled measures of other companies. Management believes that the use of FFO available to common stockholders and participating securities, combined with net income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of previously depreciated real estate assets, real estate asset depreciation and amortization and impairment of depreciable real estate, investors and analysts are able to identify the operating results of the long-term assets that form the core of a REIT’sREIT's activity and use these operating results for assistance in comparing these operating results between periods or to those of different companies.
The following table shows a reconciliation of net income available to common stockholders and participating securities to the calculation of FFO available to common stockholders and participating securities foras follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2020 | | 2019 | | 2018 | | 2017 | | 2016 | | | (In thousands) | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 195,989 | | | $ | 238,775 | | | $ | 163,239 | | | $ | 201,456 | | | $ | 121,232 | | | Adjustments: | | | | | | | | | | | Depreciation and Other Amortization of Real Estate | 128,814 | | | 120,516 | | | 115,659 | | | 115,617 | | | 116,506 | | Impairment of Real Estate (A) | — | | | — | | | 2,285 | | | — | | | — | | Gain on Sale of Real Estate (A) | (86,751) | | | (124,942) | | | (80,909) | | | (131,058) | | | (68,202) | | Gain on Sale of Real Estate from Joint Ventures (A) | (4,443) | | | (16,714) | | | — | | | — | | | — | | Income Tax Provision - Allocable to Gain on Sale of Real Estate, including Joint Ventures (A) | 2,198 | | | 3,095 | | | — | | | — | | | — | | | Noncontrolling Interest Share of Adjustments | (843) | | | 406 | | | (883) | | | 481 | | | (1,725) | | | Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 234,964 | | | $ | 221,136 | | | $ | 199,391 | | | $ | 186,496 | | | $ | 167,811 | |
(A) In December 2018, NAREIT issued a white paper restating the years ended December 31, 2017, 2016, 2015, 2014,definition of FFO. The restated definition provides an option to include or exclude gains and 2013.losses as well as impairment of non-depreciable real estate if the sales are deemed incidental. Prior to January 1, 2019, we included gains and losses on sales and impairment of our non-depreciable real estate in our calculation of NAREIT FFO. On January 1, 2019 we adopted the restated definition of NAREIT FFO on a prospective basis and now exclude gains and losses on sales and impairment of our non-depreciable real estate that we deem incidental. We also exclude the same adjustments from our share of net income from unconsolidated joint ventures.
| | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | 2015 | | 2014 | | 2013 | | | (In thousands) | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 201,456 |
| | $ | 121,232 |
| | $ | 73,802 |
| | $ | 46,629 |
| | $ | 25,907 |
| | Adjustments: | | | | | | | | | | | Depreciation and Other Amortization of Real Estate | 115,617 |
| | 116,506 |
| | 113,126 |
| | 111,371 |
| | 106,333 |
| | Depreciation and Other Amortization of Real Estate Included in Discontinued Operations | — |
| | — |
| | — |
| | 2,388 |
| | 7,727 |
| | Equity in Depreciation and Other Amortization of Joint Ventures | — |
| | — |
| | 17 |
| | 117 |
| | 273 |
| | Impairment of Depreciable Real Estate | — |
| | — |
| | 626 |
| | — |
| | — |
| | Impairment of Depreciable Real Estate Included in Discontinued Operations | — |
| | — |
| | — |
| | — |
| | 2,652 |
| | Gain on Sale of Depreciable Real Estate | (131,058 | ) | | (68,202 | ) | | (44,022 | ) | | (25,988 | ) | | (34,344 | ) | | Gain on Sale of Depreciable Real Estate from Joint Ventures | — |
| | — |
| | (63 | ) | | (3,346 | ) | | (111 | ) | | Noncontrolling Interest Share of Adjustments | 481 |
| | (1,725 | ) | | (2,645 | ) | | (3,281 | ) | | (3,426 | ) | | Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 186,496 |
| | $ | 167,811 |
| | $ | 140,841 |
| | $ | 127,890 |
| | $ | 105,011 |
|
Same Store Net Operating Income SS NOI is a non-GAAP financial measure that provides a measure of rental operations and, as calculated by us, that does not factor in depreciation and amortization, general and administrative expense, acquisition costs, interest expense, impairment charges, equity in income and loss from joint ventures, income tax benefit and expense, gains and losses on retirement of debt and gains and losses on the sale of real estate and mark-to-market and settlement gain (loss) on interest rate protection agreements.estate. We define SS NOI as revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, minus the NOI of properties that are not same store properties and minus the impact of straight-line rent, the amortization of lease inducements, the amortization of above/below market rentleases and lease termination fees. As so defined, SS NOI may not be comparable to same store net operating income or similar measures reported by other REITs that define same store properties or NOI differently. The major factors influencing SS NOI are occupancy levels, rental rate increases or decreases and tenant recoveries increases or decreases. Our success depends largely upon our ability to lease space and to recover the operating costs associated with those leases from our tenants. The following table shows a reconciliation of the same store revenues and property expenses disclosed in the results of operations (and reconciled to revenues and expenses reflected on the statements of operations) to SS NOI for the years ended December 31, 20172020 and 2016.2019. | | | | Year Ended December 31, | | Year Ended December 31, | | | 2017 | | 2016 | | 2020 | | 2019 | | | | (In thousands) | | (In thousands) | | Same Store Revenues | $ | 339,403 |
| | $ | 329,704 |
| Same Store Revenues | $ | 376,511 | | | $ | 366,952 | | | | Same Store Property Expenses | 90,755 |
| | 88,218 |
| Same Store Property Expenses | (92,588) | | | (90,476) | | | | Same Store Net Operating Income Before Same Store Adjustments | $ | 248,648 |
| | $ | 241,486 |
| Same Store Net Operating Income Before Same Store Adjustments | $ | 283,923 | | | $ | 276,476 | | | | Same Store Adjustments: | | | | Same Store Adjustments: | | | | Lease Inducement Amortization | 719 |
| | 862 |
| | | | Straight-line Rent | 1,015 |
| | (2,903 | ) | Straight-line Rent | (1,034) | | | (5,141) | | | | Above / Below Market Rent Amortization | (1,035 | ) | | (1,088 | ) | | | Above (Below) Market Lease Amortization | | Above (Below) Market Lease Amortization | (941) | | | (1,056) | | | | Lease Termination Fees | (806 | ) | | (394 | ) | Lease Termination Fees | (713) | | | (1,012) | | | | Same Store Net Operating Income | $ | 248,541 |
| | $ | 237,963 |
| Same Store Net Operating Income | $ | 281,235 | | | $ | 269,267 | | |
Subsequent Events From January 1, 20182021 to February 23, 2018,15, 2021, we acquired one industrial property and onetwo land parcelparcels for a purchase price of approximately $15.6$9.8 million, excluding costs incurred in conjunction with the acquisition of thetransaction costs. In addition, we sold one industrial property.property for approximately $0.7 million, excluding transaction costs. During January 2018, the Company restructured its staffing to align its personnel with changes in its portfolio. The severance and other costs associated with the restructuring is approximately $1.0 million.
During February 2018, the Company renewed a lease on a long term basis for a 1.3 million square feet facility located in Eastern PA, that was set to expire during the three months ended March 31, 2018.
Effective as of January 1, 2018, the Company, as general partner of the Operating Partnership, adopted a First Amendment to the Twelfth Amended and Restated Limited Partnership Agreement (the “LPA Amendment”) to amend the Twelfth Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Existing LPA”) to provide that the General Partner, who had existing authority regarding tax matters decision-making authority as the “Tax Matters Partner” of the Operating Partnership under the Existing LPA, would also be designated as the “Partnership Representative” of the Operating Partnership pursuant to the revised partnership audit rules adopted pursuant to the Bipartisan Budget Act of 2015 with respect to taxable years starting January 1, 2018. A conformed copy of the Existing LPA, which incorporates the amendments effectuated pursuant to the LPA Amendment, is attached hereto as Exhibit 3.9 to this Annual Report on Form 10-K.
On February 15, 2018, the Operating Partnership issued $150.0 million of 3.86% Series C Guaranteed Senior Notes due February 15, 2028 (the “2028 Private Placement Notes”) and $150.0 million of 3.96% Series D Guaranteed Senior Notes due February 15, 2030 (the “2030 Private Placement Notes”) in a private placement pursuant to a Note and Guaranty Agreement dated December 12, 2017. The 2028 Private Placement Notes and the 2030 Private Placement Notes are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments.
We anticipate paying off $157.8 million of mortgage loans payable which were originally scheduled to mature on June 1, 2018 on or about March 1, 2018.
| | | | | | | Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Response to this item is included in Item 7 “Management’s"Management's Discussion and Analysis of Financial Condition and Results of Operations”Operations" above. | | | | | | | Item 8. | Financial Statements and Supplementary Data |
See Index to Financial Statements and Financial Statement Schedule included in Item 15. | | | | | | | Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
None.
| | | | | | | Item 9A. | Controls and Procedures |
First Industrial Realty Trust, Inc. Evaluation of Disclosure Controls and Procedures The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its periodic reports pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’sSEC's rules and forms, and that such information is accumulated and communicated to management, including the Company's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure. The Company carried out an evaluation, under the supervision and with the participation of management, including the Company's principal executive officer and principal financial officer, of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, the Company's principal executive officer and principal financial officer concluded that its disclosure controls and procedures were effective as of the end of the period covered by this report. Management’sManagement's Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Management has assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2017.2020. In making its assessment of internal control over financial reporting, management used the Internal Control-Integrated Framework (2013) set forth by the Committee of Sponsoring Organizations of the Treadway Commission. Management has concluded that, as of December 31, 2017,2020, the Company's internal control over financial reporting was effective. The effectiveness of the Company's internal control over financial reporting as of December 31, 20172020 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See Report of Independent Registered Public Accounting Firm.
Changes in Internal Control Over Financial Reporting There has been no change in the Company's internal control over financial reporting that occurred during the fourth quarter of 20172020 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
First Industrial, L.P. Evaluation of Disclosure Controls and Procedures The Operating Partnership maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its periodic reports pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’sSEC's rules and forms, and that such information is accumulated and communicated to management, including the Company's principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, as appropriate, to allow timely decisions regarding required financial disclosure. The Operating Partnership carried out an evaluation, under the supervision and with the participation of management, including the Company's principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, of the effectiveness of the design and operation of the Operating Partnership's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, the Company's principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, concluded that the Operating Partnership's disclosure controls and procedures were effective as of the end of the period covered by this report. Management’sManagement's Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Operating Partnership's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Management has assessed the effectiveness of the Operating Partnership's internal control over financial reporting as of December 31, 2017.2020. In making its assessment of internal control over financial reporting, management used the Internal Control-Integrated Framework (2013) set forth by the Committee of Sponsoring Organizations of the Treadway Commission. Management has concluded that, as of December 31, 2017,2020, the Operating Partnership's internal control over financial reporting was effective. The effectiveness of the Operating Partnership's internal control over financial reporting as of December 31, 20172020 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See Report of Independent Registered Public Accounting Firm. Changes in Internal Control Over Financial Reporting There has been no change in the Operating Partnership's internal control over financial reporting that occurred during the fourth quarter of 20172020 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting. | | | | | | | Item 9B. | Other Information |
None.
PART III | | | | | | | Item 10, 11, 12, 13 and 14. | Directors, Executive Officers and Corporate Governance, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Director Independence and Principal Accountant Fees and Services |
The information required by Item 10, Item 11, Item 12, Item 13 and Item 14 is hereby incorporated or furnished, solely to the extent required by such item, from the Company’sCompany's definitive proxy statement, which is expected to be filed with the SEC no later than 120 days after the end of the Company’sCompany's fiscal year. Information from the Company’sCompany's definitive proxy statement shall not be deemed to be “filed”"filed" or “soliciting"soliciting material,”" or subject to liability for purposes of Section 18 of the Securities Exchange Act of 1934 to the maximum extent permitted under the Exchange Act. PART IV
| | | | | | | Item 15. | Exhibits andFinancial Statements, Financial Statement SchedulesSchedule, and Exhibits |
(a) Financial Statements, Financial Statement Schedule and Exhibits (1 & 2) See Index to Financial Statements and Financial Statement Schedule. (3) Exhibits: The Exhibits required by Item 601 of Regulation S-K are listed in the Exhibit Index on page 4546 to 4748 of this report, which is incorporated herein by reference.
EXHIBIT INDEX | | | | | | | | | | Exhibits | | Description | | | | Exhibits | | Description | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s's 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873) | | | | | | | | | | 10.1 | | | | | | | 10.1 | | Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102) | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Exhibits | | Description | | | | | | | | | Unsecured Term LoanEmployment Agreement, dated as of January 29, 2014August 2, 2016, by and among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunderPeter E. Baccile (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed January 29, 2014,August 3, 2016, Company's File No. 1-13102)1-13102 and Operating Partnership's File No. 333-21873) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | First Amendment, dated as of April 20, 2015, to Unsecured Term LoanEmployment Agreement, dated as of January 29, 2014,February 11, 2020, by and among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunderPeter E. Baccile (incorporated by reference to Exhibit 10.210.6 of the Form 10-Q10-K of the Company forand the fiscal quarter ended March 31, 2015,Operating Partnership, filed February 13, 2020, Company's File No. 1-13102)1-13102 and Operating Partnership's File No. 333-21873) | | | | | | | | | | | | Unsecured Term Loan Agreement, dated as of September 11, 2015, among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, National Association, PNC Bank, National Association, Regions Bank, U.S. Bank, National Association and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed September 14, 2015, File No. 1-13102) | | | | | | | | | | | | Second Amendment, dated as of January 26, 2017, to Unsecured Term Loan Agreement, dated as of January 29, 2014, by and among First Industrial, L.P., First Industrial Realty Trust, Inc., certain lenders signatory thereto and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.3 of the Form 8-K of the Company and the Operating Partnership, filed February 23, 2017, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) | | | | | | First Amendment, dated as of January 26, 2017, to Unsecured Term Loan Agreement, dated as of September 11, 2015, by and among First Industrial, L.P., First Industrial Realty Trust, Inc., certain lenders signatory thereto and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.4 of the Form 8-K of the Company and the Operating Partnership, filed February 23, 2017, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) | | | �� | | | Note and Guaranty Agreement, dated as of February 21, 2017, by and among First Industrial, L.P., First Industrial Realty Trust, Inc. and the purchasers of the notes party thereto (including the forms of each of the 4.30% Series A Guaranteed Senior Notes due April 20, 2027 and 4.40% Series B Guaranteed Senior Notes due April 20, 2029) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed February 23, 2017, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) | | | | | | Distribution Agreement, dated as of March 16, 2017, among First Industrial Realty Trust, Inc., First Industrial, L.P., and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed March 16, 2017, Company’s File No. 1-13102 and Operating Partnership’s File No. 333-21873) | | | | | | Third Amended and Restated Unsecured Revolving Credit Agreement dated as of October 31, 2017, among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed November 2, 2017, Company’sCompany's File No. 1-13102 and Operating Partnership’sPartnership's File No. 333-21873) |
| | | | Exhibits | | Description | | | | | | Third Amendment, dated as of October 31, 2017, to Unsecured Term Loan Agreement, dated as of January 29, 2014, among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company and the Operating Partnership, filed November 2, 2017, Company’s File No. 1-13102 and Operating Partnership’s File No. 333-21873)
| | | | | | Second Amendment, dated as of October 31, 2017, to Unsecured Term Loan Agreement, dated as of September 11, 2015, among First Industrial, L.P., First Industrial Realty Trust, Inc., certain lenders signatory thereto and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.3 of the Form 8-K of the Company and the Operating Partnership, filed November 2, 2017, Company’sCompany's File No. 1-13102 and Operating Partnership’sPartnership's File No. 333-21873) | | | | | | Note and Guaranty Agreement, dated as of December 12, 2017, by and among First Industrial, L.P., First Industrial Realty Trust, Inc. and the purchasers of the notes party thereto (including the forms of each of the 3.86% Series C Guaranteed Senior Notes due February 15, 2028 and 3.96% Series D Guaranteed Senior Notes due February 15, 2030) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed December 15, 2017, Company’sCompany's File No. 1-13102 and Operating Partnership’sPartnership's File No. 333-21873) | | | | | | First Amendment, dated as of December 12, 2017, to Note and Guaranty Agreement, dated as of February 21, 2017, among First Industrial, L.P., First Industrial Realty Trust, Inc. and the purchasers of the notes party thereto (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company and the Operating Partnership, filed December 15, 2017, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) | | | | | | Note and Guaranty Agreement, dated as of May 16, 2019, by and among First Industrial, L.P., First Industrial Realty Trust, Inc. and the purchasers of the notes party thereto (including the form of the 3.97% Series E Guaranteed Senior Notes due July 23, 2029) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed May 20, 2019, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) | | | | | | Distribution Agreement, dated as of February 14, 2020, among First Industrial Realty Trust, Inc., First Industrial, L.P., and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed February 14, 2020, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) | | | | | | | | | | | | Note and Guaranty Agreement, dated as of July 7, 2020 by and among First Industrial, L.P., First Industrial Realty Trust, Inc. and the purchasers of the notes party thereto (including the form of the 2.74% Series F Guaranteed Senior Notes due September 17, 2030 and the 2.84% Series G Guaranteed Senior Notes due September 17, 2032) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed July 8, 2020, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) | | | | | | Unsecured Term Loan Agreement, dated as of July 15, 2020, among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, National Association, PNC Bank, National Association, and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company and the Operating Partnership, filed July 20, 2020, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873) |
| | | | | | | | | | Exhibits | | Description | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 101.1* | | The following financial statements from First Industrial Realty Trust, Inc.’s's and First Industrial L.P.'s Annual Report on Form 10-K for the year ended December 31, 2017,2020, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders’ Equity / Consolidated Statement of Changes in Partners' Capital (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited) | | | | | 104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
_______________ | | | | | | | † | Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. |
| | | | | | | Item 16. | Form 10-K Summary |
Not applicable.
FIRST INDUSTRIAL REALTY TRUST, INC. FIRST INDUSTRIAL, L.P. INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE | | | | | | | Page | | Page | | First Industrial Realty Trust, Inc. and First Industrial, L.P. | | | | | | | CONSOLIDATED FINANCIAL STATEMENTS | | | First Industrial Realty Trust, Inc. | | | | | | | | | | | | | First Industrial, L.P. | | | | | | | | | | | | | First Industrial Realty Trust, Inc. and First Industrial, L.P. | | | | | | | FINANCIAL STATEMENT SCHEDULE | | | First Industrial Realty Trust, Inc. and First Industrial, L.P. | | | |
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of First Industrial Realty Trust, Inc.:
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of First Industrial Realty Trust, Inc.and its subsidiaries (the “Company”)as of December 31, 20172020 and 2016,2019, and the related consolidated statements of operations, of comprehensive income, of changes in stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2017,2020, including the related notes and financial statement schedule listed in the accompanying index appearing under 15(a)(2) (collectively referred to as the “consolidated financial statements”).We also have audited the Company's internal control over financial reporting as of December 31, 2017,2020, based on criteria established in Internal Control - Integrated Framework(2013)issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2017,2020 and 2019, and the results of theirits operations and theirits cash flows for each of the three years in the period ended December 31, 20172020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control overOver Financial Reporting appearing under itemItem 9A. Our responsibility is to express opinions on the Company’s consolidatedfinancial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")(PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Purchase Price Allocation
As described in Notes 2 and 3 to the consolidated financial statements, upon acquisition of a property, management allocates the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, construction in progress, leasing commissions and lease intangibles including in-place lease assets and above market and below market lease assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value for tangible assets includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. The Company acquired eight industrial properties for consideration of approximately $154.4 million, of which approximately $51.7 million was recorded to land and $97.1 million to buildings and improvements/construction in progress during the year ended December 31, 2020.
The principal considerations for our determination that performing procedures relating to purchase price allocationis a critical audit matter are (i) the significant judgment by management when determining the fair value estimates, which resulted in a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating evidence relating to the fair value of land and building and improvements/construction in progress, including the significant assumptions related to land comparables, discount rates, terminal capitalization rates and market rent; and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the purchase price allocations, including controls over the valuation methods and significant assumptions for the tangible assets, such as land comparables, discount rates, terminal capitalization rates and market rent. These procedures also included, among others, (i) reading the purchase and sales agreements and (ii) testing management’s process for determining the fair value of land and building and improvements/construction in progress, (iii) testing the completeness and accuracy of the data used in the fair value estimates, (iv) evaluating the appropriateness of the valuation methods and (v) evaluating the reasonableness of significant assumptions related to land comparables, discount rates, terminal capitalization rates and market rent. Evaluating the significant assumptions relating to the land comparables, discount rates, terminal capitalization rates and market rent involved obtaining evidence to support the reasonableness of the assumptions, including whether the assumptions used were consistent with evidence obtained in other areas of the audit or third party market data.Professionals with specialized skill and knowledge were used to assist in obtaining audit evidence over land comparables.
/s/PricewaterhouseCoopers LLP
Chicago, Illinois February 23, 201815, 2021
We have served as the Company’s auditor since 1993.
Report of Independent Registered Public Accounting Firm
To the Partners of First Industrial, L.P.: Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of First Industrial, L.P. and its subsidiaries (the “Operating Partnership”) as of December 31, 20172020 and 20162019, and the related consolidated statements of operations, of comprehensive income, of changes in partners’ capital and of cash flows for each of the three years in the period ended December 31, 2017,2020, including the related notes and financial statement schedule listed in the accompanying index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”). We also have audited the Company'sOperating Partnership's internal control over financial reporting as of December 31, 2017,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, 20172020 and 2019, and the results of theirits operations and theirits cash flows for each of the three years in the period ended December 31, 20172020 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017,2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Operating Partnership's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management'sManagement’s Report on Internal Control overOver Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Operating Partnership’s consolidated financial statements and on the Company'sOperating Partnership's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")(PCAOB) and are required to be independent with respect to the CompanyOperating Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Purchase Price Allocation
As described in Notes 2 and 3 to the consolidated financial statements, upon acquisition of a property, management allocates the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, construction in progress, leasing commissions and lease intangibles including in-place lease assets and above market and below market lease assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value for tangible assets includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. The Operating Partnership acquired eight industrial properties for consideration of approximately $154.4 million, of which approximately $51.7 million was recorded to land and $97.1 million to buildings and improvements/construction in progress during the year ended December 31, 2020.
The principal considerations for our determination that performing procedures relating to purchase price allocationis a critical audit matter are (i) the significant judgment by management when determining the fair value estimates, which resulted in a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating evidence relating to the fair value of land and building and improvements/construction in progress, including the significant assumptions related to land comparables, discount rates, terminal capitalization rates and market rent; and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the purchase price allocations, including controls over the valuation methods and significant assumptions for the tangible assets, such as land comparables, discount rates, terminal capitalization rates and market rent. These procedures also included, among others, (i) reading the purchase and sales agreements and (ii) testing management’s process for determining the fair value of land and building and improvements/construction in progress,(iii) testing the completeness and accuracy of the data used in the fair value estimates, (iv) evaluating the appropriateness of the valuation methods and (v) evaluating the reasonableness of significant assumptions related to land comparables, discount rates, terminal capitalization rates and market rent. Evaluating the significant assumptions relating to the land comparables, discount rates, terminal capitalization rates and market rent involved obtaining evidence to support the reasonableness of the assumptions, including whether the assumptions used were consistent with evidence obtained in other areas of the audit or third party market data.Professionals with specialized skill and knowledge were used to assist in obtaining audit evidence over land comparables.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois February 23, 201815, 2021
We have served as the Operating Partnership’sPartnership's auditor since 1996.
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | | (In thousands, except share and per share data) | | ASSETS | | | | | Assets: | | | | | Investment in Real Estate: | | | | | Land | $ | 864,813 |
| | $ | 794,821 |
| | Buildings and Improvements | 2,521,457 |
| | 2,523,015 |
| | Construction in Progress | 109,475 |
| | 67,078 |
| | Less: Accumulated Depreciation | (789,919 | ) | | (796,492 | ) | | Net Investment in Real Estate | 2,705,826 |
| | 2,588,422 |
| | Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $0 and $1,471 | — |
| | 2,354 |
| | Cash and Cash Equivalents | 21,146 |
| | 9,859 |
| | Restricted Cash | 25,336 |
| | 11,602 |
| | Tenant Accounts Receivable, Net | 4,873 |
| | 4,757 |
| | Deferred Rent Receivable, Net | 70,254 |
| | 67,382 |
| | Deferred Leasing Intangibles, Net | 30,481 |
| | 29,499 |
| | Prepaid Expenses and Other Assets, Net | 83,146 |
| | 79,388 |
| | Total Assets | $ | 2,941,062 |
| | $ | 2,793,263 |
| | LIABILITIES AND EQUITY | | | | | Liabilities: | | | | | Indebtedness: | | | | | Mortgage Loans Payable, Net | $ | 450,056 |
| | $ | 495,956 |
| | Senior Unsecured Notes, Net | 246,673 |
| | 204,998 |
| | Unsecured Term Loans, Net | 455,768 |
| | 456,638 |
| | Unsecured Credit Facility | 144,500 |
| | 189,500 |
| | Accounts Payable, Accrued Expenses and Other Liabilities | 86,532 |
| | 84,412 |
| | Deferred Leasing Intangibles, Net | 10,355 |
| | 10,400 |
| | Rents Received in Advance and Security Deposits | 44,285 |
| | 43,300 |
| | Dividends and Distributions Payable | 27,016 |
| | 23,434 |
| | Total Liabilities | 1,465,185 |
| | 1,508,638 |
| | Commitments and Contingencies | — |
| | — |
| | Equity: | | | | | First Industrial Realty Trust Inc.’s Stockholders’ Equity: | | | | | Common Stock ($0.01 par value, 225,000,000 and 150,000,000 shares authorized and 119,883,180 and 117,107,746 shares issued and outstanding) | 1,199 |
| | 1,172 |
| | Additional Paid-in-Capital | 1,967,110 |
| | 1,886,771 |
| | Distributions in Excess of Accumulated Earnings | (541,847 | ) | | (641,859 | ) | | Accumulated Other Comprehensive Income (Loss) | 1,338 |
| | (4,643 | ) | | Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity | 1,427,800 |
| | 1,241,441 |
| | Noncontrolling Interest | 48,077 |
| | 43,184 |
| | Total Equity | 1,475,877 |
| | 1,284,625 |
| | Total Liabilities and Equity | $ | 2,941,062 |
| | $ | 2,793,263 |
|
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| | | | | | | | | | | | | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | | (In thousands, except per share data) | | Revenues: | | | | | | | Rental Income | $ | 303,874 |
| | $ | 289,858 |
| | $ | 281,186 |
| | Tenant Recoveries and Other Income | 92,528 |
| | 88,162 |
| | 84,637 |
| | Total Revenues | 396,402 |
| | 378,020 |
| | 365,823 |
| | Expenses: | | | | | | | Property Expenses | 113,494 |
| | 112,324 |
| | 114,628 |
| | General and Administrative | 28,079 |
| | 26,703 |
| | 25,362 |
| | Acquisition Costs | — |
| | 491 |
| | 1,403 |
| | Impairment of Real Estate | — |
| | — |
| | 626 |
| | Depreciation and Other Amortization | 116,364 |
| | 117,282 |
| | 113,814 |
| | Total Expenses | 257,937 |
| | 256,800 |
| | 255,833 |
| | Other Income (Expense): | | | | | | | Gain on Sale of Real Estate | 131,269 |
| | 68,202 |
| | 48,906 |
| | Interest Expense | (57,199 | ) | | (59,430 | ) | | (67,424 | ) | | Amortization of Debt Issuance Costs | (3,162 | ) | | (3,219 | ) | | (3,159 | ) | | Settlement Gain (Loss) on Interest Rate Protection Agreements | 1,896 |
| | — |
| | (11,546 | ) | | Loss from Retirement of Debt | (1,775 | ) | | — |
| | — |
| | Total Other Income (Expense) | 71,029 |
| | 5,553 |
| | (33,223 | ) | | Income from Operations Before Equity in Income of Joint Ventures and Income Tax Provision | 209,494 |
| | 126,773 |
| | 76,767 |
| | Equity in Income of Joint Ventures | — |
| | — |
| | 55 |
| | Income Tax Provision | (1,193 | ) | | (1,089 | ) | | (117 | ) | | Net Income | 208,301 |
| | 125,684 |
| | 76,705 |
| | Less: Net Income Attributable to the Noncontrolling Interest | (6,845 | ) | | (4,452 | ) | | (2,903 | ) | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | 201,456 |
| | 121,232 |
| | 73,802 |
| | Basic Earnings Per Share: | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.70 |
| | $ | 1.05 |
| | $ | 0.67 |
| | | | | | | | | Diluted Earnings Per Share: | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.69 |
| | $ | 1.05 |
| | $ | 0.66 |
| | Dividends/Distributions Per Share | $ | 0.84 |
| | $ | 0.76 |
| | $ | 0.51 |
| | Weighted Average Shares Outstanding - Basic | 118,272 |
| | 115,030 |
| | 110,352 |
| | Weighted Average Shares Outstanding - Diluted | 118,787 |
| | 115,370 |
| | 110,781 |
|
| | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | | | (In thousands, except share and per share data) | | ASSETS | | | | | Assets: | | | | | Investment in Real Estate: | | | | | Land | $ | 1,087,907 | | | $ | 957,478 | | | Buildings and Improvements | 2,922,152 | | | 2,782,430 | | | Construction in Progress | 77,574 | | | 90,301 | | | Less: Accumulated Depreciation | (832,393) | | | (804,780) | | | Net Investment in Real Estate | 3,255,240 | | | 3,025,429 | | | Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $7,054 and $0 | 15,663 | | | 0 | | | Operating Lease Right-of-Use Assets | 25,205 | | | 24,877 | | | Cash and Cash Equivalents | 162,090 | | | 21,120 | | | Restricted Cash | 37,568 | | | 131,598 | | | Tenant Accounts Receivable | 5,714 | | | 8,529 | | | Investment in Joint Ventures | 45,697 | | | 18,208 | | | Deferred Rent Receivable | 84,567 | | | 77,703 | | | Deferred Leasing Intangibles, Net | 25,211 | | | 28,533 | | | Prepaid Expenses and Other Assets, Net | 134,983 | | | 182,831 | | | Total Assets | $ | 3,791,938 | | | $ | 3,518,828 | | | LIABILITIES AND EQUITY | | | | | Liabilities: | | | | | Indebtedness: | | | | | Mortgage Loans Payable, Net | $ | 143,879 | | | $ | 173,685 | | | Senior Unsecured Notes, Net | 992,300 | | | 694,015 | | | Unsecured Term Loans, Net | 458,462 | | | 457,865 | | | Unsecured Credit Facility | 0 | | | 158,000 | | | Accounts Payable, Accrued Expenses and Other Liabilities | 120,292 | | | 114,637 | | | Operating Lease Liabilities | 22,826 | | | 22,369 | | | Deferred Leasing Intangibles, Net | 11,064 | | | 11,893 | | | Rents Received in Advance and Security Deposits | 62,092 | | | 57,534 | | | Dividends and Distributions Payable | 33,703 | | | 30,567 | | | Total Liabilities | 1,844,618 | | | 1,720,565 | | | Commitments and Contingencies | 0 | | | 0 | | | Equity: | | | | | First Industrial Realty Trust Inc.'s Equity: | | | | | Common Stock ($0.01 par value, 225,000,000 shares authorized and 129,051,412 and 126,994,478 shares issued and outstanding) | 1,290 | | | 1,270 | | | Additional Paid-in-Capital | 2,224,691 | | | 2,140,847 | | | Distributions in Excess of Accumulated Earnings | (306,294) | | | (370,835) | | | Accumulated Other Comprehensive Loss | (16,953) | | | (6,883) | | | Total First Industrial Realty Trust, Inc.'s Equity | 1,902,734 | | | 1,764,399 | | | Noncontrolling Interests | 44,586 | | | 33,864 | | | Total Equity | 1,947,320 | | | 1,798,263 | | | Total Liabilities and Equity | $ | 3,791,938 | | | $ | 3,518,828 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands, except per share data) | | Revenues: | | | | | | | Lease Revenue | $ | 437,543 | | | $ | 422,236 | | | $ | 398,822 | | | Other Revenue | 10,485 | | | 3,748 | | | 5,132 | | | Total Revenues | 448,028 | | | 425,984 | | | 403,954 | | | Expenses: | | | | | | | Property Expenses | 119,195 | | | 116,585 | | | 116,854 | | | General and Administrative | 32,848 | | | 28,569 | | | 27,749 | | | Depreciation and Other Amortization | 129,638 | | | 121,229 | | | 116,459 | | | Impairment of Real Estate | 0 | | | 0 | | | 2,756 | | | Total Expenses | 281,681 | | | 266,383 | | | 263,818 | | | Other Income (Expense): | | | | | | | Gain on Sale of Real Estate | 86,751 | | | 124,942 | | | 81,600 | | | Interest Expense | (51,293) | | | (50,273) | | | (50,775) | | | Amortization of Debt Issuance Costs | (3,428) | | | (3,218) | | | (3,404) | | | | | | | | | Loss from Retirement of Debt | 0 | | | 0 | | | (39) | | | Total Other Income (Expense) | 32,030 | | | 71,451 | | | 27,382 | | | Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax (Provision) Benefit | 198,377 | | | 231,052 | | | 167,518 | | | Equity in Income (Loss) of Joint Ventures | 4,200 | | | 16,235 | | | (276) | | | Income Tax (Provision) Benefit | (2,408) | | | (3,406) | | | 92 | | | Net Income | 200,169 | | | 243,881 | | | 167,334 | | | Less: Net Income Attributable to the Noncontrolling Interests | (4,180) | | | (5,106) | | | (4,095) | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 195,989 | | | $ | 238,775 | | | $ | 163,239 | | | Basic Earnings Per Share: | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.53 | | | $ | 1.89 | | | $ | 1.31 | | | | | | | | | Diluted Earnings Per Share: | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.53 | | | $ | 1.88 | | | $ | 1.31 | | | Weighted Average Shares Outstanding - Basic | 127,711 | | | 126,392 | | | 123,804 | | | Weighted Average Shares Outstanding - Diluted | 127,904 | | | 126,691 | | | 124,191 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | | | | | | | | | | | | | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | | (In thousands) | | Net Income | $ | 208,301 |
| | $ | 125,684 |
| | $ | 76,705 |
| | Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 5,981 |
| | 4,849 |
| | (9,155 | ) | | Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 12) | — |
| | — |
| | 12,990 |
| | Amortization of Interest Rate Protection Agreements | 205 |
| | 390 |
| | 524 |
| | Foreign Currency Translation Adjustment | — |
| | — |
| | 15 |
| | Comprehensive Income | 214,487 |
| | 130,923 |
| | 81,079 |
| | Comprehensive Income Attributable to Noncontrolling Interest | (6,642 | ) | | (4,638 | ) | | (3,069 | ) | | Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 207,845 |
| | $ | 126,285 |
| | $ | 78,010 |
|
| | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands) | | Net Income | $ | 200,169 | | | $ | 243,881 | | | $ | 167,334 | | | Payments to Settle Derivative Instruments | 0 | | | (3,149) | | | 0 | | | Acceleration of Derivative Instruments | 201 | | | 0 | | | 0 | | | Mark-to-Market (Loss) Gain on Derivative Instruments | (10,906) | | | (7,671) | | | 2,096 | | | Amortization of Derivative Instruments | 410 | | | 233 | | | 96 | | | Comprehensive Income | 189,874 | | | 233,294 | | | 169,526 | | | Comprehensive Income Attributable to Noncontrolling Interests | (3,964) | | | (4,884) | | | (4,149) | | | Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 185,910 | | | $ | 228,410 | | | $ | 165,377 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
| | | | | | | | | | | | | | | | | | | | | | | | | | | Common Stock | | Additional Paid-in- Capital | | Distributions in Excess of Accumulated Earnings | | Accumulated Other Comprehensive (Loss) Income | | Noncontrolling Interest | | Total | | | | | Balance as of December 31, 2014 | $ | 1,106 |
| | $ | 1,751,059 |
| | $ | (689,348 | ) | | $ | (13,867 | ) | | $ | 41,877 |
| | $ | 1,090,827 |
| | Stock Based Compensation Activity | 4 |
| | 4,656 |
| | (2,417 | ) | | — |
| | — |
| | 2,243 |
| | Conversion of Limited Partner Units to Common Stock | 1 |
| | 672 |
| | — |
| | — |
| | (673 | ) | | — |
| | Reallocation—Additional Paid-in-Capital | — |
| | 28 |
| | — |
| | — |
| | (28 | ) | | — |
| | Common Stock Dividends and Unit Distributions | — |
| | — |
| | (56,796 | ) | | — |
| | (2,218 | ) | | (59,014 | ) | | Net Income | — |
| | — |
| | 73,802 |
| | — |
| | 2,903 |
| | 76,705 |
| | Reallocation—Other Comprehensive Income | — |
| | — |
| | — |
| | (8 | ) | | 8 |
| | — |
| | Other Comprehensive Income | — |
| | — |
| | — |
| | 4,208 |
| | 166 |
| | 4,374 |
| | Balance as of December 31, 2015 | $ | 1,111 |
| | $ | 1,756,415 |
| | $ | (674,759 | ) | | $ | (9,667 | ) | | $ | 42,035 |
| | $ | 1,115,135 |
| | Issuance of Common Stock, Net of Issuance Costs | 56 |
| | 124,528 |
| | — |
| | — |
| | — |
| | 124,584 |
| | Stock Based Compensation Activity | 2 |
| | 5,516 |
| | (217 | ) | | — |
| | — |
| | 5,301 |
| | Conversion of Limited Partner Units to Common Stock | 3 |
| | 2,859 |
| | — |
| | — |
| | (2,862 | ) | | — |
| | Reallocation—Additional Paid-in-Capital | — |
| | (2,547 | ) | | — |
| | — |
| | 2,547 |
| | — |
| | Common Stock Dividends and Unit Distributions | — |
| | — |
| | (88,115 | ) | | — |
| | (3,203 | ) | | (91,318 | ) | | Net Income | — |
| | — |
| | 121,232 |
| | — |
| | 4,452 |
| | 125,684 |
| | Reallocation—Other Comprehensive Income | — |
| | — |
| | — |
| | (29 | ) | | 29 |
| | — |
| | Other Comprehensive Income | — |
| | — |
| | — |
| | 5,053 |
| | 186 |
| | 5,239 |
| | Balance as of December 31, 2016 | $ | 1,172 |
| | $ | 1,886,771 |
| | $ | (641,859 | ) | | $ | (4,643 | ) | | $ | 43,184 |
| | $ | 1,284,625 |
| | Issuance of Common Stock, Net of Issuance Costs | 25 |
| | 74,636 |
| | — |
| | — |
| | — |
| | 74,661 |
| | Stock Based Compensation Activity | 2 |
| | 6,932 |
| | (724 | ) | | — |
| | — |
| | 6,210 |
| | Conversion of Limited Partner Units to Common Stock | — |
| | 364 |
| | — |
| | — |
| | (364 | ) | | — |
| | Reallocation—Additional Paid-in-Capital | — |
| | (1,593 | ) | | — |
| | — |
| | 1,593 |
| | — |
| | Common Stock Dividends and Unit Distributions | — |
| | — |
| | (100,720 | ) | | — |
| | (3,386 | ) | | (104,106 | ) | | Net Income | — |
| | — |
| | 201,456 |
| | — |
| | 6,845 |
| | 208,301 |
| | Reallocation—Other Comprehensive Income | — |
| | — |
| | — |
| | (408 | ) | | 408 |
| | — |
| | Other Comprehensive Income | — |
| | — |
| | — |
| | 6,389 |
| | (203 | ) | | 6,186 |
| | Balance as of December 31, 2017 | $ | 1,199 |
| | $ | 1,967,110 |
| | $ | (541,847 | ) | | $ | 1,338 |
| | $ | 48,077 |
| | $ | 1,475,877 |
|
The accompanying notes are an integral part of the consolidated financial statements.
| | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | | (In thousands) | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | Net Income | $ | 208,301 |
| | $ | 125,684 |
| | $ | 76,705 |
| | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | | | | | Depreciation | 94,078 |
| | 95,514 |
| | 92,955 |
| | Amortization of Debt Issuance Costs | 3,162 |
| | 3,219 |
| | 3,159 |
| | Other Amortization, including Stock Based Compensation | 29,252 |
| | 28,403 |
| | 28,359 |
| | Impairment of Real Estate | — |
| | — |
| | 626 |
| | Provision for Bad Debt | 177 |
| | 563 |
| | 954 |
| | Gain on Sale of Real Estate | (131,269 | ) | | (68,202 | ) | | (48,906 | ) | | Loss from Retirement of Debt | 1,775 |
| | — |
| | — |
| | Mark-to-Market Loss on Interest Rate Protection Agreements | — |
| | — |
| | 11,546 |
| | (Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (5,829 | ) | | 965 |
| | (2,686 | ) | | Increase in Deferred Rent Receivable, Net | (5,299 | ) | | (6,602 | ) | | (6,181 | ) | | (Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (465 | ) | | (5,655 | ) | | 5,673 |
| | Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | (1,453 | ) | | (554 | ) | | — |
| | Gain on Casualty and Involuntary Conversion | (1,321 | ) | | — |
| | — |
| | Other Operating Activity | — |
| | — |
| | (55 | ) | | Net Cash Provided by Operating Activities | 191,109 |
| | 173,335 |
| | 162,149 |
| | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | Acquisitions of Real Estate | (175,303 | ) | | (107,484 | ) | | (168,122 | ) | | Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (146,003 | ) | | (179,994 | ) | | (150,079 | ) | | Net Proceeds from Sales of Investments in Real Estate | 228,102 |
| | 163,435 |
| | 154,024 |
| | Proceeds from Casualty and Involuntary Conversion | 10,094 |
| | — |
| | — |
| | Settlement of Interest Rate Protection Agreements | — |
| | — |
| | (11,546 | ) | | (Increase) Decrease in Escrows | (13,169 | ) | | 13,008 |
| | (24,037 | ) | | Other Investing Activity | 51 |
| | 43 |
| | 2,686 |
| | Net Cash Used in Investing Activities | (96,228 | ) | | (110,992 | ) | | (197,074 | ) | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | Debt and Equity Issuance Costs | (6,864 | ) | | (375 | ) | | (5,158 | ) | | Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount | 74,880 |
| | 124,936 |
| | — |
| | Repurchase and Retirement of Restricted Stock | (2,401 | ) | | (5,242 | ) | | (2,101 | ) | | Common Stock Dividends and Unit Distributions Paid | (100,524 | ) | | (82,696 | ) | | (55,811 | ) | | Repayments on Mortgage Loans Payable | (46,832 | ) | | (70,969 | ) | | (35,004 | ) | | Proceeds from Senior Unsecured Notes | 200,000 |
| | — |
| | — |
| | Repayments of Senior Unsecured Notes | (156,852 | ) | | (159,125 | ) | | — |
| | Proceeds from Unsecured Term Loans | — |
| | — |
| | 260,000 |
| | Proceeds from Unsecured Credit Facility | 429,000 |
| | 442,000 |
| | 321,500 |
| | Repayments on Unsecured Credit Facility | (474,000 | ) | | (305,000 | ) | | (454,000 | ) | | Net Cash (Used in) Provided by Financing Activities | (83,593 | ) | | (56,471 | ) | | 29,426 |
| | Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |
| | — |
| | (14 | ) | | Net Increase (Decrease) in Cash and Cash Equivalents | 11,287 |
| | 5,872 |
| | (5,499 | ) | | Cash and Cash Equivalents, Beginning of Year | 9,859 |
| | 3,987 |
| | 9,500 |
| | Cash and Cash Equivalents, End of Year | $ | 21,146 |
| | $ | 9,859 |
| | $ | 3,987 |
| | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | | (In thousands) | | SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | | | | | | | Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 56,844 |
| | $ | 63,600 |
| | $ | 66,452 |
| | Interest Expense Capitalized in Connection with Development Activity | $ | 4,353 |
| | $ | 3,523 |
| | $ | 2,453 |
| | Income Taxes Paid | $ | 769 |
| | $ | 1,358 |
| | $ | 23 |
| | Supplemental Schedule of Non-Cash Investing and Financing Activities: | | | | | | | Common Stock Dividends and Unit Distributions Payable | $ | 27,016 |
| | $ | 23,434 |
| | $ | 14,812 |
| | Exchange of Limited Partnership Units for Common Stock: | | | | | | | Noncontrolling Interest | $ | (364 | ) | | $ | (2,862 | ) | | $ | (673 | ) | | Common Stock | — |
| | 3 |
| | 1 |
| | Additional Paid-in-Capital | 364 |
| | 2,859 |
| | 672 |
| | Total | $ | — |
| | $ | — |
| | $ | — |
| | Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 1,269 |
| | $ | 5,405 |
| | $ | 2,090 |
| | Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 38,597 |
| | $ | 32,712 |
| | $ | 25,747 |
| | Write-off of Fully Depreciated Assets | $ | (35,560 | ) | | $ | (44,080 | ) | | $ | (45,457 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common
Stock | | Additional
Paid-in-
Capital | | Distributions
in Excess of
Accumulated
Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Noncontrolling
Interests | | Total | | | | | Balance as of December 31, 2017 | $ | 1,199 | | | $ | 1,967,110 | | | $ | (541,847) | | | $ | 1,338 | | | $ | 48,077 | | | $ | 1,475,877 | | | Net Income | — | | | — | | | 163,239 | | | — | | | 4,095 | | | 167,334 | | | Other Comprehensive Income | — | | | — | | | — | | | 2,138 | | | 54 | | | 2,192 | | | Issuance of Common Stock, Net of Issuance Costs | 48 | | | 145,360 | | | — | | | — | | | — | | | 145,408 | | | Stock Based Compensation Activity | 3 | | | 4,791 | | | (3,282) | | | — | | | — | | | 1,512 | | Common Stock Dividends and Unit Distributions
($0.87 Per Share/Unit) | — | | | — | | | (108,917) | | | — | | | (2,561) | | | (111,478) | | | Conversion of Limited Partner Units to Common Stock | 13 | | | 16,592 | | | — | | | — | | | (16,605) | | | 0 | | | Retirement of Limited Partner Units | — | | | — | | | — | | | — | | | (934) | | | (934) | | | Reallocation—Additional Paid-in-Capital | — | | | (2,297) | | | — | | | — | | | 2,297 | | | 0 | | | Reallocation—Other Comprehensive Income | — | | | — | | | — | | | 26 | | | (26) | | | 0 | | | Balance as of December 31, 2018 | $ | 1,263 | | | $ | 2,131,556 | | | $ | (490,807) | | | $ | 3,502 | | | $ | 34,397 | | | $ | 1,679,911 | | | Net Income | — | | | — | | | 238,775 | | | — | | | 5,106 | | | 243,881 | | | Other Comprehensive Loss | — | | | — | | | — | | | (10,365) | | | (222) | | | (10,587) | | | | | | | | | | | | | | | Stock Based Compensation Activity | 2 | | | 4,397 | | | (1,696) | | | — | | | 1,877 | | | 4,580 | | Common Stock Dividends and Unit Distributions
($0.92 Per Share/Unit) | — | | | — | | | (117,107) | | | — | | | (2,415) | | | (119,522) | | | Conversion of Limited Partner Units to Common Stock | 5 | | | 7,191 | | | — | | | — | | | (7,196) | | | 0 | | | | | | | | | | | | | | | Reallocation—Additional Paid-in-Capital | — | | | (2,297) | | | — | | | — | | | 2,297 | | | 0 | | | Reallocation—Other Comprehensive Income | — | | | — | | | — | | | (20) | | | 20 | | | 0 | | | Balance as of December 31, 2019 | $ | 1,270 | | | $ | 2,140,847 | | | $ | (370,835) | | | $ | (6,883) | | | $ | 33,864 | | | $ | 1,798,263 | | | Net Income | — | | | — | | | 195,989 | | | — | | | 4,180 | | | 200,169 | | | Other Comprehensive Loss | — | | | — | | | — | | | (10,079) | | | (216) | | | (10,295) | | | Issuance of Common Stock, Net of Issuance Costs | 18 | | | 78,331 | | | — | | | — | | | — | | | 78,349 | | | Stock Based Compensation Activity | 0 | | | 3,243 | | | (2,975) | | | — | | | 7,188 | | | 7,456 | | Common Stock Dividends and Unit Distributions
($1.00 Per Share/Unit) | — | | | — | | | (128,473) | | | — | | | (2,470) | | | (130,943) | | | Conversion of Limited Partner Units to Common Stock | 2 | | | 2,088 | | | — | | | — | | | (2,090) | | | 0 | | | | | | | | | | | | | | | Contributions from Noncontrolling Interest | — | | | — | | | — | | | — | | | 4,321 | | | 4,321 | | | Reallocation—Additional Paid-in-Capital | — | | | 182 | | | — | | | — | | | (182) | | | 0 | | | Reallocation—Other Comprehensive Income | — | | | — | | | — | | | 9 | | | (9) | | | 0 | | | Balance as of December 31, 2020 | $ | 1,290 | | | $ | 2,224,691 | | | $ | (306,294) | | | $ | (16,953) | | | $ | 44,586 | | | $ | 1,947,320 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
| | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | | (In thousands, except Unit data) | | ASSETS | | | | | Assets: | | | | | Investment in Real Estate: | | | | | Land | $ | 864,813 |
| | $ | 794,821 |
| | Buildings and Improvements | 2,521,457 |
| | 2,523,015 |
| | Construction in Progress | 109,475 |
| | 67,078 |
| | Less: Accumulated Depreciation | (789,919 | ) | | (796,492 | ) | | Net Investment in Real Estate (including $270,708 and $278,398 related to consolidated variable interest entities, see Note 5) | 2,705,826 |
| | 2,588,422 |
| | Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $0 and $1,471 | — |
| | 2,354 |
| | Cash and Cash Equivalents | 21,146 |
| | 9,859 |
| | Restricted Cash | 25,336 |
| | 11,602 |
| | Tenant Accounts Receivable, Net | 4,873 |
| | 4,757 |
| | Deferred Rent Receivable, Net | 70,254 |
| | 67,382 |
| | Deferred Leasing Intangibles, Net | 30,481 |
| | 29,499 |
| | Prepaid Expenses and Other Assets, Net | 93,264 |
| | 89,826 |
| | Total Assets | $ | 2,951,180 |
| | $ | 2,803,701 |
| | LIABILITIES AND PARTNERS’ CAPITAL | | | | | Liabilities: | | | | | Indebtedness: | | | | | Mortgage Loans Payable, Net (including $61,256 and $70,366 related to consolidated variable interest entities, see Note 5) | $ | 450,056 |
| | $ | 495,956 |
| | Senior Unsecured Notes, Net | 246,673 |
| | 204,998 |
| | Unsecured Term Loans, Net | 455,768 |
| | 456,638 |
| | Unsecured Credit Facility | 144,500 |
| | 189,500 |
| | Accounts Payable, Accrued Expenses and Other Liabilities | 86,532 |
| | 84,412 |
| | Deferred Leasing Intangibles, Net | 10,355 |
| | 10,400 |
| | Rents Received in Advance and Security Deposits | 44,285 |
| | 43,300 |
| | Distributions Payable | 27,016 |
| | 23,434 |
| | Total Liabilities | 1,465,185 |
| | 1,508,638 |
| | Commitments and Contingencies | — |
| | — |
| | Partners’ Capital: | | | | | First Industrial L.P.'s Partners' Capital: | | | | | General Partner Units (119,883,180 and 117,107,746 units outstanding) | 1,401,583 |
| | 1,219,755 |
| | Limited Partners Units (4,008,221 and 4,039,375 units outstanding) | 82,251 |
| | 79,156 |
| | Accumulated Other Comprehensive Income (Loss) | 1,382 |
| | (4,804 | ) | | Total First Industrial L.P.'s Partners’ Capital | 1,485,216 |
| | 1,294,107 |
| | Noncontrolling Interest | 779 |
| | 956 |
| | Total Partners’ Capital | 1,485,995 |
| | 1,295,063 |
| | Total Liabilities and Partners’ Capital | $ | 2,951,180 |
| | $ | 2,803,701 |
|
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
| | | | | | | | | | | | | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | | (In thousands, except per Unit data) | | Revenues: | | | | | | | Rental Income | $ | 303,874 |
| | $ | 289,858 |
| | $ | 281,186 |
| | Tenant Recoveries and Other Income | 92,528 |
| | 88,162 |
| | 84,637 |
| | Total Revenues | 396,402 |
| | 378,020 |
| | 365,823 |
| | Expenses: | | | | | | | Property Expenses | 113,494 |
| | 112,324 |
| | 114,628 |
| | General and Administrative | 28,079 |
| | 26,703 |
| | 25,247 |
| | Acquisition Costs | — |
| | 491 |
| | 1,403 |
| | Impairment of Real Estate | — |
| | — |
| | 626 |
| | Depreciation and Other Amortization | 116,364 |
| | 117,282 |
| | 113,814 |
| | Total Expenses | 257,937 |
| | 256,800 |
| | 255,718 |
| | Other Income (Expense): | | | | | | | Gain on Sale of Real Estate | 131,269 |
| | 68,202 |
| | 48,906 |
| | Interest Expense | (57,199 | ) | | (59,430 | ) | | (67,424 | ) | | Amortization of Debt Issuance Costs | (3,162 | ) | | (3,219 | ) | | (3,159 | ) | | Settlement Gain (Loss) on Interest Rate Protection Agreements | 1,896 |
| | — |
| | (11,546 | ) | | Loss from Retirement of Debt | (1,775 | ) | | — |
| | — |
| | Total Other Income (Expense) | 71,029 |
| | 5,553 |
| | (33,223 | ) | | Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax Provision | 209,494 |
| | 126,773 |
| | 76,882 |
| | Equity in Income of Joint Ventures | — |
| | — |
| | 55 |
| | Income Tax Provision | (1,193 | ) | | (1,089 | ) | | (117 | ) | | Net Income | 208,301 |
| | 125,684 |
| | 76,820 |
| | Less: Net Income Attributable to the Noncontrolling Interest | (143 | ) | | (137 | ) | | (138 | ) | | Net Income Available to Unitholders and Participating Securities | $ | 208,158 |
| | $ | 125,547 |
| | $ | 76,682 |
| | Basic Earnings Per Unit: |
| |
| |
| | Net Income Available to Unitholders | $ | 1.70 |
| | $ | 1.05 |
| | $ | 0.67 |
| | Diluted Earnings Per Unit: | | | | | | | Net Income Available to Unitholders | $ | 1.69 |
| | $ | 1.05 |
| | $ | 0.66 |
| | Distributions Per Unit | $ | 0.84 |
| | $ | 0.76 |
| | $ | 0.51 |
| | Weighted Average Units Outstanding - Basic | 122,306 |
| | 119,274 |
| | 114,709 |
| | Weighted Average Units Outstanding - Diluted | 122,821 |
| | 119,614 |
| | 115,138 |
|
| | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands) | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | Net Income | $ | 200,169 | | | $ | 243,881 | | | $ | 167,334 | | | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | | | | | Depreciation | 102,533 | | | 98,333 | | | 94,626 | | | Amortization of Debt Issuance Costs | 3,428 | | | 3,218 | | | 3,404 | | | Other Amortization, including Stock Based Compensation | 35,231 | | | 28,780 | | | 26,976 | | | Impairment of Real Estate | 0 | | | 0 | | | 2,756 | | | Provision for Bad Debt | 0 | | | 0 | | | 350 | | | Equity in (Income) Loss of Joint Ventures | (4,200) | | | (16,235) | | | 276 | | | Distributions from Joint Ventures | 4,279 | | | 15,959 | | | 0 | | | Gain on Sale of Real Estate | (86,751) | | | (124,942) | | | (81,600) | | | Loss from Retirement of Debt | 0 | | | 0 | | | 39 | | | Gain on Casualty and Involuntary Conversion | (6,476) | | | 0 | | | (392) | | | Payments to Settle Derivative Instruments | 0 | | | (3,149) | | | 0 | | | Straight-line Rental Income and Expense, Net | (8,973) | | | (10,884) | | | (2,165) | | | Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | 3,861 | | | (11,523) | | | (4,199) | | | (Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (2,671) | | | 22,095 | | | 3,090 | | | | | | | | | Net Cash Provided by Operating Activities | 240,430 | | | 245,533 | | | 210,495 | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | Acquisitions of Real Estate | (220,223) | | | (152,744) | | | (157,787) | | | Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (198,496) | | | (294,633) | | | (224,466) | | | Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable | 203,864 | | | 254,416 | | | 184,783 | | | Increase in Escrow Deposits | (14,950) | | | (23,113) | | | (1,326) | | | Proceeds from Casualty and Involuntary Conversion | 6,476 | | | 0 | | | 906 | | | Contributions to and Investments in Joint Ventures | (42,744) | | | (210) | | | (25,190) | | | Distributions from Joint Ventures | 19,938 | | | 8,711 | | | 1,829 | | | Other Investing Activity | (5,603) | | | 2,187 | | | (2,147) | | | Net Cash Used in Investing Activities | (251,738) | | | (205,386) | | | (223,398) | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | Financing and Equity Issuance Costs | (3,363) | | | (954) | | | (2,975) | | | Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | 78,718 | | | 0 | | | 145,584 | | | Tax Paid on Shares Withheld | (5,944) | | | (4,384) | | | (6,020) | | | Common Stock Dividends and Unit Distributions Paid | (127,338) | | | (117,214) | | | (109,649) | | | Repayments on Mortgage Loans Payable | (30,146) | | | (123,250) | | | (165,646) | | | | | | | | | Proceeds from Senior Unsecured Notes | 300,000 | | | 150,000 | | | 300,000 | | | | | | | | | Proceeds from Unsecured Credit Facility | 247,000 | | | 415,000 | | | 237,000 | | | Repayments on Unsecured Credit Facility | (405,000) | | | (257,000) | | | (381,500) | | | Contributions from Noncontrolling Interests | 4,321 | | | 0 | | | 0 | | | Net Cash Provided by Financing Activities | 58,248 | | | 62,198 | | | 16,794 | | | | | | | | | Net Increase in Cash, Cash Equivalents and Restricted Cash | 46,940 | | | 102,345 | | | 3,891 | | | Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | | | 50,373 | | | 46,482 | | | Cash, Cash Equivalents and Restricted Cash, End of Year | $ | 199,658 | | | $ | 152,718 | | | $ | 50,373 | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands) | | SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | | | | | | | Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 48,849 | | | $ | 47,801 | | | $ | 47,408 | | | Interest Expense Capitalized in Connection with Development Activity | $ | 6,847 | | | $ | 5,757 | | | $ | 5,869 | | | Income Taxes Paid | $ | 1,573 | | | $ | 3,583 | | | $ | 457 | | | Cash Paid for Operating Lease Liabilities | $ | 2,821 | | | $ | 2,084 | | | $ | 0 | | | Supplemental Schedule of Non-Cash Operating Activities: | | | | | | | Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 1,341 | | | $ | 22,871 | | | $ | 0 | | | Supplemental Schedule of Non-Cash Investing and Financing Activities: | | | | | | | Common Stock Dividends and Unit Distributions Payable | $ | 33,703 | | | $ | 30,567 | | | $ | 28,845 | | | Exchange of Limited Partnership Units for Common Stock: | | | | | | | Noncontrolling Interest | $ | (2,090) | | | $ | (7,196) | | | $ | (16,605) | | | Common Stock | 2 | | | 5 | | | 13 | | | Additional Paid-in-Capital | 2,088 | | | 7,191 | | | 16,592 | | | Total | $ | 0 | | | $ | 0 | | | $ | 0 | | | Lease Reclassification from Operating Lease to Sales-Type Lease: | | | | | | | Lease Receivable | $ | 0 | | | $ | 54,521 | | | $ | 0 | | | Land | 0 | | | (24,803) | | | 0 | | | Building, Net of Accumulated Depreciation | 0 | | | (17,845) | | | 0 | | | Deferred Rent Receivable | 0 | | | (2,073) | | | 0 | | | Other Assets, Net of Accumulated Amortization | 0 | | | (1,194) | | | 0 | | | Gain on Sale Recognized Due to Lease Reclassification | $ | 0 | | | $ | 8,606 | | | $ | 0 | | | Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 18,579 | | | $ | 1,466 | | | $ | 11,878 | | | Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 34,008 | | | $ | 51,107 | | | $ | 31,545 | | | Write-off of Fully Depreciated Assets | $ | (45,302) | | | $ | (37,892) | | | $ | (43,654) | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEBALANCE SHEETS | | | | | | | | | | | | | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | | (In thousands) | | Net Income | $ | 208,301 |
| | $ | 125,684 |
| | $ | 76,820 |
| | Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 5,981 |
| | 4,849 |
| | (9,155 | ) | | Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 12) | — |
| | — |
| | 12,990 |
| | Amortization of Interest Rate Protection Agreements | 205 |
| | 390 |
| | 524 |
| | Foreign Currency Translation Adjustment | — |
| | — |
| | (26 | ) | | Comprehensive Income | $ | 214,487 |
| | $ | 130,923 |
| | $ | 81,153 |
| | Comprehensive Income Attributable to Noncontrolling Interest | (143 | ) | | (137 | ) | | (138 | ) | | Comprehensive Income Attributable to Unitholders | $ | 214,344 |
| | $ | 130,786 |
| | $ | 81,015 |
|
| | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | | | (In thousands, except Unit data) | | ASSETS | | | | | Assets: | | | | | Investment in Real Estate: | | | | | Land | $ | 1,087,907 | | | $ | 957,478 | | | Buildings and Improvements | 2,922,152 | | | 2,782,430 | | | Construction in Progress | 77,574 | | | 90,301 | | | Less: Accumulated Depreciation | (832,393) | | | (804,780) | | | Net Investment in Real Estate (including $245,396 and $240,847 related to consolidated variable interest entities, see Note 5) | 3,255,240 | | | 3,025,429 | | | Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $7,054 and $0 | 15,663 | | | 0 | | | Operating Lease Right-of-Use Asset | 25,205 | | | 24,877 | | | Cash and Cash Equivalents | 162,090 | | | 21,120 | | | Restricted Cash | 37,568 | | | 131,598 | | | Tenant Accounts Receivable | 5,714 | | | 8,529 | | | Investment in Joint Ventures | 45,697 | | | 18,208 | | | Deferred Rent Receivable | 84,567 | | | 77,703 | | | Deferred Leasing Intangibles, Net | 25,211 | | | 28,533 | | | Prepaid Expenses and Other Assets, Net | 144,353 | | | 192,852 | | | Total Assets | $ | 3,801,308 | | | $ | 3,528,849 | | | LIABILITIES AND PARTNERS' CAPITAL | | | | | Liabilities: | | | | | Indebtedness: | | | | | Mortgage Loans Payable, Net (including $6,292 and $11,009 related to consolidated variable interest entities, see Note 5) | $ | 143,879 | | | $ | 173,685 | | | Senior Unsecured Notes, Net | 992,300 | | | 694,015 | | | Unsecured Term Loans, Net | 458,462 | | | 457,865 | | | Unsecured Credit Facility | 0 | | | 158,000 | | | Accounts Payable, Accrued Expenses and Other Liabilities | 120,292 | | | 114,637 | | | Operating Lease Liabilities | 22,826 | | | 22,369 | | | Deferred Leasing Intangibles, Net | 11,064 | | | 11,893 | | | Rents Received in Advance and Security Deposits | 62,092 | | | 57,534 | | | Distributions Payable | 33,703 | | | 30,567 | | | Total Liabilities | 1,844,618 | | | 1,720,565 | | | Commitments and Contingencies | 0 | | | 0 | | | Partners' Capital: | | | | | | | | | First Industrial L.P.'s Partners' Capital: | | | | | General Partner Units (129,051,412 and 126,994,478 units outstanding) | 1,898,635 | | | 1,750,656 | | | Limited Partners Units (2,713,142 and 2,422,744 units outstanding) | 70,435 | | | 63,618 | | | Accumulated Other Comprehensive Loss | (17,308) | | | (7,013) | | | Total First Industrial L.P.'s Partners' Capital | 1,951,762 | | | 1,807,261 | | | Noncontrolling Interests | 4,928 | | | 1,023 | | | Total Partners' Capital | 1,956,690 | | | 1,808,284 | | | Total Liabilities and Partners' Capital | $ | 3,801,308 | | | $ | 3,528,849 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL L.P. CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITALOPERATIONS | | | | | | | | | | | | | | | | | | | | | | | General Partner Units | | Limited Partner Units | | Accumulated Other Comprehensive (Loss) Income | | Noncontrolling Interest | | Total | | | | | Balance as of December 31, 2014 | $ | 1,034,129 |
| | $ | 80,757 |
| | $ | (14,376 | ) | | $ | 1,080 |
| | $ | 1,101,590 |
| | Stock Based Compensation Activity | 2,243 |
| | — |
| | — |
| | — |
| | 2,243 |
| | Conversion of Limited Partner Units to General Partner Units | 673 |
| | (673 | ) | | — |
| | — |
| | — |
| | Unit Distributions | (56,796 | ) | | (2,218 | ) | | — |
| | — |
| | (59,014 | ) | | Contributions from Noncontrolling Interest | — |
| | — |
| | — |
| | 67 |
| | 67 |
| | Distributions to Noncontrolling Interest | — |
| | — |
| | — |
| | (189 | ) | | (189 | ) | | Net Income | 73,779 |
| | 2,903 |
| | — |
| | 138 |
| | 76,820 |
| | Other Comprehensive Income | — |
| | — |
| | 4,333 |
| | — |
| | 4,333 |
| | Balance as of December 31, 2015 | $ | 1,054,028 |
| | $ | 80,769 |
| | $ | (10,043 | ) | | $ | 1,096 |
| | $ | 1,125,850 |
| | Issuance of General Partner Units, Net of Issuance Costs | 124,584 |
| | — |
| | — |
| | — |
| | 124,584 |
| | Stock Based Compensation Activity | 5,301 |
| | — |
| | — |
| | — |
| | 5,301 |
| | Conversion of Limited Partner Units to General Partner Units | 2,862 |
| | (2,862 | ) | | — |
| | — |
| | — |
| | Unit Distributions | (88,115 | ) | | (3,203 | ) | | — |
| | — |
| | (91,318 | ) | | Contributions from Noncontrolling Interest | — |
| | — |
| | — |
| | 123 |
| | 123 |
| | Distributions to Noncontrolling Interest | — |
| | — |
| | — |
| | (400 | ) | | (400 | ) | | Net Income | 121,095 |
| | 4,452 |
| | — |
| | 137 |
| | 125,684 |
| | Other Comprehensive Income | — |
| | — |
| | 5,239 |
| | — |
| | 5,239 |
| | Balance as of December 31, 2016 | $ | 1,219,755 |
| | $ | 79,156 |
| | $ | (4,804 | ) | | $ | 956 |
| | $ | 1,295,063 |
| | Contribution of General Partner Units, Net of Issuance Costs | 74,661 |
| | — |
| | — |
| | — |
| | 74,661 |
| | Stock Based Compensation Activity | 6,210 |
| | — |
| | — |
| | — |
| | 6,210 |
| | Conversion of Limited Partner Units to General Partner Units | 364 |
| | (364 | ) | | — |
| | — |
| | — |
| | Unit Distributions | (100,720 | ) | | (3,386 | ) | | — |
| | — |
| | (104,106 | ) | | Contributions from Noncontrolling Interest | — |
| | — |
| | — |
| | 40 |
| | 40 |
| | Distributions to Noncontrolling Interest | — |
| | — |
| | — |
| | (360 | ) | | (360 | ) | | Net Income | 201,313 |
| | 6,845 |
| | — |
| | 143 |
| | 208,301 |
| | Other Comprehensive Income | — |
| | — |
| | 6,186 |
| | — |
| | 6,186 |
| | Balance as of December 31, 2017 | $ | 1,401,583 |
| | $ | 82,251 |
| | $ | 1,382 |
| | $ | 779 |
| | $ | 1,485,995 |
|
| | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands, except per Unit data) | | Revenues: | | | | | | | Lease Revenue | $ | 437,543 | | | $ | 422,236 | | | $ | 398,822 | | | Other Revenue | 10,485 | | | 3,748 | | | 5,132 | | | Total Revenues | 448,028 | | | 425,984 | | | 403,954 | | | Expenses: | | | | | | | Property Expenses | 119,195 | | | 116,585 | | | 116,854 | | | General and Administrative | 32,848 | | | 28,569 | | | 27,749 | | | Depreciation and Other Amortization | 129,638 | | | 121,229 | | | 116,459 | | | Impairment of Real Estate | 0 | | | 0 | | | 2,756 | | | Total Expenses | 281,681 | | | 266,383 | | | 263,818 | | | Other Income (Expense): | | | | | | | Gain on Sale of Real Estate | 86,751 | | | 124,942 | | | 81,600 | | | Interest Expense | (51,293) | | | (50,273) | | | (50,775) | | | Amortization of Debt Issuance Costs | (3,428) | | | (3,218) | | | (3,404) | | | | | | | | | Loss from Retirement of Debt | 0 | | | 0 | | | (39) | | | Total Other Income (Expense) | 32,030 | | | 71,451 | | | 27,382 | | | Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax (Provision) Benefit | 198,377 | | | 231,052 | | | 167,518 | | | Equity in Income (Loss) of Joint Ventures | 4,200 | | | 16,235 | | | (276) | | | Income Tax (Provision) Benefit | (2,408) | | | (3,406) | | | 92 | | | Net Income | 200,169 | | | 243,881 | | | 167,334 | | | Less: Net Income Attributable to the Noncontrolling Interests | (235) | | | (253) | | | (88) | | | Net Income Available to Unitholders and Participating Securities | $ | 199,934 | | | $ | 243,628 | | | $ | 167,246 | | | Basic Earnings Per Unit: | | | | | | | Net Income Available to Unitholders | $ | 1.54 | | | $ | 1.89 | | | $ | 1.31 | | | Diluted Earnings Per Unit: | | | | | | | Net Income Available to Unitholders | $ | 1.53 | | | $ | 1.88 | | | $ | 1.31 | | | Weighted Average Units Outstanding - Basic | 129,752 | | | 128,831 | | | 126,921 | | | Weighted Average Units Outstanding - Diluted | 130,127 | | | 129,241 | | | 127,308 | |
The accompanying notes are an integral part of the consolidated financial statements.
| | | | | | | | | | | | | FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended
December 31, 2015 | | | (In thousands) | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | Net Income | $ | 208,301 |
| | $ | 125,684 |
| | $ | 76,820 |
| | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | | | | | Depreciation | 94,078 |
| | 95,514 |
| | 92,955 |
| | Amortization of Debt Issuance Costs | 3,162 |
| | 3,219 |
| | 3,159 |
| | Other Amortization, including Stock Based Compensation | 29,252 |
| | 28,403 |
| | 28,359 |
| | Impairment of Real Estate | — |
| | — |
| | 626 |
| | Provision for Bad Debt | 177 |
| | 563 |
| | 954 |
| | Gain on Sale of Real Estate | (131,269 | ) | | (68,202 | ) | | (48,906 | ) | | Loss from Retirement of Debt | 1,775 |
| | — |
| | — |
| | Mark-to-Market Loss on Interest Rate Protection Agreements | — |
| | — |
| | 11,546 |
| | (Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (5,510 | ) | | 1,242 |
| | (2,673 | ) | | Increase in Deferred Rent Receivable, Net | (5,299 | ) | | (6,602 | ) | | (6,181 | ) | | (Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (465 | ) | | (5,655 | ) | | 5,682 |
| | Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | (1,453 | ) | | (554 | ) | | — |
| | Gain on Casualty and Involuntary Conversion | (1,321 | ) | | — |
| | — |
| | Other Operating Activity | — |
| | — |
| | (55 | ) | | Net Cash Provided by Operating Activities | 191,428 |
| | 173,612 |
| | 162,286 |
| | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | Acquisitions of Real Estate | (175,303 | ) | | (107,484 | ) | | (168,122 | ) | | Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (146,003 | ) | | (179,994 | ) | | (150,079 | ) | | Net Proceeds from Sales of Investments in Real Estate | 228,102 |
| | 163,435 |
| | 154,024 |
| | Proceeds from Casualty and Involuntary Conversion | 10,094 |
| | — |
| | — |
| | Settlement of Interest Rate Protection Agreements | — |
| | — |
| | (11,546 | ) | | (Increase) Decrease in Escrows | (13,169 | ) | | 13,008 |
| | (24,037 | ) | | Other Investing Activity | 51 |
| | 43 |
| | 2,686 |
| | Net Cash Used in Investing Activities | (96,228 | ) | | (110,992 | ) | | (197,074 | ) | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | Debt and Equity Issuance Costs | (6,864 | ) | | (375 | ) | | (5,158 | ) | | Contribution of General Partner Units | 74,880 |
| | 124,936 |
| | — |
| | Repurchase and Retirement of Restricted Units | (2,401 | ) | | (5,242 | ) | | (2,101 | ) | | Unit Distributions Paid | (100,524 | ) | | (82,696 | ) | | (55,811 | ) | | Contributions from Noncontrolling Interests | 40 |
| | 123 |
| | 67 |
| | Distributions to Noncontrolling Interests | (360 | ) | | (400 | ) | | (189 | ) | | Repayments on Mortgage Loans Payable | (46,832 | ) | | (70,969 | ) | | (35,004 | ) | | Proceeds from Senior Unsecured Notes | 200,000 |
| | — |
| | — |
| | Repayments of Senior Unsecured Notes | (156,852 | ) | | (159,125 | ) | | — |
| | Proceeds from Unsecured Term Loans | — |
| | — |
| | 260,000 |
| | Proceeds from Unsecured Credit Facility | 429,000 |
| | 442,000 |
| | 321,500 |
| | Repayments on Unsecured Credit Facility | (474,000 | ) | | (305,000 | ) | | (454,000 | ) | | Net Cash (Used in) Provided by Financing Activities | (83,913 | ) | | (56,748 | ) | | 29,304 |
| | Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |
| | — |
| | (14 | ) | | Net Increase (Decrease) in Cash and Cash Equivalents | 11,287 |
| | 5,872 |
| | (5,484 | ) | | Cash and Cash Equivalents, Beginning of Year | 9,859 |
| | 3,987 |
| | 9,485 |
| | Cash and Cash Equivalents, End of Year | $ | 21,146 |
| | $ | 9,859 |
| | $ | 3,987 |
| | | | | | | |
| | | | | | | | | | | | | FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended
December 31, 2015 | | | (In thousands) | | SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | | | | | | | Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 56,844 |
| | $ | 63,600 |
| | $ | 66,452 |
| | Interest Expense Capitalized in Connection with Development Activity | $ | 4,353 |
| | $ | 3,523 |
| | $ | 2,453 |
| | Income Taxes Paid | $ | 769 |
| | $ | 1,358 |
| | $ | 23 |
| | Supplemental Schedule of Non-Cash Investing and Financing Activities: | | | | | | | General and Limited Partner Unit Distributions Payable | $ | 27,016 |
| | $ | 23,434 |
| | $ | 14,812 |
| | Exchange of Limited Partner Units for General Partner Units: | | | | | | | Limited Partner Units | $ | (364 | ) | | $ | (2,862 | ) | | $ | (673 | ) | | General Partner Units | 364 |
| | 2,862 |
| | 673 |
| | Total | $ | — |
| | $ | — |
| | $ | — |
| | Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 1,269 |
| | $ | 5,405 |
| | $ | 2,090 |
| | Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 38,597 |
| | $ | 32,712 |
| | $ | 25,747 |
| | Write-off of Fully Depreciated Assets | $ | (35,560 | ) | | $ | (44,080 | ) | | $ | (45,457 | ) |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands) | | Net Income | $ | 200,169 | | | $ | 243,881 | | | $ | 167,334 | | | Payments to Settle Derivative Instruments | 0 | | | (3,149) | | | 0 | | | Acceleration of Derivative Instruments | 201 | | | 0 | | | 0 | | | Mark-to-Market (Loss) Gain on Derivative Instruments | (10,906) | | | (7,671) | | | 2,096 | | | Amortization of Derivative Instruments | 410 | | | 233 | | | 96 | | | Comprehensive Income | $ | 189,874 | | | $ | 233,294 | | | $ | 169,526 | | | Comprehensive Income Attributable to Noncontrolling Interests | (235) | | | (253) | | | (88) | | | Comprehensive Income Attributable to Unitholders | $ | 189,639 | | | $ | 233,041 | | | $ | 169,438 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | General
Partner
Units | | Limited
Partner
Units | | Accumulated
Other
Comprehensive
Income (Loss) | | Noncontrolling Interests | | Total | | | | | Balance as of December 31, 2017 | $ | 1,401,583 | | | $ | 82,251 | | | $ | 1,382 | | | $ | 779 | | | $ | 1,485,995 | | | Net Income | 163,151 | | | 4,095 | | | — | | | 88 | | | 167,334 | | | Other Comprehensive Income | — | | | — | | | 2,192 | | | — | | | 2,192 | | | Contribution of General Partner Units, Net of Issuance Costs | 145,408 | | | — | | | — | | | — | | | 145,408 | | | Stock Based Compensation Activity | 1,512 | | | — | | | — | | | — | | | 1,512 | | | Unit Distributions ($0.87 Per Unit) | (108,917) | | | (2,561) | | | — | | | — | | | (111,478) | | | Conversion of Limited Partner Units to General Partner Units | 16,605 | | | (16,605) | | | — | | | — | | | 0 | | | Retirement of Limited Partner Units | — | | | (934) | | | — | | | — | | | (934) | | | Contributions from Noncontrolling Interests | — | | | — | | | — | | | 126 | | | 126 | | | Distributions to Noncontrolling Interests | — | | | — | | | — | | | (136) | | | (136) | | | Balance as of December 31, 2018 | $ | 1,619,342 | | | $ | 66,246 | | | $ | 3,574 | | | $ | 857 | | | $ | 1,690,019 | | | Net Income | 238,522 | | | 5,106 | | | — | | | 253 | | | 243,881 | | | Other Comprehensive Loss | — | | | — | | | (10,587) | | | — | | | (10,587) | | | | | | | | | | | | | Stock Based Compensation Activity | 2,703 | | | 1,877 | | | — | | | — | | | 4,580 | | | Unit Distributions ($0.92 Per Unit) | (117,107) | | | (2,415) | | | — | | | — | | | (119,522) | | | Conversion of Limited Partner Units to General Partner Units | 7,196 | | | (7,196) | | | — | | | — | | | 0 | | | | | | | | | | | | | Contributions from Noncontrolling Interests | — | | | — | | | — | | | 32 | | | 32 | | | Distributions to Noncontrolling Interests | — | | | — | | | — | | | (119) | | | (119) | | | Balance as of December 31, 2019 | $ | 1,750,656 | | | $ | 63,618 | | | $ | (7,013) | | | $ | 1,023 | | | $ | 1,808,284 | | | Net Income | 195,745 | | | 4,189 | | | — | | | 235 | | | 200,169 | | | Other Comprehensive Loss | — | | | — | | | (10,295) | | | — | | | (10,295) | | | Contribution of General Partner Units, Net of Issuance Costs | 78,349 | | | — | | | — | | | — | | | 78,349 | | | Stock Based Compensation Activity | 268 | | | 7,188 | | | — | | | — | | | 7,456 | | | Unit Distributions ($1.00 Per Unit) | (128,473) | | | (2,470) | | | — | | | — | | | (130,943) | | | Conversion of Limited Partner Units to General Partner Units | 2,090 | | | (2,090) | | | — | | | — | | | 0 | | | | | | | | | | | | | Contributions from Noncontrolling Interests | — | | | — | | | — | | | 4,401 | | | 4,401 | | | Distributions to Noncontrolling Interests | — | | | — | | | — | | | (731) | | | (731) | | | Balance as of December 31, 2020 | $ | 1,898,635 | | | $ | 70,435 | | | $ | (17,308) | | | $ | 4,928 | | | $ | 1,956,690 | |
The accompanying notes are an integral part of the consolidated financial statements.
| | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands) | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | Net Income | $ | 200,169 | | | $ | 243,881 | | | $ | 167,334 | | | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | | | | | Depreciation | 102,533 | | | 98,333 | | | 94,626 | | | Amortization of Debt Issuance Costs | 3,428 | | | 3,218 | | | 3,404 | | | Other Amortization, including Stock Based Compensation | 35,231 | | | 28,780 | | | 26,976 | | | Impairment of Real Estate | 0 | | | 0 | | | 2,756 | | | Provision for Bad Debt | 0 | | | 0 | | | 350 | | | Equity in (Income) Loss of Joint Ventures | (4,200) | | | (16,235) | | | 276 | | | Distributions from Joint Ventures | 4,279 | | | 15,959 | | | 0 | | | Gain on Sale of Real Estate | (86,751) | | | (124,942) | | | (81,600) | | | Loss from Retirement of Debt | 0 | | | 0 | | | 39 | | | Gain on Casualty and Involuntary Conversion | (6,476) | | | 0 | | | (392) | | | Payments to Settle Derivative Instruments | 0 | | | (3,149) | | | 0 | | | Straight-line Rental Income and Expense, Net | (8,973) | | | (10,884) | | | (2,165) | | | Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | 4,512 | | | (11,436) | | | (4,189) | | | (Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (2,671) | | | 22,095 | | | 3,090 | | | | | | | | | Net Cash Provided by Operating Activities | 241,081 | | | 245,620 | | | 210,505 | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | Acquisitions of Real Estate | (220,223) | | | (152,744) | | | (157,787) | | | Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (198,496) | | | (294,633) | | | (224,466) | | | Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable | 203,864 | | | 254,416 | | | 184,783 | | | Increase in Escrow Deposits | (14,950) | | | (23,113) | | | (1,326) | | | Proceeds from Casualty and Involuntary Conversion | 6,476 | | | 0 | | | 906 | | | Contributions to and Investments in Joint Ventures | (42,744) | | | (210) | | | (25,190) | | | Distributions from Joint Ventures | 19,938 | | | 8,711 | | | 1,829 | | | Other Investing Activity | (5,603) | | | 2,187 | | | (2,147) | | | Net Cash Used in Investing Activities | (251,738) | | | (205,386) | | | (223,398) | | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | Financing and Equity Issuance Costs | (3,363) | | | (954) | | | (2,975) | | | Contribution of General Partner Units | 78,718 | | | 0 | | | 145,584 | | | Tax Paid on Shares of the Company Withheld | (5,944) | | | (4,384) | | | (6,020) | | | Unit Distributions Paid | (127,338) | | | (117,214) | | | (109,649) | | | Contributions from Noncontrolling Interests | 4,401 | | | 32 | | | 126 | | | Distributions to Noncontrolling Interests | (731) | | | (119) | | | (136) | | | Repayments on Mortgage Loans Payable | (30,146) | | | (123,250) | | | (165,646) | | | | | | | | | Proceeds from Senior Unsecured Notes | 300,000 | | | 150,000 | | | 300,000 | | | | | | | | | Proceeds from Unsecured Credit Facility | 247,000 | | | 415,000 | | | 237,000 | | | Repayments on Unsecured Credit Facility | (405,000) | | | (257,000) | | | (381,500) | | | Net Cash Provided by Financing Activities | 57,597 | | | 62,111 | | | 16,784 | | | | | | | | | Net Increase in Cash, Cash Equivalents and Restricted Cash | 46,940 | | | 102,345 | | | 3,891 | | | Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | | | 50,373 | | | 46,482 | | | Cash, Cash Equivalents and Restricted Cash, End of Year | $ | 199,658 | | | $ | 152,718 | | | $ | 50,373 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | | (In thousands) | | SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | | | | | | | Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 48,849 | | | $ | 47,801 | | | $ | 47,408 | | | Interest Expense Capitalized in Connection with Development Activity | $ | 6,847 | | | $ | 5,757 | | | $ | 5,869 | | | Income Taxes Paid | $ | 1,573 | | | $ | 3,583 | | | $ | 457 | | | Cash Paid for Operating Lease Liabilities | $ | 2,821 | | | $ | 2,084 | | | $ | 0 | | | Supplemental Schedule of Non-Cash Operating Activities: | | | | | | | Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 1,341 | | | $ | 22,871 | | | $ | 0 | | | Supplemental Schedule of Non-Cash Investing and Financing Activities: | | | | | | | General and Limited Partner Unit Distributions Payable | $ | 33,703 | | | $ | 30,567 | | | $ | 28,845 | | | Exchange of Limited Partner Units for General Partner Units: | | | | | | | Limited Partner Units | $ | (2,090) | | | $ | (7,196) | | | $ | (16,605) | | | General Partner Units | 2,090 | | | 7,196 | | | 16,605 | | | Total | $ | 0 | | | $ | 0 | | | $ | 0 | | | Lease Reclassification from Operating Lease to Sales-Type Lease: | | | | | | | Lease Receivable | $ | 0 | | | $ | 54,521 | | | $ | 0 | | | Land | 0 | | | (24,803) | | | 0 | | | Building, Net of Accumulated Depreciation | 0 | | | (17,845) | | | 0 | | | Deferred Rent Receivable | 0 | | | (2,073) | | | 0 | | | Other Assets, Net of Accumulated Amortization | 0 | | | (1,194) | | | 0 | | | Gain on Sale Recognized Due to Lease Reclassification | $ | 0 | | | $ | 8,606 | | | $ | 0 | | | Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 18,579 | | | $ | 1,466 | | | $ | 11,878 | | | Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 34,008 | | | $ | 51,107 | | | $ | 31,545 | | | Write-off of Fully Depreciated Assets | $ | (45,302) | | | $ | (37,892) | | | $ | (43,654) | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in thousands, except per share and Unit data) 1. Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.8%97.9% and 96.7%98.1% ownership interest ("General Partner Units") at December 31, 20172020 and 2016,2019, respectively. The Operating Partnership also conducts operations through eight8 other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. NoncontrollingThe Company's noncontrolling interest in the Operating Partnership of approximately 3.2%2.1% and 3.3%1.9% at December 31, 20172020 and 2016,2019, respectively, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (See Note 6) pursuant to the Company's Stock Incentive Plan. We also own equity interests in, and provide various services to, 2 joint ventures (the "Joint Ventures") through a wholly-owned TRS of the Operating Partnership. The Joint Ventures are accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to Joint Ventures. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the TRSsJoint Ventures are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of December 31, 2017,2020, we owned 488427 industrial properties located in 2120 states, containing an aggregate of approximately 60.262.8 million square feet of gross leasable area ("GLA").Of the 488427 properties owned on a consolidated basis, none of them are directly owned by the Company. Any references to the number of industrial properties and square footage in the financial statement footnotes are unaudited.
2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements at December 31, 20172020 and 20162019 and for each of the years ended December 31, 2017, 20162020, 2019 and 20152018 include the accounts and operating results of the Company and the Operating Partnership. All intercompany transactions have been eliminated in consolidation. Use of Estimates In order to conform with generally accepted accounting principles ("GAAP"), in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 20172020 and 2016,2019, and the reported amounts of revenues and expenses for each of the years ended December 31, 2017, 20162020, 2019 and 2015.2018. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments. Restricted Cash Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.
For purposes of our consolidated statements of cash flows, changes in restricted cash are aggregated with cash and cash equivalents.
Investment in Real Estate and Depreciation Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset or asset group). The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, as well as our ability to hold and our intent with regard to each property. If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition. Estimated future net cash flows are based on estimates of future operating performance and market conditions. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property or group of properties, we will recognize an impairment loss based upon the estimated fair value of the property or group of properties. ForThe assessment of fair value requires the use of estimates and assumptions relating to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates. We generally classify certain properties we considerand related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyer's due diligence period, if any, has expired. At such time, the respective assets and liabilities are presented separately on the consolidated balance sheets. Upon held for sale classification, we cease depreciating the propertiesdepreciation and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property or group of properties previously classified as held for sale, we will reclassify the properties as held and used. Properties are measured at the lower of their carrying amounts (adjusted for any depreciation and amortization expense that would have been recognized had the properties been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met. Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized using the weighted average borrowing rate during the construction period.
Depreciation expense is computed using the straight-line method based on the following useful lives: | | | | | | | Years | | Buildings and Improvements | 7 to 50 | | Land Improvements | 53 to 2016 | | Furniture, Fixtures and Equipment | 3 to 105 | | Tenant Improvements | Lease Term |
Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of incentive compensation costs of personnel directly attributable to leasing)executed leases) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with tenants that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized. Upon acquisition of a property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, construction in progress, leasing commissions and intangible assetslease intangibles including in-place leases,lease assets and above market and below market leases, below market ground lease obligationsassets and tenant relationships.liabilities. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Acquired above and below market leases and below market ground lease obligationsintangibles are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above market leases and below market groundor the remaining term of the lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The value of above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values intangibles, which are included as assets or liabilities in the line item Deferred Leasing Intangibles, Net are amortized as an increase or decrease to base rental revenue over the remaining initial termslease term, plus the termsterm of any below market fixed rate renewal options of the respective leases.
The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluationan estimate of the specific characteristicslease revenue received during a reasonable lease-up period as if the property was vacant on the date of each tenant’s lease and our overall relationship with the respective tenant.acquisition. The value of in-place lease intangibles, and tenant relationships, which are included as components of deferred leasing intangibles, netin the line item Deferred Leasing Intangibles, Net are amortized over the remaining initial lease term (and(including expected renewal periods of the respective lease for tenant relationships)periods) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases,intangibles and the in-place lease value and tenant relationships is immediately written off.accelerated and fully amortized on the date of the termination. Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. Due to the adoption of the Accounting Standard Updates ("ASU") in 2017, we expect most acquisitions to be treated as asset acquisitions rather than business combinations as ourOur typical acquisitions consist of properties whereby substantially all the fair value ofor gross assets acquired is concentrated in a single asset (land, building, construction in progress and in-place leases), which under the new standard, and, therefore, will be treatedaccounted for as an asset acquisition. Acquisition costs related to asset acquisitions, are capitalizedwhich permits the capitalization of transaction costs to the basis of the acquired asset.property.
Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following: | | | | | | | | | | | | | December 31,
2020 | | December 31,
2019 | | In-Place Leases | $ | 18,253 | | | $ | 20,188 | | | Above Market Leases | 1,948 | | | 2,197 | | | Below Market Ground Lease Obligation | 1,552 | | | 1,597 | | | Tenant Relationships | 3,458 | | | 4,551 | | | Total Included in Total Assets, Net of $24,781 and $29,541 of Accumulated Amortization | $ | 25,211 | | | $ | 28,533 | | | Below Market Leases | $ | 11,064 | | | $ | 11,893 | | | Total Included in Total Liabilities, Net of $13,849 and $13,045 of Accumulated Amortization | $ | 11,064 | | | $ | 11,893 | |
| | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | In-Place Leases | $ | 19,921 |
| | $ | 17,529 |
| | Above Market Leases | 2,298 |
| | 2,373 |
| | Below Market Ground Lease Obligation | 1,688 |
| | 1,733 |
| | Tenant Relationships | 6,574 |
| | 7,864 |
| | Total Included in Total Assets, Net of $29,604 and $27,336 of Accumulated Amortization | $ | 30,481 |
| | $ | 29,499 |
| | Below Market Leases | $ | 10,355 |
| | $ | 10,400 |
| | Total Included in Total Liabilities, Net of $10,578 and $10,193 of Accumulated Amortization | $ | 10,355 |
| | $ | 10,400 |
|
Amortization expense related to in-place leases and tenant relationships was $6,648, $6,717$8,201, $6,303 and $6,326$6,267 for the years ended December 31, 2017, 20162020, 2019 and 2015,2018, respectively. Rental revenuesLease revenue increased by $1,116, $996$1,962, $1,281 and $462$1,095 related to net amortization of above and below market leases. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 20172020 as follows: | | | | | | | | | | | Estimated Amortization of In-Place Leases and Tenant Relationships | | Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases | | 2018 | $ | 5,648 |
| | $ | 1,009 |
| | 2019 | $ | 4,753 |
| | $ | 1,019 |
| | 2020 | $ | 3,982 |
| | $ | 914 |
| | 2021 | $ | 2,590 |
| | $ | 845 |
| | 2022 | $ | 2,339 |
| | $ | 833 |
|
| | | | | | | | | | | | | Estimated
Amortization
of In-Place
Leases and Tenant
Relationships | | Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases | | 2021 | $ | 4,210 | | | $ | 1,443 | | | 2022 | $ | 3,717 | | | $ | 1,353 | | | 2023 | $ | 3,283 | | | $ | 1,101 | | | 2024 | $ | 2,562 | | | $ | 1,120 | | | 2025 | $ | 1,996 | | | $ | 1,029 | |
Debt Issuance Costs Debt issuance costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Unamortized debt issuance costs are written-off when debt is retired before the maturity date. Debt issuance costs are presented as a direct deduction from the carrying amount of the respective debt liability, consistent with debt discounts. Thediscounts, except for the debt issuance costs related to the unsecured credit facility remain classified as an asset andwhich are included in prepaid expensesthe line item Prepaid Expenses and other assetsOther Assets, Net on the consolidated balance sheets.
InvestmentsInvestment in Joint Ventures
InvestmentsInvestment in joint ventures representedrepresents a noncontrolling equity or limited partnership interestsinterest in two joint ventures. We accountedhave determined to account for investmentsour investment in the joint ventures under the equity method of accounting, as we diddo not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities ("VIEs"). In order to assess whether consolidation of a VIE is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a VIE based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.
Under the equity method of accounting, our share of earnings or losses of the joint ventures wasis reflected in income as earned and contributions or distributions increasedincrease or decreaseddecrease our investmentsinvestment in joint ventures as paid or received, respectively. Differences between our carrying value of our investmentsinvestment in the joint ventures and our underlying equity ofin such joint ventures wereare amortized and included as an adjustment to our equity in income (loss).
On a periodic basis, management assesses whether there are any indicators that the value of our investment in the joint ventures may be impaired. An investment is impaired only if our estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the respective livesvalue of the underlying assets. During the year ended 2015, the joint venture in which we held a noncontrolling equity interest, sold its last remaining industrial property.investment. Limited Partner Units
Noncontrolling Interests Limited Partner Units are reported within Partners’Partners' Capital in the Operating Partnership's balance sheet as of December 31, 20172020 and 20162019 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2017,2020, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’sCompany's common shares required to be delivered upon redemption of all remaining Limited Partner Units. Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in a joint venture that is accounted for under the equity method of accounting. Our ownership interest in the joint venture is held through a partnership ("Joint Venture II Partnership") with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture II Partnership. As a result, we consolidate the Joint Venture II Partnership, which holds an aggregate 49% interest in Joint Venture II (as defined in Note 5) and reflect the third party's interest in the joint venture as Noncontrolling Interests within the financial statements of the Company and Operating Partnership. See Note 5. Stock Based Compensation We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the period during which an employee is required to provide service periodin exchange for awards expected to vest. Net income, net of preferred stock dividends or preferred Unit distributions and redemption of preferred stock or preferred Units, is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. See Note 8 for further disclosure about participating securities.award, generally the vesting period.
Revenue Recognition RentalWe lease our properties to tenants under agreements that are classified as leases. We recognize, as rental income, is recognizedthe total minimum lease payments under the leases on a straight-line method under which contractual rent increases are recognized evenlybasis over the lease term. Tenant recovery income includes payments from tenants forGenerally, under the terms of our leases, the majority of property operating expenses, including real estate taxes, insurance, and other property operating expenses are recovered from our tenants and is recognized as tenant recovery revenue in the same period we incur the related expensesexpenses. As the timing and straight-line pattern of transfer to the lessee for rental revenue and the associated rental recoveries are incurred by us.the same and our leases qualify as operating leases, we account for the present rental revenue and tenant recovery revenue as a single component under Lease Revenue.
We assess the collectibility of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If we conclude that collection of lease payments is not probable at lease commencement, we will recognize lease payments only as they are received. If our assessment of collectibility changes during the lease term, any difference between the revenue that would have been received under the straight-line method and the lease payments that have been collected will be recognized as a current period adjustment to Lease Revenue and revenue will subsequently be accounted for on a cash basis until such time that collection of future rent is deemed probable. If thea lease provides for tenant improvements, we determine whether we or the tenant improvements are owned by the tenant or us. When we areis the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the leased asset until the tenant improvements are substantially complete. Also, whenimprovements. When we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into incomeas revenue over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term. Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’stenant's lease and when we have no further obligations under the lease.
Property Expenses Property expenses include real estate taxes, utilities, repairs and maintenance, property insurance as well as the cost of our property management personnel and other costs of managing our properties. We provideadopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification 842 ("ASC 842") Leases effective January 1, 2019. The standard required lessors to exclude from variable payments recorded in lease revenues certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. For periods prior to January 1, 2019, we recorded these payments in the line item Property Expenses with an allowance for doubtful accounts againstoffset in the portionline item Lease Revenue. For the year ended December 31, 2018, $7,517 of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Tenant accounts receivablethese payments are included in the aforementioned line items. Lessee Accounting We are a lessee on a limited number of ground and office leases and these operating lease agreements are included within Operating Lease Right-of-Use Assets ("ROU") and Operating Lease Liabilities on the consolidated balance sheetssheets. We elected the practical expedient to combine our lease and related nonlease components for our lessee building leases. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are shown netrecognized at the commencement date based on the present value of an allowance for doubtful accountslease payments over the lease term. Our variable lease payments consist of $310nonlease services related to the lease. Variable lease payments are excluded from the ROU assets and $528 as of December 31, 2017lease liabilities and 2016, respectively. Deferred rent receivableare recognized in the consolidated balance sheetsperiod in which the obligation for those payments is shown netincurred. As most of our leases do not provide an allowance for doubtful accounts of $1,557 and $1,694 as of December 31, 2017 and 2016, respectively. For accounts receivable we deem uncollectible,implicit rate, we use our incremental borrowing rate based on the direct write-off method.information available at commencement date in determining the present value of lease payments. ROU assets also include any future minimum lease payments made and exclude lease incentives. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. Gain on Sale of Real Estate Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accountingAsset sales are deferred andgenerally recognized when control of the full accrual method of accounting criteria are met or by usingasset being sold is transferred to the installment or deposit methods of profit recognition, as appropriate in the circumstances.buyer. As the assets are sold, their costs and related accumulated depreciation, if any, are written offderecognized with resulting gains or losses reflected in net income. Estimated future costs to be incurred by us after completion of each sale are accrued and included in the determination of the gain on sales.
When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement or at the time the tenant communicates their intent to execute the purchase option. If we determine the execution of the purchase option is likely, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale. Income Taxes The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years. REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, our financial statements include the operations of taxable corporate subsidiariescertain activities that are not entitledwe undertake may be conducted by entities which have elected to be treated as a dividends paid deduction andTRS. TRSs are subject to corporateboth federal, state and local income taxes. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss. We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance.
Earnings Per Share and Earnings Per Unit ("EPS" and "EPU") We use the two-class method of computing earnings per common share or Unit, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share or Unit is computed by dividing net income available to common shareholdersstockholders or Unitholders by the weighted average number of common shares or Units outstanding for the period. Diluted net income per common share or Unit is computed by dividing net income available to common shareholdersstockholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. Derivative Financial Instruments Historically,During the normal course of business, we have used derivative instruments for the purpose of managing interest rate protection agreements ("Agreements") to fix the interest raterisk on anticipated offerings of senior unsecured notes.long term debt. Receipts or payments that result from the settlement of Agreementsderivative instruments used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and is included in interest expense. Receipts or payments resulting from Agreementsderivative instruments used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which
To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are marked-to-marketdesigned to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and any gainare expected to remain, probable of occurring in accordance with our related assertions. We recognize all derivative instruments in the line items Prepaid Expenses and Other Assets, Net or lossAccounts Payable, Accrued Expenses and Other Liabilities at fair value. Changes in fair value of derivative instruments that is effective is recognizedare not designated in other comprehensive income whereas mark-to-market gains and losses on Agreements whichhedging relationships or that do not qualify formeet the criteria of hedge accounting are recognized in net income immediately. Amounts accumulatedearnings. For derivative instruments designated in other comprehensive income (loss) duringqualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in the line item Accumulated Other Comprehensive Income (Loss), whereas changes in fair value of the ineffective portion are recognized in earnings. If it is determined that a derivative instrument ceases to be highly effective as a hedge, period are reclassifiedor that it is probable the underlying forecasted transaction will not occur, we discontinue its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings inbased on the same period during whichcurrent fair value of the forecasted transaction or hedged item affects net income.derivative instrument. The credit risks associated with Agreementsderivative instruments are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements,the derivative instruments, our exposure is limited to the fair value of Agreements,agreements, not the notional amounts.
Fair Value GAAP establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. The guidance establishes a hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability based on the best information available in the circumstances. We estimate fair value using available market information and valuation methodologies we believe to be appropriate for these purposes. The fair value hierarchy consists of the following three broad levels: •Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; •Level 2 - inputs other than quoted prices within Level 1 that are either directly or indirectly observable for the asset or liability; and •Level 3 - unobservable inputs in which little or no market data exists for the asset or liability. Our assets and liabilities that are measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that we would realize on disposition. Discontinued Operations and Assets Held for Sale
We report results of operations from real estate assets that are sold or classified as held for sale as discontinued operations provided the disposal represents a strategic shift that has (or will have) a major effect on our operations and financial results.
We generally classify certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by management, a legally enforceable contract has been executed and the buyers due diligence period, if any, has expired. At such time, the respective assets and liabilities are presented separately on the consolidated balance sheets. Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell.
Segment Reporting Management views the Company, inclusive of the Operating Partnership, as a single segment based on its method of internal reporting. Recent Accounting Pronouncements Adopted NewIn March 2020, FASB issued Accounting Standards Adopted
Effective January 1, 2017, we adopted ASUUpdate (“ASU”) No. 2017-01, "Business Combinations2020-04 Reference Rate Reform (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01")848). ASU 2017-01 clarifies the framework2020-04 contains practical expedients for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets andreference rate reform-related activities that do not meetimpact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the definitionthree months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of a business are accountedeffectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as asset acquisitions. We applied ASU 2017-01 prospectively. We anticipate that our acquisitions of real estateapplicable as additional changes in the future will generally not meet the definition of a business combination and, accordingly, transaction costs which have historically been expensed will be capitalized as part of the basis of the real estate assets acquired.
New Accounting Standards Issued but not yet Adoptedmarket occur.
In May 2014,April 2020, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”a Staff Question-and-Answer ("Q&A"). ASU 2014-09 requires entities to recognize revenue when they transfer promised goods or servicesclarify whether lease concessions related to customers in an amount that reflects the consideration to whicheffects of COVID-19 require the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. We will adoptapplication of the new standard effective January 1, 2018. Given the nature of our business, a majority of our revenue comes from rent and recoveries earned from leasing our properties which will be assessed with the adoption oflease modification guidance under the new lease accounting standard, discussed below. Generally, our only significant source of non-lease related contract revenue comes from real estate sales; however, our property dispositions overwhich we adopted on January 1, 2019. Under the last three yearsnew leasing standard, an entity would have been cash sales with no future involvement in the property operations. Therefore, we do not anticipate that the adoption of the standard will have a material impactto determine, on our financial position or results of operations. In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting and sets out the principles for the recognition, measurement, presentation and disclosure of leases. ASU 2016-02 will require lessees, at lease commencement to record a lease liability, which is a lessee’s obligation to makeby lease payments arising frombasis, if a lease measured on a discounted basis, and record a right-of-use asset, which representsconcession was the lessee’s right to use, or control the useresult of a specified asset fornew arrangement reached with the lease term. We are a lessee on a limited number of ground and office leases as disclosed in Note 14. While we expect to record a right-of-use asset and lease liability upon adoption of this standard, we anticipate the impact will not be material to our overall financial condition and results of operations. We are the lessor on a significant number of leases, however, we believe that ASU 2016-02 will have minimal impact to our financial condition or results of operations as such leases willtenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in a similar method to existing GAAP standardsthe original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the underlying leased asset being reportedoption to elect to account for lease concessions as though the enforceable rights and recognizedobligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. We have elected this option and, to the extent that a rent concession is granted as a real estate asset and rental income being recognized on a straight line basis over the lease term. The most significant changes ASU 2016-02 will have to lessor accounting will be the requirement that lessors expense certain initial direct costs thatdeferral of payments but total payments are not incremental in negotiating a lease as incurred. Under existing GAAP standards, certain of these costs are capitalizable. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. If practical expedients are elected, we would not be required to reassess (1) whether an expired or existing contract meets the definition of a lease; (2) the lease classification for expired or existing leases; and (3) whether costs previously capitalized as initial direct costs would continue to be amortized. We continue to monitor FASB activity with respect to possible amendments to ASU 2016-02, particularly the Board’s recent vote to provide an optional practical expedient to lessors that would remove the requirement for lessors to separate lease and non-lease components when the pattern of recognition of those components aresubstantially the same, and, when combined as a single unit, those would be classified as operating leases. Should such amendment be finalized, we expect to elect the practical expedient. We will adopt ASU 2016-02 on January 1, 2019 and anticipate electing the practical expedients. We will continue to refine our evaluation and finalize our implementation plan throughout 2018.
In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017 with retrospective application required. We expect ASU 2016-15 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-15 on January 1, 2018.
In November 2016,account for the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that the statement of cash flows explain theconcession as if no change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning- of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017. We expect ASU 2016-18 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-18 on January 1, 2018.
In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeting Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). ASU 2017-12 is intended to better align financial reporting for hedging activities with the economic objectives of those activities. As a result of the transition guidance, cumulative ineffectiveness that has been previously recognized on cash flow and net investment hedges that are still outstanding and designated as ofmade to the date of adoption will be adjusted and removed from beginning retained earnings and placed in accumulated other comprehensive income. ASU 2017-12 is effective for annual periods beginning after December 15, 2018. We continue to assess all the potential impacts of ASU 2017-12; however, we do not expect the adoption to have a material impact on our financial condition or results of operations.original lease.
3. Investment in Real Estate REIT Acquisition
On August 15, 2017, via a share purchase agreement, we acquired a private real estate investment trust that owns one industrial property consisting of 0.2 million square feet of GLA from a third party seller in exchange for $20,962, exclusive of closing costs and credits (“REIT Acquisition”). As part of the REIT Acquisition, we acquired 100% of the common shares of beneficial interest of this private real estate investment trust.
Acquisitions The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2017, 20162020, 2019 and 2015.2018. The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for years ended December 31, 2017, 20162020, 2019 or 2015.2018. | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2020 | | 2019 | | 2018 | | Number of Industrial Properties Acquired | 8 | | | 9 | | | 10 | | | GLA (in millions) | 1.5 | | | 0.5 | | | 1.0 | | Purchase Price (A) | $ | 224,027 | | | $ | 147,887 | | | $ | 167,546 | |
| | | | | | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | 2015 | | Number of Industrial Properties Acquired | 8 |
| | 6 |
| | 8 |
| | GLA (in millions) | 1.1 |
| | 0.7 |
| | 1.9 |
| Purchase Price (A) | $ | 174,209 |
| | $ | 111,130 |
| | $ | 169,218 |
|
(A) Purchase price includes the acquisition of several land parcels, which aggregates to $69,617, $81,082 and $38,976, respectively, for the years ended December 31, 2017, 20162020, 2019 and 20152018 and excludes closing costs incurred with the acquisition of the industrial properties and land parcels.parcels that have been capitalized. The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the years ended December 31, 20172020 and 2016:2019: | | | | | | | | | | | | | Year Ended December 31, | | 2020 | | 2019 | | Land | $ | 121,353 | | | $ | 101,764 | | | Building and Improvements/Construction in Progress | 97,138 | | | 43,693 | | | Other Assets | 1,790 | | | 859 | | | In-Place Leases | 5,174 | | | 5,601 | | | | | | | Above Market Leases | 134 | | | 34 | | | | | | | Below Market Leases | (1,562) | | | (4,064) | | | Total Purchase Price | $ | 224,027 | | | $ | 147,887 | | | | | | | | | |
| | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | Land | $ | 92,810 |
| | $ | 70,380 |
| | Building and Improvements | 73,028 |
| | 37,031 |
| | Other Assets | 1,659 |
| | 781 |
| | In-Place Leases | 7,905 |
| | 3,253 |
| | Above Market Leases | 227 |
| | 214 |
| | Below Market Leases | (1,420 | ) | | — |
| | Assumed Mortgage Loan Premium (See Note 4) | — |
| | (529 | ) | | Total Purchase Price | $ | 174,209 |
| | $ | 111,130 |
| | Assumed Mortgage Loan (See Note 4) | — |
| | (4,513 | ) | | Total Net Assets Acquired | $ | 174,209 |
| | $ | 106,617 |
|
As of December 31, 2020, we had 1 industrial property comprised of approximately 0.7 million square feet of GLA held for sale. Sales The following table summarizes our property dispositions for the years ended December 31, 2017, 20162020, 2019 and 2015:2018: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2020 | | 2019 | | 2018 | Number of Industrial Properties Sold (A) | 29 | | | 40 | | | 53 | | GLA (in millions)(B) | 1.9 | | | 5.9 | | | 2.6 | | Gross Proceeds from the Sale of Real Estate (B) | $ | 153,351 | | | $ | 315,768 | | | $ | 192,047 | | Gain on Sale of Real Estate (B) | $ | 86,751 | | | $ | 124,942 | | | $ | 81,600 | |
| | | | | | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | 2015 | | Number of Industrial Properties Sold | 60 |
| | 63 |
| | 66 |
| | GLA (in millions) | 4.6 |
| | 3.9 |
| | 3.8 |
| Gross Proceeds from the Sale of Real Estate (A) | $ | 236,059 |
| | $ | 169,911 |
| | $ | 158,429 |
| Gain on Sale of Real Estate (A) | $ | 131,269 |
| | $ | 68,202 |
| | $ | 48,906 |
|
(A)(B) Gross proceeds and gain on sale of real estate includesinclude the sale of several land parcels for the years ended December 31, 20172019 and 2015.2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet of GLA, gross proceeds of $54,521 and gain on sale of $8,606 related to the reclassification of a lease from an operating lease to a sales-type lease that was recorded as a lease receivable as of December 31, 2019 and collected during 2020. See Note 10 for additional information.
Impairment ChargeCharges The impairment chargecharges of $626$2,756 recorded during the year ended December 31, 2015 was2018 were due to marketing certain1 industrial propertiesproperty and 1 land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction. The fair market values were determined using third party offers. Valuations based on third party offers includeincluded bona fide contract prices and letter of intent amounts that we believe arewere indicative of fair value and fall into Level 3 of the fair value hierarchy. The property and the land parcel for which impairment was recorded were sold later during the year ended December 31, 2018. 4. Indebtedness The following table discloses certain information regarding our indebtedness: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding Balance at | | Interest
Rate at
December 31,
2020 | | Effective
Interest
Rate at
Issuance | | Maturity
Date | | | December 31, 2020 | | December 31, 2019 | | | Mortgage Loans Payable, Gross | $ | 144,214 | | | $ | 174,360 | | | 4.03% – 4.85% | | 4.03% – 4.85% | | October 2021 –
August 2028 | | Unamortized Debt Issuance Costs | (335) | | | (675) | | | | | | | | | | | | | | | | | | | Mortgage Loans Payable, Net | $ | 143,879 | | | $ | 173,685 | | | | | | | | | Senior Unsecured Notes, Gross | | | | | | | | | | | 2027 Notes | 6,070 | | | 6,070 | | | 7.15% | | 7.11% | | 5/15/2027 | | 2028 Notes | 31,901 | | | 31,901 | | | 7.60% | | 8.13% | | 7/15/2028 | | 2032 Notes | 10,600 | | | 10,600 | | | 7.75% | | 7.87% | | 4/15/2032 | | 2027 Private Placement Notes | 125,000 | | | 125,000 | | | 4.30% | | 4.30% | | 4/20/2027 | | 2028 Private Placement Notes | 150,000 | | | 150,000 | | | 3.86% | | 3.86% | | 2/15/2028 | | 2029 Private Placement Notes | 75,000 | | | 75,000 | | | 4.40% | | 4.40% | | 4/20/2029 | | 2029 II Private Placement Notes | 150,000 | | | 150,000 | | | 3.97% | | 4.23% | | 7/23/2029 | | 2030 Private Placement Notes | 150,000 | | | 150,000 | | | 3.96% | | 3.96% | | 2/15/2030 | | 2030 II Private Placement Notes | 100,000 | | | 0 | | | 2.74% | | 2.74% | | 9/17/2030 | | 2032 Private Placement Notes | 200,000 | | | 0 | | | 2.84% | | 2.84% | | 9/17/2032 | | Subtotal | $ | 998,571 | | | $ | 698,571 | | | | | | | | | Unamortized Debt Issuance Costs | (6,206) | | | (4,485) | | | | | | | | | Unamortized Discounts | (65) | | | (71) | | | | | | | | | Senior Unsecured Notes, Net | $ | 992,300 | | | $ | 694,015 | | | | | | | | | Unsecured Term Loans, Gross | | | | | | | | | | | 2014 Unsecured Term Loan | $ | 0 | | | $ | 200,000 | | | N/A | | N/A | | N/A | 2015 Unsecured Term Loan (A) | 260,000 | | | 260,000 | | | 2.89% | | N/A | | 9/12/2022 | 2020 Unsecured Term Loan (A) | 200,000 | | | 0 | | | 3.79% | | N/A | | 7/15/2021 | | Subtotal | $ | 460,000 | | | $ | 460,000 | | | | | | | | | Unamortized Debt Issuance Costs | (1,538) | | | (2,135) | | | | | | | | | Unsecured Term Loans, Net | $ | 458,462 | | | $ | 457,865 | | | | | | | | Unsecured Credit Facility (B) | $ | 0 | | | $ | 158,000 | | | N/A | | N/A | | 10/29/2021 |
| | | | | | | | | | | | | | | | | Outstanding Balance at | | Interest Rate at December 31, 2017 | | Effective Interest Rate at Issuance | | Maturity Date | | | December 31, 2017 | | December 31, 2016 | | | Mortgage Loans Payable, Gross | $ | 451,602 |
| | $ | 498,435 |
| | 4.03% – 8.26% | | 3.82% – 8.26% | | June 2018 – September 2022 | | Unamortized Debt Issuance Costs | (1,806 | ) | | (2,905 | ) | | | | | | | | Unamortized Premiums | 260 |
| | 426 |
| | | | | | | | Mortgage Loans Payable, Net | $ | 450,056 |
| | $ | 495,956 |
| | | | | | | | Senior Unsecured Notes, Gross | | | | | | | | | | | 2017 Notes | — |
| | 54,981 |
| | N/A | | N/A | | 12/1/2017 | | 2027 Notes | 6,070 |
| | 6,070 |
| | 7.15% | | 7.11% | | 5/15/2027 | | 2028 Notes | 31,901 |
| | 31,901 |
| | 7.60% | | 8.13% | | 7/15/2028 | | 2032 Notes | 10,600 |
| | 10,600 |
| | 7.75% | | 7.87% | | 4/15/2032 | | 2017 II Notes | — |
| | 101,871 |
| | N/A | | N/A | | 5/15/2017 | | 2027 Private Placement Notes | 125,000 |
| | — |
| | 4.30% | | 4.30% | | 4/20/2027 | | 2029 Private Placement Notes | 75,000 |
| | — |
| | 4.40% | | 4.40% | | 4/20/2029 | | Subtotal | $ | 248,571 |
| | $ | 205,423 |
| | | | | | | | Unamortized Debt Issuance Costs | (1,814 | ) | | (320 | ) | | | | | | | | Unamortized Discounts | (84 | ) | | (105 | ) | | | | | | | | Senior Unsecured Notes, Net | $ | 246,673 |
| | $ | 204,998 |
| | | | | | | | Unsecured Term Loans, Gross | | | | | | | | | | 2014 Unsecured Term Loan (A) | $ | 200,000 |
| | $ | 200,000 |
| | 3.49% | | N/A | | 1/29/2021 | 2015 Unsecured Term Loan (A) | 260,000 |
| | 260,000 |
| | 2.99% | | N/A | | 9/12/2022 | | Subtotal | $ | 460,000 |
| | $ | 460,000 |
| | | | | | | | Unamortized Debt Issuance Costs | (4,232 | ) | | (3,362 | ) | | | | | | | | Unsecured Term Loans, Net | $ | 455,768 |
| | $ | 456,638 |
| |
| |
| |
| Unsecured Credit Facility (B) | $ | 144,500 |
| | $ | 189,500 |
| | 2.46% | | N/A | | 10/29/2021 |
(A) The interest rate at December 31, 20172020 also reflects the interest rate protection agreementsderivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 12. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $4,781$1,049 and $2,876$2,300 as of December 31, 20172020 and 2016,2019, respectively, which are included in prepaid expensesthe line item Prepaid Expenses and other assets on the consolidated balance sheets.Other Assets, Net.
Mortgage Loans Payable, Net During the years ended December 31, 20172020 and 2016,2019, we paid off mortgage loans in the amount of $36,108$25,448 and $59,420,$117,199, respectively. In connection with the mortgage loans paid off during the years ended December 31, 2017 and 2016,2018, we recognized $1,653 and $79 as loss$39 within the line item Loss from retirementRetirement of Debt representing the write-off of unamortized debt respectively,issuance costs offset by the write off of which the loss related to the year ended December 31, 2016 was included in general and administrative expense.an unamortized premium. During the year ended December 31, 2016,2018, we assumed a mortgage loan in the amount of $4,513$11,654 in conjunction with the acquisition of one3 industrial property,properties, totaling approximately 0.10.2 million square feet of GLA. The mortgage loan bears interest at a fixed rate of 7.35%4.17%, principal payments are amortized over 2530 years and the loan matures in September 2019. In conjunction with the assumption of the mortgage loan, we recorded a premium in the amount of $529, which will be amortized as an adjustment to interest expense through maturity.August 2028. As of December 31, 2017,2020, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $576,580.$226,182. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2017.2020. Senior Unsecured Notes, Net During the year ended December 31, 2017,2020, the Operating Partnership issued $125,000$100,000 of 4.30%2.74% Series AF Guaranteed Senior Notes Due September 17, 2030 (the "2030 II Private Placement Notes") and $200,000 of 2.84% Series G Guaranteed Senior Notes due April 20, 2027September 17, 2032 (the "2027"2032 Private Placement Notes") and $75,000 of 4.40% Series B Guaranteed Senior Notes due April 20, 2029 (the "2029 Private Placement Notes" and, together with the 2027 Private Placement Notes, collectively, the "Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated July 7, 2020. During the year ended December 31, 2019, the Operating Partnership issued $150,000 of 3.97% Series E Guaranteed Senior Notes Due July 23, 2029 (the "2029 II Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated May 16, 2019. During the year ended December 31, 2018, the Operating Partnership issued $150,000 of 3.86% Series C Guaranteed Senior Notes due February 21,15, 2028 (the "2028 Private Placement Notes") and $150,000 of 3.96% Series D Guaranteed Senior Notes due February 15, 2030 (the "2030 Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated December 12, 2017. The 20272028 Private Placement Notes, the 2029 Private Placement Notes, the 2029 II Private Placement Notes, the 2030 Private Placement Notes, the 2030 II Private Placement Notes and the 20292032 Private Placement Notes (together with senior notes issued in a private placement in prior years, the "Private Placement Notes") are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments. The Operating Partnership issued an additional $300,000 of senior unsecured private placement notes in February 2018. See Subsequent Events. During the year ended December 31, 2017, we paid off and retired our 2017 II and 2017 Notes, at maturity, in the amounts of $101,871 and $54,981, respectively.
Unsecured Term Loans, Net On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "2014 Unsecured Term Loan") with a syndicate of financial institutions. During the year ended December 31, 2017, we amended the terms of the 2014 Unsecured Term Loan to, among other things, reduce by 50 basis points our interest spread from the prior rate. At December 31, 2017, the 2014 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 120 basis points. During the year ended December 31, 2017, in connection with the amendment, we recognized $51 as loss from retirement of debt related to the write-off of unamortized debt issuance costs related to a lender that opted out of its position and whose position was replaced by other lenders.
On September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the "2015 Unsecured Term Loan"; together with the 2014 Unsecured Term Loan, the "Unsecured Term Loans") with a syndicate of financial institutions. During the year ended December 31, 2017, we amended the terms of the 2015 Unsecured Term Loan to, among other things, reduce by 40 basis points our interest spread from the prior rate. At December 31, 2017,2020, the 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 120110 basis points. The interest ratesrate on the 2015 Unsecured Term Loans varyLoan varies based on the Company's leverage ratio or, at our election, the Company's credit ratings. On July 15, 2020, we entered into a $200,000 unsecured term loan (the "2020 Unsecured Term Loan") which replaced a seven-year, $200,000 unsecured loan that was previously scheduled to mature in January 2021. The 2020 Unsecured Term Loan, together with the 2015 Unsecured Term Loan, the "Unsecured Term Loans"). The 2020 Unsecured Term Loan matures on July 15, 2021, however, we have two, one-year extension options at our election, subject to the satisfaction of certain conditions. We intend to refinance the 2020 Unsecured Term Loan prior to its maturity or exercise the one-year extension. The 2020 Unsecured Term Loan allows us to request incremental term loans in an aggregate amount equal to $100,000 and provides for interest-only payments initially at LIBOR plus 150 basis points. The interest rate on the 2020 Unsecured Term Loan is subject to adjustment based on our investment grade rating. As noted in Note 12, we entered into the 2021 Swaps to effectively convert the rate applicable under the 2020 Unsecured Term Loan to a fixed interest rate of approximately 2.49% per annum based on the current LIBOR spread beginning in February 2021. Unsecured Credit Facility On OctoberAs of December 31, 2017,2020, we amended and restated our $625,000have a $725,000 revolving credit agreement (the "Old Credit Facility") with a new $725,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $1,000,000, subject to certain restrictions. The Unsecured Credit Facility matures on October 29, 2021, with an option to extend an additional one year at our election, subject to certain restrictions. We intend to refinance the Unsecured Credit Facility prior to its maturity or exercise the one-year extension. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. At December 31, 2017,2020, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 110 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. During the year ended December 31, 2017, in connection with the amendment, we recognized $71 as loss from retirement of debt related to the write-off of unamortized debt issuance costs related to a lender that opted out of its position and whose position was replaced by other lenders.
Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of December 31, and thereafter: | | | | | | Amount | | | Amount | | | 2018 | $ | 165,449 |
| | | 2019 | 79,329 |
| | | 2020 | 58,762 |
| | | 2021 | 411,318 |
| 2021 | $ | 261,891 | | | 2022 | 341,244 |
| 2022 | 332,024 | | | 2023 | | 2023 | 321 | | | 2024 | | 2024 | 335 | | | 2025 | | 2025 | 349 | | | Thereafter | 248,571 |
| Thereafter | 1,007,865 | | | Total | $ | 1,304,673 |
| Total | $ | 1,602,785 | |
The Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and indentures governing our senior unsecured notes as of December 31, 2017.2020. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At December 31, 20172020 and 2016,2019, the fair value of our indebtedness was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | | | Carrying Amount (A) | | Fair
Value | | Carrying Amount (A) | | Fair
Value | | Mortgage Loans Payable, Net | $ | 144,214 | | | $ | 148,770 | | | $ | 174,360 | | | $ | 179,287 | | | Senior Unsecured Notes, Net | 998,506 | | | 1,096,262 | | | 698,500 | | | 756,351 | | | Unsecured Term Loans | 460,000 | | | 458,207 | | | 460,000 | | | 460,902 | | | Unsecured Credit Facility | 0 | | | 0 | | | 158,000 | | | 158,141 | | | Total | $ | 1,602,720 | | | $ | 1,703,239 | | | $ | 1,490,860 | | | $ | 1,554,681 | |
| | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | | Carrying Amount (A) | | Fair Value | | Carrying Amount (A) | | Fair Value | | Mortgage Loans Payable, Net | $ | 451,862 |
| | $ | 467,303 |
| | $ | 498,861 |
| | $ | 513,540 |
| | Senior Unsecured Notes, Net | 248,487 |
| | 269,731 |
| | 205,318 |
| | 222,469 |
| | Unsecured Term Loans | 460,000 |
| | 460,000 |
| | 460,000 |
| | 458,602 |
| | Unsecured Credit Facility | 144,500 |
| | 144,500 |
| | 189,500 |
| | 189,500 |
| | Total | $ | 1,304,849 |
| | $ | 1,341,534 |
| | $ | 1,353,679 |
| | $ | 1,384,111 |
|
(A) The carrying amounts include unamortized premiums andand/or discounts and exclude unamortized debt issuance costs. The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates, as advised by our bankers, at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs.
5. Variable Interest Entities The Other Real Estate Partnerships are VIEsvariable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:sheets, net of intercompany amounts: | | | | | | | | | | | | | December 31, 2020 | | December 31, 2019 | | ASSETS | | | | | Assets: | | | | | Net Investment in Real Estate | $ | 245,396 | | | $ | 240,847 | | | | | | | | | | | Operating Lease Right-of-Use Assets | 13,173 | | | 13,257 | | | Cash and Cash Equivalents | 4,090 | | | 4,005 | | | Restricted Cash | 0 | | | 33,289 | | | | | | | Deferred Rent Receivable | 9,219 | | | 10,365 | | | | | | | Prepaid Expenses and Other Assets, Net | 8,077 | | | 9,066 | | | | | | | Total Assets | $ | 279,955 | | | $ | 310,829 | | | LIABILITIES AND PARTNERS' CAPITAL | | | | | Liabilities: | | | | | Mortgage Loans Payable, Net | $ | 6,292 | | | $ | 11,009 | | | Accounts Payable, Accrued Expenses and Other Liabilities | 10,067 | | | 5,747 | | | Operating Lease Liabilities | 10,304 | | | 10,329 | | | Rents Received in Advance and Security Deposits | 4,130 | | | 5,012 | | | | | | | Partners' Capital | 249,162 | | | 278,732 | | | Total Liabilities and Partners' Capital | $ | 279,955 | | | $ | 310,829 | | | | | | | | | | | | | |
Joint Ventures Through a wholly-owned TRS of the Operating Partnership, we own a 49% interest in a joint venture with a third party partner for the purpose of developing, leasing, operating and potentially selling land located in the Phoenix, Arizona metropolitan area ("Joint Venture I"). During the year ended December 31, 2020, we entered into a second joint venture with third party partners for the purpose of developing, leasing, operating and potentially selling land located in the Phoenix, Arizona metropolitan area (Joint Venture II" and together with Joint Venture I, collectively, the "Joint Ventures"). The purchase price of the land was $70,530 and was acquired by Joint Venture II via cash equity contributions from us and our joint venture partners. Through a wholly-owned TRS of the Operating Partnership, we own 43% interest in Joint Venture II. See Note 6. Net income of the Joint Ventures for the years ended December 31, 2020 and 2019 was $13,568 and $29,999, respectively. Included in net income during the years ended December 31, 2020 and 2019 is gain on sale of real estate of $13,932 and $30,236, respectively. Our economic share of the gain on sale for the years ended December 31, 2020 and 2019, is $6,827 and $14,816, respectively. However, during the year ended December 31, 2020 we acquired a newly constructed 0.6 million square foot building from Joint Venture I and during the year ended December 31, 2019 we purchased 39 net developable acres, from Joint Venture I. Accordingly, for the years ended December 31, 2020 and 2019, we netted our portion of gain on sale pertaining to both sales of $3,443 and $3,121, respectively, against the basis of the real estate acquired.
| | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | ASSETS | | | | | Assets: | | | | | Net Investment in Real Estate | $ | 270,708 |
| | $ | 278,398 |
| | Other Assets, Net | 23,530 |
| | 24,401 |
| | Total Assets | $ | 294,238 |
| | $ | 302,799 |
| | LIABILITIES AND PARTNERS’ CAPITAL | | | | | Liabilities: | | | | | Mortgage Loans Payable, Net | $ | 61,256 |
| | $ | 70,366 |
| | Other Liabilities, Net | 9,283 |
| | 9,138 |
| | Partners’ Capital | 223,699 |
| | 223,295 |
| | Total Liabilities and Partners’ Capital | $ | 294,238 |
| | $ | 302,799 |
|
During the years ended December 31, 2020 and 2019, we recognized fees of $590 and $146, respectively, from the Joint Ventures related to asset management and development services we provided to the Joint Ventures. These fees are recorded in the Other Revenue line item in the consolidated statements of operations. At December 31, 2020 and 2019, we had a receivable from the Joint Ventures of $90 and $588, respectively. As part of our assessment of the appropriate accounting treatment for the Joint Ventures, we reviewed the operating agreements of each Joint Venture in order to determine our rights and the rights of our joint venture partners, including whether those rights are protective or participating. Each operating agreement contains certain protective rights, such as the requirement of both members' approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. However, we and our Joint Venture partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of each Joint Venture. As such, we concluded to account for our investments in each Joint Venture under the equity method of accounting.
6. Stockholders’Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership Noncontrolling Interest of the Company The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes and is an award that is granted under our Stock Incentive Plan (see Note 11). Generally, RLP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, on a per-unit basis, the book capital account balance associated with a “common” Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder into one share of Common Stock or a cash equivalent, at the Company’s option. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period. Noncontrolling Interest - Joint Venture II Our ownership interest in Joint Venture II is held through the Joint Venture II Partnership with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of Joint Venture II Partnership. As a result, we consolidate Joint Venture II Partnership and reflect the third party's interest in Joint Venture II as Noncontrolling Interests. Operating Partnership Units The Operating Partnership has issued General Partner Units and Limited Partner Units and preferred general partnership Units. The General Partner Units resulted from capital contributions from the Company. The Limited Partner Units are issued in conjunction with the acquisition of certain properties.properties as well as through the issuance of RLP Units. Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’sholder's notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2017,2020, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $126,139$114,305 or by issuing 4,008,2212,713,142 shares of the Company’sCompany's common stock. The preferred general partnership Units result from preferred capital contributions from the Company. The Operating Partnership is required to make all required distributions on the preferred general partnership Units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the Limited Partner Units is required to alter such holder’s rights as to allocations and distributions, to alter or modify such holder’s rights with respect to redemption, to cause the early termination of the Operating Partnership or to amend the provisions of the partnership agreement which requires such consent. Preferred Stock or General Partner Preferred Units The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 20172020 and 2016,2019, there were no preferred shares or general partner preferred Units outstanding.
Shares of Common Stock or Unit Contributions ForThe following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including equity compensation awards which are discussed Note 11, for the three years ended December 31, 2017, 2016 and 2015, 31,154, 266,332 and 68,930 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $364, $2,862 and $673, respectively, of noncontrolling interest to the Company’s stockholders’ equity.2020:
| | | | | | | | | | | | | | Shares of
Common Stock
Outstanding | | General Partner and Limited Partner Units Outstanding | | Balance at December 31, 2017 | 119,883,180 | | | 123,891,401 | | Issuance of Common Stock/Contribution of General Partner Units (A) | 4,800,000 | | | 4,800,000 | | | Issuance of Restricted Stock/Restricted Unit Awards | 227,059 | | | 227,059 | | | Vesting of Performance Units (as defined in Note 11) | 150,772 | | | 150,772 | | | Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (104,301) | | | (104,301) | | Conversion of Limited Partner Units (B) | 1,350,721 | | | 0 | | Retirement of Limited Partner Units (C) | 0 | | | (33,333) | | | Balance at December 31, 2018 | 126,307,431 | | | 128,931,598 | | | Issuance of Service Awards and Performance Awards (as defined in Note 11) | 109,353 | | | 406,569 | | | Vesting of Performance Units (as defined in Note 11) | 169,033 | | | 169,033 | | Repurchase and Retirement of Service Awards and Performance Awards
(as defined in Note 11) | (76,855) | | | (89,978) | | Conversion of Limited Partner Units (B) | 485,516 | | | 0 | | | Balance at December 31, 2019 | 126,994,478 | | | 129,417,222 | | Issuance of Common Stock/Contribution of General Partner Units (D) | 1,842,281 | | | 1,842,281 | | | Issuance of Service Awards and Performance Awards (as defined in Note 11) | 0 | | | 464,975 | | | Vesting of Performance Units (as defined Note 11) | 107,752 | | | 107,752 | | Repurchase and Retirement of Service Awards and Performance Awards
(as defined in Note 11) | (65,709) | | | (67,676) | | Conversion of Limited Partner Units (B) | 172,610 | | | 0 | | | | | | | Balance at December 31, 2020 | 129,051,412 | | | 131,764,554 | |
(A)During the year ended December 31, 2017,2018, the Company issued 2,560,0004,800,000 shares of the Company’sCompany's common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $74,880. During the year ended December 31, 2016, the Company issued 5,600,000 shares of the Company’s common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $124,936.$145,584. The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and are reflected in the Operating Partnership's financial statements as a general partner contribution. (B) For the years ended December 31, 2020, 2019 and 2018, 172,610, 485,516 and 1,350,721 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $2,090, $7,196 and $16,605, respectively, of noncontrolling interest to the Company's equity. (C) During the year ended December 31, 2018, 33,333 Limited Partner Units were forfeited by a unitholder and were retired by the Operating Partnership. (D) During the year ended December 31, 2020, the Company issued 1,842,281 shares of the Company's common stock under the ATM Program. The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and are reflected in the Operating Partnership's financial statements as a general partner contribution.
ATM Program On March 13, 2014,February 14, 2020, we entered into distribution agreements with certain sales agents to sell up to 13,300,00014,000,000 shares of the Company's common stock, for up to $200,000$500,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2014 ATM Program"). The distribution agreements entered into with respect to the 2014 ATM Program expired by their terms on March 13, 2017 and, on March 16, 2017, we entered into distribution agreements with sales agents to sell up to 8,000,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2017"2020 ATM Program"). Under the terms of the 20142020 ATM Program, and the 2017 ATM Program, sales were or are to be made primarily inthrough transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or bysales made through privately negotiated transactions. During the year ended December 31, 2020 we issued 1,842,281 shares of the Company's common stock under the ATM which resulted in $78,718 of proceeds, which is net of the payment of compensation to certain sales agents of $795. During the years ended December 31, 2017, 20162019 and 2015,2018, the Company did not issue any shares of common stock under the 2014through ATM Program or the 2017 ATM Program. The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including unvested restricted stock or restricted Unit awards (see Note 11), for the three years ended December 31, 2017:
| | | | | | | | | Shares of Common Stock Outstanding | | General Partner and Limited Partner Units Outstanding | | Balance at December 31, 2014 | 110,600,866 |
| | 114,975,503 |
| | Vesting of LTIP Unit Awards (As Defined in Note 11) | 224,990 |
| | 224,990 |
| | Issuance of Restricted Stock/Restricted Unit Awards | 234,360 |
| | 234,360 |
| | Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (101,921 | ) | | (101,921 | ) | | Conversion of Limited Partner Units | 68,930 |
| | — |
| | Balance at December 31, 2015 | 111,027,225 |
| | 115,332,932 |
| | Issuance of Common Stock/Contribution of General Partner Units | 5,600,000 |
| | 5,600,000 |
| | Issuance of Restricted Stock/Restricted Unit Awards | 322,833 |
| | 322,833 |
| | Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (108,644 | ) | | (108,644 | ) | | Conversion of Limited Partner Units | 266,332 |
| | — |
| | Balance at December 31, 2016 | 117,107,746 |
| | 121,147,121 |
| | Issuance of Common Stock/Contribution of General Partner Units | 2,560,000 |
| | 2,560,000 |
| | Issuance of Restricted Stock/Restricted Unit Awards | 275,793 |
| | 275,793 |
| | Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (91,513 | ) | | (91,513 | ) | | Conversion of Limited Partner Units | 31,154 |
| | — |
| | Balance at December 31, 2017 | 119,883,180 |
| | 123,891,401 |
|
Dividends/Distributions The following table summarizes dividends/distributions accrued during the past three years: | | | | | | | | | | | | | | | | | | | | 2020
Total
Dividend/
Distribution | | 2019
Total
Dividend/
Distribution | | 2018
Total
Dividend/
Distribution | | Common Stock/Operating Partnership Units | $ | 130,943 | | | $ | 119,522 | | | $ | 111,478 | |
| | | | | | | | | | | | | | | 2017 Total Dividend/ Distribution | | 2016 Total Dividend/ Distribution | | 2015 Total Dividend/ Distribution | | Common Stock/Operating Partnership Units | $ | 104,106 |
| | $ | 91,318 |
| | $ | 59,014 |
|
7. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive lossincome (loss) by component for the Company and the Operating Partnership for the years ended December 31, 20172020 and 2016:2019: | | | | | | | | | | | | | | | | | | | Interest Rate Protection Agreements | | Total for Operating Partnership | | Comprehensive Loss Attributable to Noncontrolling Interest | | Total for Company | | Balance as of December 31, 2015 | $ | (10,043 | ) | | $ | (10,043 | ) | | $ | 376 |
| | $ | (9,667 | ) | | Other Comprehensive (Loss) Before Reclassifications | (2,274 | ) | | (2,274 | ) | | (215 | ) | | (2,489 | ) | | Amounts Reclassified from Accumulated Other Comprehensive Loss | 7,513 |
| | 7,513 |
| | — |
| | 7,513 |
| | Net Current Period Other Comprehensive Income | 5,239 |
| | 5,239 |
| | (215 | ) | | 5,024 |
| | Balance as of December 31, 2016 | $ | (4,804 | ) | | $ | (4,804 | ) | | $ | 161 |
| | $ | (4,643 | ) | | Other Comprehensive Income Before Reclassifications | 1,645 |
| | 1,645 |
| | (205 | ) | | 1,440 |
| | Amounts Reclassified from Accumulated Other Comprehensive Loss | 4,541 |
| | 4,541 |
| | — |
| | 4,541 |
| | Net Current Period Other Comprehensive Income | 6,186 |
| | 6,186 |
| | (205 | ) | | 5,981 |
| | Balance as of December 31, 2017 | $ | 1,382 |
| | $ | 1,382 |
| | $ | (44 | ) | | $ | 1,338 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | Derivative Instruments | | Total for Operating Partnership | | Comprehensive Income (Loss) Attributable to Noncontrolling Interest | | Total for Company | | Balance as of December 31, 2018 | $ | 3,574 | | | $ | 3,574 | | | $ | (72) | | | $ | 3,502 | | | Other Comprehensive Loss Before Reclassifications | (9,603) | | | (9,603) | | | 202 | | | (9,401) | | | Amounts Reclassified from Accumulated Other Comprehensive Income | (984) | | | (984) | | | 0 | | | (984) | | | Net Current Period Other Comprehensive Loss | (10,587) | | | (10,587) | | | 202 | | | (10,385) | | | Balance as of December 31, 2019 | $ | (7,013) | | | $ | (7,013) | | | $ | 130 | | | $ | (6,883) | | | Other Comprehensive Loss Before Reclassifications | (17,422) | | | (17,422) | | | 225 | | | (17,197) | | | Amounts Reclassified from Accumulated Other Comprehensive Loss | 7,127 | | | 7,127 | | | 0 | | | 7,127 | | | Net Current Period Other Comprehensive Loss | (10,295) | | | (10,295) | | | 225 | | | (10,070) | | | Balance as of December 31, 2020 | $ | (17,308) | | | $ | (17,308) | | | $ | 355 | | | $ | (16,953) | |
The following table summarizes the reclassifications out of accumulated other comprehensive lossincome (loss) for both the Company and the Operating Partnership for the years ended December 31, 2017, 20162020, 2019 and 2015:2018: | | | | | | | | | | | | | | | | | | | Amount Reclassified from Accumulated Other Comprehensive Loss | | | | Details about Accumulated Other Comprehensive Loss Components | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | Affected Line Items in the Consolidated Statements of Operations | | Interest Rate Protection Agreements: | | | | | | | | | | Reclassification of Fair Value of Interest Rate Protection Agreement | | $ | — |
| | $ | — |
| | $ | 12,990 |
| | Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | | Amortization of Interest Rate Protection Agreements (Previously Settled) | | 205 |
| | 390 |
| | 524 |
| | Interest Expense | | Settlement Payments to our Counterparties | | 4,336 |
| | 7,123 |
| | 5,529 |
| | Interest Expense | | | | $ | 4,541 |
| | $ | 7,513 |
| | $ | 19,043 |
| | Total |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount Reclassified from Accumulated Other Comprehensive Loss (Income) | | | | Accumulated Other Comprehensive (Income) Loss Components | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | Affected Line Items in the Consolidated Statements of Operations | | Derivative Instruments: | | | | | | | | | | Amortization of Previously Settled Derivative Instruments | | 410 | | | 233 | | | 96 | | | Interest Expense | | Net Settlement Payments (Receipts) to our Counterparties | | 6,516 | | | (1,217) | | | 109 | | | Interest Expense | | Acceleration of 2020 Swap (as defined in Note 12) | | 201 | | | 0 | | | 0 | | | General & Administrative | | | $ | 7,127 | | | $ | (984) | | | $ | 205 | | | Total |
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $95$410 into net income by increasing interest expense for interest rate protection agreementsderivative instruments we settled in previous periods. Additionally, recurring settlement amounts onpayments or receipts related to the 2014 Swaps and 2015 Swaps (as defined in Note 12) will also be reclassified to net income.interest expense. See Note 12 for more information about our derivatives.
8. Earnings Per Share and Earnings Per Unit (EPS/EPU)("EPS"/"EPU") The computation of basic and diluted EPS of the Company is presented below: | | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | Numerator: | | | | | | Numerator: | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 201,456 |
| | $ | 121,232 |
| | $ | 73,802 |
| | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 195,989 | | | $ | 238,775 | | | $ | 163,239 | | | Net Income Allocable to Participating Securities | (646 | ) | | (411 | ) | | (248 | ) | Net Income Allocable to Participating Securities | (314) | | | (518) | | | (513) | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 200,810 |
| | $ | 120,821 |
| | $ | 73,554 |
| | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 195,675 | | | $ | 238,257 | | | $ | 162,726 | | | Denominator (In Thousands): | | | | | | Denominator (In Thousands): | | | | | | | Weighted Average Shares - Basic | 118,272 |
| | 115,030 |
| | 110,352 |
| Weighted Average Shares - Basic | 127,711 | | | 126,392 | | | 123,804 | | | Effect of Dilutive Securities: | | | | | | Effect of Dilutive Securities: | | | LTIP Unit Awards (As Defined in Note 11) | 515 |
| | 340 |
| | 429 |
| | | Performance Units (See Note 11) | | Performance Units (See Note 11) | 193 | | | 299 | | | 387 | | | Weighted Average Shares - Diluted | 118,787 |
| | 115,370 |
| | 110,781 |
| Weighted Average Shares - Diluted | 127,904 | | | 126,691 | | | 124,191 | | | Basic EPS: | | | | | | Basic EPS: | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.70 |
| | $ | 1.05 |
| | $ | 0.67 |
| | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.53 | | | $ | 1.89 | | | $ | 1.31 | | | Diluted EPS: |
| |
| |
| Diluted EPS: | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.69 |
| | $ | 1.05 |
| | $ | 0.66 |
| | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.53 | | | $ | 1.88 | | | $ | 1.31 | |
The computation of basic and diluted EPU of the Operating Partnership is presented below: | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | Numerator: | | | | | | | Net Income Available to Unitholders and Participating Securities | $ | 199,934 | | | $ | 243,628 | | | $ | 167,246 | | | Net Income Allocable to Participating Securities | (662) | | | (732) | | | (513) | | | Net Income Available to Unitholders | $ | 199,272 | | | $ | 242,896 | | | $ | 166,733 | | | Denominator (In Thousands): | | | | | | | Weighted Average Units - Basic | 129,752 | | | 128,831 | | | 126,921 | | | Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | | | | | | | Performance Units and certain Performance RLP Units (See Note 11) | 375 | | | 410 | | | 387 | | | Weighted Average Units - Diluted | 130,127 | | | 129,241 | | | 127,308 | | | Basic EPU: | | | | | | | Net Income Available to Unitholders | $ | 1.54 | | | $ | 1.89 | | | $ | 1.31 | | | Diluted EPU: | | | | | | | Net Income Available to Unitholders | $ | 1.53 | | | $ | 1.88 | | | $ | 1.31 | |
| | | | | | | | | | | | | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Year Ended December 31, 2015 | | Numerator: | | | | | | | Net Income Available to Unitholders and Participating Securities | $ | 208,158 |
| | $ | 125,547 |
| | $ | 76,682 |
| | Net Income Allocable to Participating Securities | (646 | ) | | (410 | ) | | (248 | ) | | Net Income Available to Unitholders | $ | 207,512 |
| | $ | 125,137 |
| | $ | 76,434 |
| | Denominator (In Thousands): | | | | | | | Weighted Average Units - Basic | 122,306 |
| | 119,274 |
| | 114,709 |
| | Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | | | | | | | LTIP Unit Awards (As Defined in Note 11) | 515 |
| | 340 |
| | 429 |
| | Weighted Average Units - Diluted | 122,821 |
| | 119,614 |
| | 115,138 |
| | Basic EPU: | | | | | | | Net Income Available to Unitholders | $ | 1.70 |
| | $ | 1.05 |
| | $ | 0.67 |
| | Diluted EPU: | | | | | | | Net Income Available to Unitholders | $ | 1.69 |
| | $ | 1.05 |
| | $ | 0.66 |
|
Participating securities include 408,248, 406,855 and 387,947 of unvested restricted stock or restricted Unit awards outstanding atAt December 31, 2017, 20162020, 2019 and 2015,2018, participating securities for the Company include 211,920, 296,371 and 405,436, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2020, 2019, and 2018, participating securities for the Operating Partnership include 444,407, 421,928 and 405,436, respectively, of Service Awards and certain Performance Awards (see Note 11), which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.
9. Income Taxes Our Consolidated Financial Statements include the operations of our TRSs, which are not entitled to the dividends paid deduction and are subject to federal, state and local income taxes on its taxable income. During the years ended December 31, 2017, 20162020, 2019 and 2015,2018, the Company qualified as a REIT and incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying Consolidated Financial Statements relate to activities of one of our TRSs. The components of the income tax provision(provision) benefit for the years ended December 31, 2017, 20162020, 2019 and 2015 are2018 is comprised of the following: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2020 | | 2019 | | 2018 | | Current: | | | | | | | Federal | $ | (3,659) | | | $ | (169) | | | $ | 22 | | | State | (1,718) | | | (839) | | | (310) | | | | | | | | | Deferred: | | | | | | | | | | | | | Federal | 2,969 | | | (2,334) | | | 400 | | | State | 0 | | | (64) | | | (20) | | | | | | | | | Total Income Tax (Provision) Benefit | $ | (2,408) | | | $ | (3,406) | | | $ | 92 | |
| | | | | | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | 2015 | | Current: | | | | | | | Federal | $ | (859 | ) | | $ | (656 | ) | | $ | 68 |
| | State | (344 | ) | | (251 | ) | | (297 | ) | | Deferred: | | | | | | | State | 10 |
| | (182 | ) | | 112 |
| | | $ | (1,193 | ) | | $ | (1,089 | ) | | $ | (117 | ) |
Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. New 2017 tax reform legislation reduces the corporate tax rate to 21%, effective January 1, 2018. Consequently, our deferred income tax assets and liabilities were re-measured to reflect the reduction in the U.S. corporate income tax rate. As a result, we recorded a decrease related to the net deferred tax assets and a decrease to the associated valuation allowance.
Deferred income tax assets and liabilities include the following as of December 31, 2017 and 2016:
| | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | Impairment of Real Estate | $ | 1,267 |
| | $ | 2,051 |
| | Other - Temporary Differences | 233 |
| | 433 |
| | Valuation Allowance | (984 | ) | | (2,181 | ) | | Total Deferred Income Tax Assets, Net of Allowance | $ | 516 |
| | $ | 303 |
| | Straight-line Rent | $ | (40 | ) | | $ | (51 | ) | | Basis Difference - Real Estate Properties | (488 | ) | | (260 | ) | | Other - Temporary Differences | (172 | ) | | (186 | ) | | Total Deferred Income Tax Liabilities | $ | (700 | ) | | $ | (497 | ) | | Total Net Deferred Income Tax Liabilities | $ | (184 | ) | | $ | (194 | ) |
A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred income tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in the TRSs significant enough to allow us to believe it is more likely than not that we will realize our deferred income tax assets. Therefore, we have recorded a valuation allowance against our deferred income tax assets. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred income tax assets, is included in the current income tax provision.
The income tax provision pertaining to income from continuing operations of the TRSs differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2017, 2016 and 2015:
| | | | | | | | | | | | | | | Year Ended December 31, | | | 2017 | | 2016 | | 2015 | | Tax (Provision) Benefit at Federal Rate Related to Continuing Operations | $ | (1,416 | ) | | $ | (1,764 | ) | | $ | 64 |
| | Change in Effective Tax Rate | (609 | ) | | — |
| | — |
| | State Tax Provision, Net of Federal Benefit | (376 | ) | | (462 | ) | | (212 | ) | | Non-deductible Permanent Items, Net | — |
| | 7 |
| | 10 |
| | Change in Valuation Allowance | 1,197 |
| | 1,256 |
| | 787 |
| | Other | 11 |
| | (126 | ) | | (766 | ) | | Net Income Tax Provision | $ | (1,193 | ) | | $ | (1,089 | ) | | $ | (117 | ) |
We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2017,2020, we do not have any unrecognized tax benefits. We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is generally three years. As such, our tax returns that are subject to examination would be primarily from 20142017 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2020, 2019 and 2018. Federal Income Tax Treatment of Common Dividends For income tax purposes,the years ended December 31, 2020, 2019 and 2018, the dividends paid to the Company's common shareholders areper common share for income tax purposes were characterized as ordinary income, capital gains or as a return of a shareholder's invested capital. follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2020 | | As a
Percentage
of
Distributions | | 2019 | | As a
Percentage
of
Distributions | | 2018 | | As a
Percentage
of
Distributions | Ordinary Income (A) | $ | 0.5800 | | | 58.00 | % | | $ | 0.7650 | | | 83.15 | % | | $ | 0.6858 | | | 78.83 | % | | Unrecaptured Section 1250 Capital Gain | 0.2576 | | | 25.76 | % | | 0.1074 | | | 11.68 | % | | 0.1497 | | | 17.21 | % | | Other Capital Gain | 0.1624 | | | 16.24 | % | | 0.0460 | | | 5.00 | % | | 0.0330 | | | 3.79 | % | | Qualified Dividend | 0 | | | 0.00 | % | | 0.0016 | | | 0.17 | % | | 0.0015 | | | 0.17 | % | | | | | | | | | | | | | | $ | 1.0000 | | | 100.00 | % | | $ | 0.9200 | | | 100.00 | % | | $ | 0.8700 | | | 100.00 | % |
(A) For the years ended December 31, 2017, 20162020, 2019 and 2015,2018, the dividends per common share were characterized as follows: | | | | | | | | | | | | | | | | | | | | | | | | 2017 | | As a Percentage of Distributions | | 2016 | | As a Percentage of Distributions | | 2015 | | As a Percentage of Distributions | | Ordinary Income | $ | 0.6552 |
| | 74.23 | % | | $ | 0.6935 |
| | 82.53 | % | | $ | 0.2629 |
| | 67.93 | % | | Unrecaptured Section 1250 Gain | 0.1627 |
| | 18.43 | % | | 0.1130 |
| | 13.45 | % | | 0.1241 |
| | 32.07 | % | | Capital Gain | 0.0648 |
| | 7.34 | % | | 0.0066 |
| | 0.78 | % | | — |
| | 0.00 | % | | Nondividend Distribution - Return of Capital | — |
| | 0.00 | % | | 0.0272 |
| | 3.24 | % | | — |
| | 0.00 | % | | | $ | 0.8827 |
| | 100.00 | % | | $ | 0.8403 |
| | 100.00 | % | | $ | 0.3870 |
| | 100.00 | % |
The income tax characterization of dividends to common shareholders is based on the calculation of Taxable Earnings and Profits, as defined in the Code. Taxable Earnings and Profits differ from regular taxable income due primarily to differences in the estimated useful lives and methods used to compute depreciation and in the recognition of gains and losses on the sale of real estate assets.
10. Future Rental RevenuesLeases Lessee Disclosures We are a lessee on a limited number of ground and office leases (the "Operating Leases"). Our office leases have remaining lease terms of one year to six years and our ground leases have remaining terms of 34 years to 51 years. For the year ended December 31, 2020, we recognized $3,093 of operating lease expense, inclusive of short-term and variable lease costs which are not significant. The following is a schedule of the maturities of operating lease liabilities for the next five years as of December 31, 2020, and thereafter: | | | | | | | 2021 | $ | 2,544 | | | 2022 | 2,576 | | | 2023 | 2,411 | | | 2024 | 2,194 | | | 2025 | 2,058 | | | Thereafter | 58,818 | | | Total Lease Payments | 70,601 | | Less Imputed Interest (A) | (47,775) | | | Total | $ | 22,826 | |
(A) Calculated using the discount rate for each lease. As of December 31, 2020, our weighted average remaining lease term for the Operating Leases is 39.6 years and the weighted average discount rate is 7.1%. A number of the Operating Leases include options to extend the lease term. For purposes of determining our lease term, we excluded periods covered by an option since it was not reasonably certain at lease commencement that we would exercise the options. Lessor Disclosures Our properties and certain land parcels are leased to tenants under net and semi-netclassified as operating leases. Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 20172020 are approximately as follows: | | | | | | | 2021 | $ | 333,405 | | | 2022 | 305,971 | | | 2023 | 262,228 | | | 2024 | 221,594 | | | 2025 | 183,186 | | | Thereafter | 537,189 | | | Total | $ | 1,843,573 | |
Several of our operating leases include options to extend the lease term and/or to purchase the building. For purposes of determining the lease term and lease classification, we exclude these extension periods and purchase options unless it is reasonably certain at lease commencement that the option will be exercised. During the year ended December 31, 2019, a tenant exercised its lease option to purchase a 0.6 million square foot building located in our Phoenix market. The option included a fixed purchase price and an expected closing date in August 2020. At the time the tenant exercised the option, we reassessed the lease classification of this lease and, based on various qualitative factors, we determined that it was reasonably certain the tenant would close on the acquisition of the building. Accordingly, during the year ended December 31, 2019, we reclassified the lease from an operating lease to a sales-type lease, which resulted in a gain on sale of $8,606. Additionally, we derecognized the net book value of the property and recorded a lease receivable of $54,521 which represented the discounted present value of the remaining lease payments and the fixed purchase option price. During the year ended December 31, 2020, we closed on the sale of the property. | | | | | | 2018 | $ | 287,809 |
| | 2019 | 254,064 |
| | 2020 | 216,135 |
| | 2021 | 170,559 |
| | 2022 | 132,118 |
| | Thereafter | 356,402 |
| | Total | $ | 1,417,087 |
|
11. Benefit PlansLong-Term Compensation StockEquity Based Compensation
The Company maintains a stock incentive plan (the “Stock Incentive Plan”), which is administered by the Compensation Committee of the Board of Directors. Officers,Directors for which officers, certain employees and the Company's independent directors generally are eligible to participate in the Stock(the "Stock Incentive Plan. AwardsPlan"). Among other forms of allowed awards, awards made under the Stock Incentive Plan can beduring the three years ended December 31, 2020 have been in the form of restricted stock awards, restricted stock unit awards, performance share awards dividend equivalent rights, non-statutory stock options and stock appreciation rights.RLP Units (as defined in Note 6). Special provisions apply to awards granted under the Stock Incentive Plan in the event of a change in control in the Company. As of December 31, 2017,2020, awards covering 1.93.3 million shares of common stock were available to be granted under the Stock Incentive Plan. Restricted Stock or Restricted Unit Awards
For the years ended December 31, 2017, 2016 and 2015, the Company awarded 260,685, 308,373 and 216,975 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $6,871, $6,047 and $4,708 on the date such awards were approved by either the Compensation Committee of the Board of Directors or the Company's stockholders of Under the Stock Incentive Plan, each RLP Unit counts as one share of common stock for purposes of calculating the caselimit on shares that may be. These restricted stock awards were granted based upon the achievement of certain corporate performance goals and generally vest over a period of three years. Additionally, during the years ended December 31, 2017, 2016 and 2015, the Company awarded 15,108, 14,460 and 17,385 shares, respectively, of restricted stock to non-employee members of the Board of Directors, which had a fair value of $420, $350 and $350 on the date of approval. These restricted stock awards vest over a one-year period. The Operating Partnership issued restricted Unit awards to the Company in the same amount for both restricted stock awards.be issued.
Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted Unit awards expected to vest except if the recipient is not required to provide future service in exchange for vesting of such restricted stock or restricted Unit awards. If vesting of a recipient's restricted stock or restricted Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant. Awards with Performance Measures
During the years ended December 31, 2017, 20162020, 2019 and 2015, we recognized $1,590, $1,7102018, the Company granted 59,263, 36,064, and $1,352,179,288 performance units ("Performance Units"), respectively of compensation expense related to restricted stock or restricted Unit awardscertain employees. In addition, the Company granted to our former Chief Executive Officer322,477 and 166,942 RLP Units, respectively, for which future service was not required. LTIP Unit Awards
For the years ended December 31, 20172020 and 2016,2019, with the Company grantedsame performance-based criteria as the Performance Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") to certain employees 195,951 and 254,524 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards"), which had a fair valueemployees. A portion of $2,473 and $2,561 on the grant date. The LTIP UnitPerformance Awards issued in 2020 vest based upon the relative total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to nine other peer industrial real estate companies. A portion of the Performance Awards issued in 2019 and 2018 vest based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to the MSCI US REIT IndexIndex. The performance periods for such awards are one year, two years and the NAREIT Industrial Index over a performance period of three years. Compensation expense is charged to earnings on a straight-line basis over the respective performance periods.applicable vesting period for the Performance Awards. At the end of the respective performance periods each participant will be issuedmeasuring period, vested Performance Units convert into shares of the Company's common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on the Company's TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index.stock. The participant is also entitled to dividend equivalents for shares and RLP units issued pursuant to vested LTIP UnitPerformance Awards. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested LTIP Unit Awards.Performance Units.
The Performance Awards issued for the years ended December 31, 2020, 2019 and 2018, had fair value of $7,883, $2,527, and $2,381, respectively. The fair values of the LTIP Unit Awards at issuance were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions: | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | Year Ended December 31, 2019 | | Year Ended December 31, 2018 | | Expected dividend yield | 2.22 | % | | 3.02 | % | | 2.67 | % | | Expected volatility - range used | 16.25% - 17.56% | | 18.53% - 19.72% | | 15.83% - 17.87% | | Expected volatility - weighted average | 16.97 | % | | 19.10 | % | | 17.02 | % | | Risk-free interest rate | 1.63% - 1.68% | | 2.45% - 2.57% | | 1.57% - 2.04% |
Performance Award transactions for the year ended December 31, 2020 are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Performance Units | | Weighted
Average
Grant Date
Fair Value | | Performance RLP Units | | Weighted
Average
Grant Date
Fair Value | | Outstanding at December 31, 2019 | 380,722 | | | $ | 12.89 | | | 156,702 | | | $ | 12.45 | | | Issued | 59,263 | | | $ | 20.65 | | | 322,477 | | | $ | 20.65 | | | Forfeited | (5,681) | | | $ | 13.67 | | | 0 | | | $ | 0 | | | Vested | (178,211) | | | $ | 12.62 | | | 0 | | | $ | 0 | | | Outstanding at December 31, 2020 | 256,093 | | | $ | 14.86 | | | 479,179 | | | $ | 17.97 | |
| | | | | | | | | Year Ended December 31, 2017 | | Year Ended December 31, 2016 | | Expected dividend yield | 2.71 | % | | 2.31 | % | | Expected volatility - range used | 21.50% - 21.80% |
| | 21.01% - 21.19% |
| | Expected volatility - weighted average | 21.68 | % | | 20.92 | % | | Risk-free interest rate | 0.66% - 1.58% |
| | 0.48% - 1.43% |
|
Outstanding Restricted StockDuring the years ended December 31, 2020, 2019 and 2018, the Company awarded 80,387, 109,353, and 227,059 of restricted stock units or Restrictedand restricted stock shares ("Service Units"), respectively, to certain employees and outside directors. In addition, for the years ended December 31, 2020 and 2019, the Company awarded 119,596 and 112,428 RLP Units, respectively, ("Service RLP Units" and, together with the Service Units, collectively the "Service Awards") to certain employees and outside directors. The fair value is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards granted to employees were based upon the prior achievement of certain corporate performance goals and generally vest ratably over a period of three years based on continued employment. Service Awards granted to outside directors vest after one year. The Operating Partnership issued restricted Unit awards to the Company in the same amount for the restricted stock units. Compensation expense is charged to earnings over the vesting periods for the Service Awards.
The Service Awards issued for the years ended December 31, 2020, 2019 and LTIP Unit Awards2018 had fair value of $8,641, $7,627 and $6,558, respectively. Service Award transactions for the year ended December 31, 2020 are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Service Units | | Weighted
Average
Grant Date
Fair Value | | Service RLP Units | | Weighted
Average
Grant Date
Fair Value | | Outstanding at December 31, 2019 | 296,371 | | | $ | 30.56 | | | 110,640 | | | $ | 33.64 | | | Issued | 80,387 | | | $ | 43.61 | | | 119,596 | | | $ | 42.94 | | | Forfeited | (4,009) | | | $ | 33.86 | | | (1,967) | | | $ | 35.58 | | | Vested | (160,829) | | | $ | 29.37 | | | (43,700) | | | $ | 33.73 | | | Outstanding at December 31, 2020 | 211,920 | | | $ | 36.35 | | | 184,569 | | | $ | 39.62 | |
Compensation Expense Related to Long-Term Compensation For the years ended December 31, 2017, 20162020, 2019 and 2015,2018, we recognized $8,611, $7,371$12,931, $8,376 and $7,177,$7,586, respectively, in amortizationcompensation expense related to restricted stock or restricted Unit awardsPerformance Awards and LTIP UnitService Awards. Restricted stock or restricted Unit awardPerformance Award and LTIP UnitService Award amortizationcompensation expense capitalized in connection with development activities was not significant.$2,030, $870 and $472 for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 2017,2020, we had $7,752$12,741 in unrecognized compensation related to unvested restricted stock or restricted Unit awardsPerformance Awards and LTIP UnitService Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.880.85 years. Restricted stock or restricted UnitRetirement Eligibility
Commencing January 1, 2020, all award agreements issued underlying Performance Awards and LTIP Unit Award transactionsService Awards contain a retirement benefit for employees with at least 10 years of continuous service and that are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non-forfeitable. As such, during the year ended December 31, 20172020, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are summarized as follows: | | | | | | | | | | Awards | | Weighted Average Grant Date Fair Value | | Outstanding at December 31, 2016 | 917,532 |
| | $ | 14.35 |
| | Issued | 471,744 |
| | $ | 20.70 |
| | Forfeited | (8,034 | ) | | $ | 19.61 |
| | Vested | (268,414 | ) | | $ | 21.36 |
| | Outstanding at December 31, 2017 | 1,112,828 |
| | $ | 15.31 |
|
401(k)/Profit Sharing Plan Under the Company's 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions, and the Companywe may make, but isare not required to make, matching contributions, which are funded by the Operating Partnership.contributions. For the years ended December 31, 2017, 20162020, 2019 and 2015,2018, total expense related to matching contributions was $518, $509$977, $926 and $471,$688, respectively.
12. DerivativesDerivative Instruments Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective,these objectives, we primarily use interest rate protection agreementsderivative instruments as part of our interest rate risk management strategy. Interest rate protection agreementsDerivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In connection with the originationsorigination of theeach Unsecured Term LoansLoan (see Note 4), we entered into interest rate protection agreementsswaps to manage our exposure to changes in the one monthone-month LIBOR rate. The fourWe have 4 interest rate protection agreements, which fix the variable rate of the 2014 Unsecured Term Loan, haveswaps, with an aggregate notional value of $200,000, mature on January 29, 2021 andthat fix the one-month LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021 (the "2014 Swaps"). The six, 6 interest rate protection agreements, which fix the variable rate of the 2015 Unsecured Term Loan, haveswaps, with an aggregate notional value of $260,000, mature on September 12, 2022 andthat fix the one-month LIBOR rate at a weighted average rate of 1.79% and mature on September 12, 2022 (the "2015 Swaps") and 3 interest rate swaps with an aggregate notional value of $200,000, that fix the one-month LIBOR rate at 0.99% that are effective commencing February 1, 2021 and mature on February 2, 2026 (the "2021 Swaps"). We designated the 2014 Swaps, the 2015 Swaps and 2015the 2021 Swaps as cash flow hedges.
DuringAdditionally, during the year ended December 31, 2014,2020, we entered into threean interest rate protection agreements, with an aggregate notional value of $220,000,swap to manage our exposure to changes in the three monthone-month LIBOR rate (the "Settled Swaps") related to an anticipated unsecured debt offering. At origination, weour Unsecured Credit Facility (the "2020 Swap"). The 2020 Swap commenced April 1, 2020, matures on April 1, 2021, has a notional value of $150,000 and fixes the one-month LIBOR rate at 0.42%. We initially designated the Settled Swaps2020 Swap as a cash flow hedges but, during the three months ended March 31, 2015, the Settled Swaps were de-designated and the fair market value loss of $12,990 was reclassified to earnings from other comprehensive income since we determined the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the designation memos.hedge. During the year ended December 31, 2015,2020, however, we made a settlement paymentaccelerated the reclassification of $11,546 to our derivative counterparties, which is recognized as settlement loss on interest rate protection agreements.
Derivative Instruments Not Designated for Hedge Accounting Treatment
In September 2017, we entered into two interest rate protection agreements (the "Treasury Locks"), with an aggregate notional value of $100,000, in order to fix the interest rate on an anticipated unsecured debt offering. The Treasury Locks fixed the ten year U.S. Treasury rate at a weighted average rate of approximately 2.18%. Due to the strict requirements surrounding the application of hedge accounting, we elected not to designate the Treasury Locks as hedges. As such, the change in the fair value of the Treasury Locks is recorded within the income statement as opposed to being recorded in2020 Swap from other comprehensive income. Duringincome to earnings since the hedged forecasted transaction is no longer expected to be probable to occur. The accelerated loss recorded on the 2020 Swap for the year ended December 31, 2017 we settled2020 was not significant.
The following table sets forth our financial liabilities related to the Treasury Locks2014 Swaps, the 2015 Swaps, the 2020 Swap and recognized $1,896the 2021 Swaps, which are included in settlement gainthe line item Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on interest rate protection agreements.a recurring basis as of December 31, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using: | | Description | | Fair Value at December 31, 2020 | | Quoted Prices in
Active Markets for
Identical Assets
(Level 1) | | Significant Other
Observable Inputs
(Level 2) | | Unobservable
Inputs
(Level 3) | | Derivatives designated as a hedging instrument: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | | 2014 Swaps | | $ | (333) | | | 0 | | | $ | (333) | | | 0 | | | 2015 Swaps | | $ | (7,317) | | | 0 | | | $ | (7,317) | | | 0 | | | 2021 Swaps | | $ | (6,244) | | | 0 | | | $ | (6,244) | | | 0 | | | | | | | | | | | | | | | | | | | | | Derivatives not designated as a hedging instrument: | | | | | | | | | | Liabilities: | | | | | | | | | | 2020 Swap | | $ | (106) | | | 0 | | | $ | (106) | | | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at December 31, 2019 | | | | | | | | Derivatives designated as a hedging instrument: | | | | | | | | | | Liabilities: | | | | | | | | | | 2014 Swaps | | $ | (1,478) | | | 0 | | | $ | (1,478) | | | 0 | | | 2015 Swaps | | $ | (1,711) | | | 0 | | | $ | (1,711) | | | 0 | |
Our agreements with our derivative counterparties contain certain cross-default provisions where if we default on any ofthat may be triggered in the event that our other indebtedness then we could also be declaredis in default, on our derivative obligations subject to certain thresholds. As of December 31, 2017,2020, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial assets and liabilities related to the 2014 Swaps and 2015 Swaps, which are included in prepaid expenses and other assets and accounts payable, accrued expenses and other liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of December 31, 2017:
| | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at Reporting Date Using: | | Description | | Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Unobservable Inputs (Level 3) | | Derivatives designated as a hedging instrument: | | | | | | | | | | Assets: | | | | | | | | | | 2015 Swaps | | $ | 3,860 |
| | — |
| | $ | 3,860 |
| | — |
| | Liabilities: | | | | | | | | | | 2014 Swaps | | $ | (1,474 | ) | | — |
| | $ | (1,474 | ) | | — |
|
There was no ineffectiveness recorded on the 2014 Swaps, andthe 2015 Swaps, or the 2021 Swaps during the year ended December 31, 2017.2020. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 Swaps, the 2015 Swaps, the 2020 Swap and 2015the 2021 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’scounterparty's non-performance risk. We determined that the significant inputs used to value the 2014 Swaps, the 2015 Swaps, the 2020 Swap and 2015the 2021 Swaps fell within Level 2 of the fair value hierarchy. 13. Related Party Transactions At December 31, 20172020 and 2016,2019, the Operating Partnership had receivable balances of $10,129$9,380 and $10,448,$10,031, respectively, from a direct wholly-owned subsidiary of the Company.
14. Commitments and Contingencies In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. Four properties have leases granting the tenants options to purchase the property. Such options are exercisable at various times at appraised fair market value or at a fixed purchase price. None of the tenant purchase options have been exercised.
At December 31, 2017,2020, we had outstanding letters of credit and performance bonds in the aggregate amount of $20,188.$22,013. In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At December 31, 2017,2020, we had 118 industrial properties totaling approximately 4.21.3 million square feet of GLA under construction. The estimated total investment associated with these properties, as of December 31, 20172020, is approximately $291,000$172,400 (unaudited). Of this amount, approximately $175,800$92,000 (unaudited) remains to be funded. There can be no assurance that the actual completion cost associated with these properties will not exceed the estimated total investment. During the year ended December 31, 2016, a fire significantly destroyed one industrial property totaling approximately 0.03 million square feet of GLA located in San Diego, California. In a separate event, on April 3, 2017, a fire caused significant damage to one industrial property totaling approximately 0.08 million square feet of GLA located in Los Angeles, California. During the respective periods in which the fires occurred, we wrote off the unamortized net book value of the building improvements for the damaged portions of the industrial properties and recorded a receivable from our insurance company for the amount of the write off, less our $25 deductible per occurrence. During the year ended December 31, 2017, we collected insurance proceeds in excess of the amounts we wrote off related to unamortized net book value of the building improvements.
Ground and Operating Lease Agreements
For the years ended December 31, 2017, 2016 and 2015, we recognized $1,419, $1,380 and $1,281, respectively, in operating and ground lease expense.
Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2017 are as follows:
| | | | | | 2018 | $ | 1,495 |
| | 2019 | 772 |
| | 2020 | 678 |
| | 2021 | 630 |
| | 2022 | 583 |
| | Thereafter | 27,139 |
| Total (A) | $ | 31,297 |
|
________________
| | | (A)
| Minimum rental payments have not been reduced by minimum sublease rentals of $783 due in the future under non-cancelable subleases. |
15. Subsequent Events From January 1, 20182021 to February 23, 2018,15, 2021, we acquired one industrial property and one2 land parcelparcels for a purchase price of approximately $15,625,$9,800, excluding costs incurred in conjunction with the acquisition of thetransaction costs. In addition, we sold 1 industrial property.property for $675, excluding transaction costs. During January 2018, the Company restructured its staffing to align its personnel with changes in its portfolio. The severance and other costs associated with the restructuring is approximately $1,000.
During February 2018, the Company renewed a lease on a long term basis for a 1.3 million square feet facility located in Eastern PA, that was set to expire during the three months ended March 31, 2018.
Effective as of January 1, 2018, the Company, as general partner of the Operating Partnership, adopted a First Amendment to the Twelfth Amended and Restated Limited Partnership Agreement (the “LPA Amendment”) to amend the Twelfth Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Existing LPA”) to provide that the General Partner, who had existing authority regarding tax matters decision-making authority as the “Tax Matters Partner” of the Operating Partnership under the Existing LPA, would also be designated as the “Partnership Representative” of the Operating Partnership pursuant to the revised partnership audit rules adopted pursuant to the Bipartisan Budget Act of 2015 with respect to taxable years starting January 1, 2018. A conformed copy of the Existing LPA, which incorporates the amendments effectuated pursuant to the LPA Amendment, is attached hereto as Exhibit 3.9 to this Annual Report on Form 10-K.
On February 15, 2018, the Operating Partnership issued $150,000 of 3.86% Series C Guaranteed Senior Notes due February 15, 2028 (the “2028 Private Placement Notes”) and $150,000 of 3.96% Series D Guaranteed Senior Notes due February 15, 2030 (the “2030 Private Placement Notes”) in a private placement pursuant to a Note and Guaranty Agreement dated December 12, 2017. The 2028 Private Placement Notes and the 2030 Private Placement Notes are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments.
We anticipate paying off $157,782 of mortgage loans payable which were originally scheduled to mature on June 1, 2018 on or about March 1, 2018.
16. Quarterly Financial Information (unaudited) The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 20172020 and 2016.2019. | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Total Revenues | $ | 110,343 | | | $ | 109,202 | | | $ | 116,194 | | | $ | 112,289 | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 40,634 | | | $ | 35,669 | | | $ | 35,959 | | | $ | 83,727 | | | Net Income Allocable to Participating Securities | (59) | | | (59) | | | (59) | | | (137) | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 40,575 | | | $ | 35,610 | | | $ | 35,900 | | | $ | 83,590 | | | Basic and Diluted EPS: | | | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.32 | | | $ | 0.28 | | | $ | 0.28 | | | $ | 0.65 | | | Weighted Average Shares Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Shares - Basic | 126,934 | | | 127,074 | | | 127,903 | | | 128,919 | | | Weighted Average Shares - Diluted | 127,111 | | | 127,266 | | | 128,101 | | | 129,125 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2019 | | | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Total Revenues | $ | 104,541 | | | $ | 104,095 | | | $ | 106,590 | | | $ | 110,758 | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 23,803 | | | $ | 39,800 | | | $ | 78,311 | | | $ | 96,861 | | | Net Income Allocable to Participating Securities | (60) | | | (89) | | | (170) | | | (199) | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 23,743 | | | $ | 39,711 | | | $ | 78,141 | | | $ | 96,662 | | | Basic and Diluted EPS: | | | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.19 | | | $ | 0.31 | | | $ | 0.62 | | | $ | 0.76 | | | Weighted Average Shares Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Shares - Basic | 126,194 | | | 126,206 | | | 126,480 | | | 126,682 | | | Weighted Average Shares - Diluted | 126,456 | | | 126,489 | | | 126,783 | | | 127,030 | |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, 2017 | | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Total Revenues | $ | 97,383 |
| | $ | 97,579 |
| | $ | 99,310 |
| | $ | 102,130 |
| | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 22,709 |
| | $ | 37,562 |
| | $ | 43,198 |
| | $ | 97,987 |
| | Net Income Allocable to Participating Securities | (67 | ) | | (129 | ) | | (145 | ) | | (331 | ) | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 22,642 |
| | $ | 37,433 |
| | $ | 43,053 |
| | $ | 97,656 |
| | Basic EPS: | | | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.19 |
| | $ | 0.32 |
| | $ | 0.36 |
| | $ | 0.82 |
| | Diluted EPS: | | | | | | | | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.19 |
| | $ | 0.32 |
| | $ | 0.36 |
| | $ | 0.81 |
| | Weighted Average Shares Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Shares - Basic | 116,837 |
| | 117,299 |
| | 119,446 |
| | 119,462 |
| | Weighted Average Shares - Diluted | 117,261 |
| | 117,779 |
| | 119,990 |
| | 120,076 |
|
| | | | | | | | | | | | | | | | | | | Year Ended December 31, 2016 | | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Total Revenues | $ | 93,467 |
| | $ | 93,015 |
| | $ | 93,562 |
| | $ | 97,976 |
| | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 15,688 |
| | $ | 50,229 |
| | $ | 31,519 |
| | $ | 23,796 |
| | Net Income Allocable to Participating Securities | (63 | ) | | (180 | ) | | (110 | ) | | (82 | ) | | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 15,625 |
| | $ | 50,049 |
| | $ | 31,409 |
| | $ | 23,714 |
| | Basic EPS: |
| |
| |
| |
| | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.14 |
| | $ | 0.43 |
| | $ | 0.27 |
| | $ | 0.20 |
| | Diluted EPS: |
| |
| |
| |
| | Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.14 |
| | $ | 0.43 |
| | $ | 0.27 |
| | $ | 0.20 |
| | Weighted Average Shares Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Shares - Basic | 110,793 |
| | 116,191 |
| | 116,467 |
| | 116,636 |
| | Weighted Average Shares - Diluted | 110,985 |
| | 116,558 |
| | 116,864 |
| | 117,042 |
|
The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 20172020 and 2016.2019. | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2020 | | | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Total Revenues | $ | 110,343 | | | $ | 109,202 | | | $ | 116,194 | | | $ | 112,289 | | | Net Income Available to Unitholders and Participating Securities | $ | 41,479 | | | $ | 36,332 | | | $ | 36,639 | | | $ | 85,484 | | | Net Income Allocable to Participating Securities | (123) | | | (125) | | | (125) | | | (289) | | | Net Income Available to Unitholders | $ | 41,356 | | | $ | 36,207 | | | $ | 36,514 | | | $ | 85,195 | | | Basic and Diluted EPU: | | | | | | | | | Net Income Available to Unitholders | $ | 0.32 | | | $ | 0.28 | | | $ | 0.28 | | | $ | 0.65 | | | Weighted Average Units Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Units - Basic | 129,070 | | | 129,081 | | | 129,914 | | | 130,929 | | | Weighted Average Units - Diluted | 129,400 | | | 129,461 | | | 130,294 | | | 131,339 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2019 | | | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Total Revenues | $ | 104,541 | | | $ | 104,095 | | | $ | 106,590 | | | $ | 110,758 | | | Net Income Available to Unitholders and Participating Securities | $ | 24,314 | | | $ | 40,689 | | | $ | 79,969 | | | $ | 98,656 | | | Net Income Allocable to Participating Securities | (76) | | | (128) | | | (249) | | | (279) | | | Net Income Available to Unitholders | $ | 24,238 | | | $ | 40,561 | | | $ | 79,720 | | | $ | 98,377 | | | Basic and Diluted EPU: | | | | | | | | | Net Income Available to Unitholders | $ | 0.19 | | | $ | 0.31 | | | $ | 0.62 | | | $ | 0.76 | | | Weighted Average Units Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Units - Basic | 128,818 | | | 128,831 | | | 128,837 | | | 128,837 | | | Weighted Average Units - Diluted | 129,178 | | | 129,221 | | | 129,256 | | | 129,308 | |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, 2017 | | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Total Revenues | $ | 97,383 |
| | $ | 97,579 |
| | $ | 99,310 |
| | $ | 102,130 |
| | Net Income Available to Unitholders and Participating Securities | $ | 23,464 |
| | $ | 38,827 |
| | $ | 44,613 |
| | $ | 101,254 |
| | Net Income Allocable to Participating Securities | (66 | ) | | (129 | ) | | (145 | ) | | (331 | ) | | Net Income Available to Unitholders | $ | 23,398 |
| | $ | 38,698 |
| | $ | 44,468 |
| | $ | 100,923 |
| | Basic EPU: | | | | | | | | | Net Income Available to Unitholders | $ | 0.19 |
| | $ | 0.32 |
| | $ | 0.36 |
| | $ | 0.82 |
| | Diluted EPU: | | | | | | | | | Net Income Available to Unitholders | $ | 0.19 |
| | $ | 0.32 |
| | $ | 0.36 |
| | $ | 0.81 |
| | Weighted Average Units Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Units - Basic | 120,877 |
| | 121,339 |
| | 123,483 |
| | 123,483 |
| | Weighted Average Units - Diluted | 121,301 |
| | 121,819 |
| | 124,027 |
| | 124,097 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | Properties (b) | | | | (In thousands) | | | | Atlanta | | | | | | | | | | | | | | | | | | | | | | 1650 Highway 155 | | McDonough, GA | | — | | | 779 | | | 4,544 | | | (683) | | | 345 | | | 4,295 | | | 4,640 | | | 2,824 | | | 1994 | | 4051 Southmeadow Parkway | | Atlanta, GA | | — | | | 726 | | | 4,130 | | | 1,593 | | | 726 | | | 5,723 | | | 6,449 | | | 3,381 | | | 1994 | | 4071 Southmeadow Parkway | | Atlanta, GA | | — | | | 750 | | | 4,460 | | | 1,924 | | | 828 | | | 6,306 | | | 7,134 | | | 3,941 | | | 1994 | | 4081 Southmeadow Parkway | | Atlanta, GA | | — | | | 1,012 | | | 5,918 | | | 2,305 | | | 1,157 | | | 8,078 | | | 9,235 | | | 4,672 | | | 1994 | | 5570 Tulane Drive | | Atlanta, GA | | — | | | 527 | | | 2,984 | | | 1,200 | | | 546 | | | 4,165 | | | 4,711 | | | 2,262 | | | 1996 | | 955 Cobb Place | | Kennesaw, GA | | — | | | 780 | | | 4,420 | | | 877 | | | 804 | | | 5,273 | | | 6,077 | | | 2,938 | | | 1997 | | 1005 Sigman Road | | Conyers, GA | | — | | | 566 | | | 3,134 | | | 1,221 | | | 574 | | | 4,347 | | | 4,921 | | | 2,154 | | | 1999 | | 2050 East Park Drive | | Conyers, GA | | — | | | 452 | | | 2,504 | | | 674 | | | 459 | | | 3,171 | | | 3,630 | | | 1,531 | | | 1999 | | 3060 South Park Boulevard | | Ellenwood, GA | | — | | | 1,600 | | | 12,464 | | | 3,413 | | | 1,604 | | | 15,873 | | | 17,477 | | | 7,027 | | | 2003 | | 175 Greenwood Industrial Parkway | | McDonough, GA | | — | | | 1,550 | | | 0 | | | 8,131 | | | 1,550 | | | 8,131 | | | 9,681 | | | 3,082 | | | 2004 | | 5095 Phillip Lee Drive | | Atlanta, GA | | — | | | 735 | | | 3,627 | | | (213) | | | 740 | | | 3,409 | | | 4,149 | | | 3,139 | | | 2005 | | 6514 Warren Drive | | Norcross, GA | | — | | | 510 | | | 1,250 | | | 170 | | | 513 | | | 1,417 | | | 1,930 | | | 729 | | | 2005 | | 6544 Warren Drive | | Norcross, GA | | — | | | 711 | | | 2,310 | | | 469 | | | 715 | | | 2,775 | | | 3,490 | | | 1,457 | | | 2005 | | 5356 E. Ponce De Leon | | Stone Mountain, GA | | — | | | 604 | | | 3,888 | | | 1,010 | | | 610 | | | 4,892 | | | 5,502 | | | 3,057 | | | 2005 | | 5390 E. Ponce De Leon | | Stone Mountain, GA | | — | | | 397 | | | 1,791 | | | 569 | | | 402 | | | 2,355 | | | 2,757 | | | 1,327 | | | 2005 | | 1755 Enterprise Drive | | Buford, GA | | — | | | 712 | | | 2,118 | | | (69) | | | 716 | | | 2,045 | | | 2,761 | | | 1,042 | | | 2006 | | 4555 Atwater Court | | Buford, GA | | — | | | 881 | | | 3,550 | | | 397 | | | 885 | | | 3,943 | | | 4,828 | | | 1,828 | | | 2006 | | 80 Liberty Industrial Parkway | | McDonough, GA | | — | | | 756 | | | 3,695 | | | (1,292) | | | 467 | | | 2,692 | | | 3,159 | | | 1,192 | | | 2007 | | 596 Bonnie Valentine | | Pendergrass, GA | | — | | | 2,580 | | | 21,730 | | | 2,058 | | | 2,594 | | | 23,774 | | | 26,368 | | | 7,414 | | | 2007 | | 11415 Old Roswell Road | | Alpharetta, GA | | — | | | 2,403 | | | 1,912 | | | 279 | | | 2,428 | | | 2,166 | | | 4,594 | | | 1,087 | | | 2008 | | 1281 Highway 155 S. | | McDonough, GA | | — | | | 2,501 | | | 0 | | | 17,083 | | | 2,502 | | | 17,082 | | | 19,584 | | | 2,263 | | | 2016 | | 4955 Oakley Industrial Boulevard | | Fairburn, GA | | — | | | 3,650 | | | 0 | | | 34,344 | | | 3,661 | | | 34,333 | | | 37,994 | | | 1,214 | | | 2019 | | Baltimore | | | | | | | | | | | | | | | | | | | | | | 16522 Hunters Green Parkway | | Hagerstown, MD | | — | | | 1,390 | | | 13,104 | | | 5,317 | | | 1,863 | | | 17,948 | | | 19,811 | | | 6,713 | | | 2003 | | 22520 Randolph Drive | | Dulles, VA | | — | | | 3,200 | | | 8,187 | | | 216 | | | 3,208 | | | 8,395 | | | 11,603 | | | 2,892 | | | 2004 | | 22630 Dulles Summit Court | | Dulles, VA | | — | | | 2,200 | | | 9,346 | | | (870) | | | 2,206 | | | 8,470 | | | 10,676 | | | 3,111 | | | 2004 | | 11204 McCormick Road | | Hunt Valley, MD | | — | | | 1,017 | | | 3,132 | | | 216 | | | 1,038 | | | 3,327 | | | 4,365 | | | 1,987 | | | 2005 | | 11110 Pepper Road | | Hunt Valley, MD | | — | | | 918 | | | 2,529 | | | 701 | | | 938 | | | 3,210 | | | 4,148 | | | 1,778 | | | 2005 | | 10709 Gilroy Road | | Hunt Valley, MD | | 1,675 | | | 913 | | | 2,705 | | | (39) | | | 913 | | | 2,666 | | | 3,579 | | | 1,923 | | | 2005 | | 10707 Gilroy Road | | Hunt Valley, MD | | — | | | 1,111 | | | 3,819 | | | 832 | | | 1,136 | | | 4,626 | | | 5,762 | | | 2,884 | | | 2005 | | 38 Loveton Circle | | Sparks, MD | | — | | | 1,648 | | | 2,151 | | | (192) | | | 1,690 | | | 1,917 | | | 3,607 | | | 1,218 | | | 2005 |
| | | | | | | | | | | | | | | | | | | Year Ended December 31, 2016 | | | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Total Revenues | $ | 93,467 |
| | $ | 93,015 |
| | $ | 93,562 |
| | $ | 97,976 |
| | Net Income Available to Unitholders and Participating Securities | $ | 16,281 |
| | $ | 52,048 |
| | $ | 32,630 |
| | $ | 24,588 |
| | Net Income Allocable to Participating Securities | (63 | ) | | (180 | ) | | (110 | ) | | (83 | ) | | Net Income Available to Unitholders | $ | 16,218 |
| | $ | 51,868 |
| | $ | 32,520 |
| | $ | 24,505 |
| | Basic EPU: |
| |
| |
| |
| | Net Income Available to Unitholders | $ | 0.14 |
| | $ | 0.43 |
| | $ | 0.27 |
| | $ | 0.20 |
| | Diluted EPU: |
| |
| |
| |
| | Net Income Available to Unitholders | $ | 0.14 |
| | $ | 0.43 |
| | $ | 0.27 |
| | $ | 0.20 |
| | Weighted Average Units Basic/Diluted (In Thousands): | | | | | | | | | Weighted Average Units - Basic | 115,096 |
| | 120,486 |
| | 120,740 |
| | 120,740 |
| | Weighted Average Units - Diluted | 115,288 |
| | 120,853 |
| | 121,137 |
| | 121,146 |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
as of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 1225 Bengies Road | | Baltimore, MD | | — | | | 2,640 | | | 270 | | | 13,010 | | | 2,823 | | | 13,097 | | | 15,920 | | | 4,601 | | | 2008 | | 581 Welltown Road/Tyson Boulevard | | Winchester, VA | | — | | | 2,320 | | | 0 | | | 11,276 | | | 2,401 | | | 11,195 | | | 13,596 | | | 3,793 | | | 2007 | | 400 Old Post Road | | Aberdeen, MD | | — | | | 3,411 | | | 17,144 | | | 1,676 | | | 3,411 | | | 18,820 | | | 22,231 | | | 4,640 | | | 2015 | | 500 Old Post Road | | Aberdeen, MD | | — | | | 5,959 | | | 30,533 | | | 4,437 | | | 5,959 | | | 34,970 | | | 40,929 | | | 6,182 | | | 2015 | | 5300 & 5315 Nottingham Drive | | White Marsh, MD | | — | | | 12,075 | | | 41,008 | | | 1,959 | | | 12,075 | | | 42,967 | | | 55,042 | | | 863 | | | 2020 | | 5301 Nottingham Drive | | White Marsh, MD | | — | | | 4,952 | | | 12,511 | | | 2,833 | | | 4,977 | | | 15,319 | | | 20,296 | | | 379 | | | 2020 | | Central/Eastern Pennsylvania | | | | | | | | | | | | | | | | | | | | | | 401 Russell Drive | | Middletown, PA | | — | | | 262 | | | 857 | | | 1,847 | | | 287 | | | 2,679 | | | 2,966 | | | 2,457 | | | 1994 | | 2700 Commerce Drive | | Middletown, PA | | — | | | 196 | | | 997 | | | 857 | | | 206 | | | 1,844 | | | 2,050 | | | 1,715 | | | 1994 | | 2701 Commerce Drive | | Middletown, PA | | — | | | 141 | | | 859 | | | 1,399 | | | 164 | | | 2,235 | | | 2,399 | | | 1,840 | | | 1994 | | 2780 Commerce Drive | | Middletown, PA | | — | | | 113 | | | 743 | | | 1,295 | | | 209 | | | 1,942 | | | 2,151 | | | 1,736 | | | 1994 | | 350 Old Silver Spring Road | | Mechanicsburg, PA | | — | | | 510 | | | 2,890 | | | 5,945 | | | 541 | | | 8,804 | | | 9,345 | | | 4,624 | | | 1997 | | 14 McFadden Road | | Palmer, PA | | — | | | 600 | | | 1,349 | | | (305) | | | 625 | | | 1,019 | | | 1,644 | | | 438 | | | 2004 | | 431 Railroad Avenue | | Shiremanstown, PA | | — | | | 1,293 | | | 7,164 | | | 2,623 | | | 1,341 | | | 9,739 | | | 11,080 | | | 5,939 | | | 2005 | | 6951 Allentown Boulevard | | Harrisburg, PA | | — | | | 585 | | | 3,176 | | | 55 | | | 601 | | | 3,215 | | | 3,816 | | | 1,551 | | | 2005 | | 2801 Red Lion Road | | Philadelphia, PA | | — | | | 950 | | | 5,916 | | | 68 | | | 964 | | | 5,970 | | | 6,934 | | | 3,657 | | | 2005 | | 1351 Eisenhower Boulevard, Bldg. 1 | | Harrisburg, PA | | — | | | 382 | | | 2,343 | | | 3 | | | 387 | | | 2,341 | | | 2,728 | | | 1,115 | | | 2006 | | 1351 Eisenhower Boulevard, Bldg. 2 | | Harrisburg, PA | | — | | | 436 | | | 1,587 | | | (315) | | | 443 | | | 1,265 | | | 1,708 | | | 566 | | | 2006 | | 200 Cascade Drive, Bldg. 1 | | Allentown, PA | | — | | | 2,133 | | | 17,562 | | | 1,806 | | | 2,769 | | | 18,732 | | | 21,501 | | | 8,730 | | | 2007 | | 200 Cascade Drive, Bldg. 2 | | Allentown, PA | | — | | | 310 | | | 2,268 | | | (56) | | | 316 | | | 2,206 | | | 2,522 | | | 889 | | | 2007 | | 1490 Dennison Circle | | Carlisle, PA | | — | | | 1,500 | | | 0 | | | 12,822 | | | 2,341 | | | 11,981 | | | 14,322 | | | 3,999 | | | 2008 | | 298 First Avenue | | Gouldsboro, PA | | — | | | 7,022 | | | 0 | | | 57,941 | | | 7,019 | | | 57,944 | | | 64,963 | | | 17,658 | | | 2008 | | 225 Cross Farm Lane | | York, PA | | — | | | 4,718 | | | 0 | | | 23,548 | | | 4,715 | | | 23,551 | | | 28,266 | | | 7,690 | | | 2008 | | 2455 Boulevard of Generals | | Norristown, PA | | — | | | 1,200 | | | 4,800 | | | 950 | | | 1,226 | | | 5,724 | | | 6,950 | | | 3,063 | | | 2008 | | 105 Steamboat Boulevard | | Manchester, PA | | — | | | 4,085 | | | 14,464 | | | 70 | | | 4,070 | | | 14,549 | | | 18,619 | | | 5,214 | | | 2012 | | 20 Leo Lane | | York County, PA | | — | | | 6,884 | | | 0 | | | 27,485 | | | 6,889 | | | 27,480 | | | 34,369 | | | 4,787 | | | 2013 | | 3895 Eastgate Boulevard, Bldg A | | Easton, PA | | — | | | 4,855 | | | 0 | | | 17,890 | | | 4,388 | | | 18,357 | | | 22,745 | | | 2,720 | | | 2015 | | 3895 Eastgate Boulevard, Bldg B | | Easton, PA | | — | | | 3,459 | | | 0 | | | 13,849 | | | 3,128 | | | 14,180 | | | 17,308 | | | 2,396 | | | 2015 | | 112 Bordnersville Road | | Jonestown, PA | | — | | | 13,702 | | | 0 | | | 41,288 | | | 13,724 | | | 41,266 | | | 54,990 | | | 3,152 | | | 2018 | | 122 Bordnersville Road | | Jonestown, PA | | — | | | 3,165 | | | 0 | | | 11,614 | | | 3,171 | | | 11,608 | | | 14,779 | | | 588 | | | 2018 | | 2021 Woodhaven Road | | Philadelphia, PA | | — | | | 2,059 | | | 0 | | | 9,984 | | | 2,087 | | | 9,956 | | | 12,043 | | | 143 | | | 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | Atlanta | | | | | | | | | | | | | | | | | | | | | | | | 1650 Highway 155 | | McDonough, GA | | — |
| | 779 |
| | 4,544 |
| | (755 | ) | | 356 |
| | 4,212 |
| | 4,568 |
| | 2,467 |
| | 1994 | | (i) | | 4051 Southmeadow Parkway | | Atlanta, GA | | — |
| | 726 |
| | 4,130 |
| | 1,662 |
| | 726 |
| | 5,792 |
| | 6,518 |
| | 2,881 |
| | 1994 | | (i) | | 4071 Southmeadow Parkway | | Atlanta, GA | | — |
| | 750 |
| | 4,460 |
| | 1,835 |
| | 828 |
| | 6,217 |
| | 7,045 |
| | 3,313 |
| | 1994 | | (i) | | 4081 Southmeadow Parkway | | Atlanta, GA | | — |
| | 1,012 |
| | 5,918 |
| | 2,088 |
| | 1,157 |
| | 7,861 |
| | 9,018 |
| | 4,077 |
| | 1994 | | (i) | | 5570 Tulane Drive | (d) | Atlanta, GA | | 2,131 |
| | 527 |
| | 2,984 |
| | 1,232 |
| | 546 |
| | 4,197 |
| | 4,743 |
| | 1,976 |
| | 1996 | | (i) | | 955 Cobb Place | | Kennesaw, GA | | 2,803 |
| | 780 |
| | 4,420 |
| | 1,036 |
| | 804 |
| | 5,432 |
| | 6,236 |
| | 2,613 |
| | 1997 | | (i) | | 1005 Sigman Road | | Conyers, GA | | 2,192 |
| | 566 |
| | 3,134 |
| | 1,176 |
| | 574 |
| | 4,302 |
| | 4,876 |
| | 1,628 |
| | 1999 | | (i) | | 2050 East Park Drive | | Conyers, GA | | — |
| | 452 |
| | 2,504 |
| | 860 |
| | 459 |
| | 3,357 |
| | 3,816 |
| | 1,346 |
| | 1999 | | (i) | | 3060 South Park Blvd | | Ellenwood, GA | | — |
| | 1,600 |
| | 12,464 |
| | 3,202 |
| | 1,604 |
| | 15,662 |
| | 17,266 |
| | 5,482 |
| | 2003 | | (i) | | 175 Greenwood Industrial Parkway | | McDonough, GA | | 4,127 |
| | 1,550 |
| | — |
| | 7,632 |
| | 1,550 |
| | 7,632 |
| | 9,182 |
| | 2,603 |
| | 2004 | | (i) | | 5095 Phillip Lee Drive | | Atlanta, GA | | 3,630 |
| | 735 |
| | 3,627 |
| | 493 |
| | 740 |
| | 4,115 |
| | 4,855 |
| | 3,182 |
| | 2005 | | (i) | | 6514 Warren Drive | | Norcross, GA | | — |
| | 510 |
| | 1,250 |
| | 133 |
| | 513 |
| | 1,380 |
| | 1,893 |
| | 560 |
| | 2005 | | (i) | | 6544 Warren Drive | | Norcross, GA | | — |
| | 711 |
| | 2,310 |
| | 334 |
| | 715 |
| | 2,640 |
| | 3,355 |
| | 1,183 |
| | 2005 | | (i) | | 5356 E. Ponce De Leon | | Stone Mountain, GA | | — |
| | 604 |
| | 3,888 |
| | 3 |
| | 610 |
| | 3,885 |
| | 4,495 |
| | 2,271 |
| | 2005 | | (i) | | 5390 E. Ponce De Leon | | Stone Mountain, GA | | — |
| | 397 |
| | 1,791 |
| | 206 |
| | 402 |
| | 1,992 |
| | 2,394 |
| | 951 |
| | 2005 | | (i) | | 195 & 197 Collins Boulevard | | Athens, GA | | — |
| | 1,410 |
| | 5,344 |
| | 539 |
| | 989 |
| | 6,304 |
| | 7,293 |
| | 4,078 |
| | 2005 | | (i) | | 1755 Enterprise Drive | | Buford, GA | | 1,181 |
| | 712 |
| | 2,118 |
| | (202 | ) | | 716 |
| | 1,912 |
| | 2,628 |
| | 825 |
| | 2006 | | (i) | | 4555 Atwater Court | | Buford, GA | | 2,035 |
| | 881 |
| | 3,550 |
| | 96 |
| | 885 |
| | 3,642 |
| | 4,527 |
| | 1,402 |
| | 2006 | | (i) | | 80 Liberty Industrial Parkway | | McDonough, GA | | — |
| | 756 |
| | 3,695 |
| | (1,392 | ) | | 467 |
| | 2,592 |
| | 3,059 |
| | 1,105 |
| | 2007 | | (i) | | 596 Bonnie Valentine | | Pendergrass, GA | | — |
| | 2,580 |
| | 21,730 |
| | 2,537 |
| | 2,594 |
| | 24,253 |
| | 26,847 |
| | 6,929 |
| | 2007 | | (i) | | 11415 Old Roswell Road | | Alpharetta, GA | | — |
| | 2,403 |
| | 1,912 |
| | 808 |
| | 2,428 |
| | 2,695 |
| | 5,123 |
| | 867 |
| | 2008 | | (i) | | 1281 Highway 155 S. | | McDonough, GA | | — |
| | 2,501 |
| | — |
| | 17,055 |
| | 2,501 |
| | 17,055 |
| | 19,556 |
| | 592 |
| | 2016 | | (i) | | Baltimore | | | | | | | | | | | | | | | | | | | | | | | | 9700 Martin Luther King Hwy | | Lanham, MD | | — |
| | 700 |
| | 1,920 |
| | 638 |
| | 700 |
| | 2,558 |
| | 3,258 |
| | 1,077 |
| | 2003 | | (i) | | 9730 Martin Luther King Hwy | | Lanham, MD | | — |
| | 500 |
| | 955 |
| | 433 |
| | 500 |
| | 1,388 |
| | 1,888 |
| | 644 |
| | 2003 | | (i) | | 4621 Boston Way | | Lanham, MD | | — |
| | 1,100 |
| | 3,070 |
| | 1,084 |
| | 1,100 |
| | 4,154 |
| | 5,254 |
| | 1,815 |
| | 2003 | | (i) | | 4720 Boston Way | | Lanham, MD | | — |
| | 1,200 |
| | 2,174 |
| | 838 |
| | 1,200 |
| | 3,012 |
| | 4,212 |
| | 1,310 |
| | 2003 | | (i) | | 22520 Randolph Drive | | Dulles, VA | | — |
| | 3,200 |
| | 8,187 |
| | 187 |
| | 3,208 |
| | 8,366 |
| | 11,574 |
| | 2,245 |
| | 2004 | | (i) | | 22630 Dulles Summit Court | | Dulles, VA | | — |
| | 2,200 |
| | 9,346 |
| | (903 | ) | | 2,206 |
| | 8,437 |
| | 10,643 |
| | 2,531 |
| | 2004 | | (i) | | 4370-4383 Lottsford Vista Road | | Lanham, MD | | — |
| | 279 |
| | 1,358 |
| | 63 |
| | 296 |
| | 1,404 |
| | 1,700 |
| | 471 |
| | 2005 | | (i) | | 4400 Lottsford Vista Road | | Lanham, MD | | — |
| | 351 |
| | 1,955 |
| | (21 | ) | | 372 |
| | 1,913 |
| | 2,285 |
| | 606 |
| | 2005 | | (i) | | 4420 Lottsford Vista Road | | Lanham, MD | | — |
| | 539 |
| | 2,196 |
| | 289 |
| | 568 |
| | 2,456 |
| | 3,024 |
| | 825 |
| | 2005 | | (i) | | 11204 McCormick Road | | Hunt Valley, MD | | — |
| | 1,017 |
| | 3,132 |
| | 210 |
| | 1,038 |
| | 3,321 |
| | 4,359 |
| | 1,637 |
| | 2005 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | Chicago | | | | | | | | | | | | | | | | | | | | | | 720-730 Landwehr Drive | | Northbrook, IL | | — | | | 521 | | | 2,982 | | | 900 | | | 521 | | | 3,882 | | | 4,403 | | | 2,349 | | | 1994 | | 1385 101st Street | | Lemont, IL | | — | | | 967 | | | 5,554 | | | 1,605 | | | 968 | | | 7,158 | | | 8,126 | | | 4,292 | | | 1994 | | 2300 Windsor Court | | Addison, IL | | — | | | 688 | | | 3,943 | | | 841 | | | 696 | | | 4,776 | | | 5,472 | | | 2,952 | | | 1994 | | 305-311 Era Drive | | Northbrook, IL | | — | | | 200 | | | 1,154 | | | 1,159 | | | 205 | | | 2,308 | | | 2,513 | | | 1,150 | | | 1994 | | 800 Business Drive | | Mount Prospect, IL | | — | | | 631 | | | 3,493 | | | 328 | | | 666 | | | 3,786 | | | 4,452 | | | 1,916 | | | 2000 | | 580 Slawin Court | | Mount Prospect, IL | | — | | | 233 | | | 1,292 | | | (27) | | | 162 | | | 1,336 | | | 1,498 | | | 829 | | | 2000 | | 1005 101st Street | | Lemont, IL | | 4,395 | | | 1,200 | | | 6,643 | | | 1,548 | | | 1,220 | | | 8,171 | | | 9,391 | | | 3,781 | | | 2001 | | 175 Wall Street | | Glendale Heights, IL | | — | | | 427 | | | 2,363 | | | 700 | | | 433 | | | 3,057 | | | 3,490 | | | 1,317 | | | 2002 | | 251 Airport Road | | North Aurora, IL | | 3,402 | | | 983 | | | 0 | | | 6,710 | | | 983 | | | 6,710 | | | 7,693 | | | 2,897 | | | 2002 | | 400 Crossroads Parkway | | Bolingbrook, IL | | — | | | 1,178 | | | 9,453 | | | 1,846 | | | 1,181 | | | 11,296 | | | 12,477 | | | 5,364 | | | 2005 | | 7801 W. Industrial Drive | | Forest Park, IL | | — | | | 1,215 | | | 3,020 | | | 1,459 | | | 1,220 | | | 4,474 | | | 5,694 | | | 2,526 | | | 2005 | | 725 Kimberly Drive | | Carol Stream, IL | | — | | | 793 | | | 1,395 | | | 5 | | | 801 | | | 1,392 | | | 2,193 | | | 768 | | | 2005 | | 2900 W. 166th Street | | Markham, IL | | — | | | 1,132 | | | 4,293 | | | (1,328) | | | 1,134 | | | 2,963 | | | 4,097 | | | 999 | | | 2007 | | 555 W. Algonquin Road | | Arlington Heights, IL | | — | | | 574 | | | 741 | | | 2,360 | | | 579 | | | 3,096 | | | 3,675 | | | 1,332 | | | 2007 | | 1501 Oakton Street | | Elk Grove Village, IL | | 4,487 | | | 3,369 | | | 6,121 | | | 96 | | | 3,482 | | | 6,104 | | | 9,586 | | | 2,541 | | | 2008 | | 16500 W. 103rd Street | | Woodridge, IL | | — | | | 744 | | | 2,458 | | | 529 | | | 762 | | | 2,969 | | | 3,731 | | | 1,433 | | | 2008 | | 8505 50th Street | | Kenosha, WI | | — | | | 3,212 | | | 0 | | | 33,063 | | | 3,212 | | | 33,063 | | | 36,275 | | | 11,207 | | | 2008 | | 4100 Rock Creek Boulevard | | Joliet, IL | | — | | | 4,476 | | | 16,061 | | | 830 | | | 4,476 | | | 16,891 | | | 21,367 | | | 5,282 | | | 2013 | | 10100 58th Place | | Kenosha, WI | | — | | | 4,201 | | | 17,604 | | | 74 | | | 4,201 | | | 17,678 | | | 21,879 | | | 5,423 | | | 2013 | | 401 Airport Road | | North Aurora, IL | | — | | | 534 | | | 1,957 | | | (147) | | | 534 | | | 1,810 | | | 2,344 | | | 360 | | | 2014 | | 3737 84th Avenue | | Somers, WI | | — | | | 1,943 | | | 0 | | | 24,116 | | | 1,943 | | | 24,116 | | | 26,059 | | | 2,956 | | | 2016 | | 81 Paragon Drive | | Romeoville, IL | | — | | | 1,787 | | | 7,252 | | | 1,371 | | | 1,788 | | | 8,622 | | | 10,410 | | | 1,491 | | | 2016 | | 10680 88th Avenue | | Pleasant Prairie, WI | | — | | | 1,376 | | | 4,757 | | | 0 | | | 1,376 | | | 4,757 | | | 6,133 | | | 636 | | | 2017 | | 8725 31st Street | | Somers, WI | | — | | | 2,133 | | | 0 | | | 27,552 | | | 2,134 | | | 27,551 | | | 29,685 | | | 3,546 | | | 2017 | | 3500 Channahon Road | | Joliet, IL | | — | | | 2,595 | | | 0 | | | 17,817 | | | 2,598 | | | 17,814 | | | 20,412 | | | 1,280 | | | 2017 | | 1998 Melissa Lane | | Aurora, IL | | — | | | 2,401 | | | 9,970 | | | 1,130 | | | 2,400 | | | 11,101 | | | 13,501 | | | 903 | | | 2019 | | Cincinnati | | | | | | | | | | | | | | | | | | | | | | 4700-4750 Creek Road | | Blue Ash, OH | | — | | | 1,080 | | | 6,118 | | | 1,462 | | | 1,109 | | | 7,551 | | | 8,660 | | | 4,326 | | | 1996 | | 4436 Muhlhauser Road | | Hamilton, OH | | — | | | 630 | | | 0 | | | 5,387 | | | 630 | | | 5,387 | | | 6,017 | | | 2,418 | | | 2002 | | 4438 Muhlhauser Road | | Hamilton, OH | | — | | | 779 | | | 0 | | | 6,318 | | | 779 | | | 6,318 | | | 7,097 | | | 2,854 | | | 2002 | | 4663 Dues Drive | | Westchester, OH | | — | | | 858 | | | 2,273 | | | 606 | | | 875 | | | 2,862 | | | 3,737 | | | 1,977 | | | 2005 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 11110 Pepper Road | | Hunt Valley, MD | | — |
| | 918 |
| | 2,529 |
| | 300 |
| | 938 |
| | 2,809 |
| | 3,747 |
| | 1,324 |
| | 2005 | | (i) | | 11100-11120 Gilroy Road | | Hunt Valley, MD | | — |
| | 901 |
| | 1,455 |
| | 67 |
| | 919 |
| | 1,504 |
| | 2,423 |
| | 696 |
| | 2005 | | (i) | | 10709 Gilroy Road | | Hunt Valley, MD | | 2,014 |
| | 913 |
| | 2,705 |
| | (103 | ) | | 913 |
| | 2,602 |
| | 3,515 |
| | 1,596 |
| | 2005 | | (i) | | 10707 Gilroy Road | | Hunt Valley, MD | | — |
| | 1,111 |
| | 3,819 |
| | 564 |
| | 1,136 |
| | 4,358 |
| | 5,494 |
| | 2,169 |
| | 2005 | | (i) | | 38 Loveton Circle | | Sparks, MD | | — |
| | 1,648 |
| | 2,151 |
| | (192 | ) | | 1,690 |
| | 1,917 |
| | 3,607 |
| | 967 |
| | 2005 | | (i) | | 1225 Bengies Road | | Baltimore, MD | | — |
| | 2,640 |
| | 270 |
| | 13,510 |
| | 2,823 |
| | 13,597 |
| | 16,420 |
| | 4,311 |
| | 2008 | | (i) | | 400 Old Post Road | | Aberdeen, MD | | — |
| | 3,411 |
| | 17,144 |
| | 1,486 |
| | 3,411 |
| | 18,630 |
| | 22,041 |
| | 1,584 |
| | 2015 | | (i) | | 500 Old Post Road | | Aberdeen, MD | | — |
| | 5,959 |
| | 30,533 |
| | 146 |
| | 5,959 |
| | 30,679 |
| | 36,638 |
| | 2,712 |
| | 2015 | | (i) | | Central/Eastern Pennsylvania | | | | | | | | | | | | | | | | | | | | | | | | 1214-B Freedom Road | | Cranberry Township, PA | | 1,008 |
| | 31 |
| | 994 |
| | 613 |
| | 200 |
| | 1,438 |
| | 1,638 |
| | 1,324 |
| | 1994 | | (i) | | 401 Russell Drive | | Middletown, PA | | — |
| | 262 |
| | 857 |
| | 1,799 |
| | 287 |
| | 2,631 |
| | 2,918 |
| | 2,141 |
| | 1994 | | (i) | | 2700 Commerce Drive | | Middletown, PA | | — |
| | 196 |
| | 997 |
| | 797 |
| | 206 |
| | 1,784 |
| | 1,990 |
| | 1,527 |
| | 1994 | | (i) | | 2701 Commerce Drive | | Middletown, PA | | 1,477 |
| | 141 |
| | 859 |
| | 1,399 |
| | 164 |
| | 2,235 |
| | 2,399 |
| | 1,620 |
| | 1994 | | (i) | | 2780 Commerce Drive | | Middletown, PA | | 1,235 |
| | 113 |
| | 743 |
| | 1,150 |
| | 209 |
| | 1,797 |
| | 2,006 |
| | 1,537 |
| | 1994 | | (i) | | 350 Old Silver Spring Road | | Mechanicsburg, PA | | — |
| | 510 |
| | 2,890 |
| | 6,449 |
| | 541 |
| | 9,308 |
| | 9,849 |
| | 4,453 |
| | 1997 | | (i) | | 16522 Hunters Green Parkway | | Hagerstown, MD | | 12,010 |
| | 1,390 |
| | 13,104 |
| | 5,007 |
| | 1,863 |
| | 17,638 |
| | 19,501 |
| | 5,571 |
| | 2003 | | (i) | | 18212 Shawley Drive | | Hagerstown, MD | | 5,020 |
| | 1,000 |
| | 5,847 |
| | 1,304 |
| | 1,016 |
| | 7,135 |
| | 8,151 |
| | 2,328 |
| | 2004 | | (i) | | 37 Valley View Drive | | Jessup, PA | | 2,303 |
| | 542 |
| | — |
| | 3,197 |
| | 532 |
| | 3,207 |
| | 3,739 |
| | 1,005 |
| | 2004 | | (i) | | 14 McFadden Road | | Palmer, PA | | — |
| | 600 |
| | 1,349 |
| | (274 | ) | | 625 |
| | 1,050 |
| | 1,675 |
| | 367 |
| | 2004 | | (i) | | 431 Railroad Avenue | | Shiremanstown, PA | | — |
| | 1,293 |
| | 7,164 |
| | 1,968 |
| | 1,341 |
| | 9,084 |
| | 10,425 |
| | 4,845 |
| | 2005 | | (i) | | 6951 Allentown Blvd | | Harrisburg, PA | | — |
| | 585 |
| | 3,176 |
| | 315 |
| | 601 |
| | 3,475 |
| | 4,076 |
| | 1,640 |
| | 2005 | | (i) | | 320 Reliance Road | | Washington, PA | | — |
| | 201 |
| | 1,819 |
| | (348 | ) | | 178 |
| | 1,494 |
| | 1,672 |
| | 875 |
| | 2005 | | (i) | | 2801 Red Lion Road | | Philadelphia, PA | | — |
| | 950 |
| | 5,916 |
| | 7 |
| | 964 |
| | 5,909 |
| | 6,873 |
| | 2,928 |
| | 2005 | | (i) | | 1351 Eisenhower Blvd., Bldg. 1 | | Harrisburg, PA | | — |
| | 382 |
| | 2,343 |
| | 8 |
| | 387 |
| | 2,346 |
| | 2,733 |
| | 740 |
| | 2006 | | (i) | | 1351 Eisenhower Blvd., Bldg. 2 | | Harrisburg, PA | | — |
| | 436 |
| | 1,587 |
| | (223 | ) | | 443 |
| | 1,357 |
| | 1,800 |
| | 473 |
| | 2006 | | (i) | | 200 Cascade Drive, Bldg. 1 | | Allentown, PA | | 12,693 |
| | 2,133 |
| | 17,562 |
| | 745 |
| | 2,769 |
| | 17,671 |
| | 20,440 |
| | 7,402 |
| | 2007 | | (i) | | 200 Cascade Drive, Bldg. 2 | | Allentown, PA | | 1,628 |
| | 310 |
| | 2,268 |
| | 67 |
| | 316 |
| | 2,329 |
| | 2,645 |
| | 831 |
| | 2007 | | (i) | | 1490 Dennison Circle | | Carlisle, PA | | — |
| | 1,500 |
| | — |
| | 13,874 |
| | 2,341 |
| | 13,033 |
| | 15,374 |
| | 4,083 |
| | 2008 | | (i) | | 298 First Avenue | | Covington Twp, PA | | — |
| | 7,022 |
| | — |
| | 57,325 |
| | 7,019 |
| | 57,328 |
| | 64,347 |
| | 13,543 |
| | 2008 | | (i) | | 225 Cross Farm Lane | | York, PA | | 17,172 |
| | 4,718 |
| | — |
| | 23,163 |
| | 4,715 |
| | 23,166 |
| | 27,881 |
| | 5,941 |
| | 2008 | | (i) | | 6300 Bristol Pike | | Levittown, PA | | — |
| | 1,074 |
| | 2,642 |
| | (110 | ) | | 964 |
| | 2,642 |
| | 3,606 |
| | 2,230 |
| | 2008 | | (i) | | 2455 Boulevard of Generals | | Norristown, PA | | 3,123 |
| | 1,200 |
| | 4,800 |
| | 950 |
| | 1,226 |
| | 5,724 |
| | 6,950 |
| | 2,014 |
| | 2008 | | (i) | | 105 Steamboat Blvd | | Manchester, PA | | — |
| | 4,085 |
| | 14,464 |
| | 1 |
| | 4,070 |
| | 14,480 |
| | 18,550 |
| | 3,451 |
| | 2012 | | (i) | | 20 Leo Lane | | York County, PA | | — |
| | 6,884 |
| | — |
| | 27,442 |
| | 6,889 |
| | 27,437 |
| | 34,326 |
| | 2,724 |
| | 2013 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 9345 Princeton-Glendale Road | | Westchester, OH | | — | | | 818 | | | 1,648 | | | 561 | | | 840 | | | 2,187 | | | 3,027 | | | 1,837 | | | 2006 | | 9525 Glades Drive | | Westchester, OH | | — | | | 347 | | | 1,323 | | | 240 | | | 355 | | | 1,555 | | | 1,910 | | | 829 | | | 2007 | | 9774-9792 Windisch Road | | Westchester, OH | | — | | | 392 | | | 1,744 | | | 219 | | | 394 | | | 1,961 | | | 2,355 | | | 713 | | | 2007 | | 9808-9830 Windisch Road | | Westchester, OH | | — | | | 395 | | | 2,541 | | | 528 | | | 397 | | | 3,067 | | | 3,464 | | | 1,264 | | | 2007 | | 9842-9862 Windisch Road | | Westchester, OH | | — | | | 506 | | | 3,148 | | | 151 | | | 508 | | | 3,297 | | | 3,805 | | | 1,297 | | | 2007 | | 9872-9898 Windisch Road | | Westchester, OH | | — | | | 546 | | | 3,039 | | | (252) | | | 548 | | | 2,785 | | | 3,333 | | | 908 | | | 2007 | | 9902-9922 Windisch Road | | Westchester, OH | | — | | | 623 | | | 4,003 | | | 861 | | | 627 | | | 4,860 | | | 5,487 | | | 2,604 | | | 2007 | | Cleveland | | | | | | | | | | | | | | | | | | | | | | 30311 Emerald Valley Parkway | | Glenwillow, OH | | 5,304 | | | 681 | | | 11,838 | | | (526) | | | 691 | | | 11,302 | | | 11,993 | | | 4,950 | | | 2006 | | 30333 Emerald Valley Parkway | | Glenwillow, OH | | — | | | 466 | | | 5,447 | | | (699) | | | 475 | | | 4,739 | | | 5,214 | | | 2,134 | | | 2006 | | 7800 Cochran Road | | Glenwillow, OH | | — | | | 972 | | | 7,033 | | | 338 | | | 991 | | | 7,352 | | | 8,343 | | | 3,709 | | | 2006 | | 7900 Cochran Road | | Glenwillow, OH | | 2,938 | | | 775 | | | 6,244 | | | (377) | | | 792 | | | 5,850 | | | 6,642 | | | 2,703 | | | 2006 | | 7905 Cochran Road | | Glenwillow, OH | | 3,394 | | | 920 | | | 6,174 | | | 158 | | | 922 | | | 6,330 | | | 7,252 | | | 2,952 | | | 2006 | | 8181 Darrow Road | | Twinsburg, OH | | — | | | 2,478 | | | 6,791 | | | 5,696 | | | 2,496 | | | 12,469 | | | 14,965 | | | 2,878 | | | 2008 | | Dallas/Ft. Worth | | | | | | | | | | | | | | | | | | | | | | 2406-2416 Walnut Ridge | | Dallas, TX | | — | | | 178 | | | 1,006 | | | 1,199 | | | 172 | | | 2,211 | | | 2,383 | | | 891 | | | 1997 | | 2401-2419 Walnut Ridge | | Dallas, TX | | — | | | 148 | | | 839 | | | 415 | | | 142 | | | 1,260 | | | 1,402 | | | 700 | | | 1997 | | 900-906 Great Southwest Parkway | | Arlington, TX | | — | | | 237 | | | 1,342 | | | 801 | | | 270 | | | 2,110 | | | 2,380 | | | 1,007 | | | 1997 | | 3000 West Commerce | | Dallas, TX | | — | | | 456 | | | 2,584 | | | 819 | | | 469 | | | 3,390 | | | 3,859 | | | 1,849 | | | 1997 | | 405-407 113th | | Arlington, TX | | — | | | 181 | | | 1,026 | | | 486 | | | 185 | | | 1,508 | | | 1,693 | | | 755 | | | 1997 | | 816 111th Street | | Arlington, TX | | — | | | 251 | | | 1,421 | | | 231 | | | 258 | | | 1,645 | | | 1,903 | | | 887 | | | 1997 | | 1602-1654 Terre Colony | | Dallas, TX | | — | | | 458 | | | 2,596 | | | 774 | | | 468 | | | 3,360 | | | 3,828 | | | 1,616 | | | 2000 | | 2220 Merritt Drive | | Garland, TX | | — | | | 352 | | | 1,993 | | | 277 | | | 316 | | | 2,306 | | | 2,622 | | | 998 | | | 2000 | | 2485-2505 Merritt Drive | | Garland, TX | | — | | | 431 | | | 2,440 | | | 513 | | | 443 | | | 2,941 | | | 3,384 | | | 1,347 | | | 2000 | | 2110 Hutton Drive | | Carrolton, TX | | — | | | 374 | | | 2,117 | | | (150) | | | 255 | | | 2,086 | | | 2,341 | | | 954 | | | 2001 | | 2025 McKenzie Drive | | Carrolton, TX | | — | | | 437 | | | 2,478 | | | 503 | | | 442 | | | 2,976 | | | 3,418 | | | 1,332 | | | 2001 | | 2019 McKenzie Drive | | Carrolton, TX | | — | | | 502 | | | 2,843 | | | 638 | | | 507 | | | 3,476 | | | 3,983 | | | 1,572 | | | 2001 | | 2029-2035 McKenzie Drive | | Carrolton, TX | | — | | | 306 | | | 1,870 | | | 589 | | | 306 | | | 2,459 | | | 2,765 | | | 1,138 | | | 2001 | | 2015 McKenzie Drive | | Carrolton, TX | | 1,797 | | | 510 | | | 2,891 | | | 662 | | | 516 | | | 3,547 | | | 4,063 | | | 1,560 | | | 2001 | | 2009 McKenzie Drive | | Carrolton, TX | | 1,588 | | | 476 | | | 2,699 | | | 416 | | | 481 | | | 3,110 | | | 3,591 | | | 1,470 | | | 2001 | | 900-1100 Avenue S | | Grand Prairie, TX | | — | | | 623 | | | 3,528 | | | 1,081 | | | 629 | | | 4,603 | | | 5,232 | | | 1,946 | | | 2002 | | Plano Crossing Business Park | | Plano, TX | | 6,153 | | | 1,961 | | | 11,112 | | | 841 | | | 1,981 | | | 11,933 | | | 13,914 | | | 5,282 | | | 2002 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 3895 Eastgate Blvd, Bldg. A | | Easton, PA | | — |
| | 4,855 |
| | — |
| | 17,788 |
| | 4,388 |
| | 18,255 |
| | 22,643 |
| | 1,096 |
| | 2015 | | (i) | | 3895 Eastgate Blvd, Bldg. B | | Easton, PA | | — |
| | 3,459 |
| | — |
| | 13,816 |
| | 3,128 |
| | 14,147 |
| | 17,275 |
| | 932 |
| | 2015 | | (i) | | Chicago | | | | | | | | | |
|
| | | | | | | | | | | | | | 720-730 Landwehr Drive | | Northbrook, IL | | — |
| | 521 |
| | 2,982 |
| | 855 |
| | 521 |
| | 3,837 |
| | 4,358 |
| | 2,107 |
| | 1994 | | (i) | | 1385 101st Street | | Lemont, IL | | 3,705 |
| | 967 |
| | 5,554 |
| | 1,723 |
| | 968 |
| | 7,276 |
| | 8,244 |
| | 3,884 |
| | 1994 | | (i) | | 2300 Windsor Court | | Addison, IL | | 3,492 |
| | 688 |
| | 3,943 |
| | 1,040 |
| | 696 |
| | 4,975 |
| | 5,671 |
| | 2,885 |
| | 1994 | | (i) | | 305-311 Era Drive | | Northbrook, IL | | — |
| | 200 |
| | 1,154 |
| | 1,242 |
| | 205 |
| | 2,391 |
| | 2,596 |
| | 1,039 |
| | 1994 | | (i) | | 800 Business Drive | | Mount Prospect, IL | | — |
| | 631 |
| | 3,493 |
| | 328 |
| | 666 |
| | 3,786 |
| | 4,452 |
| | 1,622 |
| | 2000 | | (i) | | 580 Slawin Court | | Mount Prospect, IL | | 734 |
| | 233 |
| | 1,292 |
| | (37 | ) | | 162 |
| | 1,326 |
| | 1,488 |
| | 689 |
| | 2000 | | (i) | | 1005 101st Street | | Lemont, IL | | 5,420 |
| | 1,200 |
| | 6,643 |
| | 1,619 |
| | 1,220 |
| | 8,242 |
| | 9,462 |
| | 3,050 |
| | 2001 | | (i) | | 175 Wall Street | | Glendale Heights, IL | | 1,565 |
| | 427 |
| | 2,363 |
| | 692 |
| | 433 |
| | 3,049 |
| | 3,482 |
| | 997 |
| | 2002 | | (i) | | 251 Airport Road | | North Aurora, IL | | 4,155 |
| | 983 |
| | — |
| | 6,924 |
| | 983 |
| | 6,924 |
| | 7,907 |
| | 2,889 |
| | 2002 | | (i) | | 1661 Feehanville Drive | | Mount Prospect, IL | | — |
| | 985 |
| | 5,455 |
| | 3,735 |
| | 1,044 |
| | 9,131 |
| | 10,175 |
| | 4,254 |
| | 2004 | | (i) | | 400 Crossroads Pkwy | | Bolingbrook, IL | | 5,273 |
| | 1,178 |
| | 9,453 |
| | 1,102 |
| | 1,181 |
| | 10,552 |
| | 11,733 |
| | 4,175 |
| | 2005 | | (i) | | 7801 W. Industrial Drive | | Forest Park, IL | | — |
| | 1,215 |
| | 3,020 |
| | 1,314 |
| | 1,220 |
| | 4,329 |
| | 5,549 |
| | 1,830 |
| | 2005 | | (i) | | 725 Kimberly Drive | | Carol Stream, IL | | — |
| | 793 |
| | 1,395 |
| | 234 |
| | 801 |
| | 1,621 |
| | 2,422 |
| | 815 |
| | 2005 | | (i) | | 17001 S. Vincennes | | Thornton, IL | | — |
| | 497 |
| | 504 |
| | 3 |
| | 513 |
| | 491 |
| | 1,004 |
| | 415 |
| | 2005 | | (i) | | 2900 W. 166th Street | | Markham, IL | | — |
| | 1,132 |
| | 4,293 |
| | (881 | ) | | 1,134 |
| | 3,410 |
| | 4,544 |
| | 1,158 |
| | 2007 | | (i) | | 555 W. Algonquin Road | | Arlington Heights, IL | | 1,899 |
| | 574 |
| | 741 |
| | 1,936 |
| | 579 |
| | 2,672 |
| | 3,251 |
| | 990 |
| | 2007 | | (i) | | 1501 Oakton Street | | Elk Grove Village, IL | | 6,095 |
| | 3,369 |
| | 6,121 |
| | 134 |
| | 3,482 |
| | 6,142 |
| | 9,624 |
| | 1,902 |
| | 2008 | | (i) | | 16500 W. 103rd Street | | Woodridge, IL | | — |
| | 744 |
| | 2,458 |
| | 143 |
| | 762 |
| | 2,583 |
| | 3,345 |
| | 965 |
| | 2008 | | (i) | | 8505 50th Street | | Kenosha, WI | | — |
| | 3,212 |
| | — |
| | 32,956 |
| | 3,212 |
| | 32,956 |
| | 36,168 |
| | 8,027 |
| | 2008 | | (i) | | 4100 Rock Creek Blvd | | Joliet, IL | | — |
| | 4,476 |
| | 16,061 |
| | 634 |
| | 4,476 |
| | 16,695 |
| | 21,171 |
| | 3,085 |
| | 2013 | | (i) | | 10100 58th Place | | Kenosha, WI | | — |
| | 4,201 |
| | 17,604 |
| | 1,203 |
| | 4,201 |
| | 18,807 |
| | 23,008 |
| | 4,378 |
| | 2013 | | (i) | | 401 Airport Road | | North Aurora, IL | | — |
| | 534 |
| | 1,957 |
| | 12 |
| | 534 |
| | 1,969 |
| | 2,503 |
| | 299 |
| | 2014 | | (i) | | 3737 84th Avenue | | Somers, WI | | — |
| | 1,943 |
| | — |
| | 24,144 |
| | 1,943 |
| | 24,144 |
| | 26,087 |
| | 1,000 |
| | 2016 | | (i) | | 81 Paragon Drive | | Romeoville, IL | | — |
| | 1,787 |
| | 7,252 |
| | 689 |
| | 1,787 |
| | 7,941 |
| | 9,728 |
| | 300 |
| | 2016 | | (i) | | 10680 88th Avenue | | Pleasant Prairie, WI | | — |
| | 1,376 |
| | 4,757 |
| | — |
| | 1,376 |
| | 4,757 |
| | 6,133 |
| | 34 |
| | 2017 | | (i) | | 8725 31st Street | | Somers, WI | | — |
| | 2,133 |
| | — |
| | 26,478 |
| | 2,134 |
| | 26,477 |
| | 28,611 |
| | 575 |
| | 2017 | | (i) | | Cincinnati | | | | | | | | | | | | | | | | | | | | | | | | 4700-4750 Creek Road | | Blue Ash, OH | | — |
| | 1,080 |
| | 6,118 |
| | 1,510 |
| | 1,109 |
| | 7,599 |
| | 8,708 |
| | 3,743 |
| | 1996 | | (i) | | 4436 Muhlhauser Road | | Hamilton, OH | | 3,614 |
| | 630 |
| | — |
| | 5,238 |
| | 630 |
| | 5,238 |
| | 5,868 |
| | 1,954 |
| | 2002 | | (i) | | 4438 Muhlhauser Road | | Hamilton, OH | | — |
| | 779 |
| | — |
| | 6,355 |
| | 779 |
| | 6,355 |
| | 7,134 |
| | 2,458 |
| | 2002 | | (i) | | 420 Wards Corner Road | | Loveland, OH | | — |
| | 600 |
| | 1,083 |
| | 945 |
| | 606 |
| | 2,022 |
| | 2,628 |
| | 826 |
| | 2003 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 825-827 Avenue H | | Arlington, TX | | 2,167 | | | 600 | | | 3,006 | | | 1,024 | | | 604 | | | 4,026 | | | 4,630 | | | 1,985 | | | 2004 | | 1013-31 Avenue M | | Grand Prairie, TX | | — | | | 300 | | | 1,504 | | | 290 | | | 302 | | | 1,792 | | | 2,094 | | | 949 | | | 2004 | | 1172-84 113th Street | | Grand Prairie, TX | | — | | | 700 | | | 3,509 | | | (78) | | | 704 | | | 3,427 | | | 4,131 | | | 1,604 | | | 2004 | | 1200-16 Avenue H | | Arlington, TX | | — | | | 600 | | | 2,846 | | | 870 | | | 604 | | | 3,712 | | | 4,316 | | | 1,674 | | | 2004 | | 1322-66 W. North Carrier Parkway | | Grand Prairie, TX | | 3,550 | | | 1,000 | | | 5,012 | | | 1,573 | | | 1,006 | | | 6,579 | | | 7,585 | | | 3,293 | | | 2004 | | 2401-2407 Centennial Drive | | Arlington, TX | | 1,670 | | | 600 | | | 2,534 | | | 643 | | | 604 | | | 3,173 | | | 3,777 | | | 1,725 | | | 2004 | | 3111 West Commerce Street | | Dallas, TX | | 2,921 | | | 1,000 | | | 3,364 | | | 1,877 | | | 1,011 | | | 5,230 | | | 6,241 | | | 3,037 | | | 2004 | | 13800 Senlac Drive | | Farmers Branch, TX | | 2,055 | | | 823 | | | 4,042 | | | (474) | | | 825 | | | 3,566 | | | 4,391 | | | 1,836 | | | 2005 | | 801-831 S Great Southwest Parkway | | Grand Prairie, TX | | — | | | 2,581 | | | 16,556 | | | 1,341 | | | 2,586 | | | 17,892 | | | 20,478 | | | 13,071 | | | 2005 | | 801 Heinz Way | | Grand Prairie, TX | | — | | | 599 | | | 3,327 | | | 392 | | | 601 | | | 3,717 | | | 4,318 | | | 2,238 | | | 2005 | | 901-937 Heinz Way | | Grand Prairie, TX | | — | | | 493 | | | 2,758 | | | 56 | | | 481 | | | 2,826 | | | 3,307 | | | 1,891 | | | 2005 | | 3301 Century Circle | | Irving, TX | | — | | | 760 | | | 3,856 | | | (111) | | | 771 | | | 3,734 | | | 4,505 | | | 1,558 | | | 2007 | | 3901 W Miller Road | | Garland, TX | | — | | | 1,912 | | | 0 | | | 14,111 | | | 1,947 | | | 14,076 | | | 16,023 | | | 4,256 | | | 2008 | | 1251 North Cockrell Hill Road | | Dallas, TX | | — | | | 2,064 | | | 0 | | | 13,630 | | | 1,073 | | | 14,621 | | | 15,694 | | | 2,543 | | | 2015 | | 1171 North Cockrell Hill Road | | Dallas, TX | | — | | | 1,215 | | | 0 | | | 10,972 | | | 632 | | | 11,555 | | | 12,187 | | | 1,870 | | | 2015 | | 3996 Scientific Drive | | Arlington, TX | | — | | | 1,301 | | | 0 | | | 8,095 | | | 1,349 | | | 8,047 | | | 9,396 | | | 1,884 | | | 2015 | | 750 Gateway Boulevard | | Coppell, TX | | — | | | 1,452 | | | 4,679 | | | 80 | | | 1,452 | | | 4,759 | | | 6,211 | | | 902 | | | 2015 | | 2250 East Bardin Road | | Arlington, TX | | — | | | 1,603 | | | 0 | | | 10,134 | | | 1,603 | | | 10,134 | | | 11,737 | | | 1,247 | | | 2016 | | 2001 Midway Road | | Lewisville, TX | | — | | | 3,963 | | | 0 | | | 11,244 | | | 3,963 | | | 11,244 | | | 15,207 | | | 305 | | | 2019 | | 2025 Midway Road | | Lewisville, TX | | — | | | 2,243 | | | 0 | | | 8,075 | | | 2,243 | | | 8,075 | | | 10,318 | | | 459 | | | 2019 | | 5300 Mountain Creek | | Dallas, TX | | — | | | 4,675 | | | 0 | | | 47,957 | | | 4,779 | | | 47,853 | | | 52,632 | | | 1,609 | | | 2019 | | 3700 Sandshell Drive | | Fort Worth, TX | | — | | | 1,892 | | | 0 | | | 9,857 | | | 1,901 | | | 9,848 | | | 11,749 | | | 293 | | | 2019 | | 1901 Midway Road | | Lewisville, TX | | — | | | 7,519 | | | 0 | | | 23,975 | | | 7,514 | | | 23,980 | | | 31,494 | | | 130 | | | 2020 | | Denver | | | | | | | | | | | | | | | | | | | | | | 4785 Elati | | Denver, CO | | — | | | 173 | | | 981 | | | 390 | | | 175 | | | 1,369 | | | 1,544 | | | 672 | | | 1997 | | 4770 Fox Street | | Denver, CO | | — | | | 132 | | | 750 | | | 339 | | | 134 | | | 1,087 | | | 1,221 | | | 591 | | | 1997 | | 3851-3871 Revere | | Denver, CO | | — | | | 361 | | | 2,047 | | | 493 | | | 368 | | | 2,533 | | | 2,901 | | | 1,474 | | | 1997 | | 4570 Ivy Street | | Denver, CO | | — | | | 219 | | | 1,239 | | | 215 | | | 220 | | | 1,453 | | | 1,673 | | | 783 | | | 1997 | | 5855 Stapleton Drive North | | Denver, CO | | — | | | 288 | | | 1,630 | | | 185 | | | 290 | | | 1,813 | | | 2,103 | | | 1,011 | | | 1997 | | 5885 Stapleton Drive North | | Denver, CO | | — | | | 376 | | | 2,129 | | | 290 | | | 380 | | | 2,415 | | | 2,795 | | | 1,341 | | | 1997 | | 5977 North Broadway | | Denver, CO | | — | | | 268 | | | 1,518 | | | 509 | | | 271 | | | 2,024 | | | 2,295 | | | 1,113 | | | 1997 | | 5952-5978 North Broadway | | Denver, CO | | — | | | 414 | | | 2,346 | | | 758 | | | 422 | | | 3,096 | | | 3,518 | | | 1,715 | | | 1997 | | 4721 Ironton Street | | Denver, CO | | — | | | 232 | | | 1,313 | | | 682 | | | 236 | | | 1,991 | | | 2,227 | | | 932 | | | 1997 | | 7003 E. 47th Ave Drive | | Denver, CO | | — | | | 441 | | | 2,689 | | | 6 | | | 441 | | | 2,695 | | | 3,136 | | | 1,536 | | | 1997 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 422 Wards Corner Road | | Loveland, OH | | — |
| | 600 |
| | 1,811 |
| | 385 |
| | 592 |
| | 2,204 |
| | 2,796 |
| | 793 |
| | 2003 | | (i) | | 4663 Dues Drive | | Westchester, OH | | — |
| | 858 |
| | 2,273 |
| | 606 |
| | 875 |
| | 2,862 |
| | 3,737 |
| | 1,801 |
| | 2005 | | (i) | | 9345 Princeton-Glendale Road | | Westchester, OH | | 1,279 |
| | 818 |
| | 1,648 |
| | 380 |
| | 840 |
| | 2,006 |
| | 2,846 |
| | 1,533 |
| | 2006 | | (i) | | 9525 Glades Drive | | Westchester, OH | | — |
| | 347 |
| | 1,323 |
| | 112 |
| | 355 |
| | 1,427 |
| | 1,782 |
| | 602 |
| | 2007 | | (i) | | 9774-9792 Windisch Road | | Westchester, OH | | — |
| | 392 |
| | 1,744 |
| | 421 |
| | 394 |
| | 2,163 |
| | 2,557 |
| | 795 |
| | 2007 | | (i) | | 9808-9830 Windisch Road | | Westchester, OH | | — |
| | 395 |
| | 2,541 |
| | 261 |
| | 397 |
| | 2,800 |
| | 3,197 |
| | 913 |
| | 2007 | | (i) | | 9842-9862 Windisch Road | | Westchester, OH | | — |
| | 506 |
| | 3,148 |
| | 157 |
| | 508 |
| | 3,303 |
| | 3,811 |
| | 1,052 |
| | 2007 | | (i) | | 9872-9898 Windisch Road | | Westchester, OH | | — |
| | 546 |
| | 3,039 |
| | 159 |
| | 548 |
| | 3,196 |
| | 3,744 |
| | 1,127 |
| | 2007 | | (i) | | 9902-9922 Windisch Road | | Westchester, OH | | — |
| | 623 |
| | 4,003 |
| | 1,293 |
| | 627 |
| | 5,292 |
| | 5,919 |
| | 2,276 |
| | 2007 | | (i) | | Cleveland | | | | | | | | | | | | | | | | | | | | | | | | 30311 Emerald Valley Parkway | | Glenwillow, OH | | 7,102 |
| | 681 |
| | 11,838 |
| | 993 |
| | 691 |
| | 12,821 |
| | 13,512 |
| | 5,305 |
| | 2006 | | (i) | | 30333 Emerald Valley Parkway | | Glenwillow, OH | | — |
| | 466 |
| | 5,447 |
| | (615 | ) | | 475 |
| | 4,823 |
| | 5,298 |
| | 1,734 |
| | 2006 | | (i) | | 7800 Cochran Road | | Glenwillow, OH | | 3,750 |
| | 972 |
| | 7,033 |
| | 338 |
| | 991 |
| | 7,352 |
| | 8,343 |
| | 2,864 |
| | 2006 | | (i) | | 7900 Cochran Road | | Glenwillow, OH | | 3,761 |
| | 775 |
| | 6,244 |
| | 137 |
| | 792 |
| | 6,364 |
| | 7,156 |
| | 2,546 |
| | 2006 | | (i) | | 7905 Cochran Road | | Glenwillow, OH | | 4,090 |
| | 920 |
| | 6,174 |
| | 45 |
| | 922 |
| | 6,217 |
| | 7,139 |
| | 2,224 |
| | 2006 | | (i) | | 8181 Darrow Road | | Twinsburg, OH | | 6,992 |
| | 2,478 |
| | 6,791 |
| | 2,084 |
| | 2,496 |
| | 8,857 |
| | 11,353 |
| | 5,000 |
| | 2008 | | (i) | | Dallas/Ft. Worth | | | | | | | | | | | | | | | | | | | | | | | | 2406-2416 Walnut Ridge | | Dallas, TX | | — |
| | 178 |
| | 1,006 |
| | 592 |
| | 172 |
| | 1,604 |
| | 1,776 |
| | 680 |
| | 1997 | | (i) | | 2401-2419 Walnut Ridge | | Dallas, TX | | — |
| | 148 |
| | 839 |
| | 416 |
| | 142 |
| | 1,261 |
| | 1,403 |
| | 571 |
| | 1997 | | (i) | | 900-906 Great Southwest Pkwy | | Arlington, TX | | — |
| | 237 |
| | 1,342 |
| | 478 |
| | 270 |
| | 1,787 |
| | 2,057 |
| | 847 |
| | 1997 | | (i) | | 3000 West Commerce | | Dallas, TX | | — |
| | 456 |
| | 2,584 |
| | 1,160 |
| | 469 |
| | 3,731 |
| | 4,200 |
| | 1,833 |
| | 1997 | | (i) | | 405-407 113th | | Arlington, TX | | — |
| | 181 |
| | 1,026 |
| | 464 |
| | 185 |
| | 1,486 |
| | 1,671 |
| | 677 |
| | 1997 | | (i) | | 816 111th Street | | Arlington, TX | | — |
| | 251 |
| | 1,421 |
| | 139 |
| | 258 |
| | 1,553 |
| | 1,811 |
| | 755 |
| | 1997 | | (i) | | 7427 Dogwood Park | | Richland Hills, TX | | — |
| | 96 |
| | 532 |
| | 316 |
| | 102 |
| | 842 |
| | 944 |
| | 355 |
| | 1998 | | (i) | | 7348-54 Tower Street | | Richland Hills, TX | | — |
| | 88 |
| | 489 |
| | 218 |
| | 94 |
| | 701 |
| | 795 |
| | 316 |
| | 1998 | | (i) | | 7339-41 Tower Street | | Richland Hills, TX | | — |
| | 98 |
| | 541 |
| | 175 |
| | 104 |
| | 710 |
| | 814 |
| | 317 |
| | 1998 | | (i) | | 7437-45 Tower Street | | Richland Hills, TX | | — |
| | 102 |
| | 563 |
| | 423 |
| | 108 |
| | 980 |
| | 1,088 |
| | 361 |
| | 1998 | | (i) | | 7331-59 Airport Freeway | | Richland Hills, TX | | 1,813 |
| | 354 |
| | 1,958 |
| | 632 |
| | 372 |
| | 2,572 |
| | 2,944 |
| | 1,143 |
| | 1998 | | (i) | | 7338-60 Dogwood Park | | Richland Hills, TX | | — |
| | 106 |
| | 587 |
| | 257 |
| | 112 |
| | 838 |
| | 950 |
| | 365 |
| | 1998 | | (i) | | 7450-70 Dogwood Park | | Richland Hills, TX | | — |
| | 106 |
| | 584 |
| | 152 |
| | 112 |
| | 730 |
| | 842 |
| | 338 |
| | 1998 | | (i) | | 7423-49 Airport Freeway | | Richland Hills, TX | | 1,527 |
| | 293 |
| | 1,621 |
| | 565 |
| | 308 |
| | 2,171 |
| | 2,479 |
| | 944 |
| | 1998 | | (i) | | 7400 Whitehall Street | | Richland Hills, TX | | — |
| | 109 |
| | 603 |
| | 95 |
| | 115 |
| | 692 |
| | 807 |
| | 321 |
| | 1998 | | (i) | | 1602-1654 Terre Colony | | Dallas, TX | | — |
| | 458 |
| | 2,596 |
| | 864 |
| | 468 |
| | 3,450 |
| | 3,918 |
| | 1,450 |
| | 2000 | | (i) | | 2220 Merritt Drive | | Garland, TX | | — |
| | 352 |
| | 1,993 |
| | 393 |
| | 316 |
| | 2,422 |
| | 2,738 |
| | 896 |
| | 2000 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 9500 West 49th Street - A | | Wheatridge, CO | | 915 | | | 283 | | | 1,625 | | | 161 | | | 287 | | | 1,782 | | | 2,069 | | | 1,022 | | | 1997 | | 9500 West 49th Street - B | | Wheatridge, CO | | 770 | | | 225 | | | 1,272 | | | 243 | | | 227 | | | 1,513 | | | 1,740 | | | 837 | | | 1997 | | 9500 West 49th Street - C | | Wheatridge, CO | | 1,937 | | | 600 | | | 3,409 | | | 370 | | | 601 | | | 3,778 | | | 4,379 | | | 2,178 | | | 1997 | | 9500 West 49th Street - D | | Wheatridge, CO | | 852 | | | 246 | | | 1,537 | | | 145 | | | 247 | | | 1,681 | | | 1,928 | | | 897 | | | 1997 | | 451-591 East 124th Avenue | | Thornton, CO | | — | | | 383 | | | 2,145 | | | 830 | | | 383 | | | 2,975 | | | 3,358 | | | 1,396 | | | 1997 | | 11701 East 53rd Avenue | | Denver, CO | | — | | | 416 | | | 2,355 | | | 311 | | | 422 | | | 2,660 | | | 3,082 | | | 1,479 | | | 1997 | | 5401 Oswego | | Denver, CO | | — | | | 273 | | | 1,547 | | | 248 | | | 278 | | | 1,790 | | | 2,068 | | | 1,000 | | | 1997 | | 445 Bryant Street | | Denver, CO | | 7,213 | | | 1,829 | | | 10,219 | | | 3,362 | | | 1,829 | | | 13,581 | | | 15,410 | | | 7,041 | | | 1998 | | 12055 E. 49th Avenue/4955 Peoria | | Denver, CO | | — | | | 298 | | | 1,688 | | | 530 | | | 305 | | | 2,211 | | | 2,516 | | | 1,192 | | | 1998 | | 4940-4950 Paris | | Denver, CO | | — | | | 152 | | | 861 | | | 282 | | | 156 | | | 1,139 | | | 1,295 | | | 602 | | | 1998 | | 7367 South Revere Parkway | | Centennial, CO | | — | | | 926 | | | 5,124 | | | 1,761 | | | 934 | | | 6,877 | | | 7,811 | | | 3,531 | | | 1998 | | 8020 Southpark Circle | | Littleton, CO | | — | | | 739 | | | 0 | | | 3,219 | | | 781 | | | 3,177 | | | 3,958 | | | 1,453 | | | 2000 | | 8810 W. 116th Circle | | Broomfield, CO | | — | | | 312 | | | 0 | | | 1,662 | | | 370 | | | 1,604 | | | 1,974 | | | 704 | | | 2001 | | 8820 W. 116th Circle | | Broomfield, CO | | — | | | 338 | | | 1,918 | | | 345 | | | 372 | | | 2,229 | | | 2,601 | | | 1,021 | | | 2003 | | 8835 W. 116th Circle | | Broomfield, CO | | — | | | 1,151 | | | 6,523 | | | 912 | | | 1,304 | | | 7,282 | | | 8,586 | | | 3,292 | | | 2003 | | 18150 E. 32nd Place | | Aurora, CO | | — | | | 563 | | | 3,188 | | | 200 | | | 572 | | | 3,379 | | | 3,951 | | | 1,583 | | | 2004 | | 3400 Fraser Street | | Aurora, CO | | — | | | 616 | | | 3,593 | | | (135) | | | 620 | | | 3,454 | | | 4,074 | | | 1,666 | | | 2005 | | 7005 E. 46th Avenue Drive | | Denver, CO | | — | | | 512 | | | 2,025 | | | 181 | | | 517 | | | 2,201 | | | 2,718 | | | 1,034 | | | 2005 | | 4001 Salazar Way | | Frederick, CO | | 3,143 | | | 1,271 | | | 6,508 | | | (672) | | | 1,276 | | | 5,831 | | | 7,107 | | | 2,322 | | | 2006 | | 5909-5915 N. Broadway | | Denver, CO | | — | | | 495 | | | 1,268 | | | 195 | | | 500 | | | 1,458 | | | 1,958 | | | 1,007 | | | 2006 | | 21301 E. 33rd Drive | | Aurora, CO | | 6,070 | | | 2,860 | | | 8,202 | | | 924 | | | 2,859 | | | 9,127 | | | 11,986 | | | 1,804 | | | 2017 | | 21110 E. 31st Circle | | Aurora, CO | | — | | | 1,564 | | | 7,047 | | | 6 | | | 1,564 | | | 7,053 | | | 8,617 | | | 336 | | | 2019 | | 22300 E.. 26th Avenue | | Aurora, CO | | — | | | 4,881 | | | 0 | | | 34,976 | | | 4,890 | | | 34,967 | | | 39,857 | | | 944 | | | 2019 | | Detroit | | | | | | | | | | | | | | | | | | | | | | 47461 Clipper | | Plymouth Township, MI | | — | | | 122 | | | 723 | | | 159 | | | 122 | | | 882 | | | 1,004 | | | 554 | | | 1994 | | 449 Executive Drive | | Troy, MI | | — | | | 125 | | | 425 | | | 1,006 | | | 218 | | | 1,338 | | | 1,556 | | | 1,234 | | | 1994 | | 1416 Meijer Drive | | Troy, MI | | — | | | 94 | | | 394 | | | 473 | | | 121 | | | 840 | | | 961 | | | 740 | | | 1994 | | 1624 Meijer Drive | | Troy, MI | | — | | | 236 | | | 1,406 | | | 898 | | | 373 | | | 2,167 | | | 2,540 | | | 2,070 | | | 1994 | | 1972 Meijer Drive | | Troy, MI | | — | | | 315 | | | 1,301 | | | 787 | | | 372 | | | 2,031 | | | 2,403 | | | 1,894 | | | 1994 | | 1826 Northwood Drive | | Troy, MI | | — | | | 55 | | | 208 | | | 472 | | | 103 | | | 632 | | | 735 | | | 570 | | | 1994 | | 1864 Northwood Drive | | Troy, MI | | — | | | 57 | | | 190 | | | 489 | | | 107 | | | 629 | | | 736 | | | 583 | | | 1994 | | 2730 Research Drive | | Rochester Hills, MI | | — | | | 903 | | | 4,215 | | | 1,182 | | | 903 | | | 5,397 | | | 6,300 | | | 4,955 | | | 1994 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 2485-2505 Merritt Drive | | Garland, TX | | — |
| | 431 |
| | 2,440 |
| | 529 |
| | 443 |
| | 2,957 |
| | 3,400 |
| | 1,193 |
| | 2000 | | (i) | | 2110 Hutton Drive | | Carrolton, TX | | — |
| | 374 |
| | 2,117 |
| | 385 |
| | 255 |
| | 2,621 |
| | 2,876 |
| | 1,176 |
| | 2001 | | (i) | | 2025 McKenzie Drive | | Carrolton, TX | | — |
| | 437 |
| | 2,478 |
| | 516 |
| | 442 |
| | 2,989 |
| | 3,431 |
| | 1,151 |
| | 2001 | | (i) | | 2019 McKenzie Drive | | Carrolton, TX | | — |
| | 502 |
| | 2,843 |
| | 288 |
| | 507 |
| | 3,126 |
| | 3,633 |
| | 1,282 |
| | 2001 | | (i) | | 2029-2035 McKenzie Drive | | Carrolton, TX | | — |
| | 306 |
| | 1,870 |
| | 356 |
| | 306 |
| | 2,226 |
| | 2,532 |
| | 858 |
| | 2001 | | (i) | | 2015 McKenzie Drive | | Carrolton, TX | | 2,029 |
| | 510 |
| | 2,891 |
| | 460 |
| | 516 |
| | 3,345 |
| | 3,861 |
| | 1,386 |
| | 2001 | | (i) | | 2009 McKenzie Drive | | Carrolton, TX | | 1,940 |
| | 476 |
| | 2,699 |
| | 516 |
| | 481 |
| | 3,210 |
| | 3,691 |
| | 1,385 |
| | 2001 | | (i) | | 900-1100 Avenue S | | Grand Prairie, TX | | — |
| | 623 |
| | 3,528 |
| | 994 |
| | 629 |
| | 4,516 |
| | 5,145 |
| | 1,628 |
| | 2002 | | (i) | | Plano Crossing Bus. Park | (f) | Plano, TX | | 7,480 |
| | 1,961 |
| | 11,112 |
| | 1,160 |
| | 1,981 |
| | 12,252 |
| | 14,233 |
| | 4,611 |
| | 2002 | | (i) | | 7413A-C Dogwood Park | | Richland Hills, TX | | — |
| | 110 |
| | 623 |
| | 197 |
| | 111 |
| | 819 |
| | 930 |
| | 317 |
| | 2002 | | (i) | | 7450 Tower Street | | Richland Hills, TX | | — |
| | 36 |
| | 204 |
| | 203 |
| | 36 |
| | 407 |
| | 443 |
| | 144 |
| | 2002 | | (i) | | 7436 Tower Street | | Richland Hills, TX | | — |
| | 57 |
| | 324 |
| | 191 |
| | 58 |
| | 514 |
| | 572 |
| | 161 |
| | 2002 | | (i) | | 7426 Tower Street | | Richland Hills, TX | | — |
| | 76 |
| | 429 |
| | 185 |
| | 76 |
| | 614 |
| | 690 |
| | 219 |
| | 2002 | | (i) | | 7427-7429 Tower Street | | Richland Hills, TX | | — |
| | 75 |
| | 427 |
| | 190 |
| | 76 |
| | 616 |
| | 692 |
| | 197 |
| | 2002 | | (i) | | 2840-2842 Handley Ederville Road | | Richland Hills, TX | | — |
| | 112 |
| | 635 |
| | 84 |
| | 113 |
| | 718 |
| | 831 |
| | 266 |
| | 2002 | | (i) | | 7451-7477 Airport Freeway | | Richland Hills, TX | | 1,276 |
| | 256 |
| | 1,453 |
| | 363 |
| | 259 |
| | 1,813 |
| | 2,072 |
| | 652 |
| | 2002 | | (i) | | 3000 Wesley Way | | Richland Hills, TX | | — |
| | 208 |
| | 1,181 |
| | 45 |
| | 211 |
| | 1,223 |
| | 1,434 |
| | 462 |
| | 2002 | | (i) | | 7451 Dogwood Park | | Richland Hills, TX | | — |
| | 133 |
| | 753 |
| | 167 |
| | 134 |
| | 919 |
| | 1,053 |
| | 328 |
| | 2002 | | (i) | | 825-827 Avenue H | (d) | Arlington, TX | | 2,296 |
| | 600 |
| | 3,006 |
| | 402 |
| | 604 |
| | 3,404 |
| | 4,008 |
| | 1,603 |
| | 2004 | | (i) | | 1013-31 Avenue M | | Grand Prairie, TX | | — |
| | 300 |
| | 1,504 |
| | 296 |
| | 302 |
| | 1,798 |
| | 2,100 |
| | 791 |
| | 2004 | | (i) | | 1172-84 113th Street | (d) | Grand Prairie, TX | | — |
| | 700 |
| | 3,509 |
| | (16 | ) | | 704 |
| | 3,489 |
| | 4,193 |
| | 1,312 |
| | 2004 | | (i) | | 1200-16 Avenue H | (d) | Arlington, TX | | — |
| | 600 |
| | 2,846 |
| | 760 |
| | 604 |
| | 3,602 |
| | 4,206 |
| | 1,295 |
| | 2004 | | (i) | | 1322-66 W. North Carrier Parkway | (e) | Grand Prairie, TX | | 4,190 |
| | 1,000 |
| | 5,012 |
| | 1,302 |
| | 1,006 |
| | 6,308 |
| | 7,314 |
| | 2,469 |
| | 2004 | | (i) | | 2401-2407 Centennial Drive | | Arlington, TX | | 2,060 |
| | 600 |
| | 2,534 |
| | 578 |
| | 604 |
| | 3,108 |
| | 3,712 |
| | 1,358 |
| | 2004 | | (i) | | 3111 West Commerce Street | | Dallas, TX | | 3,541 |
| | 1,000 |
| | 3,364 |
| | 1,818 |
| | 1,011 |
| | 5,171 |
| | 6,182 |
| | 2,201 |
| | 2004 | | (i) | | 13800 Senlac Drive | | Farmers Branch, TX | | 2,751 |
| | 823 |
| | 4,042 |
| | (63 | ) | | 825 |
| | 3,977 |
| | 4,802 |
| | 1,825 |
| | 2005 | | (i) | | 801-831 S Great Southwest Pkwy | (g) | Grand Prairie, TX | | — |
| | 2,581 |
| | 16,556 |
| | 419 |
| | 2,586 |
| | 16,970 |
| | 19,556 |
| | 10,466 |
| | 2005 | | (i) | | 801 Heinz Way | | Grand Prairie, TX | | 2,597 |
| | 599 |
| | 3,327 |
| | 291 |
| | 601 |
| | 3,616 |
| | 4,217 |
| | 1,764 |
| | 2005 | | (i) | | 901-937 Heinz Way | | Grand Prairie, TX | | 2,037 |
| | 493 |
| | 2,758 |
| | 56 |
| | 481 |
| | 2,826 |
| | 3,307 |
| | 1,496 |
| | 2005 | | (i) | | 3301 Century Circle | | Irving, TX | | — |
| | 760 |
| | 3,856 |
| | 128 |
| | 771 |
| | 3,973 |
| | 4,744 |
| | 1,256 |
| | 2007 | | (i) | | 3901 W Miller Road | | Garland, TX | | — |
| | 1,912 |
| | — |
| | 15,358 |
| | 1,947 |
| | 15,323 |
| | 17,270 |
| | 4,578 |
| | 2008 | | (i) | | 1251 North Cockrell Hill Road | | Dallas, TX | | — |
| | 2,064 |
| | — |
| | 13,539 |
| | 1,073 |
| | 14,530 |
| | 15,603 |
| | 1,170 |
| | 2015 | | (i) | | 1171 North Cockrell Hill Road | | Dallas, TX | | — |
| | 1,215 |
| | — |
| | 10,971 |
| | 632 |
| | 11,554 |
| | 12,186 |
| | 821 |
| | 2015 | | (i) | | 3996 Scientific Drive | | Arlington, TX | | — |
| | 1,301 |
| | — |
| | 8,082 |
| | 1,349 |
| | 8,034 |
| | 9,383 |
| | 780 |
| | 2015 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 2791 Research Drive | | Rochester Hills, MI | | — | | | 557 | | | 2,731 | | | 732 | | | 560 | | | 3,460 | | | 4,020 | | | 3,043 | | | 1994 | | 2870 Technology Drive | | Rochester Hills, MI | | — | | | 275 | | | 1,262 | | | 369 | | | 279 | | | 1,627 | | | 1,906 | | | 1,550 | | | 1994 | | 2900 Technology Drive | | Rochester Hills, MI | | — | | | 214 | | | 977 | | | 723 | | | 219 | | | 1,695 | | | 1,914 | | | 1,285 | | | 1994 | | 2930 Technology Drive | | Rochester Hills, MI | | — | | | 131 | | | 594 | | | 432 | | | 138 | | | 1,019 | | | 1,157 | | | 862 | | | 1994 | | 2950 Technology Drive | | Rochester Hills, MI | | — | | | 178 | | | 819 | | | 305 | | | 185 | | | 1,117 | | | 1,302 | | | 994 | | | 1994 | | 23014 Commerce Drive | | Farmington Hills, MI | | — | | | 39 | | | 203 | | | 189 | | | 56 | | | 375 | | | 431 | | | 353 | | | 1994 | | 23035 Commerce Drive | | Farmington Hills, MI | | — | | | 71 | | | 355 | | | 282 | | | 93 | | | 615 | | | 708 | | | 544 | | | 1994 | | 23093 Commerce Drive | | Farmington Hills, MI | | — | | | 211 | | | 1,024 | | | 1,005 | | | 295 | | | 1,945 | | | 2,240 | | | 1,717 | | | 1994 | | 23135 Commerce Drive | | Farmington Hills, MI | | — | | | 146 | | | 701 | | | 408 | | | 158 | | | 1,097 | | | 1,255 | | | 950 | | | 1994 | | 23163 Commerce Drive | | Farmington Hills, MI | | — | | | 111 | | | 513 | | | 372 | | | 138 | | | 858 | | | 996 | | | 788 | | | 1994 | | 23177 Commerce Drive | | Farmington Hills, MI | | — | | | 175 | | | 1,007 | | | 645 | | | 254 | | | 1,573 | | | 1,827 | | | 1,447 | | | 1994 | | 32975 Capitol Avenue | | Livonia, MI | | — | | | 135 | | | 748 | | | (13) | | | 77 | | | 793 | | | 870 | | | 413 | | | 1998 | | 47711 Clipper Street | | Plymouth Township, MI | | — | | | 539 | | | 2,983 | | | 579 | | | 575 | | | 3,526 | | | 4,101 | | | 1,953 | | | 1998 | | 12874 Westmore Avenue | | Livonia, MI | | — | | | 137 | | | 761 | | | (230) | | | 58 | | | 610 | | | 668 | | | 414 | | | 1998 | | 1775 Bellingham | | Troy, MI | | — | | | 344 | | | 1,902 | | | 481 | | | 367 | | | 2,360 | | | 2,727 | | | 1,258 | | | 1998 | | 1785 East Maple | | Troy, MI | | — | | | 92 | | | 507 | | | 210 | | | 98 | | | 711 | | | 809 | | | 383 | | | 1998 | | 980 Chicago | | Troy, MI | | — | | | 206 | | | 1,141 | | | 333 | | | 220 | | | 1,460 | | | 1,680 | | | 791 | | | 1998 | | 1935-55 Enterprise Drive | | Rochester Hills, MI | | — | | | 1,285 | | | 7,144 | | | 1,391 | | | 1,371 | | | 8,449 | | | 9,820 | | | 4,752 | | | 1998 | | 5500 Enterprise Court | | Warren, MI | | — | | | 675 | | | 3,737 | | | 1,037 | | | 721 | | | 4,728 | | | 5,449 | | | 2,471 | | | 1998 | | 750 Chicago Road | | Troy, MI | | — | | | 323 | | | 1,790 | | | 404 | | | 345 | | | 2,172 | | | 2,517 | | | 1,222 | | | 1998 | | 800 Chicago Road | | Troy, MI | | — | | | 283 | | | 1,567 | | | 380 | | | 302 | | | 1,928 | | | 2,230 | | | 1,064 | | | 1998 | | 850 Chicago Road | | Troy, MI | | — | | | 183 | | | 1,016 | | | 279 | | | 196 | | | 1,282 | | | 1,478 | | | 693 | | | 1998 | | 4872 S. Lapeer Road | | Lake Orion Twsp, MI | | — | | | 1,342 | | | 5,441 | | | 481 | | | 1,412 | | | 5,852 | | | 7,264 | | | 3,197 | | | 1999 | | 1400 Allen Drive | | Troy, MI | | — | | | 209 | | | 1,154 | | | 393 | | | 212 | | | 1,544 | | | 1,756 | | | 766 | | | 2000 | | 1408 Allen Drive | | Troy, MI | | — | | | 151 | | | 834 | | | 104 | | | 153 | | | 936 | | | 1,089 | | | 467 | | | 2000 | | 28435 Automation Boulevard | | Wixom, MI | | — | | | 621 | | | 0 | | | 3,689 | | | 628 | | | 3,682 | | | 4,310 | | | 1,467 | | | 2004 | | 32200 N. Avis Drive | | Madison Heights, MI | | — | | | 503 | | | 3,367 | | | (921) | | | 195 | | | 2,754 | | | 2,949 | | | 1,124 | | | 2005 | | 100 Kay Industrial Drive | | Orion Township, MI | | — | | | 677 | | | 2,018 | | | 266 | | | 685 | | | 2,276 | | | 2,961 | | | 1,445 | | | 2005 | | 42555 Merrill Road | | Sterling Heights, MI | | — | | | 1,080 | | | 2,300 | | | 3,636 | | | 1,090 | | | 5,926 | | | 7,016 | | | 3,303 | | | 2006 | | 200 Northpointe Drive | | Orion Township, MI | | — | | | 723 | | | 2,063 | | | (211) | | | 734 | | | 1,841 | | | 2,575 | | | 882 | | | 2006 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 750 Gateway Blvd | | Coppell, TX | | — |
| | 1,452 |
| | 4,679 |
| | 80 |
| | 1,452 |
| | 4,759 |
| | 6,211 |
| | 383 |
| | 2015 | | (i) | | 2250 East Bardin Road | | Arlington, TX | | — |
| | 1,603 |
| | — |
| | 10,465 |
| | 1,603 |
| | 10,465 |
| | 12,068 |
| | 610 |
| | 2016 | | (i) | | Denver | | | | | | | | | | | | | | | | | | | | | | | | 4785 Elati | | Denver, CO | | — |
| | 173 |
| | 981 |
| | 382 |
| | 175 |
| | 1,361 |
| | 1,536 |
| | 583 |
| | 1997 | | (i) | | 4770 Fox Street | | Denver, CO | | — |
| | 132 |
| | 750 |
| | 294 |
| | 134 |
| | 1,042 |
| | 1,176 |
| | 461 |
| | 1997 | | (i) | | 3851-3871 Revere | | Denver, CO | | — |
| | 361 |
| | 2,047 |
| | 522 |
| | 368 |
| | 2,562 |
| | 2,930 |
| | 1,254 |
| | 1997 | | (i) | | 4570 Ivy Street | | Denver, CO | | — |
| | 219 |
| | 1,239 |
| | 174 |
| | 220 |
| | 1,412 |
| | 1,632 |
| | 723 |
| | 1997 | | (i) | | 5855 Stapleton Drive North | | Denver, CO | | — |
| | 288 |
| | 1,630 |
| | 217 |
| | 290 |
| | 1,845 |
| | 2,135 |
| | 930 |
| | 1997 | | (i) | | 5885 Stapleton Drive North | | Denver, CO | | — |
| | 376 |
| | 2,129 |
| | 348 |
| | 380 |
| | 2,473 |
| | 2,853 |
| | 1,238 |
| | 1997 | | (i) | | 5977 North Broadway | | Denver, CO | | 1,471 |
| | 268 |
| | 1,518 |
| | 603 |
| | 271 |
| | 2,118 |
| | 2,389 |
| | 1,014 |
| | 1997 | | (i) | | 5952-5978 North Broadway | | Denver, CO | | 2,133 |
| | 414 |
| | 2,346 |
| | 704 |
| | 422 |
| | 3,042 |
| | 3,464 |
| | 1,468 |
| | 1997 | | (i) | | 4721 Ironton Street | | Denver, CO | | — |
| | 232 |
| | 1,313 |
| | 352 |
| | 236 |
| | 1,661 |
| | 1,897 |
| | 786 |
| | 1997 | | (i) | | 7003 E 47th Ave Drive | | Denver, CO | | — |
| | 441 |
| | 2,689 |
| | 47 |
| | 441 |
| | 2,736 |
| | 3,177 |
| | 1,412 |
| | 1997 | | (i) | | 9500 West 49th Street - A | | Wheatridge, CO | | 1,045 |
| | 283 |
| | 1,625 |
| | 80 |
| | 287 |
| | 1,701 |
| | 1,988 |
| | 897 |
| | 1997 | | (i) | | 9500 West 49th Street - B | | Wheatridge, CO | | 870 |
| | 225 |
| | 1,272 |
| | 158 |
| | 227 |
| | 1,428 |
| | 1,655 |
| | 707 |
| | 1997 | | (i) | | 9500 West 49th Street - C | | Wheatridge, CO | | 2,306 |
| | 600 |
| | 3,409 |
| | 378 |
| | 601 |
| | 3,786 |
| | 4,387 |
| | 1,878 |
| | 1997 | | (i) | | 9500 West 49th Street - D | | Wheatridge, CO | | 1,051 |
| | 246 |
| | 1,537 |
| | 216 |
| | 247 |
| | 1,752 |
| | 1,999 |
| | 940 |
| | 1997 | | (i) | | 451-591 East 124th Avenue | | Thornton, CO | | — |
| | 383 |
| | 2,145 |
| | 441 |
| | 383 |
| | 2,586 |
| | 2,969 |
| | 1,326 |
| | 1997 | | (i) | | 6547 South Racine Circle | | Centennial, CO | | 2,699 |
| | 739 |
| | 4,241 |
| | 494 |
| | 739 |
| | 4,735 |
| | 5,474 |
| | 2,242 |
| | 1997 | | (i) | | 11701 East 53rd Avenue | | Denver, CO | | — |
| | 416 |
| | 2,355 |
| | 297 |
| | 422 |
| | 2,646 |
| | 3,068 |
| | 1,296 |
| | 1997 | | (i) | | 5401 Oswego | | Denver, CO | | — |
| | 273 |
| | 1,547 |
| | 237 |
| | 278 |
| | 1,779 |
| | 2,057 |
| | 885 |
| | 1997 | | (i) | | 445 Bryant Street | | Denver, CO | | 8,586 |
| | 1,829 |
| | 10,219 |
| | 2,939 |
| | 1,829 |
| | 13,158 |
| | 14,987 |
| | 5,788 |
| | 1998 | | (i) | | 12055 E 49th Ave/4955 Peoria | | Denver, CO | | — |
| | 298 |
| | 1,688 |
| | 439 |
| | 305 |
| | 2,120 |
| | 2,425 |
| | 1,038 |
| | 1998 | | (i) | | 4940-4950 Paris | | Denver, CO | | — |
| | 152 |
| | 861 |
| | 207 |
| | 156 |
| | 1,064 |
| | 1,220 |
| | 498 |
| | 1998 | | (i) | | 7367 South Revere Parkway | | Centennial, CO | | — |
| | 926 |
| | 5,124 |
| | 977 |
| | 934 |
| | 6,093 |
| | 7,027 |
| | 2,839 |
| | 1998 | | (i) | | 8200 East Park Meadows Drive | (d) | Lone Tree, CO | | 5,615 |
| | 1,297 |
| | 7,348 |
| | 1,158 |
| | 1,304 |
| | 8,499 |
| | 9,803 |
| | 3,666 |
| | 2000 | | (i) | | 3250 Quentin Street | (d) | Aurora, CO | | 5,125 |
| | 1,220 |
| | 6,911 |
| | 815 |
| | 1,230 |
| | 7,716 |
| | 8,946 |
| | 3,311 |
| | 2000 | | (i) | | 8020 Southpark Circle | | Littleton, CO | | — |
| | 739 |
| | — |
| | 3,305 |
| | 781 |
| | 3,263 |
| | 4,044 |
| | 1,309 |
| | 2000 | | (i) | | 1130 W. 124th Avenue | | Westminster, CO | | — |
| | 441 |
| | — |
| | 3,612 |
| | 441 |
| | 3,612 |
| | 4,053 |
| | 1,370 |
| | 2000 | | (i) | | 1070 W. 124th Avenue | | Westminster, CO | | — |
| | 374 |
| | — |
| | 2,771 |
| | 374 |
| | 2,771 |
| | 3,145 |
| | 1,110 |
| | 2000 | | (i) | | 1020 W. 124th Avenue | | Westminster, CO | | — |
| | 374 |
| | — |
| | 2,727 |
| | 374 |
| | 2,727 |
| | 3,101 |
| | 1,132 |
| | 2000 | | (i) | | 8810 W. 116th Circle | | Broomfield, CO | | — |
| | 312 |
| | — |
| | 1,815 |
| | 370 |
| | 1,757 |
| | 2,127 |
| | 659 |
| | 2001 | | (i) | | 960 W. 124th Avenue | | Westminster, CO | | — |
| | 441 |
| | — |
| | 3,659 |
| | 442 |
| | 3,658 |
| | 4,100 |
| | 1,505 |
| | 2001 | | (i) | | 8820 W. 116th Circle | | Broomfield, CO | | — |
| | 338 |
| | 1,918 |
| | 343 |
| | 372 |
| | 2,227 |
| | 2,599 |
| | 819 |
| | 2003 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | Houston | | | | | | | | | | | | | | | | | | | | | | 3351 Rauch Street | | Houston, TX | | — | | | 272 | | | 1,541 | | | 632 | | | 278 | | | 2,167 | | | 2,445 | | | 1,102 | | | 1997 | | 3801-3851 Yale Street | | Houston, TX | | — | | | 413 | | | 2,343 | | | 1,523 | | | 425 | | | 3,854 | | | 4,279 | | | 1,891 | | | 1997 | | 3337-3347 Rauch Street | | Houston, TX | | — | | | 227 | | | 1,287 | | | 547 | | | 233 | | | 1,828 | | | 2,061 | | | 929 | | | 1997 | | 8505 N. Loop East | | Houston, TX | | — | | | 439 | | | 2,489 | | | 849 | | | 449 | | | 3,328 | | | 3,777 | | | 1,721 | | | 1997 | | 4749-4799 Eastpark Drive | | Houston, TX | | — | | | 594 | | | 3,368 | | | 1,253 | | | 611 | | | 4,604 | | | 5,215 | | | 2,534 | | | 1997 | | 4851 Homestead Road | | Houston, TX | | 2,417 | | | 491 | | | 2,782 | | | 2,191 | | | 504 | | | 4,960 | | | 5,464 | | | 2,353 | | | 1997 | | 3365-3385 Rauch Street | | Houston, TX | | — | | | 284 | | | 1,611 | | | 546 | | | 290 | | | 2,151 | | | 2,441 | | | 1,126 | | | 1997 | | 5050 Campbell Road | | Houston, TX | | — | | | 461 | | | 2,610 | | | 1,011 | | | 470 | | | 3,612 | | | 4,082 | | | 1,964 | | | 1997 | | 4300 Pine Timbers | | Houston, TX | | 2,028 | | | 489 | | | 2,769 | | | 1,076 | | | 499 | | | 3,835 | | | 4,334 | | | 1,955 | | | 1997 | | 2500-2530 Fairway Park Drive | | Houston, TX | | — | | | 766 | | | 4,342 | | | 2,020 | | | 792 | | | 6,336 | | | 7,128 | | | 3,152 | | | 1997 | | 6550 Longpointe | | Houston, TX | | — | | | 362 | | | 2,050 | | | 906 | | | 370 | | | 2,948 | | | 3,318 | | | 1,577 | | | 1997 | | 1815 Turning Basin Drive | | Houston, TX | | — | | | 487 | | | 2,761 | | | 1,966 | | | 531 | | | 4,683 | | | 5,214 | | | 2,302 | | | 1997 | | 1819 Turning Basin Drive | | Houston, TX | | — | | | 231 | | | 1,308 | | | 946 | | | 251 | | | 2,234 | | | 2,485 | | | 1,123 | | | 1997 | | 1805 Turning Basin Drive | | Houston, TX | | — | | | 564 | | | 3,197 | | | 2,300 | | | 616 | | | 5,445 | | | 6,061 | | | 2,702 | | | 1997 | | 11505 State Highway 225 | | LaPorte City, TX | | — | | | 940 | | | 4,675 | | | (163) | | | 940 | | | 4,512 | | | 5,452 | | | 1,869 | | | 2005 | | 1500 E. Main Street | | LaPorte City, TX | | — | | | 201 | | | 1,328 | | | (91) | | | 204 | | | 1,234 | | | 1,438 | | | 1,221 | | | 2005 | | 7230-7238 Wynnwood | | Houston, TX | | — | | | 254 | | | 764 | | | 199 | | | 259 | | | 958 | | | 1,217 | | | 668 | | | 2007 | | 7240-7248 Wynnwood | | Houston, TX | | — | | | 271 | | | 726 | | | 393 | | | 276 | | | 1,114 | | | 1,390 | | | 701 | | | 2007 | | 7250-7260 Wynnwood | | Houston, TX | | — | | | 200 | | | 481 | | | 1,501 | | | 203 | | | 1,979 | | | 2,182 | | | 1,012 | | | 2007 | | 6400 Long Point | | Houston, TX | | — | | | 188 | | | 898 | | | 138 | | | 188 | | | 1,036 | | | 1,224 | | | 580 | | | 2007 | | 7967 Blankenship | | Houston, TX | | — | | | 307 | | | 1,166 | | | 200 | | | 307 | | | 1,366 | | | 1,673 | | | 642 | | | 2010 | | 8800 City Park Loop East | | Houston, TX | | — | | | 3,717 | | | 19,237 | | | (691) | | | 3,717 | | | 18,546 | | | 22,263 | | | 6,956 | | | 2011 | | 4800 West Greens Road | | Houston, TX | | — | | | 3,350 | | | 0 | | | 17,032 | | | 3,312 | | | 17,070 | | | 20,382 | | | 4,102 | | | 2014 | | 611 East Sam Houston Parkway S. | | Pasadena, TX | | — | | | 1,970 | | | 7,431 | | | 1,313 | | | 2,013 | | | 8,701 | | | 10,714 | | | 1,515 | | | 2015 | | 619 East Sam Houston Parkway S. | | Pasadena, TX | | — | | | 2,879 | | | 11,713 | | | 785 | | | 2,876 | | | 12,501 | | | 15,377 | | | 2,103 | | | 2015 | | 6913 Guhn Road | | Houston, TX | | — | | | 1,367 | | | 0 | | | 7,375 | | | 1,367 | | | 7,375 | | | 8,742 | | | 494 | | | 2018 | | 607 East Sam Houston Parkway | | Pasedena, TX | | — | | | 2,076 | | | 11,674 | | | 232 | | | 2,076 | | | 11,906 | | | 13,982 | | | 699 | | | 2018 | | 615 East Sam Houston Parkway | | Pasedena, TX | | — | | | 4,265 | | | 11,983 | | | (129) | | | 4,265 | | | 11,854 | | | 16,119 | | | 877 | | | 2018 | | 2737 W. Grand Parkway N. | | Katy, TX | | — | | | 2,885 | | | 0 | | | 8,458 | | | 2,885 | | | 8,458 | | | 11,343 | | | 228 | | | 2019 | | 2747 W. Grand Parkway N. | | Katy, TX | | — | | | 2,885 | | | 0 | | | 9,936 | | | 2,885 | | | 9,936 | | | 12,821 | | | 281 | | | 2019 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 8835 W. 116th Circle | | Broomfield, CO | | — |
| | 1,151 |
| | 6,523 |
| | 1,092 |
| | 1,304 |
| | 7,462 |
| | 8,766 |
| | 2,874 |
| | 2003 | | (i) | | 18150 E. 32nd Place | | Aurora, CO | | — |
| | 563 |
| | 3,188 |
| | 143 |
| | 572 |
| | 3,322 |
| | 3,894 |
| | 1,311 |
| | 2004 | | (i) | | 3400 Fraser Street | | Aurora, CO | | 2,009 |
| | 616 |
| | 3,593 |
| | (134 | ) | | 620 |
| | 3,455 |
| | 4,075 |
| | 1,324 |
| | 2005 | | (i) | | 7005 E. 46th Avenue Drive | | Denver, CO | | 1,198 |
| | 512 |
| | 2,025 |
| | (107 | ) | | 517 |
| | 1,913 |
| | 2,430 |
| | 719 |
| | 2005 | | (i) | | 4001 Salazar Way | | Frederick, CO | | 3,714 |
| | 1,271 |
| | 6,508 |
| | (713 | ) | | 1,276 |
| | 5,790 |
| | 7,066 |
| | 1,833 |
| | 2006 | | (i) | | 5909-5915 N. Broadway | | Denver, CO | | — |
| | 495 |
| | 1,268 |
| | 120 |
| | 500 |
| | 1,383 |
| | 1,883 |
| | 783 |
| | 2006 | | (i) | | 21301 E. 33rd Drive | | Aurora, CO | | — |
| | 2,860 |
| | 8,202 |
| | 677 |
| | 2,861 |
| | 8,878 |
| | 11,739 |
| | 336 |
| | 2017 | | (i) | | Detroit | | | | | | | | | | | | | | | | | | | | | | | | 47461 Clipper | | Plymouth Township, MI | | — |
| | 122 |
| | 723 |
| | 103 |
| | 122 |
| | 826 |
| | 948 |
| | 472 |
| | 1994 | | (i) | | 449 Executive Drive | | Troy, MI | | — |
| | 125 |
| | 425 |
| | 974 |
| | 218 |
| | 1,306 |
| | 1,524 |
| | 1,214 |
| | 1994 | | (i) | | 1416 Meijer Drive | | Troy, MI | | — |
| | 94 |
| | 394 |
| | 477 |
| | 121 |
| | 844 |
| | 965 |
| | 716 |
| | 1994 | | (i) | | 1624 Meijer Drive | | Troy, MI | | — |
| | 236 |
| | 1,406 |
| | 1,093 |
| | 373 |
| | 2,362 |
| | 2,735 |
| | 2,190 |
| | 1994 | | (i) | | 1972 Meijer Drive | | Troy, MI | | — |
| | 315 |
| | 1,301 |
| | 787 |
| | 372 |
| | 2,031 |
| | 2,403 |
| | 1,778 |
| | 1994 | | (i) | | 1707 Northwood Drive | | Troy, MI | | — |
| | 95 |
| | 262 |
| | 1,724 |
| | 239 |
| | 1,842 |
| | 2,081 |
| | 1,703 |
| | 1994 | | (i) | | 1826 Northwood Drive | | Troy, MI | | — |
| | 55 |
| | 208 |
| | 472 |
| | 103 |
| | 632 |
| | 735 |
| | 563 |
| | 1994 | | (i) | | 1864 Northwood Drive | | Troy, MI | | — |
| | 57 |
| | 190 |
| | 489 |
| | 107 |
| | 629 |
| | 736 |
| | 578 |
| | 1994 | | (i) | | 2730 Research Drive | | Rochester Hills, MI | | — |
| | 903 |
| | 4,215 |
| | 829 |
| | 903 |
| | 5,044 |
| | 5,947 |
| | 4,553 |
| | 1994 | | (i) | | 2791 Research Drive | | Rochester Hills, MI | | — |
| | 557 |
| | 2,731 |
| | 680 |
| | 560 |
| | 3,408 |
| | 3,968 |
| | 2,699 |
| | 1994 | | (i) | | 2871 Research Drive | | Rochester Hills, MI | | — |
| | 324 |
| | 1,487 |
| | 412 |
| | 327 |
| | 1,896 |
| | 2,223 |
| | 1,556 |
| | 1994 | | (i) | | 2870 Technology Drive | | Rochester Hills, MI | | — |
| | 275 |
| | 1,262 |
| | 356 |
| | 279 |
| | 1,614 |
| | 1,893 |
| | 1,435 |
| | 1994 | | (i) | | 2900 Technology Drive | | Rochester Hills, MI | | — |
| | 214 |
| | 977 |
| | 627 |
| | 219 |
| | 1,599 |
| | 1,818 |
| | 1,092 |
| | 1994 | | (i) | | 2930 Technology Drive | | Rochester Hills, MI | | — |
| | 131 |
| | 594 |
| | 432 |
| | 138 |
| | 1,019 |
| | 1,157 |
| | 773 |
| | 1994 | | (i) | | 2950 Technology Drive | | Rochester Hills, MI | | — |
| | 178 |
| | 819 |
| | 368 |
| | 185 |
| | 1,180 |
| | 1,365 |
| | 940 |
| | 1994 | | (i) | | 23014 Commerce Drive | | Farmington Hills, MI | | — |
| | 39 |
| | 203 |
| | 191 |
| | 56 |
| | 377 |
| | 433 |
| | 344 |
| | 1994 | | (i) | | 23028 Commerce Drive | | Farmington Hills, MI | | — |
| | 98 |
| | 507 |
| | 295 |
| | 125 |
| | 775 |
| | 900 |
| | 703 |
| | 1994 | | (i) | | 23035 Commerce Drive | | Farmington Hills, MI | | — |
| | 71 |
| | 355 |
| | 300 |
| | 93 |
| | 633 |
| | 726 |
| | 545 |
| | 1994 | | (i) | | 23093 Commerce Drive | | Farmington Hills, MI | | — |
| | 211 |
| | 1,024 |
| | 1,337 |
| | 295 |
| | 2,277 |
| | 2,572 |
| | 1,924 |
| | 1994 | | (i) | | 23135 Commerce Drive | | Farmington Hills, MI | | — |
| | 146 |
| | 701 |
| | 312 |
| | 158 |
| | 1,001 |
| | 1,159 |
| | 923 |
| | 1994 | | (i) | | 23163 Commerce Drive | | Farmington Hills, MI | | — |
| | 111 |
| | 513 |
| | 393 |
| | 138 |
| | 879 |
| | 1,017 |
| | 800 |
| | 1994 | | (i) | | 23177 Commerce Drive | | Farmington Hills, MI | | — |
| | 175 |
| | 1,007 |
| | 689 |
| | 254 |
| | 1,617 |
| | 1,871 |
| | 1,464 |
| | 1994 | | (i) | | 23370 Commerce Drive | | Farmington Hills, MI | | — |
| | 59 |
| | 233 |
| | 209 |
| | 66 |
| | 435 |
| | 501 |
| | 382 |
| | 1994 | | (i) | | 4400 Purks Drive | | Auburn Hills, MI | | — |
| | 602 |
| | 3,410 |
| | 3,995 |
| | 612 |
| | 7,395 |
| | 8,007 |
| | 3,703 |
| | 1995 | | (i) | | 12707 Eckles Road | | Plymouth Township, MI | | — |
| | 255 |
| | 1,445 |
| | 241 |
| | 267 |
| | 1,674 |
| | 1,941 |
| | 854 |
| | 1996 | | (i) | | 32975 Capitol Avenue | | Livonia, MI | | — |
| | 135 |
| | 748 |
| | (174 | ) | | 77 |
| | 632 |
| | 709 |
| | 344 |
| | 1998 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | Miami | | | | | | | | | | | | | | | | | | | | | | 4700 NW 15th Avenue | | Ft. Lauderdale, FL | | — | | | 908 | | | 1,883 | | | 331 | | | 912 | | | 2,210 | | | 3,122 | | | 1,016 | | | 2007 | | 4710 NW 15th Avenue | | Ft. Lauderdale, FL | | — | | | 830 | | | 2,722 | | | 341 | | | 834 | | | 3,059 | | | 3,893 | | | 1,090 | | | 2007 | | 4720 NW 15th Avenue | | Ft. Lauderdale, FL | | — | | | 937 | | | 2,455 | | | 316 | | | 942 | | | 2,766 | | | 3,708 | | | 1,200 | | | 2007 | | 4740 NW 15th Avenue | | Ft. Lauderdale, FL | | — | | | 1,107 | | | 3,111 | | | 333 | | | 1,112 | | | 3,439 | | | 4,551 | | | 1,270 | | | 2007 | | 4750 NW 15th Avenue | | Ft. Lauderdale, FL | | — | | | 947 | | | 3,079 | | | 400 | | | 951 | | | 3,475 | | | 4,426 | | | 1,311 | | | 2007 | | 4800 NW 15th Avenue | | Ft. Lauderdale, FL | | — | | | 1,092 | | | 3,308 | | | 120 | | | 1,097 | | | 3,423 | | | 4,520 | | | 1,283 | | | 2007 | | 6891 NW 74th Street | | Medley, FL | | — | | | 857 | | | 3,428 | | | 3,854 | | | 864 | | | 7,275 | | | 8,139 | | | 2,899 | | | 2007 | | 12601 & 12605 NW 115th Avenue | | Medley, FL | | — | | | 1,005 | | | 0 | | | 200 | | | 343 | | | 862 | | | 1,205 | | | 234 | | | 2008 | | 1351 NW 78th Avenue | | Doral, FL | | — | | | 3,111 | | | 4,634 | | | 39 | | | 3,111 | | | 4,673 | | | 7,784 | | | 994 | | | 2016 | | 2500 NW 19th Street | | Pompano Beach, FL | | — | | | 8,824 | | | 11,660 | | | (544) | | | 8,824 | | | 11,116 | | | 19,940 | | | 1,442 | | | 2017 | | 6301 Lyons Road | | Coconut Creek, FL | | — | | | 5,703 | | | 0 | | | 9,869 | | | 5,704 | | | 9,868 | | | 15,572 | | | 22 | | | 2020 | | Milwaukee | | | | | | | | | | | | | | | | | | | | | | 5355 South Westridge Drive | | New Berlin, WI | | — | | | 1,630 | | | 7,058 | | | 36 | | | 1,646 | | | 7,078 | | | 8,724 | | | 2,696 | | | 2004 | | 17005 W. Ryerson Road | | New Berlin, WI | | 1,952 | | | 403 | | | 3,647 | | | 120 | | | 405 | | | 3,765 | | | 4,170 | | | 2,434 | | | 2005 | | 16600 West Glendale Avenue | | New Berlin, WI | | 1,515 | | | 704 | | | 1,923 | | | 799 | | | 715 | | | 2,711 | | | 3,426 | | | 2,126 | | | 2006 | | N58W15380 Shawn Circle | | Menomonee Falls, WI | | — | | | 1,188 | | | 0 | | | 17,020 | | | 1,204 | | | 17,004 | | | 18,208 | | | 6,296 | | | 2008 | | Minneapolis/St. Paul | | | | | | | | | | | | | | | | | | | | | | 6201 West 111th Street | | Bloomington, MN | | — | | | 1,358 | | | 8,622 | | | 13,263 | | | 1,519 | | | 21,724 | | | 23,243 | | | 14,380 | | | 1994 | | 5400 Nathan Lane | | Plymouth, MN | | — | | | 749 | | | 4,461 | | | 1,151 | | | 757 | | | 5,604 | | | 6,361 | | | 3,401 | | | 1994 | | 12155 Nicollet Avenue | | Burnsville, MN | | — | | | 286 | | | 0 | | | 1,957 | | | 288 | | | 1,955 | | | 2,243 | | | 1,150 | | | 1995 | | 5775 12th Avenue | | Shakopee, MN | | 2,910 | | | 590 | | | 0 | | | 5,628 | | | 590 | | | 5,628 | | | 6,218 | | | 2,292 | | | 1998 | | 1157 Valley Park Drive | | Shakopee, MN | | — | | | 760 | | | 0 | | | 7,811 | | | 888 | | | 7,683 | | | 8,571 | | | 3,579 | | | 1999 | | 9600 West 76th Street | | Eden Prairie, MN | | — | | | 1,000 | | | 2,450 | | | 69 | | | 1,036 | | | 2,483 | | | 3,519 | | | 1,096 | | | 2004 | | 1087 Park Place | | Shakopee, MN | | 3,100 | | | 1,195 | | | 4,891 | | | 537 | | | 1,198 | | | 5,425 | | | 6,623 | | | 1,950 | | | 2005 | | 5391 12th Avenue SE | | Shakopee, MN | | — | | | 1,392 | | | 8,149 | | | 110 | | | 1,395 | | | 8,256 | | | 9,651 | | | 3,132 | | | 2005 | | 4701 Valley Industrial Boulevard S. | | Shakopee, MN | | 4,309 | | | 1,296 | | | 7,157 | | | 753 | | | 1,299 | | | 7,907 | | | 9,206 | | | 4,469 | | | 2005 | | 6455 City West Parkway | | Eden Prairie, MN | | — | | | 659 | | | 3,189 | | | (172) | | | 665 | | | 3,011 | | | 3,676 | | | 1,211 | | | 2006 | | 7035 Winnetka Avenue North | | Brooklyn Park, MN | | — | | | 1,275 | | | 0 | | | 7,316 | | | 1,343 | | | 7,248 | | | 8,591 | | | 2,616 | | | 2007 | | 139 Eva Street | | St. Paul, MN | | — | | | 2,132 | | | 3,105 | | | (286) | | | 2,175 | | | 2,776 | | | 4,951 | | | 1,091 | | | 2008 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 11923 Brookfield Avenue | | Livonia, MI | | — |
| | 120 |
| | 665 |
| | (314 | ) | | 32 |
| | 439 |
| | 471 |
| | 297 |
| | 1998 | | (i) | | 47711 Clipper Street | | Plymouth Township, MI | | — |
| | 539 |
| | 2,983 |
| | 579 |
| | 575 |
| | 3,526 |
| | 4,101 |
| | 1,623 |
| | 1998 | | (i) | | 12874 Westmore Avenue | | Livonia, MI | | — |
| | 137 |
| | 761 |
| | (234 | ) | | 58 |
| | 606 |
| | 664 |
| | 346 |
| | 1998 | | (i) | | 1775 Bellingham | | Troy, MI | | — |
| | 344 |
| | 1,902 |
| | 339 |
| | 367 |
| | 2,218 |
| | 2,585 |
| | 1,066 |
| | 1998 | | (i) | | 1785 East Maple | | Troy, MI | | — |
| | 92 |
| | 507 |
| | 210 |
| | 98 |
| | 711 |
| | 809 |
| | 319 |
| | 1998 | | (i) | | 980 Chicago | | Troy, MI | | — |
| | 206 |
| | 1,141 |
| | 333 |
| | 220 |
| | 1,460 |
| | 1,680 |
| | 664 |
| | 1998 | | (i) | | 1885 Enterprise Drive | | Rochester Hills, MI | | — |
| | 209 |
| | 1,158 |
| | 589 |
| | 223 |
| | 1,733 |
| | 1,956 |
| | 849 |
| | 1998 | | (i) | | 1935-55 Enterprise Drive | | Rochester Hills, MI | | — |
| | 1,285 |
| | 7,144 |
| | 1,322 |
| | 1,371 |
| | 8,380 |
| | 9,751 |
| | 3,978 |
| | 1998 | | (i) | | 5500 Enterprise Court | | Warren, MI | | — |
| | 675 |
| | 3,737 |
| | 772 |
| | 721 |
| | 4,463 |
| | 5,184 |
| | 2,106 |
| | 1998 | | (i) | | 750 Chicago Road | | Troy, MI | | — |
| | 323 |
| | 1,790 |
| | 404 |
| | 345 |
| | 2,172 |
| | 2,517 |
| | 1,050 |
| | 1998 | | (i) | | 800 Chicago Road | | Troy, MI | | — |
| | 283 |
| | 1,567 |
| | 380 |
| | 302 |
| | 1,928 |
| | 2,230 |
| | 913 |
| | 1998 | | (i) | | 850 Chicago Road | | Troy, MI | | — |
| | 183 |
| | 1,016 |
| | 279 |
| | 196 |
| | 1,282 |
| | 1,478 |
| | 587 |
| | 1998 | | (i) | | 4872 S. Lapeer Road | | Lake Orion Twsp, MI | | — |
| | 1,342 |
| | 5,441 |
| | 1,214 |
| | 1,412 |
| | 6,585 |
| | 7,997 |
| | 3,388 |
| | 1999 | | (i) | | 1400 Allen Drive | | Troy, MI | | — |
| | 209 |
| | 1,154 |
| | 380 |
| | 212 |
| | 1,531 |
| | 1,743 |
| | 605 |
| | 2000 | | (i) | | 1408 Allen Drive | | Troy, MI | | — |
| | 151 |
| | 834 |
| | 121 |
| | 153 |
| | 953 |
| | 1,106 |
| | 404 |
| | 2000 | | (i) | | 28435 Automation Blvd | | Wixom, MI | | — |
| | 621 |
| | — |
| | 3,661 |
| | 628 |
| | 3,654 |
| | 4,282 |
| | 1,193 |
| | 2004 | | (i) | | 32200 North Avis Drive | | Madison Heights, MI | | — |
| | 503 |
| | 3,367 |
| | (1,452 | ) | | 195 |
| | 2,223 |
| | 2,418 |
| | 859 |
| | 2005 | | (i) | | 100 Kay Industrial Drive | | Orion Township, MI | | — |
| | 677 |
| | 2,018 |
| | 164 |
| | 685 |
| | 2,174 |
| | 2,859 |
| | 1,145 |
| | 2005 | | (i) | | 42555 Merrill Road | | Sterling Heights, MI | | — |
| | 1,080 |
| | 2,300 |
| | 3,487 |
| | 1,090 |
| | 5,777 |
| | 6,867 |
| | 2,688 |
| | 2006 | | (i) | | 200 Northpointe Drive | | Orion Township, MI | | — |
| | 723 |
| | 2,063 |
| | (456 | ) | | 734 |
| | 1,596 |
| | 2,330 |
| | 687 |
| | 2006 | | (i) | | Houston | | | | | | | | | | | | | | | | | | | | | | | | 3351 Rauch Street | | Houston, TX | | — |
| | 272 |
| | 1,541 |
| | 581 |
| | 278 |
| | 2,116 |
| | 2,394 |
| | 948 |
| | 1997 | | (i) | | 3801-3851 Yale Street | | Houston, TX | | — |
| | 413 |
| | 2,343 |
| | 1,505 |
| | 425 |
| | 3,836 |
| | 4,261 |
| | 1,492 |
| | 1997 | | (i) | | 3337-3347 Rauch Street | | Houston, TX | | — |
| | 227 |
| | 1,287 |
| | 433 |
| | 233 |
| | 1,714 |
| | 1,947 |
| | 775 |
| | 1997 | | (i) | | 8505 North Loop East | | Houston, TX | | — |
| | 439 |
| | 2,489 |
| | 575 |
| | 449 |
| | 3,054 |
| | 3,503 |
| | 1,459 |
| | 1997 | | (i) | | 4749-4799 Eastpark Drive | | Houston, TX | | — |
| | 594 |
| | 3,368 |
| | 1,220 |
| | 611 |
| | 4,571 |
| | 5,182 |
| | 2,195 |
| | 1997 | | (i) | | 4851 Homestead Road | | Houston, TX | | 2,426 |
| | 491 |
| | 2,782 |
| | 1,342 |
| | 504 |
| | 4,111 |
| | 4,615 |
| | 1,928 |
| | 1997 | | (i) | | 3365-3385 Rauch Street | | Houston, TX | | — |
| | 284 |
| | 1,611 |
| | 487 |
| | 290 |
| | 2,092 |
| | 2,382 |
| | 945 |
| | 1997 | | (i) | | 5050 Campbell Road | | Houston, TX | | — |
| | 461 |
| | 2,610 |
| | 1,078 |
| | 470 |
| | 3,679 |
| | 4,149 |
| | 1,664 |
| | 1997 | | (i) | | 4300 Pine Timbers | | Houston, TX | | 2,282 |
| | 489 |
| | 2,769 |
| | 725 |
| | 499 |
| | 3,484 |
| | 3,983 |
| | 1,729 |
| | 1997 | | (i) | | 2500-2530 Fairway Park Drive | | Houston, TX | | — |
| | 766 |
| | 4,342 |
| | 2,141 |
| | 792 |
| | 6,457 |
| | 7,249 |
| | 2,844 |
| | 1997 | | (i) | | 6550 Longpointe | | Houston, TX | | — |
| | 362 |
| | 2,050 |
| | 1,025 |
| | 370 |
| | 3,067 |
| | 3,437 |
| | 1,400 |
| | 1997 | | (i) | | 1815 Turning Basin Drive | | Houston, TX | | — |
| | 487 |
| | 2,761 |
| | 1,871 |
| | 531 |
| | 4,588 |
| | 5,119 |
| | 1,898 |
| | 1997 | | (i) | | 1819 Turning Basin Drive | | Houston, TX | | — |
| | 231 |
| | 1,308 |
| | 896 |
| | 251 |
| | 2,184 |
| | 2,435 |
| | 946 |
| | 1997 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 21900 Dodd Boulevard | | Lakeville, MN | | — | | | 2,289 | | | 7,952 | | | (866) | | | 2,289 | | | 7,086 | | | 9,375 | | | 2,613 | | | 2010 | | 375 Rivertown Drive | | Woodbury, MN | | — | | | 2,635 | | | 8,157 | | | 1,031 | | | 2,635 | | | 9,188 | | | 11,823 | | | 2,670 | | | 2014 | | 935 Aldrin Drive | | Eagan, MN | | — | | | 2,096 | | | 7,884 | | | 52 | | | 2,096 | | | 7,936 | | | 10,032 | | | 1,911 | | | 2014 | | 7050 Winnetka Avenue North | | Brooklyn Park, MN | | — | | | 1,623 | | | 0 | | | 7,751 | | | 1,634 | | | 7,740 | | | 9,374 | | | 1,297 | | | 2014 | | 7051 West Broadway | | Brooklyn Park, MN | | 3,142 | | | 1,275 | | | 0 | | | 5,829 | | | 1,279 | | | 5,825 | | | 7,104 | | | 883 | | | 2014 | | Nashville | | | | | | | | | | | | | | | | | | | | | | 1931 Air Lane Drive | | Nashville, TN | | — | | | 489 | | | 2,785 | | | 581 | | | 493 | | | 3,362 | | | 3,855 | | | 1,816 | | | 1997 | | 4640 Cummings Park | | Nashville, TN | | — | | | 360 | | | 2,040 | | | 673 | | | 365 | | | 2,708 | | | 3,073 | | | 1,342 | | | 1999 | | 1740 River Hills Drive | | Nashville, TN | | — | | | 848 | | | 4,383 | | | 1,612 | | | 888 | | | 5,955 | | | 6,843 | | | 3,070 | | | 2005 | | 211 Ellery Court | | Nashville, TN | | 1,556 | | | 606 | | | 3,192 | | | (279) | | | 616 | | | 2,903 | | | 3,519 | | | 1,255 | | | 2007 | | 130 Maddox Road | | Mount Juliet, TN | | — | | | 1,778 | | | 0 | | | 23,942 | | | 1,778 | | | 23,942 | | | 25,720 | | | 7,239 | | | 2008 | | New Jersey | | | | | | | | | | | | | | | | | | | | | | 14 World's Fair Drive | | Franklin, NJ | | — | | | 483 | | | 2,735 | | | 890 | | | 503 | | | 3,605 | | | 4,108 | | | 1,950 | | | 1997 | | 12 World's Fair Drive | | Franklin, NJ | | — | | | 572 | | | 3,240 | | | 827 | | | 593 | | | 4,046 | | | 4,639 | | | 2,232 | | | 1997 | | 22 World's Fair Drive | | Franklin, NJ | | — | | | 364 | | | 2,064 | | | 610 | | | 375 | | | 2,663 | | | 3,038 | | | 1,442 | | | 1997 | | 26 World's Fair Drive | | Franklin, NJ | | — | | | 361 | | | 2,048 | | | 532 | | | 377 | | | 2,564 | | | 2,941 | | | 1,403 | | | 1997 | | 24 World's Fair Drive | | Franklin, NJ | | — | | | 347 | | | 1,968 | | | 509 | | | 362 | | | 2,462 | | | 2,824 | | | 1,326 | | | 1997 | | 20 World's Fair Drive Lot 13 | | Somerset, NJ | | — | | | 9 | | | 0 | | | 2,738 | | | 691 | | | 2,056 | | | 2,747 | | | 953 | | | 1999 | | 45 Route 46 | | Pine Brook, NJ | | — | | | 969 | | | 5,491 | | | 1,166 | | | 978 | | | 6,648 | | | 7,626 | | | 3,197 | | | 2000 | | 43 Route 46 | | Pine Brook, NJ | | — | | | 474 | | | 2,686 | | | 480 | | | 479 | | | 3,161 | | | 3,640 | | | 1,578 | | | 2000 | | 39 Route 46 | | Pine Brook, NJ | | — | | | 260 | | | 1,471 | | | 289 | | | 262 | | | 1,758 | | | 2,020 | | | 871 | | | 2000 | | 26 Chapin Road | | Pine Brook, NJ | | — | | | 956 | | | 5,415 | | | 608 | | | 965 | | | 6,014 | | | 6,979 | | | 2,953 | | | 2000 | | 30 Chapin Road | | Pine Brook, NJ | | — | | | 960 | | | 5,440 | | | 573 | | | 970 | | | 6,003 | | | 6,973 | | | 2,950 | | | 2000 | | 20 Hook Mountain Road | | Pine Brook, NJ | | — | | | 1,507 | | | 8,542 | | | 2,201 | | | 1,534 | | | 10,716 | | | 12,250 | | | 5,069 | | | 2000 | | 30 Hook Mountain Road | | Pine Brook, NJ | | — | | | 389 | | | 2,206 | | | 509 | | | 396 | | | 2,708 | | | 3,104 | | | 1,266 | | | 2000 | | 16 Chapin Road | | Pine Brook, NJ | | — | | | 885 | | | 5,015 | | | 692 | | | 901 | | | 5,691 | | | 6,592 | | | 2,775 | | | 2000 | | 20 Chapin Road | | Pine Brook, NJ | | — | | | 1,134 | | | 6,426 | | | 791 | | | 1,154 | | | 7,197 | | | 8,351 | | | 3,437 | | | 2000 | | 2500 Main Street | | Sayreville, NJ | | — | | | 944 | | | 0 | | | 4,511 | | | 944 | | | 4,511 | | | 5,455 | | | 1,983 | | | 2002 | | 2400 Main Street | | Sayreville, NJ | | — | | | 996 | | | 0 | | | 5,528 | | | 996 | | | 5,528 | | | 6,524 | | | 2,222 | | | 2003 | | 7851 Airport Highway | | Pennsauken, NJ | | — | | | 160 | | | 508 | | | 328 | | | 162 | | | 834 | | | 996 | | | 488 | | | 2003 | | 309-313 Pierce Street | | Somerset, NJ | | — | | | 1,300 | | | 4,628 | | | 606 | | | 1,309 | | | 5,225 | | | 6,534 | | | 2,365 | | | 2004 | | 400 Cedar Lane | | Florence Township, NJ | | — | | | 9,730 | | | 0 | | | 26,224 | | | 9,730 | | | 26,224 | | | 35,954 | | | 3,065 | | | 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | �� | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 1805 Turning Basin Drive | | Houston, TX | | — |
| | 564 |
| | 3,197 |
| | 2,489 |
| | 616 |
| | 5,634 |
| | 6,250 |
| | 2,425 |
| | 1997 | | (i) | | 11505 State Highway 225 | | La Porte, TX | | — |
| | 940 |
| | 4,675 |
| | 10 |
| | 940 |
| | 4,685 |
| | 5,625 |
| | 1,645 |
| | 2005 | | (i) | | 1500 East Main Street | | La Porte, TX | | — |
| | 201 |
| | 1,328 |
| | (91 | ) | | 204 |
| | 1,234 |
| | 1,438 |
| | 1,060 |
| | 2005 | | (i) | | 7230-7238 Wynnwood | | Houston, TX | | — |
| | 254 |
| | 764 |
| | 203 |
| | 259 |
| | 962 |
| | 1,221 |
| | 536 |
| | 2007 | | (i) | | 7240-7248 Wynnwood | | Houston, TX | | — |
| | 271 |
| | 726 |
| | 333 |
| | 276 |
| | 1,054 |
| | 1,330 |
| | 508 |
| | 2007 | | (i) | | 7250-7260 Wynnwood | | Houston, TX | | — |
| | 200 |
| | 481 |
| | 1,501 |
| | 203 |
| | 1,979 |
| | 2,182 |
| | 529 |
| | 2007 | | (i) | | 6400 Long Point | | Houston, TX | | — |
| | 188 |
| | 898 |
| | 110 |
| | 188 |
| | 1,008 |
| | 1,196 |
| | 424 |
| | 2007 | | (i) | | 7967 Blankenship | | Houston, TX | | — |
| | 307 |
| | 1,166 |
| | 337 |
| | 307 |
| | 1,503 |
| | 1,810 |
| | 620 |
| | 2010 | | (i) | | 8800 City Park Loop East | | Houston, TX | | — |
| | 3,717 |
| | 19,237 |
| | (535 | ) | | 3,717 |
| | 18,702 |
| | 22,419 |
| | 4,785 |
| | 2011 | | (i) | | 4800 West Greens Road | | Houston, TX | | — |
| | 3,350 |
| | — |
| | 17,772 |
| | 3,312 |
| | 17,810 |
| | 21,122 |
| | 2,020 |
| | 2014 | | (i) | | 611 East Sam Houston Parkway S | | Pasadena, TX | | — |
| | 1,970 |
| | 7,431 |
| | 874 |
| | 2,011 |
| | 8,264 |
| | 10,275 |
| | 484 |
| | 2015 | | (i) | | 619 East Sam Houston Parkway S | | Pasadena, TX | | — |
| | 2,879 |
| | 11,713 |
| | 772 |
| | 2,872 |
| | 12,492 |
| | 15,364 |
| | 752 |
| | 2015 | | (i) | | Indianapolis | | | | | | | | | | | | | | | | | | | | | | | | 2900 North Shadeland Avenue | | Indianapolis, IN | | — |
| | 2,057 |
| | 13,565 |
| | 6,946 |
| | 2,057 |
| | 20,511 |
| | 22,568 |
| | 9,376 |
| | 1996 | | (i) | | 1445 Brookville Way | | Indianapolis, IN | | — |
| | 459 |
| | 2,603 |
| | 1,416 |
| | 476 |
| | 4,002 |
| | 4,478 |
| | 1,811 |
| | 1996 | | (i) | | 1440 Brookville Way | | Indianapolis, IN | | — |
| | 665 |
| | 3,770 |
| | 880 |
| | 685 |
| | 4,630 |
| | 5,315 |
| | 2,330 |
| | 1996 | | (i) | | 1240 Brookville Way | | Indianapolis, IN | | — |
| | 247 |
| | 1,402 |
| | 502 |
| | 258 |
| | 1,893 |
| | 2,151 |
| | 920 |
| | 1996 | | (i) | | 1345 Brookville Way | | Indianapolis, IN | | — |
| | 586 |
| | 3,321 |
| | 1,671 |
| | 601 |
| | 4,977 |
| | 5,578 |
| | 2,411 |
| | 1996 | | (i) | | 1350 Brookville Way | | Indianapolis, IN | | — |
| | 205 |
| | 1,161 |
| | 348 |
| | 212 |
| | 1,502 |
| | 1,714 |
| | 734 |
| | 1996 | | (i) | | 1504 Sadlier Circle South | | Indianapolis, IN | | — |
| | 219 |
| | 1,238 |
| | 53 |
| | 115 |
| | 1,395 |
| | 1,510 |
| | 706 |
| | 1996 | | (i) | | 1335 Sadlier Circle East | | Indianapolis, IN | | — |
| | 81 |
| | 460 |
| | 187 |
| | 86 |
| | 642 |
| | 728 |
| | 314 |
| | 1996 | | (i) | | 6951 East 30th Street | | Indianapolis, IN | | — |
| | 256 |
| | 1,449 |
| | 419 |
| | 265 |
| | 1,859 |
| | 2,124 |
| | 907 |
| | 1996 | | (i) | | 6701 East 30th Street | | Indianapolis, IN | | — |
| | 78 |
| | 443 |
| | 98 |
| | 82 |
| | 537 |
| | 619 |
| | 284 |
| | 1996 | | (i) | | 6737 East 30th Street | | Indianapolis, IN | | 1,975 |
| | 385 |
| | 2,181 |
| | 641 |
| | 398 |
| | 2,809 |
| | 3,207 |
| | 1,352 |
| | 1996 | | (i) | | 6555 East 30th Street | | Indianapolis, IN | | — |
| | 484 |
| | 4,760 |
| | 2,576 |
| | 484 |
| | 7,336 |
| | 7,820 |
| | 3,268 |
| | 1996 | | (i) | | 7901 West 21st Street | | Indianapolis, IN | | — |
| | 1,048 |
| | 6,027 |
| | 376 |
| | 1,048 |
| | 6,403 |
| | 7,451 |
| | 3,172 |
| | 1997 | | (i) | | 1225 Brookville Way | | Indianapolis, IN | | — |
| | 60 |
| | — |
| | 431 |
| | 68 |
| | 423 |
| | 491 |
| | 206 |
| | 1997 | | (i) | | 6751 East 30th Street | | Indianapolis, IN | | 2,453 |
| | 728 |
| | 2,837 |
| | 417 |
| | 741 |
| | 3,241 |
| | 3,982 |
| | 1,606 |
| | 1997 | | (i) | | 6575 East 30th Street | | Indianapolis, IN | | 1,296 |
| | 118 |
| | — |
| | 1,986 |
| | 128 |
| | 1,976 |
| | 2,104 |
| | 922 |
| | 1998 | | (i) | | 6585 East 30th Street | | Indianapolis, IN | | 2,106 |
| | 196 |
| | — |
| | 3,223 |
| | 196 |
| | 3,223 |
| | 3,419 |
| | 1,530 |
| | 1998 | | (i) | | 14425 Bergen Blvd | | Noblesville, IN | | — |
| | 647 |
| | — |
| | 3,730 |
| | 743 |
| | 3,634 |
| | 4,377 |
| | 1,077 |
| | 2007 | | (i) | | 6635 East 30th Street | | Indianapolis, IN | | — |
| | 466 |
| | 3,093 |
| | 60 |
| | 466 |
| | 3,153 |
| | 3,619 |
| | 201 |
| | 2016 | | (i) | | Miami | | | | | | | | | | | | | | | | | | | | | | | | 4700 NW 15th Avenue | | Ft. Lauderdale, FL | | — |
| | 908 |
| | 1,883 |
| | 8 |
| | 912 |
| | 1,887 |
| | 2,799 |
| | 747 |
| | 2007 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 301 Bordentown-Hedding Road | | Bordentown, NJ | | — | | | 3,983 | | | 15,881 | | | 32 | | | 3,984 | | | 15,912 | | | 19,896 | | | 1,943 | | | 2017 | | 302 Bordentown-Hedding Road | | Bordentown, NJ | | — | | | 2,738 | | | 8,190 | | | 384 | | | 2,738 | | | 8,574 | | | 11,312 | | | 812 | | | 2018 | | 304 Bordentown-Hedding Road | | Bordentown, NJ | | — | | | 3,684 | | | 0 | | | 7,950 | | | 3,688 | | | 7,946 | | | 11,634 | | | 243 | | | 2019 | | Northern California | | | | | | | | | | | | | | | | | | | | | | 27403 Industrial Boulevard | | Hayward, CA | | — | | | 3,440 | | | 1,848 | | | 174 | | | 3,440 | | | 2,022 | | | 5,462 | | | 164 | | | 2020 | | 4160-4170 Business Center Drive | | Fremont, CA | | — | | | 4,897 | | | 4,206 | | | 298 | | | 4,897 | | | 4,504 | | | 9,401 | | | 145 | | | 2020 | | 4200 Business Center Drive | | Fremont, CA | | — | | | 5,112 | | | 3,829 | | | 75 | | | 5,158 | | | 3,858 | | | 9,016 | | | 137 | | | 2020 | | 22950 Clawiter Road | | Hayward, CA | | — | | | 3,312 | | | 2,023 | | | 105 | | | 3,312 | | | 2,128 | | | 5,440 | | | 9 | | | 2020 | | Orlando | | | | | | | | | | | | | | | | | | | | | | 6301 Hazeltine National Drive | | Orlando, FL | | — | | | 909 | | | 4,613 | | | 500 | | | 920 | | | 5,102 | | | 6,022 | | | 2,153 | | | 2005 | | 8751 Skinner Court | | Orlando, FL | | — | | | 1,691 | | | 7,249 | | | 20 | | | 1,692 | | | 7,268 | | | 8,960 | | | 1,161 | | | 2016 | | 4473 Shader Road | | Orlando, FL | | — | | | 2,094 | | | 10,444 | | | 63 | | | 2,094 | | | 10,507 | | | 12,601 | | | 1,598 | | | 2016 | | 550 Gills Drive | | Orlando, FL | | — | | | 1,321 | | | 6,176 | | | 12 | | | 1,321 | | | 6,188 | | | 7,509 | | | 704 | | | 2017 | | 450 Gills Drive | | Orlando, FL | | — | | | 1,031 | | | 6,406 | | | (42) | | | 1,031 | | | 6,364 | | | 7,395 | | | 555 | | | 2017 | | 4401 Shader Road | | Orlando, FL | | — | | | 1,037 | | | 7,116 | | | 4 | | | 1,037 | | | 7,120 | | | 8,157 | | | 536 | | | 2018 | | 770 Gills Drive | | Orlando, FL | | — | | | 851 | | | 5,195 | | | 7 | | | 851 | | | 5,202 | | | 6,053 | | | 209 | | | 2019 | | Phoenix | | | | | | | | | | | | | | | | | | | | | | 1045 S. Edward Drive | | Tempe, AZ | | — | | | 390 | | | 2,160 | | | 795 | | | 396 | | | 2,949 | | | 3,345 | | | 1,302 | | | 1999 | | 50 S. 56th Street | | Chandler, AZ | | — | | | 1,206 | | | 3,218 | | | 1,428 | | | 1,252 | | | 4,600 | | | 5,852 | | | 2,561 | | | 2004 | | 245 W. Lodge | | Tempe, AZ | | — | | | 898 | | | 3,066 | | | (2,137) | | | 362 | | | 1,465 | | | 1,827 | | | 616 | | | 2007 | | 1590 E. Riverview Drive | | Phoenix, AZ | | — | | | 1,293 | | | 5,950 | | | 123 | | | 1,292 | | | 6,074 | | | 7,366 | | | 1,770 | | | 2008 | | 14131 N. Rio Vista Boulevard | | Peoria, AZ | | 5,106 | | | 2,563 | | | 9,388 | | | (406) | | | 2,563 | | | 8,982 | | | 11,545 | | | 2,712 | | | 2008 | | 8716 W. Ludlow Drive | | Peoria, AZ | | 6,275 | | | 2,709 | | | 10,970 | | | 511 | | | 2,709 | | | 11,481 | | | 14,190 | | | 3,765 | | | 2008 | | 3815 W. Washington Street | | Phoenix, AZ | | — | | | 1,675 | | | 4,514 | | | 323 | | | 1,719 | | | 4,793 | | | 6,512 | | | 1,814 | | | 2008 | | 9180 W. Buckeye Road | | Tolleson, AZ | | — | | | 1,904 | | | 6,805 | | | 2,509 | | | 1,923 | | | 9,295 | | | 11,218 | | | 3,012 | | | 2008 | | 8644 W. Ludlow Drive | | Peoria, AZ | | — | | | 1,726 | | | 7,216 | | | 0 | | | 1,726 | | | 7,216 | | | 8,942 | | | 1,586 | | | 2014 | | 8606 W. Ludlow Drive | | Peoria, AZ | | — | | | 956 | | | 2,668 | | | 123 | | | 956 | | | 2,791 | | | 3,747 | | | 645 | | | 2014 | | 8679 W. Ludlow Drive | | Peoria, AZ | | — | | | 672 | | | 2,791 | | | 0 | | | 672 | | | 2,791 | | | 3,463 | | | 627 | | | 2014 | | 94th Avenue & Buckeye Road | | Tolleson, AZ | | — | | | 4,315 | | | 0 | | | 16,901 | | | 4,315 | | | 16,901 | | | 21,216 | | | 2,544 | | | 2015 | | 16560 W. Sells Drive | | Goodyear, AZ | | — | | | 6,259 | | | 0 | | | 31,391 | | | 6,271 | | | 31,379 | | | 37,650 | | | 3,180 | | | 2018 | | 16951 W. Camelback Road | | Goodyear, AZ | | — | | | 1,805 | | | 0 | | | 5,372 | | | 1,805 | | | 5,372 | | | 7,177 | | | 166 | | | 2019 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 4710 NW 15th Avenue | | Ft. Lauderdale, FL | | — |
| | 830 |
| | 2,722 |
| | 12 |
| | 834 |
| | 2,730 |
| | 3,564 |
| | 835 |
| | 2007 | | (i) | | 4720 NW 15th Avenue | | Ft. Lauderdale, FL | | — |
| | 937 |
| | 2,455 |
| | 373 |
| | 942 |
| | 2,823 |
| | 3,765 |
| | 1,039 |
| | 2007 | | (i) | | 4740 NW 15th Avenue | | Ft. Lauderdale, FL | | — |
| | 1,107 |
| | 3,111 |
| | 16 |
| | 1,112 |
| | 3,122 |
| | 4,234 |
| | 968 |
| | 2007 | | (i) | | 4750 NW 15th Avenue | | Ft. Lauderdale, FL | | — |
| | 947 |
| | 3,079 |
| | 353 |
| | 951 |
| | 3,428 |
| | 4,379 |
| | 1,008 |
| | 2007 | | (i) | | 4800 NW 15th Avenue | | Ft. Lauderdale, FL | | — |
| | 1,092 |
| | 3,308 |
| | 135 |
| | 1,097 |
| | 3,438 |
| | 4,535 |
| | 1,005 |
| | 2007 | | (i) | | 6891 NW 74th Street | | Medley, FL | | — |
| | 857 |
| | 3,428 |
| | 4,295 |
| | 864 |
| | 7,716 |
| | 8,580 |
| | 2,807 |
| | 2007 | | (i) | | 12601 &12605 NW 115th Avenue | | Medley, FL | | — |
| | 2,316 |
| | — |
| | 423 |
| | 762 |
| | 1,977 |
| | 2,739 |
| | 421 |
| | 2008 | | (i) | | 1351 NW 78th Avenue | | Doral, FL | | — |
| | 3,111 |
| | 4,634 |
| | (383 | ) | | 3,111 |
| | 4,251 |
| | 7,362 |
| | 283 |
| | 2016 | | (i) | | 2500 N.W. 19th Street | | Pompano Beach, FL | | | | 8,824 |
| | 11,660 |
| | 17 |
| | 8,824 |
| | 11,677 |
| | 20,501 |
| | 231 |
| | 2017 | | (i) | | Milwaukee | | | | | | | | | | | | | | | | | | | | | | | | 5355 South Westridge Drive | | New Berlin, WI | | 4,232 |
| | 1,630 |
| | 7,058 |
| | (105 | ) | | 1,646 |
| | 6,937 |
| | 8,583 |
| | 2,129 |
| | 2004 | | (i) | | 17005 West Ryerson Road | | New Berlin, WI | | 2,558 |
| | 403 |
| | 3,647 |
| | 415 |
| | 405 |
| | 4,060 |
| | 4,465 |
| | 2,169 |
| | 2005 | | (i) | | 1500 Peebles Drive | | Richland Center, WI | | — |
| | 1,577 |
| | 1,018 |
| | (441 | ) | | 1,528 |
| | 626 |
| | 2,154 |
| | 565 |
| | 2005 | | (i) | | 16600 West Glendale Avenue | | New Berlin, WI | | 1,892 |
| | 704 |
| | 1,923 |
| | 972 |
| | 715 |
| | 2,884 |
| | 3,599 |
| | 2,121 |
| | 2006 | | (i) | | N58W15380 Shawn Circle | | Menomonee Falls, WI | | — |
| | 1,188 |
| | — |
| | 16,931 |
| | 1,204 |
| | 16,915 |
| | 18,119 |
| | 4,641 |
| | 2008 | | (i) | | Minneapolis/St. Paul | | | | | | | | | | | | | | | | | | | | | | | | 6201 West 111th Street | | Bloomington, MN | | 2,110 |
| | 1,358 |
| | 8,622 |
| | 13,464 |
| | 1,519 |
| | 21,925 |
| | 23,444 |
| | 13,390 |
| | 1994 | | (i) | | 1030 Lone Oak Road | | Eagan, MN | | 2,105 |
| | 456 |
| | 2,703 |
| | 847 |
| | 456 |
| | 3,550 |
| | 4,006 |
| | 1,927 |
| | 1994 | | (i) | | 1060 Lone Oak Road | | Eagan, MN | | 2,690 |
| | 624 |
| | 3,700 |
| | 795 |
| | 624 |
| | 4,495 |
| | 5,119 |
| | 2,442 |
| | 1994 | | (i) | | 5400 Nathan Lane | | Plymouth, MN | | — |
| | 749 |
| | 4,461 |
| | 884 |
| | 757 |
| | 5,337 |
| | 6,094 |
| | 2,899 |
| | 1994 | | (i) | | 6655 Wedgewood Road | | Maple Grove, MN | | — |
| | 1,466 |
| | 8,342 |
| | 5,870 |
| | 1,466 |
| | 14,212 |
| | 15,678 |
| | 7,014 |
| | 1994 | | (i) | | 10120 West 76th Street | | Eden Prairie, MN | | — |
| | 315 |
| | 1,804 |
| | 1,043 |
| | 315 |
| | 2,847 |
| | 3,162 |
| | 1,411 |
| | 1995 | | (i) | | 12155 Nicollet Avenue | | Burnsville, MN | | — |
| | 286 |
| | — |
| | 1,957 |
| | 288 |
| | 1,955 |
| | 2,243 |
| | 980 |
| | 1995 | | (i) | | 5775 12th Avenue | | Shakopee, MN | | 3,611 |
| | 590 |
| | — |
| | 5,712 |
| | 590 |
| | 5,712 |
| | 6,302 |
| | 1,934 |
| | 1998 | | (i) | | 1157 Valley Park Drive | | Shakopee, MN | | 3,989 |
| | 760 |
| | — |
| | 7,330 |
| | 888 |
| | 7,202 |
| | 8,090 |
| | 2,971 |
| | 1999 | | (i) | | 9600 West 76th Street | | Eden Prairie, MN | | 2,008 |
| | 1,000 |
| | 2,450 |
| | 98 |
| | 1,034 |
| | 2,514 |
| | 3,548 |
| | 805 |
| | 2004 | | (i) | | 9700 West 76th Street | | Eden Prairie, MN | | 2,165 |
| | 1,000 |
| | 2,709 |
| | 117 |
| | 1,038 |
| | 2,788 |
| | 3,826 |
| | 876 |
| | 2004 | | (i) | | 7600 69th Avenue | | Greenfield, MN | | — |
| | 1,500 |
| | 8,328 |
| | (468 | ) | | 1,510 |
| | 7,850 |
| | 9,360 |
| | 2,147 |
| | 2004 | | (i) | | 5017 Boone Avenue North | | New Hope, MN | | — |
| | 1,000 |
| | 1,599 |
| | 581 |
| | 1,009 |
| | 2,171 |
| | 3,180 |
| | 1,225 |
| | 2005 | | (i) | | 1087 Park Place | | Shakopee, MN | | 3,346 |
| | 1,195 |
| | 4,891 |
| | (246 | ) | | 1,198 |
| | 4,642 |
| | 5,840 |
| | 1,505 |
| | 2005 | | (i) | | 5391 12th Avenue SE | | Shakopee, MN | | — |
| | 1,392 |
| | 8,149 |
| | (294 | ) | | 1,395 |
| | 7,852 |
| | 9,247 |
| | 2,475 |
| | 2005 | | (i) | | 4701 Valley Industrial Blvd S | | Shakopee, MN | | 4,744 |
| | 1,296 |
| | 7,157 |
| | (172 | ) | | 1,299 |
| | 6,982 |
| | 8,281 |
| | 3,400 |
| | 2005 | | (i) | | 6455 City West Parkway | | Eden Prairie, MN | | — |
| | 659 |
| | 3,189 |
| | 1,274 |
| | 665 |
| | 4,457 |
| | 5,122 |
| | 1,811 |
| | 2006 | | (i) | | 7035 Winnetka Avenue North | | Brooklyn Park, MN | | 4,343 |
| | 1,275 |
| | — |
| | 7,533 |
| | 1,343 |
| | 7,465 |
| | 8,808 |
| | 2,004 |
| | 2007 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 3600 North Cotton Lane | | Goodyear, AZ | | — | | | 5,660 | | | 0 | | | 43,396 | | | 5,659 | | | 43,397 | | | 49,056 | | | 1,271 | | | 2020 | | 3350 North Cotton Lane | | Goodyear, AZ | | — | | | 6,373 | | | 31,198 | | | 0 | | | 6,373 | | | 31,198 | | | 37,571 | | | 0 | | | 2020 | | Seattle | | | | | | | | | | | | | | | | | | | | | | 1901 Raymond Avenue SW | | Renton, WA | | — | | | 4,458 | | | 2,659 | | | 640 | | | 4,594 | | | 3,163 | | | 7,757 | | | 1,338 | | | 2008 | | 19014 64th Avenue South | | Kent, WA | | — | | | 1,990 | | | 3,979 | | | 955 | | | 2,042 | | | 4,882 | | | 6,924 | | | 2,174 | | | 2008 | | 18640 68th Avenue South | | Kent, WA | | — | | | 1,218 | | | 1,950 | | | 256 | | | 1,258 | | | 2,166 | | | 3,424 | | | 1,092 | | | 2008 | | 6407 S. 210th Street | | Kent, WA | | — | | | 1,737 | | | 3,508 | | | 0 | | | 1,737 | | | 3,508 | | | 5,245 | | | 384 | | | 2018 | | 1402 Puyallup Street | | Sumner, WA | | — | | | 3,766 | | | 4,457 | | | 439 | | | 3,766 | | | 4,896 | | | 8,662 | | | 273 | | | 2018 | | 22718 58th Place | | Kent, WA | | — | | | 1,446 | | | 2,388 | | | 152 | | | 1,447 | | | 2,539 | | | 3,986 | | | 164 | | | 2019 | | 14302 24th Street East Lot 1 | | Sumner, WA | | — | | | 2,643 | | | 0 | | | 9,989 | | | 2,643 | | | 9,989 | | | 12,632 | | | 628 | | | 2019 | | Southern California | | | | | | | | | | | | | | | | | | | | | | 1944 Vista Bella Way | | Rancho Dominguez, CA | | 2,501 | | | 1,746 | | | 3,148 | | | 450 | | | 1,822 | | | 3,522 | | | 5,344 | | | 2,127 | | | 2005 | | 2000 Vista Bella Way | | Rancho Dominguez, CA | | — | | | 817 | | | 1,673 | | | 227 | | | 853 | | | 1,864 | | | 2,717 | | | 1,140 | | | 2005 | | 2835 East Ana Street | | Rancho Dominguez, CA | | 1,997 | | | 1,682 | | | 2,750 | | | 85 | | | 1,772 | | | 2,745 | | | 4,517 | | | 1,613 | | | 2005 | | 665 N. Baldwin Park Boulevard | | City of Industry, CA | | — | | | 2,124 | | | 5,219 | | | 3,014 | | | 2,143 | | | 8,214 | | | 10,357 | | | 2,895 | | | 2006 | | 27801 Avenue Scott | | Santa Clarita, CA | | 5,176 | | | 2,890 | | | 7,020 | | | 1,147 | | | 2,902 | | | 8,155 | | | 11,057 | | | 3,400 | | | 2006 | | 2610 & 2660 Columbia Street | | Torrance, CA | | — | | | 3,008 | | | 5,826 | | | 2,066 | | | 3,031 | | | 7,869 | | | 10,900 | | | 2,791 | | | 2006 | | 433 Alaska Avenue | | Torrance, CA | | — | | | 681 | | | 168 | | | 755 | | | 684 | | | 920 | | | 1,604 | | | 140 | | | 2006 | | 2325 Camino Vida Roble | | Carlsbad, CA | | — | | | 1,441 | | | 1,239 | | | 563 | | | 1,446 | | | 1,797 | | | 3,243 | | | 774 | | | 2006 | | 2335 Camino Vida Roble | | Carlsbad, CA | | — | | | 817 | | | 762 | | | 125 | | | 821 | | | 883 | | | 1,704 | | | 428 | | | 2006 | | 2345 Camino Vida Roble | | Carlsbad, CA | | — | | | 562 | | | 456 | | | 159 | | | 565 | | | 612 | | | 1,177 | | | 359 | | | 2006 | | 2355 Camino Vida Roble | | Carlsbad, CA | | — | | | 481 | | | 365 | | | 65 | | | 483 | | | 428 | | | 911 | | | 223 | | | 2006 | | 2365 Camino Vida Roble | | Carlsbad, CA | | — | | | 1,098 | | | 630 | | | 132 | | | 1,102 | | | 758 | | | 1,860 | | | 288 | | | 2006 | | 2375 Camino Vida Roble | | Carlsbad, CA | | — | | | 1,210 | | | 874 | | | 151 | | | 1,214 | | | 1,021 | | | 2,235 | | | 543 | | | 2006 | | 6451 El Camino Real | | Carlsbad, CA | | — | | | 2,885 | | | 1,931 | | | 755 | | | 2,895 | | | 2,676 | | | 5,571 | | | 1,300 | | | 2006 | | 13100 Gregg Street | | Poway, CA | | 2,627 | | | 1,040 | | | 4,160 | | | 740 | | | 1,073 | | | 4,867 | | | 5,940 | | | 2,624 | | | 2007 | | 21730-21748 Marilla Street | | Chatsworth, CA | | — | | | 2,585 | | | 3,210 | | | 221 | | | 2,608 | | | 3,408 | | | 6,016 | | | 1,579 | | | 2007 | | 8015 Paramount | | Pico Rivera, CA | | — | | | 3,616 | | | 3,902 | | | (510) | | | 3,657 | | | 3,351 | | | 7,008 | | | 1,689 | | | 2007 | | 3365 E. Slauson | | Vernon, CA | | — | | | 2,367 | | | 3,243 | | | (559) | | | 2,396 | | | 2,655 | | | 5,051 | | | 1,339 | | | 2007 | | 3015 East Ana | | Rancho Dominguez, CA | | — | | | 19,678 | | | 9,321 | | | 6,554 | | | 20,144 | | | 15,409 | | | 35,553 | | | 6,328 | | | 2007 | | 1250 Rancho Conejo Boulevard | | Thousand Oaks, CA | | — | | | 1,435 | | | 779 | | | 45 | | | 1,441 | | | 818 | | | 2,259 | | | 439 | | | 2007 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 139 Eva Street | | St. Paul, MN | | — |
| | 2,132 |
| | 3,105 |
| | (286 | ) | | 2,175 |
| | 2,776 |
| | 4,951 |
| | 826 |
| | 2008 | | (i) | | 21900 Dodd Boulevard | | Lakeville, MN | | 9,009 |
| | 2,289 |
| | 7,952 |
| | — |
| | 2,289 |
| | 7,952 |
| | 10,241 |
| | 2,720 |
| | 2010 | | (i) | | 375 Rivertown Drive | | Woodbury, MN | | 7,198 |
| | 2,635 |
| | 8,157 |
| | 1,197 |
| | 2,635 |
| | 9,354 |
| | 11,989 |
| | 1,714 |
| | 2014 | | (i) | | 935 Aldrin Drive | | Eagan, MN | | 5,341 |
| | 2,096 |
| | 7,884 |
| | 293 |
| | 2,096 |
| | 8,177 |
| | 10,273 |
| | 1,218 |
| | 2014 | | (i) | | 7050 Winnetka Avenue North | | Brooklyn Park, MN | | — |
| | 1,623 |
| | — |
| | 7,567 |
| | 1,634 |
| | 7,556 |
| | 9,190 |
| | 605 |
| | 2014 | | (i) | | 7051 West Broadway | | Brooklyn Park, MN | | 3,733 |
| | 1,275 |
| | — |
| | 5,828 |
| | 1,279 |
| | 5,824 |
| | 7,103 |
| | 446 |
| | 2014 | | (i) | | Nashville | | | | | | | | | | | | | | | | | | | | | | | | 1931 Air Lane Drive | | Nashville, TN | | 1,881 |
| | 489 |
| | 2,785 |
| | 305 |
| | 493 |
| | 3,086 |
| | 3,579 |
| | 1,537 |
| | 1997 | | (i) | | 4640 Cummings Park | | Nashville, TN | | — |
| | 360 |
| | 2,040 |
| | 625 |
| | 365 |
| | 2,660 |
| | 3,025 |
| | 1,112 |
| | 1999 | | (i) | | 1740 River Hills Drive | | Nashville, TN | | 2,686 |
| | 848 |
| | 4,383 |
| | 746 |
| | 888 |
| | 5,089 |
| | 5,977 |
| | 2,656 |
| | 2005 | | (i) | | 211 Ellery Court | | Nashville, TN | | 2,008 |
| | 606 |
| | 3,192 |
| | 23 |
| | 616 |
| | 3,205 |
| | 3,821 |
| | 1,232 |
| | 2007 | | (i) | | 130 Maddox Road | | Mount Juliet, TN | | 15,821 |
| | 1,778 |
| | — |
| | 23,910 |
| | 1,778 |
| | 23,910 |
| | 25,688 |
| | 5,326 |
| | 2008 | | (i) | | New Jersey | | | | | | | | | | | | | | | | | | | | | | | | 14 World's Fair Drive | | Franklin, NJ | | — |
| | 483 |
| | 2,735 |
| | 728 |
| | 503 |
| | 3,443 |
| | 3,946 |
| | 1,632 |
| | 1997 | | (i) | | 12 World's Fair Drive | | Franklin, NJ | | — |
| | 572 |
| | 3,240 |
| | 844 |
| | 593 |
| | 4,063 |
| | 4,656 |
| | 1,908 |
| | 1997 | | (i) | | 22 World's Fair Drive | | Franklin, NJ | | — |
| | 364 |
| | 2,064 |
| | 547 |
| | 375 |
| | 2,600 |
| | 2,975 |
| | 1,206 |
| | 1997 | | (i) | | 26 World's Fair Drive | | Franklin, NJ | | — |
| | 361 |
| | 2,048 |
| | 616 |
| | 377 |
| | 2,648 |
| | 3,025 |
| | 1,234 |
| | 1997 | | (i) | | 24 World's Fair Drive | | Franklin, NJ | | — |
| | 347 |
| | 1,968 |
| | 581 |
| | 362 |
| | 2,534 |
| | 2,896 |
| | 1,230 |
| | 1997 | | (i) | | 20 World's Fair Drive Lot 13 | | Somerset, NJ | | — |
| | 9 |
| | — |
| | 2,629 |
| | 691 |
| | 1,947 |
| | 2,638 |
| | 789 |
| | 1999 | | (i) | | 45 Route 46 | | Pine Brook, NJ | | — |
| | 969 |
| | 5,491 |
| | 966 |
| | 978 |
| | 6,448 |
| | 7,426 |
| | 2,773 |
| | 2000 | | (i) | | 43 Route 46 | | Pine Brook, NJ | | — |
| | 474 |
| | 2,686 |
| | 438 |
| | 479 |
| | 3,119 |
| | 3,598 |
| | 1,311 |
| | 2000 | | (i) | | 39 Route 46 | | Pine Brook, NJ | | — |
| | 260 |
| | 1,471 |
| | 243 |
| | 262 |
| | 1,712 |
| | 1,974 |
| | 719 |
| | 2000 | | (i) | | 26 Chapin Road | | Pine Brook, NJ | | — |
| | 956 |
| | 5,415 |
| | 526 |
| | 965 |
| | 5,932 |
| | 6,897 |
| | 2,566 |
| | 2000 | | (i) | | 30 Chapin Road | | Pine Brook, NJ | | — |
| | 960 |
| | 5,440 |
| | 471 |
| | 970 |
| | 5,901 |
| | 6,871 |
| | 2,541 |
| | 2000 | | (i) | | 20 Hook Mountain Road | | Pine Brook, NJ | | — |
| | 1,507 |
| | 8,542 |
| | 1,401 |
| | 1,534 |
| | 9,916 |
| | 11,450 |
| | 4,140 |
| | 2000 | | (i) | | 30 Hook Mountain Road | | Pine Brook, NJ | | — |
| | 389 |
| | 2,206 |
| | 520 |
| | 396 |
| | 2,719 |
| | 3,115 |
| | 1,238 |
| | 2000 | | (i) | | 16 Chapin Road | | Pine Brook, NJ | | — |
| | 885 |
| | 5,015 |
| | 611 |
| | 901 |
| | 5,610 |
| | 6,511 |
| | 2,337 |
| | 2000 | | (i) | | 20 Chapin Road | | Pine Brook, NJ | | — |
| | 1,134 |
| | 6,426 |
| | 590 |
| | 1,154 |
| | 6,996 |
| | 8,150 |
| | 2,929 |
| | 2000 | | (i) | | 2500 Main Street | | Sayreville, NJ | | — |
| | 944 |
| | — |
| | 4,575 |
| | 944 |
| | 4,575 |
| | 5,519 |
| | 1,740 |
| | 2002 | | (i) | | 2400 Main Street | | Sayreville, NJ | | — |
| | 996 |
| | — |
| | 5,448 |
| | 996 |
| | 5,448 |
| | 6,444 |
| | 1,837 |
| | 2003 | | (i) | | 7851 Airport Highway | | Pennsauken, NJ | | — |
| | 160 |
| | 508 |
| | 328 |
| | 162 |
| | 834 |
| | 996 |
| | 399 |
| | 2003 | | (i) | | 103 Central Avenue | | Mt. Laurel, NJ | | — |
| | 610 |
| | 1,847 |
| | 1,617 |
| | 619 |
| | 3,455 |
| | 4,074 |
| | 1,628 |
| | 2003 | | (i) | | 309-313 Pierce Street | | Somerset, NJ | | 2,937 |
| | 1,300 |
| | 4,628 |
| | 606 |
| | 1,309 |
| | 5,225 |
| | 6,534 |
| | 1,825 |
| | 2004 | | (i) | | 7890 Airport Hwy/7015 Central | | Pennsauken, NJ | | — |
| | 300 |
| | 989 |
| | 495 |
| | 425 |
| | 1,359 |
| | 1,784 |
| | 1,031 |
| | 2006 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 1260 Rancho Conejo Boulevard | | Thousand Oaks, CA | | — | | | 1,353 | | | 722 | | | (710) | | | 675 | | | 690 | | | 1,365 | | | 344 | | | 2007 | | 1270 Rancho Conejo Boulevard | | Thousand Oaks, CA | | — | | | 1,224 | | | 716 | | | (2) | | | 1,229 | | | 709 | | | 1,938 | | | 379 | | | 2007 | | 100 West Sinclair Street | | Perris, CA | | — | | | 4,894 | | | 3,481 | | | (5,238) | | | 1,819 | | | 1,318 | | | 3,137 | | | 806 | | | 2007 | | 14050 Day Street | | Moreno Valley, CA | | — | | | 2,538 | | | 2,538 | | | 545 | | | 2,565 | | | 3,056 | | | 5,621 | | | 1,493 | | | 2008 | | 12925 Marlay Avenue | | Fontana, CA | | — | | | 6,072 | | | 7,891 | | | 309 | | | 6,090 | | | 8,182 | | | 14,272 | | | 5,128 | | | 2008 | | 18201-18291 Santa Fe | | Rancho Dominguez, CA | | — | | | 6,720 | | | 0 | | | 9,494 | | | 6,897 | | | 9,317 | | | 16,214 | | | 3,250 | | | 2008 | | 1011 Rancho Conejo | | Thousand Oaks, CA | | — | | | 7,717 | | | 2,518 | | | (170) | | | 7,752 | | | 2,313 | | | 10,065 | | | 1,351 | | | 2008 | | 20700 Denker Avenue | | Torrance, CA | | — | | | 5,767 | | | 2,538 | | | 397 | | | 5,964 | | | 2,737 | | | 8,701 | | | 1,683 | | | 2008 | | 18408 Laurel Park Road | | Rancho Dominguez, CA | | — | | | 2,850 | | | 2,850 | | | 907 | | | 2,874 | | | 3,733 | | | 6,607 | | | 1,733 | | | 2008 | | 19021 S. Reyes Avenue | | Rancho Dominguez, CA | | — | | | 8,183 | | | 7,501 | | | 741 | | | 8,545 | | | 7,880 | | | 16,425 | | | 2,111 | | | 2008 | | 24870 Nandina Avenue | | Moreno Valley, CA | | — | | | 13,543 | | | 0 | | | 21,279 | | | 6,482 | | | 28,339 | | | 34,821 | | | 6,382 | | | 2012 | | 6185 Kimball Avenue | | Chino, CA | | — | | | 6,385 | | | 0 | | | 10,993 | | | 6,382 | | | 10,997 | | | 17,379 | | | 2,109 | | | 2013 | | 5553 Bandini Boulevard | | Bell, CA | | — | | | 32,536 | | | 0 | | | 21,764 | | | 32,540 | | | 21,760 | | | 54,300 | | | 4,094 | | | 2013 | | 16875 Heacock Street | | Moreno Valley, CA | | — | | | 0 | | | 6,831 | | | (816) | | | 0 | | | 6,015 | | | 6,015 | | | 1,255 | | | 2014 | | 4710 Guasti Road | | Ontario, CA | | 4,718 | | | 2,846 | | | 6,564 | | | 213 | | | 2,846 | | | 6,777 | | | 9,623 | | | 1,547 | | | 2014 | | 17100 Perris Boulevard | | Moreno Valley, CA | | — | | | 6,388 | | | 0 | | | 25,801 | | | 6,395 | | | 25,794 | | | 32,189 | | | 5,059 | | | 2014 | | 13414 S. Figueroa | | Los Angeles, CA | | 3,661 | | | 1,701 | | | 0 | | | 6,577 | | | 1,887 | | | 6,391 | | | 8,278 | | | 1,047 | | | 2014 | | 3841 Ocean Ranch Boulevard | | Oceanside, CA | | — | | | 4,400 | | | 0 | | | 8,066 | | | 4,400 | | | 8,066 | | | 12,466 | | | 1,679 | | | 2015 | | 3831 Ocean Ranch Boulevard | | Oceanside, CA | | — | | | 2,693 | | | 0 | | | 4,584 | | | 2,694 | | | 4,583 | | | 7,277 | | | 927 | | | 2015 | | 3821 Ocean Ranch Boulevard | | Oceanside, CA | | — | | | 2,792 | | | 0 | | | 4,469 | | | 2,792 | | | 4,469 | | | 7,261 | | | 910 | | | 2015 | | 145 West 134th Street | | Los Angeles, CA | | — | | | 2,901 | | | 2,285 | | | 173 | | | 2,901 | | | 2,458 | | | 5,359 | | | 640 | | | 2015 | | 6150 Sycamore Canyon Boulevard | | Riverside, CA | | — | | | 3,182 | | | 10,643 | | | (168) | | | 3,182 | | | 10,475 | | | 13,657 | | | 1,779 | | | 2015 | | 17825 Indian Street | | Moreno Valley, CA | | — | | | 5,034 | | | 22,095 | | | 55 | | | 5,034 | | | 22,150 | | | 27,184 | | | 3,909 | | | 2015 | | 24901 San Michele Road | | Moreno Valley, CA | | — | | | 1,274 | | | 0 | | | 11,475 | | | 1,274 | | | 11,475 | | | 12,749 | | | 1,468 | | | 2016 | | 1445 Engineer Street | | Vista, CA | | — | | | 6,816 | | | 4,417 | | | 55 | | | 6,816 | | | 4,472 | | | 11,288 | | | 1,090 | | | 2016 | | 19067 Reyes Avenue | | Rancho Dominguez, CA | | — | | | 9,281 | | | 3,920 | | | 3,538 | | | 9,381 | | | 7,358 | | | 16,739 | | | 750 | | | 2016 | | 10586 Tamarind Avenue | | Fontana, CA | | — | | | 4,275 | | | 8,275 | | | 298 | | | 4,275 | | | 8,573 | | | 12,848 | | | 1,033 | | | 2017 | | 2777 Loker Avenue West | | Carlsbad, CA | | 9,926 | | | 7,599 | | | 13,267 | | | 306 | | | 7,599 | | | 13,573 | | | 21,172 | | | 1,636 | | | 2017 | | 7105 Old 215 Frontage Road | | Riverside, CA | | — | | | 4,900 | | | 0 | | | 12,731 | | | 4,900 | | | 12,731 | | | 17,631 | | | 1,457 | | | 2017 | | 28545 Livingston Avenue | | Valencia, CA | | — | | | 9,813 | | | 10,954 | | | 2,375 | | | 9,813 | | | 13,329 | | | 23,142 | | | 1,513 | | | 2018 | | 3801 Ocean Ranch Boulevard | | Oceanside, CA | | 2,895 | | | 2,907 | | | 6,151 | | | 37 | | | 2,909 | | | 6,186 | | | 9,095 | | | 550 | | | 2018 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 400 Cedar Lane | | Florence Township, NJ | | — |
| | 9,730 |
| | — |
| | 26,173 |
| | 9,730 |
| | 26,173 |
| | 35,903 |
| | 697 |
| | 2016 | | (i) | | 301 Bordentown Hedding Road | | Bordenrown, NJ | | — |
| | 3,983 |
| | 15,881 |
| | — |
| | 3,983 |
| | 15,881 |
| | 19,864 |
| | 238 |
| | 2017 | | (i) | | Orlando | | | | | | | | | | | | | | | | | | | | | | | | 6301 Hazeltine National Drive | | Orlando, FL | | — |
| | 909 |
| | 4,613 |
| | 222 |
| | 920 |
| | 4,824 |
| | 5,744 |
| | 1,614 |
| | 2005 | | (i) | | 8751 Skinner Court | | Orlando, FL | | 4,518 |
| | 1,691 |
| | 7,249 |
| | 30 |
| | 1,692 |
| | 7,278 |
| | 8,970 |
| | 487 |
| | 2016 | | (i) | | 4473 Shader Road | | Orlando, FL | | — |
| | 2,094 |
| | 10,444 |
| | 56 |
| | 2,094 |
| | 10,500 |
| | 12,594 |
| | 587 |
| | 2016 | | (i) | | 550 Gills Drive | | Orlando, FL | | | | 1,321 |
| | 6,176 |
| | 4 |
| | 1,321 |
| | 6,180 |
| | 7,501 |
| | 115 |
| | 2017 | | (i) | | 450 Gills Drive | | Orlando, FL | | | | 1,031 |
| | 6,406 |
| | — |
| | 1,031 |
| | 6,406 |
| | 7,437 |
| | 47 |
| | 2017 | | (i) | | Phoenix | | | | | | | | | | | | | | | | | | | | | | | | 1045 South Edward Drive | | Tempe, AZ | | — |
| | 390 |
| | 2,160 |
| | 398 |
| | 396 |
| | 2,552 |
| | 2,948 |
| | 1,153 |
| | 1999 | | (i) | | 50 South 56th Street | | Chandler, AZ | | 3,050 |
| | 1,206 |
| | 3,218 |
| | 1,379 |
| | 1,252 |
| | 4,551 |
| | 5,803 |
| | 1,890 |
| | 2004 | | (i) | | 7102 West Roosevelt | | Phoenix, AZ | | 4,863 |
| | 1,613 |
| | 6,451 |
| | 424 |
| | 1,620 |
| | 6,868 |
| | 8,488 |
| | 3,014 |
| | 2006 | | (i) | | 4137 West Adams Street | | Phoenix, AZ | | 2,044 |
| | 990 |
| | 2,661 |
| | 239 |
| | 1,038 |
| | 2,852 |
| | 3,890 |
| | 1,222 |
| | 2006 | | (i) | | 245 West Lodge | | Tempe, AZ | | — |
| | 898 |
| | 3,066 |
| | (2,251 | ) | | 362 |
| | 1,351 |
| | 1,713 |
| | 500 |
| | 2007 | | (i) | | 1590 East Riverview Dr. | | Phoenix, AZ | | 4,517 |
| | 1,293 |
| | 5,950 |
| | 91 |
| | 1,292 |
| | 6,042 |
| | 7,334 |
| | 1,660 |
| | 2008 | | (i) | | 14131 N. Rio Vista Blvd | | Peoria, AZ | | — |
| | 2,563 |
| | 9,388 |
| | 175 |
| | 2,563 |
| | 9,563 |
| | 12,126 |
| | 2,740 |
| | 2008 | | (i) | | 8716 W. Ludlow Drive | | Peoria, AZ | | — |
| | 2,709 |
| | 10,970 |
| | 1,196 |
| | 2,709 |
| | 12,166 |
| | 14,875 |
| | 3,501 |
| | 2008 | | (i) | | 3815 W. Washington Street | | Phoenix, AZ | | 3,133 |
| | 1,675 |
| | 4,514 |
| | 406 |
| | 1,719 |
| | 4,876 |
| | 6,595 |
| | 1,414 |
| | 2008 | | (i) | | 9180 W. Buckeye Road | | Tolleson, AZ | | — |
| | 1,904 |
| | 6,805 |
| | 2,610 |
| | 1,923 |
| | 9,396 |
| | 11,319 |
| | 2,525 |
| | 2008 | | (i) | | 8644 West Ludlow Drive | | Peoria, AZ | | — |
| | 1,726 |
| | 7,216 |
| | — |
| | 1,726 |
| | 7,216 |
| | 8,942 |
| | 815 |
| | 2014 | | (i) | | 8606 West Ludlow Drive | | Peoria, AZ | | — |
| | 956 |
| | 2,668 |
| | 123 |
| | 956 |
| | 2,791 |
| | 3,747 |
| | 327 |
| | 2014 | | (i) | | 8679 West Ludlow Drive | | Peoria, AZ | | — |
| | 672 |
| | 2,791 |
| | — |
| | 672 |
| | 2,791 |
| | 3,463 |
| | 322 |
| | 2014 | | (i) | | 94th Avenue & Buckeye Road | | Tolleson, AZ | | — |
| | 4,315 |
| | — |
| | 16,131 |
| | 4,315 |
| | 16,131 |
| | 20,446 |
| | 825 |
| | 2015 | | (i) | | 16601 West Sells Drive | | Goodyear, AZ | | | | 24,743 |
| | — |
| | 19,086 |
| | 24,803 |
| | 19,026 |
| | 43,829 |
| | 398 |
| | 2017 | | (i) | | Seattle | | | | | | | | | | | | | | | | | | | | | | | | 1901 Raymond Ave SW | | Renton, WA | | — |
| | 4,458 |
| | 2,659 |
| | 532 |
| | 4,594 |
| | 3,055 |
| | 7,649 |
| | 944 |
| | 2008 | | (i) | | 19014 64th Avenue South | | Kent, WA | | 2,891 |
| | 1,990 |
| | 3,979 |
| | 464 |
| | 2,042 |
| | 4,391 |
| | 6,433 |
| | 1,679 |
| | 2008 | | (i) | | 18640 68th Avenue South | | Kent, WA | | — |
| | 1,218 |
| | 1,950 |
| | 310 |
| | 1,258 |
| | 2,220 |
| | 3,478 |
| | 883 |
| | 2008 | | (i) | | Southern California | | | | | | | | | | | | | | | | | | | | | | | | 1944 Vista Bella Way | | Rancho Dominguez, CA | | 3,070 |
| | 1,746 |
| | 3,148 |
| | 465 |
| | 1,822 |
| | 3,537 |
| | 5,359 |
| | 1,720 |
| | 2005 | | (i) | | 2000 Vista Bella Way | | Rancho Dominguez, CA | | 1,223 |
| | 817 |
| | 1,673 |
| | 232 |
| | 853 |
| | 1,869 |
| | 2,722 |
| | 922 |
| | 2005 | | (i) | | 2835 East Ana Street | | Rancho Dominguez, CA | | 2,544 |
| | 1,682 |
| | 2,750 |
| | 409 |
| | 1,772 |
| | 3,069 |
| | 4,841 |
| | 1,496 |
| | 2005 | | (i) | | 16275 Technology Drive | | San Diego, CA | | — |
| | 2,848 |
| | 8,641 |
| | (40 | ) | | 2,859 |
| | 8,590 |
| | 11,449 |
| | 2,999 |
| | 2005 | | (i) | | 665 N. Baldwin Park Blvd. | | City of Industry, CA | | 3,463 |
| | 2,124 |
| | 5,219 |
| | 362 |
| | 2,143 |
| | 5,562 |
| | 7,705 |
| | 1,802 |
| | 2006 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | 3809 Ocean Ranch Boulevard | | Oceanside, CA | | 3,156 | | | 3,140 | | | 6,964 | | | 73 | | | 3,141 | | | 7,036 | | | 10,177 | | | 619 | | | 2018 | | 3817 Ocean Ranch Boulevard | | Oceanside, CA | | 4,851 | | | 5,438 | | | 10,278 | | | 33 | | | 5,442 | | | 10,307 | | | 15,749 | | | 932 | | | 2018 | | 24385 Nandina Avenue | | Moreno Valley, CA | | — | | | 17,023 | | | 0 | | | 63,207 | | | 17,066 | | | 63,164 | | | 80,230 | | | 4,126 | | | 2018 | | 14999 Summit Drive | | Eastvale, CA | | — | | | 1,508 | | | 0 | | | 2,978 | | | 1,508 | | | 2,978 | | | 4,486 | | | 200 | | | 2018 | | 14969 Summit Drive | | Eastvale, CA | | — | | | 3,847 | | | 0 | | | 11,185 | | | 3,847 | | | 11,185 | | | 15,032 | | | 1,557 | | | 2018 | | 14939 Summit Drive | | Eastvale, CA | | — | | | 3,107 | | | 0 | | | 8,293 | | | 3,107 | | | 8,293 | | | 11,400 | | | 553 | | | 2018 | | 14909 Summit Drive | | Eastvale, CA | | — | | | 7,099 | | | 0 | | | 19,191 | | | 7,099 | | | 19,191 | | | 26,290 | | | 1,643 | | | 2018 | | 14940 Summit Drive | | Eastvale, CA | | — | | | 5,423 | | | 0 | | | 13,912 | | | 5,423 | | | 13,912 | | | 19,335 | | | 1,020 | | | 2018 | | 14910 Summit Drive | | Eastvale, CA | | — | | | 1,873 | | | 0 | | | 5,371 | | | 1,873 | | | 5,371 | | | 7,244 | | | 506 | | | 2018 | | 930 Columbia Avenue | | Riverside, CA | | — | | | 1,813 | | | 3,840 | | | 63 | | | 1,813 | | | 3,903 | | | 5,716 | | | 173 | | | 2019 | | 305 Sequoia Avenue | | Ontario, CA | | — | | | 6,641 | | | 8,155 | | | 50 | | | 6,641 | | | 8,205 | | | 14,846 | | | 340 | | | 2019 | | 3051 E. Maria Street | | Rancho Dominguez, CA | | — | | | 1,392 | | | 1,532 | | | 1 | | | 1,392 | | | 1,533 | | | 2,925 | | | 92 | | | 2019 | | 1709-1811 W. Mahalo Place | | Compton, CA | | — | | | 2,132 | | | 1,961 | | | 2 | | | 2,130 | | | 1,965 | | | 4,095 | | | 143 | | | 2019 | | 1964 Kellogg Avenue | | Carlsbad, CA | | — | | | 3,836 | | | 3,524 | | | 294 | | | 3,836 | | | 3,818 | | | 7,654 | | | 172 | | | 2019 | | 353 Perry Street | | Perris, CA | | — | | | 1,780 | | | 0 | | | 18,871 | | | 1,788 | | | 18,863 | | | 20,651 | | | 589 | | | 2019 | | 8572 Spectrum Lane | | San Diego, CA | | — | | | 806 | | | 3,225 | | | 1,054 | | | 806 | | | 4,279 | | | 5,085 | | | 201 | | | 2019 | | 10780 Redwood Avenue | | Fontana, CA | | — | | | 13,410 | | | 0 | | | 22,616 | | | 13,402 | | | 22,624 | | | 36,026 | | | 376 | | | 2020 | | 14518 Santa Ana Avenue | | Fontana, CA | | — | | | 1,745 | | | 0 | | | 4,744 | | | 1,745 | | | 4,744 | | | 6,489 | | | 79 | | | 2020 | | 11253 Redwood Avenue | | Fontana, CA | | — | | | 3,333 | | | 0 | | | 8,433 | | | 3,333 | | | 8,433 | | | 11,766 | | | 69 | | | 2020 | | 19302-19400 S. Laurel Park | | Rancho Dominguez, CA | | — | | | 12,816 | | | 1,649 | | | 891 | | | 12,815 | | | 2,541 | | | 15,356 | | | 0 | | | 2020 | | Other | | | | | | | | | | | | | | | | | | | | | | 600 Greene Drive | | Greenville, KY | | — | | | 294 | | | 8,570 | | | (727) | | | 296 | | | 7,841 | | | 8,137 | | | 7,635 | | | 2008 | | 7501 NW 106th Terrace | | Kansas City, MO | | — | | | 4,152 | | | 0 | | | 13,786 | | | 4,228 | | | 13,710 | | | 17,938 | | | 4,173 | | | 2008 | | 1908-2000 Innerbelt | | Overland, MO | | — | | | 1,590 | | | 9,026 | | | 1,775 | | | 1,591 | | | 10,800 | | | 12,391 | | | 6,063 | | | 2004 | | 1815-1957 South 4650 West | | Salt Lake City, UT | | — | | | 1,707 | | | 10,873 | | | (10) | | | 1,713 | | | 10,857 | | | 12,570 | | | 4,627 | | | 2006 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 27801 Avenue Scott | | Santa Clarita, CA | | 5,790 |
| | 2,890 |
| | 7,020 |
| | 196 |
| | 2,902 |
| | 7,204 |
| | 10,106 |
| | 2,650 |
| | 2006 | | (i) | | 2610 & 2660 Columbia Street | | Torrance, CA | | 4,199 |
| | 3,008 |
| | 5,826 |
| | 510 |
| | 3,031 |
| | 6,313 |
| | 9,344 |
| | 2,386 |
| | 2006 | | (i) | | 433 Alaska Avenue | | Torrance, CA | | — |
| | 681 |
| | 168 |
| | 3 |
| | 684 |
| | 168 |
| | 852 |
| | 109 |
| | 2006 | | (i) | | 6305 El Camino Real | | Carlsbad, CA | | — |
| | 1,590 |
| | 6,360 |
| | 7,730 |
| | 1,590 |
| | 14,090 |
| | 15,680 |
| | 4,784 |
| | 2006 | | (i) | | 2325 Camino Vida Roble | | Carlsbad, CA | | 1,873 |
| | 1,441 |
| | 1,239 |
| | 630 |
| | 1,446 |
| | 1,864 |
| | 3,310 |
| | 665 |
| | 2006 | | (i) | | 2335 Camino Vida Roble | | Carlsbad, CA | | 964 |
| | 817 |
| | 762 |
| | 125 |
| | 821 |
| | 883 |
| | 1,704 |
| | 401 |
| | 2006 | | (i) | | 2345 Camino Vida Roble | | Carlsbad, CA | | 635 |
| | 562 |
| | 456 |
| | 105 |
| | 565 |
| | 558 |
| | 1,123 |
| | 227 |
| | 2006 | | (i) | | 2355 Camino Vida Roble | | Carlsbad, CA | | 618 |
| | 481 |
| | 365 |
| | 246 |
| | 483 |
| | 609 |
| | 1,092 |
| | 323 |
| | 2006 | | (i) | | 2365 Camino Vida Roble | | Carlsbad, CA | | 1,171 |
| | 1,098 |
| | 630 |
| | 341 |
| | 1,102 |
| | 967 |
| | 2,069 |
| | 539 |
| | 2006 | | (i) | | 2375 Camino Vida Roble | | Carlsbad, CA | | 1,239 |
| | 1,210 |
| | 874 |
| | 105 |
| | 1,214 |
| | 975 |
| | 2,189 |
| | 414 |
| | 2006 | | (i) | | 6451 El Camino Real | | Carlsbad, CA | | — |
| | 2,885 |
| | 1,931 |
| | 670 |
| | 2,895 |
| | 2,591 |
| | 5,486 |
| | 956 |
| | 2006 | | (i) | | 13100 Gregg Street | | Poway, CA | | 3,124 |
| | 1,040 |
| | 4,160 |
| | 744 |
| | 1,073 |
| | 4,871 |
| | 5,944 |
| | 2,091 |
| | 2007 | | (i) | | 21730-21748 Marilla Street | | Chatsworth, CA | | 2,683 |
| | 2,585 |
| | 3,210 |
| | 174 |
| | 2,608 |
| | 3,361 |
| | 5,969 |
| | 1,365 |
| | 2007 | | (i) | | 8015 Paramount | | Pico Rivera, CA | | — |
| | 3,616 |
| | 3,902 |
| | (510 | ) | | 3,657 |
| | 3,351 |
| | 7,008 |
| | 1,321 |
| | 2007 | | (i) | | 3365 E. Slauson | | Vernon, CA | | — |
| | 2,367 |
| | 3,243 |
| | (559 | ) | | 2,396 |
| | 2,655 |
| | 5,051 |
| | 1,047 |
| | 2007 | | (i) | | 3015 East Ana | | Rancho Dominguez, CA | | — |
| | 19,678 |
| | 9,321 |
| | 6,305 |
| | 20,144 |
| | 15,160 |
| | 35,304 |
| | 5,021 |
| | 2007 | | (i) | | 1250 Rancho Conejo Blvd. | | Thousand Oaks, CA | | — |
| | 1,435 |
| | 779 |
| | 45 |
| | 1,441 |
| | 818 |
| | 2,259 |
| | 326 |
| | 2007 | | (i) | | 1260 Rancho Conejo Blvd. | | Thousand Oaks, CA | | — |
| | 1,353 |
| | 722 |
| | (722 | ) | | 675 |
| | 678 |
| | 1,353 |
| | 235 |
| | 2007 | | (i) | | 1270 Rancho Conejo Blvd. | | Thousand Oaks, CA | | — |
| | 1,224 |
| | 716 |
| | (13 | ) | | 1,229 |
| | 698 |
| | 1,927 |
| | 283 |
| | 2007 | | (i) | | 1280 Rancho Conejo Blvd. | | Thousand Oaks, CA | | 2,341 |
| | 2,043 |
| | 3,408 |
| | (241 | ) | | 2,051 |
| | 3,159 |
| | 5,210 |
| | 807 |
| | 2007 | | (i) | | 1290 Rancho Conejo Blvd. | | Thousand Oaks, CA | | 1,969 |
| | 1,754 |
| | 2,949 |
| | (322 | ) | | 1,761 |
| | 2,620 |
| | 4,381 |
| | 677 |
| | 2007 | | (i) | | 100 West Sinclair Street | | Perris, CA | | — |
| | 4,894 |
| | 3,481 |
| | (5,233 | ) | | 1,819 |
| | 1,323 |
| | 3,142 |
| | 676 |
| | 2007 | | (i) | | 14050 Day Street | | Moreno Valley, CA | | 3,442 |
| | 2,538 |
| | 2,538 |
| | 513 |
| | 2,565 |
| | 3,023 |
| | 5,588 |
| | 1,119 |
| | 2008 | | (i) | | 12925 Marlay Avenue | | Fontana, CA | | 8,780 |
| | 6,072 |
| | 7,891 |
| | 292 |
| | 6,090 |
| | 8,165 |
| | 14,255 |
| | 3,899 |
| | 2008 | | (i) | | 18201-18291 Santa Fe | | Rancho Dominguez, CA | | 9,817 |
| | 6,720 |
| | — |
| | 9,220 |
| | 6,897 |
| | 9,043 |
| | 15,940 |
| | 2,181 |
| | 2008 | | (i) | | 1011 Rancho Conejo | | Thousand Oaks, CA | | 4,523 |
| | 7,717 |
| | 2,518 |
| | (169 | ) | | 7,752 |
| | 2,313 |
| | 10,065 |
| | 988 |
| | 2008 | | (i) | | 20700 Denker Avenue | | Torrance, CA | | 5,490 |
| | 5,767 |
| | 2,538 |
| | 1,397 |
| | 5,964 |
| | 3,739 |
| | 9,703 |
| | 2,141 |
| | 2008 | | (i) | | 18408 Laurel Park Road | | Rancho Dominguez, CA | | — |
| | 2,850 |
| | 2,850 |
| | 913 |
| | 2,874 |
| | 3,739 |
| | 6,613 |
| | 1,270 |
| | 2008 | | (i) | | 19021 S. Reyes Avenue | | Rancho Dominguez, CA | | — |
| | 8,183 |
| | 7,501 |
| | 233 |
| | 8,545 |
| | 7,372 |
| | 15,917 |
| | 1,572 |
| | 2008 | | (i) | | 24870 Nandina Avenue | | Moreno Valley, CA | | — |
| | 13,543 |
| | — |
| | 21,146 |
| | 6,482 |
| | 28,207 |
| | 34,689 |
| | 3,982 |
| | 2012 | | (i) | | 6185 Kimball Avenue | | Chino, CA | | — |
| | 6,385 |
| | — |
| | 12,343 |
| | 6,382 |
| | 12,346 |
| | 18,728 |
| | 2,291 |
| | 2013 | | (i) | | 5553 Bandini Blvd. | | Bell, CA | | — |
| | 32,536 |
| | — |
| | 21,620 |
| | 32,540 |
| | 21,616 |
| | 54,156 |
| | 2,344 |
| | 2013 | | (i) | | 16875 Heacock Street | | Moreno Valley, CA | | — |
| | — |
| | 6,831 |
| | 72 |
| | — |
| | 6,903 |
| | 6,903 |
| | 1,383 |
| | 2014 | | (i) | | 4710 Guasti Road | | Ontario, CA | | 5,774 |
| | 2,846 |
| | 6,564 |
| | 212 |
| | 2,846 |
| | 6,776 |
| | 9,622 |
| | 757 |
| | 2014 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2020 | | | | | | | |
Initial Cost | |
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision | | Gross Amount Carried
At Close of Period 12/31/20 | | | | Year
Acquired/
Constructed | | Building Address | | Location
(City/State) | | (a)
Encumbrances | | Land | | Buildings and
Improvements | | | Land | | Buildings and
Improvements | | Total | | Accumulated
Depreciation
12/31/2020 | | | | | | | (In thousands) | | | | | | | | | | | | | | | | | | Developments in Process | | | | | | | | | | | | | | | | | | | | | | First Nandina II Logistics Center BTS | | Moreno Valley, CA | | — | | | 4,016 | | | 0 | | | 6,682 | | | 4,066 | | | 6,632 | | | 10,698 | | | 0 | | | 2018 | | First 95 Distribution Center | | Pompano Beach, FL | | — | | | 8,771 | | | 0 | | | 1,656 | | | 8,787 | | | 1,640 | | | 10,427 | | | 0 | | | 2018 | | First Cypress Creek Commerce Center Building B | | Fort Lauderdale, FL | | — | | | 0 | | | 0 | | | 6,631 | | | 0 | | | 6,631 | | | 6,631 | | | 0 | | | 2019 | | First Cypress Creek Commerce Center Building C | | Fort Lauderdale, FL | | — | | | 0 | | | 0 | | | 10,231 | | | 0 | | | 10,231 | | | 10,231 | | | 0 | | | 2019 | | First Cypress Creek Commerce Center Building D | | Fort Lauderdale, FL | | — | | | 0 | | | 0 | | | 7,741 | | | 0 | | | 7,741 | | | 7,741 | | | 0 | | | 2019 | | First Park Miami Building 2 | | Medley, FL | | — | | | 14,871 | | | 0 | | | 3,362 | | | 14,801 | | | 3,432 | | | 18,233 | | | 0 | | | 2020 | | First Park Miami Building 9 | | Medley, FL | | — | | | 7,645 | | | 0 | | | 2,126 | | | 7,589 | | | 2,182 | | | 9,771 | | | 0 | | | 2020 | | First Park Miami Building 11 | | Medley, FL | | — | | | 11,467 | | | 0 | | | 2,622 | | | 11,449 | | | 2,640 | | | 14,089 | | | 0 | | | 2020 | | Land Parcels | | | | | | | | | | | | | | | | | | | | | | Land Parcels | | | | | | 245,361 | | | 1,062 | | | 42,590 | | | 240,689 | | | 48,325 | | | 289,014 | | | 5,212 | | | | | Total | | | | 144,214 | | | 1,102,528 | | | 1,475,003 | | | 1,532,365 | | | 1,091,624 | | | 3,018,272 | | | 4,109,896 | | | 839,349 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 17100 Perris Blvd | | Moreno Valley, CA | | — |
| | 6,388 |
| | — |
| | 25,892 |
| | 6,395 |
| | 25,885 |
| | 32,280 |
| | 2,538 |
| | 2014 | | (i) | | 13414 S. Figueroa | | Los Angeles, CA | | 4,352 |
| | 1,701 |
| | — |
| | 6,579 |
| | 1,887 |
| | 6,393 |
| | 8,280 |
| | 568 |
| | 2014 | | (i) | | 3841 Ocean Ranch Boulevard | | Oceanside, CA | | — |
| | 4,400 |
| | — |
| | 8,038 |
| | 4,400 |
| | 8,038 |
| | 12,438 |
| | 681 |
| | 2015 | | (i) | | 3831 Ocean Ranch Boulevard | | Oceanside, CA | | — |
| | 2,693 |
| | — |
| | 4,584 |
| | 2,694 |
| | 4,583 |
| | 7,277 |
| | 376 |
| | 2015 | | (i) | | 3821 Ocean Ranch Boulevard | | Oceanside, CA | | — |
| | 2,792 |
| | — |
| | 4,469 |
| | 2,792 |
| | 4,469 |
| | 7,261 |
| | 337 |
| | 2015 | | (i) | | 145 West 134th Street | | Los Angeles, CA | | — |
| | 2,901 |
| | 2,285 |
| | 173 |
| | 2,901 |
| | 2,458 |
| | 5,359 |
| | 275 |
| | 2015 | | (i) | | 6150 Sycamore Canyon Blvd. | | Riverside, CA | | — |
| | 3,182 |
| | 10,643 |
| | — |
| | 3,182 |
| | 10,643 |
| | 13,825 |
| | 907 |
| | 2015 | | (i) | | 17825 Indian Street | | Moreno Valley, CA | | — |
| | 5,034 |
| | 22,095 |
| | 24 |
| | 5,034 |
| | 22,119 |
| | 27,153 |
| | 1,696 |
| | 2015 | | (i) | | 24901 San Michele Road | | Moreno Valley, CA | | — |
| | 1,274 |
| | — |
| | 11,581 |
| | 1,274 |
| | 11,581 |
| | 12,855 |
| | 504 |
| | 2016 | | (i) | | 1445 Engineer Street | | Vista, CA | | — |
| | 6,816 |
| | 4,417 |
| | (10 | ) | | 6,816 |
| | 4,407 |
| | 11,223 |
| | 360 |
| | 2016 | | (i) | | 19067 Reyes Ave | | Rancho Dominguez, CA | | — |
| | 9,281 |
| | 3,920 |
| | 3,474 |
| | 9,381 |
| | 7,294 |
| | 16,675 |
| | 241 |
| | 2016 | | (i) | | 10586 Tamarind Avenue | | Fontana, California | | — |
| | 4,275 |
| | 8,275 |
| | 50 |
| | 4,275 |
| | 8,325 |
| | 12,600 |
| | 142 |
| | 2017 | | (i) | | 2777 Loker Avenue West | | Carlsbad, CA | | — |
| | 7,599 |
| | 13,267 |
| | 5 |
| | 7,599 |
| | 13,272 |
| | 20,871 |
| | 343 |
| | 2017 | | (i) | | 7105 Old 215 Frontage Road | | Riverside, CA | | — |
| | 4,900 |
| | — |
| | 11,995 |
| | 4,900 |
| | 11,995 |
| | 16,895 |
| | 175 |
| | 2017 | | (i) | | St. Louis | | | | | | | | | | | | | | | | | | | | | | | | 1067-1083 Warson-Bldg A | | St. Louis, MO | | — |
| | 246 |
| | 1,359 |
| | 1,020 |
| | 251 |
| | 2,374 |
| | 2,625 |
| | 781 |
| | 2002 | | (i) | | 1093-1107 Warson-Bldg B | | St. Louis, MO | | — |
| | 380 |
| | 2,103 |
| | 1,988 |
| | 388 |
| | 4,083 |
| | 4,471 |
| | 1,402 |
| | 2002 | | (i) | | 1113-1129 Warson-Bldg C | | St. Louis, MO | | — |
| | 303 |
| | 1,680 |
| | 986 |
| | 310 |
| | 2,659 |
| | 2,969 |
| | 936 |
| | 2002 | | (i) | | 1131-1151 Warson-Bldg D | | St. Louis, MO | | — |
| | 353 |
| | 1,952 |
| | 1,244 |
| | 360 |
| | 3,189 |
| | 3,549 |
| | 1,078 |
| | 2002 | | (i) | | 6821-6857 Hazelwood Avenue | | Berkeley, MO | | 4,743 |
| | 985 |
| | 6,205 |
| | 1,090 |
| | 985 |
| | 7,295 |
| | 8,280 |
| | 2,800 |
| | 2003 | | (i) | | 13701 Rider Trail North | | Earth City, MO | | — |
| | 800 |
| | 2,099 |
| | 427 |
| | 804 |
| | 2,522 |
| | 3,326 |
| | 1,058 |
| | 2003 | | (i) | | 1908-2000 Innerbelt | (d) | Overland, MO | | 6,771 |
| | 1,590 |
| | 9,026 |
| | 1,254 |
| | 1,591 |
| | 10,279 |
| | 11,870 |
| | 4,783 |
| | 2004 | | (i) | | 21-25 Gateway Commerce Center | | Edwardsville, IL | | — |
| | 1,874 |
| | 31,958 |
| | 45 |
| | 1,902 |
| | 31,975 |
| | 33,877 |
| | 10,020 |
| | 2006 | | (i) | | Tampa | | | | | | | | | | | | | | | | | | | | | | | | 5525 Johns Road | | Tampa, FL | | — |
| | 192 |
| | 1,086 |
| | 305 |
| | 200 |
| | 1,383 |
| | 1,583 |
| | 694 |
| | 1997 | | (i) | | 5709 Johns Road | | Tampa, FL | | — |
| | 192 |
| | 1,086 |
| | 238 |
| | 200 |
| | 1,316 |
| | 1,516 |
| | 647 |
| | 1997 | | (i) | | 5711 Johns Road | | Tampa, FL | | — |
| | 243 |
| | 1,376 |
| | 186 |
| | 255 |
| | 1,550 |
| | 1,805 |
| | 755 |
| | 1997 | | (i) | | 5455 W Waters Avenue | | Tampa, FL | | — |
| | 307 |
| | 1,742 |
| | 761 |
| | 326 |
| | 2,484 |
| | 2,810 |
| | 1,371 |
| | 1997 | | (i) | | 5553 W Waters Avenue | | Tampa, FL | | — |
| | 307 |
| | 1,742 |
| | 374 |
| | 326 |
| | 2,097 |
| | 2,423 |
| | 1,055 |
| | 1997 | | (i) | | 5501 W Waters Avenue | | Tampa, FL | | — |
| | 215 |
| | 871 |
| | 410 |
| | 242 |
| | 1,254 |
| | 1,496 |
| | 549 |
| | 1997 | | (i) | | 5503 W Waters Avenue | | Tampa, FL | | — |
| | 98 |
| | 402 |
| | 194 |
| | 110 |
| | 584 |
| | 694 |
| | 267 |
| | 1997 | | (i) | | 5555 W Waters Avenue | | Tampa, FL | | — |
| | 213 |
| | 1,206 |
| | 220 |
| | 221 |
| | 1,418 |
| | 1,639 |
| | 691 |
| | 1997 | | (i) | | 5557 W Waters Avenue | | Tampa, FL | | — |
| | 59 |
| | 335 |
| | 51 |
| | 62 |
| | 383 |
| | 445 |
| | 187 |
| | 1997 | | (i) | | 5463 W Waters Avenue | | Tampa, FL | | — |
| | 497 |
| | 2,751 |
| | 1,312 |
| | 560 |
| | 4,000 |
| | 4,560 |
| | 1,717 |
| | 1998 | | (i) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 | | | | | | | | (b) Initial Cost | | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | | Gross Amount Carried At Close of Period 12/31/17 | | | | Year Acquired/ Constructed | | Depreciable Lives (Years) | | Building Address | | Location (City/State) | | (a) Encumbrances | | Land | | Buildings and Improvements | | | Land | | Buildings and Improvements | | Total | | Accumulated Depreciation 12/31/2017 | | | | | | | (In thousands) | | | | | | 5461 W Waters Avenue | | Tampa, FL | | — |
| | 261 |
| | — |
| | 1,312 |
| | 265 |
| | 1,308 |
| | 1,573 |
| | 630 |
| | 1998 |
| | (i) | | 5481 W Waters Avenue | | Tampa, FL | | — |
| | 558 |
| | — |
| | 2,291 |
| | 561 |
| | 2,288 |
| | 2,849 |
| | 1,008 |
| | 1999 |
| | (i) | | 4515-4519 George Road | | Tampa, FL | | — |
| | 633 |
| | 3,587 |
| | 857 |
| | 640 |
| | 4,437 |
| | 5,077 |
| | 1,798 |
| | 2001 |
| | (i) | | 6089 Johns Road | | Tampa, FL | | — |
| | 180 |
| | 987 |
| | 136 |
| | 186 |
| | 1,117 |
| | 1,303 |
| | 458 |
| | 2004 |
| | (i) | | 6091 Johns Road | | Tampa, FL | | — |
| | 140 |
| | 730 |
| | 54 |
| | 144 |
| | 780 |
| | 924 |
| | 301 |
| | 2004 |
| | (i) | | 6103 Johns Road | | Tampa, FL | | — |
| | 220 |
| | 1,160 |
| | 50 |
| | 226 |
| | 1,204 |
| | 1,430 |
| | 479 |
| | 2004 |
| | (i) | | 6201 Johns Road | | Tampa, FL | | — |
| | 200 |
| | 1,107 |
| | 41 |
| | 205 |
| | 1,143 |
| | 1,348 |
| | 548 |
| | 2004 |
| | (i) | | 6203 Johns Road | | Tampa, FL | | — |
| | 300 |
| | 1,460 |
| | (270 | ) | | 311 |
| | 1,179 |
| | 1,490 |
| | 454 |
| | 2004 |
| | (i) | | 6205 Johns Road | | Tampa, FL | | — |
| | 270 |
| | 1,363 |
| | 47 |
| | 278 |
| | 1,402 |
| | 1,680 |
| | 431 |
| | 2004 |
| | (i) | | 6101 Johns Road | | Tampa, FL | | — |
| | 210 |
| | 833 |
| | 95 |
| | 216 |
| | 922 |
| | 1,138 |
| | 429 |
| | 2004 |
| | (i) | | 4908 Tampa West Blvd | | Tampa, FL | | — |
| | 2,622 |
| | 8,643 |
| | (807 | ) | | 2,635 |
| | 7,823 |
| | 10,458 |
| | 3,628 |
| | 2005 |
| | (i) | | Other | | | | | | | | | | | | | | | | | | | | | | | | 1815-1957 South 4650 West | | Salt Lake City, UT | | 6,234 |
| | 1,707 |
| | 10,873 |
| | 62 |
| | 1,713 |
| | 10,929 |
| | 12,642 |
| | 3,617 |
| | 2006 |
| | (i) | | 3200 Pond Station | | Jefferson County, KY | | — |
| | 2,074 |
| | — |
| | 9,681 |
| | 2,120 |
| | 9,635 |
| | 11,755 |
| | 2,581 |
| | 2007 |
| | (i) | | 581 Welltown Road/Tyson Blvd | | Winchester, VA | | — |
| | 2,320 |
| | — |
| | 11,109 |
| | 2,401 |
| | 11,028 |
| | 13,429 |
| | 2,872 |
| | 2007 |
| | (i) | | 7501 NW 106th Terrace | | Kansas City, MO | | 10,986 |
| | 4,152 |
| | — |
| | 13,687 |
| | 4,228 |
| | 13,611 |
| | 17,839 |
| | 3,136 |
| | 2008 |
| | (i) | | 600 Greene Drive | | Greenville, KY | | — |
| | 294 |
| | 8,570 |
| | (727 | ) | | 296 |
| | 7,841 |
| | 8,137 |
| | 5,861 |
| | 2008 |
| | (i) | | Developments in Process | | | | | | | | | | | | | | | | | | | | | | | | First Nandina Logistics Center | | Moreno Valley, CA | | — |
| | 16,494 |
| | — |
| | 15,609 |
| | 17,066 |
| | 15,037 |
| | 32,103 |
| | — |
| | 2013 |
| | (i) | | The Ranch By First Industrial | | Eastvale, CA | | — |
| | 22,857 |
| | — |
| | 47,484 |
| | 22,860 |
| | 47,481 |
| | 70,341 |
| | — |
| | 2016 |
| | (i) | | First Park @ PV 303 Bldg B | | Goodyear, AZ | | — |
| | 6,259 |
| | — |
| | 12,840 |
| | 6,269 |
| | 12,830 |
| | 19,099 |
| | — |
| | 2017 |
| | (i) | | First Logistics Center @ I-78/81 Bldg A | | Union Township, PA | | — |
| | 13,702 |
| | — |
| | 2,201 |
| | 13,724 |
| | 2,179 |
| | 15,903 |
| | — |
| | 2017 |
| | (i) | | First Joliet Logistics Center | | Joliet, IL | | — |
| | 2,595 |
| | — |
| | 3,726 |
| | 2,598 |
| | 3,723 |
| | 6,321 |
| | — |
| | 2017 |
| | (i) | | First 290 @ Guhn Road | | Houston, TX | | — |
| | 1,367 |
| | — |
| | 567 |
| | 1,367 |
| | 567 |
| | 1,934 |
| | — |
| | 2017 |
| | (i) | | Land Parcels | | | | | | | | | | | | | | | | | | | | | | | | Land Parcels | (h) | | | 2,016 |
| | 167,269 |
| | 10,558 |
| | 27,681 |
| | 162,050 |
| | 43,459 |
| | 205,509 |
| | 3,836 |
| | — |
| | | | Total | | | | 451,862 |
| | 876,011 |
| | 1,531,513 |
| | 1,088,221 |
| | 864,813 |
| | 2,630,932 |
| | 3,495,745 |
| | 789,919 |
| | | | |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 20172020 NOTES: (a)See description of encumbrances in Note 4 to the Consolidated Financial Statements. For purposes of this schedule the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance. (b)Depreciation is computed based upon the following estimated lives: | | | | | | (a)
| See description of encumbrances in Note 4 of the Notes to Consolidated Financial Statements. For purposes of this schedule the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance. |
| | (b)
| Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations.
|
| | (c)
| Improvements are net of the write-off of fully depreciated assets and impairment of real estate and include construction in progress. |
| | (d)
| Comprised of two properties. |
| | (e)
| Comprised of three properties. |
| | (f)
| Comprised of four properties. |
| | (g)
| Comprised of five properties. |
| | (h)
| These properties represent developable land and land parcels for which we receive ground lease income. |
| | (i)
| Depreciation is computed based upon the following estimated lives: |
| | | | Buildings and Improvements | 7 to 50 years | | Land Improvements | 53 to 2016 years | | Tenant Improvements, Leasehold Improvements | Lease Term |
At December 31, 2017,2020, the aggregate cost of land and buildings and equipment, excluding construction in progress, for federal income tax purpose was approximately $3.4 billion (excluding construction in progress).$4.0 billion.
The changes in investment in real estate for the three years ended December 31, are as follows: | | | | | | | | | | | | | | | | | | | | 2020 | | 2019 | | 2018 | | | (In thousands) | | Balance, Beginning of Year | $ | 3,830,209 | | | $ | 3,673,644 | | | $ | 3,495,745 | | | Acquisition of Real Estate Assets | 247,250 | | | 148,660 | | | 162,769 | | | Construction Costs and Improvements | 160,491 | | | 289,877 | | | 190,383 | | | Disposition of Real Estate Assets | (109,070) | | | (258,639) | | | (148,408) | | | Impairment of Real Estate | 0 | | | 0 | | | (2,756) | | | Write-off of Fully Depreciated and Other Assets | (18,984) | | | (23,333) | | | (24,089) | | | Balance, End of Year Including Real Estate Held for Sale | $ | 4,109,896 | | | $ | 3,830,209 | | | $ | 3,673,644 | | | Real Estate Held for Sale (A) | (22,263) | | | 0 | | | 0 | | | Balance, End of Year Excluding Real Estate Held for Sale | $ | 4,087,633 | | | $ | 3,830,209 | | | $ | 3,673,644 | |
| | | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | | | (In thousands) | | Balance, Beginning of Year | $ | 3,388,611 |
| | $ | 3,297,649 |
| | $ | 3,183,369 |
| | Acquisition of Real Estate Assets | 168,517 |
| | 108,538 |
| | 161,074 |
| | Construction Costs and Improvements | 137,361 |
| | 167,342 |
| | 142,535 |
| | Disposition of Real Estate Assets | (170,928 | ) | | (153,364 | ) | | (162,636 | ) | | Impairment of Real Estate | — |
| | — |
| | (626 | ) | | Write-off of Fully Depreciated and Other Assets | (27,816 | ) | | (31,554 | ) | | (26,067 | ) | | Balance, End of Year Including Real Estate Held for Sale | $ | 3,495,745 |
| | $ | 3,388,611 |
| | $ | 3,297,649 |
| | Real Estate Held for Sale | — |
| | (3,697 | ) | | (3,681 | ) | | Balance, End of Year Excluding Real Estate Held for Sale | $ | 3,495,745 |
| | $ | 3,384,914 |
| | $ | 3,293,968 |
|
The changes in accumulated depreciation for the three years ended December 31, are as follows: | | | | | | | | | | | | | | | | | | | | 2020 | | 2019 | | 2018 | | | (In thousands) | | Balance, Beginning of Year | $ | 804,780 | | | $ | 811,784 | | | $ | 789,919 | | | Depreciation for Year | 102,533 | | | 98,333 | | | 94,626 | | | Disposition of Real Estate Assets | (49,390) | | | (82,919) | | | (49,144) | | | Write-off of Fully Depreciated and Other Assets | (18,574) | | | (22,418) | | | (23,617) | | | Balance, End of Year Including Real Estate Held for Sale | $ | 839,349 | | | $ | 804,780 | | | $ | 811,784 | | | Real Estate Held for Sale (B) | (6,956) | | | 0 | | | 0 | | | Balance, End of Year Excluding Real Estate Held for Sale | $ | 832,393 | | | $ | 804,780 | | | $ | 811,784 | |
_______________ (A) The Real Estate Held for Sale at December 31, 2020 excludes $454 of other assets. (B) The Real Estate Held for Sale at December 31, 2020 excludes $98 of accumulated amortization related to the other assets. | | | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | | | (In thousands) | | Balance, Beginning of Year | $ | 797,919 |
| | $ | 792,501 |
| | $ | 786,978 |
| | Depreciation for Year | 94,078 |
| | 95,514 |
| | 92,955 |
| | Disposition of Real Estate Assets | (78,844 | ) | | (62,634 | ) | | (61,365 | ) | | Write-off of Fully Depreciated and Other Assets | (23,234 | ) | | (27,462 | ) | | (26,067 | ) | | Balance, End of Year Including Real Estate Held for Sale | $ | 789,919 |
| | $ | 797,919 |
| | $ | 792,501 |
| | Real Estate Held for Sale | — |
| | (1,427 | ) | | (1,171 | ) | | Balance, End of Year Excluding Real Estate Held for Sale | $ | 789,919 |
| | $ | 796,492 |
| | $ | 791,330 |
|
SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | | | | | | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. | | | | | | FIRST INDUSTRIAL REALTY TRUST, INC. | | | | | By: | /S/ PETER E. BACCILE | | | Peter E. Baccile
President, Chief Executive Officer and Director (Principal
(Principal Executive Officer)
|
Date:February 15, 2021 | | | | | | | | | | By: | /S/ SCOTT A. MUSIL | | | Scott A. Musil
Chief Financial Officer
(Principal Financial Officer) |
Date: February 23, 2018 | | | | | | | | | | By: | /S/ SCOTT A. MUSILARA E. NIEMIEC | | | Scott A. Musil
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
Date: February 23, 2018
| | | | | By: | /S/ SARA E. NIEMIEC
| | | Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
|
Date: February 23, 2018February 15, 2021 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | | | | | | | | | | | | | | | | Signature | | Title | | Date | | | | | | | | | | | Signature | | Title | | Date | | | | | | | | | | | /S/ BRUCE W.MATTHEW S. DUNCANOMINSKI | | Chairman of the Board of Directors | | February 23, 2018 15, 2021 | Bruce W. DuncanMatthew S. Dominski | | | | | | | | | | /S/ PETER E. BACCILE | | President, Chief Executive Officer and Director | | February 23, 2018 15, 2021 | | Peter E. Baccile | | | | | | | | | | /S/ JOHN E. RAU | | Lead Independent Director | | February 23, 2018 15, 2021 | John E. Rau | | | | | | | | | | /S/ MATTHEW DOMINSKITERESA B. BAZEMORE | | Director | | February 23, 2018 15, 2021 | Matthew DominskiTeresa B. Bazemore | | | | | | | | | | /S/ H. PATRICK HACKETT, JR. | | Director | | February 23, 2018 15, 2021 | | H. Patrick Hackett, Jr. | | | | | | | | | | /S/ DENISE A. OLSEN | | Director | | February 23, 2018 15, 2021 | | Denise A. Olsen | | | | | | | | | | /S/ L. PETER SHARPE | | Director | | February 23, 2018 15, 2021 | | L. Peter Sharpe | | | | | | | | | | /S/ W. EDWIN TYLER
| | Director | | February 23, 2018
| W. Edwin Tyler | | | | |
SIGNATURES Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. | | | | | | | | | | FIRST INDUSTRIAL, L.P. | | | | | FIRST INDUSTRIAL, L.P. | | By: | | | | By: | FIRST INDUSTRIAL REALTY TRUST, INC. | | | as general partner | | | | | By: | /S/ PETER E. BACCILE
| | | Peter E. Baccile
President, Chief Executive Officer and Director (Principal Executive Officer)
|
Date: February 23, 2018
| | | | | By: | /S/ SCOTT A. MUSILPETER E. BACCILE | | | Scott A. Musil
Peter E. Baccile
President, Chief FinancialExecutive Officer and Director
(Principal Financial and AccountingExecutive Officer) |
Date: February 23, 2018February 15, 2021 | | | | | | | | | | By: | /S/ SARA E. NIEMIECCOTT A. MUSIL | | | Scott A. Musil
Chief Financial Officer
(Principal Financial Officer) |
Date: February 15, 2021 | | | | | | | | | | By: | /S/ SARA E. NIEMIEC | | | Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
|
Date: February 23, 2018February 15, 2021 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. | | | | | | | | | | | | | | | | Signature | | Title | | Date | | | | | | | | | | | Signature | | Title | | Date | | | | | | | | | | | /S/ BRUCE W.MATTHEW S. DUNCANOMINSKI | | Chairman of the Board of Directors | | February 23, 2018 15, 2021 | Bruce W. DuncanMatthew S. Dominski | | | | | | | | | | /S/ PETER E. BACCILE | | President, Chief Executive Officer and Director | | February 23, 2018 15, 2021 | | Peter E. Baccile | | | | | | | | | | /S/ JOHN E. RAU | | Lead Independent Director | | February 23, 2018 15, 2021 | John E. Rau | | | | | | | | | | /S/ MATTHEW DOMINSKITERESA B. BAZEMORE | | Director | | February 23, 2018 15, 2021 | Matthew DominskiTeresa B. Bazemore | | | | | | | | | | /S/ H. PATRICK HACKETT, JR. | | Director | | February 23, 2018 15, 2021 | | H. Patrick Hackett, Jr. | | | | | | | | | | /S/ DENISE A. OLSEN | | Director | | February 23, 2018 15, 2021 | | Denise A. Olsen | | | | | | | | | | /S/ L. PETER SHARPE | | Director | | February 23, 2018 15, 2021 | | L. Peter Sharpe | | | | | | | | | | /S/ W. EDWIN TYLER
| | Director | | February 23, 2018
| W. Edwin Tyler | | | | |
|
