UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _______________________________
Form 10-K

ý☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 20182020
or
¨☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.)
333-21873 (First Industrial, L.P.)
  _______________________________
fr-20201231_g1.jpg
FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
 
Maryland (FirstFirst Industrial Realty Trust, Inc.)Maryland36-3935116 (First Industrial Realty Trust, Inc.)
Delaware (FirstFirst Industrial, L.P.)Delaware36-3924586 (First Industrial, L.P.)
(State or other jurisdiction of

incorporation or organization)
(I.R.S. Employer

Identification No.)
1 N. Wacker Drive,
Suite 4200, Chicago, Illinois
60606
(Address of principal executive offices)(Zip Code)

1 N. Wacker Drive, Suite 4200
Chicago, Illinois, 60606
(Address of principal executive offices, zip code)

(312) 344-4300
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Common Stock (First Industrial Realty Trust, Inc.)
(Title of Class)
New York Stock Exchange
(Name of exchange on which registered)
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareFRNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
 _______________________________ 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
First Industrial Realty Trust, Inc.
Yesþ
☑Noo☐
First Industrial, L.P.
Yesþ
☑Noo☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
First Industrial Realty Trust, Inc.
Yes
oNoþ
First Industrial, L.P.
Yes
oNoþ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
First Industrial Realty Trust, Inc.
Yes
þNoo
First Industrial, L.P.
Yes
þNoo
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
First Industrial Realty Trust, Inc.
Yes
þNoo
First Industrial, L.P.
Yes
þNoo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
First Industrial Realty Trust, Inc.:
Large accelerated filerþAccelerated filero
Non-accelerated fileroSmaller reporting companyo☐
(Do not check if a smaller reporting company)Emerging growth companyo☐
First Industrial, L.P.:
Large accelerated fileroAccelerated filerþ
Non-accelerated fileroSmaller reporting companyo☐
(Do not check if a smaller reporting company)Emerging growth companyo☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
First Industrial Realty Trust, Inc.
o
First Industrial, L.P.
o
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
First Industrial L.P.Realty Trust, Inc.
o
þ
First Industrial, L.P.þ
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
First Industrial Realty Trust, Inc.
Yeso
☐Noþ
First Industrial, L.P.
Yeso
☐Noþ
The aggregate market value of the voting and non-voting stock held by non-affiliates of First Industrial Realty Trust, Inc. was approximately $4,144.6$4,810.3 million based on the closing price on the New York Stock Exchange for such stock on June 30, 2018.2020.
At February 15, 2019, 126,594,1522021, 129,126,632 shares of First Industrial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding.
  _______________________________
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to First Industrial Realty Trust, Inc.'s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of First Industrial Realty Trust, Inc.'s fiscal year.







EXPLANATORY NOTE
This report combines the Annual Reports on Form 10-K for the period ended December 31, 20182020 of First Industrial Realty Trust, Inc., a Maryland corporation (the "Company"), and First Industrial, L.P., a Delaware limited partnership (the "Operating Partnership"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries.
The Company is a real estate investment trust and the general partner of the Operating Partnership. At December 31, 2018,2020, the Company owned an approximate 98.0%97.9% common general partnership interest in the Operating Partnership. The remaining approximate 2.0%2.1% common limited partnership interests in the Operating Partnership are owned by certain limited partners. 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 limited partnership interests in the Operating Partnership and recipients of RLP Units (as defined in Note 6 to the Consolidated Financial Statements) of the Operating Partnership pursuant to the Company's Stock Incentive Plan (as defined in Note 11 to the Consolidated Financial Statements). As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership's day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings. The management of the Company consists of the same members as the management of the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one enterprise. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of the Company's assets are held by, and its operations are conducted through, the Operating Partnership and its subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership are:
Stockholders' •Equity, Noncontrolling Interest and Partners' Capital. The 2.0%2.1% equity interest in the Operating Partnership held by entities or persons other than the Company are classified within partners' capital in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.
•Relationship toOtherReal Estate Partnerships.Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, thoughalthough operations are also conducted through eight other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.
•Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.
We believe combining the Company's and Operating Partnership's annual reports into this single report results in the following benefits:
•enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and
•eliminates duplicative disclosures and provides a more streamlined and readable presentation for our investors to review since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership.
To help investors understand the differences between the Company and the Operating Partnership, this report provides the following separate disclosures for each of the Company and the Operating Partnership:
•consolidated financial statements;
•a single set of consolidated notes to such financial statements that includes separate discussions of each entity's stockholders' equity or partners' capital, as applicable; and
•a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.



This report also includes separate Part II, Item 9A, Controls and Procedures sections and separate Exhibits 31 and 32 certifications for the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are both compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.




FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
TABLE OF CONTENTS
Page
PART I.
4
Item 1.
4
Item 1A.
8
Item 1B.
20
Item 2.
21
Item 3.
26
Item 4.
26
PART II.
27
Page
PART I.
Item 5.
Item 1.
Business
4
Item 1A.
Risk Factors
7
Item 1B.
Unresolved SEC Comments
17
Item 2.
Properties
17
Item 3.
Legal Proceedings
22
Item 4.
Mine Safety Disclosures
22
PART II.
23
Item 5.
Market for Registrant's Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities
2327
Item 6.
2529
Item 7.
2730
Item 7A.
4042
Item 8.
4042
Item 9.
4142
Item 9A.
4143
Item 9B.
4244
PART III.
4345
Item 10.
4345
Item 11.
4345
Item 12.
4345
Item 13.
4345
Item 14.
4345
PART IV.
4345
Item 15.
4345
Item 16.
4648
S-18111

2


FORWARD-LOOKING STATEMENTS


This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ.
Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to:


•changes in national, international, regional and local economic conditions generally and real estate markets specifically;
•changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;
•our ability to qualify and maintain our status as a real estate investment trust;
•the availability and attractiveness of financing (including both public and private capital) and changes in interest rates;
•the availability and attractiveness of terms of additional debt repurchases;
changes in•our ability to retain our credit agency ratings;
•our ability to comply with applicable financial covenants;
•our competitive environment;
•changes in supply, demand and valuation of industrial properties and land in our current and potential market areas;
difficulties in identifying and consummating acquisitions and dispositions;•our ability to identify, acquire, develop and/or manage properties on favorable terms;
•our ability to dispose of properties on favorable terms;
•our ability to manage the integration of properties we acquire;
•potential liability relating to environmental matters;
•defaults on or non-renewal of leases by our tenants;
•decreased rental rates or increased vacancy rates;
•higher-than-expected real estate construction costs and delays in development or lease-up schedules;
changes•the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the recent outbreak of COVID-19;
•potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;
•litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;
•risks associated with our investments in general accounting principles, policiesjoint ventures, including our lack of sole decision-making authority; and guidelines applicable to real estate investment trusts; and
•other risks and uncertainties described in Item 1A, "Risk Factors" and elsewhere in this report as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the "SEC").
We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements.

3


PART I
THE COMPANY
Item 1.Business
Background
First Industrial Realty Trust, Inc. 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"). As of December 31, 2018,2020, our in-service portfolio consisted of 171183 bulk warehouse properties, 9396 regional warehouse properties, 152127 light industrial properties and 3114 R&D/flex properties, containing an aggregate of approximately 60.762.4 million square feet of gross leasable area ("GLA") located in 2120 states. Our in-service portfolio includes all properties that have reached stabilized occupancy (generally defined as properties that are 90% leased), developed and redeveloped properties one year from the date construction is completed and acquired properties that are at least 75% occupied at acquisition or one year from the acquisition date.
We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, a Delaware limited partnership formed on November 23, 1993 of which the Company is the sole general partner (the "General Partner"), with an approximate 98.0% and 96.8%97.9% ownership interest ("General Partner Units") at December 31, 2018 and 2017, respectively.2020. The Operating Partnership also conducts operations through 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 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. Noncontrolling interest in the Operating Partnership of approximately 2.0% and 3.2%2.1% at December 31, 2018 and 2017, respectively,2020, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").

Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships and the TRSs 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.

We also own a 49% equity interestinterests in, and provide various services to, atwo joint ventureventures (the "Joint Venture"Ventures") through a wholly owned subsidiarywholly-owned TRS of the Operating Partnership. The Joint Venture isVentures are accounted for under the equity method of accounting. The operating data of the Joint VentureVentures is not consolidated with that of the Company or the Operating Partnership as presented herein.
We utilize an operating approach which combines the effectiveness of decentralized, locally based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At December 31, 2018, we had 145 employees.
Available Information
We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-K. Copies of our respective annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on our website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. You may also read and copy any document filed at the public reference facilities of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for further information about the public reference facilities. These documents also may be accessed through the SEC's Interactive Data Electronic Application via the SEC's home page on the Internet (www.sec.gov). In addition, the Company's Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter and Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on the Company's website or upon request to the Company. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors. Please direct requests as follows:
First Industrial Realty Trust, Inc.
1 N. Wacker Drive, Suite 4200
Chicago, IL 60606
Attention: Investor Relations


Business Objectives and Growth Plans
Our fundamental business objective is to maximize the total return to the Company's stockholders and the Operating Partnership's partners through an increase in cash flows and increases in the value of our properties and operations. Our long-term business growth plans include the following elements:
•Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) contractual rent escalations on our long-term leases; (iii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iv) controlling and minimizing property operating andexpenses, general and administrative expenses;expenses and releasing costs; and (v) renovating existing properties.
•External Growth. We seek to grow externally through (i) the development of best-in-class industrial properties; (ii) the acquisition of portfolios of industrial properties or individual properties which meet our investment parameters within our 15 target logistics markets; (iii) the expansion of our properties; and (iv) possible additional joint venture investments.
•Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth.
We target new investments located in 15 logistics markets where land is more scarce. We seek to refine our portfolio over the coming years by focusing on bulk and regional warehouses properties and downsizing our percentage of light industrial and R&D/flex buildings.
Our ability to pursue our long-term growth plans is affected by market conditions and our financial condition and operating capabilities. See "Summary of Significant Transactions in 2018"2020" under Item 7,"Management's "Management's Discussion and Analysis of Financial Condition and Results of Operations."



4

Business Strategies
We utilize the following six strategies in connection with the operation of our business:
•Organizational Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.
•Market Strategy. Our market strategy is to concentrate on the top 15 industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) warehouse distribution markets with favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth as it generally drives industrial demand; (iv) natural barriers to entry and (iii)scarcity of land which are key elements in delivering future rent growth; and (v) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.
•Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants.
•Acquisition/Development Strategy. Our acquisition/developmentinvestment strategy is to invest inprimarily focused on developing and acquiring industrial properties in the top industrial real estate15 key logistics markets with a coastal orientation in the United States through the deployment of experienced regional management teams.
Disposition Strategy. We continually evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition.
Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $725.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also continually evaluate joint venture arrangements as another source of capital to finance acquisitions and developments. As of February 15, 2019, we had approximately $713.4 million available for additional borrowings under the Unsecured Credit Facility.


Future Property Acquisitions, Developments and Property Sales
We have acquisition and development programs through which we seek to identify portfolio and individual industrial property acquisitions and developments. We also sell properties based on market conditions and property related factors. As a result, we are currently engaged in negotiations relating to the possible acquisition, development or sale of certain industrial properties in our portfolio.
When evaluating potential industrial property acquisitions and developments, as well as potential industrial property sales, we will consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, condition and design of the property; (iii) the terms of tenant leases, including the potential for rent increases; (iv) the potential for economic growth and the general business, tax and regulatory environment of the area in which the property is located; (v) the occupancy and demand by tenants for properties of a similar type in the vicinity; (vi) competition from existing properties and the potential for the construction of new properties in the area; (vii) the potential for capital appreciation of the property; (viii) the ability to improve the property's performance through renovation; and (ix) the potential for expansion of the physical layout of the property and/or the number of sites.
Industry•Disposition Strategy. We continually evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition. We look to sell lower rent growth assets and redeploy the capital into higher rent growth assets in key logistics markets. We also seek to shrink our holdings of light industrial and R&D/flex assets over time.
Industrial•Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $725.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also continually evaluate joint venture arrangements as another source of capital to finance acquisitions and developments. As of February 15, 2021, we had approximately $724.6 million available for additional borrowings under the Unsecured Credit Facility.






5

Competition
In connection with the acquisition of industrial properties are typically usedand land for development, we compete with other public industrial property sector REITs, income-oriented non-traded REITs, private real estate funds and other real estate investors and developers, some of which have greater financial resources than we do or other competitive advantages relative to us. Such competition may result in an increase in the design, assembly, packaging, storageamount we must pay to acquire a property or may require us to forgo an investment in a property that would otherwise meet our investment criteria. We also face significant competition in leasing available properties to prospective tenants and distribution of goods and/or the provision of services.in re-leasing space to existing tenants. As a result, the demandwe may have to provide rent concessions, incur expenses for industrialtenant improvements or offer other inducements to enable us to timely lease vacant space, inall of which may have an adverse impact on our results of operations.
Government Regulation
We are subject to laws, rules and regulations of the United States and the states and local municipalities in which we operate, including laws and regulations relating to environmental protection and human health and safety. Compliance with these laws, rules and regulations has not had, and is not expected to have, a material effect on our capital expenditures, results of operations and competitive position as compared to prior periods.
Environmental, Social and Corporate Governance ("ESG")
We are focused on building and maintaining a socially responsible and sustainable business that succeeds by delivering long-term value for our stockholders. We continuously look for new and better ways to minimize our environmental impact as well as that of our tenants. We have an established committee (the "Corporate Responsibility Committee") consisting of members of our construction, environmental, human resources, investor relations, legal, operations and risk management teams responsible for advising senior management and our Board of Directors on various matters related to sustainability, social responsibility and other non-financial issues that are of significance to us and our stockholders.
Because we primarily net lease the levelproperties in our portfolio to our tenants whereby each tenant is ultimately responsible for maintaining the leased property, one of economic outputour key corporate responsibility priorities is to engage with and consumption, including e-commerce fulfillment. Accordingly,encourage our tenants to implement environmentally sustainable practices, such as the competitionuse of energy and water efficient fixtures and recycling programs. Additionally, as we faceadd properties to lease our portfolio or enhance existing facilities, environmental sustainability is a key consideration of our efforts to improve or develop such properties, and acquirewe seek to employ green building techniques and incorporate energy, water and other resource-efficient features. We extend the same commitment to environmental excellence to our own offices, promoting sustainable practices and energy efficiency that can both reduce environmental impact and achieve lower operating costs. Our headquarters office in Chicago is an energy-efficient LEED-certified building.
Social responsibility and engagement is an integral part of our business, as we are committed to developing and maintaining strong relationships with our customers, business partners, investors, and the communities in which we operate and invest. In addition, we aim to provide a positive work environment for our employees by offering proper compensation, quality benefit offerings including health and wellness and retirement plans and financial education, and career training and growth opportunities.
Our governance efforts are led by our Board of Directors, which is elected by our stockholders to oversee their interest in the long-term financial strength and overall success of the Company, exercising its members' business judgment using their collective experience, knowledge and skills. Directors must fulfill their responsibilities as members of the Board of Directors consistent with their fiduciary duty to our stockholders, in compliance with all applicable laws and regulations and our Code of Business Conduct and Ethics. The Board of Directors provides advice and counsel to the Chief Executive Officer and other senior officers of the Company. The Board of Directors ensures that the assets of the Company are properly safeguarded, that appropriate financial and other controls are maintained, and that the Company's business is conducted wisely and in compliance with applicable laws and regulations.

6

Human Capital
At December 31, 2020, we had 153 employees, 100% of whom are full-time employees.
In addition to the sustainability efforts overseen by the Corporate Responsibility Committee, the committee also advises on ways to foster a diverse and inclusive work environment, improve the health and safety of our employees and engage our surrounding communities. We are an equal opportunity employer and, as such, promote an equitable workplace that acknowledges and values differences in race, gender, age, ethnicity, sexual orientation, gender identity, national origin, abilities and religious beliefs. We apply these policies throughout our organization, including at the senior management level and in our composition of our Board of Directors. We believe such diversity of experience and background helps make us strong and achieve our mission to create long-term shareholder value by providing industrial real estate solutions that mutually benefit our customers and our stockholders.
In managing our business, we focus on attracting and retaining employees by providing compensation and benefits packages that are competitive within the applicable market, taking into account the job position’s location and responsibilities. All employees are eligible to participate in one of our incentive plans, under which payments are tied to pre-established performance goals. In addition, we believe that developing our employees’ skillsets and decision-making abilities—through challenging project assignments, formal training, mentorship, and recognition—is key not only to our employees’ job satisfaction and our retention efforts, but also to maintaining a strong leadership pipeline.
The health and safety of our employees and their families is a top priority, as well as for our customers and business partners. During 2020, in response to the COVID-19 pandemic, we implemented the following:
•We established new safety protocols and procedures at all of our locations, including increasing cleaning protocols, establishing physical distancing procedures, modifying workspaces, requiring facial coverings and providing personal protective equipment and cleaning supplies for employees who needed to be onsite at our offices or develop new properties variesoperating properties;
•We enhanced our IT systems and equipment so that all employees were able to work remotely; and
•We maintained frequent communication with our employees regarding the impacts of the pandemic on our team members and operations, with an emphasis on safety and business continuity.

Available Information
Our principal executive offices are located at One North Wacker, 42nd Floor, Chicago, Illinois 60606. Our telephone number is (312) 344-4300.
Copies of our respective annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports that we file with the levelsSEC are available without charge as soon as reasonably practicable on our website at www.firstindustrial.com. These documents also may be accessed through the SEC's website at www.sec.gov. In addition, our Corporate Governance Guidelines, Code of these factors.


Business Conduct and Ethics, charters of each committee of the Board of Directors, along with supplemental financial and operating information prepared by us, are all available without charge on our website or in print upon request. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. The information found on, or otherwise accessible through, our website is not incorporated into, and does not form a part of, this report or any other report or document we file with or furnish to the SEC.
7

Item  1A.Risk Factors
Our operations involve various risks that could adversely affect our business, including our financial condition, our results of operations, our cash flow, our liquidity, our ability to make distributions to holders of the Company's common stock and the Operating Partnership's Units, the market price of the Company's common stock and the market value of the Units. These risks, among others contained in our other filings with the SEC, include:
Disruptions in the financial markets could affectRisks Related to our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results.
A significant amount of our existing indebtedness was issued through capital markets transactions. We anticipate that the capital markets could be a source of refinancing of our existing indebtedness in the future. This source of refinancing may not be available if volatility in or disruption of the capital markets occurs. From time to time, the capital and credit markets in the United States and other countries experience significant price volatility, dislocations and liquidity disruptions, which can cause the market prices of many securities and the spreads on prospective debt financings to fluctuate substantially. These circumstances can materially impact liquidity in the financial markets, making terms for certain financings less attractive, and in some cases result in the unavailability of financing. Furthermore, we could potentially lose access to available liquidity under our Unsecured Credit Facility if one or more participating lenders were to default on their commitments. If our ability to issue additional debt or equity securities or to borrow money under our Unsecured Credit Facility were to be impaired by volatility in or disruption of the capital markets, it could have a material adverse effect on our liquidity and financial condition.
In addition, price volatility in the capital and credit markets could make the valuation of our properties more difficult. There may be significant uncertainty in the valuation, or in the stability of the value, of our properties that could result in a substantial decrease in the value of our properties. As a result, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment loss in earnings.Business:
Real estate investments fluctuate in value depending on conditions in the general economy and the real estate industry. These conditions may limit our revenues and available cash.
The factors that affect the value of our real estate and the revenues we derive from our properties include, among other things:
•general economic conditions;
•local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties;
•local conditions such as oversupply or a reduction in demand in an area;
•increasing labor and material costs;
•the ability to collect on a timely basis all rents from tenants;
•changes in tenant operations, real estate needs and credit;
•changes in interest rates and in the availability, cost and terms of mortgage funding;
•zoning or other regulatory restrictions;
•competition from other available real estate;
•operating costs, including maintenance, insurance premiums and real estate taxes; and
•other factors that are beyond our control.
Our investments in real estate assets are concentrated in the industrial sector, and the demand for industrial space in the United States is related to the level of economic output. Accordingly, reduced economic output may lead to lower occupancy rates for our properties. In addition, if any of our tenants experiences a downturn in its business that weakens its financial condition, delays lease commencement, fails to make rental payments when due, becomes insolvent or declares bankruptcy, the result could be a termination of the tenant's lease, which could adversely affect our cash flow from operations. These factors may be amplified by a disruption of financial markets or more general economic conditions.


Many real estate costs are fixed, even if income from properties decreases.
Our financial results depend on leasing space to tenants on terms favorable to us. Our income and funds available for distribution to our stockholders and Unitholdersunitholders will decrease if a significant number of our tenants cannot pay their rent or we are unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, we may not be able to enforce our rights as landlord without delays and we may incur substantial legal costs. Costs associated with real property, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the property.
We may be unable to renew leases or find other tenants on advantageous terms or at all.
We are subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than the expiring lease terms. If we were unable to promptly renew a significant number of expiring leases or to promptly relet the spaces covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the current rates, our financial condition, results of operation, 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.

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We may be unable to acquire properties on advantageous terms or acquisitions may not perform as we expect.
We have routinely acquired properties from third parties as conditions warrant and, as part of our business, we intend to continue to do so. The acquisition of properties entails various risks, including risks that our investments may not perform as expected and that our cost estimates for bringing an acquired property up to market standards, if necessary, may prove inaccurate. Further, we face significant competition for attractive investment opportunities from other well-capitalized real estate investors, including publicly-traded REITs and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, we may be unable to acquire additional properties and purchase prices may increase. In addition, we expect to finance future acquisitions through a combination of borrowings under the Unsecured Credit Facility, proceeds from equity or debt offerings and debt originations and proceeds from property sales, which may not be available. Any of the above risks could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders,unitholders, the market price of the Company's common stock and the market value of the Units.
We may obtain only limited warranties when we purchase a property and would have only limited recourse in the event our due diligence did not identify any issues that lower the value of our property.
The seller of a property often sells such property in its "as is" condition on a "where is" basis and "with all faults," without any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase agreements may contain only limited warranties, representations and indemnifications that will only survive for a limited period after the closing. The purchase of properties with limited warranties increases the risk that we may lose some or all of our invested capital in the property as well as the loss of rental income from that property.
We may be unable to sell properties when appropriate or at all because real estate investments are not as liquid as certain other types of assets.
Real estate investments generally cannot be sold quickly, which could limit our ability to adjust our property portfolio in response to changes in economic conditions or in the performance of the portfolio. This could adversely affect our financial condition and our ability to service debt and make distributions to our stockholders and Unitholders.unitholders. In addition, like other companies qualifying as REITs under the Code, our ability to sell assets may be restricted by tax laws that potentially result in punitive taxation on asset sales that fail to meet certain safe harbor rules or other criteria established under case law.
We may be unable to sell properties on advantageous terms.
We have routinely sold properties to third parties as conditions warrant and, as part of our business, we intend to continue to do so. However, our ability to sell properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers. If we are unable to sell properties on favorable terms or to redeploy the proceeds in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders,unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected. Further, if we sell properties by providing financing to purchasers, defaults by the purchasers would adversely affect our operations and financial condition.



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We may be unable to complete development and re-development projects on advantageous terms.
As part of our business, we develop new properties and re-develop existing properties as conditions warrant. This part of our business involves significant risks, including the following:
•we may not be able to obtain financing for these projects on favorable terms;
•we may not complete construction on schedule or within budget;
•we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations;
•contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and
•properties may perform below anticipated levels, producing cash flow below budgeted amounts, which may result in us paying too much for a property, cause the property to not be profitable and limit our ability to sell such properties to third parties.
To the extent these risks result in increased debt service expense, construction costs and delays in budgeted leasing, they could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders,unitholders, the market price of the Company's common stock and the market value of the Units.
We may be unable to renew leases or find other lessees on advantageous terms or at all.
We are subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than the expiring lease terms. If we were unable to promptly renew a significant number of expiring leases or to promptly relet the spaces covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the current rates, our financial condition, results of operation, 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.
The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change.
The Company intends to operate so as to qualify as a REIT under the Code, and we believe that the Company is organized and will operate in a manner that allows us to continue to do so. However, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are established under highly technical and complex Code provisions. There are only limited judicial and administrative interpretations of these provisions, and they involve the determination of various factual matters and circumstances not entirely within our control.
If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to federal income tax at corporate rates. This could result in a discontinuation or substantial reduction in distributions to our stockholders and Unitholders and could reduce the cash available to pay interest and principal on debt securities that we issue. Unless entitled to relief under certain statutory provisions, the Company would be disqualified from electing treatment as a REIT for the four taxable years following the year during which the Company failed to qualify.


The act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 commonly known as Tax Cuts and Jobs Act (the "TCJ Act"), which generally took effect for taxable years beginning on or after January 1, 2018 (subject to certain exceptions), made many significant changes to the U.S. federal income tax laws that profoundly impacted the taxation of individuals and corporations (including both regular C corporations and corporations that have elected to be taxed as REITs). Among other changes, the TCJ Act permanently reduced the generally applicable corporate tax rate, generally reduced the tax rate applicable to individuals and other non-corporate taxpayers for tax years beginning on or after January 1, 2018 and before January 1, 2026, eliminated or modified certain previously allowed deductions (including substantially limiting interest deductibility and, for individuals, the deduction for non-business state and local taxes), and, for taxable years beginning on or after January 1, 2018 and before January 1, 2026, provides for preferential rates of taxation through a deduction of up to 20% (subject to certain limitations) on most ordinary REIT dividends and certain trade or business income of non-corporate taxpayers. The TCJ Act also imposed new limitations on the deduction of net operating losses, which may result in the Company having to make additional taxable distributions to our stockholders in order to comply with REIT distribution requirements and avoid taxes on retained income and gains. A number of changes that affect noncorporate taxpayers will expire at the end of 2025 unless Congress acts to extend them. These changes will impact us and our shareholders in various ways, some of which are adverse or potentially adverse compared to prior law. To date, the IRS has issued only limited guidance with respect to certain of the new provisions, and there are numerous interpretive issues that will require guidance. It is highly likely that technical corrections legislation will be needed to clarify certain aspects of the new law and give proper effect to Congressional intent. There can be no assurance, however, that technical clarifications or changes needed to prevent unintended or unforeseen tax consequences will be enacted by Congress in the near future.
Additionally, since the IRS, the United States Treasury Department and Congress frequently review federal income tax legislation, we cannot predict whether, when or to what extent new federal laws, regulations, interpretations or rulings will be adopted. Additional changes to tax laws are likely to continue to occur in the future and any such legislative action may prospectively or retroactively modify the Company's tax treatment and therefore, may adversely affect taxation of us and/or our stockholders and Unitholders. Any such changes could have an adverse effect on an investment in shares or on the market value or the resale potential of our properties. Stockholders and Unitholders are urged to consult with their own tax advisor with respect to the impact of recent legislation, the status of legislative, regulatory, or administrative developments and proposals, and their potential effect on ownership of our shares.
Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.
As part of our business, we sell properties to third parties as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the tax gain recognized from sales of properties that are deemed to be prohibited transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The IRS could contend that certain sales of properties by us are prohibited transactions. While we have implemented controls to avoid prohibited transactions, if a dispute were to arise that was successfully argued by the IRS, the 100% penalty tax could be assessed against the Company's profits from these transactions.
The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources.
As a REIT, the Company must distribute to its stockholders at least 90% of its taxable income each year. The Company could, in certain instances, have taxable income without sufficient cash to enable it to meet this requirement. In that situation, we could be required to borrow funds or sell properties on adverse terms in order to do so. The distribution requirement could also limit our ability to accumulate capital to provide capital resources for our ongoing business, and to satisfy our debt repayment obligations and other liquidity needs, we may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital stock, which may or may not be available on favorable terms. Additional debt financings may substantially increase our leverage and additional equity offerings may result in substantial dilution of stockholders' and Unitholders' interests.
We face possible state and local tax audits.
Because the Company is organized and qualifies as a REIT, we are generally not subject to federal income taxes, but we are subject to certain state and local taxes. In the normal course of business, certain entities through which we own real estate have undergone tax audits. Collectively, tax deficiency notices received to date from the jurisdictions conducting previous audits have not been material. However, there can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on our results of operations.



Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
Subject to maintaining the Company's qualification as a REIT, we may seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements, such as interest cap agreements, interest rate swap agreements and treasury locks. These agreements may fail to protect or could adversely affect us because, among other things:
interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates;
available interest rate hedges may not correspond directly with the interest rate risk for which protection is sought;
the duration of the hedge may not match the duration of the related liability;
the amount of income that a REIT may earn from hedging transactions (other than through taxable REIT subsidiaries) is limited by U.S. federal tax provisions governing REITs;
the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction;
the party owing money in the hedging transaction may default on its obligation to pay;
we could incur significant costs associated with the settlement of the agreements;
the underlying transactions could fail to qualify as highly-effective cash flow hedges under generally accepted accounting practices; and
a court could rule that such an agreement is not legally enforceable.
We have adopted a practice relating to the use of derivative financial instruments to hedge interest rate risks related to our borrowings. This practice requires the Company's Board of Directors to authorize our use of derivative financial instruments to fix the interest rate on anticipated offerings of unsecured debt and to manage the interest rates on our variable rate borrowings. Our practice is that we do not use derivatives for speculative or trading purposes and intend only to enter into contracts with major financial institutions based on their credit rating and other factors, but the Company's Board of Directors may choose to change these practices in the future. Hedging may reduce the overall returns on our investments, which could reduce our cash available for distribution to our stockholders and Unitholders. Failure to hedge effectively against interest rate changes may materially adversely affect our financial condition, results of operations and cash flow.
Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.
We use debt to increase the rate of return to our stockholders and Unitholders and to allow us to make more investments than we otherwise could. Our use of leverage presents an additional element of risk in the event that the cash flow from our properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce our cash flow by increasing the amount of interest due on our floating rate debt and on our fixed rate debt as it matures and is refinanced. Certain of our variable rate debt, including our revolving credit facility, currently uses LIBOR as a benchmark for establishing the interest rate. LIBOR is the subject of recent proposals for reform. Any changes to the methods by which LIBOR is determined, or any other reforms to LIBOR which may be enacted in the United Kingdom, the European Union or elsewhere may result in, among other things, a sudden or prolonged increase or decrease in LIBOR, a delay in the publication of LIBOR, and changes in the rules or methodologies in LIBOR, which may discourage market participants from continuing to administer or to participate in LIBOR’s determination, and, in certain situations, could result in LIBOR no longer being determined and published. If a published U.S. dollar LIBOR rate becomes unavailable for any reason, the interest rates on our debt which is indexed to LIBOR would be determined using various alternative methods, any of which may result in interest obligations which are more than or do not otherwise correlate over time with the payments that would have been made on such debt if U.S. dollar LIBOR was available in its current form. Further, the same costs and risks that may lead to the discontinuation or unavailability of U.S. dollar LIBOR may make one or more of the alternative methods impossible or impracticable to determine. Any of these proposals or consequences could have a material adverse effect on our financing costs. Our organizational documents do not contain any limitation on the amount or percentage of indebtedness we may incur.


Failure to comply with covenants in our debt agreements could adversely affect our financial condition.
The terms of our agreements governing our indebtedness require that we comply with a number of financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. Complying with such covenants may limit our operational flexibility. Our failure to comply with these covenants could cause a default under the applicable debt agreement even if we have satisfied our payment obligations. Consistent with our prior practice, we will continue to interpret and certify our performance under these covenants in a good faith manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by the noteholders or lenders in a manner that could impose and cause us to incur material costs. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income below, our current expectations. Under our Unsecured Credit Facility, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred that could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement.
Upon the occurrence of an event of default, we would be subject to higher finance costs and fees, and the lenders under our Unsecured Credit Facility will not be required to lend any additional amounts to us. In addition, our indebtedness, together with accrued and unpaid interest and fees, could be accelerated and declared to be immediately due and payable. Furthermore, our Unsecured Credit Facility, our unsecured term loans and the indentures governing our senior unsecured notes contain certain cross-default provisions that may be triggered in the event that our other material indebtedness is in default. These cross-default provisions may require us to repay or restructure our Unsecured Credit Facility, our unsecured term loans or our senior unsecured notes (which includes our private placement notes), depending on which is in default, and such restructuring could adversely affect 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. If repayment of any of our indebtedness is accelerated, we cannot provide assurance that we would be able to borrow sufficient funds to refinance such indebtedness or that we would be able to sell sufficient assets to repay such indebtedness. Even if we were able to obtain new financing, it may not be on commercially reasonable terms, or terms that are acceptable to us.
Cross-collateralization of mortgage loans could result in foreclosure on a significant portion of our properties if we are unable to service its indebtedness.
Certain of our mortgages were issued on a cross-collateralized basis. Cross-collateralization makes all of the subject properties available to the lender in order to satisfy the debt. To the extent indebtedness is cross-collateralized, lenders may seek to foreclose upon properties that do not comprise the primary collateral for a loan, which may, in turn, result in acceleration of other indebtedness collateralized by such properties. Foreclosure of properties would result in a loss of income and asset value to us, making it difficult for us to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code.
We may have to make lump-sum payments on our existing indebtedness.
We are required to make lump-sum or "balloon" payments under the terms of some of our indebtedness. Our ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on our ability to refinance the applicable indebtedness or to sell properties. Currently, we have no commitments to refinance any of our indebtedness.
Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.
Certain of our mortgages contain, and some future mortgages may contain, substantial prepayment premiums that we would have to pay upon the sale of a property, thereby reducing the net proceeds to us from the sale of any such property. As a result, our willingness to sell certain properties and the price at which we may desire to sell a property may be impacted. If we are unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with our business strategy, then 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.
Adverse market and economic conditions could cause us to recognize impairment charges.
We regularly review our real estate assets for impairment indicators, such as a decline in a property's occupancy rate, decline in general market conditions or a change in the expected hold period of an asset. If we determine that indicators of impairment are present, we review the properties affected by these indicators to determine whether an impairment charge is required. As a result, we may be required to recognize asset impairment, which could materially and adversely affect our business, financial condition and results of operations. We use considerable judgment in making determinations about impairments, from analyzing whether there are indicators of impairment, to the assumptions used in calculating the fair value of the investment. Accordingly, our subjective estimates and evaluations may not be accurate, and such estimates and evaluations are subject to change or revision.


Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock.
The market value of the Company's common stock is based in large part upon the market's perception of the growth potential of the Company's earnings and cash dividends. The market value of the Company's common stock is also based upon the value of the Company's underlying real estate assets. For this reason, shares of the Company's common stock may trade at prices that are higher or lower than the Company's net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company's underlying assets, may not correspondingly increase the market price of the Company's common stock. The Company's failure to meet the market's expectations with regard to future earnings and the payment of cash dividends/distributions likely would adversely affect the market price of the Company's common stock. Further, the distribution yield on the common stock (as a percentage of the price of the common stock) relative to market interest rates may also influence the market price of the Company's common stock. An increase in market interest rates might lead prospective purchasers of the Company's common stock to expect a higher distribution yield, which would adversely affect the market price of the Company's common stock. Any reduction in the market price of the Company's common stock would, in turn, reduce the market value of the Units.
We may become subject to litigation.
We may become subject to litigation, including claims relating to our operations, offerings, and otherwise in the ordinary course of business. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. Resolution of these types of matters could adversely impact our financial condition, results of operations and cash flow. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.
We may incur unanticipated costs and liabilities due to environmental problems.
Under various federal, state and local laws, ordinances and regulations, we may, as ana current or previous owner, developer or operator of real estate, be liable for the costs of clean-up of certain conditions relating to the presence of hazardous or toxic materials on, in or emanating from a property and any related damages to natural resources. Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to address those conditions properly, may adversely affect our ability to rent or sell a property or to borrow using a property as collateral. The disposal or treatment of hazardous or toxic materials, or the arrangement of such disposal or treatment, may cause us to be liable for the costs of clean-up of such materials or for related natural resource damages occurring at or emanating from an off-site disposal or treatment facility, whether or not the facility is owned or operated by us. No assurance can be given that existing environmental assessments with respect to any of our properties reveal all environmental liabilities, that any prior owner or operator of any of our properties did not create any material environmental condition not known to us or that a material environmental condition does not otherwise exist as to any of our properties. Moreover, there can be no assurance that (i) changes to existing laws, ordinances or regulations to address, among other things, climate change, will not impose any material environmental liability or (ii) the current environmental condition of our properties will not be affected by customers, by the condition of land or operations in the vicinity of our properties (such as releases from underground storage tanks), or by third-partiesthird parties unrelated to us.
All of our properties were subject to a Phase I or similar environmental assessment by independent environmental consultants at the time of acquisition. Phase I assessments are intended to discover and evaluate information regarding the environmental condition of the surveyed property and surrounding properties. Phase I assessments generally include a historical review, a public records review, an investigation of the surveyed site and surrounding properties, and preparation and issuance of a written report, but do not include soil sampling or subsurface investigations and typically do not include an asbestos survey. While some of these assessments have led to further investigation and sampling, none of our environmental assessments of our properties have revealed an environmental liability that we believe would have a material adverse effect on our business, financial condition or results of operations taken as a whole. However, we cannot give any assurance that such conditions do not exist or may not arise in the future. Material environmental conditions, liabilities or compliance concerns may arise after the environmental assessment has been completed.
Environmental laws in the U.S. also require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, adequately inform or train those who may come into contact with asbestos and undertake special precautions, including removal or other abatement, in the event that asbestos is disturbed during building renovation or demolition. These laws may impose fines and penalties on building owners or operators who fail to comply with these requirements and may allow third-partiesthird parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos. Some of our properties may contain asbestos-containing building materials.



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We invest in properties historically used for industrial, manufacturing and commercial purposes. Some of these properties contain, or may have contained, underground storage tanks for the storage of petroleum products and other hazardous or toxic substances. All of these operations create a potential for the release of petroleum products or other hazardous or toxic substances. Some of our properties are adjacent to or near other properties that may have contained or currently contain underground storage tanks used to store petroleum products, or other hazardous or toxic substances. In addition, previous or current occupants of our properties and adjacent properties may have engaged, or may in the future engage, in activities that may release petroleum products or other hazardous or toxic substances.
We have a portfolio environmental insurance policy that provides coverage for potential environmental liabilities, subject to the policy's coverage conditions and limitations, for most of our properties. From time to time, we may acquire properties or interests in properties, with known adverse environmental conditions where we believe that the environmental liabilities associated with these conditions are quantifiable and that the acquisition will yield a superior risk-adjusted return. In such an instance, we underwrite the costs of environmental investigation, clean-up and monitoring into the cost. Further, in connection with property dispositions, we may agree to remain responsible for, and to bear the cost of, remediating or monitoring certain environmental conditions on the properties.
Our insurance coverage does not include all potential losses.
Real property is subject to casualty risk including damage, destruction, or loss resulting from eventsWe may incur significant costs complying with various federal, state and local laws, regulations and covenants that are unusual, sudden and unexpected. Some of our properties are located in areas where casualty risk is higher dueapplicable to earthquake, wind and/or flood risk. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate for the markets where each of our properties and, their business operations are located. Among other coverage, we carry property, boiler and machinery, general liability, cyber liability, fire, flood, terrorism, earthquake, extended coverage and rental loss insurance. Our coverage includes policy specifications and limits customarily carried for similar properties and business activities.  We evaluate our level of insurance coverage and deductibles using analysis and modeling, as is customary in our industry. However, we do not insure against all types of casualty, and we may not fully insure against certain perilsparticular, costs associated with complying with regulations such as earthquake and cyber risk, either because coverage is not available or because we do not deem it to be economically feasible or prudent to do so. As athe Americans with Disabilities Act of 1990 (the "ADA") may result we could experience a significant loss of capital or revenues, and be exposed to obligations under recourse debt associated with a property. This could occur due to an uninsured or high deductible loss, a loss in excess of insured limits, or a loss not paid due to insurer insolvency.unanticipated expenses.
We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties and, in particular, costs associated with complying with regulations such as the Americans with Disabilities Act of 1990 (the "ADA") may result in unanticipated expenses.
The properties in our portfolio are subject to various covenants and U.S. federal, state and local laws and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers may restrict our use of our properties and may require us to obtain approval from local officials or restrict our use of our properties and may require us to obtain approval from local officials of community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic or hazardous material abatement requirements. There can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional regulation will not be adopted that increase such delays or result in additional costs. Our growth strategy may be affected by our ability to obtain permits, licenses and zoning relief. Our failure to obtain such permits, licenses and zoning relief or to comply with applicable laws could have an adverse effect on our financial condition, results of operations and cash flow.
In addition, under the ADA, all places of public accommodation are required to meet certain U.S. federal requirements related to access and use by disabled persons. Noncompliance with the ADA could result in an order to correct any non-complying feature, which could result in substantial capital expenditures. We do not conduct audits or investigations of all of these properties to determine their compliance and we cannot predict the ultimate cost of compliance with the ADA, or other legislation. If one or more of our properties in which we invest is not in compliance with the ADA, or other legislation, then we would be required to incur additional costs to bring the property into compliance. If we incur substantial costs to comply with the ADA or other legislation, our financial condition, results of operations, cash flow, our ability to satisfy debt service obligations and to make distributions to our stockholders and Unitholders,unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.

Adverse market and economic conditions could cause us to recognize impairment charges.

We regularly review our real estate assets for impairment indicators, such as a decline in a property's occupancy rate, decline in general market conditions or a change in the expected hold period of an asset. If we determine that indicators of impairment are present, we review the properties affected by these indicators to determine whether an impairment charge is required. As a result, we may be required to recognize asset impairment, which could materially and adversely affect our business, financial condition and results of operations. We use considerable judgment in making determinations about impairments, from analyzing whether there are indicators of impairment, to the assumptions used in calculating the fair value of the investment. Accordingly, our subjective estimates and evaluations may not be accurate, and such estimates and evaluations are subject to change or revision.
Terrorist attacks
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We could be subject to risks and liabilities in connection with joint venture arrangements.
Our organizational documents do not limit the amount of available funds that we may invest in joint ventures. We currently have and may in the future selectively acquire, own and/or develop properties through joint ventures with other actspersons or entities when we deem such transactions are warranted by the circumstances. Joint venture investments, in general, involve certain risks not present where we act alone, including:
•joint venture partners may share certain approval rights over major decisions, which might (i) significantly delay or make impossible actions and decisions we believe are necessary or advisable with respect to properties owned through a joint venture, and/or (ii) adversely affect our ability to develop, finance, lease or sell properties owned through a joint venture at the most advantageous time for us, if at all;
•joint venture partners might experience financial distress, become bankrupt or otherwise fail to fund their share of violenceany required capital contributions;
•joint venture partners might have economic or warother business interests or goals that are competitive or inconsistent with our business interests or goals that would affect our ability to develop, finance, lease, operate, manage or sell any properties owned by the applicable joint venture;
•joint venture partners may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Company's qualification as a REIT;
•joint venture agreements often restrict the transfer of a member’s or joint venture’s interest or may otherwise restrict our ability to sell our interest when we would like to or on advantageous terms;
•disputes between us and our joint venture partners may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and
•we may in certain circumstances be liable for the actions of our joint venture partners.
The occurrence of one or more of the events described above could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, the market forprice of the Company's common stock and the industry in which we conductmarket value of the Units.
We own certain properties subject to ground leases that expose us to the loss of such property upon breach or termination of the ground lease.
We own the building and improvements and lease the land underlying the improvements under several long-term ground leases. We could lose our operations and our profitability.
Acts of violence, including terrorist attacks could occurinterests in the localitiesproperties if the ground leases are breached by us, terminated or lapse. As we get closer to the lease termination dates, the values of the properties could decrease without an extension in place. Certain of these ground leases have payments subject to annual escalations and/or periodic fair market value adjustments which we conduct business. More generally,could adversely affect our financial condition or results of operations.
We are exposed to the potential impacts of future climate change.
We are exposed to potential physical risks from possible future changes in climate. Our properties may be exposed to rare catastrophic weather events, such as severe storms, floods or wildfires. If the frequency of extreme weather events increases, our exposure to these events could cause consumer confidenceincrease. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and spendingof a kind that we believe are appropriate for the markets where each of our properties and their business operations are located given climate change risk. We may be adversely impacted as a real estate owner, manager and developer in the future by potential impacts to decreasethe supply chain or stricter energy efficiency standards or greenhouse gas regulations for the commercial building sectors. Compliance with new laws or regulations relating to climate change, including compliance with “green” building codes, may require us to make improvements to our existing properties or result in increased operating costs that we may not be able to effectively pass on to our tenants. Any such laws or regulations could also impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties. We cannot give any assurance that other such conditions do not exist or may not arise in the future. The potential impacts of future climate change on our real estate properties could adversely affect our ability to lease, develop or sell such properties or to borrow using such properties as collateral.

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Our insurance coverage does not include all potential losses.
Real property is subject to casualty risk including damage, destruction, or loss resulting from events that are unusual, sudden and unexpected. Some of our properties are located in areas where casualty risk is higher due to earthquake, wind, wildfire and/or flood risk. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate for the markets where each of our properties and their business operations are located. Among other coverage, we carry property, boiler and machinery, general liability, cyber liability, fire, flood, terrorism, earthquake, extended coverage and rental loss insurance. Our coverage includes policy specifications and limits customarily carried for similar properties and business activities. We evaluate our level of insurance coverage and deductibles using analysis and modeling, as is customary in our industry. However, we do not insure against all types of casualty, and we may not fully insure against certain perils such as earthquake, windstorm and cyber risk, either because coverage is not available or because we do not deem it to be economically feasible or prudent to do so. As a result, we could experience a significant loss of capital or revenues, and be exposed to obligations under recourse debt associated with a property. This could occur due to an uninsured or high deductible loss, a loss in excess of insured limits, or a loss not paid due to insurer insolvency.
Financing and Capital Risks:
Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results.
A significant amount of our existing indebtedness was issued through capital markets transactions. We anticipate that the capital markets could be a source of refinancing of our existing indebtedness in the future. This source of refinancing may not be available if volatility in or disruption of the worldwidecapital markets occurs. From time to time, the capital and credit markets in the United States and other countries experience significant price volatility, dislocations and liquidity disruptions, which can cause the market prices of many securities and the spreads on prospective debt financings to fluctuate substantially. These circumstances can materially impact liquidity in the financial markets, and economy. These attacks or armed conflicts may adversely impact our operations or financial condition. In addition, losses resulting from these types of events may be uninsurable.
We face risks relating to cybersecurity attacks that could cause loss of confidential information and other business
disruptions.
We rely extensively on computer systems to manage our business, and our business is at risk from and may be impacted by cybersecurity attacks and security breaches. These could include attempts to gain unauthorized access to our data and computer systems through malware, computer viruses, attachments to e-mails, persons inside our Company or persons with access to systems inside our Company, and other significant disruptions of our information technology networks and related systems.
The risk of a cybersecurity breach or disruption, particularly through a cyber incident, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Although we employ a number of measures to prevent, detect and mitigate these threats, which include password protection, frequent password change events, firewall detection systems, frequent backups, a redundant data systemmaking terms for core applications and annual penetration testing, even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target,certain financings less attractive, and in some cases are designedresult in the unavailability of financing. Furthermore, we could potentially lose access to notavailable liquidity under our Unsecured Credit Facility if one or more participating lenders were to default on their commitments. If our ability to issue additional debt or equity securities or to borrow money under our Unsecured Credit Facility were to be detectedimpaired by volatility in or disruption of the capital markets, it could have a material adverse effect on our liquidity and financial condition.
In addition, price volatility in fact,the capital and credit markets could make the valuation of our properties more difficult. There may be significant uncertainty in the valuation, or in the stability of the value, of our properties that could result in a substantial decrease in the value of our properties. As a result, we may not be detected. Accordingly,able to recover the carrying amount of our properties, which may require us to recognize an impairment loss in earnings.

Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.
We use debt to increase the rate of return to our stockholders and unitholders and to allow us to make more investments than we otherwise could. Our use of leverage presents an additional element of risk in the event that the cash flow from our properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce our cash flow by increasing the amount of interest due on our floating rate debt and on our fixed rate debt as it matures and is refinanced. Our organizational documents do not contain any limitation on the amount or percentage of indebtedness we may be unableincur.

In July 2017, the Financial Conduct Authority announced it intended to anticipate these techniques orstop compelling banks to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.
Moreover, although we maintain some of our own critical information technology systems, we also depend on third parties to provide important information technology services relating to, for instance, payroll, electronic communications and certain finance functions. The security measures employed by such third party service providers may prove to be ineffective at preventing breaches of their systems.
A successful cybersecurity attack could, among other things:
compromise the confidential information of our employees, tenants and vendors;
disrupt the proper functioning of our networks and systems, and therefore our operations and/or those of certain of our tenants;
result in our inability to maintain the building systems relied upon by our tenantssubmit rates for the efficient usecalculation of their leased space;
LIBOR after 2021. As a result, in the unauthorized accessU.S., the Federal Reserve Board and the Federal Reserve Bank of New York identified the Secured Overnight Financing Rate as its preferred alternative rate for USD LIBOR in debt and derivative financial instruments. Our revolving credit facility, our unsecured term loans and related interest rate swaps are indexed to LIBOR. Our loan documents contain provisions that contemplate alternative methods to determine the base rate applicable to our LIBOR-indexed debt to the extent LIBOR-indexed rates are not available. Additionally, no mandatory prepayment or redemption provisions would be triggered under our loan documents in the event that the LIBOR-indexed rates are not available. If our debt agreements and destruction, loss, theft, misappropriationderivative contracts are not transitioned to a preferred alternative rate and LIBOR-indexed rates are discontinued or releaseif the methods of proprietary, confidential, sensitivecalculating the rates change, interest rates on our current or otherwise valuable informationfuture indebtedness may be adversely affected. While we currently expect LIBOR-indexed rates to be available until the end of ours2021, it is possible that they will become unavailable prior to that time. We anticipate managing the transition to a preferred alternative rate using the language set out in our agreements however future market conditions may not allow immediate implementation of desired modifications and we may incur significant associated costs in doing so. We will continue to monitor and evaluate the potential impact on our debt payments and value of our related debt, however, we are not able to predict when LIBOR-indexed rates will cease to be available.
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Failure to comply with covenants in our debt agreements could adversely affect our financial condition.
The terms of our agreements governing our indebtedness require that we comply with a number of financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. Complying with such covenants may limit our operational flexibility. Our failure to comply with these covenants could cause a default under the applicable debt agreement even if we have satisfied our payment obligations. Consistent with our historical practice, we will continue to interpret and certify our performance under these covenants in a good faith manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by the noteholders or others, which otherslenders in a manner that could useimpose and cause us to compete against usincur material costs. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or for disruptive, destructive or otherwise harmful purposes and outcomes;
result in misstated financial reports, violationsnet operating income below, our current expectations. Under our revolving credit facility and our unsecured term loans, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred that could prevent timely repayment or materially impair our ability to perform our obligations under the loan covenants and/or missed reporting deadlines;agreement.
resultUpon the occurrence of an event of default, we would be subject to higher finance costs and fees, and the lenders under our Unsecured Credit Facility will not be required to lend any additional amounts to us. In addition, our indebtedness, together with accrued and unpaid interest and fees, could be accelerated and declared to be immediately due and payable. Furthermore, our Unsecured Credit Facility, our unsecured term loans and the indentures governing our senior unsecured notes contain certain cross-default provisions that may be triggered in the event that our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
other material indebtedness is in default. These cross-default provisions may require significant management attention and resources to remedy any damages that result;
subject us to claims for breachrepay or restructure our Unsecured Credit Facility, our unsecured term loans or our senior unsecured notes (which includes our private placement notes), depending on which is in default, and such restructuring could adversely affect our financial condition, results of contract, damages, credits, penaltiesoperations, 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. If repayment of any of our indebtedness is accelerated, we cannot provide assurance that we would be able to borrow sufficient funds to refinance such indebtedness or termination of leasesthat we would be able to sell sufficient assets to repay such indebtedness. Even if we were able to obtain new financing, it may not be on commercially reasonable terms, or other agreements; or
damage our reputation among our tenants, investors and associates.


terms that are acceptable to us.
Adverse changes in our credit ratings could negatively affect our liquidity and business operations.
The credit ratings of our senior unsecured notes are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating analyses. Our credit ratings can affect the availability, terms and pricing of any indebtedness we may incur or preferred stock that we might issue going forward. There can be no assurance that we will be able to maintain any credit rating and, in the event any credit rating is downgraded, we could incur higher borrowing costs or may be unable to access certain or any capital markets.
We may have to make lump-sum payments on our existing indebtedness.
We are required to make lump-sum or "balloon" payments under the terms of some of our indebtedness. Our business could be adversely impacted ifability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on our ability to refinance the applicable indebtedness or to sell properties. Currently, we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.
The design and effectivenessno commitments to refinance any of our disclosure controls and procedures and internal control over financial reportingindebtedness.
Failure to hedge effectively against interest rate changes may not prevent all errors, misstatements or misrepresentations. While management will continueadversely affect our results of operations.
In the normal course of business, we use derivatives to review the effectiveness ofmanage our disclosure controls and procedures and internal control over financial reporting, thereexposure to interest rate volatility on debt instruments, including hedging for future debt issuances.  At other times we may utilize derivatives to increase our exposure to floating interest rates. There can be no guaranteeassurance that our internal control over financial reportingthese hedging arrangements will be effective in accomplishing all control objectives allhave the desired beneficial impact.  These arrangements, which can include a number of the time. Deficiencies,counterparties, may expose us to additional risks, including failure of any material weakness, in our internal control over financial reporting which may occur could result in misstatements of our results of operations, restatements ofcounterparties to perform under these contracts, and may involve extensive costs, such as transaction fees or breakage costs, if we terminate them. Hedging may reduce the overall returns on our financial statements, a decline in the price/value ofinvestments, which could reduce our securities, or otherwisecash available for distribution to our stockholders and unitholders. Failure to hedge effectively against interest rate changes may materially adversely affect our business, reputation,financial condition, results of operations and cash flow.  No strategy can completely insulate us from the risks associated with interest rate fluctuations.
We have adopted a practice relating to the use of derivative financial instruments which requires the Company's Board of Directors to authorize our use of derivative financial instruments to fix the interest rate on anticipated offerings of unsecured debt and to manage the interest rates on our variable rate borrowings. Our practice is that we do not use derivatives for speculative or trading purposes and intend only to enter into contracts with major financial institutions based on their credit rating and other factors, but the Company's Board of Directors may choose to change these practices in the future.
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Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.
Certain of our mortgages contain, and some future mortgages may contain, substantial prepayment premiums that we would have to pay upon the sale of a property, thereby reducing the net proceeds to us from the sale of any such property. As a result, our willingness to sell certain properties and the price at which we may desire to sell a property may be impacted. If we are unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with our business strategy, then 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.
Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock.
The market value of the Company's common stock is based in large part upon the market's perception of the growth potential of the Company's earnings and cash dividends. The market value of the Company's common stock is also based upon the value of the Company's underlying real estate assets. For this reason, shares of the Company's common stock may trade at prices that are higher or liquidity.lower than the Company's net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company's underlying assets, may not correspondingly increase the market price of the Company's common stock. The Company's failure to meet the market's expectations with regard to future earnings and the payment of cash dividends/distributions likely would adversely affect the market price of the Company's common stock. Further, the distribution yield on the common stock (as a percentage of the price of the common stock) relative to market interest rates may also influence the market price of the Company's common stock. An increase in market interest rates might lead prospective purchasers of the Company's common stock to expect a higher distribution yield, which would adversely affect the market price of the Company's common stock. Any reduction in the market price of the Company's common stock would, in turn, reduce the market value of the Units.
Future sales or issuances of our common stock may cause the market price of our common stock to decline.
The sale of substantial amounts of our common stock, whether directly by us or in the secondary market, the perception that such sales could occur or the availability of future issuances of shares of our common stock, limited partnership units of the Operating Partnership or other securities convertible into or exchangeable or exercisable for our common stock, could materially and adversely affect the market price of our common stock and our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue capital stock that is senior to our common stock in the future for a number of reasons, including to finance our operations and business strategy, to adjust our ratio of debt to equity or for other reasons.
The market price of our common stock may fluctuate significantly.
The market price of our common stock may fluctuate significantly in response to many factors, including:
•actualor anticipated variations in our operating results, funds from operations, cash flows or liquidity,
•changes in our earnings estimates or those of analysts,
•changes in asset valuations and related impairment charges,
•changes in our dividend policy,
•publication of research reports about us or the real estate industry generally,
•the ability of our tenants to pay rent to us and meet their obligations to us under the current lease terms and our ability to re-lease space as leases expire,
•increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield,
•changes in market valuations of similar companies,
•adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near- and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future,
•our ability to comply with applicable financial covenants under our unsecured line of credit and the indentures under which our senior unsecured indebtedness is, or may be, issued,
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•additions or departures of key management personnel,
•actions by institutional stockholders,
•speculation in the press or investment community,
•general market and economic conditions.
Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all.
Risks Related to Our Organization and Structure:
The Company is authorized to issue preferred stock. The issuance of preferred stock could adversely affect the holders of the Company's common stock issued pursuant to its public offerings.
Our declaration of trust authorizes the Company to issue 225,000,000 common shares of whichand 10,000,000 shares are designated as preferred stock. Subject to approval by the Company's Board of Directors, the Company may issue preferred stock with rights, preferences and privileges that are more beneficial than the rights, preferences and privileges of its common stock. Holders of the Company's common stock do not have preemptive rights to acquire any shares issued by the Company in the future. If the Company ever creates and issues preferred stock with a distribution preference over common stock, payment of any distribution preferences on outstanding preferred stock would reduce the amount of funds available for the payment of distributions to our common stockholders and Unitholders.unitholders. In addition, holders of preferred stock are normally entitled to receive a preference payment in the event of liquidation, dissolution or winding up before any payment is made to our common stockholders, which would reduce the amount our common stockholders and Unitholders,unitholders, might otherwise receive upon such an occurrence. Also, under certain circumstances, the issuance of preferred stock may have the effect of delaying or preventing a change in control of the Company.
The Company's Board of Directors may change its strategies, policies or procedures without stockholder approval, which may subject us to different and more significant risks in the future.
Our investment, financing, leverage and distribution policies and our policies with respect to all other activities, including growth, debt, capitalization and operations, are determined by the Company's Board of Directors. These policies may be amended or revised at any time and from time to time at the discretion of the Company's Board of Directors without notice to or a vote of its stockholders. This could result in us conducting operational matters, making investments or pursuing different business or growth strategies. Under these circumstances, we may expose ourselves to different and more significant risks in the future, which could have a material adverse effect on our business and growth. In addition, the Company's Board of Directors may change its governance policies provided that such changes are consistent with applicable legal requirements. A change in these policies could have an adverse effect on our financial condition, results of operations, cash flow, ability to satisfy our principal and interest obligations, ability to make distributions to our stockholders and Unitholders,unitholders, the market price of the Company's common stock and the market value of the Units.Units.

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Certain provisions of our charter and bylaws could hinder, delay or prevent a change in control of our company.
Certain provisions of our charter and our bylaws could have the effect of discouraging, delaying or preventing transactions that involve an actual or threatened change in control of our company. These provisions include the following:
•Removal of Directors. Under our charter, subject to the rights of one or more classes or series of preferred stock to elect one or more directors, a director may be removed only for cause and only by the affirmative vote of at least a majority of all votes entitled to be cast by our stockholders generally in the election of directors.
•Preferred Stock. Under our charter, our board of directors has the power to issue preferred stock from time to time in one or more series and to establish the terms, preferences and rights of any such series of preferred stock, all without approval of our stockholders.
•Advance Notice Bylaws. Our bylaws require advance notice procedures with respect to nominations of directors and shareholder proposals.
•Ownership Limit. For the purpose, among others, of preserving our status as a REIT under the Internal Revenue Code of 1986, as amended, our charter generally prohibits any single stockholder, or any group of affiliated stockholders, from beneficially owning more than 9.8% of our outstanding common and preferred stock unless our board of directors waives or modifies this ownership limit.
•Stockholder Action by Written Consent. Our bylaws contain a provision that permits our stockholders to take action by written consent in lieu of an annual or special meeting of stockholders only if the unanimous consent of the stockholders is obtained.
•Ability of Stockholders to Call Special Meeting. Under our bylaws, we are only required to call a special meeting at the request of the stockholders if the request is made by at least a majority of all votes entitled to be cast by our stockholders generally in the election of directors.
•Maryland Control Share Acquisition Act. Our bylaws contain a provision exempting acquisitions of our shares from the Maryland Control Share Acquisition Act. However, our board of directors may amend our bylaws in the future to repeal or modify this exemption, in which case any control shares of our company acquired in a control share acquisition will be subject to the Maryland Control Share Acquisition Act.
Income Tax Risks:
The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change.
The Company intends to operate so as to qualify as a REIT under the Code, and we believe that the Company is organized and will operate in a manner that allows us to continue to do so. However, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are established under highly technical and complex Code provisions. There are only limited judicial and administrative interpretations of these provisions, and they involve the determination of various factual matters and circumstances not entirely within our control.
If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to federal income tax at corporate rates. This could result in a discontinuation or substantial reduction in distributions to our stockholders and unitholders, could reduce the cash available to pay interest and principal on debt securities and make further investments in real estate. Unless entitled to relief under certain statutory provisions, the Company would be disqualified from electing treatment as a REIT for the four taxable years following the year during which the Company failed to qualify.
The IRS, the United States Treasury Department and Congress frequently review federal income tax legislation, and we cannot predict whether, when or to what extent new federal laws, regulations, interpretations or rulings will be adopted. Additional changes to tax laws are likely to continue to occur in the future and any such legislative action may prospectively or retroactively modify the Company's tax treatment and therefore, may adversely affect taxation of us and/or our stockholders and unitholders. Any such changes could have an adverse effect on an investment in shares or on the market value or the resale potential of our properties. Stockholders and unitholders are urged to consult with their own tax advisor with respect to the impact of recent legislation, the status of legislative, regulatory, or administrative developments and proposals, and their potential effect on ownership of our shares.

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Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.
As part of our business, we sell properties to third parties as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the tax gain recognized from sales of properties that are deemed to be prohibited transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The IRS could contend that certain sales of properties by us are prohibited transactions. While we have implemented controls to avoid prohibited transactions, if a dispute were to arise that was successfully argued by the IRS, the 100% penalty tax could be assessed against the Company's profits from these transactions.
The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources.
As a REIT, the Company must distribute to its stockholders at least 90% of its taxable income (determined without regard to the dividends-paid deduction and by excluding any net capital gain) to our stockholders each year and we may be subject to tax to the extent our taxable income is not fully distributed. The Company could, in certain instances, have taxable income without sufficient cash to enable it to meet this requirement. In that situation, we could be required to borrow funds or sell properties on adverse terms in order to do so. The distribution requirement could also limit our ability to accumulate capital to provide capital resources for our ongoing business, and to satisfy our debt repayment obligations and other liquidity needs, we may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital stock, which may or may not be available on favorable terms. Additional debt financings may substantially increase our leverage and additional equity offerings may result in substantial dilution of stockholders' and unitholders' interests.
We may pay some taxes.
Even if we qualify as a REIT for U.S. federal income tax purposes, we may be subject to federal, state and local taxes on our income and property. From time to time changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability. A shortfall in tax revenues for states and municipalities in which we operate may lead to an increase in the frequency and amount of such increase. These actions could adversely affect our financial condition and results of operations. In addition, our TRSs will be subject to federal, state and local income tax for income received.
In the normal course of business, certain of our legal entities have undergone tax audits and may undergo audits in the future. There can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on our results of operations.
General Risk Factors:
The current pandemic of the novel coronavirus, or COVID-19, and the future outbreak of other highly infectious or contagious diseases, may adversely affect our business.
The COVID-19 pandemic has caused, and another pandemic in the future could cause, disruptions to regional and global economies and significant volatility and negative pressure in the financial markets. The COVID-19 pandemic, or a future pandemic, could also have a material and adverse effect on our ability to successfully operate and on our financial condition, results of operations and cash flows due to, among other factors:
• reduced economic activity may severely impact our tenants' businesses, financial condition and liquidity and may cause certain of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations and/or terminate their leases early or not renew;
• delays to or halting of construction activities, including permitting and obtaining approvals, related to our ongoing development and redevelopment projects as well as tenant improvements;
• difficulty in accessing the capital and lending markets (or a significant increase in the costs of doing so), impacts to our credit ratings, a severe disruption or instability in the global financial markets, or deteriorations in credit and financing conditions, may affect our access to capital necessary to fund business operations or address maturing debt obligations on a timely basis;
• our ability to meet the financial covenants of our Unsecured Credit Facility and other debt agreements and result in a default and potentially an acceleration of indebtedness, and such non-compliance could negatively impact our ability to make additional borrowings under our Unsecured Credit Facility and pay dividends;
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• any impairment in value of our tangible or intangible assets which could be recorded as a result of weaker economic conditions;
• a general decline in business activity and demand for real estate transactions could adversely affect our ability to sell or purchase properties, at attractive pricing or at all;
• an inability to initiate or pursue litigation due to various court closures, increased case volume and/or moratoriums on certain types of activities;
• the potential negative impact on the health of our employees, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption, or a future disruption, and may negatively impact our disclosure controls and procedures over financial reporting; and
• an extended period of remote work arrangements for our employees could strain our business continuity plans and introduce operational risk including, but not limited to, cybersecurity risks.
We face risks relating to cybersecurity attacks that could cause loss of confidential information and other business disruptions.
We rely extensively on computer systems to manage our business, and our business is at risk from and may be impacted by cybersecurity attacks and security breaches. These could include attempts to gain unauthorized access to our data and computer systems through malware, computer viruses, attachments to e-mails, persons inside our Company or persons with access to systems inside our Company, and other significant disruptions of our information technology networks and related systems.
The risk of a cybersecurity breach or disruption, particularly through a cyber-incident, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Although we employ a number of measures to prevent, detect and mitigate these threats, which include password protection, frequent password change events, firewall detection systems, frequent backups, a redundant data system for core applications, periodic cyber dwelling reviews and annual penetration testing, even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.
Moreover, although we maintain some of our own critical information technology systems, we also depend on third parties to provide important information technology services relating to, for instance, payroll, electronic communications and certain finance functions. The security measures employed by such third party service providers may prove to be ineffective at preventing breaches of their systems.
A successful cybersecurity attack could, among other things:
•compromise the confidential information of our employees, tenants and vendors;
•disrupt the proper functioning of our networks and systems, and therefore our operations and/or those of certain of our tenants;
•result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
•result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
•result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
•require significant management attention and resources to remedy any damages that result;
•subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
•damage our reputation among our tenants, investors and associates.
19

We may become subject to litigation.
We may become subject to litigation, including claims relating to our operations, offerings, and otherwise in the ordinary course of business. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. Resolution of these types of matters could adversely impact our financial condition, results of operations and cash flow. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.
Terrorist attacks and other acts of violence or war may affect the market for the Company's common stock, the industry in which we conduct our operations and our profitability.
Acts of violence, including terrorist attacks could occur in the localities in which we conduct business. More generally, these events could cause consumer confidence and spending to decrease or result in increased volatility in the worldwide financial markets and economy. These attacks or armed conflicts may adversely impact our operations or financial condition. In addition, losses resulting from these types of events may be uninsurable.
Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.
The design and effectiveness of our disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements or misrepresentations. While management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives all of the time. Deficiencies, including any material weakness, in our internal control over financial reporting which may occur could result in misstatements of our results of operations, restatements of our financial statements, a decline in the price/value of our securities, or otherwise materially adversely affect our business, reputation, results of operations, financial condition or liquidity.
We may be unable to retain and attract key management personnel.
We may be unable to retain and attract talented executives. In the event of the loss of key management personnel or upon unexpected death, disability or retirement, we may not be able to find replacements with comparable skill, ability and industry expertise. Until suitable replacements are identified and retained, if at all, our operating results and financial condition could be materially and adversely affected.


We could be subject to risks and liabilities in connection with joint venture arrangements.
Our organizational documents do not limit the amount of available funds that we may invest in joint ventures. We have in the past and may in the future selectively acquire, own and/or develop properties through joint ventures with other persons or entities when we deem such transactions are warranted by the circumstances. Joint venture investments, in general, involve certain risks not present where we act alone, including:
joint venturers may share certain approval rights over major decisions, which might (i) significantly delay or make impossible actions and decisions we believe are necessary or advisable with respect to properties owned through a joint venture, and/or (ii) adversely affect our ability to develop, finance, lease or sell properties owned through a joint venture at the most advantageous time for us, if at all;
joint venturers might become bankrupt or otherwise fail to fund their share of any required capital contributions;
joint venturers might have economic or other business interests or goals that are competitive or inconsistent with our business interests or goals that would affect our ability to develop, finance, lease, operate, manage or sell any properties owned by the applicable joint venture;
joint venturers may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Company's qualification as a REIT;
joint venture agreements often restrict the transfer of a member’s or joint venturer’s interest or may otherwise restrict our ability to sell our interest when we would like to or on advantageous terms;
disputes between us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and
we may in certain circumstances be liable for the actions of our joint venturers.
The occurrence of one or more of the events described above could adversely affect 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.
Item  1B.Unresolved SEC Comments
None.
20

Item  2.Properties
General
At December 31, 2018,2020, we owned 447420 in-service industrial properties containing an aggregate of approximately 60.762.4 million square feet of GLA in 2120 states, with a diverse base of more than 1,150975 tenants engaged in a wide variety of businesses, including distribution,manufactured products, third-party logistics and transportation, retail and consumer services, food and beverage, lumber and building materials, e-commerce, wholesale trade, professionalgoods, health services, manufacturinggovernmental and retail.other. Our in-service portfolio includes all properties that have reached stabilized occupancy (defined as properties that are 90% leased), (re)developed properties upon the earlier of reaching 90% occupancy or one year from the date construction is completed and acquired properties that are at least 75% occupied at acquisition, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Acquired properties that are less than 75% occupied at acquisition or with tenants that we anticipate will move out within the first two years of ownership are placed in service upon the earlier of reaching 90% occupancy or one year after move out. The average annual base rent per square foot on afor our in-service portfolio, basis, calculated at December 31, 2018,2020, was $5.22.$5.65. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.
We classify our properties into four industrial categories: bulk warehouse, regional warehouse, light industrial and R&D/flex. While some properties may have characteristics which fall under more than one property type, we use what we believe is the most dominant characteristic to categorize the property. Individual properties may be reclassified over time due to changes in building characteristics such as tenant use and office space build-out.


The following describes, generally, the different industrial categories:
•Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space;
•Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space;
•Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet and are comprised of 5%-50% of office space; and
•R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet and are comprised of 50% or more of office space.

21

The following tables summarize, by market, certain information as of December 31, 2018,2020, with respect to the in-service properties.
In-Service Property Summary Totals
Bulk Warehouse 
Regional
Warehouse
 

 Light Industrial
 R&D/Flex Total   Bulk WarehouseRegional
Warehouse
Light Industrial		R&D/FlexTotal
Metropolitan AreaGLA
(in 000's)		 
Number of
Properties
 GLA
(in 000's)		 
Number of
Properties
 GLA
(in 000's)		 
Number of
Properties
 GLA
(in 000's)		 
Number of
Properties
 GLA
(in 000's)		 
Number of
Properties
 
Occupancy
at 12/31/18
Metropolitan AreaGLA
(in 000's)		Number of
Properties		GLA
(in 000's)		Number of
Properties		GLA
(in 000's)		Number of
Properties		GLA
(in 000's)		Number of
Properties		GLA
(in 000's)		Number of
Properties		Occupancy
at 12/31/20
Atlanta, GA3,859
 13
 340
 4
 347
 5
 —
 —
 4,546
 22
 94.5%Atlanta, GA4,563 14 340 4 347 5 — — 5,250 23 95.3 %
Baltimore, MD1,579
 5
 —
 —
 315
 5
 52
 1
 1,946
 11
 100.0%Baltimore, MD2,930 8 — — 268 4 52 1 3,250 13 78.6 %
Central FloridaCentral Florida427 3 234 3 79 1 — — 740 7 100.0 %
Central/Eastern PA (A)
5,957
 14
 580
 6
 346
 7
 —
 —
 6,883
 27
 96.4%
Central/Eastern PA (A)
6,055 13 399 4 281 6 — — 6,735 23 93.8 %
Chicago, IL4,737
 14
 326
 6
 255
 5
 —
 —
 5,318
 25
 98.9%Chicago, IL5,265 16 292 5 255 5 — — 5,812 26 97.8 %
Cincinnati, OH683
 3
 311
 3
 278
 5
 100
 2
 1,372
 13
 98.0%Cincinnati, OH684 3 310 3 278 5 — — 1,272 11 98.8 %
Cleveland, OH1,128
 6
 —
 —
 —
 —
 —
 —
 1,128
 6
 100.0%Cleveland, OH1,229 6 — — — — — — 1,229 6 100.0 %
Dallas/Ft. Worth, TX3,781
 24
 483
 6
 971
 17
 —
 —
 5,235
 47
 98.6%Dallas/Ft. Worth, TX5,622 29 483 6 971 17 — — 7,076 52 94.3 %
Denver, CO579
 4
 632
 6
 986
 21
 156
 5
 2,353
 36
 99.4%Denver, CO1,135 5 717 7 782 18 66 3 2,700 33 98.3 %
Detroit, MI399
 3
 509
 11
 652
 27
 136
 3
 1,696
 44
 100.0%Detroit, MI242 2 460 10 546 23 136 3 1,384 38 100.0 %
Houston, TX2,592
 12
 377
 5
 470
 8
 —
 —
 3,439
 25
 99.9%Houston, TX3,622 19 564 8 85 3 — — 4,271 30 90.0 %
Indianapolis, IN1,968
 6
 603
 7
 125
 4
 20
 1
 2,716
 18
 99.3%
Miami, FL315
 2
 345
 7
 72
 1
 —
 —
 732
 10
 96.8%
Milwaukee, WI873
 4
 90
 1
 —
 —
 —
 —
 963
 5
 100.0%Milwaukee, WI707 3 90 1 — — — — 797 4 100.0 %
Minneapolis/St. Paul, MN2,779
 13
 145
 2
 322
 4
 406
 5
 3,652
 24
 96.9%Minneapolis/St. Paul, MN2,564 12 145 2 72 1 142 2 2,923 17 99.2 %
Nashville, TN979
 3
 —
 —
 164
 2
 —
 —
 1,143
 5
 100.0%Nashville, TN979 3 — — 164 2 — — 1,143 5 100.0 %
New Jersey (A)
1,239
 5
 —
 —
 781
 14
 172
 3
 2,192
 22
 98.9%
New Jersey (A)
1,359 6 — — 781 14 172 3 2,312 23 97.8 %
Orlando, FL427
 3
 180
 2
 79
 1
 —
 —
 686
 6
 100.0%
Northern CaliforniaNorthern California— — 46 1 23 1 — — 69 2 100.0 %
Phoenix, AZ2,197
 7
 395
 6
 38
 1
 —
 —
 2,630
 14
 99.9%Phoenix, AZ2,866 8 445 7 39 1 — — 3,350 16 99.5 %
Seattle, WA101
 1
 162
 3
 —
 —
 —
 —
 263
 4
 100.0%Seattle, WA101 1 287 5 23 1 — — 411 7 84.9 %
South FloridaSouth Florida418 3 345 7 37 1 — — 800 11 97.0 %
Southern California (A)
6,383
 21
 1,156
 18
 825
 21
 —
 —
 8,364
 60
 99.6%
Southern California (A)
7,510 26 1,425 23 719 19 — — 9,654 68 99.2 %
St. Louis, MO1,238
 2
 —
 —
 65
 1
 192
 2
 1,495
 5
 98.9%
Tampa, FL210
 1
 —
 —
 83
 3
 217
 9
 510
 13
 95.1%
Other (B)
1,440
 5
 —
 —
 —
 —
 —
 —
 1,440
 5
 100.0%
Other (B)
1,015 3 — — — — 192 2 1,207 5 96.5 %
Total45,443
 171
 6,634
 93
 7,174
 152
 1,451
 31
 60,702
 447
 98.5%Total49,293 183 6,582 96 5,750 127 760 14 62,385 420 95.7 %
Occupancy by Industrial Property Type  98.6%   99.5%   97.1%   94.7%     98.5%Occupancy by Industrial Property Type95.7 %96.4 %95.8 %93.4 %
_______________
(A)
(A)Central/Eastern PA includes the markets of Central Pennsylvania and Philadelphia. New Jersey includes the markets of Northern and Central New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.
(B)Properties are located in Greenville, KY; Kansas City, MO; Overland, MO; and Salt Lake City, UT.
Central/Eastern PA includes the markets of Central Pennsylvania and Philadelphia. New Jersey includes the markets of Northern and Southern New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.
(B)
Properties are located in Kansas City, MO; Jefferson County, KY; Greenville, KY; Winchester, VA; and Salt Lake City, UT.
Indebtedness
As of December 31, 2018, 1022020, 49 of our 447420 in-service industrial properties, with a net carrying value of $459.2$226.2 million, are pledged as collateral under our mortgage financings, totaling $297.7$144.2 million, excluding unamortized debt issuance costs. See Note 4 to the Consolidated Financial Statements and the accompanying Schedule III beginning on page S-195 for additional information.

22


Property Acquisitions
During the year ended December 31, 2018,2020, we acquired teneight industrial properties and several128.8 acres of land parcelslocated in our Central Florida, Seattle, South Florida and Southern California markets for an aggregate purchase price of approximately $167.5$224.0 million. The industrial properties were acquired at an expected stabilized capitalization rate of approximately 5.7%5.9%. The capitalization rate for these industrial property acquisitions was calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments and above and below market lease amortization) and dividing it by the sum of the purchase price plus closing costs and estimated costs to stabilize the properties. The acquired industrial properties have the following characteristics:
Metropolitan Area 
Number  of
Properties
 GLA Property Type 
Occupancy
at  12/31/18
 
Houston, TX 2
 334,360
 Bulk Warehouse 10%
(A) 
New Jersey 1
 119,922
 Bulk Warehouse 100% 
Orlando, FL 1
 93,608
 Regional Warehouse 100% 
Seattle, WA 2
 91,468
 Regional Warehouse 38% 
Southern California 4
 396,045
 Bulk Warehouse, Regional Warehouse 57% 
Total 10
 1,035,403
     
(A) As of December 31, 2018, percentage leased was 92%.
Metropolitan AreaNumber  of
Properties		GLAProperty TypeOccupancy
at  12/31/20
Baltimore/Washington2751,074 Bulk Warehouse93%
Northern California4125,442 Regional Warehouse, Light Industrial65%
Phoenix, AZ1643,798 Bulk Warehouse100%
Southern California123,970 Light Industrial0%
Total81,544,284 
Development Activity
During the year ended December 31, 2018,2020, we completed and placedmoved 10 development properties to our in-service eight developments totaling approximately 3.5 million square feet of GLAportfolio at a total cost of approximately $226.6$221.7 million. Included in the total cost is $11.7$7.3 million of leasing commissions. The capitalization rate for these development projects, calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments) divided by the total investment in the developed property is 7.9%7.2%. The placed in-service development projects have the following characteristics:
Metropolitan Area 
Number  of
Properties
 GLA Property Type 
Occupancy
at  12/31/18
Metropolitan AreaNumber of
Properties		GLAProperty TypeOccupancy
at  12/31/20
Chicago, IL 1
 602,348
 Bulk Warehouse 100%
Dallas, TXDallas, TX4977,303 Bulk Warehouse74%
Houston, TXHouston, TX2371,950 Bulk Warehouse15%
Phoenix, AZ 1
 643,798
 Bulk Warehouse 100%Phoenix, AZ1643,798 Bulk Warehouse100%
South FloridaSouth Florida1103,356 Bulk Warehouse100%
Southern California 6
 2,208,414
 Bulk Warehouse, Regional Warehouse 100%Southern California2430,196 Bulk Warehouse, Regional Warehouse100%
Total 8
 3,454,560
  Total102,526,603 
As of December 31, 2018,2020, we substantially completed sixtwo developments totaling approximately 1.80.1 million square feet of GLA. The estimated total investment for the sixtwo developments is approximately $129.2$19.0 million, of which $115.3$18.3 million has been incurred as of December 31, 2018.2020. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The substantially completed developments have the following characteristics:
Metropolitan AreaNumber of
Properties		GLAProperty TypeOccupancy
at  12/31/20
Central/Eastern PA1100,272 Bulk Warehouse0%
Southern California143,996 Regional Warehouse0%
Total2144,268 
23
Metropolitan Area 
Number  of
Properties
 GLA Property Type 
Occupancy
at  12/31/18
Central/Eastern PA 2
 988,920
 Bulk Warehouse 0%
Chicago, IL 1
 355,199
 Bulk Warehouse 0%
Houston, TX 1
 126,250
 Bulk Warehouse 0%
Southern California 2
 358,065
 Bulk Warehouse 0%
Total 6
 1,828,434
    



As of December 31, 2018,2020, we have seveneight development projects that are under construction totaling approximately 2.81.3 million square feet of GLA. The estimated total investment for the seveneight development projects under construction is $189.4$172.4 million, of which $61.0$80.4 million has been incurred as of December 31, 2018.2020. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The development projects under construction have the following characteristics:
Metropolitan Area 
Number  of
Properties
 GLA Property Type Anticipated Quarter of Building Completion
Seattle, WA 1
 66,751
 Regional Warehouse Q2 2019
Dallas/Fort Worth, TX 2
 345,280
 Bulk Warehouse Q2 2019
Denver, CO 1
 555,840
 Bulk Warehouse Q3 2019
Southern California 1
 239,950
 Bulk Warehouse Q3 2019
Atlanta, GA 1
 703,080
 Bulk Warehouse Q3 2019
Dallas/Fort Worth, TX 1
 863,328
 Bulk Warehouse Q4 2019
Total 7
 2,774,229
    
Metropolitan AreaNumber of
Properties		GLAProperty TypeAnticipated Quarter of Building Completion
South Florida3377,060 Bulk Warehouse, Regional WarehouseQ1 2021
South Florida1140,880 Bulk WarehouseQ3 2021
Southern California1221,321 Bulk WarehouseQ3 2021
South Florida3591,940 Bulk WarehouseQ4 2021
Total81,331,201 
Property Sales
During the year ended December 31, 2018,2020, we sold 5329 industrial properties comprising approximately 2.61.9 million square feet of GLA, at a weighted average capitalization rate of 6.3%7.2%, and several land parcels for total gross sales proceeds of approximately $192.0$153.4 million. The capitalization rate for the 5329 industrial property sales is calculated by taking revenues of the property (excluding straight-line rent adjustments, lease inducement amortization and above and below market lease amortization and insurance proceeds, other than business interruption insurance proceeds)amortization) less operating expenses of the property for a period of the last twelve full months prior to sale and dividing the sum by the sales price of the property. The sold industrial properties have the following characteristics:
Metropolitan AreaNumber of
Properties		GLAProperty Type
Baltimore/Washington1300,000 Bulk Warehouse
Central/Eastern PA298,189 Regional Warehouse, Light Industrial
Chicago, IL134,252 Regional Warehouse
Denver, CO5293,626 Light Industrial, R&D/Flex
Detroit, MI4249,993 Bulk Warehouse, Regional Warehouse, Light Industrial
Minneapolis/St. Paul, MN4506,939 Bulk Warehouse, Light Industrial, R&D/Flex
South Florida (A)
114,375 Light Industrial
Other (B)
11411,295 Bulk Warehouse, Light Industrial, R&D/Flex
Total (C)
291,908,669 

(A) Sale of three industrial condominium units within one industrial building are being counted as one property sale.
(B) Properties are located in Indianapolis, IN; Richland Center, WI; and Tampa, FL.
(C) Total excludes a property comprised of 0.6 million square feet of GLA in Phoenix, AZ that was recognized as a sale in 2019 due to the reclassification of the tenant's lease from an operating lease to a sales-type lease. The actual sale, in which title of the property transferred to the tenant, occurred in 2020 (see Note 10 to the Consolidated Financial Statements).


24
Metropolitan Area 
Number  of
Properties
 GLA Property Type
Atlanta, GA 1
 364,000
 Regional Warehouse
Baltimore/Washington 7
 322,239
 R & D/Flex, Regional Warehouse, Light Industrial
Chicago, IL 1
 85,955
 R & D/Flex
Dallas/Ft. Worth, TX 18
 445,559
 R & D/Flex, Regional Warehouse, Light Industrial
Denver, CO 4
 145,700
 Light Industrial
Detroit, MI 2
 29,006
 Light Industrial
Indianapolis, IN 1
 54,000
 Light Industrial
Miami, FL(A)
 1
 9,500
 Light Industrial
New Jersey 2
 196,026
 Regional Warehouse, Light Industrial
Phoenix, AZ 2
 210,417
 Bulk Warehouse, Regional Warehouse
Southern California 2
 142,241
 Regional Warehouse, Light Industrial
St. Louis, MO 4
 317,109
 Light Industrial
Tampa, FL 8
 266,362
 R & D/Flex, Light Industrial
Total 53
 2,588,114
  


(A) Partial sale of a 0.1 million square-foot industrial property.


Tenant and Lease Information
We have a diverse base of more than 1,150975 tenants engaged in a wide variety of businesses including distribution,manufactured products, third-party logistics and transportation, retail and consumer services, food and beverage, lumber and building materials, e-commerce, wholesale trade, professionalgoods, health services, manufacturinggovernmental and retail.other. At December 31, 2018,2020, our leases have a weighted average lease length of 6.87.2 years and the majority provide for periodic rent increases that are either fixed or based on changes in the Consumer Price Index. Industrial tenants typically have net or semi-net leases and pay as additional rent their percentage of the property's operating costs, including the costs of common area maintenance, utilities, property taxes and insurance. As of December 31, 2018,2020, approximately 98.5%95.7% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 2.6%6.3% of our rent revenues, nor did any single tenant or group of related tenants occupy more than 2.3%5.2% of the total GLA of our in-service properties.
Leasing Activity
The following table provides a summary of our leasing activity for the year ended December 31, 2018.2020. The table does not include month-to-month leases or leases with terms less than twelve months.
Number of
Leases
Commenced		Square Feet
Commenced
(in 000's)
Net Rent Per
Square Foot (A)
Straight Line Basis
Rent  Growth (B)
Weighted
Average Lease
Term (C)
Lease Costs
Per Square
Foot (D)
Weighted
Average Tenant
Retention (E)
New Leases872,533$8.0232.9%5.0$5.50N/A
Renewal Leases1335,673$6.3328.0%5.9$1.8976.8%
Development / Acquisition Leases183,691$6.14N/A9.1N/AN/A
Total / Weighted Average23811,897$6.6329.7%6.7$3.0176.8%
 
Number of
Leases
Commenced
 
Square Feet
Commenced
(in 000's)
 
Net Rent Per
Square Foot (A)
 
Straight Line Basis
Rent  Growth (B)
 
Weighted
Average  Lease
Term (C)
 
Lease Costs
Per Square
Foot (D)
 
Weighted
Average Tenant
Retention (E)
New Leases128
 2,342
 $5.82
 21.1% 6.2
 $5.10
 N/A
Renewal Leases187
 7,421
 $5.11
 20.4% 4.5
 $1.43
 82.8%
Development / Acquisition Leases18
 3,485
 $5.39
 N/A
 8.8
 N/A
 N/A
Total / Weighted Average333
 13,248
 $5.31
 20.6% 5.9
 $2.31
 82.8%

_______________(A)Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease.
(A)
Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease.
(B)
Straight Line basis rent growth is a ratio of the change in net rent (including straight-line rent adjustments) on a new or renewal lease compared to the net rent (including straight-line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded.
(C)
The lease term is expressed in years. Assumes no exercise of lease renewal options, if any.
(D)
Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.
(E)
Represents the weighted average square feet of tenants renewing their respective leases.
(B)Straight Line basis rent growth is a ratio of the change in net rent (including straight-line rent adjustments) on a new or renewal lease compared to the net rent (including straight-line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded.
(C)The lease term is expressed in years. Assumes no exercise of lease renewal options, if any.
(D)Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.
(E)Represents the weighted average square feet of tenants renewing their respective leases.
The following table provides a summary of our leases that commenced during the year ended December 31, 2018,2020, which included rent concessions during the lease term.
Number of
Leases
With Rent Concessions		Square Feet
(in 000's)		Rent Concessions ($)
New Leases641,631$4,250
Renewal Leases15771721
Development / Acquisition Leases173,5907,790
Total965,992$12,761

25
 
Number of
Leases
With Rent Concessions
 
Square Feet
(in 000's)
 Rent Concessions ($)
New Leases74
 1,601
 $2,071
Renewal Leases12
 422
 $688
Development / Acquisition Leases17
 3,467
 $7,392
Total103
 5,490
 $10,151




Lease Expirations

Fundamentals for the United States industrial real estate market remained favorable in 2018, as continued growth in2020, despite the COVID-19 pandemic that impacted general economy, including e-commerce supplyeconomic activity during the year. Supply chain activity drove additional demand for space.space, particularly in the e-commerce segment which benefited from an increase in consumer adoption. New industrial space continued to be developed throughout the year in response to this growth in demand. IncrementalIn 2020, new supply exceeded incremental demand for the second consecutive year. In the fourth quarter, however, incremental demand exceeded new supply in 2018, with net absorption exceeding 200 million square feet nationally for the sixth consecutive year.supply. National vacancy levels remained low and the overall industry conditions resulted in environmentsan environment supportive of rental rate growth in virtually all of our markets. Based on our recent experience, a new supply/demand environment near equilibrium,low levels of vacancy generally throughout our markets, and the 20192021 forecast fromof a leading national research company, we expect our average net rental rates for renewal leases on a cash basis to be higher than the expiring rates. For 2019,2021, net rental rates for new leases on a cash basis on average are also expected to be higher than the comparative prior leases, primarily due to thecontinued improvement in market conditions as compared to the conditions prevailing when the comparative leases were structured.signed. The following table shows scheduled lease expirations for all signed leases forin our in-service properties as of December 31, 2018.2020.
Year of Expiration (A)
 
Number of
Leases
Expiring
 
GLA
Expiring (B)
 
Percentage
of  GLA
Expiring (B)
 
Annualized Base Rent
Under
Expiring
Leases
(In thousands) (C)
 
Percentage
of Total
Annualized
Base Rent
Expiring (C)
Year of Expiration (A)
Number of
Leases
Expiring
GLA
Expiring (B)
Percentage
of GLA
Expiring (B)
Annualized Base Rent
Under
Expiring
Leases
(In thousands) (C)
Percentage
of Total
Annualized
Base Rent
Expiring (C)
2019 158
 4,250,316
 7% $21,729
 7%
2020 222
 7,290,840
 12% 38,731
 13%
2021 240
 10,170,890
 17% 51,266
 17%20211454,756,8558.0%$26,7948.2%
2022 163
 6,363,198
 11% 32,996
 11%20221868,140,59213.7%45,25013.9%
2023 174
 7,929,705
 13% 40,506
 14%20231878,660,71414.6%47,74914.6%
2024 100
 5,973,426
 10% 29,181
 10%20241556,938,90611.7%39,73312.2%
2025 48
 4,707,745
 8% 22,478
 7%20251336,395,89610.8%36,85911.3%
2026 38
 4,086,190
 7% 17,432
 6%2026776,236,34910.5%31,2099.6%
2027 16
 2,720,602
 5% 13,992
 5%2027273,936,9046.6%19,5136.0%
2028 12
 1,765,484
 3% 8,445
 3%2028203,314,7865.6%18,2935.6%
20292029213,679,8256.2%21,4676.6%
20302030192,480,7854.2%14,3644.4%
Thereafter 24
 3,894,574
 7% 20,637
 7%Thereafter154,794,4178.1%24,7407.6%
Total 1,195
 59,152,970
 100% $297,393
 100%Total98559,336,029100%$325,971100%
_______________
(A)Includes leases that expire on or after January 1, 2021 and assumes tenants do not exercise existing renewal, termination or purchase options.
(B)Does not include existing vacancies of 2,666,976 aggregate square feet and December 31, 2020 move outs of 381,964 aggregate square feet.
(C)Annualized base rent is calculated as monthly contractual base rent per the terms of the lease, as of December 31, 2020, multiplied by 12. If free rent is granted, then the first positive rent value is used.
(A)
Includes leases that expire on or after January 1, 2019 and assumes tenants do not exercise existing renewal, termination or purchase options.
(B)
Does not include existing vacancies of 931,314 aggregate square feet and December 31, 2018 move outs of 618,032 aggregate square feet.
(C)
Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2018, multiplied by 12. If free rent is granted, then the first positive rent value is used.
Item  3.Legal Proceedings
We are involved in legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material impact on our results of operations, financial position or liquidity.
Item  4.Mine Safety Disclosures
None.

26

PART II
Item  5.Market for Registrant's Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities
Market Information
The following table sets forth, for the periods indicated, the high and low closing prices per share of the Company's common stock, which trades on the New York Stock Exchange under the trading symbol "FR" and the dividends declared per share for the Company's common stock and the distributions declared per Unit for the Operating Partnership's Units. There is no established public trading market for the Units.
Quarter EndedClosing HighClosing LowDividend/Distribution
Declared
December 31, 2020$44.30$39.75$0.25
September 30, 2020$44.09$37.99$0.25
June 30, 2020$40.93$30.52$0.25
March 31, 2020$46.01$27.09$0.25
December 31, 2019$43.07$39.09$0.23
September 30, 2019$40.07$36.77$0.23
June 30, 2019$37.43$34.22$0.23
March 31, 2019$35.47$28.04$0.23
Quarter Ended Closing High Closing Low 
Dividend/Distribution
Declared
December 31, 2018 $32.40
 $27.60
 $0.2175
September 30, 2018 $33.87
 $30.78
 $0.2175
June 30, 2018 $33.67
 $28.58
 $0.2175
March 31, 2018 $31.17
 $27.75
 $0.2175
December 31, 2017 $32.82
 $30.49
 $0.2100
September 30, 2017 $31.74
 $28.21
 $0.2100
June 30, 2017 $30.04
 $26.88
 $0.2100
March 31, 2017 $28.66
 $25.35
 $0.2100
As of February 15, 2019,2021, the Company had 397360 common stockholders of record. The number of holders does not include individuals or entities who beneficially own shares but whose shares are held of record by a broker or clearing agency, but does include each such broker or clearing agency as one record holder. The Operating Partnership had 117134 holders of record of Units registered with our transfer agent.
In order to comply with the REIT requirements of the Code, the Company is generally required to make common share distributions and preferred share distributions (other than capital gain distributions) to its shareholders in amounts that together at least equal i) the sum of a) 90% of the Company's "REIT taxable income" computed without regard to the dividends paid deduction and net capital gains and b) 90% of net income (after tax), if any, from foreclosure property, minus ii) certain excess non-cash income.
Our dividend/distribution policy is determined by the Company's Board of Directors and is dependent on multiple factors, including cash flow and capital expenditure requirements, as well as ensuring that the Company meets the minimum distribution requirements set forth in the Code. The Company met the minimum distribution requirements with respect to 2018.2020.
Holders of Units are entitled to receive distributions when, as and if declared by the Company's Board of Directors, after the priority distributions required under the Operating Partnership's partnership agreement have been made with respect to preferred partnership interests in the Operating Partnership out of any funds legally available for that purpose.
During the year ended December 31, 2018,2020, the Operating Partnership did not issue anyissued 464,975 Limited Partner Units.Units in connection with the issuance of equity compensation to certain employees and directors. See Note 11 to the Consolidated Financial Statements for more information.
Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner of the Operating Partnership. 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'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, 2018,2020, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $75.7$114.3 million or by issuing 2,624,1672,713,142 shares of the Company's common stock.

27

Performance Graph
The following graph provides a comparison of the cumulative total stockholder return among the Company, the FTSE NAREIT Equity REIT Total Return Index (the "NAREIT Index") and the Standard & Poor's 500 Index ("S&P 500"). The NAREIT Index represents the performance of our publicly traded industrial REIT peers. The historical information set forth below is not necessarily indicative of future performance.
chartfr12312018.jpg
fr-20201231_g2.jpg
*(A)$100 invested on 12/31/1315 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
12/13 12/14 12/15 12/16 12/17 12/18 12/1512/1612/1712/1812/1912/20
FIRST INDUSTRIAL REALTY TRUST, INC.$100.00
 $120.39
 $132.80
 $173.25
 $200.06
 $188.79
FIRST INDUSTRIAL REALTY TRUST, INC.$100.00 $130.45 $150.64 $142.15 $209.47 $218.23 
S&P 500$100.00
 $113.69
 $115.26
 $129.05
 $157.22
 $150.33
S&P 500$100.00 $111.96 $136.40 $130.42 $171.49 $203.04 
FTSE NAREIT Equity REITs$100.00
 $130.14
 $134.30
 $145.74
 $153.36
 $146.27
FTSE NAREIT Equity REITs$100.00 $108.52 $114.19 $108.91 $137.23 $126.25 
_______________
*(A)The information provided in this performance graph shall not be deemed to be “soliciting material,” to be “filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless specifically treated as such.

28


Item 6.Selected Financial Data
The following tables set forth the selected financial and operating data for the Company and the Operating Partnership on a consolidated basis. The following selected consolidated financial data should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K.
The Company
The Company

Year Ended
12/31/20		Year Ended
12/31/19		Year Ended
12/31/18		Year Ended
12/31/17		Year Ended
12/31/16
 (In thousands, except per share data)
Statement of Operations Data:
Total Revenues$448,028 $425,984 $403,954 $396,402 $378,020 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities195,989 238,775 163,239 201,456 121,232 
Share and Per Share Data:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders - Basic EPS1.53 1.89 1.31 1.70 1.05 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders - Diluted EPS1.53 1.88 1.31 1.69 1.05 
Dividends/Distributions Per Share$1.00 $0.92 $0.87 $0.84 $0.76 
Basic Weighted Average Shares127,711 126,392 123,804 118,272 115,030 
Diluted Weighted Average Shares127,904 126,691 124,191 118,787 115,370 
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation$4,087,633 $3,830,209 $3,673,644 $3,495,745 $3,384,914 
Total Assets3,791,938 3,518,828 3,142,691 2,941,062 2,793,263 
Indebtedness1,594,641 1,483,565 1,297,783 1,296,997 1,347,092 
Total Equity1,947,320 1,798,263 1,679,911 1,475,877 1,284,625 
Other Data:
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities (A)
$234,964 $221,136 $199,391 $186,496 $167,811 
 
Year Ended
12/31/18
 
Year Ended
12/31/17
 
Year Ended
12/31/16
 
Year Ended
12/31/15
 
Year Ended
12/31/14
 (In thousands, except per share data)
Statement of Operations Data:         
Total Revenues$403,954
 $396,402
 $378,020
 $365,823
 $346,709
Income from Continuing Operations167,334
 208,301
 125,684
 76,705
 23,182
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities163,239
 201,456
 121,232
 73,802
 46,629
Basic Per Share Data:         
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.31
 $1.70
 $1.05
 $0.67
 $0.18
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders1.31
 1.70
 1.05
 0.67
 0.42
Diluted Per Share Data:         
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.31
 $1.69
 $1.05
 $0.66
 $0.18
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders1.31
 1.69
 1.05
 0.66
 0.42
Dividends/Distributions Per Share$0.87
 $0.84
 $0.76
 $0.51
 $0.41
Basic Weighted Average Shares123,804
 118,272
 115,030
 110,352
 109,922
Diluted Weighted Average Shares124,191
 118,787
 115,370
 110,781
 110,325
Balance Sheet Data (End of Period):         
Real Estate, Before Accumulated Depreciation$3,673,644
 $3,495,745
 $3,384,914
 $3,293,968
 $3,183,369
Total Assets3,142,691
 2,941,062
 2,793,263
 2,709,808
 2,574,911
Indebtedness1,297,783
 1,296,997
 1,347,092
 1,434,168
 1,342,762
Total Equity1,679,911
 1,475,877
 1,284,625
 1,115,135
 1,090,827
Cash Flow Data:         
Cash Flow From Operating Activities$210,495
 $192,562
 $173,889
 $162,149
 $137,609
Cash Flow From Investing Activities(223,398) (82,495) (122,395) (175,898) (67,240)
Cash Flow From Financing Activities16,794
 (85,046) (57,025) 29,426
 (66,599)
Other Data:         
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities (A)
$199,391
 $186,496
 $167,811
 $140,841
 $127,890
The Operating PartnershipYear Ended
12/31/20		Year Ended
12/31/19		Year Ended
12/31/18		Year Ended
12/31/17		Year Ended
12/31/16
 (In thousands, except per Unit data)
Statement of Operations Data:
Total Revenues$448,028 $425,984 $403,954 $396,402 $378,020 
Net Income Available to Unitholders and Participating Securities199,934 243,628 167,246 208,158 125,547 
 Unit and Per Unit Data:
Net Income Available to Unitholders - Basic EPU1.54 1.89 1.31 1.70 1.05 
Net Income Available to Unitholders - Diluted EPU1.53 1.88 1.31 1.69 1.05 
Distributions Per Unit$1.00 $0.92 $0.87 $0.84 $0.76 
Basic Weighted Average Units129,752 128,831 126,921 122,306 119,274 
Diluted Weighted Average Units130,127 129,241 127,308 122,821 119,614 
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation$4,087,633 $3,830,209 $3,673,644 $3,495,745 $3,384,914 
Total Assets3,801,308 3,528,849 3,152,799 2,951,180 2,803,701 
Indebtedness1,594,641 1,483,565 1,297,783 1,296,997 1,347,092 
Total Partners' Capital1,956,690 1,808,284 1,690,019 1,485,995 1,295,063 
_______________
(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 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."

29

(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 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."


The Operating Partnership
 
Year Ended
12/31/18
 
Year Ended
12/31/17
 
Year Ended
12/31/16
 
Year Ended
12/31/15
 
Year Ended
12/31/14
 (In thousands, except per Unit data)
Statement of Operations Data:         
Total Revenues$403,954
 $396,402
 $378,020
 $365,823
 $346,709
Income from Continuing Operations167,334
 208,301
 125,684
 76,820
 23,434
Net Income Available to Unitholders and Participating Securities167,246
 208,158
 125,547
 76,682
 48,704
Basic Per Unit Data:         
Income from Continuing Operations Available to Unitholders$1.31
 $1.70
 $1.05
 $0.67
 $0.18
Net Income Available to Unitholders1.31
 1.70
 1.05
 0.67
 0.42
Diluted Per Unit Data:         
Income from Continuing Operations Available to Unitholders$1.31
 $1.69
 $1.05
 $0.66
 $0.18
Net Income Available to Unitholders1.31
 1.69
 1.05
 0.66
 0.42
Distributions Per Unit$0.87
 $0.84
 $0.76
 $0.51
 $0.41
Basic Weighted Average Units126,921
 122,306
 119,274
 114,709
 114,388
Diluted Weighted Average Units127,308
 122,821
 119,614
 115,138
 114,791
Balance Sheet Data (End of Period):         
Real Estate, Before Accumulated Depreciation$3,673,644
 $3,495,745
 $3,384,914
 $3,293,968
 $3,183,369
Total Assets3,152,799
 2,951,180
 2,803,701
 2,720,523
 2,585,624
Indebtedness1,297,783
 1,296,997
 1,347,092
 1,434,168
 1,342,762
Total Partners' Capital1,690,019
 1,485,995
 1,295,063
 1,125,850
 1,101,590
Cash Flow Data:         
Cash Flow From Operating Activities$210,505
 $192,881
 $174,166
 $162,286
 $138,352
Cash Flow From Investing Activities(223,398) (82,494) (122,395) (175,898) (67,895)
Cash Flow From Financing Activities16,784
 (85,366) (57,302) 29,304
 (66,687)



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 2018
During 2018,In 2020, we completed the following significant transactions and financing activities:
•We acquired 10eight industrial properties comprised of approximately 1.01.5 million square feet of GLA located in our Seattle, Orlando,Baltimore/Washington, Northern California, Phoenix and Southern California New Jersey and Houston markets for an aggregate purchase price of $124.9$154.4 million. These properties were 92% leased at December 31, 2020.
•We acquired 271.7added to our development pipeline 128.8 acres of land for development located in our Dallas, Denver,Central Florida, Seattle, South Florida and Southern California New Jersey and Miami markets for an aggregate purchase price of $42.6$69.6 million.
•We developed, placed in-service, and leased at 100%, 810 industrial properties comprising approximately 3.52.5 million square feet of GLA located in our Dallas/Ft. Worth, Houston, Phoenix, South Florida and Southern California Chicago and Phoenixmarkets at an estimated total cost of $226.6$221.7 million. These properties were 79% leased at December 31, 2020.
•We commenced development for five development projects totaling approximately 1.0 million square feet of GLA at an estimated total investment of $135.3 million.
•We sold 5329 industrial properties comprised of approximately 2.61.9 million square feet of GLA and several land parcels for total gross sales proceeds of $192.0$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 the Joint Venture with a third party andnew joint venture through which we acquired, for a purchase price of $49.0$70.5 million, approximately 532569 net developable acres of land located in Phoenix for the purpose of developing, selling, leasing, and operating industrial properties.properties and potentially selling land.

30

We completed the following financing activities during the year ended December 31, 2020:
•We issued $150.01,842,281 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 private placement notes at a rate of 3.86%2.74% and $150.0$200.0 million of twelve-year private placement notes at a rate of 3.96%2.84%.
•We issued 4,800,000 sharesentered into a new unsecured term loan facility that refinanced our $200.0 million term loan facility previously scheduled to mature in January 2021. The new loan has an initial maturity of the Company's common stock inJuly 15, 2021 and includes two, one-year extension options at our election. The new loan provides for interest only payments and currently bears an underwritten public offering. Proceeds to the Company, netinterest rate based of the underwriter's discount, were $145.6 million.LIBOR plus 150 basis points.
•We paid off $157.8$25.4 million in mortgage loans payable.
•We declared an annual cash dividend of $0.87$1.00 per common share or Unit, an increase of 3.6%8.7% from 2017.2019.

31


Results of Operations
Comparison of Year Ended December 31, 20182020 to Year Ended December 31, 20172019
Our net income was $167.3$200.2 million and $208.3$243.9 million for the years ended December 31, 20182020 and 2017,2019, respectively.
The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 20182020 and 2017.2019. Same store properties are properties owned prior to January 1, 20172019 and held as an in-service property through December 31, 20182020 and developments and redevelopments that were placed in service prior to January 1, 2017 or were substantially completed for the 12 months prior to January 1, 2017.2019. Properties which are at least 75% occupied at acquisition are placed in service, unless we anticipate the tenants to move out within the first two 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, 20162018 and held as an operating property through December 31, 2018.2020. Sold properties are properties that were sold subsequent to December 31, 2016.2018. (Re)Developments include developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2017;2019; or b) stabilized prior to January 1, 2017.2019. 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, 2018, one industrial property, comprising approximately 0.1 million square feet of GLA, was taken out of service 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)(re)development classification. During the year ended December 31, 2018, we completed the redevelopment of this property and as of December 31, 2018, the property iswas 100% occupied.leased. This property will returnreturned to the same store classification in the first quarter 2020.
During the year ended December 31, 2017, 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. During the year ended December 31, 2018, we recognized $1.3 million of insurance proceeds, inclusive of business interruption proceeds, within other income. Also, during the year ended December 31, 2018, we sold the remaining property and as such, the results of this property are included in the sold classification.
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 included in the (re)development classification. We anticipateDuring the year ended December 31, 2019, we completed the rebuild of this property will be complete during the first quarter 2019 and as of December 31, 2018,2019, the property iswas 100% pre-leased.leased. This property will return to the same store classification in the first quarter 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, 20182020 and 2017,2019, the average occupancy rates of our same store properties were 97.5%97.1% and 96.2%97.7%, respectively.


32

2018 2017 $ Change % Change 20202019$ Change% Change
(In thousands)   (In thousands)
REVENUES       REVENUES
Same Store Properties$365,873
 $349,196
 $16,677
 4.8 %Same Store Properties$376,511 $366,952 $9,559 2.6 %
Acquired Properties12,462
 4,243
 8,219
 193.7 %Acquired Properties8,132 1,711 6,421 375.3 %
Sold Properties11,354
 36,484
 (25,130) (68.9)%Sold Properties12,947 44,210 (31,263)(70.7)%
(Re) Developments11,393
 4,626
 6,767
 146.3 %(Re) Developments35,139 7,361 27,778 377.4 %
Other2,872
 1,853
 1,019
 55.0 %Other15,299 5,750 9,549 166.1 %
Total Revenues$403,954
 $396,402
 $7,552
 1.9 %Total Revenues$448,028 $425,984 $22,044 5.2 %
Revenues from same store properties increased $16.7$9.6 million primarily due primarily to an increase in occupancy and rental rates as well as tenant recoveries.recoveries, offset by a decrease in 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 $8.2$6.4 million due to the 1817 industrial properties acquired subsequent to December 31, 20162018 totaling approximately 2.1 million square feet of GLA. Revenues from sold properties decreased $25.1$31.3 million due to the 11369 industrial properties sold subsequent to December 31, 20162018 totaling approximately 7.27.8 million square feet of GLA. Revenues from (re)developments increased $6.8 million due to an increase in occupancy. Revenues from other increased $1.0 million primarily due to an increase in interest income earned on our cash equivalents, as well as an increase in occupancy related to one property acquired in 2016 and placed in service during 2017.
 2018 2017 $ Change % Change
 (In thousands)  
PROPERTY EXPENSES       
Same Store Properties$97,053
 $91,417
 $5,636
 6.2 %
Acquired Properties3,850
 1,105
 2,745
 248.4 %
Sold Properties3,461
 11,695
 (8,234) (70.4)%
(Re) Developments4,090
 1,392
 2,698
 193.8 %
Other8,400
 7,885
 515
 6.5 %
Total Property Expenses$116,854
 $113,494
 $3,360
 3.0 %
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 $5.6 million primarily due to an increase in real estate taxes, snow removal costs, and insurance expense. Property expenses from acquired properties increased $2.7 million due to properties acquired subsequent to December 31, 2016. Property expenses from sold properties decreased $8.2 million due to properties sold subsequent to December 31, 2016. Property expenses from (re)developments increased $2.7 million primarily due to the substantial completion of developments. Property expenses from other increased $0.5$27.8 million due to an increase in real estate taxes.
Generaloccupancy and administrative expense remained relatively unchanged. However, during the three months ended March 31, 2018, we incurred $1.3 million of severance expense. The increase in severance expense is offset by an increase in the capitalization of compensation of certain development personnel due to an increase in development activitiestenant recoveries as well as a decrease in amortization of restricted stock, which decrease is primarily due to immediate recognition of $1.6$1.1 million of expensefinal insurance proceeds received and recorded as revenue related to the issuance of restricted stock to our former CEO during the three months ended March 31, 2017.



 2018 2017 $ Change % Change
 (In thousands)  
DEPRECIATION AND OTHER AMORTIZATION       
Same Store Properties$100,525
 $101,770
 $(1,245) (1.2)%
Acquired Properties7,293
 2,476
 4,817
 194.5 %
Sold Properties2,703
 9,388
 (6,685) (71.2)%
(Re) Developments4,571
 1,582
 2,989
 188.9 %
Corporate Furniture, Fixtures and Equipment and Other1,367
 1,148
 219
 19.1 %
Total Depreciation and Other Amortization$116,459
 $116,364
 $95
 0.1 %
Depreciation and other amortizationa property that was destroyed by fire in 2016. Revenues from same store properties decreased by $1.2 million due to certain leasing intangibles becoming fully amortized during the year ended December 31, 2017 partially offset by accelerated depreciation and amortization taken during the year ended December 31, 2018 attributable to certain tenants who terminated their leases early. Depreciation and other amortization from acquired propertiesother increased $4.8 million due to properties acquired subsequent to December 31, 2016. Depreciation and other amortization from sold properties decreased $6.7 million due to properties sold subsequent to December 31, 2016. Depreciation and other amortization from (re)developments increased $3.0$9.5 million primarily due to an increase in depreciationfinal insurance settlement proceeds of $5.4 million received and amortizationrecorded as revenue related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other increased $0.2 million primarily due to capital expenditures incurred at onea property that was acquireddestroyed by fire in 2016 and placed in service in 2017.
The impairment charge for2017, the year endedacquisition of partially occupied properties during 2018 that were not yet stabilized at December 31, 2018 of $2.8 million was due to marketing a property and a land parcel for sale and our assessment of the likelihood of potential sales transaction. The property and the land parcel for which impairment was recorded were sold later during the year ended December 31, 2018.
For the year ended December 31, 2018, we recognized $81.6 million of gain on sale of real estate related to the sale of 53 industrial properties comprising approximately 2.6 million square feet of GLA and several land parcels. 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.
Interest expense decreased $6.4 million, or 11.2%, primarily due to a decreasetherefore are not yet included in the weighted average debt balance outstanding for the year ended December 31, 2018 ($1,334.8 million) as compared to the year ended December 31, 2017 ($1,392.2 million), a decrease in the weighted average interest rate for the year ended December 31, 2018 (4.24%) as compared to the year ended December 31, 2017 (4.42%), and an increase in capitalized interest of $1.5 million for the year ended December 31, 2018 as compared to the year ended December 31, 2017 due to an increase in development activities.
Amortization of debt issuance costs increased $0.2 million, or 7.7%, primarily due to additional amortization from fees incurred related to the amendment to our credit facility and term loans in October 2017 and the issuance of the 2028 and 2030 Private Placement Notes in February 2018, offset by less amortization due to the payoffs of the 2017 Notes, the 2017 II Notes and certain mortgage loans.
During the year ended December 31, 2017, we recorded $1.9 million of settlement gain on derivative instruments. In September 2017, we entered into treasury locks (the "2017 Treasury Locks") in order to fix the interest rate on an anticipated unsecured debt offering. The 2017 Treasury Locks were settled during the fourth quarter of 2017. We did not elect to designate the Treasury Locks as hedges and, as such, we recorded the full change in the fair value of the 2017 Treasury Locks within the consolidated statement of operations. 
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.
Equity in loss of Joint Venture was not significant.
For the year ended December 31, 2018, the income tax benefit was not significant. For the year ended December 31, 2017, we recognized a tax provision of $1.2 million primarily related to taxable gain from the sale of real estate from one of our TRSs.


Comparison of Year Ended December 31, 2017 to Year Ended December 31, 2016
The Company's net income was $208.3 million and $125.7 million for the years ended December 31, 2017 and 2016, respectively.
The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2017 and 2016. Same store properties are properties owned prior to January 1, 2016 and held as an in-service property through December 31, 2017 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. Properties which are at least 75% occupied at acquisition are placed in service, unless we anticipate the tenants to move out within the first two 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 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 classificationpool and the acquisition of a land site during 2019 on which we intend 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, 2015 and held as an operating property through December 31, 2017. Sold properties are properties that were sold subsequent to December 31, 2015. (Re)Developments include developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2016; or b) stabilized prior to January 1, 2016. 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, 2016, onedevelop 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 includedbuildings in the (re) development classification. We anticipate the rebuild of this property will be complete during the first quarter 2019future but currently are leasing to tenants and as of December 31, 2018, the property is 100% pre-leased. This property will return to the same store classification in the first quarter 2021.collecting ground lease rent.
During the year ended December 31, 2017, 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. The results of this property are included in the (re) development classification. During the year ended December 31, 2018, we sold the remaining land parcel.
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, 2017 and 2016, the average occupancy rates of our same store properties were 96.2% and 96.4%, respectively.


 2017 2016 $ Change % Change
 (In thousands)  
REVENUES       
Same Store Properties$339,403
 $329,704
 $9,699
 2.9 %
Acquired Properties9,021
 2,409
 6,612
 274.5 %
Sold Properties17,010
 33,260
 (16,250) (48.9)%
(Re) Developments26,850
 10,036
 16,814
 167.5 %
Other4,118
 2,611
 1,507
 57.7 %
Total Revenues$396,402
 $378,020
 $18,382
 4.9 %
Revenues from same store properties increased $9.7 million due primarily to an increase in rental rates and tenant recoveries, slightly offset by a decrease in occupancy. Revenues from acquired properties increased $6.6 million due to the 14 industrial properties acquired subsequent to December 31, 2015 totaling approximately 1.8 million square feet of GLA. Revenues from sold properties decreased $16.3 million due to the 123 industrial properties sold subsequent to December 31, 2015 totaling approximately 8.6 million square feet of GLA. Revenues from (re)developments increased $16.8 million due to an increase in occupancy. Revenues from other 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 20202019$ Change% Change
(In thousands)   (In thousands)
PROPERTY EXPENSES       PROPERTY EXPENSES
Same Store Properties$90,755
 $88,218
 $2,537
 2.9 %Same Store Properties$92,588 $90,476 $2,112 2.3 %
Acquired Properties2,462
 600
 1,862
 310.3 %Acquired Properties2,386 598 1,788 299.0 %
Sold Properties5,527
 11,684
 (6,157) (52.7)%Sold Properties3,495 13,048 (9,553)(73.2)%
(Re) Developments5,797
 2,449
 3,348
 136.7 %(Re) Developments10,328 2,570 7,758 301.9 %
Other8,953
 9,373
 (420) (4.5)%Other10,398 9,893 505 5.1 %
Total Property Expenses$113,494
 $112,324
 $1,170
 1.0 %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 $2.5$2.1 million primarily due to an increase in real estate tax expense causedtaxes and insurance, partially offset by higher assessed values on our propertiesa decrease in repairs and real estate tax abatements expiring.maintenance and snow removal costs. Property expenses from acquired properties increased $1.9$1.8 million due to properties acquired subsequent to December 31, 2015.2018. Property expenses from sold properties decreased $6.2$9.6 million due to properties sold subsequent to December 31, 2015.2018. Property expenses from (re)developments increased $3.3$7.8 million primarily due to the substantial completion of developments. Property expenses from other decreased $0.4increased $0.5 million primarily due to an increase in real 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 certain miscellaneousmaintenance company expenses.
General and administrative expense increased $1.4by $4.3 million, or 5.2%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, 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.


2020.
33

2017 2016 $ Change % Change 20202019$ Change% Change
(In thousands)   (In thousands)
DEPRECIATION AND OTHER AMORTIZATION       DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties$97,516
 $98,909
 $(1,393) (1.4)%Same Store Properties$104,308 $101,714 $2,594 2.6 %
Acquired Properties4,874
 1,358
 3,516
 258.9 %Acquired Properties4,883 1,451 3,432 236.5 %
Sold Properties4,305
 9,352
 (5,047) (54.0)%Sold Properties2,459 10,652 (8,193)(76.9)%
(Re) Developments7,223
 5,404
 1,819
 33.7 %(Re) Developments14,075 4,484 9,591 213.9 %
Corporate Furniture, Fixtures and Equipment and Other2,446
 2,259
 187
 8.3 %Corporate Furniture, Fixtures and Equipment and Other3,913 2,928 985 33.6 %
Total Depreciation and Other Amortization$116,364
 $117,282
 $(918) (0.8)%Total Depreciation and Other Amortization$129,638 $121,229 $8,409 6.9 %

Depreciation and other amortization from same store properties decreased by $1.4increased $2.6 million primarily due to accelerated depreciation and amortization taken during the year ended December 31, 20162020 attributable tothe early termination of certain tenants who terminated their leases early.tenants' leases. Depreciation and other amortization from acquired properties increased $3.5$3.4 million due to properties acquired subsequent to December 31, 2015.2018. Depreciation and other amortization from sold properties decreased $5.0$8.2 million due to properties sold subsequent to December 31, 2015.2018. Depreciation and other amortization from (re)developments increased $1.8$9.6 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.developments. Depreciation from corporate furniture, fixtures and equipment and other increased $0.2$1.0 million primarily due to higher depreciation related to incurred leasing costs at three properties acquired during 2018 that were not yet stabilized at December 31, 2018 and therefore are not yet included in the year ended December 31, 2015 that were placedsame 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 service during the year ended December 31, 2016.future, but we are currently leasing the property to tenants and collecting ground lease rent.
For the year ended December 31, 2017,2020, we recognized $131.3$86.8 million of gain on sale of real estate related to the sale of 6029 industrial properties comprising approximately 4.61.9 million square feet of GLA and one land parcel.GLA. For the year ended December 31, 2016,2019, we recognized $68.2$124.9 million of gain on sale of real estate related to the sale of 6340 industrial properties comprising approximately 3.95.9 million square feet of GLA and several land parcels. Included in the 40 industrial properties sold during the year ended December 31, 2019 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, 2020.
Interest expense decreased $2.2increased $1.0 million, or 3.8%2.0%, primarily due to an increase in the weighted average debt balance outstanding for the year ended December 31, 2020 ($1,593.5 million) as compared to the year ended December 31, 2019 ($1,397.6 million), offset by an increase in capitalized interest of $1.1 million for the year ended December 31, 2020 as compared to the year ended December 31, 2019, as well as a decrease in the weighted average interest rate for the year ended December 31, 2017 (4.42%2020 (3.65%) as compared to the year ended December 31, 2016 (4.50%2019 (4.01%).
Amortization of debt issuance costs increased $0.2 million, or 6.5%, primarily due to debt issuance costs incurred related to the refinancing of a decrease$200 million unsecured term loan in July 2020, the weighted average debt balance outstandingissuance 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, 2017 ($1,392.2 million)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, 2016 ($1,400.5 million)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 sale 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.
34

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 an increase2018 can be found in capitalized interest"Item 7 - Management's Discussion and Analysis of $0.8 millionFinancial 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, 2017 as compared to the year ended December 31, 2016 due to an increase in development activities.2019.
Amortization of debt issuance costs remained relatively unchanged.
During the year ended December 31, 2017, we recorded $1.9 million of settlement gain on derivative instruments. In September 2017, we entered into the 2017 Treasury Locks in order to fix the interest rate on an anticipated unsecured debt offering. The 2017 Treasury Locks were settled during the fourth quarter of 2017.
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.


Critical Accounting Policies
WeA critical accounting policy is one that involves an estimate or assumption that is subjective and requires management judgment about the effect of a matter that is inherently uncertain and material to an entity's financial condition and results of operations. Of the significant accounting policies discussed in Note 2 to the Consolidated Financial Statements, 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. Refer to Note 2 to the Consolidated Financial Statements for further detail on our critical accounting policies, which are as follows:statements:
•Acquisitions of Real Estate Assets: We allocate the purchase price of acquired 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, construction in progress, leasing commissions and lease intangibles including in-place leases and above market and below market lease assets and liabilities. The purchase price is allocated to the fair value of the tangible assets (land, building, and improvements)of an acquired property by valuing the real estateproperty as if it were vacant. The determination of fair value includes estimatesthe use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Above-market and below-market leaseAcquired above and below market ground lease obligation valuesintangibles 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-placethe remaining term of the lease and (ii) our estimatefor above market leases or the remaining term of fairthe lease plus the term of any below market lease rentsfixed rate renewal options for each corresponding in-place lease.below market leases. The purchase price is further allocated to leasing commissions, in-place lease and tenant relationship values 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 expected term of the relationship, which includes an estimate of the probabilitylease revenue received during a reasonable lease-up period as if the property was vacant on the date of lease renewal and its estimated term.
acquisition.
•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. The impairment assessment and fair value measurement requires the use of estimates and assumptions related to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates.
35

Liquidity and Capital Resources
At December 31, 2018,2020, our cash and cash equivalents and restricted cash were approximately $43.1$162.1 million and $7.3$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 $720.6$724.6 million available for additional borrowings under our Unsecured Credit Facility as of December 31, 2018.2020.
We have considered our short-term (through December 31, 2019)2021) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. We have $107.9a $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, 2018 that we anticipate prepaying prior to December 31, 2019. Historically, we have utilized various sources of capital to satisfy similar payment obligations, including borrowings under our Unsecured Credit Facility and issuances of debt and equity securities, and we2020 maturing in October 2021. We expect to satisfy these payment obligations on or prior to the maturity dates using one by extending the term of the Unsecured Credit Facility and/or morethe $200.0 million term loan or through the issuance of these sources of capital.other debt 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, 2019)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.
As of February 15, 20192021, we had approximately $713.4$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, 2018,2020, and we anticipate that we will be able to operate in compliance with our financial covenants in 2019.


2021.
As of December 31, 2018,2020, our senior unsecured notes have been assigned credit ratings from Standard & Poor's, Moody's and Fitch Ratings of BBB/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.

36

Cash Flow Activity
The following table summarizes our cash flow activity for the Company for the years ended December 31, 20182020 and 2017:2019:
 Year Ended December 31,Year Ended December 31,
 2018 201720202019
 (In thousands)(In thousands)
Net cash provided by operating activities $210,495
 $192,562
Net cash provided by operating activities$240,430 $245,533 
Net cash used in investing activities (223,398) (82,495)Net cash used in investing activities(251,738)(205,386)
Net cash provided by (used in) financing activities 16,794
 (85,046)
Net cash provided by financing activitiesNet cash provided by financing activities58,248 62,198 
The following table summarizes our cash flow activity for the Operating Partnership for the years ended December 31, 20182020 and 2017:2019:
 Year Ended December 31,Year Ended December 31,
 2018 201720202019
 (In thousands)(In thousands)
Net cash provided by operating activities $210,505
 $192,881
Net cash provided by operating activities$241,081 $245,620 
Net cash used in investing activities (223,398) (82,494)Net cash used in investing activities(251,738)(205,386)
Net cash provided by (used in) financing activities 16,784
 (85,366)
Net cash provided by financing activitiesNet cash provided by financing activities57,597 62,111 
Changes in cash flow for the year ended December 31, 2018,2020, compared to the prior year are described as follows:
Operating Activities: Cash provided by operating activities increased $17.9decreased $5.1 million for the Company (increased by $17.6(decreased $4.5 million for the Operating Partnership), primarily due to the following:
Decrease•decrease in interest expenseaccounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of $6.4cash 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•increase in cash NOInet operating income from same store properties, acquired properties, and recently developed properties of $32.1 million, offset by decreases in cash NOInet operating income due to buildingproperty disposals for a net total increase of approximately $6.8 million;$21.7 million.
Increase in accounts payable, accrued expenses and other liabilities as well as a decrease in other assets due to timing of cash payments and cash receipts.
Investing Activities: Cash used in investing activities increased $140.9$46.4 million, primarily due to the following:
Increase in cash used•increase of $78.5$67.5 million related to non-acquisition additions and improvements tothe acquisition of real estate primarily due to an estate;
•increase in development expenditures in 2018;
Increase in cash used of $23.4$31.3 million related to our net contributions made to theour Joint VentureVentures in 2018;2020 as compared to 2019;
Decrease•decrease of $50.6 million in cashnet proceeds received of $43.3 million related tofrom the disposition of real estate and collection of a sales-type lease receivable in 2018;2020 as compared to 2019; offset by
Decrease in cash received•decrease of $9.2$96.1 million related to insurance proceeds on casualty losses;
Offset by:
Decrease in cash used to acquirethe development of real estate and payments for improvements and leasing commissions in 20182020 as compared to 2019;
•decrease of $17.5 million.$8.2 million in escrow balances; and

•increase of $6.5 million related to the collection of insurance settlement proceeds.


37

Financing Activities: Cash provided by financing activities increased $101.8decreased $4.0 million for the Company (increased $102.2(decreased $4.5 million for the Operating Partnership), primarily due to the following:
Increase•increase in cash providednet repayments of $100.0our 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 2018;2020;
Increase in cash provided of $70.7 million related to the proceeds received from the issuance of common stock in an underwritten public offering in 2018 compared to 2017;
The payoff of senior unsecured notes during 2017 in the amount of $156.9 million;
Offset by:
Increase•decrease in repayments of mortgage loans payable of $118.8 million;
Increase in net repayments of our Unsecured Credit Facility of $99.5$93.1 million; and
Increase•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 dividend and unit distributions of $9.1 million primarily due to the Company raising the dividend rate in 2018.2020.
Contractual Obligations and Commitments
The following table lists our contractual obligations and commitments as of December 31, 2018:
2020:
Payments Due by Period
(In thousands)
  
Payments Due by Period
(In thousands)
 TotalLess Than
1 Year		1-3 Years3-5 YearsOver 5 Years
Total
Less Than
1 Year
 1-3 Years 3-5 Years Over 5 Years
Operating and Ground Leases(A)
$36,322
 $1,464
 $3,039
 $2,794
 $29,025
Rent Payments Due on Operating and Ground LeasesRent Payments Due on Operating and Ground Leases$71,277 $2,610 $5,023 $4,289 $59,355 
Real Estate Development Costs(A)(B)
140,300
 140,300
 —
 —
 —
Real Estate Development Costs(A)(B)
92,000 92,000 — — — 
Long Term Debt1,306,181
 79,600
 326,159
 341,873
 558,549
Long Term Debt1,602,785 261,891 332,345 684 1,007,865 
Interest Expense on Long Term Debt(A)(C)
309,800
 52,505
 84,322
 56,460
 116,513
Interest Expense on Long Term Debt(A)(C)
366,070 55,403 88,969 81,747 139,951 
Unsecured Credit Facility(D)
3,118
 1,103
 2,015
 —
 —
Unsecured Credit Facility(D)
909 909 — — — 
Total$1,795,721
 $274,972
 $415,535
 $401,127
 $704,087
Total$2,133,041 $412,813 $426,337 $86,720 $1,207,171 
_______________
(A)
(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.
(B)
Represents estimated remaining costs on the completion of development projects under construction. Estimated remaining costs include costs for leasing the building 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.
Off-Balance Sheet Arrangements
At December 31, 2018,2020, we had letters of credit and performance bonds outstanding amounting to $18.6$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, 20182020 and 2017,2019, respectively, related to environmental expenditures. We estimate 20192021 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 20192021 and beyond with regard to currently identified environmental issues will not exceed approximately $0.9 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 6.87.2 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.

38


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, 20182020 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, 2018, 100.0%2020, $1,602.7 million or 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 derivative instruments. At December 31, 2017, $1,160.3 million or 88.9% 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 derivative instruments. As of the same date, $144.5 million or 11.1% of our total debt, excluding unamortized debt issuance costs, was variable rate debt.
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. 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, 20182020 and 20172019 would have increased by approximately $0.07$0.09 million and $0.26$0.23 million, respectively, based on our average outstanding floating-rate debt during the years ended December 31, 20182020 and 2017.2019. 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 $5.6$5.7 million and $5.8$5.3 million during the years ended December 31, 20182020 and 2017.2019.
As of December 31, 20182020 and 2017,2019, the estimated fair value of our debt was approximately $1,312.4$1,703.2 million and $1,341.5$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, 20182020 and 2017,2019, we had derivative 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 ("Term(the "Term Loan Swaps"). Additionally, during December 2018 in anticipation of issuing long term debt in the future, we entered into two treasury locks with an aggregate notional value of $100.0 million to manage our exposure to changes in the ten year U.S. Treasury rate (the "2018 Treasury Locks"). The 2018 Treasury Locks fix the ten year U.S. Treasury rate at a weighted average of 2.93% and cash settle on or before April 30, 2019. We designated both the Term Loan Swaps and the 2018 Treasury Locks as cash flow hedges. During the year ended December 31, 2017, we settled certain derivative instruments, which were entered into in September 2017, to maintain our flexibility to pursue an offering of unsecured debt ("2017 Treasury Locks"). We did not designate the 2017 Treasury Locks as cash flow hedges. We received a settlement payment of $1.9 million from our derivative counterparties and recognized such payment as settlement gain on derivative instruments. See Note 12 to the Consolidated Financial Statements for a more detailed discussion of these derivative instruments. Currently, we do not enter into financial instruments for trading or other speculative purposes.

39


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 20182020 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's activity and use these operating results for assistance in comparing these operating results between periods or to those of different companies.
40

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 for the years ended December 31, 2018, 2017, 2016, 2015, and 2014.as follows:
 Year Ended December 31,
 20202019201820172016
 (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 Estate128,814 120,516 115,659 115,617 116,506 
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 
 Year Ended December 31,
 2018 2017 2016 2015 2014
 (In thousands)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$163,239
 $201,456
 $121,232
 $73,802
 $46,629
Adjustments:         
Depreciation and Other Amortization of Real Estate115,659
 115,617
 116,506
 113,126
 111,371
Depreciation and Other Amortization of Real Estate Included in Discontinued Operations—
 —
 —
 —
 2,388
Equity in Depreciation and Other Amortization of Joint Ventures—
 —
 —
 17
 117
Impairment of Depreciable Real Estate2,285
 —
 —
 626
 —
Gain on Sale of Depreciable Real Estate(80,909) (131,058) (68,202) (44,022) (25,988)
Gain on Sale of Depreciable Real Estate from Joint Ventures—
 —
 —
 (63) (3,346)
Noncontrolling Interest Share of Adjustments(883) 481
 (1,725) (2,645) (3,281)
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$199,391
 $186,496
 $167,811
 $140,841
 $127,890


(A)In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. This restated definition provides an option to include or exclude gains and losses as well as impairment of non-depreciable real estate if the sales are deemed incidental. We currently includePrior 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. Commencing onOn January 1, 2019 we will adoptadopted the restated definition of NAREIT FFO on a prospective basis and willnow 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.
41

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 venture,ventures, income tax benefit and expense, gains and losses on retirement of debt and gains and losses on the sale of real estate and settlement gain on derivative instruments.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, 20182020 and 2017.2019.
Year Ended December 31,Year Ended December 31,
2018 2017 20202019
(In thousands) (In thousands)
Same Store Revenues$365,873
 $349,196
Same Store Revenues$376,511 $366,952 
Same Store Property Expenses97,053
 91,417
Same Store Property Expenses(92,588)(90,476)
Same Store Net Operating Income Before Same Store Adjustments$268,820
 $257,779
Same Store Net Operating Income Before Same Store Adjustments$283,923 $276,476 
Same Store Adjustments:   Same Store Adjustments:
Straight-line Rent1,020
 (2,971)Straight-line Rent(1,034)(5,141)
Above / Below Market Rent Amortization(817) (988)
Above (Below) Market Lease AmortizationAbove (Below) Market Lease Amortization(941)(1,056)
Lease Termination Fees(1,213) (773)Lease Termination Fees(713)(1,012)
Same Store Net Operating Income$267,810
 $253,047
Same Store Net Operating Income$281,235 $269,267 
Subsequent Events
OnFrom January 25, 20191, 2021 to February 15, 2021, we acquired onetwo land parcelparcels for a purchase price of $1.8approximately $9.8 million, excluding costs incurred in conjunction with the acquisition.
On February 4, 2019transaction costs. In addition, we acquiredsold one industrial property for a purchase price of $12.3approximately $0.7 million, excluding costs incurred in conjunction with the acquisition.transaction costs.
Item 7A.Quantitative and Qualitative Disclosures About Market Risk
Response to this item is included in Item 7 "Management's Discussion and Analysis of Financial Condition and Results of 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.
42

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'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'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, 2018.2020. 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, 2018,2020, 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, 20182020 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 2018 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'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'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, 2018. 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, 2018, 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, 2018 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 2020 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
43

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'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'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, 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, 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, 2020 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 20182020 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.

44



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's definitive proxy statement, which is expected to be filed with the SEC no later than 120 days after the end of the Company's fiscal year. Information from the Company's definitive proxy statement shall not be deemed to be "filed" or "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.



45


EXHIBIT INDEX
ExhibitsDescription
ExhibitsDescription
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9*3.9
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
10.1
4.9
10.1Contribution 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)
10.2
10.3†
46

ExhibitsDescription
10.4*†10.4†


ExhibitsDescription
10.5†

10.6†

10.7†
10.8
10.9
10.10
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)
10.1110.10
10.1210.11
10.13
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's File No. 1-13102 and Operating Partnership's File No. 333-21873)
10.1410.12
10.15
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's File No. 1-13102 and Operating Partnership's File No. 333-21873)
10.1610.13
10.1710.14
10.15
10.16
10.17†
10.18
10.19
47

ExhibitsDescription
21.1*
23.1*
23.2*
31.1*


ExhibitsDescription
31.2*
31.3*
31.4*
32.1**
32.2**
101.1*The following financial statements from First Industrial Realty Trust, Inc.'s and First Industrial L.P.'s Annual Report on Form 10-K for the year ended December 31, 2018,2020, 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)
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
_______________
*Filed herewith.
**Furnished herewith.
†Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K.
Item 16.Form 10-K Summary
Not applicable.

48


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.
Reports of Independent Registered Public Accounting Firm
4850
CONSOLIDATED FINANCIAL STATEMENTS
First Industrial Realty Trust, Inc.
Consolidated Balance Sheets as of December 31, 20182020 and 20172019
5256
Consolidated Statements of Operations for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
5357
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
5458
Consolidated Statements of Changes in Stockholders' Equity for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
5559
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
5660
First Industrial, L.P.
Consolidated Balance Sheets as of December 31, 20182020 and 20172019
5761
Consolidated Statements of Operations for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
5862
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
5963
Consolidated Statements of Changes in Partners' Capital for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
6064
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 20172020, 2019 and 20162018
6165
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Notes to the Consolidated Financial Statements
6367
FINANCIAL STATEMENT SCHEDULE
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Schedule III: Real Estate and Accumulated Depreciation at December 31, 20182020
S-194




49

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"“Company”)as of December 31, 20182020 and 2017,2019, 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, 2018,2020, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the "consolidated“consolidated financial statements"statements”).We also have audited the Company's internal control over financial reporting as of December 31, 2018,2020, 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, 2018,2020 and 2019, and the results of theirits operations and theirits cash flows for each of the three years in the period ended December 31, 20182020 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, 2018,2020, 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'sManagement’s Report on Internal Control overOver Financial Reporting appearing under itemItem 9A. Our responsibility is to express opinions on the Company'sCompany’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.


















50

Definition and Limitations of Internal Control over Financial Reporting

A company'scompany’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'scompany’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'scompany’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.

















51

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 19, 201915, 2021


We have served as the Company'sCompany’s auditor since 1993.



52


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"“Operating Partnership”) as of December 31, 20182020 and 20172019, and the related consolidated statements of operations, of comprehensive income, of changes in partners'partners’ capital and of cash flows for each of the three years in the period ended December 31, 2018,2020, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the "consolidated“consolidated financial statements"statements”). We also have audited the Company'sOperating Partnership's internal control over financial reporting as of December 31, 2018,2020, 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, 20182020 and 2019, and the results of theirits operations and theirits cash flows for each of the three years in the period ended December 31, 20182020 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, 2018,2020, 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'sPartnership’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.



53

Definition and Limitations of Internal Control over Financial Reporting

A company'scompany’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'scompany’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'scompany’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.

















54

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 19, 201915, 2021


We have served as the Operating Partnership's auditor since 1996.



55



FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
 
 December 31, 2018 December 31, 2017
 (In thousands, except share and per  share data)
ASSETS   
Assets:   
Investment in Real Estate:   
Land$909,318
 $864,813
Buildings and Improvements2,704,850
 2,521,457
Construction in Progress59,476
 109,475
Less: Accumulated Depreciation(811,784) (789,919)
Net Investment in Real Estate2,861,860
 2,705,826
Cash and Cash Equivalents43,102
 21,146
Restricted Cash7,271
 25,336
Tenant Accounts Receivable, Net5,185
 4,873
Investment in Joint Venture23,326
 —
Deferred Rent Receivable, Net71,079
 70,254
Deferred Leasing Intangibles, Net29,678
 30,481
Prepaid Expenses and Other Assets, Net101,190
 83,146
Total Assets$3,142,691
 $2,941,062
LIABILITIES AND EQUITY   
Liabilities:   
Indebtedness:   
Mortgage Loans Payable, Net$296,470
 $450,056
Senior Unsecured Notes, Net544,504
 246,673
Unsecured Term Loans, Net456,809
 455,768
Unsecured Credit Facility—
 144,500
Accounts Payable, Accrued Expenses and Other Liabilities78,665
 86,532
Deferred Leasing Intangibles, Net9,560
 10,355
Rents Received in Advance and Security Deposits47,927
 44,285
Dividends and Distributions Payable28,845
 27,016
Total Liabilities1,462,780
 1,465,185
Commitments and Contingencies—
 —
Equity:   
First Industrial Realty Trust Inc.'s Stockholders' Equity:   
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,307,431 and 119,883,180 shares issued and outstanding)1,263
 1,199
Additional Paid-in-Capital2,131,556
 1,967,110
Distributions in Excess of Accumulated Earnings(490,807) (541,847)
Accumulated Other Comprehensive Income3,502
 1,338
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity1,645,514
 1,427,800
Noncontrolling Interest34,397
 48,077
Total Equity1,679,911
 1,475,877
Total Liabilities and Equity$3,142,691
 $2,941,062
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, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016
 (In thousands, except per share data)
Revenues:     
Rental Income$306,406
 $303,874
 $289,858
Tenant Recoveries and Other Income97,548
 92,528
 88,162
Total Revenues403,954
 396,402
 378,020
Expenses:     
Property Expenses116,854
 113,494
 112,324
General and Administrative27,749
 28,079
 26,703
Depreciation and Other Amortization116,459
 116,364
 117,282
Impairment of Real Estate2,756
 —
 —
Acquisition Costs—
 —
 491
Total Expenses263,818
 257,937
 256,800
Other Income (Expense):     
Gain on Sale of Real Estate81,600
 131,269
 68,202
Interest Expense(50,775) (57,199) (59,430)
Amortization of Debt Issuance Costs(3,404) (3,162) (3,219)
Settlement Gain on Derivative Instruments—
 1,896
 —
Loss from Retirement of Debt(39) (1,775) —
Total Other Income (Expense)27,382
 71,029
 5,553
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Provision167,518
 209,494
 126,773
Equity in Loss of Joint Venture(276) —
 —
Income Tax Benefit (Provision)92
 (1,193) (1,089)
Net Income167,334
 208,301
 125,684
Less: Net Income Attributable to the Noncontrolling Interest(4,095) (6,845) (4,452)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities163,239
 201,456
 121,232
Basic Earnings Per Share:     
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.31
 $1.70
 $1.05
      
Diluted Earnings Per Share:     
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.31
 $1.69
 $1.05
Dividends/Distributions Per Share$0.87
 $0.84
 $0.76
Weighted Average Shares Outstanding - Basic123,804
 118,272
 115,030
Weighted Average Shares Outstanding - Diluted124,191
 118,787
 115,370
December 31, 2020December 31, 2019
 (In thousands, except share and per  share data)
ASSETS
Assets:
Investment in Real Estate:
Land$1,087,907 $957,478 
Buildings and Improvements2,922,152 2,782,430 
Construction in Progress77,574 90,301 
Less: Accumulated Depreciation(832,393)(804,780)
Net Investment in Real Estate3,255,240 3,025,429 
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $7,054 and $015,663 0 
Operating Lease Right-of-Use Assets25,205 24,877 
Cash and Cash Equivalents162,090 21,120 
Restricted Cash37,568 131,598 
Tenant Accounts Receivable5,714 8,529 
Investment in Joint Ventures45,697 18,208 
Deferred Rent Receivable84,567 77,703 
Deferred Leasing Intangibles, Net25,211 28,533 
Prepaid Expenses and Other Assets, Net134,983 182,831 
Total Assets$3,791,938 $3,518,828 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$143,879 $173,685 
Senior Unsecured Notes, Net992,300 694,015 
Unsecured Term Loans, Net458,462 457,865 
Unsecured Credit Facility0 158,000 
Accounts Payable, Accrued Expenses and Other Liabilities120,292 114,637 
Operating Lease Liabilities22,826 22,369 
Deferred Leasing Intangibles, Net11,064 11,893 
Rents Received in Advance and Security Deposits62,092 57,534 
Dividends and Distributions Payable33,703 30,567 
Total Liabilities1,844,618 1,720,565 
Commitments and Contingencies0 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-Capital2,224,691 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 Equity1,902,734 1,764,399 
Noncontrolling Interests44,586 33,864 
Total Equity1,947,320 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.

56



FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
 (In thousands, except per share data)
Revenues:
Lease Revenue$437,543 $422,236 $398,822 
Other Revenue10,485 3,748 5,132 
Total Revenues448,028 425,984 403,954 
Expenses:
Property Expenses119,195 116,585 116,854 
General and Administrative32,848 28,569 27,749 
Depreciation and Other Amortization129,638 121,229 116,459 
Impairment of Real Estate0 0 2,756 
Total Expenses281,681 266,383 263,818 
Other Income (Expense):
Gain on Sale of Real Estate86,751 124,942 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 Debt0 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) Benefit198,377 231,052 167,518 
Equity in Income (Loss) of Joint Ventures4,200 16,235 (276)
Income Tax (Provision) Benefit(2,408)(3,406)92 
Net Income200,169 243,881 167,334 
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 - Basic127,711 126,392 123,804 
Weighted Average Shares Outstanding - Diluted127,904 126,691 124,191 
The accompanying notes are an integral part of the consolidated financial statements.

57

FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
(In thousands) (In thousands)
Net Income$167,334
 $208,301
 $125,684
Net Income$200,169 $243,881 $167,334 
Mark-to-Market Gain on Derivative Instruments2,096
 5,981
 4,849
Payments to Settle Derivative InstrumentsPayments to Settle Derivative Instruments0 (3,149)0 
Acceleration of Derivative InstrumentsAcceleration of Derivative Instruments201 0 0 
Mark-to-Market (Loss) Gain on Derivative InstrumentsMark-to-Market (Loss) Gain on Derivative Instruments(10,906)(7,671)2,096 
Amortization of Derivative Instruments96
 205
 390
Amortization of Derivative Instruments410 233 96 
Comprehensive Income169,526
 214,487
 130,923
Comprehensive Income189,874 233,294 169,526 
Comprehensive Income Attributable to Noncontrolling Interest(4,149) (6,642) (4,638)
Comprehensive Income Attributable to Noncontrolling InterestsComprehensive Income Attributable to Noncontrolling Interests(3,964)(4,884)(4,149)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.$165,377
 $207,845
 $126,285
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.




58

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, 2015$1,111
 $1,756,415
 $(674,759) $(9,667) $42,035
 $1,115,135
Net Income—
 —
 121,232
 —
 4,452
 125,684
Other Comprehensive Income—
 —
 —
 5,053
 186
 5,239
Issuance of Common Stock, Net of Issuance Costs56
 124,528
 —
 —
 —
 124,584
Stock Based Compensation Activity2
 5,516
 (217) —
 —
 5,301
Common Stock Dividends and Unit Distributions—
 —
 (88,115) —
 (3,203) (91,318)
Conversion of Limited Partner Units to Common Stock3
 2,859
 —
 —
 (2,862) —
Reallocation—Additional Paid-in-Capital—
 (2,547) —
 —
 2,547
 —
Reallocation—Other Comprehensive Income—
 —
 —
 (29) 29
 —
Balance as of December 31, 2016$1,172
 $1,886,771
 $(641,859) $(4,643) $43,184
 $1,284,625
Net Income—
 —
 201,456
 —
 6,845
 208,301
Other Comprehensive Income—
 —
 —
 6,389
 (203) 6,186
Issuance of Common Stock, Net of Issuance Costs25
 74,636
 —
 —
 —
 74,661
Stock Based Compensation Activity2
 6,932
 (724) —
 —
 6,210
Common Stock Dividends and Unit Distributions—
 —
 (100,720) —
 (3,386) (104,106)
Conversion of Limited Partner Units to Common Stock—
 364
 —
 —
 (364) —
Reallocation—Additional Paid-in-Capital—
 (1,593) —
 —
 1,593
 —
Reallocation—Other Comprehensive Income—
 —
 —
 (408) 408
 —
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 Costs48
 145,360
 —
 —
 —
 145,408
Stock Based Compensation Activity3
 4,791
 (3,282) —
 —
 1,512
Common Stock Dividends and Unit Distributions—
 —
 (108,917) —
 (2,561) (111,478)
Conversion of Limited Partner Units to Common Stock13
 16,592
 —
 —
 (16,605) —
Retirement of Limited Partner Units—
 —
 —
 —
 (934) (934)
Reallocation—Additional Paid-in-Capital—
 (2,297) —
 —
 2,297
 —
Reallocation—Other Comprehensive Income—
 —
 —
 26
 (26) —
Balance as of December 31, 2018$1,263
 $2,131,556
 $(490,807) $3,502
 $34,397
 $1,679,911
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, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016
 (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:     
Net Income$167,334
 $208,301
 $125,684
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:     
Depreciation94,626
 94,078
 95,514
Amortization of Debt Issuance Costs3,404
 3,162
 3,219
Other Amortization, including Stock Based Compensation26,976
 29,252
 28,403
Impairment of Real Estate2,756
 —
 —
Provision for Bad Debt350
 177
 563
Equity in Loss of Joint Venture276
 —
 —
Gain on Sale of Real Estate(81,600) (131,269) (68,202)
Loss from Retirement of Debt39
 1,775
 —
Gain on Casualty and Involuntary Conversion(392) (1,321) —
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net(4,199) (5,829) 965
Increase in Deferred Rent Receivable, Net(2,165) (5,299) (6,602)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits3,090
 (465) (5,655)
Net Cash Provided by Operating Activities210,495
 192,562
 173,889
CASH FLOWS FROM INVESTING ACTIVITIES:     
Acquisitions of Real Estate(157,787) (175,303) (107,484)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs(224,466) (146,003) (179,994)
Net Proceeds from Sales of Investments in Real Estate184,783
 228,102
 163,435
Proceeds from Casualty and Involuntary Conversion906
 10,094
 —
Contributions to and Investments in Joint Venture(25,190) —
 —
Distributions from Joint Venture1,829
 —
 —
Other Investing Activity(3,473) 615
 1,648
Net Cash Used in Investing Activities(223,398) (82,495) (122,395)
CASH FLOWS FROM FINANCING ACTIVITIES:     
Debt and Equity Issuance Costs(2,975) (6,864) (375)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount145,584
 74,880
 124,936
Repurchase and Retirement of Restricted Stock(6,020) (2,401) (5,242)
Common Stock Dividends and Unit Distributions Paid(109,649) (100,524) (82,696)
Repayments on Mortgage Loans Payable(165,646) (46,832) (70,969)
Prepayments of Penalties Associated with Retirement of Debt—
 (1,453) (554)
Proceeds from Senior Unsecured Notes300,000
 200,000
 —
Repayments of Senior Unsecured Notes—
 (156,852) (159,125)
Proceeds from Unsecured Credit Facility237,000
 429,000
 442,000
Repayments on Unsecured Credit Facility(381,500) (474,000) (305,000)
Net Cash Provided by (Used in) Financing Activities16,794
 (85,046) (57,025)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash3,891
 25,021
 (5,531)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year46,482
 21,461
 26,992
Cash, Cash Equivalents and Restricted Cash, End of Year$50,373
 $46,482
 $21,461
      
      
      
      
 
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016
 (In thousands)
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:     
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity$47,408
 $56,844
 $63,600
Interest Expense Capitalized in Connection with Development Activity$5,869
 $4,353
 $3,523
Income Taxes Paid$457
 $769
 $1,358
Supplemental Schedule of Non-Cash Investing and Financing Activities:     
Common Stock Dividends and Unit Distributions Payable$28,845
 $27,016
 $23,434
Exchange of Limited Partnership Units for Common Stock:     
Noncontrolling Interest$(16,605) $(364) $(2,862)
Common Stock13
 —
 3
Additional Paid-in-Capital16,592
 364
 2,859
Total$—
 $—
 $—
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate$11,878
 $1,269
 $5,405
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$31,545
 $38,597
 $32,712
Write-off of Fully Depreciated Assets$(43,654) $(35,560) $(44,080)
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 Costs48 145,360 — — — 145,408 
Stock Based Compensation Activity3 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 Stock13 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 Activity2 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 Stock5 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 Costs18 78,331 — — — 78,349 
Stock Based Compensation Activity0 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 Stock2 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

59
 December 31, 2018 December 31, 2017
 (In thousands, except Unit data)
ASSETS   
Assets:   
Investment in Real Estate:   
Land$909,318
 $864,813
Buildings and Improvements2,704,850
 2,521,457
Construction in Progress59,476
 109,475
Less: Accumulated Depreciation(811,784) (789,919)
Net Investment in Real Estate (including $260,528 and $270,708 related to consolidated variable interest entities, see Note 5)2,861,860
 2,705,826
Cash and Cash Equivalents43,102
 21,146
Restricted Cash7,271
 25,336
Tenant Accounts Receivable, Net5,185
 4,873
Investment in Joint Venture23,326
 —
Deferred Rent Receivable, Net71,079
 70,254
Deferred Leasing Intangibles, Net29,678
 30,481
Prepaid Expenses and Other Assets, Net111,298
 93,264
Total Assets$3,152,799
 $2,951,180
LIABILITIES AND PARTNERS' CAPITAL   
Liabilities:   
Indebtedness:   
Mortgage Loans Payable, Net (including $20,497 and $61,256 related to consolidated variable interest entities, see Note 5)$296,470
 $450,056
Senior Unsecured Notes, Net544,504
 246,673
Unsecured Term Loans, Net456,809
 455,768
Unsecured Credit Facility—
 144,500
Accounts Payable, Accrued Expenses and Other Liabilities78,665
 86,532
Deferred Leasing Intangibles, Net9,560
 10,355
Rents Received in Advance and Security Deposits47,927
 44,285
Distributions Payable28,845
 27,016
Total Liabilities1,462,780
 1,465,185
Commitments and Contingencies—
 —
Partners' Capital:   
First Industrial L.P.'s Partners' Capital:   
General Partner Units (126,307,431 and 119,883,180 units outstanding)1,619,342
 1,401,583
Limited Partners Units (2,624,167 and 4,008,221 units outstanding)66,246
 82,251
Accumulated Other Comprehensive Income3,574
 1,382
Total First Industrial L.P.'s Partners' Capital1,689,162
 1,485,216
Noncontrolling Interest857
 779
Total Partners' Capital1,690,019
 1,485,995
Total Liabilities and Partners' Capital$3,152,799
 $2,951,180
The accompanying notes are an integral part of the consolidated financial statements.


FIRST INDUSTRIAL L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS


 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016
 (In thousands, except per Unit data)
Revenues:     
Rental Income$306,406
 $303,874
 $289,858
Tenant Recoveries and Other Income97,548
 92,528
 88,162
Total Revenues403,954
 396,402
 378,020
Expenses:     
Property Expenses116,854
 113,494
 112,324
General and Administrative27,749
 28,079
 26,703
Depreciation and Other Amortization116,459
 116,364
 117,282
Impairment of Real Estate2,756
 —
 —
Acquisition Costs—
 —
 491
Total Expenses263,818
 257,937
 256,800
Other Income (Expense):     
Gain on Sale of Real Estate81,600
 131,269
 68,202
Interest Expense(50,775) (57,199) (59,430)
Amortization of Debt Issuance Costs(3,404) (3,162) (3,219)
Settlement Gain on Derivative Instruments—
 1,896
 —
Loss from Retirement of Debt(39) (1,775) —
Total Other Income (Expense)27,382
 71,029
 5,553
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Provision167,518
 209,494
 126,773
Equity in Loss of Joint Ventures(276) —
 —
Income Tax Benefit (Provision)92
 (1,193) (1,089)
Net Income167,334
 208,301
 125,684
Less: Net Income Attributable to the Noncontrolling Interest(88) (143) (137)
Net Income Available to Unitholders and Participating Securities$167,246
 $208,158
 $125,547
Basic Earnings Per Unit:
 
 
Net Income Available to Unitholders$1.31
 $1.70
 $1.05
Diluted Earnings Per Unit:     
Net Income Available to Unitholders$1.31
 $1.69
 $1.05
Distributions Per Unit$0.87
 $0.84
 $0.76
Weighted Average Units Outstanding - Basic126,921
 122,306
 119,274
Weighted Average Units Outstanding - Diluted127,308
 122,821
 119,614
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2020Year Ended December 31, 2019Year 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:
Depreciation102,533 98,333 94,626 
Amortization of Debt Issuance Costs3,428 3,218 3,404 
Other Amortization, including Stock Based Compensation35,231 28,780 26,976 
Impairment of Real Estate0 0 2,756 
Provision for Bad Debt0 0 350 
Equity in (Income) Loss of Joint Ventures(4,200)(16,235)276 
Distributions from Joint Ventures4,279 15,959 0 
Gain on Sale of Real Estate(86,751)(124,942)(81,600)
Loss from Retirement of Debt0 0 39 
Gain on Casualty and Involuntary Conversion(6,476)0 (392)
Payments to Settle Derivative Instruments0 (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 Assets3,861 (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 Activities240,430 245,533 210,495 
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 Receivable203,864 254,416 184,783 
Increase in Escrow Deposits(14,950)(23,113)(1,326)
Proceeds from Casualty and Involuntary Conversion6,476 0 906 
Contributions to and Investments in Joint Ventures(42,744)(210)(25,190)
Distributions from Joint Ventures19,938 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 Discount78,718 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 Notes300,000 150,000 300,000 
Proceeds from Unsecured Credit Facility247,000 415,000 237,000 
Repayments on Unsecured Credit Facility(405,000)(257,000)(381,500)
Contributions from Noncontrolling Interests4,321 0 0 
Net Cash Provided by Financing Activities58,248 62,198 16,794 
Net Increase in Cash, Cash Equivalents and Restricted Cash46,940 102,345 3,891 
Cash, Cash Equivalents and Restricted Cash, Beginning of Year152,718 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, 2020Year Ended December 31, 2019Year 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 Stock2 5 13 
Additional Paid-in-Capital2,088 7,191 16,592 
Total$0 $0 $0 
Lease Reclassification from Operating Lease to Sales-Type Lease:
Lease Receivable$0 $54,521 $0 
Land0 (24,803)0 
Building, Net of Accumulated Depreciation0 (17,845)0 
Deferred Rent Receivable0 (2,073)0 
Other Assets, Net of Accumulated Amortization0 (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.




60

FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEBALANCE SHEETS
 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016
 (In thousands)
Net Income$167,334
 $208,301
 $125,684
Mark-to-Market Gain on Derivative Instruments2,096
 5,981
 4,849
Amortization of Derivative Instruments96
 205
 390
Comprehensive Income$169,526
 $214,487
 $130,923
Comprehensive Income Attributable to Noncontrolling Interest(88) (143) (137)
Comprehensive Income Attributable to Unitholders$169,438
 $214,344
 $130,786
December 31, 2020December 31, 2019
 (In thousands, except Unit data)
ASSETS
Assets:
Investment in Real Estate:
Land$1,087,907 $957,478 
Buildings and Improvements2,922,152 2,782,430 
Construction in Progress77,574 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 $015,663 0 
Operating Lease Right-of-Use Asset25,205 24,877 
Cash and Cash Equivalents162,090 21,120 
Restricted Cash37,568 131,598 
Tenant Accounts Receivable5,714 8,529 
Investment in Joint Ventures45,697 18,208 
Deferred Rent Receivable84,567 77,703 
Deferred Leasing Intangibles, Net25,211 28,533 
Prepaid Expenses and Other Assets, Net144,353 192,852 
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, Net992,300 694,015 
Unsecured Term Loans, Net458,462 457,865 
Unsecured Credit Facility0 158,000 
Accounts Payable, Accrued Expenses and Other Liabilities120,292 114,637 
Operating Lease Liabilities22,826 22,369 
Deferred Leasing Intangibles, Net11,064 11,893 
Rents Received in Advance and Security Deposits62,092 57,534 
Distributions Payable33,703 30,567 
Total Liabilities1,844,618 1,720,565 
Commitments and Contingencies0 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' Capital1,951,762 1,807,261 
Noncontrolling Interests4,928 1,023 
Total Partners' Capital1,956,690 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.

61



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, 2015$1,054,028
 $80,769
 $(10,043) $1,096
 $1,125,850
Net Income121,095
 4,452
 —
 137
 125,684
Other Comprehensive Income—
 —
 5,239
 —
 5,239
Contribution of General Partner Units, Net of Issuance Costs124,584
 —
 —
 —
 124,584
Stock Based Compensation Activity5,301
 —
 —
 —
 5,301
Unit Distributions(88,115) (3,203) —
 —
 (91,318)
Conversion of Limited Partner Units to General Partner Units2,862
 (2,862) —
 —
 —
Contributions from Noncontrolling Interest—
 —
 —
 123
 123
Distributions to Noncontrolling Interest—
 —
 —
 (400) (400)
Balance as of December 31, 2016$1,219,755
 $79,156
 $(4,804) $956
 $1,295,063
Net Income201,313
 6,845
 —
 143
 208,301
Other Comprehensive Income—
 —
 6,186
 —
 6,186
Contribution of General Partner Units, Net of Issuance Costs74,661
 —
 —
 —
 74,661
Stock Based Compensation Activity6,210
 —
 —
 —
 6,210
Unit Distributions(100,720) (3,386) —
 —
 (104,106)
Conversion of Limited Partner Units to General Partner Units364
 (364) —
 —
 —
Contributions from Noncontrolling Interest—
 —
 —
 40
 40
Distributions to Noncontrolling Interest—
 —
 —
 (360) (360)
Balance as of December 31, 2017$1,401,583
 $82,251
 $1,382
 $779
 $1,485,995
Net Income163,151
 4,095
 —
 88
 167,334
Other Comprehensive Income—
 —
 2,192
 —
 2,192
Contribution of General Partner Units, Net of Issuance Costs145,408
 —
 —
 —
 145,408
Stock Based Compensation Activity1,512
 —
 —
 —
 1,512
Unit Distributions(108,917) (2,561) —
 —
 (111,478)
Conversion of Limited Partner Units to General Partner Units16,605
 (16,605) —
 —
 —
Retirement of Limited Partner Units—
 (934) —
 —
 (934)
Contributions from Noncontrolling Interest—
 —
 —
 126
 126
Distributions to Noncontrolling Interest—
 —
 —
 (136) (136)
Balance as of December 31, 2018$1,619,342
 $66,246
 $3,574
 $857
 $1,690,019
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
 (In thousands, except per Unit data)
Revenues:
Lease Revenue$437,543 $422,236 $398,822 
Other Revenue10,485 3,748 5,132 
Total Revenues448,028 425,984 403,954 
Expenses:
Property Expenses119,195 116,585 116,854 
General and Administrative32,848 28,569 27,749 
Depreciation and Other Amortization129,638 121,229 116,459 
Impairment of Real Estate0 0 2,756 
Total Expenses281,681 266,383 263,818 
Other Income (Expense):
Gain on Sale of Real Estate86,751 124,942 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 Debt0 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) Benefit198,377 231,052 167,518 
Equity in Income (Loss) of Joint Ventures4,200 16,235 (276)
Income Tax (Provision) Benefit(2,408)(3,406)92 
Net Income200,169 243,881 167,334 
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 - Basic129,752 128,831 126,921 
Weighted Average Units Outstanding - Diluted130,127 129,241 127,308 
The accompanying notes are an integral part of the consolidated financial statements.




62
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended
December 31, 2016
 (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:     
Net Income$167,334
 $208,301
 $125,684
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:     
Depreciation94,626
 94,078
 95,514
Amortization of Debt Issuance Costs3,404
 3,162
 3,219
Other Amortization, including Stock Based Compensation26,976
 29,252
 28,403
Impairment of Real Estate2,756
 —
 —
Provision for Bad Debt350
 177
 563
Equity in Loss of Joint Venture276
 —
 —
Gain on Sale of Real Estate(81,600) (131,269) (68,202)
Loss from Retirement of Debt39
 1,775
 —
Gain on Casualty and Involuntary Conversion(392) (1,321) —
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net(4,189) (5,510) 1,242
Increase in Deferred Rent Receivable, Net(2,165) (5,299) (6,602)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits3,090
 (465) (5,655)
Net Cash Provided by Operating Activities210,505
 192,881
 174,166
CASH FLOWS FROM INVESTING ACTIVITIES:     
Acquisitions of Real Estate(157,787) (175,303) (107,484)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs(224,466) (146,003) (179,994)
Net Proceeds from Sales of Investments in Real Estate184,783
 228,102
 163,435
Proceeds from Casualty and Involuntary Conversion906
 10,094
 —
Contributions to and Investments in Joint Venture(25,190) —
 —
Distributions from Joint Venture1,829
 —
 —
Other Investing Activity(3,473) 616
 1,648
Net Cash Used in Investing Activities(223,398) (82,494) (122,395)
CASH FLOWS FROM FINANCING ACTIVITIES:     
Debt and Equity Issuance Costs(2,975) (6,864) (375)
Contribution of General Partner Units145,584
 74,880
 124,936
Repurchase and Retirement of Restricted Units(6,020) (2,401) (5,242)
Unit Distributions Paid(109,649) (100,524) (82,696)
Contributions from Noncontrolling Interests126
 40
 123
Distributions to Noncontrolling Interests(136) (360) (400)
Repayments on Mortgage Loans Payable(165,646) (46,832) (70,969)
Prepayments of Penalties Associated with Retirement of Debt—
 (1,453) (554)
Proceeds from Senior Unsecured Notes300,000
 200,000
 —
Repayments of Senior Unsecured Notes—
 (156,852) (159,125)
Proceeds from Unsecured Credit Facility237,000
 429,000
 442,000
Repayments on Unsecured Credit Facility(381,500) (474,000) (305,000)
Net Cash Provided by (Used in) Financing Activities16,784
 (85,366) (57,302)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash3,891
 25,021
 (5,531)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year46,482
 21,461
 26,992
Cash, Cash Equivalents and Restricted Cash, End of Year$50,373
 $46,482
 $21,461
      
      
      



FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended
December 31, 2016
 (In thousands)
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:     
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity$47,408
 $56,844
 $63,600
Interest Expense Capitalized in Connection with Development Activity$5,869
 $4,353
 $3,523
Income Taxes Paid$457
 $769
 $1,358
Supplemental Schedule of Non-Cash Investing and Financing Activities:     
General and Limited Partner Unit Distributions Payable$28,845
 $27,016
 $23,434
Exchange of Limited Partner Units for General Partner Units:     
Limited Partner Units$(16,605) $(364) $(2,862)
General Partner Units16,605
 364
 2,862
Total$—
 $—
 $—
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate$11,878
 $1,269
 $5,405
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$31,545
 $38,597
 $32,712
Write-off of Fully Depreciated Assets$(43,654) $(35,560) $(44,080)
FIRST INDUSTRIAL L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
 (In thousands)
Net Income$200,169 $243,881 $167,334 
Payments to Settle Derivative Instruments0 (3,149)0 
Acceleration of Derivative Instruments201 0 0 
Mark-to-Market (Loss) Gain on Derivative Instruments(10,906)(7,671)2,096 
Amortization of Derivative Instruments410 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.




63

FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
General
Partner
Units		Limited
Partner
Units		Accumulated
Other
Comprehensive
Income (Loss)		Noncontrolling InterestsTotal
 
Balance as of December 31, 2017$1,401,583 $82,251 $1,382 $779 $1,485,995 
Net Income163,151 4,095 — 88 167,334 
Other Comprehensive Income— — 2,192 — 2,192 
Contribution of General Partner Units, Net of Issuance Costs145,408 — — — 145,408 
Stock Based Compensation Activity1,512 — — — 1,512 
Unit Distributions ($0.87 Per Unit)(108,917)(2,561)— — (111,478)
Conversion of Limited Partner Units to General Partner Units16,605 (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 Income238,522 5,106 — 253 243,881 
Other Comprehensive Loss— — (10,587)— (10,587)
Stock Based Compensation Activity2,703 1,877 — — 4,580 
Unit Distributions ($0.92 Per Unit)(117,107)(2,415)— — (119,522)
Conversion of Limited Partner Units to General Partner Units7,196 (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 Income195,745 4,189 — 235 200,169 
Other Comprehensive Loss— — (10,295)— (10,295)
Contribution of General Partner Units, Net of Issuance Costs78,349 — — — 78,349 
Stock Based Compensation Activity268 7,188 — — 7,456 
Unit Distributions ($1.00 Per Unit)(128,473)(2,470)— — (130,943)
Conversion of Limited Partner Units to General Partner Units2,090 (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.

64

FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2020Year Ended December 31, 2019Year 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:
Depreciation102,533 98,333 94,626 
Amortization of Debt Issuance Costs3,428 3,218 3,404 
Other Amortization, including Stock Based Compensation35,231 28,780 26,976 
Impairment of Real Estate0 0 2,756 
Provision for Bad Debt0 0 350 
Equity in (Income) Loss of Joint Ventures(4,200)(16,235)276 
Distributions from Joint Ventures4,279 15,959 0 
Gain on Sale of Real Estate(86,751)(124,942)(81,600)
Loss from Retirement of Debt0 0 39 
Gain on Casualty and Involuntary Conversion(6,476)0 (392)
Payments to Settle Derivative Instruments0 (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 Assets4,512 (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 Activities241,081 245,620 210,505 
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 Receivable203,864 254,416 184,783 
Increase in Escrow Deposits(14,950)(23,113)(1,326)
Proceeds from Casualty and Involuntary Conversion6,476 0 906 
Contributions to and Investments in Joint Ventures(42,744)(210)(25,190)
Distributions from Joint Ventures19,938 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 Units78,718 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 Interests4,401 32 126 
Distributions to Noncontrolling Interests(731)(119)(136)
Repayments on Mortgage Loans Payable(30,146)(123,250)(165,646)
Proceeds from Senior Unsecured Notes300,000 150,000 300,000 
Proceeds from Unsecured Credit Facility247,000 415,000 237,000 
Repayments on Unsecured Credit Facility(405,000)(257,000)(381,500)
Net Cash Provided by Financing Activities57,597 62,111 16,784 
Net Increase in Cash, Cash Equivalents and Restricted Cash46,940 102,345 3,891 
Cash, Cash Equivalents and Restricted Cash, Beginning of Year152,718 50,373 46,482 
Cash, Cash Equivalents and Restricted Cash, End of Year$199,658 $152,718 $50,373 
65

FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Year Ended December 31, 2020Year Ended December 31, 2019Year 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 Units2,090 7,196 16,605 
Total$0 $0 $0 
Lease Reclassification from Operating Lease to Sales-Type Lease:
Lease Receivable$0 $54,521 $0 
Land0 (24,803)0 
Building, Net of Accumulated Depreciation0 (17,845)0 
Deferred Rent Receivable0 (2,073)0 
Other Assets, Net of Accumulated Amortization0 (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.

66

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 98.0%97.9% and 96.8%98.1% ownership interest ("General Partner Units") at December 31, 20182020 and 2017,2019, 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 2.0%2.1% and 3.2%1.9% at December 31, 20182020 and 2017,2019, 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 a 49% equity interestinterests in, and provide various services to, a2 joint ventureventures (the "Joint Venture"Ventures") through a wholly owned subsidiarywholly-owned TRS of the Operating Partnership. The Joint Venture isVentures are accounted for under the equity method of accounting. The operating data of the Joint VentureVentures 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, 2018,2020, we owned 458427 industrial properties located in 2120 states, containing an aggregate of approximately 63.162.8 million square feet of gross leasable area ("GLA").Of the 458427 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.

67

2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements at December 31, 20182020 and 20172019 and for each of the years ended December 31, 2018, 20172020, 2019 and 20162018 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, 20182020 and 2017,2019, and the reported amounts of revenues and expenses for each of the years ended December 31, 2018, 20172020, 2019 and 2016.2018. 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.

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Depreciation expense is computed using the straight-line method based on the following useful lives:
Years
Buildings and Improvements7 to 50
Land Improvements53 to 2016
Furniture, Fixtures and Equipment3 to 105
Tenant ImprovementsLease 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 in 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 accelerated and fully amortized on the date of the termination.
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. 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 is treated and, therefore, will be accounted for as an asset acquisition. Commencing January 1, 2017, acquisition costs related to asset acquisitions, are capitalizedwhich permits the capitalization of transaction costs to the basis of the acquired asset.property.

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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 Leases1,948 2,197 
Below Market Ground Lease Obligation1,552 1,597 
Tenant Relationships3,458 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,
2018		 December 31,
2017
In-Place Leases$19,971
 $19,921
Above Market Leases2,569
 2,298
Below Market Ground Lease Obligation1,643
 1,688
Tenant Relationships5,495
 6,574
Total Included in Total Assets, Net of $26,337 and $29,604 of Accumulated Amortization$29,678
 $30,481
Below Market Leases$9,560
 $10,355
Total Included in Total Liabilities, Net of $11,356 and $10,578 of Accumulated Amortization$9,560
 $10,355
Amortization expense related to in-place leases and tenant relationships was $6,267, $6,648$8,201, $6,303 and $6,717$6,267 for the years ended December 31, 2020, 2019 and 2018, 2017 and 2016, respectively. Rental revenuesLease revenue increased by $1,095, $1,116$1,962, $1,281 and $996$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, 20182020 as follows:
Estimated
Amortization
of In-Place
Leases and Tenant
Relationships		Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases
Estimated
Amortization
of In-Place
Leases and Tenant
Relationships
 
Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases
2019$5,779
 $1,048
2020$4,988
 $943
2021$3,391
 $808
2021$4,210 $1,443 
2022$3,013
 $784
2022$3,717 $1,353 
2023$2,615
 $533
2023$3,283 $1,101 
20242024$2,562 $1,120 
20252025$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 which are included in the line item Prepaid Expenses and Other Assets, Net on the consolidated balance sheets.


Investment in Joint VentureVentures
Investment in joint ventureventures represents a noncontrolling equity interest in onetwo joint venture.ventures. We have determined to account for our investment in thisthe joint ventureventures 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"). Under the equity method of accounting, our share of earnings or losses of athe joint ventureventures is reflected in income as earned and contributions or distributions increase or decrease our investment in joint ventureventures as paid or received, respectively. Differences between our carrying value of our investment in thisthe joint ventureventures and our underlying equity in such joint ventureventures are 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 thisthe joint ventureventures 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 value of the investment.
Limited Partner Units
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Noncontrolling Interests
Limited Partner Units are reported within Partners' Capital in the Operating Partnership's balance sheet as of December 31, 20182020 and 20172019 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, 2018,2020, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company'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 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.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 byis the owner of the tenant or us.improvements. 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's lease and when we have no further obligations under the lease.

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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 provide an allowance for doubtful accounts againstadopted 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 portionlessor contractually requires the lessee to pay directly to a third party on its behalf. Several of tenant accounts receivable including deferred rent receivable, which is estimatedour leases require tenants to be uncollectible. The Tenant Accounts Receivablepay real estate taxes directly to taxing authorities. For periods prior to January 1, 2019, we recorded these payments in the line item is shown net ofProperty Expenses with an allowance for doubtful accounts of $545 and $310 as ofoffset in the line item Lease Revenue. For the year ended December 31, 2018, $7,517 of these payments are included in the aforementioned line items.
Lessee Accounting
We are a lessee on a limited number of ground and 2017, respectively. The Deferred Rent Receivable line itemoffice leases and these operating lease agreements are included within Operating Lease Right-of-Use Assets ("ROU") and Operating Lease Liabilities on the consolidated balance sheets. 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 recognized at the commencement date based on the present value of lease payments over the lease term. Our variable lease payments consist of nonlease services related to the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is shown netincurred. As most of our leases do not provide an allowance for doubtful accounts of $1,444 and $1,557 as of December 31, 2018 and 2017, 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
Asset sales are generally recognized when control of the asset being sold is transferred to the buyer. As the assets are sold, their costs and related accumulated depreciation, if any, are derecognized 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, certain activities that we undertake may be conducted by entities which have elected to be treated as a TRS. TRSs are subject to both federal, state and statelocal income taxes.
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.
In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss.

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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
During the normal course of business, we have used derivative instruments for the purpose of managing interest rate risk on anticipated offerings of long term debt. Receipts or payments that result from the settlement of derivative 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 derivative instruments used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense.
To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are 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 Accounts Payable, Accrued Expenses and Other Liabilities at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss)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, or 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 based on the current fair value of the derivative instrument. The credit risks associated with derivative 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 the derivative instruments, our exposure is limited to the fair value of 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.
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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 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. 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
New Accounting Standards Adopted
In May 2014, theMarch 2020, FASB issued Accounting Standards Update ("ASU"(“ASU”) No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09")2020-04 Reference Rate Reform (Topic 848). ASU 2014-09 requires entities2020-04 contains practical expedients for reference rate reform-related activities that impact 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 three months ended March 31, 2020, the Company elected to recognize revenue when they transfer promised goods or servicesapply the hedge accounting expedients related to customers in an amountprobability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that reflects the considerationindex 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 whichevaluate 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 adopted the new standard effective January 1, 2018. The adoptionimpact of the standard did not impact our financial position or results of operations.guidance and may apply other elections as applicable as additional changes in the market occur.
In August 2016 and November 2016,April 2020, the FASB issued new ASUs impacting the statement of cash flows. ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" intendsa Staff Question-and-Answer ("Q&A") 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 No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" requires restricted cash be added to cash and cash equivalents on the consolidated statements of cash flows. We adopted both standards on January 1, 2018 on a retrospective basis. For the years ended December 31, 2017 and 2016, $25,336 and $11,602 of restricted cash was included in "Cash, Cash Equivalents and Restricted Cash" in our Consolidated Statements of Cash Flows. Also, we reclassified $1,453 of prepayment penalties relatingclarify whether lease concessions related to the payoffeffects of certain mortgage loans from operating activities to financing activities forCOVID-19 require the year ended December 31, 2017.


The following table presents a reconciliationapplication of cash, cash equivalents and restricted cash reported within our Consolidated Balance Sheets to amounts reported within our Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017:
 2018 2017
Cash and Cash Equivalents$43,102
 $21,146
Restricted Cash7,271
 25,336
Total Cash, Cash Equivalents and Restricted Cash$50,373
 $46,482
New Accounting Standards Issued but not yet Adopted
In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting. ASU 2016-02 will require lessees, at lease commencement to record a right-of-use asset and a lease liability for all leases with terms longer than twelve months. We are a lessee on a limited number of ground and office leases. The expense pattern for these leases will be consistent with that of our historical recognition. The accounting for lessors will remain largely unchanged from existing GAAP standards with the underlying leased asset being reported and recognized as a real estate asset and rental income being recognized on a straight line basis over the lease term. However, ASU 2016-02 requires lessors to expense certain initial direct costs that are not incremental in negotiating amodification guidance under the new lease as incurred. We anticipate this change will reduce our EPS/EPU on an annual basis by approximately $0.01.
ASU 2016-02 is effective for usstandard, which we adopted on January 1, 2019. We expectUnder the new leasing standard, an entity would have to adoptdetermine, on a lease by lease basis, if a lease concession was the practical expedients availableresult of a new arrangement reached with the tenant, which would be accounted for implementation under the standard. By adopting these practical expedients,lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations 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 deferral of payments but total payments are substantially the same, we will not be required to reassess (1) whether an expired or existing contract meetsaccount for the definition of a lease; (2) the lease classification for expired or existing leases; or (3) costs previously capitalizedconcession as initial direct costs. Furthermore, the FASB finalized an amendment to ASU 2016-02 which will allow us an optional election to not separate non-lease components from related lease components that otherwise would haveif no change has been accounted for separately under the new standard. Upon adoption of ASU 2016-02, we will be required to recognize a right-of-use asset and a lease liability on our consolidated balance sheets equalmade to the present value of the minimum lease payments required under our ground and office leases, which we believe will be approximately $12,500. We are finalizing our discount rate analysis which is a key determinant in the measurement of the right-of-use asset and lease liability. Details of our future minimum rental payments under ground and office leases at December 31, 2018 are disclosed in Note 14. We plan to implement this guidance on a prospective basis.original lease.
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 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item when the hedged item affects earnings. ASU 2017-12 is required to be adopted in 2019 using a modified retrospective approach. We do not expect the adoption of ASU 2017-12 to have a material impact on our financial condition or results of operations.



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3. Investment in Real Estate
Acquisitions
The following table summarizes our acquisition of industrial properties from third parties for the years ended December 31, 2018, 20172020, 2019 and 2016.2018. 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, 2018, 20172020, 2019 or 2016.2018.
Year Ended December 31,
202020192018
Number of Industrial Properties Acquired8 9 10 
GLA (in millions)1.5 0.5 1.0 
Purchase Price (A)
$224,027 $147,887 $167,546 
 Year Ended December 31,
 2018 2017 2016
Number of Industrial Properties Acquired10
 8
 6
GLA (in millions)1.0
 1.1
 0.7
Purchase Price (A)
$167,546
 $174,209
 $111,130
(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, 2018, 20172020, 2019 and 20162018 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, 20182020 and 2017:2019:
Year Ended December 31,
20202019
Land$121,353 $101,764 
Building and Improvements/Construction in Progress97,138 43,693 
Other Assets1,790 859 
In-Place Leases5,174 5,601 
Above Market Leases134 34 
Below Market Leases(1,562)(4,064)
Total Purchase Price$224,027 $147,887 
 Year Ended December 31,
 2018 2017
Land$79,347
 $92,810
Building and Improvements81,747
 73,028
Other Assets1,225
 1,659
In-Place Leases5,302
 7,905
Above Market Leases662
 227
Below Market Leases(737) (1,420)
Total Purchase Price$167,546
 $174,209
Assumed Mortgage Loan (See Note 4)(11,654) —
Total Net Assets Acquired$155,892
 $174,209
Real Estate Held for Sale
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, 2018, 20172020, 2019 and 2016:2018:
Year Ended December 31,
202020192018
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,
 2018 2017 2016
Number of Industrial Properties Sold (A)
53
 60
 63
GLA (in millions)2.6
 4.6
 3.9
Gross Proceeds from the Sale of Real Estate (B)
$192,047
 $236,059
 $169,911
Gain on Sale of Real Estate (B)
$81,600
 $131,269
 $68,202
(A) The year Included as 1 industrial property for each of the years ended December 31, 2018 includes a partial2020 and 2019 is the sale of a 0.1 million square-footmultiple industrial property.condominium units.
(B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2018, 20172019 and 2016.2018. 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.

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Impairment Charges
The impairment charges of $2,756 recorded during the year ended December 31, 2018 were due to marketing one1 industrial property and one1 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 included bona fide contract prices and letter of intent amounts that we believe were 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 atInterest
Rate at
December 31,
2020		Effective
Interest
Rate at
Issuance		Maturity
Date
 December 31, 2020December 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 Notes6,070 6,070 7.15%7.11%5/15/2027
2028 Notes31,901 31,901 7.60%8.13%7/15/2028
2032 Notes10,600 10,600 7.75%7.87%4/15/2032
2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/2029
2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes100,000 0 2.74%2.74%9/17/2030
2032 Private Placement Notes200,000 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/AN/AN/A
2015 Unsecured Term Loan (A)
260,000 260,000 2.89%N/A9/12/2022
2020 Unsecured Term Loan (A)
200,000 0 3.79%N/A7/15/2021
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/AN/A10/29/2021
 Outstanding Balance at 
Interest
Rate at
December 31,
2018
 
Effective
Interest
Rate at
Issuance
 
Maturity
Date
 December 31, 2018 December 31, 2017 
Mortgage Loans Payable, Gross$297,610
 $451,602
 4.03% – 8.26% 3.82% – 8.26% 
July 2019 –
August 2028
Unamortized Debt Issuance Costs(1,246) (1,806)      
Unamortized Premiums106
 260
      
Mortgage Loans Payable, Net$296,470
 $450,056
      
Senior Unsecured Notes, Gross         
2027 Notes6,070
 6,070
 7.15% 7.11% 5/15/2027
2028 Notes31,901
 31,901
 7.60% 8.13% 7/15/2028
2032 Notes10,600
 10,600
 7.75% 7.87% 4/15/2032
2027 Private Placement Notes125,000
 125,000
 4.30% 4.30% 4/20/2027
2028 Private Placement Notes150,000
 —
 3.86% 3.86% 2/15/2028
2029 Private Placement Notes75,000
 75,000
 4.40% 4.40% 4/20/2029
2030 Private Placement Notes150,000
 —
 3.96% 3.96% 2/15/2030
Subtotal$548,571
 $248,571
      
Unamortized Debt Issuance Costs(3,990) (1,814)      
Unamortized Discounts(77) (84)      
Senior Unsecured Notes, Net$544,504
 $246,673
      
Unsecured Term Loans, Gross         
2014 Unsecured Term Loan (A)
$200,000
 $200,000
 3.39% N/A 1/29/2021
2015 Unsecured Term Loan (A)
260,000
 260,000
 2.89% N/A 9/12/2022
Subtotal$460,000
 $460,000
      
Unamortized Debt Issuance Costs(3,191) (4,232)      
Unsecured Term Loans, Net$456,809
 $455,768
 
 
 
Unsecured Credit Facility (B)
$—
 $144,500
 N/A N/A 10/29/2021
(A) During the year ended December 31, 2018, pursuant to the agreements for our unsecured term loans entered into in 2014 and 2015 (collectively, the "Unsecured Term Loans"), we elected to have the interest spread calculated based on our investment grade rating resulting in a 10 basis point reduction in the credit spread compared to the prior rate. The interest rate at December 31, 20182020 also reflects the derivative 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 $3,554$1,049 and $4,781$2,300 as of December 31, 20182020 and 2017,2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.




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Mortgage Loans Payable, Net
During the years ended December 31, 20182020 and 2017,2019, we paid off mortgage loans in the amount of $157,782$25,448 and $36,108,$117,199, respectively. In connection with the mortgage loans paid off during the years ended December 31, 2018, and 2017, we recognized $39 and $1,653 within the line item Loss from Retirement of Debt representing the write-off of unamortized debt issuance costs offset by the write off of an unamortized premium.
During the year ended December 31, 2018, we assumed a mortgage loan in the amount of $11,654 in conjunction with the acquisition of three3 industrial properties, totaling approximately 0.2 million square feet of GLA. The mortgage loan bears interest at a fixed rate of 4.17%, principal payments are amortized over 30 years and the loan matures in August 2028.
As of December 31, 2018,2020, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $459,225.$226,182. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2018.2020.
Senior Unsecured Notes, Net
During the year ended December 31, 2020, the Operating Partnership issued $100,000 of 2.74% Series F 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 September 17, 2032 (the "2032 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 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.
During the year ended December 31, 2017, the Operating Partnership issued $125,000 of 4.30% Series A Guaranteed Senior Notes due April 20, 2027 (the "2027The 2028 Private Placement Notes") and $75,000 of 4.40% Series B Guaranteed Senior Notes, due April 20,the 2029 (the "2029 Private Placement Notes") in private placement pursuant to a Note and Guaranty Agreement dated February 21, 2017.
The 2028Notes, the 2029 II Private Placement Notes, the 2030 Private Placement Notes, the 20272030 II Private Placement Notes and the 20292032 Private Placement Notes (collectively,(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.
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. At December 31, 2018, the 2014 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 110 basis points. During the year ended December 31, 2017, we recognized $51 within the line item 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. At December 31, 2018,2020, the 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 110 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 within the line item 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.

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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
2019$79,600
202059,046
2021267,113
2021$261,891 
2022341,552
2022332,024 
2023321
2023321 
20242024335 
20252025349 
Thereafter558,549
Thereafter1,007,865 
Total$1,306,181
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, 2018.2020. 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, 20182020 and 2017,2019, the fair value of our indebtedness was as follows:
 December 31, 2020December 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, Net998,506 1,096,262 698,500 756,351 
Unsecured Term Loans460,000 458,207 460,000 460,902 
Unsecured Credit Facility0 0 158,000 158,141 
Total$1,602,720 $1,703,239 $1,490,860 $1,554,681 
 December 31, 2018 December 31, 2017
 
Carrying
Amount (A)
 
Fair
Value
 
Carrying
Amount (A)
 
Fair
Value
Mortgage Loans Payable, Net$297,716
 $304,508
 $451,862
 $467,303
Senior Unsecured Notes, Net548,494
 546,607
 248,487
 269,731
Unsecured Term Loans460,000
 461,317
 460,000
 460,000
Unsecured Credit Facility—
 —
 144,500
 144,500
Total$1,306,210
 $1,312,432
 $1,304,849
 $1,341,534
(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.





78

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, 2018 December 31, 2017December 31, 2020December 31, 2019
ASSETS   ASSETS
Assets:   Assets:
Net Investment in Real Estate$260,528
 $270,708
Net Investment in Real Estate$245,396 $240,847 
Other Assets, Net25,059
 23,530
Operating Lease Right-of-Use AssetsOperating Lease Right-of-Use Assets13,173 13,257 
Cash and Cash EquivalentsCash and Cash Equivalents4,090 4,005 
Restricted CashRestricted Cash0 33,289 
Deferred Rent ReceivableDeferred Rent Receivable9,219 10,365 
Prepaid Expenses and Other Assets, NetPrepaid Expenses and Other Assets, Net8,077 9,066 
Total Assets$285,587
 $294,238
Total Assets$279,955 $310,829 
LIABILITIES AND PARTNERS' CAPITAL   LIABILITIES AND PARTNERS' CAPITAL
Liabilities:   Liabilities:
Mortgage Loans Payable, Net$20,497
 $61,256
Mortgage Loans Payable, Net$6,292 $11,009 
Other Liabilities, Net9,045
 9,283
Accounts Payable, Accrued Expenses and Other LiabilitiesAccounts Payable, Accrued Expenses and Other Liabilities10,067 5,747 
Operating Lease LiabilitiesOperating Lease Liabilities10,304 10,329 
Rents Received in Advance and Security DepositsRents Received in Advance and Security Deposits4,130 5,012 
Partners' Capital256,045
 223,699
Partners' Capital249,162 278,732 
Total Liabilities and Partners' Capital$285,587
 $294,238
Total Liabilities and Partners' Capital$279,955 $310,829 
Joint VentureVentures
DuringThrough a wholly-owned TRS of the second quarter of 2018,Operating Partnership, we entered into the Joint Ventureown a 49% interest in a joint venture with a third party partner for the purpose of developing, leasing, operating and potentially selling approximately 532 net developable acres of land located in the Phoenix, Arizona metropolitan area.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 forof the land was $49,000, which amount$70,530 and was fundedacquired by the Joint Venture II via cash equity contributions from us and our joint venture partner.partners. Through a wholly-owned subsidiaryTRS of the Operating Partnership, we own a 49%43% interest in Joint Venture II. See Note 6.
Net income of the Joint Venture.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.

79

Under the operating agreements for each of the Joint Venture's operating agreement,Ventures, we act as the managing member of theeach Joint Venture and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services to theeach Joint Venture. In addition, the operating agreements of each Joint Venture's operating agreement providesVenture provide us the ability to earn an incentive fee based on the ultimate financial performance of each Joint Venture. The incentive fee is calculated using a hypothetical liquidation basis assuming the remaining net assets of each Joint Venture are distributed at book value. For the years ended December 31, 2020 and 2019, we recognized incentive fees of $2,674 and $4,880, respectively, for Joint Venture I. These fees are recorded in the Equity In Income of Joint Ventures line item in the consolidated statements of operations except for $1,338 of an incentive fee that we netted against the basis of the real estate that we purchased from Joint Venture I during the year ended December 31, 2020.
During the years ended December 31, 2020 and 2019, we recognized fees of $590 and $146, respectively, from the Joint Venture.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 Venture,Ventures, we reviewed the operating agreementagreements of theeach Joint Venture in order to determine our rights and the rights of our joint venture partner,partners, including whether those rights are protective or participating. TheEach operating agreement contains certain protective rights, such as the requirement of memberboth 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 partnerpartners 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 theeach Joint Venture. As such, we concluded to account for our investmentinvestments in theeach Joint Venture under the equity method of accounting.


80

6. 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'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, 2018,2020, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $75,733$114,305 or by issuing 2,624,1672,713,142 shares of the Company's common stock.
Preferred Stock or General Partner Preferred Units
The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 20182020 and 2017,2019, there were no preferred shares or general partner preferred Units outstanding.

81

Shares of Common Stock or Unit Contributions
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 Unitequity compensation awards (seewhich are discussed Note 11),11, for the three years ended December 31, 2018:2020: 
 Shares of
Common Stock
Outstanding		General Partner and Limited Partner Units Outstanding
Balance at December 31, 2017119,883,180 123,891,401 
Issuance of Common Stock/Contribution of General Partner Units (A)
4,800,000 4,800,000 
Issuance of Restricted Stock/Restricted Unit Awards227,059 227,059 
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, 2018126,307,431 128,931,598 
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, 2019126,994,478 129,417,222 
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, 2020129,051,412 131,764,554 
 
Shares of
Common Stock
Outstanding
 General Partner and Limited Partner Units Outstanding
Balance at December 31, 2015111,027,225
 115,332,932
Issuance of Common Stock/Contribution of General Partner Units (A)
5,600,000
 5,600,000
Issuance of Restricted Stock/Restricted Unit Awards322,833
 322,833
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards(108,644) (108,644)
Conversion of Limited Partner Units (B)
266,332
 —
Balance at December 31, 2016117,107,746
 121,147,121
Issuance of Common Stock/Contribution of General Partner Units (A)
2,560,000
 2,560,000
Issuance of Restricted Stock/Restricted Unit Awards275,793
 275,793
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards(91,513) (91,513)
Conversion of Limited Partner Units (B)
31,154
 —
Balance at December 31, 2017119,883,180
 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 Awards227,059
 227,059
Vesting of LTIP Unit Awards (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
 —
Retirement of Limited Partner Units (C)
—
 (33,333)
Balance at December 31, 2018126,307,431
 128,931,598
(A) During the yearsyear ended December 31, 2018, 2017 and 2016, the Company issued 4,800,000 2,560,000, and 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 $145,584, $74,880, and $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, 2017172,610, 485,516 and 2016, 1,350,721 31,154 and 266,332 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $16,605, $364$2,090, $7,196 and $2,862,$16,605, respectively, of noncontrolling interest to the Company's stockholders' equity.
(C) During the twelve monthsyear 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.


82

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, 2018, 20172019 and 2016,2018, the Company did not issue any shares of common stock under the 2014through ATM Program or the 2017 ATM Program.offerings.
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 

83
 
2018 Total
Dividend/
Distribution
 
2017 Total
Dividend/
Distribution
 
2016 Total
Dividend/
Distribution
Common Stock/Operating Partnership Units$111,478
 $104,106
 $91,318





7. Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in accumulated other comprehensive income (loss) by component for the Company and the Operating Partnership for the years ended December 31, 20182020 and 2017:2019:
 Derivative Instruments Total for Operating Partnership Comprehensive Loss (Income) Attributable to Noncontrolling Interest Total for Company
Balance as of December 31, 2016$(4,804) $(4,804) $161
 $(4,643)
Other Comprehensive Income Before Reclassifications1,645
 1,645
 (205) 1,440
Amounts Reclassified from Accumulated Other Comprehensive Income4,541
 4,541
 —
 4,541
Net Current Period Other Comprehensive Income6,186
 6,186
 (205) 5,981
Balance as of December 31, 2017$1,382
 $1,382
 $(44) $1,338
Other Comprehensive Income Before Reclassifications1,987
 1,987
 (28) 1,959
Amounts Reclassified from Accumulated Other Comprehensive Income205
 205
 —
 205
Net Current Period Other Comprehensive Income2,192
 2,192
 (28) 2,164
Balance as of December 31, 2018$3,574
 $3,574
 $(72) $3,502
Derivative InstrumentsTotal for Operating PartnershipComprehensive Income (Loss) Attributable to Noncontrolling InterestTotal 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 $(6,883)
Other Comprehensive Loss Before Reclassifications(17,422)(17,422)225 (17,197)
Amounts Reclassified from Accumulated Other Comprehensive Loss7,127 7,127 0 7,127 
Net Current Period Other Comprehensive Loss(10,295)(10,295)225 (10,070)
Balance as of December 31, 2020$(17,308)$(17,308)$355 $(16,953)
The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) for both the Company and the Operating Partnership for the years ended December 31, 2018, 20172020, 2019 and 2016:2018:
Amount Reclassified from Accumulated Other Comprehensive Loss (Income)
 Amount Reclassified from Accumulated Other Comprehensive Loss (Income) 
Accumulated Other Comprehensive Loss Components Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Affected Line Items in the Consolidated Statements of Operations
Accumulated Other Comprehensive (Income) Loss ComponentsAccumulated Other Comprehensive (Income) Loss ComponentsYear Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:       Derivative Instruments:
Amortization of Previously Settled Derivative Instruments 96
 205
 390
 Interest ExpenseAmortization of Previously Settled Derivative Instruments410 233 96 Interest Expense
Net Settlement Payments to our Counterparties 109
 4,336
 7,123
 Interest Expense
Net Settlement Payments (Receipts) to our CounterpartiesNet Settlement Payments (Receipts) to our Counterparties6,516 (1,217)109 Interest Expense
Acceleration of 2020 Swap (as defined in Note 12)Acceleration of 2020 Swap (as defined in Note 12)201 0 0 General & Administrative
 $205
 $4,541
 $7,513
 Total$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 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 $96$410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement payments or receipts related to the 2014 Swaps and 2015 Swaps (as defined in Note 12) will also be reclassified to interest expense. See Note 12 for more information about our derivatives.

84

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, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
Numerator:     Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$163,239
 $201,456
 $121,232
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(513) (646) (411)Net Income Allocable to Participating Securities(314)(518)(513)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$162,726
 $200,810
 $120,821
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 - Basic123,804
 118,272
 115,030
Weighted Average Shares - Basic127,711 126,392 123,804 
Effect of Dilutive Securities:     Effect of Dilutive Securities:
LTIP Unit Awards (as defined in Note 11)387
 515
 340
Performance Units (See Note 11) Performance Units (See Note 11)193 299 387 
Weighted Average Shares - Diluted124,191
 118,787
 115,370
Weighted Average Shares - Diluted127,904 126,691 124,191 
Basic EPS:     Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.31
 $1.70
 $1.05
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$1.31
 $1.69
 $1.05
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, 2020Year Ended December 31, 2019Year 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 - Basic129,752 128,831 126,921 
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 - Diluted130,127 129,241 127,308 
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, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016
Numerator:     
Net Income Available to Unitholders and Participating Securities167,246
 208,158
 125,547
Net Income Allocable to Participating Securities(513) (646) (410)
Net Income Available to Unitholders$166,733
 $207,512
 $125,137
Denominator (In Thousands):     
Weighted Average Units - Basic126,921
 122,306
 119,274
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:     
LTIP Unit Awards (as defined in Note 11)387
 515
 340
Weighted Average Units - Diluted127,308
 122,821
 119,614
Basic EPS:     
Net Income Available to Unitholders$1.31
 $1.70
 $1.05
Diluted EPU:     
Net Income Available to Unitholders$1.31
 $1.69
 $1.05
Participating securities include 405,436, 408,248 and 406,855 of unvested restricted stock or restricted Unit awards outstanding atAt December 31, 2020, 2019 and 2018, 2017participating securities for the Company include 211,920, 296,371 and 2016,405,436, 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.

85


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, 2018, 20172020, 2019 and 2016,2018, 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 our TRSs.
The components of the income tax (provision) benefit (provision) for the years ended December 31, 2020, 2019 and 2018 2017 and 2016 areis comprised of the following:
Year Ended December 31,
 202020192018
Current:
Federal$(3,659)$(169)$22 
State(1,718)(839)(310)
Deferred:
Federal2,969 (2,334)400 
State0 (64)(20)
             Total Income Tax (Provision) Benefit$(2,408)$(3,406)$92 
 Year Ended December 31,
 2018 2017 2016
Current:     
Federal$22
 $(859) $(656)
State(310) (344) (251)
Deferred:     
Federal400
 —
 —
State(20) 10
 (182)
             Total Income Tax Benefit (Provision)$92
 $(1,193) $(1,089)
Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2018 and 2017:
 Year Ended December 31,
 2018 2017
Impairment of Real Estate$1,107
 $1,267
Other - Temporary Differences584
 233
Valuation Allowance(840) (984)
Total Deferred Income Tax Assets, Net of Allowance$851
 $516
Straight-line Rent$(39) $(40)
Basis Difference - Real Estate Properties(424) (488)
Other - Temporary Differences(192) (172)
Total Deferred Income Tax Liabilities$(655) $(700)
Total Net Deferred Income Tax Assets (Liabilities)$196
 $(184)
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 one of 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 the deferred income tax assets within that TRS. 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 benefit (provision) pertaining to income before taxes of the TRSs differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2018, 2017 and 2016:
 Year Ended December 31,
 2018 2017 2016
Tax Benefit (Provision) at Federal Rate$436
 $(1,416) $(1,764)
Change in Federal Tax Rate—
 (609) —
State Tax Provision, Net of Federal Benefit(417) (376) (462)
Change in Valuation Allowance144
 1,197
 1,256
Other(71) 11
 (119)
Net Income Tax Benefit (Provision)$92
 $(1,193) $(1,089)
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, 2018,2020, 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 20152017 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 the years ended December 31, 2018, 20172020, 2019 and 2016,2018, the dividends paid to the Company's common shareholders per common share for income tax purposes were characterized as follows:
2020As a
Percentage
of
Distributions		2019As a
Percentage
of
Distributions		2018As a
Percentage
of
Distributions
Ordinary Income (A)
$0.5800 58.00 %$0.7650 83.15 %$0.6858 78.83 %
Unrecaptured Section 1250 Capital Gain0.2576 25.76 %0.1074 11.68 %0.1497 17.21 %
Other Capital Gain0.1624 16.24 %0.0460 5.00 %0.0330 3.79 %
Qualified Dividend0 0.00 %0.0016 0.17 %0.0015 0.17 %
$1.0000 100.00 %$0.9200 100.00 %$0.8700 100.00 %
 2018 
As a
Percentage
of
Distributions
 2017 
As a
Percentage
of
Distributions
 2016 
As a
Percentage
of
Distributions
Ordinary Income (A)
$0.6858
 78.83% $0.6552
 74.23% $0.6935
 82.53%
Unrecaptured Section 1250 Gain0.1497
 17.21% 0.1627
 18.43% 0.1130
 13.45%
Capital Gain0.0330
 3.79% 0.0648
 7.34% 0.0066
 0.78%
Qualified Dividend0.0015
 0.17% —
 0.00% —
 0.00%
Return of Capital—
 0.00% —
 0.00% 0.0272
 3.24%
 $0.8700
 100.00% $0.8827
 100.00% $0.8403
 100.00%
(A) For the yearyears ended December 31, 2020, 2019 and 2018, the Code Section 199A dividend is equal to the total ordinary income dividend.
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.



86


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 
20222,576 
20232,411 
20242,194 
20252,058 
Thereafter58,818 
Total Lease Payments70,601 
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, 20182020 are approximately as follows:
2021$333,405 
2022305,971 
2023262,228 
2024221,594 
2025183,186 
Thereafter537,189 
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.
87
2019$305,689
2020288,817
2021244,743
2022205,097
2023169,243
Thereafter451,151
Total$1,664,740

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, 2018,2020, awards covering 1.63.3 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, 2018, 2017 and 2016, the Company awarded 211,890, 260,685 and 308,373 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $6,068, $6,871 and $6,047 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, 2018, 2017 and 2016, the Company awarded 15,169, 15,108 and 14,460 shares, respectively, of restricted stock to non-employee members of the Board of Directors, which had a fair value of $490, $420 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, 20172020, 2019 and 2016, we recognized $1,5902018, the Company granted 59,263, 36,064, and $1,710,179,288 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, 20182020 and 2017,2019, 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 179,288 and 195,951 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards"), which had a fair valueemployees. A portion of $2,381 and $2,473 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, 2020Year Ended December 31, 2019Year Ended December 31, 2018
Expected dividend yield2.22 %3.02 %2.67 %
Expected volatility - range used16.25% - 17.56%18.53% - 19.72%15.83% - 17.87%
Expected volatility - weighted average16.97 %19.10 %17.02 %
Risk-free interest rate1.63% - 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 UnitsWeighted
Average
Grant Date
Fair Value		Performance RLP UnitsWeighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2019380,722 $12.89 156,702 $12.45 
Issued59,263 $20.65 322,477 $20.65 
Forfeited(5,681)$13.67 0 $0 
Vested(178,211)$12.62 0 $0 
Outstanding at December 31, 2020256,093 $14.86 479,179 $17.97 
88

 Year Ended December 31, 2018 Year Ended December 31, 2017
Expected dividend yield2.67% 2.71%
Expected volatility - range used15.83% - 17.87%
 21.50% - 21.80%
Expected volatility - weighted average17.02% 21.68%
Risk-free interest rate1.57% - 2.04%
 0.66% - 1.58%
Service Based Awards
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 UnitsWeighted
Average
Grant Date
Fair Value		Service RLP UnitsWeighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2019296,371 $30.56 110,640 $33.64 
Issued80,387 $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, 2020211,920 $36.35 184,569 $39.62 
Compensation Expense Related to Long-Term Compensation
For the years ended December 31, 2018, 20172020, 2019 and 2016,2018, we recognized $7,586, $8,611$12,931, $8,376 and $7,371,$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 $472 for the year ended December 31, 2018$2,030, $870 and was not significant$472 for the years ended December 31, 20172020, 2019 and 2016.2018, respectively. At December 31, 2018,2020, we had $8,306$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, 20182020, 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, 20171,112,828
 $15.31
Issued406,347
 $22.00
Forfeited(48,823) $17.47
Vested(469,533) $15.55
Outstanding at December 31, 20181,000,819
 $17.81
amortized over the shorter service period.
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, 2018, 20172020, 2019 and 2016,2018, total expense related to matching contributions was $688, $518$977, $926 and $509,$688, respectively.


89

12. Derivative 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 derivative instruments as part of our interest rate risk management strategy. Derivative 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.
During December 2018, in anticipation of issuing long-term debt in the future, we entered into two treasury locks with an aggregate notional value of $100,000 to manage our exposure to changes in the ten year U.S. Treasury rate (the "2018 Treasury Locks"). The 2018 Treasury Locks fix the ten year U.S. Treasury rate at a weighted average of 2.93% and cash settle on or before April 30, 2019. We designated the 2018 Treasury Locks as cash flow hedges.
In connection with the originationsorigination of theeach Unsecured Term LoansLoan (see Note 4), we entered into interest rate swaps to manage our exposure to changes in the one monthone-month LIBOR rate. The fourWe have 4 interest rate swaps, which fix the variable rate of the 2014 Unsecured Term Loan, havewith 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 swaps, which fix the variable rate of the 2015 Unsecured Term Loan, havewith 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.


In September 2017,Additionally, during the year ended December 31, 2020, we entered into two treasury locksan interest rate swap to manage our exposure to changes in the one-month LIBOR rate related to our Unsecured Credit Facility (the "2017 Treasury Locks""2020 Swap"), with an aggregate. The 2020 Swap commenced April 1, 2020, matures on April 1, 2021, has a notional value of $100,000, in order to fix$150,000 and fixes the interest rate on an anticipated unsecured debt offering. The Treasury Locks fixed the ten year U.S. Treasuryone-month LIBOR rate at 0.42%. We initially designated the 2020 Swap as a weighted average rate of approximately 2.18%. Since we did not designate the 2017 Treasury Locks as hedges the change in the fair value of the 2017 Treasury Locks was recorded within the consolidated statement of operations.cash flow hedge. During the year ended December 31, 20172020, however, we settledaccelerated the 2017 Treasury Locksreclassification of the fair value of the 2020 Swap from other comprehensive income 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, 2020 was not significant.
The following table sets forth our financial liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and recognized $1,896the 2021 Swaps, which are included in the line itemSettlement Gain Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on Derivative Instruments.a recurring basis as of December 31, 2020 and 2019:
  Fair Value Measurements at Reporting Date Using:
DescriptionFair Value at December 31, 2020Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable
Inputs
(Level 3)
Derivatives designated as a hedging instrument:
Liabilities:
2014 Swaps$(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 

90

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, 2018,2020, 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, the 2015 Swaps and the 2018 Treasury Locks, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of December 31, 2018:
    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:        
2014 Swaps $751
 —
 $751
 —
2015 Swaps $5,893
 —
 $5,893
 —
         
Liabilities:        
2018 Treasury Locks $(2,162) —
 $(2,162) —
There was no ineffectiveness recorded on the 2014 Swaps, the 2015 Swaps, andor the 2018 Treasury Locks2021 Swaps during the year ended December 31, 2018.2020. See Note 7 for more information regarding our derivatives.
The estimated fair value of the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2018 Treasury Locks2021 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's non-performance risk. We determined that the significant inputs used to value the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2018 Treasury Locks2021 Swaps fell within Level 2 of the fair value hierarchy.
13. Related Party Transactions
During the year ended December 31, 2018, we recognized fees of $113 from the Joint Venture related to asset management services provided to the Joint Venture. At December 31, 2018, we had a receivable from the Joint Venture of $38.
At December 31, 20182020 and 2017,2019, the Operating Partnership had receivable balances of $10,118$9,380 and $10,129,$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.
Five 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, 2018,2020, we had outstanding letters of credit and performance bonds in the aggregate amount of $18,573.$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, 2018,2020, we had seven8 industrial properties totaling approximately 2.81.3 million square feet of GLA under construction. The estimated total investment associated with these properties, as of December 31, 20182020, is approximately $189,400$172,400 (unaudited). Of this amount, approximately $140,300$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.
Ground and Operating Lease Commitments
For the years ended December 31, 2018, 2017 and 2016, we recognized $1,566, $1,419 and $1,380, 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, 2018 are as follows:
2019$1,464
20201,536
20211,503
20221,465
20231,329
Thereafter29,025
Total$36,322

15. Subsequent Events
OnFrom January 25, 20191, 2021 to February 15, 2021, we acquired one2 land parcelparcels for a purchase price of $1,760,$9,800, excluding costs incurred in conjunction with the acquisition.
On  February 4, 2019transaction costs. In addition, we acquired onesold 1 industrial property for a purchase price of $12,258,$675, excluding costs incurred in conjunction with the acquisition.transaction costs.



91


16. Quarterly Financial Information (unaudited)
The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 20182020 and 2017.2019.
 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 - Basic126,934 127,074 127,903 128,919 
Weighted Average Shares - Diluted127,111 127,266 128,101 129,125 

 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 - Basic126,194 126,206 126,480 126,682 
Weighted Average Shares - Diluted126,456 126,489 126,783 127,030 
92
 Year Ended December 31, 2018
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Total Revenues$99,771
 $98,845
 $100,256
 $105,082
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$36,292
 $45,209
 $30,911
 $50,827
Net Income Allocable to Participating Securities(97) (151) (101) (164)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$36,195
 $45,058
 $30,810
 $50,663
Basic EPS:       
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$0.30
 $0.36
 $0.24
 $0.40
Diluted EPS:       
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$0.30
 $0.36
 $0.24
 $0.40
Weighted Average Shares Basic/Diluted (In Thousands):       
Weighted Average Shares - Basic119,846
 123,616
 125,768
 125,897
Weighted Average Shares - Diluted120,211
 124,085
 126,130
 126,249

 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 - Basic116,837
 117,299
 119,446
 119,462
Weighted Average Shares - Diluted117,261
 117,779
 119,990
 120,076


The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 20182020 and 2017.2019.
 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 - Basic129,070 129,081 129,914 130,929 
Weighted Average Units - Diluted129,400 129,461 130,294 131,339 

 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 - Basic128,818 128,831 128,837 128,837 
Weighted Average Units - Diluted129,178 129,221 129,256 129,308 

93
 Year Ended December 31, 2018
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Total Revenues$99,771
 $98,845
 $100,256
 $105,082
Net Income Available to Unitholders and Participating Securities$37,443
 $46,382
 $31,508
 $51,913
Net Income Allocable to Participating Securities(97) (151) (101) (164)
Net Income Available to Unitholders$37,346
 $46,231
 $31,407
 $51,749
Basic EPU:       
Net Income Available to Unitholders$0.30
 $0.36
 $0.24
 $0.40
Diluted EPU:       
Net Income Available to Unitholders$0.30
 $0.36
 $0.24
 $0.40
Weighted Average Units Basic/Diluted (In Thousands):       
Weighted Average Units - Basic123,729
 126,832
 128,526
 128,526
Weighted Average Units - Diluted124,094
 127,301
 128,888
 128,878


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
Properties (b)  (In thousands) 
Atlanta
1650 Highway 155McDonough, GA— 779 4,544 (683)345 4,295 4,640 2,824 1994
4051 Southmeadow ParkwayAtlanta, GA— 726 4,130 1,593 726 5,723 6,449 3,381 1994
4071 Southmeadow ParkwayAtlanta, GA— 750 4,460 1,924 828 6,306 7,134 3,941 1994
4081 Southmeadow ParkwayAtlanta, GA— 1,012 5,918 2,305 1,157 8,078 9,235 4,672 1994
5570 Tulane DriveAtlanta, GA— 527 2,984 1,200 546 4,165 4,711 2,262 1996
955 Cobb PlaceKennesaw, GA— 780 4,420 877 804 5,273 6,077 2,938 1997
1005 Sigman RoadConyers, GA— 566 3,134 1,221 574 4,347 4,921 2,154 1999
2050 East Park DriveConyers, GA— 452 2,504 674 459 3,171 3,630 1,531 1999
3060 South Park BoulevardEllenwood, GA— 1,600 12,464 3,413 1,604 15,873 17,477 7,027 2003
175 Greenwood Industrial ParkwayMcDonough, GA— 1,550 0 8,131 1,550 8,131 9,681 3,082 2004
5095 Phillip Lee DriveAtlanta, GA— 735 3,627 (213)740 3,409 4,149 3,139 2005
6514 Warren DriveNorcross, GA— 510 1,250 170 513 1,417 1,930 729 2005
6544 Warren DriveNorcross, GA— 711 2,310 469 715 2,775 3,490 1,457 2005
5356 E. Ponce De LeonStone Mountain, GA— 604 3,888 1,010 610 4,892 5,502 3,057 2005
5390 E. Ponce De LeonStone Mountain, GA— 397 1,791 569 402 2,355 2,757 1,327 2005
1755 Enterprise DriveBuford, GA— 712 2,118 (69)716 2,045 2,761 1,042 2006
4555 Atwater CourtBuford, GA— 881 3,550 397 885 3,943 4,828 1,828 2006
80 Liberty Industrial ParkwayMcDonough, GA— 756 3,695 (1,292)467 2,692 3,159 1,192 2007
596 Bonnie ValentinePendergrass, GA— 2,580 21,730 2,058 2,594 23,774 26,368 7,414 2007
11415 Old Roswell RoadAlpharetta, 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 BoulevardFairburn, GA— 3,650 0 34,344 3,661 34,333 37,994 1,214 2019
Baltimore
16522 Hunters Green ParkwayHagerstown, MD— 1,390 13,104 5,317 1,863 17,948 19,811 6,713 2003
22520 Randolph DriveDulles, VA— 3,200 8,187 216 3,208 8,395 11,603 2,892 2004
22630 Dulles Summit CourtDulles, VA— 2,200 9,346 (870)2,206 8,470 10,676 3,111 2004
11204 McCormick RoadHunt Valley, MD— 1,017 3,132 216 1,038 3,327 4,365 1,987 2005
11110 Pepper RoadHunt Valley, MD— 918 2,529 701 938 3,210 4,148 1,778 2005
10709 Gilroy RoadHunt Valley, MD1,675 913 2,705 (39)913 2,666 3,579 1,923 2005
10707 Gilroy RoadHunt Valley, MD— 1,111 3,819 832 1,136 4,626 5,762 2,884 2005
38 Loveton CircleSparks, MD— 1,648 2,151 (192)1,690 1,917 3,607 1,218 2005
94

 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 - Basic120,877
 121,339
 123,483
 123,483
Weighted Average Units - Diluted121,301
 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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
1225 Bengies RoadBaltimore, MD— 2,640 270 13,010 2,823 13,097 15,920 4,601 2008
581 Welltown Road/Tyson BoulevardWinchester, VA— 2,320 0 11,276 2,401 11,195 13,596 3,793 2007
400 Old Post RoadAberdeen, MD— 3,411 17,144 1,676 3,411 18,820 22,231 4,640 2015
500 Old Post RoadAberdeen, MD— 5,959 30,533 4,437 5,959 34,970 40,929 6,182 2015
5300 & 5315 Nottingham DriveWhite Marsh, MD— 12,075 41,008 1,959 12,075 42,967 55,042 863 2020
5301 Nottingham DriveWhite Marsh, MD— 4,952 12,511 2,833 4,977 15,319 20,296 379 2020
Central/Eastern Pennsylvania
401 Russell DriveMiddletown, PA— 262 857 1,847 287 2,679 2,966 2,457 1994
2700 Commerce DriveMiddletown, PA— 196 997 857 206 1,844 2,050 1,715 1994
2701 Commerce DriveMiddletown, PA— 141 859 1,399 164 2,235 2,399 1,840 1994
2780 Commerce DriveMiddletown, PA— 113 743 1,295 209 1,942 2,151 1,736 1994
350 Old Silver Spring RoadMechanicsburg, PA— 510 2,890 5,945 541 8,804 9,345 4,624 1997
14 McFadden RoadPalmer, PA— 600 1,349 (305)625 1,019 1,644 438 2004
431 Railroad AvenueShiremanstown, PA— 1,293 7,164 2,623 1,341 9,739 11,080 5,939 2005
6951 Allentown BoulevardHarrisburg, PA— 585 3,176 55 601 3,215 3,816 1,551 2005
2801 Red Lion RoadPhiladelphia, PA— 950 5,916 68 964 5,970 6,934 3,657 2005
1351 Eisenhower Boulevard, Bldg. 1Harrisburg, PA— 382 2,343 3 387 2,341 2,728 1,115 2006
1351 Eisenhower Boulevard, Bldg. 2Harrisburg, PA— 436 1,587 (315)443 1,265 1,708 566 2006
200 Cascade Drive, Bldg. 1Allentown, PA— 2,133 17,562 1,806 2,769 18,732 21,501 8,730 2007
200 Cascade Drive, Bldg. 2Allentown, PA— 310 2,268 (56)316 2,206 2,522 889 2007
1490 Dennison CircleCarlisle, PA— 1,500 0 12,822 2,341 11,981 14,322 3,999 2008
298 First AvenueGouldsboro, PA— 7,022 0 57,941 7,019 57,944 64,963 17,658 2008
225 Cross Farm LaneYork, PA— 4,718 0 23,548 4,715 23,551 28,266 7,690 2008
2455 Boulevard of GeneralsNorristown, PA— 1,200 4,800 950 1,226 5,724 6,950 3,063 2008
105 Steamboat BoulevardManchester, PA— 4,085 14,464 70 4,070 14,549 18,619 5,214 2012
20 Leo LaneYork County, PA— 6,884 0 27,485 6,889 27,480 34,369 4,787 2013
3895 Eastgate Boulevard, Bldg AEaston, PA— 4,855 0 17,890 4,388 18,357 22,745 2,720 2015
3895 Eastgate Boulevard, Bldg BEaston, PA— 3,459 0 13,849 3,128 14,180 17,308 2,396 2015
112 Bordnersville RoadJonestown, PA— 13,702 0 41,288 13,724 41,266 54,990 3,152 2018
122 Bordnersville RoadJonestown, PA— 3,165 0 11,614 3,171 11,608 14,779 588 2018
2021 Woodhaven RoadPhiladelphia, PA— 2,059 0 9,984 2,087 9,956 12,043 143 2020
95

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
Properties (b)   (In thousands)  
Atlanta                    
1650 Highway 155 McDonough, GA —
 779
 4,544
 (669) 345
 4,309
 4,654
 2,573
 1994
4051 Southmeadow Parkway Atlanta, GA —
 726
 4,130
 1,666
 726
 5,796
 6,522
 3,072
 1994
4071 Southmeadow Parkway Atlanta, GA —
 750
 4,460
 1,929
 828
 6,311
 7,139
 3,522
 1994
4081 Southmeadow Parkway Atlanta, GA —
 1,012
 5,918
 2,088
 1,157
 7,861
 9,018
 4,320
 1994
5570 Tulane Drive Atlanta, GA 2,055
 527
 2,984
 1,255
 546
 4,220
 4,766
 2,114
 1996
955 Cobb Place Kennesaw, GA 2,688
 780
 4,420
 1,032
 804
 5,428
 6,232
 2,783
 1997
1005 Sigman Road Conyers, GA 2,125
 566
 3,134
 1,226
 574
 4,352
 4,926
 1,804
 1999
2050 East Park Drive Conyers, GA —
 452
 2,504
 860
 459
 3,357
 3,816
 1,476
 1999
3060 South Park Blvd Ellenwood, GA —
 1,600
 12,464
 3,202
 1,604
 15,662
 17,266
 5,925
 2003
175 Greenwood Industrial Parkway McDonough, GA 3,987
 1,550
 —
 7,695
 1,550
 7,695
 9,245
 2,824
 2004
5095 Phillip Lee Drive Atlanta, GA —
 735
 3,627
 447
 740
 4,069
 4,809
 3,405
 2005
6514 Warren Drive Norcross, GA —
 510
 1,250
 127
 513
 1,374
 1,887
 610
 2005
6544 Warren Drive Norcross, GA —
 711
 2,310
 332
 715
 2,638
 3,353
 1,309
 2005
5356 E. Ponce De Leon Stone Mountain, GA —
 604
 3,888
 572
 610
 4,454
 5,064
 2,515
 2005
5390 E. Ponce De Leon Stone Mountain, GA —
 397
 1,791
 529
 402
 2,315
 2,717
 1,053
 2005
1755 Enterprise Drive Buford, GA 1,127
 712
 2,118
 (217) 716
 1,897
 2,613
 890
 2006
4555 Atwater Court Buford, GA 1,980
 881
 3,550
 161
 885
 3,707
 4,592
 1,517
 2006
80 Liberty Industrial Parkway McDonough, GA —
 756
 3,695
 (1,560) 467
 2,424
 2,891
 1,037
 2007
596 Bonnie Valentine Pendergrass, GA —
 2,580
 21,730
 2,890
 2,594
 24,606
 27,200
 7,718
 2007
11415 Old Roswell Road Alpharetta, GA —
 2,403
 1,912
 808
 2,428
 2,695
 5,123
 1,032
 2008
1281 Highway 155 S. McDonough, GA —
 2,501
 —
 17,056
 2,502
 17,055
 19,557
 1,149
 2016
Baltimore                    
22520 Randolph Drive Dulles, VA —
 3,200
 8,187
 187
 3,208
 8,366
 11,574
 2,466
 2004
22630 Dulles Summit Court Dulles, VA —
 2,200
 9,346
 (903) 2,206
 8,437
 10,643
 2,723
 2004
11204 McCormick Road Hunt Valley, MD —
 1,017
 3,132
 195
 1,038
 3,306
 4,344
 1,776
 2005
11110 Pepper Road Hunt Valley, MD —
 918
 2,529
 476
 938
 2,985
 3,923
 1,470
 2005
11100-11120 Gilroy Road Hunt Valley, MD —
 901
 1,455
 67
 919
 1,504
 2,423
 762
 2005
10709 Gilroy Road Hunt Valley, MD 1,777
 913
 2,705
 (86) 913
 2,619
 3,532
 1,740
 2005
10707 Gilroy Road Hunt Valley, MD —
 1,111
 3,819
 795
 1,136
 4,589
 5,725
 2,402
 2005
38 Loveton Circle Sparks, MD —
 1,648
 2,151
 (192) 1,690
 1,917
 3,607
 1,051
 2005


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
Chicago
720-730 Landwehr DriveNorthbrook, IL— 521 2,982 900 521 3,882 4,403 2,349 1994
1385 101st StreetLemont, IL— 967 5,554 1,605 968 7,158 8,126 4,292 1994
2300 Windsor CourtAddison, IL— 688 3,943 841 696 4,776 5,472 2,952 1994
305-311 Era DriveNorthbrook, IL— 200 1,154 1,159 205 2,308 2,513 1,150 1994
800 Business DriveMount Prospect, IL— 631 3,493 328 666 3,786 4,452 1,916 2000
580 Slawin CourtMount Prospect, IL— 233 1,292 (27)162 1,336 1,498 829 2000
1005 101st StreetLemont, IL4,395 1,200 6,643 1,548 1,220 8,171 9,391 3,781 2001
175 Wall StreetGlendale Heights, IL— 427 2,363 700 433 3,057 3,490 1,317 2002
251 Airport RoadNorth Aurora, IL3,402 983 0 6,710 983 6,710 7,693 2,897 2002
400 Crossroads ParkwayBolingbrook, IL— 1,178 9,453 1,846 1,181 11,296 12,477 5,364 2005
7801 W. Industrial DriveForest Park, IL— 1,215 3,020 1,459 1,220 4,474 5,694 2,526 2005
725 Kimberly DriveCarol Stream, IL— 793 1,395 5 801 1,392 2,193 768 2005
2900 W. 166th StreetMarkham, IL— 1,132 4,293 (1,328)1,134 2,963 4,097 999 2007
555 W. Algonquin RoadArlington Heights, IL— 574 741 2,360 579 3,096 3,675 1,332 2007
1501 Oakton StreetElk Grove Village, IL4,487 3,369 6,121 96 3,482 6,104 9,586 2,541 2008
16500 W. 103rd StreetWoodridge, IL— 744 2,458 529 762 2,969 3,731 1,433 2008
8505 50th StreetKenosha, WI— 3,212 0 33,063 3,212 33,063 36,275 11,207 2008
4100 Rock Creek BoulevardJoliet, IL— 4,476 16,061 830 4,476 16,891 21,367 5,282 2013
10100 58th PlaceKenosha, WI— 4,201 17,604 74 4,201 17,678 21,879 5,423 2013
401 Airport RoadNorth Aurora, IL— 534 1,957 (147)534 1,810 2,344 360 2014
3737 84th AvenueSomers, WI— 1,943 0 24,116 1,943 24,116 26,059 2,956 2016
81 Paragon DriveRomeoville, IL— 1,787 7,252 1,371 1,788 8,622 10,410 1,491 2016
10680 88th AvenuePleasant Prairie, WI— 1,376 4,757 0 1,376 4,757 6,133 636 2017
8725 31st StreetSomers, WI— 2,133 0 27,552 2,134 27,551 29,685 3,546 2017
3500 Channahon RoadJoliet, IL— 2,595 0 17,817 2,598 17,814 20,412 1,280 2017
1998 Melissa LaneAurora, IL— 2,401 9,970 1,130 2,400 11,101 13,501 903 2019
Cincinnati
4700-4750 Creek RoadBlue Ash, OH— 1,080 6,118 1,462 1,109 7,551 8,660 4,326 1996
4436 Muhlhauser RoadHamilton, OH— 630 0 5,387 630 5,387 6,017 2,418 2002
4438 Muhlhauser RoadHamilton, OH— 779 0 6,318 779 6,318 7,097 2,854 2002
4663 Dues DriveWestchester, OH— 858 2,273 606 875 2,862 3,737 1,977 2005
96

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
as of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
    (In thousands)  
1225 Bengies Road Baltimore, MD —
 2,640
 270
 13,331
 2,823
 13,418
 16,241
 4,486
 2008
400 Old Post Road Aberdeen, MD —
 3,411
 17,144
 1,514
 3,411
 18,658
 22,069
 2,614
 2015
500 Old Post Road Aberdeen, MD —
 5,959
 30,533
 146
 5,959
 30,679
 36,638
 3,926
 2015
Central/Eastern Pennsylvania 
 
 
 
 
 
 
 
 
 
1214-B Freedom Road Cranberry Township, PA —
 31
 994
 613
 200
 1,438
 1,638
 1,385
 1994
401 Russell Drive Middletown, PA —
 262
 857
 1,829
 287
 2,661
 2,948
 2,243
 1994
2700 Commerce Drive Middletown, PA —
 196
 997
 800
 206
 1,787
 1,993
 1,587
 1994
2701 Commerce Drive Middletown, PA —
 141
 859
 1,399
 164
 2,235
 2,399
 1,692
 1994
2780 Commerce Drive Middletown, PA —
 113
 743
 1,209
 209
 1,856
 2,065
 1,604
 1994
350 Old Silver Spring Road Mechanicsburg, PA —
 510
 2,890
 5,936
 541
 8,795
 9,336
 4,223
 1997
16522 Hunters Green Parkway Hagerstown, MD —
 1,390
 13,104
 5,656
 1,863
 18,287
 20,150
 6,151
 2003
18212 Shawley Drive Hagerstown, MD —
 1,000
 5,847
 2,800
 1,016
 8,631
 9,647
 2,544
 2004
37 Valley View Drive Jessup, PA —
 542
 —
 3,205
 532
 3,215
 3,747
 1,099
 2004
14 McFadden Road Palmer, PA —
 600
 1,349
 (274) 625
 1,050
 1,675
 401
 2004
431 Railroad Avenue Shiremanstown, PA —
 1,293
 7,164
 2,035
 1,341
 9,151
 10,492
 5,281
 2005
6951 Allentown Blvd Harrisburg, PA —
 585
 3,176
 (27) 601
 3,133
 3,734
 1,324
 2005
320 Reliance Road Washington, PA —
 201
 1,819
 (348) 178
 1,494
 1,672
 943
 2005
2801 Red Lion Road Philadelphia, PA —
 950
 5,916
 7
 964
 5,909
 6,873
 3,168
 2005
1351 Eisenhower Blvd., Bldg. 1 Harrisburg, PA —
 382
 2,343
 3
 387
 2,341
 2,728
 855
 2006
1351 Eisenhower Blvd., Bldg. 2 Harrisburg, PA —
 436
 1,587
 (233) 443
 1,347
 1,790
 513
 2006
200 Cascade Drive, Bldg. 1 Allentown, PA —
 2,133
 17,562
 338
 2,769
 17,264
 20,033
 7,704
 2007
200 Cascade Drive, Bldg. 2 Allentown, PA —
 310
 2,268
 68
 316
 2,330
 2,646
 907
 2007
1490 Dennison Circle Carlisle, PA —
 1,500
 —
 13,198
 2,341
 12,357
 14,698
 3,816
 2008
298 First Avenue Covington Twp, PA —
 7,022
 —
 57,053
 7,019
 57,056
 64,075
 14,712
 2008
225 Cross Farm Lane York, PA —
 4,718
 —
 23,163
 4,715
 23,166
 27,881
 6,520
 2008
6300 Bristol Pike Levittown, PA —
 1,074
 2,642
 (110) 964
 2,642
 3,606
 2,276
 2008
2455 Boulevard of Generals Norristown, PA 2,997
 1,200
 4,800
 950
 1,226
 5,724
 6,950
 2,370
 2008
105 Steamboat Blvd Manchester, PA —
 4,085
 14,464
 11
 4,070
 14,490
 18,560
 4,034
 2012
20 Leo Lane York County, PA —
 6,884
 —
 27,480
 6,889
 27,475
 34,364
 3,411
 2013
3895 Eastgate Blvd, Bldg. A Easton, PA —
 4,855
 —
 17,824
 4,388
 18,291
 22,679
 1,637
 2015
3895 Eastgate Blvd, Bldg. B Easton, PA —
 3,459
 —
 13,818
 3,128
 14,149
 17,277
 1,419
 2015
112 Bordnersville Road Jonestown, PA —
 13,702
 —
 30,341
 13,724
 30,319
 44,043
 179
 2018


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
9345 Princeton-Glendale RoadWestchester, OH— 818 1,648 561 840 2,187 3,027 1,837 2006
9525 Glades DriveWestchester, OH— 347 1,323 240 355 1,555 1,910 829 2007
9774-9792 Windisch RoadWestchester, OH— 392 1,744 219 394 1,961 2,355 713 2007
9808-9830 Windisch RoadWestchester, OH— 395 2,541 528 397 3,067 3,464 1,264 2007
9842-9862 Windisch RoadWestchester, OH— 506 3,148 151 508 3,297 3,805 1,297 2007
9872-9898 Windisch RoadWestchester, OH— 546 3,039 (252)548 2,785 3,333 908 2007
9902-9922 Windisch RoadWestchester, OH— 623 4,003 861 627 4,860 5,487 2,604 2007
Cleveland
30311 Emerald Valley ParkwayGlenwillow, OH5,304 681 11,838 (526)691 11,302 11,993 4,950 2006
30333 Emerald Valley ParkwayGlenwillow, OH— 466 5,447 (699)475 4,739 5,214 2,134 2006
7800 Cochran RoadGlenwillow, OH— 972 7,033 338 991 7,352 8,343 3,709 2006
7900 Cochran RoadGlenwillow, OH2,938 775 6,244 (377)792 5,850 6,642 2,703 2006
7905 Cochran RoadGlenwillow, OH3,394 920 6,174 158 922 6,330 7,252 2,952 2006
8181 Darrow RoadTwinsburg, OH— 2,478 6,791 5,696 2,496 12,469 14,965 2,878 2008
Dallas/Ft. Worth
2406-2416 Walnut RidgeDallas, TX— 178 1,006 1,199 172 2,211 2,383 891 1997
2401-2419 Walnut RidgeDallas, TX— 148 839 415 142 1,260 1,402 700 1997
900-906 Great Southwest ParkwayArlington, TX— 237 1,342 801 270 2,110 2,380 1,007 1997
3000 West CommerceDallas, TX— 456 2,584 819 469 3,390 3,859 1,849 1997
405-407 113thArlington, TX— 181 1,026 486 185 1,508 1,693 755 1997
816 111th StreetArlington, TX— 251 1,421 231 258 1,645 1,903 887 1997
1602-1654 Terre ColonyDallas, TX— 458 2,596 774 468 3,360 3,828 1,616 2000
2220 Merritt DriveGarland, TX— 352 1,993 277 316 2,306 2,622 998 2000
2485-2505 Merritt DriveGarland, TX— 431 2,440 513 443 2,941 3,384 1,347 2000
2110 Hutton DriveCarrolton, TX— 374 2,117 (150)255 2,086 2,341 954 2001
2025 McKenzie DriveCarrolton, TX— 437 2,478 503 442 2,976 3,418 1,332 2001
2019 McKenzie DriveCarrolton, TX— 502 2,843 638 507 3,476 3,983 1,572 2001
2029-2035 McKenzie DriveCarrolton, TX— 306 1,870 589 306 2,459 2,765 1,138 2001
2015 McKenzie DriveCarrolton, TX1,797 510 2,891 662 516 3,547 4,063 1,560 2001
2009 McKenzie DriveCarrolton, TX1,588 476 2,699 416 481 3,110 3,591 1,470 2001
900-1100 Avenue SGrand Prairie, TX— 623 3,528 1,081 629 4,603 5,232 1,946 2002
Plano Crossing Business ParkPlano, TX6,153 1,961 11,112 841 1,981 11,933 13,914 5,282 2002
97

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total Accumulated
Depreciation
12/31/2018		 
    (In thousands)  
122 Bordnersville Road Jonestown, PA —
 3,165
 —
 10,937
 3,171
 10,931
 14,102
 —
 2018
Chicago         

          
720-730 Landwehr Drive Northbrook, IL —
 521
 2,982
 911
 521
 3,893
 4,414
 2,201
 1994
1385 101st Street Lemont, IL 3,465
 967
 5,554
 1,513
 968
 7,066
 8,034
 3,907
 1994
2300 Windsor Court Addison, IL —
 688
 3,943
 761
 696
 4,696
 5,392
 2,660
 1994
305-311 Era Drive Northbrook, IL —
 200
 1,154
 1,299
 205
 2,448
 2,653
 1,128
 1994
800 Business Drive Mount Prospect, IL —
 631
 3,493
 328
 666
 3,786
 4,452
 1,720
 2000
580 Slawin Court Mount Prospect, IL 716
 233
 1,292
 (27) 162
 1,336
 1,498
 735
 2000
1005 101st Street Lemont, IL 4,761
 1,200
 6,643
 1,619
 1,220
 8,242
 9,462
 3,321
 2001
175 Wall Street Glendale Heights, IL 1,509
 427
 2,363
 709
 433
 3,066
 3,499
 1,113
 2002
251 Airport Road North Aurora, IL 3,491
 983
 —
 6,403
 983
 6,403
 7,386
 2,485
 2002
400 Crossroads Pkwy Bolingbrook, IL 5,108
 1,178
 9,453
 1,212
 1,181
 10,662
 11,843
 4,568
 2005
7801 W. Industrial Drive Forest Park, IL —
 1,215
 3,020
 1,314
 1,220
 4,329
 5,549
 2,061
 2005
725 Kimberly Drive Carol Stream, IL —
 793
 1,395
 255
 801
 1,642
 2,443
 894
 2005
17001 S. Vincennes Thornton, IL —
 497
 504
 3
 513
 491
 1,004
 417
 2005
2900 W. 166th Street Markham, IL —
 1,132
 4,293
 (881) 1,134
 3,410
 4,544
 1,275
 2007
555 W. Algonquin Road Arlington Heights, IL 1,849
 574
 741
 1,951
 579
 2,687
 3,266
 1,086
 2007
1501 Oakton Street Elk Grove Village, IL 4,843
 3,369
 6,121
 134
 3,482
 6,142
 9,624
 2,128
 2008
16500 W. 103rd Street Woodridge, IL —
 744
 2,458
 487
 762
 2,927
 3,689
 1,089
 2008
8505 50th Street Kenosha, WI —
 3,212
 —
 32,956
 3,212
 32,956
 36,168
 9,086
 2008
4100 Rock Creek Blvd Joliet, IL —
 4,476
 16,061
 807
 4,476
 16,868
 21,344
 3,744
 2013
10100 58th Place Kenosha, WI —
 4,201
 17,604
 74
 4,201
 17,678
 21,879
 3,836
 2013
401 Airport Road North Aurora, IL —
 534
 1,957
 12
 534
 1,969
 2,503
 381
 2014
3737 84th Avenue Somers, WI —
 1,943
 —
 24,116
 1,943
 24,116
 26,059
 1,652
 2016
81 Paragon Drive Romeoville, IL —
 1,787
 7,252
 1,340
 1,787
 8,592
 10,379
 678
 2016
10680 88th Avenue Pleasant Prairie, WI —
 1,376
 4,757
 —
 1,376
 4,757
 6,133
 234
 2017
8725 31st Street Somers, WI —
 2,133
 —
 26,451
 2,134
 26,450
 28,584
 1,467
 2017
3500 Channahon Road Joliet, IL —
 2,595
 —
 16,729
 2,598
 16,726
 19,324
 141
 2018
Cincinnati                    
4700-4750 Creek Road Blue Ash, OH —
 1,080
 6,118
 1,508
 1,109
 7,597
 8,706
 3,954
 1996
4436 Muhlhauser Road Hamilton, OH —
 630
 —
 5,294
 630
 5,294
 5,924
 2,102
 2002
4438 Muhlhauser Road Hamilton, OH —
 779
 —
 6,407
 779
 6,407
 7,186
 2,606
 2002
420 Wards Corner Road Loveland, OH —
 600
 1,083
 1,165
 606
 2,242
 2,848
 944
 2003


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
825-827 Avenue HArlington, TX2,167 600 3,006 1,024 604 4,026 4,630 1,985 2004
1013-31 Avenue MGrand Prairie, TX— 300 1,504 290 302 1,792 2,094 949 2004
1172-84 113th StreetGrand Prairie, TX— 700 3,509 (78)704 3,427 4,131 1,604 2004
1200-16 Avenue HArlington, TX— 600 2,846 870 604 3,712 4,316 1,674 2004
1322-66 W. North Carrier ParkwayGrand Prairie, TX3,550 1,000 5,012 1,573 1,006 6,579 7,585 3,293 2004
2401-2407 Centennial DriveArlington, TX1,670 600 2,534 643 604 3,173 3,777 1,725 2004
3111 West Commerce StreetDallas, TX2,921 1,000 3,364 1,877 1,011 5,230 6,241 3,037 2004
13800 Senlac DriveFarmers Branch, TX2,055 823 4,042 (474)825 3,566 4,391 1,836 2005
801-831 S Great Southwest ParkwayGrand Prairie, TX— 2,581 16,556 1,341 2,586 17,892 20,478 13,071 2005
801 Heinz WayGrand Prairie, TX— 599 3,327 392 601 3,717 4,318 2,238 2005
901-937 Heinz WayGrand Prairie, TX— 493 2,758 56 481 2,826 3,307 1,891 2005
3301 Century CircleIrving, TX— 760 3,856 (111)771 3,734 4,505 1,558 2007
3901 W Miller RoadGarland, TX— 1,912 0 14,111 1,947 14,076 16,023 4,256 2008
1251 North Cockrell Hill RoadDallas, TX— 2,064 0 13,630 1,073 14,621 15,694 2,543 2015
1171 North Cockrell Hill RoadDallas, TX— 1,215 0 10,972 632 11,555 12,187 1,870 2015
3996 Scientific DriveArlington, TX— 1,301 0 8,095 1,349 8,047 9,396 1,884 2015
750 Gateway BoulevardCoppell, TX— 1,452 4,679 80 1,452 4,759 6,211 902 2015
2250 East Bardin RoadArlington, TX— 1,603 0 10,134 1,603 10,134 11,737 1,247 2016
2001 Midway RoadLewisville, TX— 3,963 0 11,244 3,963 11,244 15,207 305 2019
2025 Midway RoadLewisville, TX— 2,243 0 8,075 2,243 8,075 10,318 459 2019
5300 Mountain CreekDallas, TX— 4,675 0 47,957 4,779 47,853 52,632 1,609 2019
3700 Sandshell DriveFort Worth, TX— 1,892 0 9,857 1,901 9,848 11,749 293 2019
1901 Midway RoadLewisville, TX— 7,519 0 23,975 7,514 23,980 31,494 130 2020
Denver
4785 ElatiDenver, CO— 173 981 390 175 1,369 1,544 672 1997
4770 Fox StreetDenver, CO— 132 750 339 134 1,087 1,221 591 1997
3851-3871 RevereDenver, CO— 361 2,047 493 368 2,533 2,901 1,474 1997
4570 Ivy StreetDenver, CO— 219 1,239 215 220 1,453 1,673 783 1997
5855 Stapleton Drive NorthDenver, CO— 288 1,630 185 290 1,813 2,103 1,011 1997
5885 Stapleton Drive NorthDenver, CO— 376 2,129 290 380 2,415 2,795 1,341 1997
5977 North BroadwayDenver, CO— 268 1,518 509 271 2,024 2,295 1,113 1997
5952-5978 North BroadwayDenver, CO— 414 2,346 758 422 3,096 3,518 1,715 1997
4721 Ironton StreetDenver, CO— 232 1,313 682 236 1,991 2,227 932 1997
7003 E. 47th Ave DriveDenver, CO— 441 2,689 6 441 2,695 3,136 1,536 1997
98

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total Accumulated
Depreciation
12/31/2018		 
    (In thousands)  
422 Wards Corner Road Loveland, OH —
 600
 1,811
 443
 592
 2,262
 2,854
 878
 2003
4663 Dues Drive Westchester, OH —
 858
 2,273
 606
 875
 2,862
 3,737
 1,859
 2005
9345 Princeton-Glendale Road Westchester, OH 1,228
 818
 1,648
 380
 840
 2,006
 2,846
 1,678
 2006
9525 Glades Drive Westchester, OH —
 347
 1,323
 240
 355
 1,555
 1,910
 669
 2007
9774-9792 Windisch Road Westchester, OH —
 392
 1,744
 163
 394
 1,905
 2,299
 534
 2007
9808-9830 Windisch Road Westchester, OH —
 395
 2,541
 447
 397
 2,986
 3,383
 1,063
 2007
9842-9862 Windisch Road Westchester, OH —
 506
 3,148
 202
 508
 3,348
 3,856
 1,165
 2007
9872-9898 Windisch Road Westchester, OH —
 546
 3,039
 285
 548
 3,322
 3,870
 1,254
 2007
9902-9922 Windisch Road Westchester, OH —
 623
 4,003
 1,104
 627
 5,103
 5,730
 2,408
 2007
Cleveland                    
30311 Emerald Valley Parkway Glenwillow, OH 6,203
 681
 11,838
 603
 691
 12,431
 13,122
 5,315
 2006
30333 Emerald Valley Parkway Glenwillow, OH —
 466
 5,447
 (615) 475
 4,823
 5,298
 1,898
 2006
7800 Cochran Road Glenwillow, OH 3,598
 972
 7,033
 338
 991
 7,352
 8,343
 3,145
 2006
7900 Cochran Road Glenwillow, OH 3,382
 775
 6,244
 137
 792
 6,364
 7,156
 2,789
 2006
7905 Cochran Road Glenwillow, OH 3,627
 920
 6,174
 114
 922
 6,286
 7,208
 2,464
 2006
8181 Darrow Road Twinsburg, OH —
 2,478
 6,791
 465
 2,496
 7,238
 9,734
 3,825
 2008
Dallas/Ft. Worth                    
2406-2416 Walnut Ridge Dallas, TX —
 178
 1,006
 1,140
 172
 2,152
 2,324
 743
 1997
2401-2419 Walnut Ridge Dallas, TX —
 148
 839
 416
 142
 1,261
 1,403
 615
 1997
900-906 Great Southwest Parkway Arlington, TX —
 237
 1,342
 479
 270
 1,788
 2,058
 893
 1997
3000 West Commerce Dallas, TX —
 456
 2,584
 1,156
 469
 3,727
 4,196
 1,959
 1997
405-407 113th Arlington, TX —
 181
 1,026
 456
 185
 1,478
 1,663
 717
 1997
816 111th Street Arlington, TX —
 251
 1,421
 172
 258
 1,586
 1,844
 796
 1997
1602-1654 Terre Colony Dallas, TX —
 458
 2,596
 864
 468
 3,450
 3,918
 1,559
 2000
2220 Merritt Drive Garland, TX —
 352
 1,993
 407
 316
 2,436
 2,752
 987
 2000
2485-2505 Merritt Drive Garland, TX —
 431
 2,440
 546
 443
 2,974
 3,417
 1,282
 2000
2110 Hutton Drive Carrolton, TX —
 374
 2,117
 404
 255
 2,640
 2,895
 1,312
 2001
2025 McKenzie Drive Carrolton, TX —
 437
 2,478
 568
 442
 3,041
 3,483
 1,238
 2001
2019 McKenzie Drive Carrolton, TX —
 502
 2,843
 625
 507
 3,463
 3,970
 1,372
 2001
2029-2035 McKenzie Drive Carrolton, TX —
 306
 1,870
 356
 306
 2,226
 2,532
 928
 2001
2015 McKenzie Drive Carrolton, TX 1,830
 510
 2,891
 471
 516
 3,356
 3,872
 1,497
 2001


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
9500 West 49th Street - AWheatridge, CO915 283 1,625 161 287 1,782 2,069 1,022 1997
9500 West 49th Street - BWheatridge, CO770 225 1,272 243 227 1,513 1,740 837 1997
9500 West 49th Street - CWheatridge, CO1,937 600 3,409 370 601 3,778 4,379 2,178 1997
9500 West 49th Street - DWheatridge, CO852 246 1,537 145 247 1,681 1,928 897 1997
451-591 East 124th AvenueThornton, CO— 383 2,145 830 383 2,975 3,358 1,396 1997
11701 East 53rd AvenueDenver, CO— 416 2,355 311 422 2,660 3,082 1,479 1997
5401 OswegoDenver, CO— 273 1,547 248 278 1,790 2,068 1,000 1997
445 Bryant StreetDenver, CO7,213 1,829 10,219 3,362 1,829 13,581 15,410 7,041 1998
12055 E. 49th Avenue/4955 PeoriaDenver, CO— 298 1,688 530 305 2,211 2,516 1,192 1998
4940-4950 ParisDenver, CO— 152 861 282 156 1,139 1,295 602 1998
7367 South Revere ParkwayCentennial, CO— 926 5,124 1,761 934 6,877 7,811 3,531 1998
8020 Southpark CircleLittleton, CO— 739 0 3,219 781 3,177 3,958 1,453 2000
8810 W. 116th CircleBroomfield, CO— 312 0 1,662 370 1,604 1,974 704 2001
8820 W. 116th CircleBroomfield, CO— 338 1,918 345 372 2,229 2,601 1,021 2003
8835 W. 116th CircleBroomfield, CO— 1,151 6,523 912 1,304 7,282 8,586 3,292 2003
18150 E. 32nd PlaceAurora, CO— 563 3,188 200 572 3,379 3,951 1,583 2004
3400 Fraser StreetAurora, CO— 616 3,593 (135)620 3,454 4,074 1,666 2005
7005 E. 46th Avenue DriveDenver, CO— 512 2,025 181 517 2,201 2,718 1,034 2005
4001 Salazar WayFrederick, CO3,143 1,271 6,508 (672)1,276 5,831 7,107 2,322 2006
5909-5915 N. BroadwayDenver, CO— 495 1,268 195 500 1,458 1,958 1,007 2006
21301 E. 33rd DriveAurora, CO6,070 2,860 8,202 924 2,859 9,127 11,986 1,804 2017
21110 E. 31st CircleAurora, CO— 1,564 7,047 6 1,564 7,053 8,617 336 2019
22300 E.. 26th AvenueAurora, CO— 4,881 0 34,976 4,890 34,967 39,857 944 2019
Detroit
47461 ClipperPlymouth Township, MI— 122 723 159 122 882 1,004 554 1994
449 Executive DriveTroy, MI— 125 425 1,006 218 1,338 1,556 1,234 1994
1416 Meijer DriveTroy, MI— 94 394 473 121 840 961 740 1994
1624 Meijer DriveTroy, MI— 236 1,406 898 373 2,167 2,540 2,070 1994
1972 Meijer DriveTroy, MI— 315 1,301 787 372 2,031 2,403 1,894 1994
1826 Northwood DriveTroy, MI— 55 208 472 103 632 735 570 1994
1864 Northwood DriveTroy, MI— 57 190 489 107 629 736 583 1994
2730 Research DriveRochester Hills, MI— 903 4,215 1,182 903 5,397 6,300 4,955 1994
99
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total Accumulated
Depreciation
12/31/2018		 
    (In thousands)  
2009 McKenzie Drive Carrolton, TX 1,734
 476
 2,699
 494
 481
 3,188
 3,669
 1,389
 2001
900-1100 Avenue S Grand Prairie, TX —
 623
 3,528
 1,118
 629
 4,640
 5,269
 1,749
 2002
Plano Crossing Bus. Park Plano, TX 6,682
 1,961
 11,112
 1,062
 1,981
 12,154
 14,135
 4,912
 2002
825-827 Avenue H Arlington, TX 2,012
 600
 3,006
 393
 604
 3,395
 3,999
 1,703
 2004
1013-31 Avenue M Grand Prairie, TX —
 300
 1,504
 257
 302
 1,759
 2,061
 811
 2004
1172-84 113th Street Grand Prairie, TX —
 700
 3,509
 (40) 704
 3,465
 4,169
 1,393
 2004
1200-16 Avenue H Arlington, TX —
 600
 2,846
 852
 604
 3,694
 4,298
 1,412
 2004
1322-66 W. North Carrier Parkway Grand Prairie, TX 3,776
 1,000
 5,012
 1,491
 1,006
 6,497
 7,503
 2,662
 2004
2401-2407 Centennial Drive Arlington, TX 1,781
 600
 2,534
 634
 604
 3,164
 3,768
 1,485
 2004
3111 West Commerce Street Dallas, TX 3,111
 1,000
 3,364
 1,818
 1,011
 5,171
 6,182
 2,483
 2004
13800 Senlac Drive Farmers Branch, TX 2,416
 823
 4,042
 (63) 825
 3,977
 4,802
 2,003
 2005
801-831 S Great Southwest Parkway Grand Prairie, TX —
 2,581
 16,556
 367
 2,586
 16,918
 19,504
 11,279
 2005
801 Heinz Way Grand Prairie, TX —
 599
 3,327
 339
 601
 3,664
 4,265
 1,901
 2005
901-937 Heinz Way Grand Prairie, TX —
 493
 2,758
 56
 481
 2,826
 3,307
 1,628
 2005
3301 Century Circle Irving, TX —
 760
 3,856
 (142) 771
 3,703
 4,474
 1,260
 2007
3901 W Miller Road Garland, TX —
 1,912
 —
 15,135
 1,947
 15,100
 17,047
 4,926
 2008
1251 North Cockrell Hill Road Dallas, TX —
 2,064
 —
 13,553
 1,073
 14,544
 15,617
 1,625
 2015
1171 North Cockrell Hill Road Dallas, TX —
 1,215
 —
 10,972
 632
 11,555
 12,187
 1,171
 2015
3996 Scientific Drive Arlington, TX —
 1,301
 —
 8,082
 1,349
 8,034
 9,383
 1,147
 2015
750 Gateway Boulevard Coppell, TX —
 1,452
 4,679
 80
 1,452
 4,759
 6,211
 556
 2015
2250 East Bardin Road Arlington, TX —
 1,603
 —
 10,465
 1,603
 10,465
 12,068
 1,041
 2016
Denver                    
4785 Elati Denver, CO —
 173
 981
 396
 175
 1,375
 1,550
 586
 1997
4770 Fox Street Denver, CO —
 132
 750
 321
 134
 1,069
 1,203
 492
 1997
3851-3871 Revere Denver, CO —
 361
 2,047
 483
 368
 2,523
 2,891
 1,291
 1997
4570 Ivy Street Denver, CO —
 219
 1,239
 111
 220
 1,349
 1,569
 702
 1997
5855 Stapleton Drive North Denver, CO —
 288
 1,630
 183
 290
 1,811
 2,101
 952
 1997
5885 Stapleton Drive North Denver, CO —
 376
 2,129
 327
 380
 2,452
 2,832
 1,285
 1997
5977 North Broadway Denver, CO —
 268
 1,518
 518
 271
 2,033
 2,304
 1,005
 1997
5952-5978 North Broadway Denver, CO —
 414
 2,346
 704
 422
 3,042
 3,464
 1,552
 1997
4721 Ironton Street Denver, CO —
 232
 1,313
 352
 236
 1,661
 1,897
 831
 1997



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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
2791 Research DriveRochester Hills, MI— 557 2,731 732 560 3,460 4,020 3,043 1994
2870 Technology DriveRochester Hills, MI— 275 1,262 369 279 1,627 1,906 1,550 1994
2900 Technology DriveRochester Hills, MI— 214 977 723 219 1,695 1,914 1,285 1994
2930 Technology DriveRochester Hills, MI— 131 594 432 138 1,019 1,157 862 1994
2950 Technology DriveRochester Hills, MI— 178 819 305 185 1,117 1,302 994 1994
23014 Commerce DriveFarmington Hills, MI— 39 203 189 56 375 431 353 1994
23035 Commerce DriveFarmington Hills, MI— 71 355 282 93 615 708 544 1994
23093 Commerce DriveFarmington Hills, MI— 211 1,024 1,005 295 1,945 2,240 1,717 1994
23135 Commerce DriveFarmington Hills, MI— 146 701 408 158 1,097 1,255 950 1994
23163 Commerce DriveFarmington Hills, MI— 111 513 372 138 858 996 788 1994
23177 Commerce DriveFarmington Hills, MI— 175 1,007 645 254 1,573 1,827 1,447 1994
32975 Capitol AvenueLivonia, MI— 135 748 (13)77 793 870 413 1998
47711 Clipper StreetPlymouth Township, MI— 539 2,983 579 575 3,526 4,101 1,953 1998
12874 Westmore AvenueLivonia, MI— 137 761 (230)58 610 668 414 1998
1775 BellinghamTroy, MI— 344 1,902 481 367 2,360 2,727 1,258 1998
1785 East MapleTroy, MI— 92 507 210 98 711 809 383 1998
980 ChicagoTroy, MI— 206 1,141 333 220 1,460 1,680 791 1998
1935-55 Enterprise DriveRochester Hills, MI— 1,285 7,144 1,391 1,371 8,449 9,820 4,752 1998
5500 Enterprise CourtWarren, MI— 675 3,737 1,037 721 4,728 5,449 2,471 1998
750 Chicago RoadTroy, MI— 323 1,790 404 345 2,172 2,517 1,222 1998
800 Chicago RoadTroy, MI— 283 1,567 380 302 1,928 2,230 1,064 1998
850 Chicago RoadTroy, MI— 183 1,016 279 196 1,282 1,478 693 1998
4872 S. Lapeer RoadLake Orion Twsp, MI— 1,342 5,441 481 1,412 5,852 7,264 3,197 1999
1400 Allen DriveTroy, MI— 209 1,154 393 212 1,544 1,756 766 2000
1408 Allen DriveTroy, MI— 151 834 104 153 936 1,089 467 2000
28435 Automation BoulevardWixom, MI— 621 0 3,689 628 3,682 4,310 1,467 2004
32200 N. Avis DriveMadison Heights, MI— 503 3,367 (921)195 2,754 2,949 1,124 2005
100 Kay Industrial DriveOrion Township, MI— 677 2,018 266 685 2,276 2,961 1,445 2005
42555 Merrill RoadSterling Heights, MI— 1,080 2,300 3,636 1,090 5,926 7,016 3,303 2006
200 Northpointe DriveOrion Township, MI— 723 2,063 (211)734 1,841 2,575 882 2006
100

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total Accumulated
Depreciation
12/31/2018		 
    (In thousands)  
7003 E 47th Ave Drive Denver, CO —
 441
 2,689
 19
 441
 2,708
 3,149
 1,472
 1997
9500 West 49th Street - A Wheatridge, CO 992
 283
 1,625
 189
 287
 1,810
 2,097
 947
 1997
9500 West 49th Street - B Wheatridge, CO 822
 225
 1,272
 241
 227
 1,511
 1,738
 739
 1997
9500 West 49th Street - C Wheatridge, CO 2,131
 600
 3,409
 498
 601
 3,906
 4,507
 2,022
 1997
9500 West 49th Street - D Wheatridge, CO 1,029
 246
 1,537
 394
 247
 1,930
 2,177
 1,013
 1997
451-591 East 124th Avenue Thornton, CO —
 383
 2,145
 392
 383
 2,537
 2,920
 1,371
 1997
6547 South Racine Circle Centennial, CO 2,614
 739
 4,241
 486
 739
 4,727
 5,466
 2,384
 1997
11701 East 53rd Avenue Denver, CO —
 416
 2,355
 297
 422
 2,646
 3,068
 1,372
 1997
5401 Oswego Denver, CO —
 273
 1,547
 234
 278
 1,776
 2,054
 942
 1997
445 Bryant Street Denver, CO 7,511
 1,829
 10,219
 2,878
 1,829
 13,097
 14,926
 6,083
 1998
12055 E 49th Ave/4955 Peoria Denver, CO —
 298
 1,688
 505
 305
 2,186
 2,491
 1,066
 1998
4940-4950 Paris Denver, CO —
 152
 861
 260
 156
 1,117
 1,273
 529
 1998
7367 South Revere Parkway Centennial, CO —
 926
 5,124
 1,196
 934
 6,312
 7,246
 3,114
 1998
8200 East Park Meadows Drive Lone Tree, CO 4,955
 1,297
 7,348
 1,202
 1,304
 8,543
 9,847
 3,682
 2000
3250 Quentin Street Aurora, CO —
 1,220
 6,911
 897
 1,230
 7,798
 9,028
 3,445
 2000
8020 Southpark Circle Littleton, CO —
 739
 —
 3,170
 781
 3,128
 3,909
 1,276
 2000
8810 W. 116th Circle Broomfield, CO —
 312
 —
 1,789
 370
 1,731
 2,101
 718
 2001
8820 W. 116th Circle Broomfield, CO —
 338
 1,918
 343
 372
 2,227
 2,599
 887
 2003
8835 W. 116th Circle Broomfield, CO —
 1,151
 6,523
 1,139
 1,304
 7,509
 8,813
 3,081
 2003
18150 E. 32nd Place Aurora, CO —
 563
 3,188
 175
 572
 3,354
 3,926
 1,401
 2004
3400 Fraser Street Aurora, CO 1,948
 616
 3,593
 (134) 620
 3,455
 4,075
 1,439
 2005
7005 E. 46th Avenue Drive Denver, CO 1,323
 512
 2,025
 229
 517
 2,249
 2,766
 830
 2005
4001 Salazar Way Frederick, CO 3,340
 1,271
 6,508
 (713) 1,276
 5,790
 7,066
 1,996
 2006
5909-5915 N. Broadway Denver, CO —
 495
 1,268
 129
 500
 1,392
 1,892
 856
 2006
21301 E. 33rd Drive Aurora, CO 6,526
 2,860
 8,202
 924
 2,859
 9,127
 11,986
 821
 2017
Detroit                    
47461 Clipper Plymouth Township, MI —
 122
 723
 159
 122
 882
 1,004
 498
 1994
449 Executive Drive Troy, MI —
 125
 425
 984
 218
 1,316
 1,534
 1,220
 1994
1416 Meijer Drive Troy, MI —
 94
 394
 477
 121
 844
 965
 725
 1994
1624 Meijer Drive Troy, MI —
 236
 1,406
 1,093
 373
 2,362
 2,735
 2,241
 1994
1972 Meijer Drive Troy, MI —
 315
 1,301
 787
 372
 2,031
 2,403
 1,859
 1994
1707 Northwood Drive Troy, MI —
 95
 262
 1,409
 239
 1,527
 1,766
 1,352
 1994
1826 Northwood Drive Troy, MI —
 55
 208
 472
 103
 632
 735
 566
 1994


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
Houston
3351 Rauch StreetHouston, TX— 272 1,541 632 278 2,167 2,445 1,102 1997
3801-3851 Yale StreetHouston, TX— 413 2,343 1,523 425 3,854 4,279 1,891 1997
3337-3347 Rauch StreetHouston, TX— 227 1,287 547 233 1,828 2,061 929 1997
8505 N. Loop EastHouston, TX— 439 2,489 849 449 3,328 3,777 1,721 1997
4749-4799 Eastpark DriveHouston, TX— 594 3,368 1,253 611 4,604 5,215 2,534 1997
4851 Homestead RoadHouston, TX2,417 491 2,782 2,191 504 4,960 5,464 2,353 1997
3365-3385 Rauch StreetHouston, TX— 284 1,611 546 290 2,151 2,441 1,126 1997
5050 Campbell RoadHouston, TX— 461 2,610 1,011 470 3,612 4,082 1,964 1997
4300 Pine TimbersHouston, TX2,028 489 2,769 1,076 499 3,835 4,334 1,955 1997
2500-2530 Fairway Park DriveHouston, TX— 766 4,342 2,020 792 6,336 7,128 3,152 1997
6550 LongpointeHouston, TX— 362 2,050 906 370 2,948 3,318 1,577 1997
1815 Turning Basin DriveHouston, TX— 487 2,761 1,966 531 4,683 5,214 2,302 1997
1819 Turning Basin DriveHouston, TX— 231 1,308 946 251 2,234 2,485 1,123 1997
1805 Turning Basin DriveHouston, TX— 564 3,197 2,300 616 5,445 6,061 2,702 1997
11505 State Highway 225LaPorte City, TX— 940 4,675 (163)940 4,512 5,452 1,869 2005
1500 E. Main StreetLaPorte City, TX— 201 1,328 (91)204 1,234 1,438 1,221 2005
7230-7238 WynnwoodHouston, TX— 254 764 199 259 958 1,217 668 2007
7240-7248 WynnwoodHouston, TX— 271 726 393 276 1,114 1,390 701 2007
7250-7260 WynnwoodHouston, TX— 200 481 1,501 203 1,979 2,182 1,012 2007
6400 Long PointHouston, TX— 188 898 138 188 1,036 1,224 580 2007
7967 BlankenshipHouston, TX— 307 1,166 200 307 1,366 1,673 642 2010
8800 City Park Loop EastHouston, TX— 3,717 19,237 (691)3,717 18,546 22,263 6,956 2011
4800 West Greens RoadHouston, 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 RoadHouston, TX— 1,367 0 7,375 1,367 7,375 8,742 494 2018
607 East Sam Houston ParkwayPasedena, TX— 2,076 11,674 232 2,076 11,906 13,982 699 2018
615 East Sam Houston ParkwayPasedena, 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
101

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total Accumulated
Depreciation
12/31/2018		 
    (In thousands)  
1864 Northwood Drive Troy, MI —
 57
 190
 489
 107
 629
 736
 580
 1994
2730 Research Drive Rochester Hills, MI —
 903
 4,215
 831
 903
 5,046
 5,949
 4,707
 1994
2791 Research Drive Rochester Hills, MI —
 557
 2,731
 687
 560
 3,415
 3,975
 2,810
 1994
2871 Research Drive Rochester Hills, MI —
 324
 1,487
 412
 327
 1,896
 2,223
 1,610
 1994
2870 Technology Drive Rochester Hills, MI —
 275
 1,262
 356
 279
 1,614
 1,893
 1,488
 1994
2900 Technology Drive Rochester Hills, MI —
 214
 977
 723
 219
 1,695
 1,914
 1,153
 1994
2930 Technology Drive Rochester Hills, MI —
 131
 594
 432
 138
 1,019
 1,157
 802
 1994
2950 Technology Drive Rochester Hills, MI —
 178
 819
 368
 185
 1,180
 1,365
 986
 1994
23014 Commerce Drive Farmington Hills, MI —
 39
 203
 189
 56
 375
 431
 346
 1994
23035 Commerce Drive Farmington Hills, MI —
 71
 355
 291
 93
 624
 717
 544
 1994
23093 Commerce Drive Farmington Hills, MI —
 211
 1,024
 1,337
 295
 2,277
 2,572
 1,982
 1994
23135 Commerce Drive Farmington Hills, MI —
 146
 701
 312
 158
 1,001
 1,159
 936
 1994
23163 Commerce Drive Farmington Hills, MI —
 111
 513
 393
 138
 879
 1,017
 819
 1994
23177 Commerce Drive Farmington Hills, MI —
 175
 1,007
 689
 254
 1,617
 1,871
 1,496
 1994
4400 Purks Drive Auburn Hills, MI —
 602
 3,410
 3,774
 612
 7,174
 7,786
 3,730
 1995
12707 Eckles Road Plymouth Township, MI —
 255
 1,445
 241
 267
 1,674
 1,941
 896
 1996
32975 Capitol Avenue Livonia, MI —
 135
 748
 (65) 77
 741
 818
 362
 1998
11923 Brookfield Avenue Livonia, MI —
 120
 665
 (306) 32
 447
 479
 305
 1998
47711 Clipper Street Plymouth Township, MI —
 539
 2,983
 579
 575
 3,526
 4,101
 1,733
 1998
12874 Westmore Avenue Livonia, MI —
 137
 761
 (234) 58
 606
 664
 369
 1998
1775 Bellingham Troy, MI —
 344
 1,902
 439
 367
 2,318
 2,685
 1,119
 1998
1785 East Maple Troy, MI —
 92
 507
 210
 98
 711
 809
 341
 1998
980 Chicago Road Troy, MI —
 206
 1,141
 333
 220
 1,460
 1,680
 706
 1998
1885 Enterprise Drive Rochester Hills, MI —
 209
 1,158
 589
 223
 1,733
 1,956
 945
 1998
1935-55 Enterprise Drive Rochester Hills, MI —
 1,285
 7,144
 1,342
 1,371
 8,400
 9,771
 4,244
 1998
5500 Enterprise Court Warren, MI —
 675
 3,737
 772
 721
 4,463
 5,184
 2,227
 1998
750 Chicago Road Troy, MI —
 323
 1,790
 404
 345
 2,172
 2,517
 1,107
 1998
800 Chicago Road Troy, MI —
 283
 1,567
 380
 302
 1,928
 2,230
 963
 1998
850 Chicago Road Troy, MI —
 183
 1,016
 279
 196
 1,282
 1,478
 623
 1998
4872 S. Lapeer Road Lake Orion Twsp, MI —
 1,342
 5,441
 481
 1,412
 5,852
 7,264
 2,884
 1999
1400 Allen Drive Troy, MI —
 209
 1,154
 393
 212
 1,544
 1,756
 658
 2000


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
Miami
4700 NW 15th AvenueFt. Lauderdale, FL— 908 1,883 331 912 2,210 3,122 1,016 2007
4710 NW 15th AvenueFt. Lauderdale, FL— 830 2,722 341 834 3,059 3,893 1,090 2007
4720 NW 15th AvenueFt. Lauderdale, FL— 937 2,455 316 942 2,766 3,708 1,200 2007
4740 NW 15th AvenueFt. Lauderdale, FL— 1,107 3,111 333 1,112 3,439 4,551 1,270 2007
4750 NW 15th AvenueFt. Lauderdale, FL— 947 3,079 400 951 3,475 4,426 1,311 2007
4800 NW 15th AvenueFt. Lauderdale, FL— 1,092 3,308 120 1,097 3,423 4,520 1,283 2007
6891 NW 74th StreetMedley, FL— 857 3,428 3,854 864 7,275 8,139 2,899 2007
12601 & 12605 NW 115th AvenueMedley, FL— 1,005 0 200 343 862 1,205 234 2008
1351 NW 78th AvenueDoral, FL— 3,111 4,634 39 3,111 4,673 7,784 994 2016
2500 NW 19th StreetPompano Beach, FL— 8,824 11,660 (544)8,824 11,116 19,940 1,442 2017
6301 Lyons RoadCoconut Creek, FL— 5,703 0 9,869 5,704 9,868 15,572 22 2020
Milwaukee
5355 South Westridge DriveNew Berlin, WI— 1,630 7,058 36 1,646 7,078 8,724 2,696 2004
17005 W. Ryerson RoadNew Berlin, WI1,952 403 3,647 120 405 3,765 4,170 2,434 2005
16600 West Glendale AvenueNew Berlin, WI1,515 704 1,923 799 715 2,711 3,426 2,126 2006
N58W15380 Shawn CircleMenomonee Falls, WI— 1,188 0 17,020 1,204 17,004 18,208 6,296 2008
Minneapolis/St. Paul
6201 West 111th StreetBloomington, MN— 1,358 8,622 13,263 1,519 21,724 23,243 14,380 1994
5400 Nathan LanePlymouth, MN— 749 4,461 1,151 757 5,604 6,361 3,401 1994
12155 Nicollet AvenueBurnsville, MN— 286 0 1,957 288 1,955 2,243 1,150 1995
5775 12th AvenueShakopee, MN2,910 590 0 5,628 590 5,628 6,218 2,292 1998
1157 Valley Park DriveShakopee, MN— 760 0 7,811 888 7,683 8,571 3,579 1999
9600 West 76th StreetEden Prairie, MN— 1,000 2,450 69 1,036 2,483 3,519 1,096 2004
1087 Park PlaceShakopee, MN3,100 1,195 4,891 537 1,198 5,425 6,623 1,950 2005
5391 12th Avenue SEShakopee, MN— 1,392 8,149 110 1,395 8,256 9,651 3,132 2005
4701 Valley Industrial Boulevard S.Shakopee, MN4,309 1,296 7,157 753 1,299 7,907 9,206 4,469 2005
6455 City West ParkwayEden Prairie, MN— 659 3,189 (172)665 3,011 3,676 1,211 2006
7035 Winnetka Avenue NorthBrooklyn Park, MN— 1,275 0 7,316 1,343 7,248 8,591 2,616 2007
139 Eva StreetSt. Paul, MN— 2,132 3,105 (286)2,175 2,776 4,951 1,091 2008
102
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total Accumulated
Depreciation
12/31/2018		 
    (In thousands)  
1408 Allen Drive Troy, MI —
 151
 834
 104
 153
 936
 1,089
 416
 2000
28435 Automation Blvd Wixom, MI —
 621
 —
 3,661
 628
 3,654
 4,282
 1,284
 2004
32200 North Avis Drive Madison Heights, MI —
 503
 3,367
 (921) 195
 2,754
 2,949
 917
 2005
100 Kay Industrial Drive Orion Township, MI —
 677
 2,018
 175
 685
 2,185
 2,870
 1,263
 2005
42555 Merrill Road Sterling Heights, MI —
 1,080
 2,300
 3,415
 1,090
 5,705
 6,795
 2,842
 2006
200 Northpointe Drive Orion Township, MI —
 723
 2,063
 (456) 734
 1,596
 2,330
 748
 2006
Houston                    
3351 Rauch Street Houston, TX —
 272
 1,541
 641
 278
 2,176
 2,454
 1,019
 1997
3801-3851 Yale Street Houston, TX —
 413
 2,343
 1,499
 425
 3,830
 4,255
 1,603
 1997
3337-3347 Rauch Street Houston, TX —
 227
 1,287
 444
 233
 1,725
 1,958
 813
 1997
8505 North Loop East Houston, TX —
 439
 2,489
 613
 449
 3,092
 3,541
 1,535
 1997
4749-4799 Eastpark Drive Houston, TX —
 594
 3,368
 1,220
 611
 4,571
 5,182
 2,317
 1997
4851 Homestead Road Houston, TX 2,198
 491
 2,782
 1,377
 504
 4,146
 4,650
 2,055
 1997
3365-3385 Rauch Street Houston, TX —
 284
 1,611
 486
 290
 2,091
 2,381
 999
 1997
5050 Campbell Road Houston, TX —
 461
 2,610
 1,078
 470
 3,679
 4,149
 1,790
 1997
4300 Pine Timbers Houston, TX 2,235
 489
 2,769
 1,183
 499
 3,942
 4,441
 1,844
 1997
2500-2530 Fairway Park Drive Houston, TX —
 766
 4,342
 2,200
 792
 6,516
 7,308
 2,866
 1997
6550 Longpointe Houston, TX —
 362
 2,050
 924
 370
 2,966
 3,336
 1,399
 1997
1815 Turning Basin Drive Houston, TX —
 487
 2,761
 2,105
 531
 4,822
 5,353
 2,106
 1997
1819 Turning Basin Drive Houston, TX —
 231
 1,308
 899
 251
 2,187
 2,438
 1,007
 1997
1805 Turning Basin Drive Houston, TX —
 564
 3,197
 2,699
 616
 5,844
 6,460
 2,698
 1997
11505 State Highway 225 La Porte, TX —
 940
 4,675
 10
 940
 4,685
 5,625
 1,785
 2005
1500 East Main Street La Porte, TX —
 201
 1,328
 (91) 204
 1,234
 1,438
 1,147
 2005
7230-7238 Wynnwood Houston, TX —
 254
 764
 249
 259
 1,008
 1,267
 602
 2007
7240-7248 Wynnwood Houston, TX —
 271
 726
 333
 276
 1,054
 1,330
 556
 2007
7250-7260 Wynnwood Houston, TX —
 200
 481
 1,501
 203
 1,979
 2,182
 690
 2007
6400 Long Point Houston, TX —
 188
 898
 132
 188
 1,030
 1,218
 475
 2007
7967 Blankenship Houston, TX —
 307
 1,166
 374
 307
 1,540
 1,847
 676
 2010
8800 City Park Loop East Houston, TX —
 3,717
 19,237
 (535) 3,717
 18,702
 22,419
 5,561
 2011
4800 West Greens Road Houston, TX —
 3,350
 —
 16,757
 3,312
 16,795
 20,107
 2,497
 2014
611 East Sam Houston Parkway S Pasadena, TX —
 1,970
 7,431
 1,313
 2,013
 8,701
 10,714
 824
 2015



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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
21900 Dodd BoulevardLakeville, MN— 2,289 7,952 (866)2,289 7,086 9,375 2,613 2010
375 Rivertown DriveWoodbury, MN— 2,635 8,157 1,031 2,635 9,188 11,823 2,670 2014
935 Aldrin DriveEagan, MN— 2,096 7,884 52 2,096 7,936 10,032 1,911 2014
7050 Winnetka Avenue NorthBrooklyn Park, MN— 1,623 0 7,751 1,634 7,740 9,374 1,297 2014
7051 West BroadwayBrooklyn Park, MN3,142 1,275 0 5,829 1,279 5,825 7,104 883 2014
Nashville
1931 Air Lane DriveNashville, TN— 489 2,785 581 493 3,362 3,855 1,816 1997
4640 Cummings ParkNashville, TN— 360 2,040 673 365 2,708 3,073 1,342 1999
1740 River Hills DriveNashville, TN— 848 4,383 1,612 888 5,955 6,843 3,070 2005
211 Ellery CourtNashville, TN1,556 606 3,192 (279)616 2,903 3,519 1,255 2007
130 Maddox RoadMount Juliet, TN— 1,778 0 23,942 1,778 23,942 25,720 7,239 2008
New Jersey
14 World's Fair DriveFranklin, NJ— 483 2,735 890 503 3,605 4,108 1,950 1997
12 World's Fair DriveFranklin, NJ— 572 3,240 827 593 4,046 4,639 2,232 1997
22 World's Fair DriveFranklin, NJ— 364 2,064 610 375 2,663 3,038 1,442 1997
26 World's Fair DriveFranklin, NJ— 361 2,048 532 377 2,564 2,941 1,403 1997
24 World's Fair DriveFranklin, NJ— 347 1,968 509 362 2,462 2,824 1,326 1997
20 World's Fair Drive Lot 13Somerset, NJ— 9 0 2,738 691 2,056 2,747 953 1999
45 Route 46Pine Brook, NJ— 969 5,491 1,166 978 6,648 7,626 3,197 2000
43 Route 46Pine Brook, NJ— 474 2,686 480 479 3,161 3,640 1,578 2000
39 Route 46Pine Brook, NJ— 260 1,471 289 262 1,758 2,020 871 2000
26 Chapin RoadPine Brook, NJ— 956 5,415 608 965 6,014 6,979 2,953 2000
30 Chapin RoadPine Brook, NJ— 960 5,440 573 970 6,003 6,973 2,950 2000
20 Hook Mountain RoadPine Brook, NJ— 1,507 8,542 2,201 1,534 10,716 12,250 5,069 2000
30 Hook Mountain RoadPine Brook, NJ— 389 2,206 509 396 2,708 3,104 1,266 2000
16 Chapin RoadPine Brook, NJ— 885 5,015 692 901 5,691 6,592 2,775 2000
20 Chapin RoadPine Brook, NJ— 1,134 6,426 791 1,154 7,197 8,351 3,437 2000
2500 Main StreetSayreville, NJ— 944 0 4,511 944 4,511 5,455 1,983 2002
2400 Main StreetSayreville, NJ— 996 0 5,528 996 5,528 6,524 2,222 2003
7851 Airport HighwayPennsauken, NJ— 160 508 328 162 834 996 488 2003
309-313 Pierce StreetSomerset, NJ— 1,300 4,628 606 1,309 5,225 6,534 2,365 2004
400 Cedar LaneFlorence Township, NJ— 9,730 0 26,224 9,730 26,224 35,954 3,065 2016
103

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total Accumulated
Depreciation
12/31/2018		 
    (In thousands)  
619 East Sam Houston Parkway S Pasadena, TX —
 2,879
 11,713
 778
 2,876
 12,494
 15,370
 1,203
 2015
6913 Guhn Road Houston, TX —
 1,367
 —
 6,301
 1,367
 6,301
 7,668
 —
 2018
607 East Sam Houston Parkway Pasedena, TX —
 2,076
 11,674
 —
 2,076
 11,674
 13,750
 2
 2018
615 East Sam Houston Parkway Pasedena, TX —
 4,265
 11,983
 —
 4,265
 11,983
 16,248
 —
 2018
Indianapolis                    
2900 North Shadeland Avenue Indianapolis, IN —
 2,057
 13,565
 7,351
 2,057
 20,916
 22,973
 10,005
 1996
1445 Brookville Way Indianapolis, IN —
 459
 2,603
 1,421
 476
 4,007
 4,483
 1,978
 1996
1440 Brookville Way Indianapolis, IN —
 665
 3,770
 956
 685
 4,706
 5,391
 2,454
 1996
1240 Brookville Way Indianapolis, IN —
 247
 1,402
 465
 258
 1,856
 2,114
 952
 1996
1345 Brookville Way Indianapolis, IN —
 586
 3,321
 1,718
 601
 5,024
 5,625
 2,584
 1996
1350 Brookville Way Indianapolis, IN —
 205
 1,161
 513
 212
 1,667
 1,879
 791
 1996
1335 Sadlier Circle East Indianapolis, IN —
 81
 460
 244
 86
 699
 785
 341
 1996
6951 East 30th Street Indianapolis, IN —
 256
 1,449
 507
 265
 1,947
 2,212
 962
 1996
6701 East 30th Street Indianapolis, IN —
 78
 443
 98
 82
 537
 619
 301
 1996
6737 East 30th Street Indianapolis, IN —
 385
 2,181
 669
 398
 2,837
 3,235
 1,455
 1996
6555 East 30th Street Indianapolis, IN —
 484
 4,760
 2,699
 484
 7,459
 7,943
 3,530
 1996
7901 West 21st Street Indianapolis, IN —
 1,048
 6,027
 426
 1,048
 6,453
 7,501
 3,358
 1997
1225 Brookville Way Indianapolis, IN —
 60
 —
 432
 68
 424
 492
 218
 1997
6751 East 30th Street Indianapolis, IN —
 728
 2,837
 457
 741
 3,281
 4,022
 1,716
 1997
6575 East 30th Street Indianapolis, IN —
 118
 —
 2,160
 128
 2,150
 2,278
 980
 1998
6585 East 30th Street Indianapolis, IN —
 196
 —
 3,223
 196
 3,223
 3,419
 1,618
 1998
14425 Bergen Blvd Noblesville, IN —
 647
 —
 3,595
 743
 3,499
 4,242
 1,094
 2007
6635 East 30th Street Indianapolis, IN —
 466
 3,093
 82
 466
 3,175
 3,641
 352
 2016
Miami                    
4700 NW 15th Avenue Ft. Lauderdale, FL —
 908
 1,883
 207
 912
 2,086
 2,998
 823
 2007
4710 NW 15th Avenue Ft. Lauderdale, FL —
 830
 2,722
 27
 834
 2,745
 3,579
 910
 2007
4720 NW 15th Avenue Ft. Lauderdale, FL —
 937
 2,455
 255
 942
 2,705
 3,647
 999
 2007
4740 NW 15th Avenue Ft. Lauderdale, FL —
 1,107
 3,111
 50
 1,112
 3,156
 4,268
 1,064
 2007
4750 NW 15th Avenue Ft. Lauderdale, FL —
 947
 3,079
 359
 951
 3,434
 4,385
 1,108
 2007
4800 NW 15th Avenue Ft. Lauderdale, FL —
 1,092
 3,308
 60
 1,097
 3,363
 4,460
 1,046
 2007
6891 NW 74th Street Medley, FL —
 857
 3,428
 3,874
 864
 7,295
 8,159
 2,729
 2007


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
301 Bordentown-Hedding RoadBordentown, NJ— 3,983 15,881 32 3,984 15,912 19,896 1,943 2017
302 Bordentown-Hedding RoadBordentown, NJ— 2,738 8,190 384 2,738 8,574 11,312 812 2018
304 Bordentown-Hedding RoadBordentown, NJ— 3,684 0 7,950 3,688 7,946 11,634 243 2019
Northern California
27403 Industrial BoulevardHayward, CA— 3,440 1,848 174 3,440 2,022 5,462 164 2020
4160-4170 Business Center DriveFremont, CA— 4,897 4,206 298 4,897 4,504 9,401 145 2020
4200 Business Center DriveFremont, CA— 5,112 3,829 75 5,158 3,858 9,016 137 2020
22950 Clawiter RoadHayward, CA— 3,312 2,023 105 3,312 2,128 5,440 9 2020
Orlando
6301 Hazeltine National DriveOrlando, FL— 909 4,613 500 920 5,102 6,022 2,153 2005
8751 Skinner CourtOrlando, FL— 1,691 7,249 20 1,692 7,268 8,960 1,161 2016
4473 Shader RoadOrlando, FL— 2,094 10,444 63 2,094 10,507 12,601 1,598 2016
550 Gills DriveOrlando, FL— 1,321 6,176 12 1,321 6,188 7,509 704 2017
450 Gills DriveOrlando, FL— 1,031 6,406 (42)1,031 6,364 7,395 555 2017
4401 Shader RoadOrlando, FL— 1,037 7,116 4 1,037 7,120 8,157 536 2018
770 Gills DriveOrlando, FL— 851 5,195 7 851 5,202 6,053 209 2019
Phoenix
1045 S. Edward DriveTempe, AZ— 390 2,160 795 396 2,949 3,345 1,302 1999
50 S. 56th StreetChandler, AZ— 1,206 3,218 1,428 1,252 4,600 5,852 2,561 2004
245 W. LodgeTempe, AZ— 898 3,066 (2,137)362 1,465 1,827 616 2007
1590 E. Riverview DrivePhoenix, AZ— 1,293 5,950 123 1,292 6,074 7,366 1,770 2008
14131 N. Rio Vista BoulevardPeoria, AZ5,106 2,563 9,388 (406)2,563 8,982 11,545 2,712 2008
8716 W. Ludlow DrivePeoria, AZ6,275 2,709 10,970 511 2,709 11,481 14,190 3,765 2008
3815 W. Washington StreetPhoenix, AZ— 1,675 4,514 323 1,719 4,793 6,512 1,814 2008
9180 W. Buckeye RoadTolleson, AZ— 1,904 6,805 2,509 1,923 9,295 11,218 3,012 2008
8644 W. Ludlow DrivePeoria, AZ— 1,726 7,216 0 1,726 7,216 8,942 1,586 2014
8606 W. Ludlow DrivePeoria, AZ— 956 2,668 123 956 2,791 3,747 645 2014
8679 W. Ludlow DrivePeoria, AZ— 672 2,791 0 672 2,791 3,463 627 2014
94th Avenue & Buckeye RoadTolleson, AZ— 4,315 0 16,901 4,315 16,901 21,216 2,544 2015
16560 W. Sells DriveGoodyear, AZ— 6,259 0 31,391 6,271 31,379 37,650 3,180 2018
16951 W. Camelback RoadGoodyear, AZ— 1,805 0 5,372 1,805 5,372 7,177 166 2019
104

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
    (In thousands)  
12601 &12605 NW 115th Avenue Medley, FL —
 2,039
 —
 344
 674
 1,709
 2,383
 421
 2008
1351 NW 78th Avenue Doral, FL —
 3,111
 4,634
 10
 3,111
 4,644
 7,755
 512
 2016
2500 NW 19th Street Pompano Beach, FL —
 8,824
 11,660
 229
 8,824
 11,889
 20,713
 939
 2017
Milwaukee                    
5355 South Westridge Drive New Berlin, WI 4,135
 1,630
 7,058
 (39) 1,646
 7,003
 8,649
 2,293
 2004
17005 West Ryerson Road New Berlin, WI 2,247
 403
 3,647
 415
 405
 4,060
 4,465
 2,383
 2005
1500 Peebles Drive Richland Center, WI —
 1,577
 1,018
 (441) 1,528
 626
 2,154
 567
 2005
16600 West Glendale Avenue New Berlin, WI 1,577
 704
 1,923
 710
 715
 2,622
 3,337
 2,031
 2006
N58W15380 Shawn Circle Menomonee Falls, WI —
 1,188
 —
 17,020
 1,204
 17,004
 18,208
 5,186
 2008
Minneapolis/St. Paul                    
6201 West 111th Street Bloomington, MN 1,645
 1,358
 8,622
 13,263
 1,519
 21,724
 23,243
 13,901
 1994
1030 Lone Oak Road Eagan, MN 1,877
 456
 2,703
 813
 456
 3,516
 3,972
 2,025
 1994
1060 Lone Oak Road Eagan, MN 2,438
 624
 3,700
 834
 624
 4,534
 5,158
 2,608
 1994
5400 Nathan Lane Plymouth, MN —
 749
 4,461
 869
 757
 5,322
 6,079
 3,038
 1994
6655 Wedgewood Road Maple Grove, MN —
 1,466
 8,342
 6,232
 1,466
 14,574
 16,040
 7,621
 1994
10120 West 76th Street Eden Prairie, MN —
 315
 1,804
 1,043
 315
 2,847
 3,162
 1,554
 1995
12155 Nicollet Avenue Burnsville, MN —
 286
 —
 1,957
 288
 1,955
 2,243
 1,037
 1995
5775 12th Avenue Shakopee, MN 3,251
 590
 —
 5,871
 590
 5,871
 6,461
 2,176
 1998
1157 Valley Park Drive Shakopee, MN 4,061
 760
 —
 7,734
 888
 7,606
 8,494
 3,203
 1999
9600 West 76th Street Eden Prairie, MN 1,918
 1,000
 2,450
 67
 1,034
 2,483
 3,517
 893
 2004
9700 West 76th Street Eden Prairie, MN 2,223
 1,000
 2,709
 368
 1,038
 3,039
 4,077
 995
 2004
7600 69th Avenue Greenfield, MN —
 1,500
 8,328
 (468) 1,510
 7,850
 9,360
 2,322
 2004
5017 Boone Avenue North New Hope, MN —
 1,000
 1,599
 600
 1,009
 2,190
 3,199
 1,400
 2005
1087 Park Place Shakopee, MN 2,939
 1,195
 4,891
 (246) 1,198
 4,642
 5,840
 1,646
 2005
5391 12th Avenue SE Shakopee, MN —
 1,392
 8,149
 13
 1,395
 8,159
 9,554
 2,660
 2005
4701 Valley Industrial Blvd S Shakopee, MN 4,167
 1,296
 7,157
 (172) 1,299
 6,982
 8,281
 3,733
 2005
6455 City West Parkway Eden Prairie, MN —
 659
 3,189
 1,273
 665
 4,456
 5,121
 2,102
 2006
7035 Winnetka Avenue North Brooklyn Park, MN 4,218
 1,275
 —
 7,545
 1,343
 7,477
 8,820
 2,305
 2007
139 Eva Street St. Paul, MN —
 2,132
 3,105
 (286) 2,175
 2,776
 4,951
 914
 2008
21900 Dodd Boulevard Lakeville, MN —
 2,289
 7,952
 —
 2,289
 7,952
 10,241
 3,062
 2010
375 Rivertown Drive Woodbury, MN 6,993
 2,635
 8,157
 1,224
 2,635
 9,381
 12,016
 2,184
 2014


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
3600 North Cotton LaneGoodyear, AZ— 5,660 0 43,396 5,659 43,397 49,056 1,271 2020
3350 North Cotton LaneGoodyear, AZ— 6,373 31,198 0 6,373 31,198 37,571 0 2020
Seattle
1901 Raymond Avenue SWRenton, WA— 4,458 2,659 640 4,594 3,163 7,757 1,338 2008
19014 64th Avenue SouthKent, WA— 1,990 3,979 955 2,042 4,882 6,924 2,174 2008
18640 68th Avenue SouthKent, WA— 1,218 1,950 256 1,258 2,166 3,424 1,092 2008
6407 S. 210th StreetKent, WA— 1,737 3,508 0 1,737 3,508 5,245 384 2018
1402 Puyallup StreetSumner, WA— 3,766 4,457 439 3,766 4,896 8,662 273 2018
22718 58th PlaceKent, WA— 1,446 2,388 152 1,447 2,539 3,986 164 2019
14302 24th Street East Lot 1Sumner, WA— 2,643 0 9,989 2,643 9,989 12,632 628 2019
Southern California
1944 Vista Bella WayRancho Dominguez, CA2,501 1,746 3,148 450 1,822 3,522 5,344 2,127 2005
2000 Vista Bella WayRancho Dominguez, CA— 817 1,673 227 853 1,864 2,717 1,140 2005
2835 East Ana StreetRancho Dominguez, CA1,997 1,682 2,750 85 1,772 2,745 4,517 1,613 2005
665 N. Baldwin Park BoulevardCity of Industry, CA— 2,124 5,219 3,014 2,143 8,214 10,357 2,895 2006
27801 Avenue ScottSanta Clarita, CA5,176 2,890 7,020 1,147 2,902 8,155 11,057 3,400 2006
2610 & 2660 Columbia StreetTorrance, CA— 3,008 5,826 2,066 3,031 7,869 10,900 2,791 2006
433 Alaska AvenueTorrance, CA— 681 168 755 684 920 1,604 140 2006
2325 Camino Vida RobleCarlsbad, CA— 1,441 1,239 563 1,446 1,797 3,243 774 2006
2335 Camino Vida RobleCarlsbad, CA— 817 762 125 821 883 1,704 428 2006
2345 Camino Vida RobleCarlsbad, CA— 562 456 159 565 612 1,177 359 2006
2355 Camino Vida RobleCarlsbad, CA— 481 365 65 483 428 911 223 2006
2365 Camino Vida RobleCarlsbad, CA— 1,098 630 132 1,102 758 1,860 288 2006
2375 Camino Vida RobleCarlsbad, CA— 1,210 874 151 1,214 1,021 2,235 543 2006
6451 El Camino RealCarlsbad, CA— 2,885 1,931 755 2,895 2,676 5,571 1,300 2006
13100 Gregg StreetPoway, CA2,627 1,040 4,160 740 1,073 4,867 5,940 2,624 2007
21730-21748 Marilla StreetChatsworth, CA— 2,585 3,210 221 2,608 3,408 6,016 1,579 2007
8015 ParamountPico Rivera, CA— 3,616 3,902 (510)3,657 3,351 7,008 1,689 2007
3365 E. SlausonVernon, CA— 2,367 3,243 (559)2,396 2,655 5,051 1,339 2007
3015 East AnaRancho Dominguez, CA— 19,678 9,321 6,554 20,144 15,409 35,553 6,328 2007
1250 Rancho Conejo BoulevardThousand Oaks, CA— 1,435 779 45 1,441 818 2,259 439 2007
105

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
    (In thousands)  
935 Aldrin Drive Eagan, MN 5,188
 2,096
 7,884
 439
 2,096
 8,323
 10,419
 1,652
 2014
7050 Winnetka Avenue North Brooklyn Park, MN —
 1,623
 —
 7,567
 1,634
 7,556
 9,190
 818
 2014
7051 West Broadway Brooklyn Park, MN 3,358
 1,275
 —
 5,828
 1,279
 5,824
 7,103
 592
 2014
Nashville                    
1931 Air Lane Drive Nashville, TN —
 489
 2,785
 635
 493
 3,416
 3,909
 1,649
 1997
4640 Cummings Park Nashville, TN —
 360
 2,040
 689
 365
 2,724
 3,089
 1,197
 1999
1740 River Hills Drive Nashville, TN 2,537
 848
 4,383
 652
 888
 4,995
 5,883
 2,669
 2005
211 Ellery Court Nashville, TN 1,658
 606
 3,192
 (289) 616
 2,893
 3,509
 1,052
 2007
130 Maddox Road Mount Juliet, TN —
 1,778
 —
 23,914
 1,778
 23,914
 25,692
 5,963
 2008
New Jersey                    
14 World's Fair Drive Franklin, NJ —
 483
 2,735
 858
 503
 3,573
 4,076
 1,682
 1997
12 World's Fair Drive Franklin, NJ —
 572
 3,240
 838
 593
 4,057
 4,650
 2,032
 1997
22 World's Fair Drive Franklin, NJ —
 364
 2,064
 582
 375
 2,635
 3,010
 1,270
 1997
26 World's Fair Drive Franklin, NJ —
 361
 2,048
 606
 377
 2,638
 3,015
 1,314
 1997
24 World's Fair Drive Franklin, NJ —
 347
 1,968
 530
 362
 2,483
 2,845
 1,252
 1997
20 World's Fair Drive Lot 13 Somerset, NJ —
 9
 —
 2,630
 691
 1,948
 2,639
 847
 1999
45 Route 46 Pine Brook, NJ —
 969
 5,491
 1,032
 978
 6,514
 7,492
 2,799
 2000
43 Route 46 Pine Brook, NJ —
 474
 2,686
 472
 479
 3,153
 3,632
 1,409
 2000
39 Route 46 Pine Brook, NJ —
 260
 1,471
 256
 262
 1,725
 1,987
 765
 2000
26 Chapin Road Pine Brook, NJ —
 956
 5,415
 519
 965
 5,925
 6,890
 2,635
 2000
30 Chapin Road Pine Brook, NJ —
 960
 5,440
 514
 970
 5,944
 6,914
 2,638
 2000
20 Hook Mountain Road Pine Brook, NJ —
 1,507
 8,542
 1,401
 1,534
 9,916
 11,450
 4,442
 2000
30 Hook Mountain Road Pine Brook, NJ —
 389
 2,206
 317
 396
 2,516
 2,912
 1,113
 2000
16 Chapin Road Pine Brook, NJ —
 885
 5,015
 659
 901
 5,658
 6,559
 2,491
 2000
20 Chapin Road Pine Brook, NJ —
 1,134
 6,426
 692
 1,154
 7,098
 8,252
 3,106
 2000
2500 Main Street Sayreville, NJ —
 944
 —
 4,475
 944
 4,475
 5,419
 1,768
 2002
2400 Main Street Sayreville, NJ —
 996
 —
 5,435
 996
 5,435
 6,431
 1,940
 2003
7851 Airport Highway Pennsauken, NJ —
 160
 508
 328
 162
 834
 996
 429
 2003
309-313 Pierce Street Somerset, NJ 2,818
 1,300
 4,628
 606
 1,309
 5,225
 6,534
 2,005
 2004
400 Cedar Lane Florence Township, NJ —
 9,730
 —
 26,209
 9,730
 26,209
 35,939
 1,486
 2016
301 Bordentown Hedding Road Bordentown, NJ —
 3,983
 15,881
 9
 3,984
 15,889
 19,873
 806
 2017


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
1260 Rancho Conejo BoulevardThousand Oaks, CA— 1,353 722 (710)675 690 1,365 344 2007
1270 Rancho Conejo BoulevardThousand Oaks, CA— 1,224 716 (2)1,229 709 1,938 379 2007
100 West Sinclair StreetPerris, CA— 4,894 3,481 (5,238)1,819 1,318 3,137 806 2007
14050 Day StreetMoreno Valley, CA— 2,538 2,538 545 2,565 3,056 5,621 1,493 2008
12925 Marlay AvenueFontana, CA— 6,072 7,891 309 6,090 8,182 14,272 5,128 2008
18201-18291 Santa FeRancho Dominguez, CA— 6,720 0 9,494 6,897 9,317 16,214 3,250 2008
1011 Rancho ConejoThousand Oaks, CA— 7,717 2,518 (170)7,752 2,313 10,065 1,351 2008
20700 Denker AvenueTorrance, CA— 5,767 2,538 397 5,964 2,737 8,701 1,683 2008
18408 Laurel Park RoadRancho Dominguez, CA— 2,850 2,850 907 2,874 3,733 6,607 1,733 2008
19021 S. Reyes AvenueRancho Dominguez, CA— 8,183 7,501 741 8,545 7,880 16,425 2,111 2008
24870 Nandina AvenueMoreno Valley, CA— 13,543 0 21,279 6,482 28,339 34,821 6,382 2012
6185 Kimball AvenueChino, CA— 6,385 0 10,993 6,382 10,997 17,379 2,109 2013
5553 Bandini BoulevardBell, CA— 32,536 0 21,764 32,540 21,760 54,300 4,094 2013
16875 Heacock StreetMoreno Valley, CA— 0 6,831 (816)0 6,015 6,015 1,255 2014
4710 Guasti RoadOntario, CA4,718 2,846 6,564 213 2,846 6,777 9,623 1,547 2014
17100 Perris BoulevardMoreno Valley, CA— 6,388 0 25,801 6,395 25,794 32,189 5,059 2014
13414 S. FigueroaLos Angeles, CA3,661 1,701 0 6,577 1,887 6,391 8,278 1,047 2014
3841 Ocean Ranch BoulevardOceanside, CA— 4,400 0 8,066 4,400 8,066 12,466 1,679 2015
3831 Ocean Ranch BoulevardOceanside, CA— 2,693 0 4,584 2,694 4,583 7,277 927 2015
3821 Ocean Ranch BoulevardOceanside, CA— 2,792 0 4,469 2,792 4,469 7,261 910 2015
145 West 134th StreetLos Angeles, CA— 2,901 2,285 173 2,901 2,458 5,359 640 2015
6150 Sycamore Canyon BoulevardRiverside, CA— 3,182 10,643 (168)3,182 10,475 13,657 1,779 2015
17825 Indian StreetMoreno Valley, CA— 5,034 22,095 55 5,034 22,150 27,184 3,909 2015
24901 San Michele RoadMoreno Valley, CA— 1,274 0 11,475 1,274 11,475 12,749 1,468 2016
1445 Engineer StreetVista, CA— 6,816 4,417 55 6,816 4,472 11,288 1,090 2016
19067 Reyes AvenueRancho Dominguez, CA— 9,281 3,920 3,538 9,381 7,358 16,739 750 2016
10586 Tamarind AvenueFontana, CA— 4,275 8,275 298 4,275 8,573 12,848 1,033 2017
2777 Loker Avenue WestCarlsbad, CA9,926 7,599 13,267 306 7,599 13,573 21,172 1,636 2017
7105 Old 215 Frontage RoadRiverside, CA— 4,900 0 12,731 4,900 12,731 17,631 1,457 2017
28545 Livingston AvenueValencia, CA— 9,813 10,954 2,375 9,813 13,329 23,142 1,513 2018
3801 Ocean Ranch BoulevardOceanside, CA2,895 2,907 6,151 37 2,909 6,186 9,095 550 2018
106

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
    (In thousands)  
302 Bordentown Hedding Road Bordentown, NJ —
 2,738
 8,190
 —
 2,738
 8,190
 10,928
 89
 2018
Orlando                    
6301 Hazeltine National Drive Orlando, FL —
 909
 4,613
 237
 920
 4,839
 5,759
 1,803
 2005
8751 Skinner Court Orlando, FL 4,243
 1,691
 7,249
 (5) 1,692
 7,243
 8,935
 694
 2016
4473 Shader Road Orlando, FL —
 2,094
 10,444
 56
 2,094
 10,500
 12,594
 924
 2016
550 Gills Drive Orlando, FL —
 1,321
 6,176
 4
 1,321
 6,180
 7,501
 311
 2017
450 Gills Drive Orlando, FL —
 1,031
 6,406
 —
 1,031
 6,406
 7,437
 231
 2017
4401 Shader Road Orlando, FL —
 1,037
 7,116
 4
 1,037
 7,120
 8,157
 158
 2018
Phoenix                    
1045 South Edward Drive Tempe, AZ —
 390
 2,160
 627
 396
 2,781
 3,177
 1,248
 1999
50 South 56th Street Chandler, AZ —
 1,206
 3,218
 1,379
 1,252
 4,551
 5,803
 2,112
 2004
245 West Lodge Tempe, AZ —
 898
 3,066
 (2,153) 362
 1,449
 1,811
 536
 2007
1590 East Riverview Drive Phoenix, AZ —
 1,293
 5,950
 (267) 1,292
 5,684
 6,976
 1,478
 2008
14131 N. Rio Vista Boulevard Peoria, AZ 5,439
 2,563
 9,388
 (445) 2,563
 8,943
 11,506
 2,206
 2008
8716 West Ludlow Drive Peoria, AZ 6,721
 2,709
 10,970
 540
 2,709
 11,510
 14,219
 2,942
 2008
3815 W. Washington Street Phoenix, AZ —
 1,675
 4,514
 316
 1,719
 4,786
 6,505
 1,489
 2008
9180 W. Buckeye Road Tolleson, AZ —
 1,904
 6,805
 3,124
 1,923
 9,910
 11,833
 2,890
 2008
8644 West Ludlow Drive Peoria, AZ —
 1,726
 7,216
 —
 1,726
 7,216
 8,942
 1,072
 2014
8606 West Ludlow Drive Peoria, AZ —
 956
 2,668
 123
 956
 2,791
 3,747
 433
 2014
8679 West Ludlow Drive Peoria, AZ —
 672
 2,791
 —
 672
 2,791
 3,463
 423
 2014
94th Avenue & Buckeye Road Tolleson, AZ —
 4,315
 —
 16,645
 4,315
 16,645
 20,960
 1,306
 2015
16601 West Sells Drive Goodyear, AZ —
 24,743
 —
 19,087
 24,803
 19,027
 43,830
 873
 2017
16560 West Sells Drive Goodyear, AZ —
 6,259
 —
 23,287
 6,269
 23,277
 29,546
 406
 2018
Seattle                    
1901 Raymond Ave SW Renton, WA —
 4,458
 2,659
 532
 4,594
 3,055
 7,649
 1,074
 2008
19014 64th Avenue South Kent, WA 2,770
 1,990
 3,979
 456
 2,042
 4,383
 6,425
 1,820
 2008
18640 68th Avenue South Kent, WA —
 1,218
 1,950
 310
 1,258
 2,220
 3,478
 995
 2008
6407 S 210th Street Kent, WA —
 1,737
 3,508
 —
 1,737
 3,508
 5,245
 128
 2018
1402 Puyallup Street Sumner, WA —
 3,766
 4,457
 —
 3,766
 4,457
 8,223
 —
 2018
Southern California                    
1944 Vista Bella Way Rancho Dominguez, CA 2,697
 1,746
 3,148
 465
 1,822
 3,537
 5,359
 1,861
 2005
2000 Vista Bella Way Rancho Dominguez, CA 1,174
 817
 1,673
 232
 853
 1,869
 2,722
 996
 2005
2835 East Ana Street Rancho Dominguez, CA 2,288
 1,682
 2,750
 409
 1,772
 3,069
 4,841
 1,674
 2005
665 N. Baldwin Park Boulevard City of Industry, CA 4,263
 2,124
 5,219
 2,542
 2,143
 7,742
 9,885
 2,100
 2006


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
3809 Ocean Ranch BoulevardOceanside, CA3,156 3,140 6,964 73 3,141 7,036 10,177 619 2018
3817 Ocean Ranch BoulevardOceanside, CA4,851 5,438 10,278 33 5,442 10,307 15,749 932 2018
24385 Nandina AvenueMoreno Valley, CA— 17,023 0 63,207 17,066 63,164 80,230 4,126 2018
14999 Summit DriveEastvale, CA— 1,508 0 2,978 1,508 2,978 4,486 200 2018
14969 Summit DriveEastvale, CA— 3,847 0 11,185 3,847 11,185 15,032 1,557 2018
14939 Summit DriveEastvale, CA— 3,107 0 8,293 3,107 8,293 11,400 553 2018
14909 Summit DriveEastvale, CA— 7,099 0 19,191 7,099 19,191 26,290 1,643 2018
14940 Summit DriveEastvale, CA— 5,423 0 13,912 5,423 13,912 19,335 1,020 2018
14910 Summit DriveEastvale, CA— 1,873 0 5,371 1,873 5,371 7,244 506 2018
930 Columbia AvenueRiverside, CA— 1,813 3,840 63 1,813 3,903 5,716 173 2019
305 Sequoia AvenueOntario, CA— 6,641 8,155 50 6,641 8,205 14,846 340 2019
3051 E. Maria StreetRancho Dominguez, CA— 1,392 1,532 1 1,392 1,533 2,925 92 2019
1709-1811 W. Mahalo PlaceCompton, CA— 2,132 1,961 2 2,130 1,965 4,095 143 2019
1964 Kellogg AvenueCarlsbad, CA— 3,836 3,524 294 3,836 3,818 7,654 172 2019
353 Perry StreetPerris, CA— 1,780 0 18,871 1,788 18,863 20,651 589 2019
8572 Spectrum LaneSan Diego, CA— 806 3,225 1,054 806 4,279 5,085 201 2019
10780 Redwood AvenueFontana, CA— 13,410 0 22,616 13,402 22,624 36,026 376 2020
14518 Santa Ana AvenueFontana, CA— 1,745 0 4,744 1,745 4,744 6,489 79 2020
11253 Redwood AvenueFontana, CA— 3,333 0 8,433 3,333 8,433 11,766 69 2020
19302-19400 S. Laurel ParkRancho Dominguez, CA— 12,816 1,649 891 12,815 2,541 15,356 0 2020
Other
600 Greene DriveGreenville, KY— 294 8,570 (727)296 7,841 8,137 7,635 2008
7501 NW 106th TerraceKansas City, MO— 4,152 0 13,786 4,228 13,710 17,938 4,173 2008
1908-2000 InnerbeltOverland, MO— 1,590 9,026 1,775 1,591 10,800 12,391 6,063 2004
1815-1957 South 4650 WestSalt Lake City, UT— 1,707 10,873 (10)1,713 10,857 12,570 4,627 2006
107
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
    (In thousands)  
27801 Avenue Scott Santa Clarita, CA 5,086
 2,890
 7,020
 196
 2,902
 7,204
 10,106
 2,889
 2006
2610 & 2660 Columbia Street Torrance, CA 3,927
 3,008
 5,826
 271
 3,031
 6,074
 9,105
 2,376
 2006
433 Alaska Avenue Torrance, CA —
 681
 168
 3
 684
 168
 852
 111
 2006
6305 El Camino Real Carlsbad, CA —
 1,590
 6,360
 7,730
 1,590
 14,090
 15,680
 5,239
 2006
2325 Camino Vida Roble Carlsbad, CA 1,785
 1,441
 1,239
 594
 1,446
 1,828
 3,274
 692
 2006
2335 Camino Vida Roble Carlsbad, CA 979
 817
 762
 216
 821
 974
 1,795
 448
 2006
2345 Camino Vida Roble Carlsbad, CA 637
 562
 456
 151
 565
 604
 1,169
 270
 2006
2355 Camino Vida Roble Carlsbad, CA 556
 481
 365
 174
 483
 537
 1,020
 287
 2006
2365 Camino Vida Roble Carlsbad, CA 1,022
 1,098
 630
 146
 1,102
 772
 1,874
 418
 2006
2375 Camino Vida Roble Carlsbad, CA 1,213
 1,210
 874
 140
 1,214
 1,010
 2,224
 458
 2006
6451 El Camino Real Carlsbad, CA —
 2,885
 1,931
 733
 2,895
 2,654
 5,549
 1,075
 2006
13100 Gregg Street Poway, CA 2,889
 1,040
 4,160
 913
 1,073
 5,040
 6,113
 2,344
 2007
21730-21748 Marilla Street Chatsworth, CA 2,518
 2,585
 3,210
 44
 2,608
 3,231
 5,839
 1,374
 2007
8015 Paramount Pico Rivera, CA —
 3,616
 3,902
 (510) 3,657
 3,351
 7,008
 1,444
 2007
3365 E. Slauson Vernon, CA —
 2,367
 3,243
 (559) 2,396
 2,655
 5,051
 1,144
 2007
3015 East Ana Rancho Dominguez, CA —
 19,678
 9,321
 6,305
 20,144
 15,160
 35,304
 5,539
 2007
1250 Rancho Conejo Boulevard Thousand Oaks, CA —
 1,435
 779
 45
 1,441
 818
 2,259
 364
 2007
1260 Rancho Conejo Boulevard Thousand Oaks, CA —
 1,353
 722
 (722) 675
 678
 1,353
 272
 2007
1270 Rancho Conejo Boulevard Thousand Oaks, CA —
 1,224
 716
 (2) 1,229
 709
 1,938
 315
 2007
1280 Rancho Conejo Boulevard Thousand Oaks, CA 2,326
 2,043
 3,408
 (59) 2,051
 3,341
 5,392
 894
 2007
1290 Rancho Conejo Boulevard Thousand Oaks, CA 1,957
 1,754
 2,949
 (165) 1,761
 2,777
 4,538
 746
 2007
100 West Sinclair Street Perris, CA —
 4,894
 3,481
 (5,233) 1,819
 1,323
 3,142
 721
 2007
14050 Day Street Moreno Valley, CA —
 2,538
 2,538
 574
 2,565
 3,084
 5,649
 1,244
 2008
12925 Marlay Avenue Fontana, CA —
 6,072
 7,891
 303
 6,090
 8,176
 14,266
 4,319
 2008
18201-18291 Santa Fe Rancho Dominguez, CA —
 6,720
 —
 9,457
 6,897
 9,280
 16,177
 2,523
 2008
1011 Rancho Conejo Thousand Oaks, CA 4,341
 7,717
 2,518
 (169) 7,752
 2,313
 10,065
 1,109
 2008
20700 Denker Avenue Torrance, CA 5,290
 5,767
 2,538
 1,397
 5,964
 3,739
 9,703
 2,384
 2008
18408 Laurel Park Road Rancho Dominguez, CA —
 2,850
 2,850
 913
 2,874
 3,739
 6,613
 1,426
 2008
19021 S. Reyes Avenue Rancho Dominguez, CA —
 8,183
 7,501
 233
 8,545
 7,372
 15,917
 1,745
 2008
24870 Nandina Avenue Moreno Valley, CA —
 13,543
 —
 21,277
 6,482
 28,338
 34,820
 4,772
 2012
6185 Kimball Avenue Chino, CA —
 6,385
 —
 12,343
 6,382
 12,346
 18,728
 2,789
 2013
5553 Bandini Boulevard Bell, CA —
 32,536
 —
 21,620
 32,540
 21,616
 54,156
 2,925
 2013
16875 Heacock Street Moreno Valley, CA —
 —
 6,831
 (58) —
 6,773
 6,773
 1,577
 2014
4710 Guasti Road Ontario, CA 5,072
 2,846
 6,564
 213
 2,846
 6,777
 9,623
 1,020
 2014


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		LandBuildings and
Improvements		LandBuildings and
Improvements		TotalAccumulated
Depreciation
12/31/2020
   (In thousands) 
Developments in Process
First Nandina II Logistics Center BTSMoreno Valley, CA— 4,016 0 6,682 4,066 6,632 10,698 0 2018
First 95 Distribution CenterPompano Beach, FL— 8,771 0 1,656 8,787 1,640 10,427 0 2018
First Cypress Creek Commerce Center Building BFort Lauderdale, FL— 0 0 6,631 0 6,631 6,631 0 2019
First Cypress Creek Commerce Center Building CFort Lauderdale, FL— 0 0 10,231 0 10,231 10,231 0 2019
First Cypress Creek Commerce Center Building DFort Lauderdale, FL— 0 0 7,741 0 7,741 7,741 0 2019
First Park Miami Building 2Medley, FL— 14,871 0 3,362 14,801 3,432 18,233 0 2020
First Park Miami Building 9Medley, FL— 7,645 0 2,126 7,589 2,182 9,771 0 2020
First Park Miami Building 11Medley, FL— 11,467 0 2,622 11,449 2,640 14,089 0 2020
Land Parcels
Land Parcels245,361 1,062 42,590 240,689 48,325 289,014 5,212 
Total144,214 1,102,528 1,475,003 1,532,365 1,091,624 3,018,272 4,109,896 839,349 



108
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 Gross Amount Carried
At Close of Period 12/31/18		   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
    (In thousands)  
17100 Perris Boulevard Moreno Valley, CA —
 6,388
 —
 25,810
 6,395
 25,803
 32,198
 3,379
 2014
13414 S. Figueroa Los Angeles, CA 3,914
 1,701
 —
 6,580
 1,887
 6,394
 8,281
 727
 2014
3841 Ocean Ranch Boulevard Oceanside, CA —
 4,400
 —
 8,040
 4,400
 8,040
 12,440
 1,014
 2015
3831 Ocean Ranch Boulevard Oceanside, CA —
 2,693
 —
 4,584
 2,694
 4,583
 7,277
 560
 2015
3821 Ocean Ranch Boulevard Oceanside, CA —
 2,792
 —
 4,469
 2,792
 4,469
 7,261
 528
 2015
145 West 134th Street Los Angeles, CA —
 2,901
 2,285
 173
 2,901
 2,458
 5,359
 397
 2015
6150 Sycamore Canyon Boulevard Riverside, CA —
 3,182
 10,643
 1
 3,182
 10,644
 13,826
 1,257
 2015
17825 Indian Street Moreno Valley, CA —
 5,034
 22,095
 54
 5,034
 22,149
 27,183
 2,433
 2015
24901 San Michele Road Moreno Valley, CA —
 1,274
 —
 11,556
 1,274
 11,556
 12,830
 826
 2016
1445 Engineer Street Vista, CA —
 6,816
 4,417
 3
 6,816
 4,420
 11,236
 600
 2016
19067 Reyes Avenue Rancho Dominguez, CA —
 9,281
 3,920
 3,474
 9,381
 7,294
 16,675
 446
 2016
10586 Tamarind Avenue Fontana, CA —
 4,275
 8,275
 228
 4,275
 8,503
 12,778
 424
 2017
2777 Loker Avenue West Carlsbad, CA 11,028
 7,599
 13,267
 122
 7,599
 13,389
 20,988
 822
 2017
7105 Old 215 Frontage Road Riverside, CA —
 4,900
 —
 12,742
 4,900
 12,742
 17,642
 540
 2017
28545 Livingston Avenue Valencia, CA —
 9,813
 10,954
 644
 9,813
 11,598
 21,411
 335
 2018
3801 Ocean Ranch Boulevard Oceanside, CA 3,046
 2,907
 6,151
 1
 2,909
 6,150
 9,059
 174
 2018
3809 Ocean Ranch Boulevard Oceanside, CA 3,279
 3,140
 6,964
 (2) 3,141
 6,961
 10,102
 180
 2018
3817 Ocean Ranch Boulevard Oceanside, CA 5,132
 5,438
 10,278
 209
 5,442
 10,483
 15,925
 281
 2018
24385 Nandina Avenue Moreno Valley, CA —
 17,023
 —
 57,083
 17,066
 57,040
 74,106
 237
 2018
14999 Summit Drive Eastvale, CA —
 1,508
 —
 3,120
 1,508
 3,120
 4,628
 51
 2018
14969 Summit Drive Eastvale, CA —
 3,847
 —
 11,211
 3,847
 11,211
 15,058
 299
 2018
14939 Summit Drive Eastvale, CA —
 3,107
 —
 8,273
 3,107
 8,273
 11,380
 138
 2018
14909 Summit Drive Eastvale, CA —
 7,099
 —
 19,177
 7,099
 19,177
 26,276
 317
 2018
14940 Summit Drive Eastvale, CA —
 5,423
 —
 13,334
 5,423
 13,334
 18,757
 194
 2018
14910 Summit Drive Eastvale, CA —
 1,873
 —
 5,290
 1,873
 5,290
 7,163
 77
 2018
St. Louis                    
6821-6857 Hazelwood Avenue Berkeley, MO 4,289
 985
 6,205
 1,333
 985
 7,538
 8,523
 3,075
 2003
13701 Rider Trail North Earth City, MO —
 800
 2,099
 552
 804
 2,647
 3,451
 1,154
 2003
1908-2000 Innerbelt Overland, MO 6,587
 1,590
 9,026
 1,464
 1,591
 10,489
 12,080
 5,236
 2004
21-25 Gateway Commerce Center Edwardsville, IL —
 1,874
 31,958
 378
 1,921
 32,289
 34,210
 10,970
 2006
Tampa                    
5525 Johns Road Tampa, FL —
 192
 1,086
 274
 200
 1,352
 1,552
 719
 1997
5709 Johns Road Tampa, FL —
 192
 1,086
 207
 200
 1,285
 1,485
 664
 1997
5711 Johns Road Tampa, FL —
 243
 1,376
 184
 255
 1,548
 1,803
 796
 1997



FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
      

Initial Cost
 

Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
 
Gross Amount Carried
At Close of Period 12/31/18
   
Year
Acquired/
Constructed
Building Address 
Location
(City/State)
 
(a)
Encumbrances
 Land 
Buildings and
Improvements
  Land 
Buildings and
Improvements
 Total 
Accumulated
Depreciation
12/31/2018
 
    (In thousands)  
5455 W Waters Avenue Tampa, FL —
 307
 1,742
 370
 326
 2,093
 2,419
 1,056
 1997
5553 W Waters Avenue Tampa, FL —
 307
 1,742
 310
 326
 2,033
 2,359
 1,037
 1997
5501 W Waters Avenue Tampa, FL —
 215
 871
 403
 242
 1,247
 1,489
 587
 1997
5503 W Waters Avenue Tampa, FL —
 98
 402
 197
 110
 587
 697
 291
 1997
5555 W Waters Avenue Tampa, FL —
 213
 1,206
 552
 221
 1,750
 1,971
 761
 1997
5557 W Waters Avenue Tampa, FL —
 59
 335
 51
 62
 383
 445
 197
 1997
5463 W Waters Avenue Tampa, FL —
 497
 2,751
 1,462
 560
 4,150
 4,710
 1,892
 1998
5461 W Waters Avenue Tampa, FL —
 261
 —
 1,322
 265
 1,318
 1,583
 662
 1998
5481 W Waters Avenue Tampa, FL —
 558
 —
 3,570
 561
 3,567
 4,128
 1,161
 1999
4908 Tampa West Boulevard Tampa, FL —
 2,622
 8,643
 (814) 2,635
 7,816
 10,451
 3,924
 2005
Other                    
1815-1957 South 4650 West Salt Lake City, UT 6,045
 1,707
 10,873
 62
 1,713
 10,929
 12,642
 3,980
 2006
3200 Pond Station Jefferson County, KY —
 2,074
 —
 9,681
 2,120
 9,635
 11,755
 2,822
 2007
581 Welltown Road/Tyson Boulevard Winchester, VA —
 2,320
 —
 11,109
 2,401
 11,028
 13,429
 3,158
 2007
7501 NW 106th Terrace Kansas City, MO —
 4,152
 —
 13,697
  4,228
 13,621
  17,849
 3,481
 2008
600 Greene Drive Greenville, KY —
 294
 8,570
 (727)  296
 7,841
  8,137
 6,453
 2008
Developments in Process                    
First Park Fairburn Fairburn, GA —
 3,650
 —
 5,284
 3,650
 5,284
 8,934
 —
 2014
First Perry Logistics Center Perris, CA —
 1,780
 —
 4,550
 1,788
 4,542
 6,330
 —
 2016
First Mountain Creek Distribution Center Dallas, TX —
 4,675
 —
 7,468
 4,779
 7,364
 12,143
 —
 2015
First Park 121 Building I Lewisville, TX —
 3,963
 —
 3,421
 3,963
 3,421
 7,384
 —
 2018
First Park 121 Building II Lewisville, TX —
 2,243
 —
 1,938
 2,243
 1,938
 4,181
 —
 2018
First Aurora Commerce Center Bldg D Aurora, CO —
 4,881
 —
 8,021
 4,886
 8,016
 12,902
 —
 2018
First Glacier Logistics Center Sumner, WA —
 2,643
 —
 4,023
 2,643
 4,023
 6,666
 —
 2018
Land Parcels                    
Land Parcels   2,473
 167,785
 3,225
 33,539
 163,868
  40,681
  204,549
 4,341
 —
Total   297,716
 919,414
 1,526,633
 1,227,597
  909,318
 2,764,326
 3,673,644
 811,784
  




FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 20182020
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)
Depreciation is computed based upon the following estimated lives:
Buildings and Improvements7 to 50 years
Land Improvements53 to 2016 years
Tenant Improvements, Leasehold ImprovementsLease Term
 
At December 31, 2018,2020, the aggregate cost of land and buildings and equipment, excluding construction in progress, for federal income tax purpose was approximately $3.5 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:
 202020192018
 (In thousands)
Balance, Beginning of Year$3,830,209 $3,673,644 $3,495,745 
Acquisition of Real Estate Assets247,250 148,660 162,769 
Construction Costs and Improvements160,491 289,877 190,383 
Disposition of Real Estate Assets(109,070)(258,639)(148,408)
Impairment of Real Estate0 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 


109

 2018 2017 2016
 (In thousands)
Balance, Beginning of Year$3,495,745
 $3,388,611
 $3,297,649
Acquisition of Real Estate Assets162,769
 168,517
 108,538
Construction Costs and Improvements190,383
 137,361
 167,342
Disposition of Real Estate Assets(148,408) (170,928) (153,364)
Impairment of Real Estate(2,756) —
 —
Write-off of Fully Depreciated and Other Assets(24,089) (27,816) (31,554)
Balance, End of Year Including Real Estate Held for Sale$3,673,644
 $3,495,745
 $3,388,611
Real Estate Held for Sale—
 —
 (3,697)
Balance, End of Year Excluding Real Estate Held for Sale$3,673,644
 $3,495,745
 $3,384,914


The changes in accumulated depreciation for the three years ended December 31, are as follows:
 202020192018
 (In thousands)
Balance, Beginning of Year$804,780 $811,784 $789,919 
Depreciation for Year102,533 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.
110
 2018 2017 2016
 (In thousands)
Balance, Beginning of Year$789,919
 $797,919
 $792,501
Depreciation for Year94,626
 94,078
 95,514
Disposition of Real Estate Assets(49,144) (78,844) (62,634)
Write-off of Fully Depreciated and Other Assets(23,617) (23,234) (27,462)
Balance, End of Year Including Real Estate Held for Sale$811,784
 $789,919
 $797,919
Real Estate Held for Sale—
 —
 (1,427)
Balance, End of Year Excluding Real Estate Held for Sale$811,784
 $789,919
 $796,492





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 19, 201915, 2021
 
By:
/S/    SCOTT A. MUSIL
Scott A. Musil

Chief Financial Officer

(Principal Financial Officer)
Date: February 19, 2019
15, 2021
By:
/S/    SARA E. NIEMIEC
Sara E. Niemiec

Chief Accounting Officer

(Principal Accounting Officer)
Date: February 19, 201915, 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.
 
SignatureTitleDate
SignatureTitleDate
/S/    BRUCE W.MATTHEW S. DUNCANOMINSKI
Chairman of the Board of DirectorsFebruary 19, 201915, 2021
Bruce W. DuncanMatthew S. Dominski
/S/    PETER E. BACCILE
President, Chief Executive Officer and DirectorFebruary 19, 201915, 2021
Peter E. Baccile
/S/    JOHN RAU
Lead Independent DirectorFebruary 19, 201915, 2021
John Rau
/S/    MATTHEW S. DOMINSKITERESA B. BAZEMORE
DirectorFebruary 19, 201915, 2021
Matthew S. DominskiTeresa B. Bazemore
/S/    H. PATRICK HACKETT, JR.
DirectorFebruary 19, 201915, 2021
H. Patrick Hackett, Jr.
/S/    DENISE A. OLSEN
DirectorFebruary 19, 201915, 2021
Denise A. Olsen
/S/    L. PETER SHARPE
DirectorFebruary 19, 201915, 2021
L. Peter Sharpe
/S/    W. EDWIN TYLER
DirectorFebruary 19, 2019
W. Edwin Tyler

111


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 19, 2019
By:
/S/    SCOTT A. MUSILPETER E. BACCILE
Scott A. Musil
Peter E. Baccile
President, Chief FinancialExecutive Officer
and Director
(Principal FinancialExecutive Officer)
Date: February 19, 201915, 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 19, 201915, 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.
 
SignatureTitleDate
SignatureTitleDate
/S/    BRUCE W.MATTHEW S. DUNCANOMINSKI
Chairman of the Board of DirectorsFebruary 19, 201915, 2021
Bruce W. DuncanMatthew S. Dominski
/S/    PETER E. BACCILE
President, Chief Executive Officer and DirectorFebruary 19, 201915, 2021
Peter E. Baccile
/S/ JOHN RAU
Lead Independent DirectorFebruary 19, 201915, 2021
John Rau
/S/    MATTHEW S. DOMINSKITERESA B. BAZEMORE
DirectorFebruary 19, 201915, 2021
Matthew S. DominskiTeresa B. Bazemore
/S/    H. PATRICK HACKETT, JR.
DirectorFebruary 19, 201915, 2021
H. Patrick Hackett, Jr.
/S/ DENISE A. OLSEN
DirectorFebruary 19, 201915, 2021
Denise A. Olsen
/S/    L. PETER SHARPE
DirectorFebruary 19, 201915, 2021
L. Peter Sharpe
/S/    W. EDWIN TYLER
DirectorFebruary 19, 2019
W. Edwin Tyler

S-19112