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

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 20202023
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.)
  _______________________________
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FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
 
First Industrial Realty Trust, Inc.Maryland36-3935116
First Industrial, L.P.Delaware36-3924586
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)

1 N.One North 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:
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.Yes☑No☐
First Industrial, L.P.Yes☑No☐
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.YesoNoþ
First Industrial, L.P.YesoNoþ
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.YesþNoo
First Industrial, L.P.YesþNoo
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.YesþNoo
First Industrial, L.P.YesþNoo
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 company☐
(Do not check if a smaller reporting company)Emerging growth company☐
First Industrial, L.P.:
Large accelerated fileroAccelerated filerþ
Non-accelerated fileroSmaller reporting company☐
(Do not check if a smaller reporting company)Emerging growth company☐
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 Realty Trust, Inc.þ
First Industrial, L.P.þ
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
First Industrial Realty Trust, Inc.
o
First Industrial, L.P.
o
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
First Industrial Realty Trust, Inc.
o
First Industrial, L.P.
o
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.Yes☐Noþ
First Industrial, L.P.Yes☐Noþ


The aggregate market value of the voting and non-voting stock held by non-affiliates of First Industrial Realty Trust, Inc. was approximately $4,810.3$6,932.8 million based on the closing price on the New York Stock Exchange for such stock on June 30, 2020.2023.
At February 15, 2021, 129,126,63214, 2024, 132,340,269 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, 20202023 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, 2020,2023, the Company owned an approximate 97.9%97.5% common general partnership interest in the Operating Partnership. The remaining approximate 2.1%2.5% common limited partnership interests in the Operating Partnership are owned by limited partners. The limited partners of the Operating Partnership areprimarily include 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 statementsConsolidated Financial Statements of the Company and those of the Operating Partnership are:
•Equity, Noncontrolling Interest and Partners' Capital. The 2.1%2.5% equity interest in the Operating Partnership held by entitiespersons or personsentities other than the Company areis classified within partners' capital in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.
•Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, although operations are also conducted through eightseveral 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 eightseveral 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,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;Consolidated Financial Statements;
•a single set of consolidated notes to such financial statements that includes separate discussions of each entity's 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.
2021
Item 1C.
21
Item 2.
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Item 3.
2627
Item 4.
2627
PART II.
2728
Item 5.
2728
Item 6.
2930
Item 7.
30
Item 7A.
4241
Item 8.
4241
Item 9.
4241
Item 9A.
4342
Item 9B.
4443
Item 9C.
43
PART III.
4544
Item 10.
4544
Item 11.
4544
Item 12.
4544
Item 13.
4544
Item 14.
4544
PART IV.
4544
Item 15.
4544
Item 16.
48
111121
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 whichthat 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;
•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;
•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;
•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;
•risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems;
•potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;
•technological developments, particularly those affecting supply chains and logistics;
•litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;
•risks associated with our investments in joint ventures, including our lack of sole decision-making authority; 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, 2020,2023, our in-service portfolio consisted of 183 bulk warehouse properties, 96 regional warehouse properties, 127 light422 industrial properties, and 14 R&D/flex properties,located in 18 states, containing an aggregate of approximately 62.464.9 million square feet of gross leasable area ("GLA") located in 20 states..
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 97.9%97.5% ownership interest ("General Partner Units") at December 31, 2020.2023. The Operating Partnership also conducts operations through the Otherseveral other limited partnerships (the "Other Real Estate Partnerships,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 noncontrolling interest in the Operating Partnership of approximately 2.1%2.5% at December 31, 2020,2023, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").
We also own equity interests in, and provide various services to, two joint ventures (the "Joint Ventures") throughThrough a wholly-owned TRS of the Operating Partnership.Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Ventures areVenture is accounted for under the equity method of accounting. The operating data of the Joint VenturesVenture is not consolidated with that of the Company or the Operating Partnership as presented herein.
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 inby increasing our cash flowsflow and increases in the value of our properties and operations.property values. 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) obtaining 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 expenses, general and administrative 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)properties and the acquisition of individual or portfolios of industrial properties or individual properties, which meet our investment parameters within our 15 targetkey logistics markets, with a primary emphasis on coastal markets; (iii)(ii) the expansion of our existing properties; and (iv) possible(iii) securing 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 key logistics markets, with a primary emphasis on coastal markets, where developable land is more scarce.scarce and which exhibit desirable long-term growth characteristics. 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.holdings.
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 2020"2023" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations."



4

Business Strategies
We utilize the following strategies in connection with the operation of our business:
•Organizational Strategy. We implement oura 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 estatekey logistics markets in the United States.States, with a primary emphasis on coastal markets. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained future supply that can lead to long-term rent growth; (ii) 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 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 footwhile minimizing re-leasing costs 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 investment strategy is primarily focused on developing and acquiring industrial properties in the top 15 key logistics markets in the United States, with an emphasis on markets with a coastal orientation, in the United States through the deployment of experienced regional management teams. When evaluating potential industrial property acquisitions and developments, we consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, functionality, 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.
•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 properties with lower rent growth prospects and/or assets with less than optimal functionality and redeploy the capital into higher rent growth assets in key logistics markets.markets primarily with a coastal orientation. We also seek to shrink our holdings of light industrial and R&D/flex assets over time.
•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$750.0 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, 2021,14, 2024, we had approximately $724.6$409.9 million available for additional borrowings under the Unsecured Credit Facility.






5

Competition
In connection with the acquisition of industrial properties and 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 amount 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 in re-leasing space to existing tenants. As a result, we may have to provide rent concessions, incur expenses for tenant improvements or offer other inducements to enable us to timely lease vacant space, all 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 teamsteam across a range of functions responsible for advising senior management, our Audit Committee 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 properties in our portfolio to our tenants whereby each tenant is ultimately responsible for maintaining the leased property, one of our key corporate responsibility priorities is to engage with and encourage our tenants to implement environmentally sustainable practices, such as the use of energy and water efficient fixtures and recycling programs. Additionally, as we add properties to our portfolio or enhance existing facilities, environmental sustainability is a key consideration of our efforts to improve or develop such properties,properties. We have obtained LEED certification for certain recent development projects and we seek to employ green building techniques and incorporate energy, water and other resource-efficient features.are also pursuing LEED certification for the vast majority of our new development projects through a LEED volume program. 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 propercompetitive 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
We believe we have the appropriate human capital resources to successfully operate our business and create value for our shareholders. At December 31, 2020,2023, we had 153156 employees, 100% of whom are full-time employees. The average tenure of our workforce is approximately 11 years.
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, improveprotect 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. Our Board of Directors is comprised of 43% directors who identify as female, people of color or both.
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 locationskills required, responsibilities and responsibilities.geographic location. 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 developingendeavor to develop each of our employees’ skillsets and decision-making abilities—abilities through challenging project assignments, formal training, mentorship and recognition—is key not only to our employees’ jobrecognition. Taken together, these efforts promote higher levels of satisfaction and employee retention, while creating an enhanced leadership pipeline, which is evidenced through our retention efforts, but also to maintaining a strong leadership pipeline.
The health and safety2023 employee survey engagement score 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 operating 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.92% favorability.

Available Information
Our principal executive offices are located at One North Wacker Drive, 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 SEC 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 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 ourthe Company's website or in print upon request.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. 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:
Risks Related to our 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;demand;
•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;financing;
•zoning or other legislative and 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.
General economic conditions and other events or occurrences that affect areas in which our properties are geographically concentrated may impact financial results.
We are exposed to the economic conditions and other events and occurrences in the local, regional and national geographies in which we own properties. We are also impacted by global events and occurrences. Our operating performance is further impacted by the economic conditions of the specific markets in which we have concentrations of properties.
At December 31, 2023, operating properties located in California (Northern California and Southern California markets) and Pennsylvania represented 24.8% and 11.2%, respectively, of our consolidated net operating income for the year ended December 31, 2023. Our revenues from, and the value of, our properties located in California and Pennsylvania may be affected by local real estate conditions (such as an oversupply of or reduced demand for industrial properties) and the local economic climate. Business layoffs, downsizing, industry slowdowns, changing demographics and other factors may adversely impact California’s and Pennsylvania's economic climate. Because of the investments we have located in California and Pennsylvania, a downturn in California’s or Pennsylvania's economy or changes to factors affecting the real estate market, including changes to state income tax and property tax laws, could adversely affect our business.

8

No other market besides California and Pennsylvania contributed more than 10% of our total consolidated net operating income for the year ended December 31, 2023. Our operating performance could be adversely affected if conditions become less favorable in any of the markets in which we have a concentration of properties. Conditions such as an oversupply of logistics space or a reduction in demand for logistics space, among other factors, may impact operating conditions. Any material oversupply of logistics space or material reduction in demand for logistics space could adversely affect our overall business.
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 unitholders 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. Tenants may declare bankruptcy, resulting in limited remedies and rejection of leases.
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.

8

We may be unable to acquire propertiesreal estate on advantageous terms or acquisitions may not perform as we expect.
We have routinely acquired propertiesreal estate 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 propertiesreal estate 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, 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.
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, the market price of the Company's common stock and the market value of the Units.
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. 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.
9

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, 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.

9

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 have delays in obtaining construction materials and may be subject to increases in costs of materials;
•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, lack of available labor, 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, the market price of the Company's common stock and the market value of the Units.
We may incur unanticipated costs and liabilities due to environmental problems.
Under various federal, state and local laws ordinances and regulations, we may, as a 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 and regulations 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 orand regulations 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 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 investigationsinvestigation, sampling and remediation 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.
10

Environmental laws and regulations 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 and regulations may impose fines and penalties on building owners or operators who fail to comply with these requirements and may allow third 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.

10

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 certain potential unknown environmental liabilities, subject to the policy's coverage conditions and limitations. Such policy may not be able to be renewed or may be subject to additional restrictions, limitations for most of our properties.or be insufficient to fully respond to a loss. 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.
We may incur significant costs complying with various federal, state and local laws regulations and covenantsregulations 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.properties.
We may incur significant costs complying with various federal, state and local laws regulations and covenantsregulations that are applicable to our properties and, in particular, costs associated with complying with regulations such asincluding, without limitation, those related to 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 seismicregulations, and greenhouse gas emissions. We may be required to make substantial improvements or hazardous material abatement requirements.capital expenditures, or implement operational changes, to comply with applicable laws and regulations, and we may not be able to effectively pass on these additional costs to our tenants. Noncompliance with these laws and regulations, including but not limited to, the ADA, could result in the imposition of fines or the award of damages or attorneys’ fees to private litigants. 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. 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 laws or 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 ADAapplicable laws or other legislation,regulations, our financial condition, results of operations, cash flow, our ability to satisfy debt service obligations and 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.


11

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 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:
• (i) 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;
• (ii) joint venture partners might experience financial distress become bankrupt or otherwiseand fail to fund their share of any required capital contributions;
• (iii) joint venture partners 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;
• (iv) 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;
• (v) 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;
• (vi) disputes between us and our joint venture partners may result in litigation or arbitration that would increase our expenses and prevent our employees, 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
• (vii) we may in certain circumstances be liable for the actions of our joint venture partners.
The occurrence of one or more of thethese 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.
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 interests in the properties 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 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. We have significant investment in properties in coastal markets such as Southern California, Northern California, Houston and South Florida and have also targeted those markets for future growth. Our properties, especially the coastal market properties, may be exposed to rare catastrophic weather events, such as severe storms, drought, earthquakes, floods, wildfires or wildfires.other extreme weather events. If the frequency or severity of extreme weather events increases, our exposure to these events could increase.increase and could impact our tenants' operations and their ability to pay rent. The impacts of 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. We currently 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 givenlocated. Given climate change risk. We mayrisk, we cannot be adversely impacted as a real estate owner, manager and developer in the future by potential impactssure that insurance companies will continue to the supply chain or stricter energy efficiency standards or greenhouse gas regulations for the commercial building sectors. Complianceoffer products 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.sufficient coverage at commercially reasonable rates

12

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 coveragewind storm, owner's protective professional indemnity and rental loss insurance. Our coverage includes policy specifications and limits customarily carried for similar properties and business activities. Our insurance coverage does not insure the total replacement cost of the portfolio. We evaluate our level of insurance coveragelimits 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 asincluding, without limitation, earthquake, windstorm, flood, pandemic, war, civil unrest 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. Furthermore, we cannot be sure that insurance companies will continue to offer products with sufficient coverage at commercially reasonable rates. 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 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.

Our liquidity may be adversely affected if events such as limited liquidity, defaults, non-performance or other adverse developments occur with respect to the banks or other financial institutions that hold our funds, with respect to financial institutions or the financial services industry generally, or based on concerns or rumors related to these or similar risks. For example, the Federal Deposit Insurance Corporation took control of, and was appointed receiver of, Silicon Valley Bank, New York Signature Bank and First Republic Bank on March 10, 2023, March 12, 2023 and May 1, 2023, respectively. Although we did not have any funds held by these banks or other institutions that have been closed, we cannot guarantee that the banks or other financial institutions that hold our funds will not experience similar issues. Additionally, if any of our tenants or other parties with whom we conduct business are unable to access funds from their bank or financial institutions, such parties’ ability to pay their obligations to us could be adversely affected.
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 incur.

In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, in the U.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 derivative contracts are not transitioned to a preferred alternative rate and LIBOR-indexed rates are discontinued or if the methods of calculating the rates change, interest rates on our current or future indebtedness may be adversely affected. While we currently expect LIBOR-indexed rates to be available until the end of 2021, 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.
13

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 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 revolving credit facilityUnsecured 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 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.
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.
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) each year, and we may be subject to additional 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 satisfy the distribution requirement. 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 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.

14

Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
In the normal course of business, we use derivatives to manage our exposure 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 assurance that these hedging arrangements will have the desired beneficial impact. These arrangements, which can include a number of counterparties, may expose us to additional risks, including failure of any of our counterparties 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 investments, which could reduce our cash available for distribution to our stockholders and unitholders. Failure to hedge effectively against interest rate changes may materially and adversely affect our 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.
14

Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.
Certain of our mortgages contain,Our outstanding mortgage contains, 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 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.

15

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:
•actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity,liquidity;
•changes in our earnings estimates or those of analysts,analysts;
•changes in asset valuations and related impairment charges,charges;
•changes in our dividend policy,policy;
•publication of research reports about us or the real estate industry generally,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,expire;
•increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield,yield;
•changes in market valuations of similar companies,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,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,issued;
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•additions or departures of key management personnel,personnel;
•actions by institutional stockholders,stockholders;
•speculation in the press or investment community,community; and
•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.

16

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 and 10,000,000 shares 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. 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 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 or making investments differently or pursuing differentalternate 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, the market price of the Company's common stock and the market value of the Units.

1617

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 and 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 of our common stock 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.

1718

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 taxtaxable 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 implementedimplement 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
Even if we maintain our ability to retain capital and require us to turn to external financing sources.
Asqualification as a REIT the Company must distribute to its stockholders at least 90% of its taxablefor federal income (determined without regard to the dividends-paid deduction and by excluding any net capital gain) to our stockholders each year andtax purposes, we may be subject to other tax to the extentliabilities that reduce 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 limitflow and our ability to accumulate capitalmake distributions 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.stockholders.
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 theA future outbreak of other highly infectious or contagious diseases similar to COVID-19 may adversely affect our business.
The COVID-19
A future contagious disease outbreak or 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,Such an outbreak 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:
• (i) reduced economic activity which 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;
• (ii) 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;
• (iii) 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, which may affect our access to capital necessary to fund business operations or address maturing debt obligations on a timely basis;
• (iv) potential impact on our ability to meet the financial covenants of our Unsecured Credit Facility and other debt agreements, andwhich may result in a default and potentiallyor 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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• (v) any impairment in value of our tangible or intangible assets which could be recorded as a result of weaker economic conditions;
• (vi) a general decline in business activity and demand for real estate transactions, which could adversely affect our ability to sell or purchase properties, at attractive pricing or at all;
• (vii) an inability to initiate or pursue litigation due to various court closures, increased case volume and/or moratoriums on certain types of activities;
• (viii) the potential negative impact on the health of our employees, particularly if a significant number of them are impacted, which could result in a deterioration in our ability to ensure business continuity during thisthe disruption or a future disruption, and which may negatively impact our disclosure controls and procedures over financial reporting; and
• (ix) an extended period of remote work arrangements for our employees which could strain our business continuity plans and introduce operational risk including, but not limited to, cybersecurity risks.

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We face risks relating to cybersecurity attacks that could cause loss of confidential information and other business disruptions.disruptions to our computer systems.
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 computer systems, data and computerthe data of third parties retained within our 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. Our business is also at risk from and may be impacted by our computer systems malfunctioning or being subject of a significant disruption.
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 protectedwell-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 somesecurity events or disruptions impacting our vendors, sub-processors and service providers could also impact our data and operations or the data of third parties retained within our system via unauthorized access to information or disruption of services.
Our computer systems are essential to the operation of our ownbusiness and our ability to perform day-to-day operations and, in some cases, may be critical information technology systems, we also depend on third parties to provide important information technology services relating to, for instance, payroll, electronic communications andthe operations of certain finance functions. The security measures employed by such third party service providers may prove to be ineffective at preventing breaches of their systems.
our tenants. A successful cybersecurity attack or other disruption of our computer systems could, among other things:
•compromise the confidential information of our employees, tenants and vendors;
• (i) disrupt the proper functioning of our networks and systems, and therefore our operations and/or those of certain of our tenants;
• (ii) 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;
• (iii) result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
• (iv) result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
• (v) require significant management attention and resources to remedy any damages that result;
• (vi) subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; (vii) subject us to legal liability; or
• (viii) damage our reputation among our tenants, investors and associates.
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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.
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We may be unable to retain and attract key management personnel.
We may
Our success depends to a significant degree upon the continued contributions of certain key personnel including, but not limited to, our executive officers, whose continued service is not guaranteed, and each of whom would be unabledifficult to retain and attract talented executives.replace. 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.
Item  1B.Unresolved SEC Comments
None.
Item  1C.Cybersecurity
Cybersecurity risk is an important and continuously evolving focus for us, and significant resources are devoted to protecting and enhancing the security of computer systems, software, networks and our other technology assets. We have controls and systems in place to safely receive, protect and store information; collect, use, and share that information appropriately; and detect, contain and respond to data security and denial-of-service incidents.

We identify material cyber risks by continually assessing external threats to understand evolving threats, developing issues and industry trends. Cybersecurity is an important and integrated part of the Company’s enterprise risk management function that identifies, monitors and mitigates business, operational and legal risks. We view our main cyber risk areas to be attempts to gain unauthorized access to our data and computer systems and the data of third parties to which we may owe a duty of care through malware, ransomware, computer fraud, insider threat from 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. Our processes and controls to mitigate these cyber risks, categorized by five functional areas, Identify, Protect, Detect, Respond and Recover, are addressed below.
The first step in our process is to Identify the risks related to our data, personnel, devices, systems and facilities. In connection with this phase, we do the following:
•Perform global risk assessments which include information technology risk areas including cyber and, in conjunction with this assessment, we engage leading security and technology vendors to periodically perform specific technical information technology risk assessments;
•Maintain a matrix that delineates roles and responsibilities for information security supporting significant financial applications, database and networks;
•Participate in various consortiums, associations and groups allowing us to share threat intelligence and collaborate with organizations across different industries to share best practices, fight cybercrime, enhance privacy, discuss new technologies, better understand the evolving regulatory environment, and advance capabilities in these areas;
•Conduct mandatory information security training for all employees and regularly test our employees several times a year for information security awareness and adherence to our information security recommendations; and
•Disclose our computer usage policy on our intranet and distribute to new employees.
Next, we perform certain controls and processes in order to Protect against the identified risks. In connection with this phase, we do the following:
•Maintain controls and processes over access to our networks and computer systems including: (i) approval and restriction to appropriate personnel as well as ensuring powerful privileges are restricted and segregated to select information technology employees; (ii) utilize a password manager to protect encrypted passwords of power users; (iii) disable system and physical access of terminated employees in a timely manner; (iv) utilize two-factor authentication for remote access to the network; and (v) segregate internal network through the use of internal firewalls;
•Maintain physical security at our data center and backup recovery location including door access control system at the primary data center with surveillance;
•Block data intrusion to maintain confidentiality and integrity of our data via the following: (i) capacity of our servers and networks have an automated monitoring system; (ii) patch management controls on our key software including monitoring resources for patch criticality and reported issues as well as running vulnerability scans; (iii)
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change logs are kept and updated on all of our key software; (iv) all major changes to hardware and infrastructure devices are performed and approved prior to production migration; (v) remote access is fully encrypted for all users; and (vi) internal firewalls are used to limit access to sensitive systems and applications; and
•Maintain controls and processes relating to payments we make to third parties by using a combination of internal controls around the setup, maintenance and archiving of records to reduce fraud and erroneous payments.
We continually monitor our information system in order to Detect anomalous activity and verify the effectiveness of our protective measures. In connection with this phase, we do the following:
•Run extended detection and response software on our network at all times, which is comprehensive company-wide personal computer device security monitoring and active threat remediation software that is fully supported by staff and backed by a prevention warranty;
•Engage third-party specialists to periodically perform: (i) penetration testing, which is a simulated cyberattack against our computer system, in order to assess our ability to resist potential threats and attacks from external and internal sources; (ii) cyber dwelling, which determines if a threat actor has made its way or could make its way into our computer network and if confidential information was or could be compromised; and (iii) tabletop mock ransomware exercises to gauge our ability to react to an attack;
•Evaluate the technical control structure and competency for all new third-party software vendors and review “cloud” third-party software vendor’s Service Organization Control reports, or reasonable substitutes, which give comfort on the maturity of the vendor’s security controls; and
•Perform monthly mock phishing email exercises with our employees and provide additional training if needed.
We have plans in place in order to Respond to detected cybersecurity incidents:
•Maintain written playbooks, which provide sequential instructions on the appropriate steps to take in the wake of various cyberattacks, including a playbook for each of the following: ransomware attack, a data breach, loss of third-party data and partial and full disaster recovery plans; and
•Retain a leading provider of incident response to assist us with a security incident as well as an attorney that serves as our data breach coach who specializes in data privacy and cyber security, and has relationships with third-party forensics investigators, crisis communications professionals and other services and organization we may need if a data breach is encountered.
In order to Recover systems or assets affected by a cybersecurity incident, full backups of our business systems data are created, tested and kept at multiple locations in online and offline formats.
While we have not, as of the date of this Form 10-K, experienced a cybersecurity threat or incident that resulted in a material adverse impact to our business, operations or financial condition, there can be no guarantee that we will not experience such an incident in the future. See Risk Factors for more information on our cybersecurity risks.
Our Chief Information Officer, our Senior Director of Information Technology, our Director of Business Systems Applications and our Information Technology Security Manager oversee our cybersecurity program. Collectively, the team has decades of information technology experience and our Information Technology Security Manager holds a masters degree in Network Security. They meet on a regular basis and report to the Audit Committee at least annually on key cybersecurity risks as well as current and future cybersecurity strategy. As delegated by our Board of Directors, our Audit Committee is responsible for reviewing, with management, our internal control systems with respect to information technology security. The Audit Committee Chairperson is also involved in our annual overall risk assessment process. In addition to the foregoing, from time to time, the Board of Directors is updated concerning the Company’s internal control systems with respect to information technology security.
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Item  2.Properties
General
At December 31, 2020,2023, we owned 420428 industrial properties of which 422 were classified as in-service. Of the 428 properties owned on a consolidated basis, none of them are directly owned by the Company. The 422 in-service industrial properties containingcontained an aggregate of approximately 62.464.9 million square feet of GLA in 2018 states, with a diverse base of more than 975approximately 1,000 tenants engaged in a wide variety of businesses, including manufactured products,e-commerce, third-party logistics and transportation, consumer and other manufactured products, retail and consumer services, food and beverage, lumber and building materials, e-commerce, wholesale goods, health services, governmental and 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 for our in-service portfolio, calculated at December 31, 2020,2023, was $5.65.$7.21. 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.

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The following tables summarize, by market, certain information as of December 31, 2020,2023, with respect to the in-service properties.
In-Service Property Summary Totals
Bulk WarehouseRegional
Warehouse
Light Industrial		R&D/FlexTotal
Metropolitan AreaMetropolitan 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
Metropolitan Area
Metropolitan Area
Atlanta, GA
Atlanta, GA
Atlanta, GAAtlanta, GA4,563 14 340 4 347 5 — — 5,250 23 95.3 %
Baltimore, MDBaltimore, MD2,930 8 — — 268 4 52 1 3,250 13 78.6 %
Baltimore, MD
Baltimore, MD
Central FloridaCentral Florida427 3 234 3 79 1 — — 740 7 100.0 %
Central/Eastern PA (A)
6,055 13 399 4 281 6 — — 6,735 23 93.8 %
Central Florida
Central Florida
Central/Eastern Pennsylvania (A)
Central/Eastern Pennsylvania (A)
Central/Eastern Pennsylvania (A)
Chicago, IL
Chicago, IL
Chicago, ILChicago, IL5,265 16 292 5 255 5 — — 5,812 26 97.8 %
Cincinnati, OHCincinnati, OH684 3 310 3 278 5 — — 1,272 11 98.8 %
Cleveland, OH1,229 6 — — — — — — 1,229 6 100.0 %
Cincinnati, OH
Cincinnati, OH
Dallas/Ft. Worth, TXDallas/Ft. Worth, TX5,622 29 483 6 971 17 — — 7,076 52 94.3 %
Denver, CO1,135 5 717 7 782 18 66 3 2,700 33 98.3 %
Dallas/Ft. Worth, TX
Dallas/Ft. Worth, TX
Denver, CO (A)
Denver, CO (A)
Denver, CO (A)
Detroit, MI
Detroit, MI
Detroit, MIDetroit, MI242 2 460 10 546 23 136 3 1,384 38 100.0 %
Houston, TXHouston, TX3,622 19 564 8 85 3 — — 4,271 30 90.0 %
Milwaukee, WI707 3 90 1 — — — — 797 4 100.0 %
Houston, TX
Houston, TX
Minneapolis/St. Paul, MN
Minneapolis/St. Paul, MN
Minneapolis/St. Paul, MNMinneapolis/St. Paul, MN2,564 12 145 2 72 1 142 2 2,923 17 99.2 %
Nashville, TNNashville, TN979 3 — — 164 2 — — 1,143 5 100.0 %
Nashville, TN
Nashville, TN
New Jersey (A)
New Jersey (A)
New Jersey (A)
New Jersey (A)
1,359 6 — — 781 14 172 3 2,312 23 97.8 %
Northern CaliforniaNorthern California— — 46 1 23 1 — — 69 2 100.0 %
Northern California
Northern California
Phoenix, AZ
Phoenix, AZ
Phoenix, AZPhoenix, AZ2,866 8 445 7 39 1 — — 3,350 16 99.5 %
Seattle, WASeattle, WA101 1 287 5 23 1 — — 411 7 84.9 %
Seattle, WA
Seattle, WA
South Florida
South Florida
South FloridaSouth Florida418 3 345 7 37 1 — — 800 11 97.0 %
Southern California (A)
Southern California (A)
7,510 26 1,425 23 719 19 — — 9,654 68 99.2 %
Other (B)
1,015 3 — — — — 192 2 1,207 5 96.5 %
Southern California (A)
Southern California (A)
TotalTotal49,293 183 6,582 96 5,750 127 760 14 62,385 420 95.7 %
Occupancy by Industrial Property Type95.7 %96.4 %95.8 %93.4 %
Total
Total
_______________
(A)Central/Eastern PAPennsylvania includes the markets of Central Pennsylvania and Philadelphia. Denver includes one property in Salt Lake City. 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.
Indebtedness
As of December 31, 2020, 492023, three of our 420422 in-service industrial properties, with a net carrying value of $226.2$31.1 million, are pledged as collateral under oura mortgage financings,financing, totaling $144.2 million, excluding unamortized debt issuance costs.$10.0 million. See Note 4 to the Consolidated Financial Statements and the accompanying Schedule III beginning on page 95 for additional information.
2223

Development Activity
During the year ended December 31, 2023, we moved 13 development properties totaling approximately 2.8 million square feet of GLA to our in-service portfolio at a total estimated cost of approximately $354.9 million. Included in the estimated total cost is $10.6 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 6.6%. The placed in-service development projects have the following characteristics:
Metropolitan AreaNumber of
Properties		GLAOccupancy
at  12/31/23
Central/Eastern Pennsylvania1105,000 100%
Central Florida3239,306 100%
Chicago, IL1451,022 46%
Denver, CO2787,585 0%
Nashville, TN1500,240 0%
Seattle, WA1128,682 50%
South Florida4605,235 100%
Total132,817,070 

As of December 31, 2023, we substantially completed six developments totaling approximately 1.7 million square feet of GLA. The estimated total investment for the six developments is approximately $286.9 million, of which $248.1 million has been funded as of December 31, 2023. 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		GLAOccupancy
at  12/31/23
Central/Eastern Pennsylvania21,057,728 33%
Central Florida1107,984 0%
Southern California2543,928 0%
Northern California137,056 0%
Total61,746,696 

As of December 31, 2023, we have six development projects that are under construction totaling approximately 1.9 million square feet of GLA. The estimated total investment for the six development projects under construction is $284.8 million, of which $171.0 million has been funded as of December 31, 2023. 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 AreaNumber of
Properties		GLAAnticipated Quarter of Building Completion
Southern California3637,668 Q1 2024
South Florida1135,707 Q2 2024
Northern California11,015,791 Q3 2024
Central Florida1112,000 Q2 2025
Total (A)
61,901,166 
(A) The six properties were 6% pre-leased at December 31, 2023.

24

Property Acquisitions
During the year ended December 31, 2020,2023, we acquired eightfour industrial properties and 128.8239 acres of land located in our Central/Eastern Pennsylvania, Central Florida, Seattle,Houston, Nashville, South Florida and Southern California markets for an aggregate purchase price of approximately $224.0$124.5 million. The industrial properties were acquired at an expected stabilized capitalization rate of approximately 5.9%6.2%. 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 AreaMetropolitan 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%
Metropolitan Area
Metropolitan AreaNumber  of
Properties		GLAOccupancy
at  12/31/23
Houston, TXHouston, TX154,080 100%
Southern CaliforniaSouthern California123,970 Light Industrial0%Southern California3101,701 100%100%
TotalTotal81,544,284 
Development Activity
During the year ended December 31, 2020, we moved 10 development properties to our in-service portfolio at a total cost of approximately $221.7 million. Included in the total cost is $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 7.2%. The placed in-service development projects have the following characteristics:
Metropolitan AreaNumber of
Properties		GLAProperty TypeOccupancy
at  12/31/20
Dallas, TX4977,303 Bulk Warehouse74%
Houston, TX2371,950 Bulk Warehouse15%
Phoenix, AZ1643,798 Bulk Warehouse100%
South Florida1103,356 Bulk Warehouse100%
Southern California2430,196 Bulk Warehouse, Regional Warehouse100%
Total102,526,603 
As of December 31, 2020, we substantially completed two developments totaling approximately 0.1 million square feet of GLA. The estimated total investment for the two developments is approximately $19.0 million, of which $18.3 million has been incurred as of December 31, 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

As of December 31, 2020, we have eight development projects that are under construction totaling approximately 1.3 million square feet of GLA. The estimated total investment for the eight development projects under construction is $172.4 million, of which $80.4 million has been incurred as of December 31, 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 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, 2020,2023, we sold 2911 industrial properties comprising approximately 1.91.0 million square feet of GLA, at a weighted average capitalization rate of 7.2%6.5%, and two land parcels for total gross sales proceeds of approximately $153.4$125.3 million. The capitalization rate for the 2911 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) 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).


Metropolitan AreaNumber of
Properties		GLA
Central/Eastern Pennsylvania1264,120 
Cincinnati, OH2346,969 
Detroit, MI6157,879 
Houston, TX1182,563 
Minneapolis/St. Paul, MN148,000 
Total11999,531 
2425

Tenant and Lease Information
We have a diverse base of more than 975approximately 1,000 tenants engaged in a wide variety of businesses including manufactured products,e-commerce, third-party logistics and transportation, consumer and other manufactured products, retail and consumer services, food and beverage, lumber and building materials, e-commerce, wholesale goods, health services, governmental and other. At December 31, 2020,2023, our leases have a weighted average lease length of 7.27.6 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,insurance, property taxes and insurance.utilities. As of December 31, 2020,2023, approximately 95.7%95.5% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 6.3%5.6% of our rent revenues, nor did any single tenant or group of related tenants occupy more than 5.2%5.4% 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, 2020.2023. 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)
Number of
Leases
Commenced		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 LeasesNew Leases872,533$8.0232.9%5.0$5.50N/ANew Leases732,865$11.2098.6%6.8$6.85N/A
Renewal LeasesRenewal Leases1335,673$6.3328.0%5.9$1.8976.8%Renewal Leases1275,379$9.9676.6%5.1$2.2863.5%
Development / Acquisition LeasesDevelopment / Acquisition Leases183,691$6.14N/A9.1N/AN/ADevelopment / Acquisition Leases151,590$11.95N/A8.8N/A
Total / Weighted AverageTotal / Weighted Average23811,897$6.6329.7%6.7$3.0176.8%Total / Weighted Average2159,834$10.6584.2%6.2$3.8763.5%

(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 paidfunded 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. First generation lease costs for development and acquisition properties are excluded.
(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, 2020,2023, which included rent concessions during the lease term.  
Number of
Leases
With Rent Concessions		Square Feet
(in 000's)		Rent Concessions ($)
Number of
Leases
With Rent Concessions		Number of
Leases
With Rent Concessions		Square Feet
(in 000's)		Rent Concessions
New LeasesNew Leases641,631$4,250New Leases502,279$3,674
Renewal LeasesRenewal Leases15771721Renewal Leases12897$1,238
Development / Acquisition LeasesDevelopment / Acquisition Leases173,5907,790Development / Acquisition Leases141,573$5,477
TotalTotal965,992$12,761Total764,749$10,389

2526

Lease Expirations

Fundamentals for the United States industrial real estate market remained favorable in 2020, despite the COVID-19 pandemic that impacted general economic activity during the year. Supply chain activity drove additional2023. Overall demand for new industrial space particularly innationally grew, but at lower levels than the e-commerce segment which benefited from an increase in consumer adoption.post-COVID-19 pandemic inventory rebuilding periods of 2021 and 2022. New industrial space continued to be developed and delivered throughout the year in response to this growth in demand.demand and the levels of existing competing supply. In 2020,2023, new supply exceeded incremental demand for the second consecutive year. In the fourth quarter, however, incremental demand exceeded new supply.demand. National vacancy levels remained low and overall industry conditions resulted in an environment that was supportive of market-level rental rate growth in virtually all of our markets.the markets in which we own and operate, albeit at lower levels than in 2022. Based on our recent experience, low levels of vacancy generally throughout our markets and the 20212024 forecast of 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 2021,2024, 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 continued improvement in market conditions as compared to the conditions prevailingrent growth since when the comparative leases were signed. The following table shows scheduled lease expirations for all signed leases in our in-service properties as of December 31, 2020.2023:
Year of Expiration (A)
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)
20211454,756,8558.0%$26,7948.2%
20221868,140,59213.7%45,25013.9%
20231878,660,71414.6%47,74914.6%
202420241556,938,90611.7%39,73312.2%20241013,096,8415.1%$22,4525.1%
202520251336,395,89610.8%36,85911.3%20251636,695,36010.9%45,86310.4%
20262026776,236,34910.5%31,2099.6%20261878,914,48014.5%58,77913.3%
20272027273,936,9046.6%19,5136.0%20271809,245,05615.1%64,74414.6%
20282028203,314,7865.6%18,2935.6%20281499,524,12215.5%83,04618.7%
20292029213,679,8256.2%21,4676.6%2029926,523,51910.6%48,52711.0%
20302030192,480,7854.2%14,3644.4%2030423,202,9755.2%23,6325.3%
20312031192,894,8914.7%23,2565.2%
20322032234,256,7327.0%27,4756.2%
20332033182,145,1823.5%19,2144.3%
ThereafterThereafter154,794,4178.1%24,7407.6%Thereafter134,831,8217.9%25,9745.9%
TotalTotal98559,336,029100%$325,971100%Total98761,330,979100%$442,962100%
_______________
(A)Includes leases that expire on or after January 1, 20212024 and assumes tenants do not exercise existing renewal, termination or purchase options. Reflects the impact of renewals signed prior to January 1, 2024 which are now reflected in the new year of expiration.
(B)Does not include existing vacancies of 2,666,9762,937,033 aggregate square feet and December 31, 20202023 move outs of 381,964606,094 aggregate square feet.
(C)Annualized base rent is calculated as monthly contractual base rent per the terms of the lease, as of December 31, 2020,2023, 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.
2627

PART II
Item  5.Market for Registrant's Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities
Market Information and Holders
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 EndedClosing HighClosing LowDividend/Distribution
Declared
December 31, 2023$53.97$40.64$0.320
September 30, 2023$54.86$47.59$0.320
June 30, 2023$54.36$50.09$0.320
March 31, 2023$54.94$47.64$0.320
December 31, 2022$50.68$43.82$0.295
September 30, 2022$55.62$44.14$0.295
June 30, 2022$65.32$46.13$0.295
March 31, 2022$65.01$56.31$0.295
As of February 15, 2021,14, 2024, the Company had 360315 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 134114 holders of record of Units registered with our transfer agent.
Dividends
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)(i) the sum of a)(a) 90% of the Company's "REIT taxable income" computed without regard to the dividends paid deduction and net capital gains and b)(b) 90% of net income (after tax), if any, from foreclosure property, minus ii)(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 2020.2023.
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.
Limited Partner Units
During the year ended December 31, 2020,2023, the Operating Partnership issued 464,975405,618 Limited Partner Units in connection with the issuance of equity compensation, inclusive of Limited Partner Units issued related to dividends accrued on the underlying common stock, 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, 2020,2023, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $114.3$177.9 million or by issuing 2,713,1423,378,165 shares of the Company's common stock.
2728

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 REIT peers. The historical information set forth below is not necessarily indicative of future performance.
fr-20201231_g2.jpg3962
(A)$100 invested on 12/31/1518 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
12/1512/1612/1712/1812/1912/20 12/1812/1912/2012/2112/2212/23
FIRST INDUSTRIAL REALTY TRUST, INC.FIRST INDUSTRIAL REALTY TRUST, INC.$100.00 $130.45 $150.64 $142.15 $209.47 $218.23 
S&P 500S&P 500$100.00 $111.96 $136.40 $130.42 $171.49 $203.04 
FTSE NAREIT Equity REITsFTSE 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"soliciting material,”" to be “filed”"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

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 
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

Item 6.[Reserved]
None.
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.
Summary of 20202023
Despite the COVID-19 pandemic, ourOur operating results remained strongwere solid in 2020.2023. Our year-endyear end in-service occupancy was 95.7% and95.5%, 330 basis points lower than our in-service occupancy at December 31, 2022, reflecting the impact of completed developments in lease-up entering our in-service portfolio. Also, during 2020the year ended December 31, 2023, we grew cash rental rates by 13.5%, which is the second highest58.3% on new and renewal leasing, establishing a new 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 endedcompany record for this metric. At December 31, 2020,2023, we recorded a reserve on accounts receivable (or did not recognize rental revenue duehad six projects comprising 1.9 million square feet of GLA under development with an estimated investment of $284.8 million. Additionally, we continue to converting certain tenants to cash basis) of $1.8 million and also 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 verticalposition ourselves for future development projects other than completing development and redevelopment 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 by acquiring land located in our target markets due to favorable market conditions. Although the impact of COVID-19 pandemic hadwith an overall minimal impactemphasis on us in 2020, with the continued uncertainty regarding the COVID-19 pandemic and its impact on the economy we cannot predict the future impact the COVID-19 pandemic may have on our business, future financial condition and operating results.supply constrained coastal markets.
In 2020,2023, we completed the following significant real estate activities:
•We acquired eightfour industrial properties comprised of approximately 1.50.2 million square feet of GLA located in our Baltimore/Washington, Northern California, PhoenixHouston and Southern California markets for an aggregate purchase price of $154.4 million.$43.9 million, excluding transaction costs. These properties were 92%100% leased at December 31, 2020.2023.
•We added to our development pipeline 128.8acquired approximately 239.2 acres of land for development located in our Central Florida, Seattle,Nashville, Philadelphia, South Florida and Southern California markets for an aggregate purchase price of $69.6 million.$80.6 million, excluding transaction costs.
•We placed in-service 1013 industrial properties comprising approximately 2.52.8 million square feet of GLA located in our Dallas/Ft. Worth, Houston, Phoenix,Central Florida, Chicago, Denver, Nashville, Philadelphia, Seattle and South Florida and Southern California markets at an estimated total cost of $221.7$354.9 million. These properties were 79%45% leased at December 31, 2020.2023.
•We commenced speculative development for five development projects totalingof four industrial buildings comprised of 0.8 million square feet of GLA in our Central Florida, Philadelphia, South Florida and Southern California markets.
•We sold 11 industrial properties comprising approximately 1.0 million square feet of GLA at an estimated total investmentand two land parcels for gross proceeds of $135.3$125.3 million.
•WeOur Joint Venture sold 29 industrial properties comprised of approximately 1.9 million square feet of GLA for total gross sales proceeds of $153.4 million. Included in these sales were our remaining industrial properties located in Indianapolis, IN and Tampa, FL.
•One of our joint ventures sold 93.5 acres of land and a newly constructed 0.6 million square foot building (of which we were the purchaser) located in Phoenix, AZ for gross proceeds of $60.0 million.
•We entered into a new joint venture through which we acquired, for a purchase price of $70.5 million, approximately 569 net developable31 acres of land located in Phoenix for gross proceeds of $50 million. Our pro-rata share of the purposegain was $17.3 million and we recognized an incentive fee of developing, leasing,$7.1 million. These amounts exclude our partner's 6% share in the Joint Venture that we consolidate and operating industrial properties and potentially selling land.report in our financial statements as Noncontrolling Interest.

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We completed the following financing activities during the year ended December 31, 2020:
•We issued 1,842,281 shares of our common stock, through "at-the-market" ("ATM") offerings, resulting in net proceeds of $78.7 million.
•We issued $100.0 million of ten-year private placement notes at a rate of 2.74% and $200.0 million of twelve-year private placement notes at a rate of 2.84%.
•We entered 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 July 15, 2021 and includes two, one-year extension options at our election. The new loan provides for interest only payments and currently bears an interest rate based of LIBOR plus 150 basis points.
•We paid off $25.4 million in mortgage loans payable.2023:
•We declared an annual cash dividend of $1.00$1.28 per common share or Unit, an increase of 8.7%8.5% from 2019.2022.
•At December 31, 2023, we had $449.8 million available for additional borrowings under our Unsecured Credit Facility and cash and cash equivalents was $42.9 million, after excluding our Joint Venture minority partner's share of cash and cash equivalents that we consolidate and report in our financial statements.
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Results of Operations
Comparison of Year Ended December 31, 20202023 to Year Ended December 31, 20192022
Our net income was $200.2$285.8 million and $243.9$381.6 million for the years ended December 31, 20202023 and 2019,2022, respectively.
The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 20202023 and 2019.2022. Same store properties are properties owned prior to January 1, 20192022 and held as an in-service property through December 31, 20202023 and developments and redevelopments that were placed in service prior to January 1, 2019.2022. 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)(a) stabilized occupancy (defined as 90% occupied), or b)(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 within 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, 20182021 and held as an operating property through December 31, 2020.2023. Sold properties are properties that were sold subsequent to December 31, 2018.2021. (Re)Developments include developments and redevelopments that were not: a)(a) substantially complete 12 months prior to January 1, 2019;2022; or b)(b) stabilized prior to January 1, 2019.2022. 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, interest income 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 classification. During the year ended December 31, 2018, we completed the redevelopment of this property and as of December 31, 2018, the property was 100% leased. This property returned to the same store classification in the first quarter 2020.
During the year ended December 31, 2016, one industrial property, comprising approximately 28 thousand square feet of GLA, was taken out of service due to a fire which caused complete destruction of the building. The results of this property are included in the (re)development classification. During the year ended December 31, 2019, we completed the rebuild of this property and as of December 31, 2019, the property was 100% 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, 20202023 and 2019,2022, the average occupancy rates of our same store properties were 97.1%97.4% and 97.7%98.0%, respectively.
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20202019$ Change% Change 20232022$ Change% Change
(In thousands)
REVENUESREVENUES
REVENUES
REVENUES
Same Store Properties
Same Store Properties
Same Store PropertiesSame Store Properties$376,511 $366,952 $9,559 2.6 %$519,477 $$483,976 $$35,501 7.3 7.3 %
Acquired PropertiesAcquired Properties8,132 1,711 6,421 375.3 %Acquired Properties10,434 5,029 5,029 5,405 5,405 107.5 107.5 %
Sold PropertiesSold Properties12,947 44,210 (31,263)(70.7)%Sold Properties5,691 17,699 17,699 (12,008)(12,008)(67.8)(67.8)%
(Re) Developments(Re) Developments35,139 7,361 27,778 377.4 %(Re) Developments56,204 20,241 20,241 35,963 35,963 177.7 177.7 %
OtherOther15,299 5,750 9,549 166.1 %Other22,221 12,984 12,984 9,237 9,237 71.1 71.1 %
Total RevenuesTotal Revenues$448,028 $425,984 $22,044 5.2 %Total Revenues$614,027 $$539,929 $$74,098 13.7 13.7 %
Revenues from same store properties increased $9.6$35.5 million primarily due to an increaseincreases in rental rates as well asand tenant recoveries, offset by a slight 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.occupancy. Revenues from acquired properties increased $6.4$5.4 million due to the 1715 industrial properties acquired subsequent to December 31, 20182021 totaling approximately 2.10.6 million square feet of GLA. Revenues from sold properties decreased $31.3$12.0 million due to the 6920 industrial properties sold subsequent to December 31, 20182021 totaling approximately 7.83.2 million square feet of GLA. Revenues from (re)developments increased $27.8$36.0 million due to an increase in occupancy and tenant recoveries as well as $1.1recoveries. Revenues from other increased $9.2 million due to joint venture fees, legal settlement proceeds, interest income earned on cash balances, revenues from income-producing land parcels for which our ultimate intent, for the majority of final insurance proceeds receivedthe land parcels, is to redevelop or develop in the future and recorded as revenuerevenues related to a property that was destroyed by fire in 2016. Revenues from other increased $9.5 million primarily due to final insurance settlement proceeds of $5.4 million received and recorded as revenue related to a property that was destroyed by fire in 2017, the acquisition of partially occupied properties during 2018acquisitions that were not yet stabilized at December 31, 20182021 and therefore are not yet included in the same store pool and the acquisition of a land site during 2019 on which we intend to develop industrial buildings in the future but currently are leasing to tenants and collecting ground lease rent.pool.
20202019$ Change% Change 20232022$ Change% Change
(In thousands)
PROPERTY EXPENSESPROPERTY EXPENSES
PROPERTY EXPENSES
PROPERTY EXPENSES
Same Store Properties
Same Store Properties
Same Store PropertiesSame Store Properties$92,588 $90,476 $2,112 2.3 %$127,967 $$119,955 $$8,012 6.7 6.7 %
Acquired PropertiesAcquired Properties2,386 598 1,788 299.0 %Acquired Properties2,271 1,061 1,061 1,210 1,210 114.0 114.0 %
Sold PropertiesSold Properties3,495 13,048 (9,553)(73.2)%Sold Properties1,271 4,048 4,048 (2,777)(2,777)(68.6)(68.6)%
(Re) Developments(Re) Developments10,328 2,570 7,758 301.9 %(Re) Developments16,951 3,592 3,592 13,359 13,359 371.9 371.9 %
OtherOther10,398 9,893 505 5.1 %Other17,195 15,007 15,007 2,188 2,188 14.6 14.6 %
Total Property ExpensesTotal Property Expenses$119,195 $116,585 $2,610 2.2 %Total Property Expenses$165,655 $$143,663 $$21,992 15.3 15.3 %
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 $2.1$8.0 million primarily due to increases in real estate tax expense and insurance expense. Property expenses from acquired properties increased $1.2 million due to properties acquired subsequent to December 31, 2021. Property expenses from sold properties decreased $2.8 million due to properties sold subsequent to December 31, 2021. Property expenses from (re)developments increased $13.4 million primarily due to the substantial completion of developments. Property expenses from other increased $2.2 million primarily due to an increase in real estate taxestax expense related to land parcels purchased in 2022 and insurance, partially offset2023 and an increase in certain miscellaneous expenses.
General and administrative expense increased by $3.1 million, or 9.3%, due to an increase in compensation and other professional costs.
Joint Venture development services expense increased by $2.8 million, or 303.4%, for the year ended December 31, 2023, which primarily relates to expenses paid to a decreasethird party to assist with the development of properties in repairsthe Joint Venture.
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 20232022$ Change% Change
 (In thousands)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties$129,427 $128,083 $1,344 1.0 %
Acquired Properties4,475 2,627 1,848 70.3 %
Sold Properties814 3,933 (3,119)(79.3)%
(Re) Developments23,455 9,198 14,257 155.0 %
Corporate Furniture, Fixtures and Equipment and Other4,780 3,579 1,201 33.6 %
Total Depreciation and Other Amortization$162,951 $147,420 $15,531 10.5 %

Depreciation and maintenanceother amortization from same store properties remained relatively unchanged. Depreciation and snow removal costs. Property expensesother amortization from acquired properties increased $1.8 million due to properties acquired subsequent to December 31, 2018. Property expenses2021. Depreciation and other amortization from sold properties decreased $9.6$3.1 million due to properties sold subsequent to December 31, 2018. Property expenses from (re)developments increased $7.8 million primarily due to the substantial completion of developments. Property expenses from other increased $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 maintenance company expenses.
General and administrative expense increased by $4.3 million, or 15.0%, primarily due to an increase in incentive compensation as well as severance expense of $0.9 million associated with the closing of our Indianapolis regional office during the year ended December 31, 2020.
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 20202019$ Change% Change
 (In thousands)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties$104,308 $101,714 $2,594 2.6 %
Acquired Properties4,883 1,451 3,432 236.5 %
Sold Properties2,459 10,652 (8,193)(76.9)%
(Re) Developments14,075 4,484 9,591 213.9 %
Corporate Furniture, Fixtures and Equipment and Other3,913 2,928 985 33.6 %
Total Depreciation and Other Amortization$129,638 $121,229 $8,409 6.9 %

Depreciation and other amortization from same store properties increased $2.6 million primarily due to accelerated depreciation and amortization taken during the year ended December 31, 2020 attributable the early termination of certain tenants' leases. Depreciation and other amortization from acquired properties increased $3.4 million due to properties acquired subsequent to December 31, 2018. Depreciation and other amortization from sold properties decreased $8.2 million due to properties sold subsequent to December 31, 2018.2021. Depreciation and other amortization from (re)developments increased $9.6$14.3 million primarily due to an increase in depreciation and amortization related to completed developments. Depreciation from corporate furniture, fixtures and equipment and other increased $1.0$1.2 million primarily due to depreciation and amortization related to properties acquired during 2018 that were not yet stabilized at December 31, 20182021 and therefore are not yet included in the same store pool as well as depreciation on land improvements related to the acquisition of a land site during 2019. We intend to develop industrial buildings on such land site in the future, but we are currently leasing the property to tenants and collecting ground lease rent.pool.
For the year ended December 31, 2020,2023, we recognized $86.8$95.7 million of gain on sale of real estate related to the sale of 29eleven industrial properties comprising approximately 1.91.0 million square feet of GLA.GLA and two land parcels. For the year ended December 31, 2019,2022, we recognized $124.9$128.3 million of gain on sale of real estate related to the sale of 40nine industrial properties comprising approximately 5.92.2 million square feet of GLA and severalone land parcels. Includedparcel.
Interest expense increased $25.3 million, or 51.7%, primarily due to an increase in the 40 industrial properties sold duringweighted average interest rate for the year ended December 31, 2019 was a gain related2023 (4.05%) as compared 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 increased $1.0 million, or 2.0%2022 (3.41%), primarily due to an increase in the weighted average debt balance outstanding for the year ended December 31, 20202023 ($1,593.52,175.0 million) as compared to the year ended December 31, 20192022 ($1,397.61,917.4 million), offset by an increase and a decrease in capitalized interest of $1.1$2.5 million caused by a decrease in development projects eligible for capitalization during the year ended December 31, 20202023 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, 2020 (3.65%) as compared to the year ended December 31, 2019 (4.01%).2022.
Amortization of debt issuance costs increased $0.2$0.4 million, or 6.5%13.8%, primarily due to debt issuance costs incurred related to the refinancing of a $200 million unsecured term loan in July 2020, the issuance of $150.0 million of private placement notes in July 2019 and the issuance of $300.0 million of private placement notes in September 2020.
Equity in income of Joint Ventures for the year ended December 31, 2020 decreased $12.0 million, or 74.1% primarily due to a decrease in our pro-rata share of gain related to the sale of real estate and accrued incentive fees during the year ended December 31, 2020 as compared2022 related to the year ended December 31, 2019.issuance of a $300.0 million term loan.
Income tax expenseEquity in income of joint venture decreased $1.0$82.7 million, or 29.3%72.0%, 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 accruedVenture and incentive fees related to the Joint Venture, partially offset by an increase in rental and interest income we earned from the Joint Ventures. Our equity ownershipVenture. These amounts include our partner's 6% interest in the Joint Ventures is owned through a wholly-owned TRS.Venture that we consolidate and report within our financial statements.
Income tax expense decreased $14.7 million, or 62.8%, primarily due to decreases in our share of taxable gains and incentive fees from the Joint Venture, partially offset by an increase in our share of equity in income from the Joint Venture related to increases in rental and interest income recognized by the Joint Venture.
3433

Comparison of Year Ended December 31, 20192022 to Year Ended December 31, 20182021
 
A discussion of changes in our results of operations between 20192022 and 20182021 can be found in "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations - Comparison of Year Ended December 31, 20192022 to Year Ended December 31, 2018"2021" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019.2022.
Critical Accounting Policies
A critical accounting policy is one that involves an estimate or assumption that is subjective and requires management judgment about the effect of 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 policies relate to the more significant judgments and estimates used in the preparation of our consolidated financial statements:Consolidated Financial 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 deferred lease intangibles including in-place leases and above market and below market leaseintangible assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Acquired above and below market lease intangibles are valued based on the present value of the difference between prevailing market rental rates and the in-pacein-place rental rates measured over a period equal to the remaining term of the lease for above market leases or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The purchase price is further allocated to in-place lease values based on an estimate of the lease revenue received during a reasonable lease-up period as if the property was vacant on the date of acquisition.
•Impairment of Real Estate Assets: We review the carrying value of our tangible and intangiblelong-lived real estate assets held for use for possible impairment when 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.
3534

Liquidity and Capital Resources
Cash Flow Activity
The following table summarizes our cash flow activity for the Company for the years ended December 31, 2023 and 2022:
Year Ended December 31,
20232022
(In thousands)
Net cash provided by operating activities$304,815 $410,943 
Net cash used in investing activities(378,306)(629,108)
Net cash (used in) provided by financing activities(27,783)304,503 
The following table summarizes our cash flow activity for the Operating Partnership for the years ended December 31, 2023 and 2022:
Year Ended December 31,
20232022
(In thousands)
Net cash provided by operating activities$304,813 $410,897 
Net cash used in investing activities(378,306)(629,108)
Net cash (used in) provided by financing activities(27,781)304,549 
Changes in cash flow for the year ended December 31, 2023, compared to the prior year are described as follows:
Operating Activities: Cash provided by operating activities decreased $106.1 million, primarily due to the following:
•decrease in distributions from our Joint Venture of $110.6 million in 2023 as compared to 2022 due to funds received from a sale of real estate from our Joint Venture;
•increase of $25.3 million in interest expense; and
•decrease in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments; offset by:
◦increase in net operating income from same store properties, acquired properties and recently developed properties of $54.3 million, offset by a decrease in net operating income due to the disposition of real estate of $9.2 million; and
◦decrease of $14.7 million in income tax provision.
Investing Activities: Cash used in investing activities decreased $250.8 million, primarily due to the following:
•decrease of $334.7 million related to the acquisition, development and investment in real estate attributable to fewer acquisitions and a reduction in expenditures related to developments under construction during the year ended December 31, 2023 as compared to the year ended December 31, 2022; and
•decrease of $4.3 million in escrow deposits; offset by:
◦decrease of $55.0 million in net proceeds received from the disposition of real estate in 2023 as compared to 2022; and
◦decrease of $36.1 million in net distributions from our Joint Venture in 2023 as compared to 2022.


35

Financing Activities: Cash used in financing activities was $27.8 million for the year ended December 31, 2023 as compared to $304.5 million provided by financing activities for the year ended December 31, 2022, resulting in a decrease of cash provided by financing activities of $332.3 million, primarily due to the following:
•decrease of $465.0 million in proceeds from refinancing the expiring $260.0 million unsecured term loan with a $425.0 million unsecured term loan in 2022 and $300.0 million related to the new unsecured term loan we entered into in 2022;
•increase in dividend and unit distributions of $14.0 million due to the Company increasing the dividend rate in 2023 as well as an increase in common shares and Units outstanding;
•decrease of $12.8 million related to net proceeds from the issuance of 218,230 shares of the Company's common stock under our ATM in 2022; and
•increase in distributions to noncontrolling interests of $7.1 million in 2023 as compared to 2022; offset by:
◦increase in net borrowings under our Unsecured Credit Facility of $92.0 million in 2023 as compared to 2022;
◦decrease in repayments of mortgage loans payable of $69.1 million in 2023 compared to 2022; and
◦decrease in debt issuance costs of $5.1 million related to the $425.0 million unsecured term loan refinancing and $300.0 million unsecured term loan issuance.
Material Cash Requirements
At December 31, 2020,2023, our cash and cash equivalents were $42.9 million, after excluding our Joint Venture partner's share of cash and restricted cash were approximately $162.1 millionequivalents that we consolidate and $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.report in our financial statements. We also had $724.6$449.8 million available for additional borrowings under our Unsecured Credit Facility as of December 31, 2020.2023.
We have considered our short-term (through December 31, 2021)2024) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. We have a $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, 2020 maturing in October 2021. We expect to satisfy these payment obligations on or prior to the maturity dates by extending the term of the Unsecured Credit Facility and/or the $200.0 million term loan or through the issuance of other debt or equity securities. With the exception of 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 other debt or equity securities, subject to market conditions or borrowings under our Unsecured Credit Facility.
We expect to meet long-term (after December 31, 2021)2024) 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 and the issuance of additional equity or debt securities, subject to market conditions.
As of February 15, 2021, we had approximately $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.
36

We believe that we were in compliance with our financial covenants as of December 31, 2020,2023, and we anticipate that we will be able to operate in compliance with our financial covenants in 2021.2024. 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 and our access to borrowings on our Unsecured Credit Facility may be limited if we fail to meet any of these covenants. Total debt, exclusive of unamortized debt issuance costs and unamortized discounts, at December 31, 2023 and 2022 is detailed below.
Weighted Average Interest Rate at December 31, 2023Outstanding Balance atWeighted Average Maturity in Years at December 31, 2023
December 31, 2023December 31, 2022
(In thousands)
Mortgage Loan Payable (A)
4.17%$9,978 $10,299 4.7
Senior Unsecured Notes, Gross
Senior Unsecured Bonds (A)
7.58%48,571 48,571 5.3
Private Placement Notes (A)
3.66%950,000 950,000 6.0
Subtotal998,571 998,571 
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (B)
1.81%200,000 200,000 2.5
2022 Unsecured Term Loan (C)
3.64%425,000 425,000 3.8
2022 Unsecured Term Loan II (D)
4.88%300,000 300,000 3.6
Subtotal925,000 925,000 
Unsecured Credit Facility (E)
6.19%299,000 143,000 2.5
Total Debt$2,232,549 $2,076,870 
(A) These loans have a fixed interest rate.
(B) The interest rate is based on SOFR, plus a 0.10% SOFR adjustment, plus a credit spread of 0.85%. We have interest rate swaps, with an aggregate notional value of $200.0 million, that effectively fix the SOFR rate that results in an all-in interest rate of 1.81% at December 31, 2023. These interest rate swaps mature in February 2026.
(C) The interest rate is based on SOFR, plus a 0.10% SOFR adjustment, plus a credit spread of 0.85%. We have interest rate swaps, with an aggregate notional value of $425.0 million, that effectively fix the SOFR rate that results in an all-in interest rate of 3.64% at December 31, 2023. These interest rate swaps mature in September 2027.
(D) The interest rate is based on SOFR, plus a 0.10% SOFR adjustment, plus a credit spread of 0.85%. We have interest rate swaps, with an aggregate notional value of $300.0 million, that effectively fix the SOFR rate that results in an all-in interest rate of 4.88% at December 31, 2023. These interest rate swaps mature in December 2025 ($150.0 million notional) and August 2027 ($150.0 million notional). Weighted average maturity reflected in the table above assumes we extended the maturity pursuant to two, one-year extension options, subject to certain conditions.
(E)The interest rate is a variable rate based on SOFR, plus a 0.10% SOFR adjustment, plus a credit spread of 0.775% and a facility fee of 15 basis points. Our balance under our Unsecured Credit Facility changes depending on our cash needs and the interest rate and facility fee are each subject to adjustment based on our leverage and investment grade rating. Weighted average maturity reflected in the table above assumes we extended the maturity pursuant to two, six-month extension options, subject to certain conditions. As of February 14, 2024, we had approximately $409.9 million available for additional borrowings under our Unsecured Credit Facility.
As of December 31, 2020,2023, 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, 2020 and 2019:
Year Ended December 31,
20202019
(In thousands)
Net cash provided by operating activities$240,430 $245,533 
Net cash used in investing activities(251,738)(205,386)
Net 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, 2020 and 2019:
Year Ended December 31,
20202019
(In thousands)
Net cash provided by operating activities$241,081 $245,620 
Net cash used in investing activities(251,738)(205,386)
Net cash provided by financing activities57,597 62,111 
Changes in cash flow for the year ended December 31, 2020, compared to the prior year are described as follows:
Operating Activities: Cash provided by operating activities decreased $5.1 million for the Company (decreased $4.5 million for the Operating Partnership), primarily due to the following:
•decrease in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits due to timing of cash payments; and
•decrease in operating distributions from our Joint Ventures of $11.7 million in 2020 as compared to 2019; offset by
•decrease in tenant accounts receivable, prepaid expenses and other assets due to timing of cash receipts;
•decrease in payments to settle derivative instruments of $3.1 million; and
•increase in net operating income from same store properties, acquired properties, and recently developed properties of $32.1 million, offset by decreases in net operating income due to property disposals of approximately $21.7 million.
Investing Activities: Cash used in investing activities increased $46.4 million, primarily due to the following:
•increase of $67.5 million related to the acquisition of real estate;
•increase of $31.3 million related to net contributions made to our Joint Ventures in 2020 as compared to 2019;
•decrease of $50.6 million in net proceeds received from the disposition of real estate and collection of a sales-type lease receivable in 2020 as compared to 2019; offset by
•decrease of $96.1 million related to the development of real estate and payments for improvements and leasing commissions in 2020 as compared to 2019;
•decrease of $8.2 million in escrow balances; and
•increase of $6.5 million related to the collection of insurance settlement proceeds.

37

Financing Activities: Cash provided by financing activities decreased $4.0 million for the Company (decreased $4.5 million for the Operating Partnership), primarily due to the following:
•increase in net repayments of our Unsecured Credit Facility of $316.0 million in 2020 compared to 2019;Our other material cash requirements from known contractual and
•increase in dividend and unit distributions of $10.1 million due to the Company raising the dividend rate in 2020; offset by
•increase of $150.0 million related to the issuance of unsecured notes in a private placement in 2020;
•decrease in repayments of mortgage loans payable of $93.1 million; and
•increase of $78.7 million related to net proceeds from the issuance of 1,842,281 shares of the Company's common stock under our ATM in 2020.
Contractual Obligations and Commitments
The following table lists our contractual other obligations and commitments as of December 31, 2020:
 Payments Due by Period
(In thousands)
 TotalLess Than
1 Year		1-3 Years3-5 YearsOver 5 Years
Rent Payments Due on Operating and Ground Leases$71,277 $2,610 $5,023 $4,289 $59,355 
Real Estate Development Costs(A)(B)
92,000 92,000 — — — 
Long Term Debt1,602,785 261,891 332,345 684 1,007,865 
Interest Expense on Long Term Debt(A)(C)
366,070 55,403 88,969 81,747 139,951 
Unsecured Credit Facility(D)
909 909 — — — 
Total$2,133,041 $412,813 $426,337 $86,720 $1,207,171 
_______________
(A)Not on balance sheet.
(B)Represents estimated2023 include an estimate of remaining payments on the completion of development projects under construction. Estimated remaining costs includeconstruction for the Company of $113.8 million which includes all costs necessary to place the properties into service and could extend beyond one year.
(C)Includes interest expense onservice. In addition, the remaining estimated equity that the Company will need to contribute to complete the development projects in our unsecured term loans, inclusiveJoint Venture is approximately $7.9 million. The majority of the impactconstruction costs and our proportionate share of interest rate swaps which effectively swapequity contributions to the variable interest rateJoint Venture need 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 maturitybe funded in October 2021.one year or less.

Off-Balance Sheet Arrangements
At December 31, 2020,2023, we had letters of credit and performance bonds outstanding amounting to $22.0$20.7 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 $1.1$0.7 million and $0.3$0.6 million during the years ended December 31, 20202023 and 2019,2022, respectively, related to environmental expenditures. We estimate 20212024 expenditures of approximately $2.3$2.1 million which has been accrued at December 31, 2020.2023. We estimate that the aggregate expenditures which need to be expended in 20212024 and beyond with regard to currently identified environmental issues will not exceed approximately $5.0$5.5 million which has been accrued at December 31, 2020.2023.
Inflation
For the last several years,Prior to 2021, inflation has nothad been low and had a significantminimal impact on us becausethe operating performance of the relatively low inflation ratesour industrial properties in our markets of operation. Mostoperation; however, inflation significantly increased in 2021 and 2022 and, while it moderated in 2023, it could increase in the future. Many of our leases requirecontain provisions designed to mitigate the adverse impact of inflation, including contractual rent escalations and requirements for tenants to pay their proportionate share of property operating expenses, including common area maintenance,expenses, utilities, insurance, and real estate taxes, and insurance,certain capital expenditures related to the maintenance of our properties, thereby reducing our exposure to increases in costs andproperty operating expenses resulting from inflation. However, under our leases we typically have exposure to increases in non-reimbursable property operating expenses, including expenses incurred related to vacant premises. In addition, we believe that some of the existing rental rates under our leases have a weighted average lease length of 7.2 yearssubject to renewal are below current market rates for comparable space and that upon renewal or re-leasing, such rates may be increased to be consistent with, or closer to, current market rates, which may enable usalso offset our exposure to replace existing leasesinflationary expense pressures related to our leased properties. We also have exposure to inflation with new leases at higher base rentals if rentsrespect to our development portfolio, as increases in materials and other costs related to our development activities make it more expensive to develop properties. With respect to our outstanding indebtedness, we periodically evaluate our exposure to interest rate fluctuations, and may continue to enter into derivatives that mitigate, but do not eliminate, the impact of existing leases are below the then-existing market rate.
38

changes in interest rates on our Unsecured Credit Facility.
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, 20202023 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.

38

At December 31, 2020, $1,602.72023, $1,933.5 million or 100% of our total debt, excluding unamortized debt issuance costs, was fixed rate debt. At December 31, 2019, $1,332.9 million or 89.4%86.6% of our total debt, excluding unamortized debt issuance costs, was fixed rate debt. As of the same date, $158.0$299.0 million or 10.6%13.4% of our total debt, excluding unamortized debt issuance costs, was variable rate debt. FixedAt December 31, 2022, $1,933.8 million or 93.1% of our total debt, excluding unamortized debt issuance costs, was fixed rate debt. As of the same date, $143.0 million or 6.9% of our total debt, excluding unamortized debt issuance costs, was variable rate debt. At December 31, 2023 and 2022, the fixed rate debt for both years includes $460.0 million of variable-rateamounts include variable rate debt that has been effectively swapped to a fixed rate through the use of derivative instruments with an aggregate notional amount outstanding of $925.0 million that mitigate our exposure to our Unsecured Term Loans' variable interest rates, which are currently based on SOFR. 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. We designated all of the swaps related to our Unsecured Term Loans as cash flow hedges. Currently, we do not enter into financial instruments for trading or other speculative purposes. See Material Cash Requirements for further details on the derivative instruments. As of December 31, 2023 and 2022, the estimated fair value of our debt was approximately $2,135.7 million and $1,945.4 million, respectively, based on our estimate of the then-current market interest rates.
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 SOFR and 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, 20202023 and 20192022 would have increased by approximately $0.09$1.3 million and $0.23$0.8 million, respectively, based on our average outstanding floating-rate debt during the years ended December 31, 20202023 and 2019.2022. 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 $5.7$7.5 million and $5.3$5.5 million during the years ended December 31, 20202023 and 2019.2022.
As of December 31, 2020 and 2019, the estimated fair value of our debt was approximately $1,703.2 million and $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, 2020 and 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 (the "Term Loan Swaps"). We designated the Term Loan Swaps as cash flow hedges. 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 20202023 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 real estate assets, real estate asset depreciation and amortization and impairment of 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 as follows:
Year Ended December 31, Year Ended December 31,
20202019201820172016 20232022202120202019
(In thousands) (In thousands)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating SecuritiesNet 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:Adjustments:
Depreciation and Other Amortization of Real EstateDepreciation 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 — — — 
Depreciation and Other Amortization of Real Estate
Depreciation and Other Amortization of Real Estate
Gain on Sale of Real Estate
Gain on Sale of Real Estate
Gain on Sale of Real Estate
Gain on Sale of Real Estate from Joint Ventures
Income Tax Provision - Allocable to Gain on Sale of Real Estate, Including Joint Ventures
Noncontrolling Interest Share of AdjustmentsNoncontrolling 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 SecuritiesFunds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities$234,964 $221,136 $199,391 $186,496 $167,811 
(A) In December 2018, NAREIT issued a white paper restating the definition of FFO. The 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. Prior to January 1, 2019, we included gains and losses on sales and impairment of our non-depreciable real estate in our calculation of NAREIT FFO. On January 1, 2019 we adopted the restated definition of NAREIT FFO on a prospective basis and now exclude gains and losses on sales and impairment of our non-depreciable real estate that we deem incidental. We also exclude the same adjustments from our share of net income from unconsolidated joint ventures.
4140

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 joint venture fees, depreciation and amortization, general and administrative expense, joint venture development services expense, interest expense, impairment charges, equity in income and loss from joint ventures, income tax benefit and expense, gains and losses on retirement of debtprovision and gains and losses on the sale of real 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 above/below market leases 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, 20202023 and 2019.2022.
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
Year Ended December 31,
20202019
(In thousands)(In thousands)
Same Store RevenuesSame Store Revenues$376,511 $366,952 
Same Store Property ExpensesSame Store Property Expenses(92,588)(90,476)
Same Store Property Expenses
Same Store Property Expenses
Same Store Net Operating Income Before Same Store AdjustmentsSame Store Net Operating Income Before Same Store Adjustments$283,923 $276,476 
Same Store Net Operating Income Before Same Store Adjustments
Same Store Net Operating Income Before Same Store Adjustments
Same Store Adjustments:
Same Store Adjustments:
Same Store Adjustments:Same Store Adjustments:
Straight-line RentStraight-line Rent(1,034)(5,141)
Straight-line Rent
Straight-line Rent
Above (Below) Market Lease Amortization
Above (Below) Market Lease Amortization
Above (Below) Market Lease AmortizationAbove (Below) Market Lease Amortization(941)(1,056)
Lease Termination FeesLease Termination Fees(713)(1,012)
Lease Termination Fees
Lease Termination Fees
Same Store Net Operating IncomeSame Store Net Operating Income$281,235 $269,267 
Same Store Net Operating Income
Same Store Net Operating Income
Subsequent Events
From January 1, 20212024 to February 15, 2021,14, 2024, we acquired twosold five industrial buildings and one land parcelsparcel for a purchasesales price of approximately $9.8 million, excluding transaction costs. In addition, we sold one industrial property for approximately $0.7$33.0 million, excluding 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.
4241

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, 2020.2023. 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, 2020,2023, 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, 20202023 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 20202023 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
4342

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, 2020.2023. 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, 2020,2023, 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, 20202023 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 20202023 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.During the three months ended December 31, 2023, none of the Company’s directors or officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

4443


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, Financial Statements and Financial Statement Schedule 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 4645 to 48 of this report, which is incorporated herein by reference.

4544

EXHIBIT INDEX 
ExhibitsDescription
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
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)
10.210.1†
10.3†
46

ExhibitsDescription
10.4†10.2†
10.5†10.3†
45

ExhibitsDescription
10.6†10.4†
10.7†10.5†
10.6†
10.7†
10.8†
10.9†
10.10†
10.11†
10.12†
10.13†
10.810.14
10.9
10.10
10.1110.15
10.12
10.13
10.1410.16
10.1510.17
10.1610.18
10.17†10.19
46

ExhibitsDescription
10.1810.20
10.1910.21
10.22
10.23
10.24
10.25
47

10.26
First Amendment, dated May 31, 2023, to Amended and Restated Unsecured Term Loan Agreement, dated as of April 18, 2022, among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, National Association, PNC Bank, National Association, Fifth Third Bank, National Association, Regions Bank, U.S. Bank National Association and the other lenders thereunder (incorporated by reference to Exhibit 10.3 of the Form 8-K of the Company and the Operating Partnership, filed June 2, 2023, Company's File No. 1-13102 and Operating Partnership's File No. 333-21873)
ExhibitsDescription
10.27
21.1*
23.1*
23.2*
23.3*
31.1*
31.2*
31.3*
31.4*
32.1**
32.2**
97.1*
47

ExhibitsDescription
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, 2020,2023, 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 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
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Reports of Independent Registered Public Accounting Firm (PCAOB ID 238)
50
CONSOLIDATED FINANCIAL STATEMENTS
First Industrial Realty Trust, Inc.
Consolidated Balance Sheets as of December 31, 20202023 and 20192022
56
Consolidated Statements of Operations for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
57
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
58
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
59
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
60
First Industrial, L.P.
Consolidated Balance Sheets as of December 31, 20202023 and 20192022
6162
Consolidated Statements of Operations for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
6263
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
6364
Consolidated Statements of Changes in Partners' Capital for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
6465
Consolidated Statements of Cash Flows for the Years Ended December 31, 2020, 20192023, 2022 and 20182021
6566
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Notes to the Consolidated Financial Statements
6768
1. Organization
68
2. Summary of Significant Accounting Policies
69
3. Investment in Real Estate
76
4. Indebtedness
77
5. Variable Interest Entities
80
6. Equity of the Company and Partners' Capital of the Operating Partnership
82
7. Accumulated Other Comprehensive Income (Loss)
85
8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")
86
9. Income Taxes
87
10. Leases
89
11. Long-Term Compensation
90
12. Derivative Instruments
92
13. Related Party Transactions
93
14. Commitments and Contingencies
93
15. Subsequent Events
93
94
FINANCIAL STATEMENT SCHEDULE
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Schedule III: Real Estate and Accumulated Depreciation at December 31, 20202023
94106

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”) as of December 31, 2020 and 2019, and the related consolidated statements of operations, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2020, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 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, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020 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, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial 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) 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’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Purchase Price Allocation

As described in Notes 2 and 3 to the consolidated financial statements, upon acquisition of a property, management allocates the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, construction in progress, leasing commissions and lease intangibles including in-place lease assets and above market and below market lease assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value for tangible assets includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. The Company acquired eight industrial properties for consideration of approximately $154.4 million, of which approximately $51.7 million was recorded to land and $97.1 million to buildings and improvements/construction in progress during the year ended December 31, 2020.

The principal considerations for our determination that performing procedures relating to purchase price allocationis a critical audit matter are (i) the significant judgment by management when determining the fair value estimates, which resulted in a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating evidence relating to the fair value of land and building and improvements/construction in progress, including the significant assumptions related to land comparables, discount rates, terminal capitalization rates and market rent; and (ii) the audit effort involved the use of professionals with specialized skill and knowledge.

















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 15, 2021

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

52

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of First Industrial Realty Trust, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of First Industrial Realty Trust, Inc. and its subsidiaries (the "Company") as of December 31, 2023 and 2022, and the related consolidated statements of operations, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2023, 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, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 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, 2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial 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) 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's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Purchase Price Allocation

As described in Notes 2 and 3 to the consolidated financial statements, upon acquisition of a property, management allocates the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, construction in progress, leasing commissions and lease intangibles including in-place lease assets and above market and below market lease assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value for tangible assets includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. The Company acquired 4 industrial properties for consideration of approximately $44.0 million, of which approximately $31.6 million was recorded to land and $10.7 million to building and improvements/construction in progress during the year ended December 31, 2023.

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 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 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 and market rent. Evaluating the significant assumptions relating to the land comparables, discount 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 14, 2024

We have served as the Company'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, 20202023 and 2019,2022, 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, 2020,2023, 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 Operating Partnership's internal control over financial reporting as of December 31, 2020,2023, 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, 20202023 and 2019,2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 20202023 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, 2020,2023, 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 Operating 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) and are required to be independent with respect to the Operating 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’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Purchase Price Allocation

As described in Notes 2 and 3 to the consolidated financial statements, upon acquisition of a property, management allocates the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, construction in progress, leasing commissions and lease intangibles including in-place lease assets and above market and below market lease assets and liabilities. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value for tangible assets includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. The Operating Partnership acquired eight4 industrial properties for consideration of approximately $154.4$44.0 million, of which approximately $51.7$31.6 million was recorded to land and $97.1$10.7 million to buildingsbuilding and improvements/construction in progress during the year ended December 31, 2020.2023.

The principal considerations for our determination that performing procedures relating to purchase price allocation is 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 partythird-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 15, 202114, 2024

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

55

FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
 
December 31, 2020December 31, 2019
December 31, 2023December 31, 2023December 31, 2022
(In thousands, except share and per  share data) (In thousands, except share and per  share data)
ASSETSASSETS
Assets:Assets:
Assets:
Assets:
Investment in Real Estate:Investment in Real Estate:
Investment in Real Estate:
Investment in Real Estate:
Land
Land
LandLand$1,087,907 $957,478 
Buildings and ImprovementsBuildings and Improvements2,922,152 2,782,430 
Construction in ProgressConstruction in Progress77,574 90,301 
Less: Accumulated DepreciationLess: Accumulated Depreciation(832,393)(804,780)
Net Investment in Real EstateNet 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 Assets
Operating Lease Right-of-Use Assets
Operating Lease Right-of-Use AssetsOperating Lease Right-of-Use Assets25,205 24,877 
Cash and Cash EquivalentsCash and Cash Equivalents162,090 21,120 
Restricted CashRestricted Cash37,568 131,598 
Tenant Accounts ReceivableTenant Accounts Receivable5,714 8,529 
Investment in Joint Ventures45,697 18,208 
Investment in Joint Venture
Deferred Rent ReceivableDeferred Rent Receivable84,567 77,703 
Deferred Leasing Intangibles, Net25,211 28,533 
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, NetPrepaid Expenses and Other Assets, Net134,983 182,831 
Total AssetsTotal Assets$3,791,938 $3,518,828 
LIABILITIES AND EQUITYLIABILITIES AND EQUITY
Liabilities:Liabilities:
Liabilities:
Liabilities:
Indebtedness:Indebtedness:
Mortgage Loans Payable, Net$143,879 $173,685 
Indebtedness:
Indebtedness:
Mortgage Loan Payable
Mortgage Loan Payable
Mortgage Loan Payable
Senior Unsecured Notes, NetSenior Unsecured Notes, Net992,300 694,015 
Unsecured Term Loans, NetUnsecured Term Loans, Net458,462 457,865 
Unsecured Credit FacilityUnsecured Credit Facility0 158,000 
Accounts Payable, Accrued Expenses and Other LiabilitiesAccounts Payable, Accrued Expenses and Other Liabilities120,292 114,637 
Operating Lease LiabilitiesOperating Lease Liabilities22,826 22,369 
Deferred Leasing Intangibles, Net11,064 11,893 
Rents Received in Advance and Security Deposits
Rents Received in Advance and Security Deposits
Rents Received in Advance and Security DepositsRents Received in Advance and Security Deposits62,092 57,534 
Dividends and Distributions PayableDividends and Distributions Payable33,703 30,567 
Total LiabilitiesTotal Liabilities1,844,618 1,720,565 
Commitments and Contingencies0 0 
Commitments and Contingencies (see Note 14)
Equity:
Equity:
Equity:Equity:
First Industrial Realty Trust Inc.'s 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)
First Industrial Realty Trust Inc.'s Equity:
First Industrial Realty Trust Inc.'s Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,289,039 and 132,141,503 shares issued and outstanding)
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,289,039 and 132,141,503 shares issued and outstanding)
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,289,039 and 132,141,503 shares issued and outstanding)
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Total First Industrial Realty Trust, Inc.'s EquityTotal First Industrial Realty Trust, Inc.'s Equity1,902,734 1,764,399 
Noncontrolling InterestsNoncontrolling Interests44,586 33,864 
Total EquityTotal Equity1,947,320 1,798,263 
Total Liabilities and EquityTotal 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
Year Ended December 31, 2023Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
(In thousands, except per share data) (In thousands, except per share data)
Revenues:Revenues:
Lease RevenueLease Revenue$437,543 $422,236 $398,822 
Lease Revenue
Lease Revenue
Joint Venture Fees
Other RevenueOther Revenue10,485 3,748 5,132 
Total RevenuesTotal Revenues448,028 425,984 403,954 
Expenses:Expenses:
Property ExpensesProperty Expenses119,195 116,585 116,854 
Property Expenses
Property Expenses
General and AdministrativeGeneral and Administrative32,848 28,569 27,749 
Joint Venture Development Services Expense
Depreciation and Other AmortizationDepreciation and Other Amortization129,638 121,229 116,459 
Impairment of Real Estate0 0 2,756 
Total Expenses
Total Expenses
Total ExpensesTotal Expenses281,681 266,383 263,818 
Other Income (Expense):Other Income (Expense):
Gain on Sale of Real Estate
Gain on Sale of Real Estate
Gain on Sale of Real EstateGain on Sale of Real Estate86,751 124,942 81,600 
Interest ExpenseInterest Expense(51,293)(50,273)(50,775)
Amortization of Debt Issuance CostsAmortization of Debt Issuance Costs(3,428)(3,218)(3,404)
Loss from Retirement of Debt0 0 (39)
Total Other Income (Expense)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 
Total Other Income (Expense)
Total Other Income (Expense)
Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax Provision
Equity in Income (Loss) of Joint VenturesEquity in Income (Loss) of Joint Ventures4,200 16,235 (276)
Income Tax (Provision) Benefit(2,408)(3,406)92 
Income Tax Provision
Net IncomeNet Income200,169 243,881 167,334 
Less: Net Income Attributable to the Noncontrolling InterestsLess: 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 SecuritiesNet 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
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Basic Earnings Per Share:Basic Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common StockholdersNet Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.53 $1.89 $1.31 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Diluted Earnings Per Share:Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Net Income Available to First Industrial Realty Trust, Inc.'s Common StockholdersNet Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.53 $1.88 $1.31 
Weighted Average Shares Outstanding - BasicWeighted Average Shares Outstanding - Basic127,711 126,392 123,804 
Weighted Average Shares Outstanding - DilutedWeighted 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, 2023Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
(In thousands)
Net Income
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
Mark-to-Market (Loss) Gain on Derivative Instruments
(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
Mark-to-Market (Loss) Gain on Derivative InstrumentsMark-to-Market (Loss) Gain on Derivative Instruments(10,906)(7,671)2,096 
Amortization of Derivative InstrumentsAmortization of Derivative Instruments410 233 96 
Comprehensive IncomeComprehensive Income189,874 233,294 169,526 
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.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 EQUITY
Common
Stock		Common
Stock		Additional
Paid-in
Capital		(Distributions
in Excess of
Accumulated
Earnings) Retained Earnings		Accumulated
Other
Comprehensive
(Loss) Income		Noncontrolling
Interests		Total
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 
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Balance as of December 31, 2020
Net IncomeNet Income— — 163,239 — 4,095 167,334 
Other Comprehensive IncomeOther Comprehensive Income— — — 2,138 54 2,192 
Issuance of Common Stock, Net of Issuance CostsIssuance of Common Stock, Net of Issuance Costs48 145,360 — — — 145,408 
Stock Based Compensation ActivityStock 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)
Common Stock Dividends and Unit Distributions
($1.08 Per Share/Unit)
Conversion of Limited Partner Units to Common StockConversion 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 
Contributions from Noncontrolling Interests
Reallocation—Additional Paid-in Capital
Reallocation—Additional Paid-in Capital
Reallocation—Additional Paid-in Capital
Reallocation—Other Comprehensive IncomeReallocation—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 
Balance as of December 31, 2021
Net Income
Other Comprehensive Income
Issuance of Common Stock, Net of Issuance Costs
Stock Based Compensation Activity
Common Stock Dividends and Unit Distributions
($1.18 Per Share/Unit)
Conversion of Limited Partner Units to Common Stock
Contributions from Noncontrolling Interests
Contributions from Noncontrolling Interests
Contributions from Noncontrolling Interests
Distributions to Noncontrolling Interests
Reallocation—Additional Paid-in Capital
Reallocation—Other Comprehensive Income
Balance as of December 31, 2022
Net IncomeNet Income— — 238,775 — 5,106 243,881 
Other Comprehensive LossOther Comprehensive Loss— — — (10,365)(222)(10,587)
Stock Based Compensation ActivityStock 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)
Stock Based Compensation Activity
Stock Based Compensation Activity
Common Stock Dividends and Unit Distributions
($1.28 Per Share/Unit)
Conversion of Limited Partner Units to Common StockConversion of Limited Partner Units to Common Stock5 7,191 — — (7,196)0 
Retirement of Limited Partner Units
Reallocation—Additional Paid-in-Capital— (2,297)— — 2,297 0 
Distributions to Noncontrolling Interests
Distributions to Noncontrolling Interests
Distributions to Noncontrolling Interests
Reallocation—Additional Paid-in Capital
Reallocation—Other Comprehensive IncomeReallocation—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 
Balance as of December 31, 2023
The accompanying notes are an integral part of the consolidated financial statements.
59

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)
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
 (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$285,837 $381,612 $277,171 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation130,427 119,477 107,876 
Amortization of Debt Issuance Costs3,626 3,187 3,423 
Other Amortization, Including Equity Based Compensation34,088 32,845 31,181 
Equity in (Income) Loss of Joint Ventures(32,207)(114,942)161 
Distributions from Joint Ventures7,400 118,034 — 
Gain on Sale of Real Estate(95,650)(128,268)(150,310)
Gain on Involuntary Conversion— (1,495)— 
Straight-line Rental Income and Expense, Net(21,925)(25,962)(16,081)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net(2,363)(4,852)(472)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits(4,418)31,307 13,946 
Net Cash Provided by Operating Activities304,815 410,943 266,895 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(131,057)(305,326)(352,922)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs(361,927)(522,368)(314,084)
Net Proceeds from Sales of Investments in Real Estate120,411 175,409 234,726 
Decrease (Increase) in Escrow Deposits3,877 (450)(4,461)
Proceeds from Involuntary Conversion— 1,495 — 
Contributions to and Investments in Joint Ventures(12,349)(5,616)(1,550)
Distributions from Joint Ventures— 29,356 21,407 
Other Investing Activity2,739 (1,608)61 
Net Cash Used in Investing Activities(378,306)(629,108)(416,823)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs(61)(5,265)(6,452)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount— 12,823 145,760 
Tax Paid on Vested Equity Compensation(2,510)(2,942)(5,126)
Common Stock Dividends and Unit Distributions Paid(169,368)(155,333)(139,710)
Repayments on Mortgage Loans Payable(321)(69,465)(64,450)
Proceeds from Unsecured Term Loans— 465,000 — 
Proceeds from Unsecured Credit Facility374,000 720,000 289,000 
Repayments on Unsecured Credit Facility(218,000)(656,000)(210,000)
Contributions from Noncontrolling Interests— 103 28 
Distributions to Noncontrolling Interests(11,523)(4,418)— 
Net Cash (Used in) Provided by Financing Activities(27,783)304,503 9,050 
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(101,274)86,338 (140,878)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year145,118 58,780 199,658 
Cash, Cash Equivalents and Restricted Cash, End of Year$43,844 $145,118 $58,780 
60

FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
 (In thousands)
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized$72,881 $46,445 $44,184 
Interest Expense Capitalized in Connection with Development Activity and Joint Venture
Investment
$13,791 $16,298 $12,140 
Income Taxes Paid$27,754 $3,760 $3,366 
Cash Paid for Operating Lease Liabilities$3,348 $3,444 $3,261 
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets$941 $949 $819 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Common Stock Dividends and Unit Distributions Payable$44,201 $41,259 $37,178 
Exchange of Limited Partnership Units for Common Stock:
Noncontrolling Interest$(1,332)$(2,444)$(1,761)
Common Stock— 1 1 
Additional Paid-in Capital1,332 2,443 1,760 
Total$— $— $— 
Assumption of Other Assets in Connection with the Acquisition of Real Estate$— $— $3,611 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$528 $2,115 $1,990 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$55,876 $86,456 $82,526 
Tenant Improvements Funded by Tenant$3,878 $610 $28,559 
Write-off of Fully Depreciated Assets$(33,529)$(35,716)$(36,799)
The accompanying notes are an integral part of the consolidated financial statements.

6061

FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
December 31, 2020December 31, 2019
December 31, 2023December 31, 2023December 31, 2022
(In thousands, except Unit data) (In thousands, except Unit data)
ASSETSASSETS
Assets:Assets:
Assets:
Assets:
Investment in Real Estate:Investment in Real Estate:
Investment in Real Estate:
Investment in Real Estate:
Land
Land
LandLand$1,087,907 $957,478 
Buildings and ImprovementsBuildings and Improvements2,922,152 2,782,430 
Construction in ProgressConstruction in Progress77,574 90,301 
Less: Accumulated DepreciationLess: 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 
Net Investment in Real Estate (including $302,869 and $313,245 related to consolidated variable interest entities, see Note 5)
Operating Lease Right-of-Use Assets
Operating Lease Right-of-Use Assets
Operating Lease Right-of-Use Assets
Cash and Cash EquivalentsCash and Cash Equivalents162,090 21,120 
Restricted CashRestricted Cash37,568 131,598 
Tenant Accounts ReceivableTenant Accounts Receivable5,714 8,529 
Investment in Joint Ventures45,697 18,208 
Investment in Joint Venture
Deferred Rent ReceivableDeferred Rent Receivable84,567 77,703 
Deferred Leasing Intangibles, Net25,211 28,533 
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, NetPrepaid Expenses and Other Assets, Net144,353 192,852 
Total AssetsTotal Assets$3,801,308 $3,528,849 
LIABILITIES AND PARTNERS' CAPITALLIABILITIES AND PARTNERS' CAPITAL
Liabilities:Liabilities:
Liabilities:
Liabilities:
Indebtedness:Indebtedness:
Mortgage Loans Payable, Net (including $6,292 and $11,009 related to consolidated variable interest entities, see Note 5)$143,879 $173,685 
Indebtedness:
Indebtedness:
Mortgage Loan Payable
Mortgage Loan Payable
Mortgage Loan Payable
Senior Unsecured Notes, NetSenior Unsecured Notes, Net992,300 694,015 
Unsecured Term Loans, NetUnsecured Term Loans, Net458,462 457,865 
Unsecured Credit FacilityUnsecured Credit Facility0 158,000 
Accounts Payable, Accrued Expenses and Other LiabilitiesAccounts Payable, Accrued Expenses and Other Liabilities120,292 114,637 
Operating Lease LiabilitiesOperating Lease Liabilities22,826 22,369 
Deferred Leasing Intangibles, Net11,064 11,893 
Rents Received in Advance and Security Deposits
Rents Received in Advance and Security Deposits
Rents Received in Advance and Security DepositsRents Received in Advance and Security Deposits62,092 57,534 
Distributions PayableDistributions Payable33,703 30,567 
Total LiabilitiesTotal Liabilities1,844,618 1,720,565 
Commitments and Contingencies0 0 
Commitments and Contingencies (see Note 14)
Partners' Capital:
Partners' Capital:
Partners' Capital:Partners' Capital:
First Industrial L.P.'s 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)
First Industrial L.P.'s Partners' Capital:
First Industrial L.P.'s Partners' Capital:
General Partner Units (132,289,039 and 132,141,503 units outstanding)
General Partner Units (132,289,039 and 132,141,503 units outstanding)
General Partner Units (132,289,039 and 132,141,503 units outstanding)
Limited Partners Units (3,378,165 and 3,055,766 units outstanding)
Accumulated Other Comprehensive Income
Total First Industrial L.P.'s Partners' CapitalTotal First Industrial L.P.'s Partners' Capital1,951,762 1,807,261 
Noncontrolling InterestsNoncontrolling Interests4,928 1,023 
Total Partners' CapitalTotal Partners' Capital1,956,690 1,808,284 
Total Liabilities and Partners' CapitalTotal 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 OPERATIONS
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 COMPREHENSIVE INCOMEOPERATIONS
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 
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
 (In thousands, except per Unit data)
Revenues:
Lease Revenue$602,294 $532,237 $473,236 
Joint Venture Fees5,159 1,322 321 
Other Revenue6,574 6,370 2,733 
Total Revenues614,027 539,929 476,290 
Expenses:
Property Expenses165,655 143,663 131,300 
General and Administrative37,121 33,972 34,610 
Joint Venture Development Services Expense3,667 909 — 
Depreciation and Other Amortization162,951 147,420 130,953 
Total Expenses369,394 325,964 296,863 
Other Income (Expense):
Gain on Sale of Real Estate95,650 128,268 150,310 
Interest Expense(74,335)(49,013)(44,103)
Amortization of Debt Issuance Costs(3,626)(3,187)(3,423)
Total Other Income (Expense)17,689 76,068 102,784 
Income from Operations Before Equity in Income (Loss) of Joint Ventures and Income Tax Provision262,322 290,033 282,211 
Equity in Income (Loss) of Joint Ventures32,207 114,942 (161)
Income Tax Provision(8,692)(23,363)(4,879)
Net Income285,837 381,612 277,171 
Less: Net Income Attributable to the Noncontrolling Interests(4,136)(14,093)(133)
Net Income Available to Unitholders and Participating Securities$281,701 $367,519 $277,038 
Net Income Allocable to Participating Securities(551)(877)(770)
Net Income Available to Unitholders281,150 366,642 276,268 
Basic Earnings Per Unit:
Net Income Available to Unitholders$2.09 $2.73 $2.10 
Diluted Earnings Per Unit:
Net Income Available to Unitholders$2.08 $2.72 $2.09 
Weighted Average Units Outstanding - Basic134,777 134,229 131,740 
Weighted Average Units Outstanding - Diluted135,249 134,681 132,237 
The accompanying notes are an integral part of the consolidated financial statements.

63

FIRST INDUSTRIAL L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITALCOMPREHENSIVE INCOME
 
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 
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
 (In thousands)
Net Income$285,837 $381,612 $277,171 
Mark-to-Market (Loss) Gain on Derivative Instruments(11,754)38,107 12,567 
Amortization of Derivative Instruments410 410 410 
Comprehensive Income274,493 420,129 290,148 
Comprehensive Income Attributable to Noncontrolling Interests(4,136)(14,093)(133)
Comprehensive Income Attributable to Unitholders$270,357 $406,036 $290,015 
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 
FIRST INDUSTRIAL, L.P.
65

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
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)
General
Partner
Units		Limited
Partner
Units		Accumulated
Other
Comprehensive
(Loss) Income		Noncontrolling InterestsTotal
 
Balance as of December 31, 2020$1,898,635 $70,435 $(17,308)$4,928 $1,956,690 
Net Income270,855 6,183 — 133 277,171 
Other Comprehensive Income— — 12,977 — 12,977 
Contribution of General Partner Units, Net of Issuance Costs145,468 — — — 145,468 
Stock Based Compensation Activity(468)9,519 — — 9,051 
Unit Distributions ($1.08 Per Unit)(140,702)(2,941)— — (143,643)
Conversion of Limited Partner Units to General Partner Units1,761 (1,761)— — — 
Contributions from Noncontrolling Interests— — — 64 64 
Distributions to Noncontrolling Interests— — — (171)(171)
Balance as of December 31, 2021$2,175,549 $81,435 $(4,331)$4,954 $2,257,607 
Net Income359,045 8,474 — 14,093 381,612 
Other Comprehensive Income— — 38,517 — 38,517 
Contribution of General Partner Units, Net of Issuance Costs12,746 — — — 12,746 
Stock Based Compensation Activity2,044 11,299 — — 13,343 
Unit Distributions ($1.18 Per Unit)(156,227)(3,749)— — (159,976)
Conversion of Limited Partner Units to General Partner Units2,444 (2,444)— — — 
Contributions from Noncontrolling Interests— — — 242 242 
Distributions to Noncontrolling Interests— — — (4,511)(4,511)
Balance as of December 31, 2022$2,395,601 $95,015 $34,186 $14,778 $2,539,580 
Net Income274,628 7,073 — 4,136 285,837 
Other Comprehensive Loss— — (11,344)— (11,344)
Stock Based Compensation Activity3,117 11,992 — — 15,109 
Unit Distributions ($1.28 Per Unit)(169,528)(3,727)— — (173,255)
Conversion of Limited Partner Units to General Partner Units1,332 (1,332)— — — 
Retirement of Limited Partner Units— (18)— — (18)
Contributions from Noncontrolling Interests— — — 30 30 
Distributions to Noncontrolling Interests— — — (11,551)(11,551)
Balance as of December 31, 2023$2,505,150 $109,003 $22,842 $7,393 $2,644,388 
The accompanying notes are an integral part of the consolidated financial statements.

65

FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
 (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$285,837 $381,612 $277,171 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation130,427 119,477 107,876 
Amortization of Debt Issuance Costs3,626 3,187 3,423 
Other Amortization, Including Equity Based Compensation34,088 32,845 31,181 
Equity in (Income) Loss of Joint Ventures(32,207)(114,942)161 
Distributions from Joint Ventures7,400 118,034 — 
Gain on Sale of Real Estate(95,650)(128,268)(150,310)
Gain on Involuntary Conversion— (1,495)— 
Straight-line Rental Income and Expense, Net(21,925)(25,962)(16,081)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net(2,365)(4,898)(337)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits(4,418)31,307 13,946 
Net Cash Provided by Operating Activities304,813 410,897 267,030 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(131,057)(305,326)(352,922)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs(361,927)(522,368)(314,084)
Net Proceeds from Sales of Investments in Real Estate120,411 175,409 234,726 
Decrease (Increase) in Escrow Deposits3,877 (450)(4,461)
Proceeds from Involuntary Conversion— 1,495 — 
Contributions to and Investments in Joint Ventures(12,349)(5,616)(1,550)
Distributions from Joint Ventures— 29,356 21,407 
Other Investing Activity2,739 (1,608)61 
Net Cash Used in Investing Activities(378,306)(629,108)(416,823)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs(61)(5,265)(6,452)
Contribution of General Partner Units— 12,823 145,760 
Tax Paid on Vested Equity Compensation(2,510)(2,942)(5,126)
Unit Distributions Paid(169,368)(155,333)(139,710)
Contributions from Noncontrolling Interests30 242 64 
Distributions to Noncontrolling Interests(11,551)(4,511)(171)
Repayments on Mortgage Loans Payable(321)(69,465)(64,450)
Proceeds from Unsecured Term Loans— 465,000 — 
Proceeds from Unsecured Credit Facility374,000 720,000 289,000 
Repayments on Unsecured Credit Facility(218,000)(656,000)(210,000)
Net Cash (Used in) Provided by Financing Activities(27,781)304,549 8,915 
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(101,274)86,338 (140,878)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year145,118 58,780 199,658 
Cash, Cash Equivalents and Restricted Cash, End of Year$43,844 $145,118 $58,780 
66

FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
 (In thousands)
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized$72,881 $46,445 $44,184 
Interest Expense Capitalized in Connection with Development Activity and Joint Venture
Investment
$13,791 $16,298 $12,140 
Income Taxes Paid$27,754 $3,760 $3,366 
Cash Paid for Operating Lease Liabilities$3,348 $3,444 $3,261 
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets$941 $949 $819 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
General and Limited Partner Unit Distributions Payable$44,201 $41,259 $37,178 
Exchange of Limited Partner Units for General Partner Units:
Limited Partner Units$(1,332)$(2,444)$(1,761)
General Partner Units1,332 2,444 1,761 
Total$— $— $— 
Assumption of Other Assets in Connection with the Acquisition of Real Estate$— $— $3,611 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$528 $2,115 $1,990 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$55,876 $86,456 $82,526 
Tenant Improvements Funded by Tenant$3,878 $610 $28,559 
Write-off of Fully Depreciated Assets$(33,529)$(35,716)$(36,799)
The accompanying notes are an integral part of the consolidated financial statements.

67

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 97.9%97.5% and 98.1%97.7% ownership interest ("General Partner Units") at December 31, 20202023 and 2019,2022, respectively. The Operating Partnership also conducts operations through 8several 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. The Company's noncontrolling interest in the Operating Partnership of approximately 2.1%2.5% and 1.9%2.3% at December 31, 20202023 and 2019,2022, 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(see Note 6) pursuant to the Company's Stock Incentive Plan.stock incentive plan.
We also own equity interests in, and provide various services to, 2 joint ventures (the "Joint Ventures") throughThrough a wholly-owned TRS of the Operating Partnership.Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Ventures areVenture is accounted for under the equity method of accounting. The operating data of the Joint VenturesVenture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Ventures.Venture.
Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint VenturesVenture 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, 2020,2023, we owned 427428 industrial properties located in 2019 states, containing an aggregate of approximately 62.866.6 million square feet of gross leasable area ("GLA"). Of the 427428 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.
68

67

2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statementsConsolidated Financial Statements at December 31, 20202023 and 20192022 and for each of the years ended December 31, 2020, 20192023, 2022 and 20182021 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 statementsConsolidated 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, 20202023 and 2019,2022, and the reported amounts of revenues and expenses for each of the years ended December 31, 2020, 20192023, 2022 and 2018.2021. 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. We maintain cash and cash equivalents in banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. We have not realized any losses of such cash investments or accounts and mitigate risk by using nationally recognized banking institutions.
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.Code or will be returned to us after the mandatory time period has expired. The carrying amount approximates fair value due to the short term maturity of these investments. For purposes of our consolidated statementsConsolidated Statements of cash flows,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 uponequal to the amount in which carrying value exceeds the estimated fair value of the property or group of properties. The 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 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.Consolidated Balance Sheets. Upon held for sale classification, we cease depreciation and value the properties at the lower of depreciated cost or fair value, less costs to dispose.
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 arebegin undergoing activity 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.use. Interest is capitalized using the weighted average borrowing rate during the construction period. Upon substantial completion, we reclassify construction in progress to building and tenant improvements and commence depreciation.

6869

Depreciation expense is computed using the straight-line method based on the following useful lives: 
 Years
Buildings and Improvements73 to 50
Land Improvements32 to 1625
Furniture, Fixtures and Equipment3 to 5
Tenant ImprovementsShorter of Useful Life or Terms of Related Lease Term
Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of incentive compensation costs of personnel directly attributable to executed leases) are capitalized and amortized over the terms of each specific lease. 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 lease intangibles including in-place lease assets and above market and below market lease assets and 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 lease intangibles 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 or the remaining term of the lease plus the term of any below market fixed rate renewal options for below market leases. The value of above and below market lease intangibles, which are included as assets or liabilities in the line itemitems Deferred Leasing Intangibles,Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets are amortized as an increase or decrease to rental revenue over the remaining initial lease term, plus the term of any below market fixed rate renewal options of the respective leases.
The purchase price is further allocated to in-place lease values based on an estimate of the lease revenue received during a reasonable lease-up period as if the property was vacant on the date of acquisition. The value of in-place lease intangibles, which are included in the line item Deferred Leasing Intangibles,Prepaid Expenses and Other Assets, Net on the Consolidated Balance Sheets are amortized over the remaining initial lease term (including expected renewal periods) as adjustments to depreciation and other amortization expense. If a tenant fully terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market intangibles and the in-place lease value 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. Our typical acquisitions consist of properties whereby substantially all the fair value or gross assets acquired is concentrated in a single asset (land, building, construction in progress and in-place leases) and, therefore, will be accounted for as asset acquisitions, which permits the capitalization of transaction costs to the basis of the acquired property.

6970

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
December 31,
2023		December 31,
2023		December 31,
2022
In-Place LeasesIn-Place Leases$18,253 $20,188 
Above Market LeasesAbove Market Leases1,948 2,197 
Below Market Ground Lease ObligationBelow Market Ground Lease Obligation1,552 1,597 
Tenant RelationshipsTenant Relationships3,458 4,551 
Total Included in Total Assets, Net of $24,781 and $29,541 of Accumulated Amortization$25,211 $28,533 
Total Included in Total Assets, Net of $28,205 and $28,590 of Accumulated Amortization
Below Market LeasesBelow 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 
Total Included in Total Liabilities, Net of $16,796 and $18,004 of Accumulated Amortization
Amortization expense related to in-place leases and tenant relationships was $8,201, $6,303$6,735, $6,098 and $6,267$4,498 for the years ended December 31, 2020, 20192023, 2022 and 2018,2021, respectively. LeaseFor the years ended December 31, 2023, 2022 and 2021, lease revenue increased by $1,962, $1,281$4,430, $2,679 and $1,095$1,442, respectively, 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, 20202023 as follows: 
Estimated
Amortization
of In-Place
Leases and Tenant
Relationships		Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases
2021$4,210 $1,443 
2022$3,717 $1,353 
2023$3,283 $1,101 
2024$2,562 $1,120 
2025$1,996 $1,029 
Estimated
Amortization
of In-Place
Leases and Tenant
Relationships		Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases
2024$4,860 $3,341 
2025$3,790 $2,465 
2026$2,666 $1,558 
2027$1,787 $973 
2028$1,394 $741 
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, 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.Consolidated Balance Sheets.
Investment in Joint Ventures
Investment in joint ventures represents a noncontrolling equity interest in two joint ventures.venture arrangements. We have determined to account for our investment in the joint ventures under the equity method of accounting, as we do 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 the joint ventures is reflected in income as earned and contributions or distributions increase or decrease our investment in joint ventures as paid or received, respectively. Differences between our carrying value of our investment in the joint ventures and our underlying equity in such joint ventures are amortized and included as an adjustment to our equity in income (loss). or recognized, either in whole or in part, during the period that real estate assets are sold from the Joint Venture.
We account for our interests in the Joint Ventures using the hypothetical liquidation at book value model. Under this method, we record our Equity in Income (Loss) of Joint Ventures based on our proportionate share of the Joint Venture's earnings based on our ownership interest, after giving effect to incentive fees which we are entitled to receive.
71

We classify distributions received from equity method investments using the cumulative earnings approach. In general, distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, our cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceed cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities.

On a periodic basis, management assesses whether there are any indicators that the value of our investmentinvestments in the joint venturesventure arrangements 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 an impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the fair value of the investment.

70

Noncontrolling Interests
Limited Partner Units are reported within Partners' Capital in the Operating Partnership's balance sheet as of December 31, 20202023 and 20192022 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, 2020,2023, 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 venturethe Joint Venture that is accounted for under the equity method of accounting. Our ownership interest in the joint ventureJoint Venture is held through a partnership ("Joint Venture II Partnership") with a third party.party ("Joint Venture Partnership"). 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 the Joint Venture II (as defined in Note 5) and reflect the third party'sthird-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 in exchange for the award, generally the vesting period.
Revenue Recognition
We lease our properties to tenants under agreements that are classified as leases. We recognize, as rental income, the total minimum lease payments under the leases on a straight-line basis over the lease term. Generally, 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 recognized as tenant recovery revenue in the same period we incur the related expenses. As the timing and straight-line pattern of transfer to the lessee for rental revenue and the associated rental recoveries are 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 collection of lease payments is concluded to be probable at commencement and 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.

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If a lease provides for tenant improvements, we determine whether we or the tenant is the owner of the tenant 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 as 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 paymentsWe recognize fees received from tenants for earlyto fully terminate their lease terminations uponprior to the effective termination ofcontractual end date on a tenant'sstraight-line basis from the notification date through the revised lease and when we have no further obligations under the lease.

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end date.
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 adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification 842 ("ASC 842") Leases effective January 1, 2019. The standard required lessors to exclude from variable payments recorded in lease revenues certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. For periods priorWe exclude from property expenses certain lessor costs, such as real estate taxes, that the we contractually require the tenant to January 1, 2019, we recorded these payments in the line item Property Expenses with an offset in the line item Lease Revenue. For the year ended December 31, 2018, $7,517 of these paymentspay directly to a third party on our behalf. The amounts paid directly to third parties by tenants for lessor costs are included in the aforementioned line items.also excluded from lease revenues.
Lessee Accounting
We are a lessee on a limited number of ground and office leases and these operating lease agreements are included within Operating Lease Right-of-Use Assets ("ROU") and Operating Lease Liabilities on the consolidated balance sheets.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 incurred. As most of our leases do not provide an implicit rate, we use ourinformation available at lease commencement to estimate an appropriate incremental borrowing rate based on the information available at commencement date in determininga fully-collateralized basis to determine 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,reasonably certain, 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 local income taxes. A benefit or provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements.Consolidated Financial Statements.
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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 stockholders 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 stockholders 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 on the Consolidated Balance Sheets 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 the line item Accumulated Other Comprehensive Income (Loss),on the Consolidated Balance Sheets, 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 recordsrecord 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.

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Segment Reporting
Management views the Company, inclusive of the Operating Partnership, as a single segment based on its method of internal reporting.
Recent Accounting Pronouncements Adopted
In March 2020,November 2023, the FASB issued Accounting Standards Update (“ASU”("ASU") No. 2020-04 Reference Rate Reform (Topic 848)2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2020-04 contains practical expedients for reference rate reform-related activities2023-07 requires disclosure of significant segment expenses that impact debt, leases, derivativesare regularly provided to the chief operating decision maker and other contracts. The guidance inincluded within the segment measure of profit or loss. 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 apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions2023-07 will be based matches the indexapplied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating ASU 2023-07 to determine its impact on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.our disclosures.
In April 2020,December 2023, the FASB issued a Staff Question-and-AnswerASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("Q&A"ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods in fiscal years beginning after December 15, 2025, and should be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to clarify whether lease concessions relateddetermine its impact on our disclosures.
Reclassifications
Deferred Leasing Intangibles, Net as of December 31, 2022 have been reclassified to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which we adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rightsPrepaid Expenses 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 optionOther Assets, Net line item and to the extent that a rent concession is granted as a deferral of payments but total payments are substantiallyAccounts Payable, Accrued Expenses and Other Liabilities line item in the same, we will account for the concession as if no change has been madeConsolidated Balance Sheets to conform to the original lease.2023 presentation.



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3. Investment in Real Estate
Acquisitions
The following table summarizes our acquisition of industrial properties from third partiesand land parcels for the years ended December 31, 2020, 20192023, 2022 and 2018.2021. We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. 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, 2020, 20192023, 2022 or 2018.2021.
Year Ended December 31,
202020192018
Year Ended December 31,Year Ended December 31,
2023202320222021
Number of Industrial Properties AcquiredNumber of Industrial Properties Acquired8 9 10 
GLA (in millions)GLA (in millions)1.5 0.5 1.0 
Purchase Price (A)
$224,027 $147,887 $167,546 
Purchase Price of Industrial Properties Acquired
Purchase Price of Income Producing Land Parcels Acquired (A)
Purchase Price of Land Parcels Acquired (B)
Total Purchase Price (C)
(A) Purchase price includesFor the acquisition of several land parcels, which aggregates to $69,617, $81,082 and $38,976, respectively, for the yearsyear ended December 31, 2020, 20192022, includes $11,676, $1,577, $3,850 and 2018($4,950) allocated to building improvements/construction in progress, other assets, in-place leases and below market leases, respectively.
(B) For the year ended December 31, 2023, includes $1,334 and $763 allocated to above market leases and in-place leases, respectively. For the year ended December 31, 2021, includes $3,857, $1,434 and $183 allocated to building improvements/construction in progress, other assets and in-place leases, respectively.
(C) Purchase price excludes closing costs incurred with the acquisition of the industrial properties and land parcels that have been capitalized.costs.
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, 20202023 and 2019:2022:
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 
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.
Year Ended December 31,
20232022
Land$110,025 $252,158 
Building and Improvements/Construction in Progress10,659 43,685 
Other Assets785 2,975 
In-Place Leases3,091 9,246 
Above Market Leases1,464 23 
Below Market Leases(1,520)(8,950)
Total Purchase Price$124,504 $299,137 
Sales
The following table summarizes our property and land dispositions for the years ended December 31, 2020, 20192023, 2022 and 2018:2021:
Year Ended December 31,
202020192018
Year Ended December 31,Year Ended December 31,
2023202320222021
Number of Industrial Properties Sold (A)
Number of Industrial Properties Sold (A)
29 40 53 
GLA (in millions)(B)
GLA (in millions)(B)
1.9 5.9 2.6 
Gross Proceeds from the Sale of Real Estate (B)
Gross Proceeds from the Sale of Real Estate (B)
$153,351 $315,768 $192,047 
Gain on Sale of Real Estate (B)
Gain on Sale of Real Estate (B)
$86,751 $124,942 $81,600 
(A) Included as 1one industrial property for each of the yearsyear ended December 31, 2020 and 2019 is2021 was the sale of multiple industrial condominium units.
(B) Gross proceeds and gain on sale of real estate include the sale of severaltwo land parcels for the years ended December 31, 2019 and 2018. In addition, included in the above table for the year ended December 31, 2019, is 0.6 million square feet2023 and one land parcel for each 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 ofyears ended December 31, 20192022 and collected during 2020. See Note 10 for additional information.

2021.
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Impairment Charges
The impairment charges of $2,756 recorded during the year ended December 31, 2018 were due to marketing 1 industrial property and 1 land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction. The fair market values were determined using third party offers. Valuations based on third party offers 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 atOutstanding Balance atInterest
Rate at
December 31,
2023		Effective
Interest
Rate at
Issuance		Maturity
Date
Mortgage Loan Payable
Mortgage Loan Payable
Mortgage Loan Payable$9,978 $10,299 4.17%8/1/2028
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, GrossSenior Unsecured Notes, Gross
Senior Unsecured Notes, Gross
Senior Unsecured Notes, Gross
2027 Notes
2027 Notes
2027 Notes2027 Notes6,070 6,070 7.15%7.11%5/15/20276,070 6,070 6,070 7.15%7.15%7.11%5/15/2027
2028 Notes2028 Notes31,901 31,901 7.60%8.13%7/15/20282028 Notes31,901 31,901 31,901 7.60%7.60%8.13%7/15/2028
2032 Notes2032 Notes10,600 10,600 7.75%7.87%4/15/20322032 Notes10,600 10,600 10,600 7.75%7.75%7.87%4/15/2032
2027 Private Placement Notes2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/20272027 Private Placement Notes125,000 125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/20282028 Private Placement Notes150,000 150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/20292029 Private Placement Notes75,000 75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/20292029 II Private Placement Notes150,000 150,000 150,000 3.97%3.97%4.23%7/23/2029
2030 Private Placement Notes2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/20302030 Private Placement Notes150,000 150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes2030 II Private Placement Notes100,000 0 2.74%2.74%9/17/20302030 II Private Placement Notes100,000 100,000 100,000 2.74%2.74%9/17/2030
2032 Private Placement Notes2032 Private Placement Notes200,000 0 2.84%2.84%9/17/20322032 Private Placement Notes200,000 200,000 200,000 2.84%2.84%9/17/2032
SubtotalSubtotal$998,571 $698,571 
Unamortized Debt Issuance CostsUnamortized Debt Issuance Costs(6,206)(4,485)
Unamortized Debt Issuance Costs
Unamortized Debt Issuance Costs
Unamortized Discounts
Unamortized Discounts
Unamortized DiscountsUnamortized Discounts(65)(71)
Senior Unsecured Notes, NetSenior Unsecured Notes, Net$992,300 $694,015 
Senior Unsecured Notes, Net
Senior Unsecured Notes, Net
Unsecured Term Loans, GrossUnsecured 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
Unsecured Term Loans, Gross
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)
2021 Unsecured Term Loan (A)
2021 Unsecured Term Loan (A)
200,000 200,000 1.81%N/A7/7/2026
2022 Unsecured Term Loan (A)
2022 Unsecured Term Loan (A)
425,000 425,000 3.64%N/A10/18/2027
2022 Unsecured Term Loan II (A)(B)
2022 Unsecured Term Loan II (A)(B)
300,000 300,000 4.88%N/A8/12/2025
SubtotalSubtotal$460,000 $460,000 
Unamortized Debt Issuance CostsUnamortized Debt Issuance Costs(1,538)(2,135)
Unamortized Debt Issuance Costs
Unamortized Debt Issuance Costs
Unsecured Term Loans, NetUnsecured Term Loans, Net$458,462 $457,865 
Unsecured Credit Facility (B)
$0 $158,000 N/AN/A10/29/2021
Unsecured Term Loans, Net
Unsecured Term Loans, Net
Unsecured Credit Facility (C)
Unsecured Credit Facility (C)
Unsecured Credit Facility (C)
$299,000 $143,000 6.19%N/A7/7/2025
(A) The interest rate at December 31, 2020 also reflects2023 includes the impact of derivative instruments we entered into towhich effectively convert the variable rate of the debt to a fixed rate. See Note 12.
(B) TheAt our option, we may extend the maturity date may be extended an additional year at our election,pursuant to two, one-year extension options, subject to certain restrictions.conditions.
(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,049$2,036 and $2,300$3,285 as of December 31, 20202023 and 2019,2022, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.on the Consolidated Balance Sheets.


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Mortgage LoansLoan Payable Net
During the years ended December 31, 20202022 and 2019,2021, we paid off mortgage loans in the amount of $25,448$67,973 and $117,199,$60,471, respectively. In connection with mortgage loans paid off during the years ended December 31, 2018, we recognized $39 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 3 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, 2020,2023, mortgage loansloan payable areis collateralized and in some instances cross-collateralized, by industrial properties with a net carrying value of $226,182.$31,092. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loansloan as of December 31, 2020.2023.

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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.
The 2028 Private Placement Notes, the 2029 Private Placement Notes, the 2029 II Private Placement Notes, the 2030 Private Placement Notes, the 2030 II Private Placement Notes and the 2032 Private Placement Notes (together with senior notes issued in a private placement in prior years, the(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.
Unsecured Term Loans, Net
On September 11, 2015,August 12, 2022, we entered into a seven-year, $260,000three-year, $300,000 unsecured term loan (the "2015"2022 Unsecured Term Loan"Loan II") with a syndicate of financial institutions.which the entire principal was borrowed on November 1, 2022. The 2022 Unsecured Term Loan II matures in August 2025, unless we extend the term, at our election, pursuant to two, one-year extension options, subject to certain conditions. At December 31, 2020,2023, the 20152022 Unsecured Term Loan II requires interest onlyinterest-only payments and bears interest at a variable rate based on LIBORSOFR, plus 110a 0.10% SOFR adjustment, plus a credit spread, which is 85 basis points. The interest rate is subject to adjustment based on changes to our leverage ratio and credit ratings and our achievement of a sustainability-linked pricing metric. Additionally, we have interest rate swaps with an aggregate notional value of $300,000 that lock the 2015SOFR rate at 3.93%. The all-in interest rate at December 31, 2023 is 4.88%. $150,000 of the notional amount of the interest rate swaps matures in December 2025 and $150,000 of the notional amount of the remaining interest rate swaps matures in August 2027. See Note 12 for additional information.
On April 18, 2022, we entered into a five-year, $425,000 unsecured term loan (the "2022 Unsecured Term Loan"). The 2022 Unsecured Term Loan variesmatures in October 2027. At December 31, 2023, the 2022 Unsecured Term Loan requires interest-only payments and bears interest at a variable rate based on the Company'sSOFR, plus a 0.10% SOFR adjustment, plus a credit spread, which is 85 basis points. The interest rate is subject to adjustment based on changes to our leverage ratio or,and credit ratings and our achievement of a sustainability-linked pricing metric. Additionally, we have interest rate swaps with an aggregate notional value of $425,000 that lock the SOFR rate at our election, the Company's credit ratings.2.69%. The all-in interest rate at December 31, 2023 is 3.64%. The interest rate swaps mature September 30, 2027. See Note 12 for additional information.
On July 15, 2020, we entered into aOur $200,000 unsecured term loan (the "2020"2021 Unsecured Term Loan") which replaced a seven-year, $200,000 unsecured loan that was previously scheduled to mature in January 2021. The 2020, and together with the 2022 Unsecured Term Loan together withII and the 20152022 Unsecured Term Loan, the "Unsecured Term Loans"). The 2020 matures on July 7, 2026. At December 31, 2023, the 2021 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 forrequires interest-only payments initiallyand bears interest at LIBORa variable rate based on SOFR, plus 150a 0.10% SOFR adjustment, plus a credit spread, which is 85 basis points. The interest rate on the 2020 Unsecured Term Loan is subject to adjustment based on our leverage and investment grade rating. As notedAdditionally, we have interest rate swaps with an aggregate notional value of $200,000 that fixed the SOFR rate component at 0.86% for the year ended December 31, 2023 and mature in February 2026. The all-in interest rate at December 31, 2023 is 1.81%. See Note 12 we entered intofor additional information. We may request the 2021 Swaps to effectively convert the rate applicableborrowing capacity under the 20202021 Unsecured Term Loan to a fixed interest rate of approximately 2.49% per annum based on the current LIBOR spread beginning in February 2021.be increased to $460,000, subject to certain restrictions.
Unsecured Credit Facility
As of December 31, 2020, we have a $725,000Our $750,000 revolving credit agreement (the "Unsecured Credit Facility"). matures on July 7, 2025, unless extended at our option pursuant to two, six-month extension options, subject to certain conditions. At December 31, 2023, the Unsecured Credit Facility requires interest-only payments and bears interest at a variable rate based on SOFR, plus a 0.10% SOFR adjustment, plus a credit spread, which is currently 77.5 basis points and a facility fee of 15 basis points. The interest rate and facility fee are each subject to adjustment based on our leverage and investment grade rating. 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, 2020, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 110 basis points.
7778

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
2021$261,891 
2022332,024 
2023321 
20242024335 
20252025349 
2026
2027
2028
ThereafterThereafter1,007,865 
TotalTotal$1,602,785 
The
Our Unsecured Credit Facility, theour 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 the indentures governing our senior unsecured notes as of December 31, 2020.2023. 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, 20202023 and 2019,2022, the fair value of our indebtedness was as follows: 
December 31, 2020December 31, 2019 December 31, 2023December 31, 2022
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loans Payable, Net$144,214 $148,770 $174,360 $179,287 
Mortgage Loan Payable
Senior Unsecured Notes, NetSenior Unsecured Notes, Net998,506 1,096,262 698,500 756,351 
Unsecured Term LoansUnsecured Term Loans460,000 458,207 460,000 460,902 
Unsecured Credit FacilityUnsecured Credit Facility0 0 158,000 158,141 
TotalTotal$1,602,720 $1,703,239 $1,490,860 $1,554,681 
(A) The carrying amounts include unamortized premiums and/or discounts and exclude unamortized debt issuance costs.
The fair valuesvalue of our mortgage loansloan payable werewas 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 ratesrate we utilized werewas internally estimated. The fair value of the senior unsecured notes werewas determined by using current 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 our mortgage loan payable, 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.
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5. Variable Interest Entities
Other Real Estate Partnerships
The Other Real Estate Partnerships are variable 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,Consolidated Balance Sheets, net of intercompany amounts:
December 31, 2020December 31, 2019
December 31, 2023December 31, 2023December 31, 2022
ASSETSASSETS
Assets:Assets:
Assets:
Assets:
Net Investment in Real Estate
Net Investment in Real Estate
Net Investment in Real EstateNet Investment in Real Estate$245,396 $240,847 
Operating Lease Right-of-Use AssetsOperating Lease Right-of-Use Assets13,173 13,257 
Operating Lease Right-of-Use Assets
Operating Lease Right-of-Use Assets
Cash and Cash EquivalentsCash and Cash Equivalents4,090 4,005 
Restricted Cash0 33,289 
Deferred Rent Receivable
Deferred Rent Receivable
Deferred Rent ReceivableDeferred Rent Receivable9,219 10,365 
Prepaid Expenses and Other Assets, NetPrepaid Expenses and Other Assets, Net8,077 9,066 
Prepaid Expenses and Other Assets, Net
Prepaid Expenses and Other Assets, Net
Total Assets
Total Assets
Total AssetsTotal Assets$279,955 $310,829 
LIABILITIES AND PARTNERS' CAPITALLIABILITIES AND PARTNERS' CAPITAL
Liabilities:Liabilities:
Mortgage Loans Payable, Net$6,292 $11,009 
Liabilities:
Liabilities:
Accounts Payable, Accrued Expenses and Other Liabilities
Accounts Payable, Accrued Expenses and Other Liabilities
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' CapitalPartners' Capital249,162 278,732 
Partners' Capital
Partners' Capital
Total Liabilities and Partners' CapitalTotal Liabilities and Partners' Capital$279,955 $310,829 
Joint Ventures
Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in the Joint Venture. Since we own our interest in the Joint Venture through a partnership with a third party and we hold the power to direct the activities that most significantly impact the economic performance of the partnership, we consolidate the partnership and reflect our partner's 6% interest in the Joint Venture within the financial statements. Additionally, we owned a 49% interest in a joint venture that sold its remaining acres of land and ceased operations during the year ended December 31, 2021 (the "Former Joint Venture" together with a third party partnerthe Joint Venture, the "Joint Ventures"). The Joint Ventures were formed for the purpose of developing, leasing, operating and potentially selling land located in the Phoenix, Arizona metropolitan area ("Joint Venture I").area.
During the year ended December 31, 2020, we entered into a second joint venture with third party partners for the purpose of developing, leasing, operating and potentially selling land located in the Phoenix, Arizona metropolitan area (Joint Venture II" and together with Joint Venture I, collectively, the "Joint Ventures"). The purchase price of the land was $70,530 and was acquired by Joint Venture II via cash equity contributions from us and our joint venture partners. Through a wholly-owned TRS of the Operating Partnership, we own 43% interest in Joint Venture II. See Note 6.
Net income of the Joint Ventures for the years ended December 31, 2020 and 2019 was $13,568 and $29,999, respectively. Included in net income during the years ended December 31, 2020 and 2019 is gain on sale of real estate of $13,932 and $30,236, respectively. Our economic share of the gain on sale for the years ended December 31, 2020 and 2019, is $6,827 and $14,816, respectively. However, during the year ended December 31, 2020 we acquired a newly constructed 0.6 million square foot building from Joint Venture I and during the year ended December 31, 2019 we purchased 39 net developable acres, from Joint Venture I. Accordingly, for the years ended December 31, 2020 and 2019, we netted our portion of gain on sale pertaining to both sales of $3,443 and $3,121, respectively, against the basis of the real estate acquired.

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Under the operating agreementsagreement for each of the Joint Ventures,Venture, we act as the managing member of each Joint Venture and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services to each Joint Venture.services. In addition, the Joint Venture's operating agreements of each Joint Venture provideagreement provides us the ability to earn an incentive feefees based on the ultimate financial performance of eachthe 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, 20202023, 2022 and 2019,2021, we recognizedearned fees of $590$6,473, $1,717 and $146,$407, respectively, from the Joint Ventures related to asset management, property management, leasing and development services we provided to the Joint Ventures. These fees are recordedVentures, of which we deferred recognition of $1,314, $395 and $86, respectively, due to our economic interest in the Other Revenue line item inJoint Ventures. During the consolidated statementsyears ended December 31, 2023 and 2022, we incurred fees of operations.$3,667 and $909, respectively, related to third-party development management and leasing services associated with the Joint Venture. At December 31, 20202023 and 2019,2022, we had a receivable from the Joint Venture of $138 and $34, respectively.
80

Net income of the Joint Ventures for the years ended December 31, 2023, 2022 and 2021 was $46,664, $171,511 and $14,905, respectively. Included in net income during the year ended December 31, 2023 was $4,907 of $90lease revenue as well as gain on sale of real estate of $40,616 related to the sale of approximately 31 acres of land. Our economic share of the lease revenue and $588,gain on sale was $2,404 and $19,902, respectively. Included in net income during the year ended December 31, 2022 is gain on sale of real estate of $171,671 related to the sale of approximately 391 acres of land for which our economic share of the gain on sale was $84,119. Included in net income during the year ended December 31, 2021 is gain on sale of real estate of $15,160 related to the sale of 138 net acres of land from the Former Joint Venture for which our economic share of the gain on sale was $7,142. However, since the Company was the purchaser of the 138 net acres, we netted our portion of gain on sale against the basis of the land acquired.
For the years ended December 31, 2023 and 2022, we earned incentive fees of $9,369 and $31,308, respectively, from the Joint Venture, which are reflected in the Equity In Income (Loss) of Joint Ventures line item on the Consolidated Statement of Operations. For the year ended December 31, 2021, we earned incentive fees of $3,024 from the Former Joint Venture, which were netted against the basis of the real estate acquired from the Former Joint Venture.
The Joint Venture has three buildings under development comprising an aggregate 1.8 million square feet (the "Project") at December 31, 2023. During the year ended December 31, 2022, in connection with the Project, the Joint Venture entered into a construction loan with a capacity of $149,514 with a third-party lender (the "Joint Venture Loan"). As of December 31, 2023 and 2022, the balance of the Joint Venture Loan was $95,711 and $9,037, respectively, excluding $730 and $1,188, respectively, of unamortized debt issuance costs. With respect to the Joint Venture Loan, we provided a completion guarantee to the lender and our third-party joint venture partner that requires the Company to timely complete construction of the Project. Total estimated investment for the Project is approximately $214,766 and the Joint Venture is using a third-party contractor to develop the buildings pursuant to a guaranteed maximum price contract. We also provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third-party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.
As part of our assessment of the appropriate accounting treatment for the Joint Ventures, we reviewed the operating agreements of each Joint Venture in order to determine our rights and the rights of our joint venture partners, including whether those rights are protective or participating. Each operating agreement contains certain protective rights, such as the requirement of both members' approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. However,Also, we and our Joint Venture partners jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of each Joint Venture. As such, we concluded to account for our investments in each Joint Venture under the equity method of accounting.
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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 the Joint Venture II is held through the Joint Venture II Partnershipa 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.the partnership. As a result, we consolidate Joint Venture II Partnershipthe partnership and reflect the third party'sthird-party's interest in the partnership that invests in the Joint Venture II as a Noncontrolling Interests.Interest. For the years ended December 31, 2023, 2022 and 2021, our partner's share of the partnership's income (loss) was $3,949, $14,003 and $(9), respectively, and was reflected in the Equity in Income (Loss) of Joint Ventures and the Net Income Attributable to the Noncontrolling Interests line items on the Consolidated Statements of Operations. At December 31, 2023 and 2022, the Noncontrolling Interests line item in the Consolidated Balance Sheets includes $6,444 and $14,018, respectively, that is our third-party partner's interest.
Operating Partnership Units
The Operating Partnership has issued General Partner Units and Limited Partner 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 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, 2020,2023, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $114,305$177,928 or by issuing 2,713,1423,378,165 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, 20202023 and 2019,2022, there were no preferred shares or general partner preferred Units outstanding.

8182

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 equity compensation awards which are discussed in Note 11, for the three years ended December 31, 2020:2023: 
 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, 2020129,051,412 131,764,554 
Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below)2,513,758 2,513,758 
Issuance of Service Awards and Performance Awards (as defined in Note 11)— 337,685 
Vesting of Service Awards and Performance Units (as defined in Note 11)133,803 133,803 
Repurchase and Retirement of Service Awards and Performance Units
(as defined in Note 11)		(55,201)(66,872)
Conversion of Limited Partner Units (A)
103,953 — 
Balance at December 31, 2021131,747,725 134,682,928 
Issuance of Common Stock/Contribution of General Partner Units under our 2020 ATM Program (as further described below)218,230 218,230 
Issuance of Service Awards and Performance Awards (as defined in Note 11)— 280,081 
Vesting of Service Awards and Performance Units (as defined in Note 11)49,964 49,964 
Repurchase and Retirement of Service Awards and Performance Units
(as defined in Note 11)		(13,437)(33,934)
Conversion of Limited Partner Units (A)
139,021 — 
Balance at December 31, 2022132,141,503 135,197,269 
Issuance of Service Awards and Performance Awards (as defined in Note 11)— 405,618 
Vesting of Service Awards and Performance Units (as defined Note 11)73,840 73,840 
Repurchase and Retirement of Service Awards and Performance Units
(as defined in Note 11)		— (9,193)
Conversion of Limited Partner Units (A)
73,696 — 
Retirement of Limited Partner Units (B)
— (330)
Balance at December 31, 2023132,289,039 135,667,204 
(A) During the year ended December 31, 2018, the Company issued 4,800,000 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. 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, 20192023, 2022 and 2018, 172,610, 485,5162021, 73,696, 139,021 and 1,350,721103,953 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $2,090, $7,196$1,332, $2,444 and $16,605,$1,761, respectively, of noncontrolling interest to the Company's equity.
(C) (B)During the year ended December 31, 2018, 33,3332023, 330 Limited Partner Units were forfeitedredeemed by a unitholder in exchange for cash 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.

8283

ATM Program
On February 14, 2020,24, 2023, we entered into three-year distribution agreements with certain sales agents to sell up to 14,000,00016,000,000 shares of the Company's common stock, for up to $500,000$800,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2020 ATM"ATM Program"). Under the terms of the 2020 ATM Program, sales are to be made through 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 sales made through privately negotiated transactions. During the year ended December 31, 20202023, we issued 1,842,281did not issue shares of the Company's common stock under the ATM Program. During the years ended December 31, 2022 and 2021, we issued 218,230 and 2,513,758 shares of the Company's common stock, respectively, in “at-the-market” offerings pursuant to distribution agreements that were entered into on February 14, 2020 (the “Prior ATM”) and which were terminated on February 24, 2023 in connection with the ATM Program. The issuance of common stock in “at-the-market” offerings pursuant to the Prior ATM during the years ended December 31, 2022 and 2021 resulted in $78,718$12,823 and $145,760 of net proceeds, which is net of therespectively, and payment of compensation to certain sales agents of $795. During the years ended December 31, 2019$130 and 2018, the Company did not issue any shares of common stock through ATM offerings.$1,472, respectively.
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 

 2023
Total
Dividend/
Distribution		2022
Total
Dividend/
Distribution		2021
Total
Dividend/
Distribution
Common Stock/Operating Partnership Units$173,255 $159,976 $143,643 
8384

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, 20202023 and 2019:2022:
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 $(16,953)
Derivative InstrumentsTotal for Operating PartnershipComprehensive Income (Loss) Attributable to Noncontrolling InterestTotal for Company
Balance as of December 31, 2021$(4,331)$(4,331)$93 $(4,238)
Other Comprehensive Income Before Reclassifications39,021 39,021 (867)38,154 
Amounts Reclassified from Accumulated Other Comprehensive Income(504)(504)— (504)
Net Current Period Other Comprehensive Income38,517 38,517 (867)37,650 
Balance as of December 31, 2022$34,186 $34,186 $(774)$33,412 
Other Comprehensive Income Before Reclassifications9,829 9,829 204 10,033 
Amounts Reclassified from Accumulated Other Comprehensive Income(21,173)(21,173)— (21,173)
Net Current Period Other Comprehensive Loss(11,344)(11,344)204 (11,140)
Balance as of December 31, 2023$22,842 $22,842 $(570)$22,272 
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, 2020, 20192023, 2022 and 2018:2021:
Amount Reclassified from Accumulated Other Comprehensive Loss (Income)
Amounts Reclassified from Accumulated Other Comprehensive (Income) Loss
Accumulated Other Comprehensive (Income) Loss Components
Accumulated Other Comprehensive (Income) Loss Components
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 OperationsYear Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:Derivative Instruments:
Amortization of Previously Settled Derivative InstrumentsAmortization of Previously Settled Derivative Instruments410 233 96 Interest Expense
Net Settlement Payments (Receipts) to our Counterparties6,516 (1,217)109 Interest Expense
Acceleration of 2020 Swap (as defined in Note 12)201 0 0 General & Administrative
Amortization of Previously Settled Derivative Instruments
Amortization of Previously Settled Derivative Instruments410 410 410 Interest Expense
Net Settlement (Receipts) Payments to our CounterpartiesNet Settlement (Receipts) Payments to our Counterparties(21,583)(914)6,421 Interest Expense
$7,127 $(984)$205 Total
$
$
$(21,173)$(504)$6,831 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 $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement payments or receipts related toamounts on the 20142021 Swaps, the 2022 Swaps and 2015the 2022 II Swaps (as(all defined in Note 12) will also be reclassified to interest expense. See Note 12 for more information about our derivatives.net income.
8485

8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")
The computation of basic and diluted EPS of the Company is presented below: 
Year Ended December 31, 2023Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Numerator:
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
Numerator:
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(314)(518)(513)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Net Income Available to First Industrial Realty Trust, Inc.'s Common StockholdersNet 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 - BasicWeighted Average Shares - Basic127,711 126,392 123,804 
Weighted Average Shares - Basic
Weighted Average Shares - Basic
Effect of Dilutive Securities:Effect of Dilutive Securities:
Performance Units (See Note 11)
Performance Units (See Note 11)
Performance Units (See Note 11) Performance Units (See Note 11)193 299 387 
Weighted Average Shares - DilutedWeighted Average Shares - Diluted127,904 126,691 124,191 
Basic EPS:Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common StockholdersNet Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.53 $1.89 $1.31 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Diluted EPS:Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common StockholdersNet Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders$1.53 $1.88 $1.31 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
The computation of basic and diluted EPU of the Operating Partnership is presented below:
Year Ended December 31, 2023Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Numerator:
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
Net Income Available to Unitholders
Net Income Available to UnitholdersNet Income Available to Unitholders$199,272 $242,896 $166,733 
Denominator (In Thousands):Denominator (In Thousands):
Weighted Average Units - BasicWeighted Average Units - Basic129,752 128,831 126,921 
Weighted Average Units - Basic
Weighted Average Units - Basic
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
Performance Units and certain Performance RLP Units (See Note 11)
Performance Units and certain Performance RLP Units (See Note 11)
Performance Units and certain Performance RLP Units (See Note 11)Performance Units and certain Performance RLP Units (See Note 11)375 410 387 
Weighted Average Units - DilutedWeighted Average Units - Diluted130,127 129,241 127,308 
Basic EPU:Basic EPU:
Net Income Available to UnitholdersNet Income Available to Unitholders$1.54 $1.89 $1.31 
Net Income Available to Unitholders
Net Income Available to Unitholders
Diluted EPU:Diluted EPU:
Net Income Available to UnitholdersNet Income Available to Unitholders$1.53 $1.88 $1.31 
Net Income Available to Unitholders
Net Income Available to Unitholders
At December 31, 2020, 20192023, 2022 and 2018,2021, participating securities for the Company include 211,920, 296,371100,795, 143,080 and 405,436,147,937, respectively, of Service Awards (see Note 11), which participate in non-forfeitable distributions. At December 31, 2020, 2019,2023, 2022, and 2018,2021, participating securities for the Operating Partnership include 444,407, 421,928253,955, 336,030 and 405,436,378,548, 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.
8586

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, 2020, 20192023, 2022 and 2018,2021, 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) benefitprovision for the years ended December 31, 2020, 20192023, 2022 and 20182021 is comprised of the following: 
Year Ended December 31,
Year Ended December 31,Year Ended December 31,
202020192018 202320222021
Current:Current:
Federal
Federal
FederalFederal$(3,659)$(169)$22 
StateState(1,718)(839)(310)
Deferred:Deferred:
Deferred:
Deferred:
Federal
Federal
FederalFederal2,969 (2,334)400 
StateState0 (64)(20)
Total Income Tax (Provision) Benefit$(2,408)$(3,406)$92 
Total Income Tax Provision
Total Income Tax Provision
Total Income Tax Provision

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, 2023 and 2022:

Year Ended December 31,
 20232022
Real Estate Basis Difference - Investment in Joint Venture$769 $1,603 
Section 163(j) Interest Limitation— 551 
Other - Temporary Differences362 263 
Total Deferred Income Tax Assets$1,131 $2,417 
Deferred Income - Investment in Joint Venture$(2,962)$(24,340)
Other - Temporary Differences(340)(299)
Total Deferred Income Tax Liabilities$(3,302)$(24,639)
Total Net Deferred Income Tax Liabilities$(2,171)$(22,222)
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, 2020,2023, 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 20172020 and thereafter. There were no material interest or penalties recorded for the years ended December 31, 2020, 20192023, 2022 and 2018.2021.








87

Federal Income Tax Treatment of Common Dividends
For the years ended December 31, 2020, 20192023, 2022 and 2018,2021, 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
20232023As a
Percentage
of
Distributions		2022As a
Percentage
of
Distributions		2021As a
Percentage
of
Distributions
Ordinary Income (A)
Ordinary Income (A)
$0.5800 58.00 %$0.7650 83.15 %$0.6858 78.83 %
Ordinary Income (A)
$0.6756 52.78 52.78 %$1.0720 90.85 90.85 %$0.9928 91.93 91.93 %
Unrecaptured Section 1250 Capital GainUnrecaptured Section 1250 Capital Gain0.2576 25.76 %0.1074 11.68 %0.1497 17.21 %Unrecaptured Section 1250 Capital Gain0.0536 4.19 4.19 %0.0060 0.51 0.51 %0.0060 0.55 0.55 %
Other Capital Gain0.1624 16.24 %0.0460 5.00 %0.0330 3.79 %
Other Capital Gain (B)
Other Capital Gain (B)
0.0956 7.47 %0.0168 1.42 %0.0128 1.19 %
Qualified DividendQualified Dividend0 0.00 %0.0016 0.17 %0.0015 0.17 %Qualified Dividend0.4552 35.56 35.56 %0.0852 7.22 7.22 %0.0684 6.33 6.33 %
$1.0000 100.00 %$0.9200 100.00 %$0.8700 100.00 %
$
$
$1.2800 100.00 %$1.1800 100.00 %$1.0800 100.00 %
(A) For the years ended December 31, 2020, 20192023, 2022 and 2018,2021, the Code Section 199A dividend is equal to the total ordinary income dividend.
The income tax characterization(B) For the years ended December 31, 2023 and 2022, Section 1061 of dividendsthe Code related to common shareholders is based onCapital Gains for the calculation of Taxable EarningsOne Year Amounts was 0% and Profits, as defined in52.0%, respectively and for the Code. Taxable EarningsThree Year Amounts was 0% 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.
12.6%, respectively.

8688

10. Leases
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 less than one year to six years and our ground leases have remaining terms of 3431 years to 5148 years. For the year ended December 31, 2020,2023, we recognized $3,093$3,449 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, 2020,2023, and thereafter:
2021$2,544 
20222,576 
20232,411 
202420242,194 
202520252,058 
2026
2027
2028
ThereafterThereafter58,818 
Total Lease PaymentsTotal Lease Payments70,601 
Less Imputed Interest (A)
Less Imputed Interest (A)
(47,775)
TotalTotal$22,826 
(A) Calculated using the discount rate for each lease.
    As of December 31, 2020,2023, our weighted average remaining lease term for the Operating Leases is 39.638.0 years and the weighted average discount rate is 7.1%7.2%.
    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 and classified as operating leases. Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as ofthat commenced prior to December 31, 20202023 are approximately as follows:
2021$333,405 
2022305,971 
2023262,228 
20242024221,594 
20252025183,186 
2026
2027
2028
ThereafterThereafter537,189 
TotalTotal$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.
8789

11. Long-Term Compensation
Equity Based Compensation
The Company maintains a stock incentive plan which is administered by the Compensation Committee of the Board of Directors forin which officers, certain employees and the Company's independent directors are eligible to participate in (the "Stock Incentive Plan"). Among other forms of allowed awards, awards made under the Stock Incentive Plan during the three years ended December 31, 20202023 have been in the form of restricted stock awards, restricted stock unit awards, performance share awards and 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, 2020,2023, awards covering 3.32.0 million shares of common stock were available to be granted under the Stock Incentive Plan. Under the Stock Incentive Plan, each RLP Unit counts as one share of common stock for purposes of calculating the limit on shares that may be issued.
Awards with Performance Measures
During the years ended December 31, 2020, 20192023, 2022 and 2018,2021, the Company granted 59,263, 36,064,44,821, 35,867, and 179,28858,568 performance units ("Performance Units"), respectively, to certain employees. In addition, the Company granted 322,477280,083, 208,454 and 166,942263,621 RLP Units, respectively, for the years ended December 31, 20202023, 2022 and 2019,2021, with the same performance-based criteria as the Performance Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") to certain employees. A portion of theeach Performance Awards issued in 2020 vestAward vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSRsTSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to nine othera specified group of peer industrial real estate companies. A portion of the Performance AwardsThe performance period for 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 Index. The performance periods for such awards are one year, two2023 is three years and three years. Compensationcompensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock. The participant is also entitled to dividend equivalents for shares andor RLP unitsUnits issued pursuant to vested Performance Awards. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested Performance Units.
The Performance Awards issued for the years ended December 31, 2020, 20192023, 2022 and 2018,2021, had fair value of $7,883, $2,527,$8,948, $7,266, and $2,381,$7,162, respectively. The fair values 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
Year Ended December 31, 2023Year Ended December 31, 2023Year Ended December 31, 2022Year Ended December 31, 2021
Expected dividend yieldExpected dividend yield2.22 %3.02 %2.67 %Expected dividend yield2.46 %1.75 %2.49 %
Expected volatility - range usedExpected volatility - range used16.25% - 17.56%18.53% - 19.72%15.83% - 17.87%Expected volatility - range used27.09% - 32.03%19.89% - 28.74%29.00% - 37.18%
Expected volatility - weighted averageExpected volatility - weighted average16.97 %19.10 %17.02 %Expected volatility - weighted average29.42 %24.91 %32.44 %
Risk-free interest rateRisk-free interest rate1.63% - 1.68%2.45% - 2.57%1.57% - 2.04%Risk-free interest rate4.23% - 4.78%0.22% - 1.21%0.02% - 0.19%

Performance Award transactions for the year ended December 31, 20202023 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 
Performance UnitsPerformance UnitsWeighted
Average
Grant Date
Fair Value		Performance RLP UnitsWeighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2022
IssuedIssued59,263 $20.65 322,477 $20.65 
ForfeitedForfeited(5,681)$13.67 0 $0 
VestedVested(178,211)$12.62 0 $0 
Outstanding at December 31, 2020256,093 $14.86 479,179 $17.97 
Outstanding at December 31, 2023
8890

Service Based Awards
During the years ended December 31, 2020, 20192023, 2022 and 2018,2021, the Company awarded 80,387, 109,353,56,236, 78,482, and 227,05967,127 of restricted stock units or and restricted stock shares ("Service Units"), respectively, to certain employees and outside directors. In addition, for the years ended December 31, 20202023, 2022 and 2019,2021, the Company awarded 119,59698,342, 57,907 and 112,42851,525 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 uponon 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. At the end of the service period, vested Service Units convert into shares of common stock.
The Service Awards issued for the years ended December 31, 2020, 20192023, 2022 and 20182021 had fair value of $8,641, $7,627$7,948, $8,032 and $6,558,$5,195, respectively. Service Award transactions for the year ended December 31, 20202023 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 
Service UnitsService UnitsWeighted
Average
Grant Date
Fair Value		Service RLP UnitsWeighted
Average
Grant Date
Fair Value
Outstanding at December 31, 2022
IssuedIssued80,387 $43.61 119,596 $42.94 
ForfeitedForfeited(4,009)$33.86 (1,967)$35.58 
VestedVested(160,829)$29.37 (43,700)$33.73 
Outstanding at December 31, 2020211,920 $36.35 184,569 $39.62 
Outstanding at December 31, 2023
Compensation Expense Related to Long-Term Compensation
For the years ended December 31, 2020, 20192023, 2022 and 2018,2021, we recognized $12,931, $8,376$16,673, $15,722 and $7,586,$13,719, respectively, in compensation expense related to Performance Awards and Service Awards. Performance Award and Service Award compensation expense capitalized in connection with development activities was $2,030, $870$3,014, $3,605 and $472$2,405 for the years ended December 31, 2020, 20192023, 2022 and 2018,2021, respectively. At December 31, 2020,2023, we had $12,741$10,379 in unrecognized compensation related to unvested Performance Awards and Service Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.850.71 years.
Retirement Eligibility
Commencing January 1, 2020, allAll award agreements issued underlying Performance Awards and Service Awards contain a retirement benefiteligibility policy 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 nonnon-forfeitable.-forfeitable. As such, during the year ended December 31, 2020, we expensedexpense 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 amortized over the shorter service period. Additionally, our Chief Executive Officer's employment agreement contains a retirement provision, which provides for all of his outstanding Performance Awards and Service Awards to be non-forfeitable effective December 31, 2024. As such, his Performance Awards and Service Awards granted during the year ended December 31, 2023 are amortized over two years versus three years.
401(k) Plan
Under the Company's 401(k) Plan, all eligible employees may participate by making voluntary contributions, and we may make, but are not required to make, matching contributions. For the years ended December 31, 2020, 20192023, 2022 and 2018,2021, total expense related to matching contributions was $977, $926$1,382, $1,314 and $688,$1,186, respectively.


8991

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 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.
In connection with the origination of each Unsecured Term Loan (see Note 4), we entered intoWe have interest rate swaps to manage our exposure to changes in the one-month LIBOR rate.SOFR related to our Unsecured Term Loans. We have 4three interest rate swaps with an aggregate notional value of $200,000 that fixfixed the one-month LIBORSOFR rate component at a weighted average rate of 2.29% and mature on January 29, 2021 (the "2014 Swaps"), 6 interest rate swaps, with an aggregate notional value of $260,000, that fix0.86% for 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, 2021year ended December 31, 2023 and mature on February 2, 2026 (the "2021 Swaps"). We designated the 2014 Swaps, the 2015 Swaps and the 2021 Swaps as cash flow hedges.
Additionally, during the year ended December 31, 2020, we entered into an interest rate swap to manage our exposure to changes in the one-month LIBOR rate related to our Unsecured Credit Facility (the "2020 Swap"). The 2020 Swap commenced April 1, 2020, matures on April 1, 2021, has a notional value of $150,000 and fixes the one-month LIBOR rate at 0.42%. We initially designated the 2020 Swap as a cash flow hedge. During the year ended December 31, 2020, however,2023, we acceleratedamended our 2021 Unsecured Term Loan to replace LIBOR with SOFR as the reclassificationbenchmark interest rate. Borrowings under the 2021 Unsecured Term Loan bear interest at SOFR, plus a 10 basis point adjustment plus a credit spread which is currently 85 basis points.
We have eight interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR rate component at 2.69% and mature on September 30, 2027 (the "2022 Swaps").
We have seven interest rate swaps, with an aggregate notional value of $300,000 that fix the SOFR rate component at 3.93% (the "2022 II Swaps"). $150,000 of the fair2022 II Swaps' aggregate notional value matures on December 1, 2025 and the remaining $150,000 of the 2020 Swap from other comprehensive income to earnings since the hedged forecasted transaction is no longer expected to be probable to occur. The accelerated loss recorded2022 II Swaps' aggregate notional value matures on the 2020 Swap for the year ended December 31, 2020 was not significant.
The following table sets forth our financial liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap andAugust 1, 2027. We have designated the 2021 Swaps, which are included in the line item Accounts Payable, Accrued Expenses2022 Swaps and Other Liabilities and are accounted for at fair value on a recurring basisthe 2022 II Swaps as of December 31, 2020 and 2019:
  Fair Value Measurements at Reporting Date Using:
DescriptionFair Value at December 31, 2020Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Unobservable
Inputs
(Level 3)
Derivatives designated as a hedging instrument:
Liabilities:
2014 Swaps$(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

cash flow hedges.
Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of December 31, 2020,2023, 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 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of December 31, 2023 and 2022:
  Fair Value Measurements at Reporting Date Using:
DescriptionFair Value at December 31, 2023Quoted 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:
2021 Swaps$12,517 — $12,517 — 
2022 Swaps$13,285 — $13,285 — 
Liabilities:
2022 II Swaps$(776)— $(776)— 
Fair Value at December 31, 2022
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps$17,976 — $17,976 — 
2022 Swaps$19,057 — $19,057 — 
Liabilities:
2022 II Swaps$(253)— $(253)— 
There was no ineffectiveness recorded on the 20142021 Swaps, the 20152022 Swaps or the 20212022 II Swaps during the year ended December 31, 2020.2023. See Note 7 for more information regarding our derivatives.

92

The estimated fair value of the 20142021 Swaps, the 20152022 Swaps the 2020 Swap and the 20212022 II 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 20142021 Swaps, the 20152022 Swaps the 2020 Swap and the 20212022 II Swaps fell within Level 2 of the fair value hierarchy.
13. Related Party Transactions
At December 31, 20202023 and 2019,2022, the Operating Partnership had receivable balances of $9,380$9,288 and $10,031,$9,285, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.
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.
At December 31, 2020,2023, we had outstanding letters of credit and performance bonds in the aggregate amount of $22,013.$20,662.
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, 2020,2023, we had 8 industrial propertiessix development projects totaling approximately 1.31.9 million square feet of GLA under construction. The estimated total investment associated with these properties as of December 31, 2020,2023, is approximately $172,400$284,800 (unaudited). Of this amount, approximately $92,000$113,800 (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.
15. Subsequent Events
From January 1, 20212024 to February 15, 2021,14, 2024, we acquired 2sold five industrial buildings and one land parcelsparcel for a purchasesales price of $9,800,$33,000, excluding transaction costs. In addition, we sold 1 industrial property for $675, excluding 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, 2020 and 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

The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2020 and 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

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
DRI FR GLENDALE, LLC

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Page
FINANCIAL STATEMENTS
Report of Independent Auditors
95
Consolidated Balance Sheets
97
Consolidated Statements of Operations
98
Consolidated Statements of Changes in Members' Capital
99
Consolidated Statements of Cash Flows
100
Notes to Consolidated Financial Statements
101
1. Organization and Formation of Joint Venture
101
2. Summary of Significant Accounting Policies
101
3. Investment in Real Estate
103
4. Indebtedness
103
5. Members' Equity
103
6. Leases
103
7. Related Party Transactions
104
8. Commitments and Contingencies
104
9. Subsequent Events
105
94

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
Report of Independent Auditors

To theManaging Member of DRI FR Glendale, LLC

Opinion

We have audited the accompanying consolidated financial statements of DRI FR Glendale, LLC(the “Company”), which comprise theconsolidatedbalance sheet as ofDecember 31, 2022, and the related consolidated statements of operations, of changes in members’ capital and of cash flowsfor the year ended December 31, 2022, including the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year ended December 31, 2022 in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Other Matter

The accompanying consolidated balance sheet of DRI FR Glendale, LLC as of December 31, 2023, and the related consolidated statements of operations, changes in members' capital and cash flows for the year then ended and for the year ended December 31, 2021, are presented for purposes of complying with Rule 3-09 of SEC Regulation S-X; however, Rule 3-09 does not require the 2023 or 2021 financial statements to be audited and they are therefore not covered by this report.

Responsibilities of Management for the ConsolidatedFinancial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the consolidated financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the ConsolidatedFinancial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.











95

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
In performing an audit in accordance with US GAAS, we:

•Exercise professional judgment and maintain professional skepticism throughout the audit.
•Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
February 14, 2024
96

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
DRI FR GLENDALE, LLC
CONSOLIDATED BALANCE SHEETS

December 31, 2023*December 31, 2022
(In thousands)
ASSETS
Assets:
Investment in Real Estate:
Land$24,161 $14,812 
Construction in Progress154,932 32,314 
Total Investment in Real Estate179,093 47,126 
Real Estate Held for Sale— 14,426 
Cash and Cash Equivalents30,876 9,178 
Leasing Commissions3,342 — 
Prepaid Expenses and Other Assets1,365 903 
Total Assets$214,676 $71,633 
LIABILITIES AND MEMBERS' CAPITAL
Liabilities:
Construction Loan, Net$94,981 $7,849 
Due to Related Party138 34 
Liabilities Related to Sold Properties15,513 19,715 
Deferred Gain on Sale1,551 1,972 
Earnest Money Received on Property Held for Sale— 7,000 
Accounts Payable, Accrued Expenses and Other Liabilities28,755 19,791 
Rents Received in Advance1,702 — 
Total Liabilities142,640 56,361 
Members' Capital72,036 15,272 
Total Liabilities and Members' Capital$214,676 $71,633 

*Not covered by the auditor's report
The accompanying notes are an integral part of the consolidated financial statements.
97

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
DRI FR GLENDALE, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended December 31, 2023*Year Ended December 31, 2022Year Ended December 31, 2021*
(In thousands)
Revenues:
Rental Income$4,907 $— $101 
Total Revenues4,907 — 101 
Expenses:
Real Estate Tax and Appeal Fees— — 9 
Related Party Asset and Property Management Fees64 — 165 
General and Administrative143 160 82 
Total Expenses207 160 256 
Other Income (Expense):
Gain on Sale of Real Estate40,616 171,671 — 
Interest Income1,348 — — 
Total Other Income (Expense)41,964 171,671 — 
Net Income (Loss)$46,664 $171,511 $(155)

*Not covered by the auditor's report
The accompanying notes are an integral part of the consolidated financial statements.
98

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
DRI FR GLENDALE, LLC
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Diamond Camelback, LLCFR Merit Glendale, LLCTotal
(In thousands)
Balance at December 31, 2020*$37,398 $35,932 $73,330 
Cash Contributions239 229 468 
Net Loss(79)(76)(155)
Balance at December 31, 2021*$37,558 $36,085 $73,643 
Cash Contributions5,033 4,835 9,868 
Cash Distributions(92,360)(147,390)(239,750)
Net Income87,471 84,040 171,511 
Incentive Fee Allocation(31,308)31,308 — 
Balance at December 31, 2022$6,394 $8,878 $15,272 
Cash Contributions12,853 12,350 25,203 
Cash Distributions(7,703)(7,400)(15,103)
Net Income23,799 22,865 46,664 
Incentive Fee Allocation(9,369)9,369 — 
Balance at December 31, 2023*$25,974 $46,062 $72,036 

*Not covered by the auditor's report
The accompanying notes are an integral part of the consolidated financial statements.
99

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
DRI FR GLENDALE, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31, 2023*Year Ended December 31, 2022Year Ended December 31, 2021*
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$46,664 $171,511 $(155)
Adjustments to Reconcile Net Income to Net Cash Provided By (Used in) Operating Activities:
Gain on Sale of Real Estate(40,616)(171,671)— 
Decrease in Prepaid Expenses and Other Assets, Net34 1 7 
Increase (Decrease) in Accounts Payable, Accrued Expenses, Rents Received in Advance and Due to Related Party1,692 (25)(51)
Net Cash Provided By (Used in) Operating Activities7,774 (184)(199)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of Real Estate— — (393)
Development Expenditures(116,954)(15,251)(638)
Lease Costs(1,781)— — 
Earnest Money Deposit Received on Property Held for Sale— 7,000 — 
Net Proceeds from the Sale of Real Estate39,811 239,753 — 
Net Cash (Used In) Provided by Investing Activities(78,924)231,502 (1,031)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Construction Loan82,751 9,037 — 
Debt Issuance Costs(3)(1,380)(3)
Contributions from Members25,203 9,868 468 
Distributions to Members(15,103)(239,750)— 
Net Cash Provided by (Used in) Financing Activities92,848 (222,225)465 
Net Increase (Decrease) in Cash and Cash Equivalents21,698 9,093 (765)
Cash and Cash Equivalents, Beginning of Period9,178 85 850 
Cash and Cash Equivalents, End of Period$30,876 $9,178 $85 
Supplemental Information to Statements of Cash Flows:
Interest Expense Capitalized In Connection with Development$4,537 $103 $— 
Non-Cash Investing and Financing Activities:
Accrued Expenses Related to Development Expenditures$27,294 $19,799 $386 
Accrued Expenses Related to Lease Costs$1,561 $— $— 
Liabilities Arising from the Sale of Real Estate$1,410 $19,715 $— 
Interest Expense included in Construction Loan Payable$3,923 $— $— 
Accrued Expenses Related to Debt Issuance Costs$— $— $32 
         Debt Issuance Cost Amortization Capitalized in Connection with Development$461 $192 $— 

*Not covered by the auditor's report
The accompanying notes are an integral part of the consolidated financial statements.
100

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
DRI FR GLENDALE, LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2023 (NOT COVERED BY THE AUDITOR'S REPORT), 2022 AND 2021 (NOT COVERED BY THE AUDITOR'S REPORT)
($ in thousands)
1. Organization and Formation of Joint Venture
DRI FR Glendale, LLC (the “Joint Venture”) was organized on July 8, 2020 in the state of Delaware. The Joint Venture was formed to acquire 577 developable acres of real property located in Glendale, AZ and to thereafter own, hold for investment, develop, operate, lease, maintain and sell the property. FR Merit Glendale, LLC (“FR Merit”) holds a 49% membership interest and Diamond Camelback LLC (“Diamond”) holds the remaining 51% membership interest (each a “Member” and together, the “Members”). FR Merit is a partnership that FR Glendale, LLC, a wholly owned subsidiary of First Industrial, L.P. (“First Industrial”) holds an 88% partnership interest in with the remaining 12% partnership interest being held by Merit Camelback 303, LLC, an Arizona limited liability company (“Merit”). FR Merit acts as the managing Member of the Joint Venture.
The Joint Venture finances its investments by drawing on the Members’ commitments to make capital contributions or such other financing as the Members deem appropriate. The Joint Venture is managed on a day to day basis by FR Merit. Major decisions are made by the Management Committee of the Joint Venture which consists of one representative from each Member.
As of December 31, 2023, the Joint Venture owned approximately 188 acres of land (see Note 6 and Note 8).
Any references to acres or square footage in the financial statement footnotes are unaudited.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements at December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 include the accounts and operating results of the Joint Venture. The Joint Venture wholly owns DRI FR Glendale Propco One, LLC, the operating data of which is consolidated with that of the Joint Venture as presented herein. All intercompany transactions have been eliminated.
Managements Use of Estimates
In order to conform with generally accepted accounting principles in the United States of America (“GAAP”), management, in preparation of the Joint Venture’s financial statements, is 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, 2023 and 2022, and the reported amounts of revenues and expenses for the years ended December 31, 2023, 2022 and 2021. 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. The Joint Venture maintains cash and cash equivalents in banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. There have been no realized losses of such cash investments or accounts.
Investment in Real Estate and Depreciation
The purchase of land is stated at cost, including transaction costs.
The Joint Venture reviews its long-lived assets for impairment whenever an event or changes in circumstances indicate the carrying value of the asset may not be recoverable. If further assessment of recoverability is needed, the Joint Venture will estimate the future net cash flows expected to result from the use of the property and its eventual disposition. 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, the Joint Venture will recognize an impairment loss equal to the amount in which the carrying value exceeds the estimated fair value of the property or group of properties.
101

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
Real estate taxes, interest expense and other directly related costs incurred during construction periods are capitalized to the development projects from the point the Joint Venture begins undergoing necessary activities to get the development ready for its intended use and ceases when the development projects are substantially completed and held available for occupancy. Upon substantial completion, the Joint Venture reclassifies construction in progress to building and tenant improvements and will start depreciating the asset based on the estimated useful life. Leasing commissions, inclusive of related party leasing coordination fees, are capitalized and amortized over the terms of each specific lease.
The Joint Venture classifies certain properties and related assets and liabilities as held for sale when the sale of an asset has been duly approved by the Members, 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, the value the properties are reflected at the lower of cost or fair value, less costs to dispose.
Fair Value of Financial Instruments
The fair values of prepaid expenses and other assets, accounts payable and other accrued expenses and due to related party were not materially different from their carrying or contract values due to the short-term nature of these financial instruments. The Joint Venture has concluded that its determination of fair value for these financial instruments was primarily based on level 2 inputs. See Note 4 for the fair value of the construction loan.
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 term of the construction loan.
Revenue Recognition
Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. The Joint Venture assesses the collectability of lease receivables (including future minimum rental payments) both at commencement and throughout the lease term. If the Joint Venture concludes that collection of lease payments is not probable at lease commencement, lease payments will be recognized as they are received or on a straight-line basis, whichever is lower. If collection of lease payments is concluded to be probable at commencement and the assessment of collectability 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.
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 the Joint Venture after completion of each sale are accrued and included in the determination of the gain on sales.
Income Taxes
In accordance with limited liability company taxation, each of the Members is responsible for reporting their share of taxable income or loss. Accordingly, no provision has been made in the financial statements for federal or state income taxes.

The Joint Venture files a federal tax return as well as a state return.The statute of limitations for income taxes is generally three years.As such, the Joint Venture’s tax returns for the 2023, 2022 and 2021 tax years are subject to examination.
102

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
3. Investment in Real Estate
On August 14, 2020, the Joint Venture acquired approximately 575 developable acres of land for a purchase price of $70,530, excluding closing costs and on March 24, 2021, the Joint Venture acquired approximately two developable acres of land for a purchase price of $370, excluding closing costs. The Joint Venture accounted for the land parcels as asset acquisitions and therefore capitalized transaction costs to the land bases.
On June 30, 2022, the Joint Venture sold 358 developable acres of land to a third party. Gross proceeds from the sale were $255,287 and the gain on sale of real estate was $171,671. On March 30, 2023, the Joint Venture sold 31 developable acres of land to a third party. Gross proceeds from the sale were $50,000 and the gain on sale of real estate was $40,616. The gain on sale of real estate for the years ended December 31, 2023 and 2022 excludes gain of $1,551 and $1,972, respectively, which is being deferred until required infrastructure work is completed for the purchasers. The deferred gain is recognized into income based on the percentage of completion method. Gain on sale of real estate for the year ended December 31, 2023 includes $561 related to previously deferred gain that was recognized due to completion of infrastructure work. See Note 8.
During the year ended December 31, 2023, the Joint Venture reclassified 71 acres of land from held for sale to land.
4. Indebtedness
On July 29, 2022, the Joint Venture entered into a construction loan with a borrowing capacity of $149,514, which matures on July 29, 2025. The construction loan accrues interest at a variable rate of SOFR plus 3%. Such interest is added to the construction loan balance while construction is ongoing. Payments of interest will become due once construction is substantially complete. The gross outstanding balance of the construction loan is $95,711 and $9,037, respectively, net of unamortized debt issuance costs of $730 and $1,188, respectively, on the Consolidated Balance Sheets at December 31, 2023 and 2022. The fair value of the construction loan at December 31, 2023 and 2022 is $95,358 and $8,934, respectively, and was determined by discounting the future cash flows using rates, as advised by our banker, at which a similar construction loan would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. The Joint Venture has concluded that its determination of fair value for the construction loan was primarily based on level 3 inputs. The Joint Venture believes it is in compliance with all covenants related to the construction loan as of December 31, 2023.
5. Members' Equity
Capital Contributions
The Members are required to make capital contributions in accordance with their ownership percentages from time to time as required by the Joint Venture's LLC agreement.
Distributions and Allocations of Profits and Losses
Distributions of operating cash flow and capital event proceeds are to be distributed to the Members in proportion to their ownership percentages, except to the extent an incentive fee is earned by FR Merit (see Note 7).
Operating profits and losses are allocated between the Members in proportion to their ownership percentages, except to the extent an incentive fee is earned by FR Merit (see Note 7).
6. Leases
During the year ended December 31, 2023, the Joint Venture entered into an operating lease, leasing 71 acres of land to a tenant. Future minimum rental receipts, for the years ended December 31, 2024 and 2025 are $5,513 and $1,378, respectively. The lease includes a purchase option. For purposes of determining the lease term and lease classification, the Joint Venture excluded the purchase option as it was not reasonably certain at lease commencement that the option would be exercised.

103

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
7. Related Party Transactions
The Joint Venture paid certain fees to a subsidiary of First Industrial or FR Merit.
•A subsidiary of First Industrial is entitled to receive an asset management fee. The asset management fee is paid quarterly in arrears and is based on a percentage of the sum of all member capital contributions, net of any return of capital distributions, and the aggregate outstanding principal balance of the borrowed indebtedness of the Joint Venture, if any, as of the date of calculation. For the years ended December 31, 2023, 2022 and 2021, the subsidiary of First Industrial earned asset management fees totaling $331, $166 and $221, respectively. For the years ended December 31, 2023, 2022 and 2021, asset management fees totaling $331, $166 and $56, respectively, were capitalized in Construction in Progress in the Consolidated Balance Sheets.
•A subsidiary of First Industrial is entitled to receive development fees, which fees are based on a percentage of all hard and soft costs incurred. For the years ended December 31, 2023, 2022 and 2021, the subsidiary of First Industrial earned development fees totaling $5,859, $1,600 and $42, respectively, which are capitalized in Construction in Progress in the Consolidated Balance Sheets.
•A subsidiary of First Industrial is entitled to receive leasing coordination fees, which fees are based on a percentage of the market leasing fee of any listing broker.For the year ended December 31, 2023, the subsidiary of First Industrial earned leasing coordination fees totaling $219.
•A subsidiary of First Industrial is entitled to receive property management fees, which fees are based on a percentage gross monthly income. For the year ended December 31, 2023, the subsidiary of First Industrial earned property management fees totaling $64.
•FR Merit is entitled to receive an incentive fee if, based on a percentage of operating cash flow and capital event proceeds to be distributed to the Members, meet certain IRR hurdles. For the years ended December 31, 2023 and 2022, the Joint Venture distributions to FR Merit included $0 and $29,913, respectively, of incentive fees related to capital event proceeds. The Joint Venture uses the hypothetical liquidation at book value ("HLBV") model to calculate the amount of incentive fees earned by FR Merit, in excess of incentive fees distributed from capital event proceeds. For the years ended, December 31, 2023 and 2022, additional incentive fees of $9,369 and $1,395, respectively, were earned by FR Merit based on the HLBV model, but not distributed.
The Joint Venture’s payable balance to a wholly owned subsidiary of First Industrial and FR Merit for asset management fees, development fees, property management fees and other reimbursements totaled $138 and $34 at December 31, 2023 and 2022, respectively.
8. Commitments and Contingencies
In the normal course of business, the Joint Venture is involved in legal actions arising from the ownership of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the financial position, operations or liquidity of the Joint Venture.
In conjunction with the development of industrial properties, the Joint Venture has entered into agreements with a general contractor for the construction of three industrial buildings totaling approximately 1.8 million square feet of gross leasable area on 117 acres of land. As of December 31, 2023, the aggregate estimated investment in these buildings is $214,766 (unaudited), which includes tenant improvements and leasing commissions from leases executed during the year ended December 31, 2023 but which do not commence until 2024. Of this amount, approximately $69,792 (unaudited) remains to be funded.
In connection with the Joint Venture’s sale of 358 developable acres to a third party on June 30, 2022 (See Note 3) and the Joint Venture’s sale of 31 acres to a third party on March 30, 2023 (see Note 3), the Joint Venture is required to complete infrastructure work for both purchasers. As of December 31, 2023, the estimated cost of the infrastructure work was $23,820 of which $15,513 remains to be incurred.
104

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
9. Subsequent Events

Subsequent events have been evaluated and disclosed herein relating to events that have occurred from January 1, 2024 through February 14, 2024.

From January 1, 2024 to February 14, 2024, the Joint Venture borrowed $6,882 under the construction loan agreement.

From January 1, 2024 to February 14, 2024, Diamond and FR Merit contributed $947 and $910, respectively, to the Joint Venture.
105

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
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
Properties  (In thousands) 
Atlanta
1650 Highway 155McDonough, GA$— $779 $4,544 $(834)$345 $4,144 $4,489 $3,030 1994
4051 Southmeadow ParkwayAtlanta, GA— 726 4,130 1,633 726 5,763 6,489 3,834 1994
4071 Southmeadow ParkwayAtlanta, GA— 750 4,460 2,115 828 6,497 7,325 4,394 1994
4081 Southmeadow ParkwayAtlanta, GA— 1,012 5,918 2,307 1,157 8,080 9,237 5,404 1994
5570 Tulane DriveAtlanta, GA— 527 2,984 1,242 546 4,207 4,753 2,592 1996
955 Cobb PlaceKennesaw, GA— 780 4,420 1,163 804 5,559 6,363 3,411 1997
1005 Sigman RoadConyers, GA— 566 3,134 911 574 4,037 4,611 2,282 1999
2050 East Park DriveConyers, GA— 452 2,504 711 459 3,208 3,667 1,816 1999
3060 South Park BoulevardEllenwood, GA— 1,600 12,464 3,353 1,604 15,813 17,417 8,656 2003
175 Greenwood Industrial ParkwayMcDonough, GA— 1,550 — 8,253 1,550 8,253 9,803 3,763 2004
5095 Phillip Lee DriveAtlanta, GA— 735 3,627 (198)740 3,424 4,164 3,174 2005
6514 Warren DriveNorcross, GA— 510 1,250 203 513 1,450 1,963 901 2005
6544 Warren DriveNorcross, GA— 711 2,310 519 715 2,825 3,540 1,812 2005
5356 E. Ponce De Leon AvenueStone Mountain, GA— 604 3,888 918 610 4,800 5,410 3,706 2005
5390 E. Ponce De Leon AvenueStone Mountain, GA— 397 1,791 486 402 2,272 2,674 1,634 2005
1755 Enterprise DriveBuford, GA— 712 2,118 169 716 2,283 2,999 1,297 2006
4555 Atwater CourtBuford, GA— 881 3,550 468 885 4,014 4,899 2,289 2006
80 Liberty Industrial ParkwayMcDonough, GA— 756 3,695 (1,215)467 2,769 3,236 1,493 2007
596 Bonnie Valentine WayPendergrass, GA— 2,580 21,730 2,514 2,594 24,230 26,824 9,342 2007
5055 Oakley Industrial BoulevardFairburn, GA— 8,514 — 166 8,680 — 8,680 — 2008
11415 Old Roswell RoadAlpharetta, GA— 2,403 1,912 433 2,428 2,320 4,748 1,394 2008
1281 Highway 155 S.McDonough, GA— 2,501 — 17,232 2,502 17,231 19,733 3,962 2016
4955 Oakley Industrial BoulevardFairburn, GA— 3,650 — 34,386 3,661 34,375 38,036 3,953 2019
Baltimore/Washington D.C.
16522 Hunters Green ParkwayHagerstown, MD— 1,390 13,104 9,106 1,863 21,737 23,600 8,546 2003
22520 Randolph DriveDulles, VA— 3,200 8,187 216 3,208 8,395 11,603 3,556 2004
22630 Dulles Summit CourtDulles, VA— 2,200 9,346 1,656 2,206 10,996 13,202 3,798 2004
11204 McCormick RoadHunt Valley, MD— 1,017 3,132 216 1,038 3,327 4,365 2,367 2005
11110 Pepper RoadHunt Valley, MD— 918 2,529 666 938 3,175 4,113 2,236 2005
10709 Gilroy RoadHunt Valley, MD— 913 2,705 175 913 2,880 3,793 2,500 2005
10707 Gilroy RoadHunt Valley, MD— 1,111 3,819 (114)1,136 3,680 4,816 2,543 2005
38 Loveton CircleSparks, MD— 1,648 2,151 (210)1,690 1,899 3,589 1,450 2005
106

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
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
1225 Bengies RoadBaltimore, MD— 2,640 270 12,590 2,823 12,677 15,500 5,211 2008
100 Tyson DriveWinchester, VA— 2,320 — 11,126 2,401 11,045 13,446 4,592 2007
400 Old Post RoadAberdeen, MD— 3,411 17,144 5,419 3,411 22,563 25,974 5,873 2015
500 Old Post RoadAberdeen, MD— 8,289 30,533 5,472 8,289 36,005 44,294 10,621 2015
5300 & 5315 Nottingham DriveWhite Marsh, MD— 12,075 41,008 20,599 12,081 61,601 73,682 9,864 2020
5301 Nottingham DriveWhite Marsh, MD— 4,952 12,511 2,849 4,978 15,334 20,312 2,206 2020
Central/Eastern Pennsylvania
401 Russell DriveMiddletown, PA— 262 857 2,115 287 2,947 3,234 2,541 1994
2700 Commerce DriveMiddletown, PA— 196 997 903 206 1,890 2,096 1,746 1994
2701 Commerce DriveMiddletown, PA— 141 859 1,399 164 2,235 2,399 1,926 1994
2780 Commerce DriveMiddletown, PA— 113 743 1,264 209 1,911 2,120 1,758 1994
14 McFadden RoadPalmer, PA— 600 1,349 (305)625 1,019 1,644 526 2004
431 Railroad AvenueShiremanstown, PA— 1,293 7,164 3,313 1,341 10,429 11,770 7,508 2005
6951 Allentown BoulevardHarrisburg, PA— 585 3,176 191 601 3,351 3,952 1,985 2005
2801 Red Lion RoadPhiladelphia, PA— 950 5,916 341 964 6,243 7,207 4,398 2005
1351 Eisenhower Boulevard, Bldg. 1Harrisburg, PA— 382 2,343 (297)387 2,041 2,428 1,092 2006
1351 Eisenhower Boulevard, Bldg. 2Harrisburg, PA— 436 1,587 (332)443 1,248 1,691 671 2006
200 Cascade Drive, Bldg. 1Allentown, PA— 2,133 17,562 3,803 2,769 20,729 23,498 11,380 2007
200 Cascade Drive, Bldg. 2Allentown, PA— 310 2,268 160 316 2,422 2,738 1,174 2007
1490 Dennison CircleCarlisle, PA— 1,500 — 13,036 2,341 12,195 14,536 4,944 2008
298 First AvenueGouldsboro, PA— 7,022 — 59,058 7,019 59,061 66,080 22,461 2008
225 Cross Farm LaneYork, PA— 4,718 — 25,361 4,715 25,364 30,079 9,980 2008
2455 Boulevard of GeneralsNorristown, PA— 1,200 4,800 344 1,226 5,118 6,344 3,212 2008
105 Steamboat BoulevardManchester, PA— 4,085 14,464 (1,461)4,070 13,018 17,088 4,729 2012
20 Leo LaneYork County, PA— 6,884 — 27,488 6,889 27,483 34,372 6,851 2013
3895 Eastgate Boulevard, Bldg AEaston, PA— 4,855 — 18,959 4,388 19,426 23,814 3,778 2015
3895 Eastgate Boulevard, Bldg BEaston, PA— 3,459 — 12,852 3,128 13,183 16,311 2,679 2015
112 Bordnersville RoadJonestown, PA— 13,702 — 41,431 13,724 41,409 55,133 8,529 2018
122 Bordnersville RoadJonestown, PA— 3,165 — 14,765 3,171 14,759 17,930 2,330 2018
2021 Woodhaven RoadPhiladelphia, PA— 2,059 — 9,936 2,087 9,908 11,995 888 2020
1960 Weaversville RoadAllentown, PA— 2,196 — 12,399 2,196 12,399 14,595 388 2022
2771 N. Market StreetElizabethtown, PA— 50,789 — 71,642 50,789 71,642 122,431 2,860 2022
2701 N. Market StreetElizabethtown, PA— 32,706 — 53,488 32,706 53,488 86,194 742 2023
4145 Philadelphia PikeClaymont, DE— 12,009 849 37,703 12,009 38,552 50,561 — 2023
107

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
Chicago
720-730 Landwehr DriveNorthbrook, IL— 521 2,982 1,561 521 4,543 5,064 2,749 1994
1385 101st StreetLemont, IL— 967 5,554 2,087 968 7,640 8,608 4,912 1994
2300 Windsor CourtAddison, IL— 688 3,943 1,028 696 4,963 5,659 3,359 1994
305-311 Era DriveNorthbrook, IL— 200 1,154 1,183 205 2,332 2,537 1,305 1994
800 Business DriveMount Prospect, IL— 631 3,493 328 666 3,786 4,452 2,210 2000
580 Slawin CourtMount Prospect, IL— 233 1,292 (80)162 1,283 1,445 740 2000
1005 101st StreetLemont, IL— 1,200 6,643 1,722 1,220 8,345 9,565 4,599 2001
175 Wall StreetGlendale Heights, IL— 427 2,363 770 433 3,127 3,560 1,625 2002
251 Airport RoadNorth Aurora, IL— 983 — 6,842 983 6,842 7,825 3,576 2002
400 Crossroads ParkwayBolingbrook, IL— 1,178 9,453 5,205 1,181 14,655 15,836 6,514 2005
7801 W. Industrial DriveForest Park, IL— 1,215 3,020 1,479 1,220 4,494 5,714 3,242 2005
725 Kimberly DriveCarol Stream, IL— 793 1,395 5 801 1,392 2,193 933 2005
2900 W. 166th StreetMarkham, IL— 1,132 4,293 (1,288)1,134 3,003 4,137 1,221 2007
555 W. Algonquin RoadArlington Heights, IL— 574 741 2,326 579 3,062 3,641 1,563 2007
1501 Oakton StreetElk Grove Village, IL— 3,369 6,121 144 3,482 6,152 9,634 3,205 2008
16500 W. 103rd StreetWoodridge, IL— 744 2,458 582 762 3,022 3,784 1,697 2008
8505 50th StreetKenosha, WI— 3,212 — 37,245 4,296 36,161 40,457 16,184 2008
4100 Rock Creek BoulevardJoliet, IL— 4,476 16,061 1,009 4,476 17,070 21,546 6,958 2013
10100 58th PlaceKenosha, WI— 4,201 17,604 (2,223)4,201 15,381 19,582 4,548 2013
401 Airport RoadNorth Aurora, IL— 534 1,957 (146)534 1,811 2,345 516 2014
3737 84th AvenueSomers, WI— 1,943 — 24,136 1,943 24,136 26,079 4,913 2016
81 Paragon DriveRomeoville, IL— 1,787 7,252 414 1,788 7,665 9,453 1,592 2016
10680 88th AvenuePleasant Prairie, WI— 1,376 4,757 — 1,376 4,757 6,133 1,239 2017
8725 31st StreetSomers, WI— 2,133 — 26,102 2,134 26,101 28,235 4,857 2017
3500 Channahon RoadJoliet, IL— 2,595 — 18,613 2,598 18,610 21,208 3,918 2017
1998 Melissa LaneAurora, IL— 2,401 9,970 748 2,400 10,719 13,119 1,912 2019
8630 31st StreetSomers, WI— 1,784 — 32,615 1,784 32,615 34,399 889 2022
Cincinnati
4436 Muhlhauser RoadHamilton, OH— 630 — 5,638 630 5,638 6,268 2,936 2002
4438 Muhlhauser RoadHamilton, OH— 779 — 6,777 779 6,777 7,556 3,408 2002
9525 Glades DriveWestchester, OH— 347 1,323 285 355 1,600 1,955 1,075 2007
108

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
9774-9792 Windisch RoadWestchester, OH— 392 1,744 263 394 2,005 2,399 878 2007
9808-9830 Windisch RoadWestchester, OH— 395 2,541 (26)397 2,513 2,910 932 2007
9842-9862 Windisch RoadWestchester, OH— 506 3,148 (295)508 2,851 3,359 1,084 2007
9872-9898 Windisch RoadWestchester, OH— 546 3,039 153 548 3,190 3,738 1,294 2007
9902-9922 Windisch RoadWestchester, OH— 623 4,003 (938)627 3,061 3,688 1,183 2007
Dallas/Ft. Worth
2406-2416 Walnut RidgeDallas, TX— 178 1,006 1,177 172 2,189 2,361 1,033 1997
2401-2419 Walnut RidgeDallas, TX— 148 839 600 142 1,445 1,587 759 1997
900-906 N. Great Southwest ParkwayArlington, TX— 237 1,342 1,010 270 2,319 2,589 1,218 1997
3000 W. Commerce StreetDallas, TX— 456 2,584 997 469 3,568 4,037 2,172 1997
816 111th StreetArlington, TX— 251 1,421 220 258 1,634 1,892 1,009 1997
1602-1654 Terre Colony CourtDallas, TX— 458 2,596 991 468 3,577 4,045 1,915 2000
2220 Merritt DriveGarland, TX— 352 1,993 328 316 2,357 2,673 1,209 2000
2485-2505 Merritt DriveGarland, TX— 431 2,440 495 443 2,923 3,366 1,580 2000
2110 Hutton DriveCarrolton, TX— 374 2,117 (165)255 2,071 2,326 1,107 2001
2025 McKenzie DriveCarrolton, TX— 437 2,478 504 442 2,977 3,419 1,595 2001
2019 McKenzie DriveCarrolton, TX— 502 2,843 959 507 3,797 4,304 1,781 2001
2029-2035 McKenzie DriveCarrolton, TX— 306 1,870 998 306 2,868 3,174 1,393 2001
2015 McKenzie DriveCarrolton, TX— 510 2,891 671 516 3,556 4,072 1,852 2001
2009 McKenzie DriveCarrolton, TX— 476 2,699 612 481 3,306 3,787 1,719 2001
900-1100 Avenue SGrand Prairie, TX— 623 3,528 1,060 629 4,582 5,211 2,310 2002
Plano Crossing Business ParkPlano, TX— 1,961 11,112 1,672 1,981 12,764 14,745 6,325 2002
825-827 Avenue HArlington, TX— 600 3,006 1,203 604 4,205 4,809 2,519 2004
1013-31 Avenue MGrand Prairie, TX— 300 1,504 299 302 1,801 2,103 1,151 2004
1172-84 113th StreetGrand Prairie, TX— 700 3,509 39 704 3,544 4,248 2,060 2004
1200-16 Avenue HArlington, TX— 600 2,846 793 604 3,635 4,239 1,993 2004
1322-66 W. North Carrier ParkwayGrand Prairie, TX— 1,000 5,012 1,219 1,006 6,225 7,231 3,725 2004
2401-2407 Centennial DriveArlington, TX— 600 2,534 710 604 3,240 3,844 2,162 2004
3111 W. Commerce StreetDallas, TX— 1,000 3,364 1,136 1,011 4,489 5,500 2,904 2004
13800 Senlac DriveFarmers Branch, TX— 823 4,042 (143)825 3,897 4,722 2,211 2005
801-831 S. Great Southwest ParkwayGrand Prairie, TX— 2,581 16,556 2,452 2,586 19,003 21,589 15,317 2005
801 Heinz WayGrand Prairie, TX— 599 3,327 376 601 3,701 4,302 2,754 2005
901-937 Heinz WayGrand Prairie, TX— 493 2,758 54 481 2,824 3,305 2,275 2005
3301 Century CircleIrving, TX— 760 3,856 (123)771 3,722 4,493 1,890 2007
109

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
3901 W. Miller RoadGarland, TX— 1,912 — 14,414 1,947 14,379 16,326 5,512 2008
1251 N. Cockrell Hill RoadDallas, TX— 2,064 — 15,136 1,073 16,127 17,200 4,043 2015
1171 N. Cockrell Hill RoadDallas, TX— 1,215 — 10,982 632 11,565 12,197 2,920 2015
3996 Scientific DriveArlington, TX— 1,301 — 7,114 1,349 7,066 8,415 1,491 2015
750 Gateway BoulevardCoppell, TX— 1,452 4,679 80 1,452 4,759 6,211 1,420 2015
2250 E. Bardin RoadArlington, TX— 1,603 — 10,164 1,603 10,164 11,767 1,926 2016
2001 Midway RoadLewisville, TX— 3,963 — 13,106 3,963 13,106 17,069 1,975 2019
2025 Midway RoadLewisville, TX— 2,243 — 8,413 2,243 8,413 10,656 2,078 2019
5300 Mountain CreekDallas, TX— 4,675 — 48,002 4,779 47,898 52,677 6,077 2019
3700 Sandshell DriveFort Worth, TX— 1,892 — 8,787 1,901 8,778 10,679 903 2019
1901 Midway RoadLewisville, TX— 7,519 — 24,452 7,514 24,457 31,971 3,288 2020
2051 Midway RoadLewisville, TX— 1,353 — 14,219 1,421 14,151 15,572 1,668 2022
2075 Midway RoadLewisville, TX— 2,785 — 17,121 2,841 17,065 19,906 1,404 2022
Denver
4785 Elati StreetDenver, CO— 173 981 417 175 1,396 1,571 801 1997
4770 Fox StreetDenver, CO— 132 750 338 134 1,086 1,220 658 1997
3851-3871 Revere StreetDenver, CO— 361 2,047 357 368 2,397 2,765 1,514 1997
4570 Ivy StreetDenver, CO— 219 1,239 244 221 1,481 1,702 935 1997
5855 Stapleton Drive NorthDenver, CO— 288 1,630 305 291 1,932 2,223 1,187 1997
5885 Stapleton Drive NorthDenver, CO— 376 2,129 340 381 2,464 2,845 1,549 1997
5977 N. BroadwayDenver, CO— 268 1,518 756 271 2,271 2,542 1,256 1997
5952-5978 N. BroadwayDenver, CO— 414 2,346 759 422 3,097 3,519 1,960 1997
4721 Ironton StreetDenver, CO— 232 1,313 1,048 236 2,357 2,593 1,399 1997
7003 E. 47th Ave DriveDenver, CO— 441 2,689 37 441 2,726 3,167 1,757 1997
9500 West 49th Street, Bldg AWheatridge, CO— 283 1,625 174 287 1,795 2,082 1,156 1997
9500 West 49th Street, Bldg BWheatridge, CO— 225 1,272 217 227 1,487 1,714 951 1997
9500 West 49th Street, Bldg CWheatridge, CO— 600 3,409 222 601 3,630 4,231 2,324 1997
9500 West 49th Street, Bldg DWheatridge, CO— 246 1,537 131 247 1,667 1,914 1,028 1997
451-591 E. 124th AvenueThornton, CO— 383 2,145 807 383 2,952 3,335 1,637 1997
11701 E. 53rd AvenueDenver, CO— 416 2,355 291 422 2,640 3,062 1,700 1997
5401 Oswego StreetDenver, CO— 273 1,547 206 278 1,748 2,026 1,128 1997
445 Bryant StreetDenver, CO— 1,829 10,219 4,148 1,829 14,367 16,196 8,040 1998
12055 E. 49th Avenue/4955 PeoriaDenver, CO— 298 1,688 632 305 2,313 2,618 1,404 1998
4940-4950 Paris StreetDenver, CO— 152 861 273 156 1,130 1,286 699 1998
110

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
7367 S. Revere ParkwayCentennial, CO— 926 5,124 1,647 934 6,763 7,697 4,025 1998
8020 Southpark CircleLittleton, CO— 739 — 3,409 781 3,367 4,148 1,710 2000
8810 W. 116th CircleBroomfield, CO— 312 — 1,587 370 1,529 1,899 819 2001
8820 W. 116th CircleBroomfield, CO— 338 1,918 277 372 2,161 2,533 1,118 2003
8835 W. 116th CircleBroomfield, CO— 1,151 6,523 1,707 1,304 8,077 9,381 4,234 2003
18150 E. 32nd PlaceAurora, CO— 563 3,188 785 572 3,964 4,536 1,828 2004
3400 Fraser StreetAurora, CO— 616 3,593 402 620 3,991 4,611 1,993 2005
7005 E. 46th Avenue DriveDenver, CO— 512 2,025 — 517 2,020 2,537 1,158 2005
4001 Salazar WayFrederick, CO— 1,271 6,508 (511)1,276 5,992 7,268 2,830 2006
5909-5915 N. BroadwayDenver, CO— 495 1,268 632 500 1,895 2,395 1,332 2006
1815-1957 South 4650 WestSalt Lake City, UT— 1,707 10,873 (170)1,713 10,697 12,410 5,186 2006
21301 E. 33rd DriveAurora, CO— 2,860 8,202 748 2,859 8,951 11,810 3,027 2017
21110 E. 31st CircleAurora, CO— 1,564 7,047 6 1,564 7,053 8,617 971 2019
22300 E. 26th AvenueAurora, CO— 4,881 — 39,468 4,890 39,459 44,349 8,173 2019
3350 Odessa WayAurora, CO— 1,596 4,531 229 1,595 4,761 6,356 407 2021
22600 E. 26th AvenueAurora, CO— 1,501 — 43,832 1,483 43,850 45,333 1,434 2022
8000 E. 96th AvenueHenderson, CO— 7,086 403 21,716 7,086 22,119 29,205 572 2022
Detroit
1624 Meijer DriveTroy, MI— 236 1,406 898 373 2,167 2,540 2,089 1994
2900 Technology DriveRochester Hills, MI— 214 977 637 219 1,609 1,828 1,374 1994
2930 Technology DriveRochester Hills, MI— 131 594 459 138 1,046 1,184 937 1994
2950 Technology DriveRochester Hills, MI— 178 819 305 185 1,117 1,302 1,068 1994
23093 Commerce DriveFarmington Hills, MI— 211 1,024 1,005 295 1,945 2,240 1,764 1994
32975 Capitol AvenueLivonia, MI— 135 748 (26)77 780 857 472 1998
47711 Clipper StreetPlymouth Township, MI— 539 2,983 559 575 3,506 4,081 2,196 1998
12874 Westmore AvenueLivonia, MI— 137 761 (260)58 580 638 405 1998
980 Chicago RoadTroy, MI— 206 1,141 352 220 1,479 1,699 922 1998
1935-55 Enterprise DriveRochester Hills, MI— 1,285 7,144 1,085 1,371 8,143 9,514 5,110 1998
5500 Enterprise CourtWarren, MI— 675 3,737 1,207 721 4,898 5,619 2,895 1998
4872 S. Lapeer RoadLake Orion Twsp, MI— 1,342 5,441 1,233 1,412 6,604 8,016 3,623 1999
28435 Automation BoulevardWixom, MI— 621 — 3,938 628 3,931 4,559 1,729 2004
32200 N. Avis DriveMadison Heights, MI— 503 3,367 (1,002)195 2,673 2,868 1,297 2005
100 Kay Industrial DriveOrion Township, MI— 677 2,018 272 685 2,282 2,967 1,820 2005
42555 Merrill RoadSterling Heights, MI— 1,080 2,300 3,636 1,090 5,926 7,016 3,659 2006
111

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 
`
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
Houston
3351 Rauch StreetHouston, TX— 272 1,541 641 278 2,176 2,454 1,278 1997
3801-3851 Yale StreetHouston, TX— 413 2,343 1,527 425 3,858 4,283 2,206 1997
3337-3347 Rauch StreetHouston, TX— 227 1,287 736 233 2,017 2,250 1,150 1997
8505 N. Loop East FreewayHouston, TX— 439 2,489 996 449 3,475 3,924 2,078 1997
4851 Homestead RoadHouston, TX— 491 2,782 2,354 504 5,123 5,627 2,924 1997
3365-3385 Rauch StreetHouston, TX— 284 1,611 772 290 2,377 2,667 1,340 1997
5050 Campbell RoadHouston, TX— 461 2,610 1,005 470 3,606 4,076 2,253 1997
4300 Pine Timbers StreetHouston, TX— 489 2,769 1,478 499 4,237 4,736 2,416 1997
2500-2530 Fairway Park DriveHouston, TX— 766 4,342 2,609 792 6,925 7,717 3,812 1997
6550 Long Point RoadHouston, TX— 362 2,050 995 370 3,037 3,407 1,829 1997
1815 Turning Basin DriveHouston, TX— 487 2,761 3,269 531 5,986 6,517 2,931 1997
1819 Turning Basin DriveHouston, TX— 231 1,308 1,754 251 3,042 3,293 1,455 1997
1805 Turning Basin DriveHouston, TX— 564 3,197 2,264 616 5,409 6,025 3,234 1997
11505 State Highway 225LaPorte City, TX— 940 4,675 26 940 4,701 5,641 2,284 2005
1500 E. Main StreetLaPorte City, TX— 201 1,328 (91)204 1,234 1,438 1,222 2005
7230-7238 Wynnwood LaneHouston, TX— 254 764 279 259 1,038 1,297 841 2007
7240-7248 Wynnwood LaneHouston, TX— 271 726 313 276 1,034 1,310 801 2007
7250-7260 Wynnwood LaneHouston, TX— 200 481 1,501 203 1,979 2,182 1,481 2007
6400 Long Point RoadHouston, TX— 188 898 239 188 1,137 1,325 718 2007
4526 N. Sam Houston ParkwayHouston, TX— 5,307 — 79 5,386 — 5,386 — 2008
7967 Blankenship DriveHouston, TX— 307 1,166 145 307 1,311 1,618 777 2010
4800 W. Greens RoadHouston, TX— 3,350 — 17,085 3,312 17,123 20,435 6,511 2014
611 E. Sam Houston Parkway S.Pasadena, TX— 1,970 7,431 1,381 2,013 8,769 10,782 2,516 2015
619 E. Sam Houston Parkway S.Pasadena, TX— 2,879 11,713 187 2,876 11,903 14,779 2,585 2015
6913 Guhn RoadHouston, TX— 1,367 — 7,232 1,367 7,232 8,599 1,142 2018
607 E. Sam Houston ParkwayPasedena, TX— 2,076 11,674 352 2,076 12,026 14,102 1,729 2018
615 E. Sam Houston ParkwayPasedena, TX— 4,265 11,983 (129)4,265 11,854 16,119 2,105 2018
2737 W. Grand Parkway N.Katy, TX— 2,885 — 11,438 2,885 11,438 14,323 1,344 2019
2747 W. Grand Parkway N.Katy, TX— 2,885 — 13,325 2,885 13,325 16,210 1,813 2019
603 E. Sam Houston Parkway S.Pasadena, TX— 1,727 5,526 — 1,727 5,526 7,253 — 2023
112

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
Miami
4700 NW 15th AvenueFort Lauderdale, FL— 908 1,883 330 912 2,209 3,121 1,282 2007
4710 NW 15th AvenueFort Lauderdale, FL— 830 2,722 316 834 3,034 3,868 1,350 2007
4720 NW 15th AvenueFort Lauderdale, FL— 937 2,455 384 942 2,834 3,776 1,310 2007
4740 NW 15th AvenueFort Lauderdale, FL— 1,107 3,111 338 1,112 3,444 4,556 1,591 2007
4750 NW 15th AvenueFort Lauderdale, FL— 947 3,079 1,112 951 4,187 5,138 1,711 2007
4800 NW 15th AvenueFort Lauderdale, FL— 1,092 3,308 170 1,097 3,473 4,570 1,612 2007
6891 NW 74th StreetMedley, FL— 857 3,428 4,152 864 7,573 8,437 3,788 2007
1351 NW 78th AvenueDoral, FL— 3,111 4,634 (126)3,111 4,508 7,619 1,360 2016
2500 NW 19th StreetPompano Beach, FL— 6,213 11,117 2,037 6,213 13,154 19,367 3,381 2017
6301 Lyons RoadCoconut Creek, FL— 5,703 — 10,071 5,714 10,060 15,774 1,178 2020
1501 NW 64th StreetFort Lauderdale, FL— — — 9,613 — 9,613 9,613 984 2021
6499 NW 12th AvenueFort Lauderdale, FL— — — 14,568 — 14,568 14,568 1,527 2021
6320 NW 12th AvenueFort Lauderdale, FL— — — 11,740 — 11,740 11,740 1,302 2021
8801 NW 87th AvenueMedley, FL— 15,052 — 24,569 14,982 24,639 39,621 1,913 2021
9001 NW 87th AvenueMedley, FL— 7,737 — 12,678 7,682 12,733 20,415 944 2021
8404 NW 90th StreetMedley, FL— 11,606 — 18,143 11,588 18,161 29,749 1,290 2021
1200 NW 15th StreetPompano Beach, FL— 8,771 — 10,722 8,788 10,705 19,493 619 2021
5301 W. Copans Road LandMargate, FL— 8,679 — 13,597 8,697 13,579 22,276 426 2022
1801 N. AndrewsPompano Beach, FL— 24,133 285 184 24,109 493 24,602 109 2022
11601 NW 107th StreetMiami, FL— 9,112 10,131 6 9,112 10,137 19,249 508 2022
8201 NW 87th AvenueMedley, FL— 12,669 — 26,741 12,679 26,731 39,410 668 2023
8406 NW 90th StreetMedley, FL— 11,458 — 21,861 11,463 21,856 33,319 390 2023
8400 NW 90th StreetMedley, FL— 3,262 — 10,269 3,263 10,268 13,531 184 2023
Minneapolis/St. Paul
5775 12th AvenueShakopee, MN— 590 — 5,865 590 5,865 6,455 2,815 1998
1157 Valley Park DriveShakopee, MN— 760 — 7,752 888 7,624 8,512 4,179 1999
1087 Park PlaceShakopee, MN— 1,195 4,891 643 1,198 5,531 6,729 2,527 2005
5391 12th Avenue SEShakopee, MN— 1,392 8,149 2,335 1,395 10,481 11,876 4,186 2005
4701 Valley Industrial Boulevard S.Shakopee, MN— 1,296 7,157 448 1,299 7,602 8,901 4,708 2005
7035 Winnetka Avenue NorthBrooklyn Park, MN— 1,275 — 7,293 1,343 7,225 8,568 3,186 2007
139 Eva StreetSt. Paul, MN— 2,132 3,105 (286)2,175 2,776 4,951 1,357 2008
21900 Dodd BoulevardLakeville, MN— 2,289 7,952 2,847 2,289 10,799 13,088 2,427 2010
375 Rivertown DriveWoodbury, MN— 2,635 8,157 832 2,635 8,989 11,624 3,091 2014
935 Aldrin DriveEagan, MN— 2,096 7,884 716 2,096 8,600 10,696 2,688 2014
7050 Winnetka Avenue NorthBrooklyn Park, MN— 1,623 — 7,615 1,634 7,604 9,238 1,820 2014
113

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
7051 W. Broadway AvenueBrooklyn Park, MN— 1,275 — 5,829 1,279 5,825 7,104 1,320 2014
Nashville
1931 Air Lane DriveNashville, TN— 489 2,785 976 493 3,757 4,250 2,161 1997
4640 Cummings ParkNashville, TN— 360 2,040 679 365 2,714 3,079 1,515 1999
1740 River Hills DriveNashville, TN— 848 4,383 2,428 888 6,771 7,659 3,928 2005
211 Ellery CourtNashville, TN— 606 3,192 140 616 3,322 3,938 1,573 2007
130 Maddox RoadMt. Juliet, TN— 1,778 — 23,806 1,778 23,806 25,584 8,875 2008
1281 Couchville PikeMt. Juliet, TN— 2,620 — 50,972 1,295 52,297 53,592 2,121 2022
400 Maddox RoadMt. Juliet, TN— 3,880 — 27,100 810 30,170 30,980 1,007 2022
New Jersey
14 World's Fair DriveFranklin, NJ— 483 2,735 853 503 3,568 4,071 2,286 1997
12 World's Fair DriveFranklin, NJ— 572 3,240 935 593 4,154 4,747 2,612 1997
22 World's Fair DriveFranklin, NJ— 364 2,064 585 375 2,638 3,013 1,663 1997
26 World's Fair DriveFranklin, NJ— 361 2,048 710 377 2,742 3,119 1,697 1997
24 World's Fair DriveFranklin, NJ— 347 1,968 644 362 2,597 2,959 1,544 1997
20 World's Fair DriveSomerset, NJ— 9 — 2,727 691 2,045 2,736 1,124 1999
45 Route 46Pine Brook, NJ— 969 5,491 1,021 978 6,503 7,481 3,657 2000
43 Route 46Pine Brook, NJ— 474 2,686 794 479 3,475 3,954 1,856 2000
39 Route 46Pine Brook, NJ— 260 1,471 621 262 2,090 2,352 1,030 2000
26 Chapin RoadPine Brook, NJ— 956 5,415 672 965 6,078 7,043 3,431 2000
30 Chapin RoadPine Brook, NJ— 960 5,440 582 970 6,012 6,982 3,406 2000
20 Hook Mountain RoadPine Brook, NJ— 1,507 8,542 1,859 1,534 10,374 11,908 5,599 2000
30 Hook Mountain RoadPine Brook, NJ— 389 2,206 854 396 3,053 3,449 1,537 2000
16 Chapin RoadPine Brook, NJ— 885 5,015 832 901 5,831 6,732 3,204 2000
20 Chapin RoadPine Brook, NJ— 1,134 6,426 764 1,154 7,170 8,324 4,015 2000
2500 Main StreetSayreville, NJ— 944 — 5,199 944 5,199 6,143 2,391 2002
2400 Main StreetSayreville, NJ— 996 — 6,090 996 6,090 7,086 2,678 2003
7851 Airport HighwayPennsauken, NJ— 160 508 328 162 834 996 577 2003
309-313 Pierce StreetSomerset, NJ— 1,300 4,628 788 1,309 5,407 6,716 2,921 2004
400 Cedar LaneFlorence Township, NJ— 9,730 — 26,223 9,730 26,223 35,953 5,434 2016
301 Bordentown-Hedding RoadBordentown, NJ— 3,983 15,881 32 3,984 15,912 19,896 3,649 2017
302 Bordentown-Hedding RoadBordentown, NJ— 2,738 8,190 352 2,738 8,542 11,280 1,903 2018
304 Bordentown-Hedding RoadBordentown, NJ— 3,684 — 7,954 3,688 7,950 11,638 842 2019
445 Rising Sun RoadBordentown, NJ— 8,578 760 20,826 8,578 21,586 30,164 701 2022
114

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
Northern California
8649 Kiefer BoulevardSacramento, CA— 4,376 — 57 4,433 — 4,433 — 2008
18501 W. Stanford RoadTracy, CA— 12,966 — 194 13,160 — 13,160 — 2008
27403 Industrial BoulevardHayward, CA— 3,440 1,848 577 3,440 2,425 5,865 734 2020
4160-4170 Business Center DriveFremont, CA— 4,897 4,206 820 4,897 5,026 9,923 909 2020
4200 Business Center DriveFremont, CA— 5,112 3,829 412 5,158 4,195 9,353 650 2020
22950 Clawiter RoadHayward, CA— 3,312 2,023 1,954 3,312 3,977 7,289 292 2020
42650 Osgood RoadFremont, CA— 4,183 3,930 104 4,183 4,034 8,217 319 2021
2085 Burroughs AvenueSan Leandro, CA— 5,764 7,263 880 5,764 8,143 13,907 764 2021
211 Parr BoulevardRichmond, CA— 6,478 — 212 6,478 212 6,690 — 2021
24200 Clawiter RoadHayward, CA— 11,446 3,707 36 11,449 3,740 15,189 507 2022
14951 Catalina StreetSan Leandro, CA— 4,690 3,527 316 4,673 3,860 8,533 209 2022
24101 Whitesell StreetHayward, CA— 7,194 — 12,000 7,195 11,999 19,194 1 2023
Orlando
6301 Hazeltine National DriveOrlando, FL— 909 4,613 580 920 5,182 6,102 2,806 2005
6005 24th Street EastBradenton, FL— 6,377 — 57 6,434 — 6,434 — 2008
8751 Skinner CourtOrlando, FL— 1,691 7,249 20 1,692 7,268 8,960 1,866 2016
4473 Shader RoadOrlando, FL— 2,094 10,444 63 2,094 10,507 12,601 2,610 2016
550 Gills DriveOrlando, FL— 1,321 6,176 19 1,321 6,195 7,516 1,295 2017
450 Gills DriveOrlando, FL— 1,031 6,406 (23)1,031 6,383 7,414 1,068 2017
4401 Shader RoadOrlando, FL— 1,037 7,116 4 1,037 7,120 8,157 1,102 2018
770 Gills DriveOrlando, FL— 851 5,195 (36)851 5,159 6,010 616 2019
2234 W. Taft Vineland RoadOrlando, FL— 1,748 9,635 307 1,750 9,940 11,690 742 2021
1301 Flora BoulevardKissimmee, FL— 1,863 16 9,563 2,414 9,028 11,442 269 2023
1401-1419 Flora BoulevardKissimmee, FL— 1,895 18 8,933 2,454 8,392 10,846 340 2023
1629 Flora BoulevardKissimmee, FL— 1,968 19 9,426 2,548 8,865 11,413 255 2023
1701-1737 Flora BoulevardKissimmee, FL— 2,685 25 11,263 3,476 10,497 13,973 240 2023
Phoenix
1045 S. Edward DriveTempe, AZ— 390 2,160 886 396 3,040 3,436 1,565 1999
50 S. 56th StreetChandler, AZ— 1,206 3,218 685 1,252 3,857 5,109 1,828 2004
245 W. Lodge DriveTempe, AZ— 898 3,066 (2,160)362 1,442 1,804 709 2007
1590 E. Riverview DrivePhoenix, AZ— 1,293 5,950 123 1,292 6,074 7,366 2,241 2008
14131 N. Rio Vista BoulevardPeoria, AZ— 2,563 9,388 (429)2,563 8,959 11,522 3,273 2008
8716 W. Ludlow DrivePeoria, AZ— 2,709 10,970 282 2,709 11,252 13,961 4,280 2008
3815 W. Washington StreetPhoenix, AZ— 1,675 4,514 (171)1,719 4,299 6,018 1,613 2008
9180 W. Buckeye RoadTolleson, AZ— 1,904 6,805 3,324 1,923 10,110 12,033 3,958 2008
8644 W. Ludlow DrivePeoria, AZ— 1,726 7,216 (671)1,726 6,545 8,271 1,599 2014
115

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
8606 W. Ludlow DrivePeoria, AZ— 956 2,668 (191)956 2,477 3,433 601 2014
8679 W. Ludlow DrivePeoria, AZ— 672 2,791 (46)672 2,745 3,417 852 2014
94th Avenue & Buckeye RoadTolleson, AZ— 4,315 — 17,041 4,315 17,041 21,356 3,541 2015
16560 W. Sells DriveGoodyear, AZ— 6,259 — 31,401 6,271 31,389 37,660 7,810 2018
16951 W. Camelback RoadGoodyear, AZ— 1,805 — 5,375 1,805 5,375 7,180 569 2019
3600 N. Cotton LaneGoodyear, AZ— 5,660 — 43,128 5,659 43,129 48,788 5,315 2020
3350 N. Cotton LaneGoodyear, AZ— 6,373 31,198 2,817 6,373 34,015 40,388 4,276 2020
PV 303Goodyear, AZ— 12,451 1,961 3,897 12,408 5,901 18,309 — 2021
4580 N. Pebble Creek ParkwayGoodyear, AZ— 8,714 — 59,672 8,777 59,609 68,386 4,708 2022
Seattle
1901 Raymond Avenue SWRenton, WA— 4,458 2,659 880 4,594 3,403 7,997 1,669 2008
19014 64th Avenue SouthKent, WA— 1,990 3,979 1,050 2,042 4,977 7,019 3,035 2008
18640 68th Avenue SouthKent, WA— 1,218 1,950 260 1,258 2,170 3,428 1,384 2008
621 37th Street NWAuburn, WA— 6,403 — 104 6,507 — 6,507 — 2008
6407 S. 210th StreetKent, WA— 1,737 3,508 (92)1,737 3,416 5,153 641 2018
1402 Puyallup StreetSumner, WA— 3,766 4,457 443 3,766 4,900 8,666 713 2018
22718 58th PlaceKent, WA— 1,446 2,388 159 1,447 2,546 3,993 599 2019
14302 24th Street EastSumner, WA— 2,643 — 9,989 2,643 9,989 12,632 1,979 2019
1508 Valentine AvenuePacific, WA— 18,790 3,051 13 18,786 3,068 21,854 307 2022
10920 Steele StreetLakewood, WA— 6,706 16 17,432 6,706 17,448 24,154 592 2022
20320 80th Avenue SouthKent, WA— 4,136 1,072 11 4,132 1,087 5,219 73 2022
Southern California
1944 Vista Bella WayRancho Dominguez, CA— 1,746 3,148 971 1,822 4,043 5,865 2,575 2005
2000 Vista Bella WayRancho Dominguez, CA— 817 1,673 503 853 2,140 2,993 1,379 2005
2835 East Ana StreetRancho Dominguez, CA— 1,682 2,750 791 1,772 3,451 5,223 2,174 2005
665 N. Baldwin Park BoulevardCity of Industry, CA— 2,124 5,219 3,178 2,143 8,378 10,521 3,867 2006
27801 Avenue ScottSanta Clarita, CA— 2,890 7,020 1,145 2,902 8,153 11,055 4,271 2006
2610 & 2660 Columbia StreetTorrance, CA— 3,008 5,826 2,108 3,031 7,911 10,942 4,255 2006
433 Alaska AvenueTorrance, CA— 681 168 995 684 1,160 1,844 382 2006
2325 Camino Vida RobleCarlsbad, CA— 1,441 1,239 574 1,446 1,808 3,254 951 2006
2335 Camino Vida RobleCarlsbad, CA— 817 762 136 821 894 1,715 532 2006
2345 Camino Vida RobleCarlsbad, CA— 562 456 42 565 495 1,060 316 2006
2355 Camino Vida RobleCarlsbad, CA— 481 365 216 483 579 1,062 333 2006
2365 Camino Vida RobleCarlsbad, CA— 1,098 630 190 1,102 816 1,918 439 2006
2375 Camino Vida RobleCarlsbad, CA— 1,210 874 150 1,214 1,020 2,234 662 2006
116

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
6451 El Camino RealCarlsbad, CA— 2,885 1,931 1,117 2,895 3,038 5,933 1,803 2006
13100 Gregg StreetPoway, CA— 1,040 4,160 626 1,073 4,753 5,826 2,997 2007
21730-21748 Marilla StreetChatsworth, CA— 2,585 3,210 477 2,608 3,664 6,272 1,998 2007
8015 Paramount BoulevardPico Rivera, CA— 3,616 3,902 (893)3,657 2,968 6,625 1,655 2007
3365 E. Slauson AvenueVernon, CA— 2,367 3,243 (862)2,396 2,352 4,748 1,312 2007
3015 East Ana StreetRancho Dominguez, CA— 19,678 9,321 17,588 20,144 26,443 46,587 10,251 2007
1250 Rancho Conejo BoulevardThousand Oaks, CA— 1,435 779 103 1,441 876 2,317 576 2007
1260 Rancho Conejo BoulevardThousand Oaks, CA— 1,353 722 (599)675 801 1,476 375 2007
1270 Rancho Conejo BoulevardThousand Oaks, CA— 1,224 716 (2)1,229 709 1,938 477 2007
777 190th StreetGardena, CA— 13,533 — 4,327 13,534 4,326 17,860 1,637 2007
14050 Day StreetMoreno Valley, CA— 2,538 2,538 366 2,565 2,877 5,442 1,518 2008
12925 Marlay AvenueFontana, CA— 6,072 7,891 (44)6,090 7,829 13,919 5,941 2008
18201-18291 Santa Fe AvenueRancho Dominguez, CA— 6,720 — 8,812 6,897 8,635 15,532 3,474 2008
1011 Rancho Conejo BoulevardThousand Oaks, CA— 7,717 2,518 (201)7,752 2,282 10,034 1,675 2008
20700 Denker AvenueTorrance, CA— 5,767 2,538 1,056 5,964 3,396 9,360 2,240 2008
18408 Laurel Park RoadRancho Dominguez, CA— 2,850 2,850 907 2,874 3,733 6,607 2,200 2008
2175 Cactus Road EastSan Diego, CA— 5,958 — 8,720 6,025 8,653 14,678 2,907 2008
2175 Cactus Road WestSan Diego, CA— 10,373 — 153 10,526 — 10,526 — 2008
19021 S. Reyes AvenueRancho Dominguez, CA— 8,183 7,501 589 8,545 7,728 16,273 2,782 2008
24870 Nandina AvenueMoreno Valley, CA— 13,543 — 21,279 6,482 28,339 34,821 8,797 2012
6185 Kimball AvenueChino, CA— 6,385 — 11,143 6,382 11,147 17,529 3,028 2013
5553 Bandini BoulevardBell, CA— 32,536 — 21,503 32,540 21,499 54,039 5,525 2013
16875 Heacock StreetMoreno Valley, CA— — 6,831 1,936 — 8,767 8,767 1,988 2014
4710 Guasti RoadOntario, CA— 2,846 6,564 (262)2,846 6,302 9,148 1,685 2014
17100 Perris BoulevardMoreno Valley, CA— 6,388 — 25,801 6,395 25,794 32,189 7,580 2014
13414 S. Figueroa StreetLos Angeles, CA— 1,701 — 6,618 1,887 6,432 8,319 1,541 2014
3841 Ocean Ranch BoulevardOceanside, CA— 4,400 — 8,076 4,400 8,076 12,476 2,679 2015
3831 Ocean Ranch BoulevardOceanside, CA— 2,693 — 4,589 2,694 4,588 7,282 1,479 2015
3821 Ocean Ranch BoulevardOceanside, CA— 2,792 — 3,881 2,792 3,881 6,673 788 2015
145 W. 134th StreetLos Angeles, CA— 2,901 2,285 25 2,901 2,310 5,211 661 2015
6150 Sycamore Canyon BoulevardRiverside, CA— 3,182 10,643 (168)3,182 10,475 13,657 2,734 2015
17825 Indian StreetMoreno Valley, CA— 5,034 22,095 (250)5,034 21,845 26,879 5,491 2015
24901 San Michele RoadMoreno Valley, CA— 1,274 — 11,273 1,274 11,273 12,547 2,153 2016
117

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
1445 Engineer StreetVista, CA— 6,816 4,417 1,212 6,816 5,629 12,445 1,339 2016
19067 Reyes AvenueRancho Dominguez, CA— 9,281 3,920 3,639 9,381 7,459 16,840 1,344 2016
10586 Tamarind AvenueFontana, CA— 4,275 8,275 4 4,275 8,279 12,554 1,615 2017
2777 Loker Avenue WestCarlsbad, CA— 7,599 13,267 851 7,599 14,118 21,717 3,237 2017
7105 Old 215 Frontage RoadRiverside, CA— 4,900 — 12,121 4,900 12,121 17,021 1,978 2017
28545 Livingston AvenueValencia, CA— 9,813 10,954 2,375 9,813 13,329 23,142 3,498 2018
3801 Ocean Ranch BoulevardOceanside, CA2,670 2,907 6,151 216 2,909 6,365 9,274 1,196 2018
3809 Ocean Ranch BoulevardOceanside, CA2,861 3,140 6,964 166 3,141 7,129 10,270 1,287 2018
3817 Ocean Ranch BoulevardOceanside, CA4,447 5,438 10,278 273 5,442 10,547 15,989 1,979 2018
24385 Nandina AvenueMoreno Valley, CA— 17,023 — 63,296 17,066 63,253 80,319 10,225 2018
14999 Summit DriveEastvale, CA— 1,508 — 2,947 1,508 2,947 4,455 421 2018
14969 Summit DriveEastvale, CA— 3,847 — 9,274 3,847 9,274 13,121 1,323 2018
14939 Summit DriveEastvale, CA— 3,107 — 8,280 3,107 8,280 11,387 1,196 2018
14909 Summit DriveEastvale, CA— 7,099 — 18,006 7,099 18,006 25,105 2,568 2018
14940 Summit DriveEastvale, CA— 5,423 — 13,837 5,423 13,837 19,260 2,410 2018
14910 Summit DriveEastvale, CA— 1,873 — 5,331 1,873 5,331 7,204 1,144 2018
930 Columbia AvenueRiverside, CA— 1,813 3,840 327 1,813 4,167 5,980 547 2019
305 Sequoia AvenueOntario, CA— 6,641 8,155 279 6,640 8,435 15,075 1,080 2019
3051 E. Maria StreetRancho Dominguez, CA— 1,392 1,532 46 1,392 1,578 2,970 269 2019
1709-1811 W. Mahalo PlaceCompton, CA— 2,132 1,961 (42)2,130 1,921 4,051 329 2019
1964 Kellogg AvenueCarlsbad, CA— 3,836 3,524 396 3,836 3,920 7,756 579 2019
353 Perry StreetPerris, CA— 1,780 — 18,827 1,788 18,819 20,607 2,001 2019
8572 Spectrum LaneSan Diego, CA— 806 3,225 1,054 806 4,279 5,085 533 2019
801-817 E. Anaheim StreetWilmington, CA— 5,712 434 (373)5,712 61 5,773 47 2019
10780 Redwood AvenueFontana, CA— 13,410 — 23,302 13,402 23,310 36,712 2,357 2020
14518 Santa Ana AvenueFontana, CA— 1,745 — 4,721 1,745 4,721 6,466 433 2020
11253 Redwood AvenueFontana, CA— 3,333 — 8,460 3,333 8,460 11,793 720 2020
24665 Nandina AvenueMoreno Valley, CA— 4,016 — 17,043 4,066 16,993 21,059 1,212 2021
19302-19400 S. Laurel Park RoadRancho Dominguez, CA— 12,816 1,649 6,240 12,815 7,890 20,705 377 2022
3125 Wilson AvenuePerris, CA— 4,328 — 24,253 4,328 24,253 28,581 1,228 2022
680 Columbia AvenueRiverside, CA— 936 5,117 4 936 5,121 6,057 323 2022
1458 E. Mission BoulevardPomona, CA— 1,268 4,813 3 1,267 4,817 6,084 240 2022
2755 S. Willow AvenueRialto, CA— 17,155 4,258 4 17,155 4,262 21,417 697 2022

108118

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2023
    
Initial Cost
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision		Gross Amount Carried
At Close of Period 12/31/23		Year
Acquired/
Constructed
Building Address Location
(City/State)		(a)
Encumbrances		LandBuildings and
Improvements		LandBuildings and
Improvements		Total(b)
Accumulated
Depreciation
12/31/2023
   (In thousands) 
8410 Arjons DriveSan Diego, CA— 3,757 2,885 (9)3,757 2,876 6,633 140 2022
7666 Formula PlaceSan Diego, CA— 6,909 3,549 37 6,899 3,596 10,495 176 2022
2042 S. Grove AvenueOntario, CA— 15,358 404 79 15,355 486 15,841 61 2022
13484 Colombard CourtFontana, CA— 11,339 660 2,392 11,339 3,052 14,391 119 2022
15551 Boyle AvenueFontana, CA— 5,407 — 14,024 5,405 14,026 19,431 117 2023
27426 Pioneer AvenueRedlands, CA— 26,470 542 42,061 26,427 42,646 69,073 343 2023
13769 Arrow RouteFontana, CA— 3,124 2,619 19 3,124 2,638 5,762 78 2023
1250 E. Francis StreetOntario, CA— 5,109 870 — 5,109 870 5,979 29 2023
13351 12th StreetChino, CA— 22,389 1,803 — 22,389 1,803 24,192 — 2023
Developments in Process
First Rider Logistics CenterPerris, CA— 7,439 — 31,212 7,428 31,223 38,651 — N/A
First Wilson Logistics Center IIPerris, CA— 3,594 — 22,316 3,594 22,316 25,910 — N/A
First Stockton Logistics CenterStockton, CA— 7,654 — 76,857 5,852 78,659 84,511 — N/A
First Harley Knox Logistics CenterPerris, CA— 2,088 — 19,122 2,088 19,122 21,210 — N/A
First Park Miami Building 12Medley, FL— 7,849 — 15,238 7,852 15,235 23,087 — N/A
First Pine HillsOrlando, FL— 2,206 — 15 2,206 15 2,221 — N/A
Land Parcels
Land Parcels— 413,588 8,838 65,379 409,705 78,100 487,805 1,443 
Total$9,978 $1,766,102 $1,409,340 $2,538,638 $1,756,971 $3,957,109 $5,714,080 $1,009,335 
119

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 20202023
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:
Buildings and Improvements73 to 50 years
Land Improvements32 to 1625 years
Tenant Improvements, Leasehold ImprovementsShorter of Useful Life or Terms of Related Lease Term
 
At December 31, 2020,2023, the aggregate cost of land and buildings and equipment, excluding construction in progress, for federal income tax purpose was approximately $4.0$5.2 billion.

The changes in investment in real estate for the three years ended December 31, are as follows: 
202020192018 202320222021
(In thousands) (In thousands)
Balance, Beginning of YearBalance, Beginning of Year$3,830,209 $3,673,644 $3,495,745 
Acquisition of Real Estate AssetsAcquisition of Real Estate Assets247,250 148,660 162,769 
Construction Costs and ImprovementsConstruction Costs and Improvements160,491 289,877 190,383 
Disposition of Real Estate AssetsDisposition of Real Estate Assets(109,070)(258,639)(148,408)
Impairment of Real Estate0 0 (2,756)
Write-off of Fully Depreciated and Other AssetsWrite-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 
Write-off of Fully Depreciated and Other Assets
Write-off of Fully Depreciated and Other Assets
Balance, End of Year Excluding Real Estate Held for SaleBalance, End of Year Excluding Real Estate Held for Sale$4,087,633 $3,830,209 $3,673,644 
Balance, End of Year Excluding Real Estate Held for Sale
Balance, End of Year Excluding Real Estate Held for Sale


109

The changes in accumulated depreciation for the three years ended December 31, are as follows: 
202020192018 202320222021
(In thousands) (In thousands)
Balance, Beginning of YearBalance, Beginning of Year$804,780 $811,784 $789,919 
Depreciation for YearDepreciation for Year102,533 98,333 94,626 
Disposition of Real Estate AssetsDisposition of Real Estate Assets(49,390)(82,919)(49,144)
Write-off of Fully Depreciated and Other AssetsWrite-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 SaleBalance, End of Year Excluding Real Estate Held for Sale$832,393 $804,780 $811,784 
Balance, End of Year Excluding Real Estate Held for Sale
Balance, End of Year Excluding Real Estate Held for Sale
_______________
(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.
110120

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.
By:
/S/   PETER E. BACCILE
 Peter E. Baccile
President, Chief Executive Officer and Director
(Principal Executive Officer)
Date: February 15, 202114, 2024
 
By:
/S/    SCOTT A. MUSIL
 Scott A. Musil
Chief Financial Officer
(Principal Financial Officer)
Date: February 15, 202114, 2024
By:
/S/    SARA E. NIEMIEC
 Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
Date: February 15, 202114, 2024
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
/S/    MATTHEW S. DOMINSKI
Chairman of the Board of DirectorsFebruary 15, 202114, 2024
Matthew S. Dominski
/S/    PETER E. BACCILE
President, Chief Executive Officer and DirectorFebruary 15, 202114, 2024
Peter E. Baccile
/S/    JOHN RAU
Lead Independent DirectorFebruary 15, 202114, 2024
John Rau
/S/    TERESA B. BAZEMORE
DirectorFebruary 15, 202114, 2024
Teresa B. Bazemore
/S/    H. PATRICK HACKETT, JR.
DirectorFebruary 15, 202114, 2024
H. Patrick Hackett, Jr.
/S/    DENISE A. OLSEN
DirectorFebruary 15, 202114, 2024
Denise A. Olsen
/S/    L. PMETERARCUS L. SHARPEMITH
DirectorFebruary 15, 202114, 2024
Marcus L. Peter SharpeSmith
111121

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.
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 15, 202114, 2024
 
By:
/S/    SCOTT A. MUSIL
 Scott A. Musil
Chief Financial Officer
(Principal Financial Officer)
Date: February 15, 202114, 2024
By:
/S/    SARA E. NIEMIEC
 Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
Date: February 15, 202114, 2024
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
/S/    MATTHEW S. DOMINSKI
Chairman of the Board of DirectorsFebruary 15, 202114, 2024
Matthew S. Dominski
/S/    PETER E. BACCILE
President, Chief Executive Officer and DirectorFebruary 15, 202114, 2024
Peter E. Baccile
/S/ JOHN RAU
Lead Independent DirectorFebruary 15, 202114, 2024
John Rau
/S/    TERESA B. BAZEMORE
DirectorFebruary 15, 202114, 2024
Teresa B. Bazemore
/S/    H. PATRICK HACKETT, JR.
DirectorFebruary 15, 202114, 2024
H. Patrick Hackett, Jr.
/S/ DENISE A. OLSEN
DirectorFebruary 15, 202114, 2024
Denise A. Olsen
/S/    L. PMETERARCUS L. SHARPEMITH
DirectorFebruary 15, 202114, 2024
Marcus L. Peter SharpeSmith
112122