QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: | ||
Common Stock, par value $.01 per share | FR | New York Stock Exchange |
First Industrial Realty Trust, Inc. | Yes | ☑ | No | ☐ | |
First Industrial, L.P. | Yes | ☑ | No | ☐ |
First Industrial Realty Trust, Inc. | Yes | ☑ | No | ☐ | |
First Industrial, L.P. | Yes | ☑ | No | ☐ |
First Industrial Realty Trust, Inc.: | |||||||
Large accelerated filer | Accelerated filer | ||||||
Non-accelerated filer | (Do not check if a smaller reporting company) | Smaller reporting company | |||||
Emerging growth company |
First Industrial, L.P.: | |||||||
Large accelerated filer | Accelerated filer | ||||||
Non-accelerated filer | (Do not check if a smaller reporting company) | Smaller reporting company | |||||
Emerging growth company |
First Industrial Realty Trust, Inc. | Yes | ☐ | No | ☐ |
First Industrial, L.P. | Yes | ☐ | No | ☐ |
First Industrial Realty Trust, Inc. | Yes | ☐ | No | ☑ | |
First Industrial, L.P. | Yes | ☐ | No | ☑ |
• | Stockholders' Equity, Noncontrolling Interest and Partners' Capital. The 2.2% equity interest in the Operating Partnership held by entities other than the Company is 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 eight other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements. |
• | Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company. |
Page | |||
First Industrial Realty Trust, Inc. | |||
First Industrial, L.P. | |||
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |||
Item 1. | Financial Statements |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
ASSETS | ||||||||||||||
Assets: | ||||||||||||||
Investment in Real Estate: | ||||||||||||||
Land | $ | 891,520 | $ | 864,813 | $ | 934,398 | $ | 909,318 | ||||||
Buildings and Improvements | 2,597,344 | 2,521,457 | 2,737,139 | 2,704,850 | ||||||||||
Construction in Progress | 135,052 | 109,475 | 147,008 | 59,476 | ||||||||||
Less: Accumulated Depreciation | (809,191 | ) | (789,919 | ) | (844,714 | ) | (811,784 | ) | ||||||
Net Investment in Real Estate | 2,814,725 | 2,705,826 | 2,973,831 | 2,861,860 | ||||||||||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $2,559 and $0 | 7,221 | — | ||||||||||||
Operating Lease Right-of-Use Assets | 11,858 | — | ||||||||||||
Cash and Cash Equivalents | 52,728 | 21,146 | 33,445 | 43,102 | ||||||||||
Restricted Cash | 18,981 | 25,336 | — | 7,271 | ||||||||||
Tenant Accounts Receivable, Net | 3,428 | 4,873 | 5,032 | 5,185 | ||||||||||
Investment in Joint Venture | 23,403 | — | 18,132 | 23,326 | ||||||||||
Deferred Rent Receivable, Net | 70,735 | 70,254 | 77,207 | 71,079 | ||||||||||
Deferred Leasing Intangibles, Net | 27,900 | 30,481 | 29,110 | 29,678 | ||||||||||
Prepaid Expenses and Other Assets, Net | 106,206 | 83,146 | 106,286 | 101,190 | ||||||||||
Total Assets | $ | 3,125,327 | $ | 2,941,062 | $ | 3,254,901 | $ | 3,142,691 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Indebtedness: | ||||||||||||||
Mortgage Loans Payable, Net | $ | 298,188 | $ | 450,056 | $ | 221,357 | $ | 296,470 | ||||||
Senior Unsecured Notes, Net | 544,398 | 246,673 | 544,715 | 544,504 | ||||||||||
Unsecured Term Loans, Net | 456,545 | 455,768 | 457,337 | 456,809 | ||||||||||
Unsecured Credit Facility | — | 144,500 | 158,000 | — | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 82,399 | 86,532 | 101,054 | 78,665 | ||||||||||
Operating Lease Liabilities | 12,285 | — | ||||||||||||
Deferred Leasing Intangibles, Net | 9,944 | 10,355 | 9,466 | 9,560 | ||||||||||
Rents Received in Advance and Security Deposits | 42,079 | 44,285 | 46,003 | 47,927 | ||||||||||
Dividends and Distributions Payable | 28,749 | 27,016 | 30,281 | 28,845 | ||||||||||
Total Liabilities | 1,462,302 | 1,465,185 | 1,580,498 | 1,462,780 | ||||||||||
Commitments and Contingencies | — | — | — | — | ||||||||||
Equity: | ||||||||||||||
First Industrial Realty Trust Inc.'s Stockholders' Equity: | ||||||||||||||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,307,928 and 119,883,180 shares issued and outstanding) | 1,263 | 1,199 | ||||||||||||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,487,215 and 126,307,431 shares issued and outstanding) | 1,265 | 1,263 | ||||||||||||
Additional Paid-in-Capital | 2,129,551 | 1,967,110 | 2,129,707 | 2,131,556 | ||||||||||
Distributions in Excess of Accumulated Earnings | (514,065 | ) | (541,847 | ) | (487,370 | ) | (490,807 | ) | ||||||
Accumulated Other Comprehensive Income | 12,129 | 1,338 | ||||||||||||
Accumulated Other Comprehensive (Loss) Income | (7,058 | ) | 3,502 | |||||||||||
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity | 1,628,878 | 1,427,800 | 1,636,544 | 1,645,514 | ||||||||||
Noncontrolling Interest | 34,147 | 48,077 | 37,859 | 34,397 | ||||||||||
Total Equity | 1,663,025 | 1,475,877 | 1,674,403 | 1,679,911 | ||||||||||
Total Liabilities and Equity | $ | 3,125,327 | $ | 2,941,062 | $ | 3,254,901 | $ | 3,142,691 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental Income | $ | 76,372 | $ | 76,497 | $ | 227,232 | $ | 227,217 | ||||||||||||||||||||||
Tenant Recoveries and Other Income | 23,884 | 22,813 | 71,640 | 67,055 | ||||||||||||||||||||||||||
Lease Revenue | $ | 103,517 | $ | 98,064 | $ | 207,155 | $ | 197,104 | ||||||||||||||||||||||
Other Revenue | 578 | 781 | 1,481 | 1,512 | ||||||||||||||||||||||||||
Total Revenues | 100,256 | 99,310 | 298,872 | 294,272 | 104,095 | 98,845 | 208,636 | 198,616 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Property Expenses | 28,466 | 28,452 | 86,430 | 83,835 | 27,379 | 28,553 | 57,547 | 57,964 | ||||||||||||||||||||||
General and Administrative | 6,581 | 6,492 | 21,470 | 21,310 | 6,782 | 6,746 | 13,584 | 14,889 | ||||||||||||||||||||||
Impairment of Real Estate | — | — | 2,756 | — | — | — | — | 2,756 | ||||||||||||||||||||||
Depreciation and Other Amortization | 28,645 | 29,696 | 85,596 | 87,230 | 29,774 | 28,636 | 59,829 | 56,951 | ||||||||||||||||||||||
Total Expenses | 63,692 | 64,640 | 196,252 | 192,375 | 63,935 | 63,935 | 130,960 | 132,560 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||
Other (Expense) Income: | ||||||||||||||||||||||||||||||
Gain on Sale of Real Estate | 8,135 | 23,271 | 53,291 | 52,140 | 1,097 | 25,067 | 889 | 45,156 | ||||||||||||||||||||||
Interest Expense | (12,424 | ) | (14,376 | ) | (37,818 | ) | (43,660 | ) | (12,332 | ) | (12,603 | ) | (25,099 | ) | (25,394 | ) | ||||||||||||||
Amortization of Debt Issuance Costs | (850 | ) | (778 | ) | (2,550 | ) | (2,336 | ) | (794 | ) | (845 | ) | (1,625 | ) | (1,700 | ) | ||||||||||||||
Mark-to-Market Gain on Interest Rate Protection Agreements | — | 1,848 | — | 1,848 | ||||||||||||||||||||||||||
Loss from Retirement of Debt | — | — | (39 | ) | (1,653 | ) | — | — | — | (39 | ) | |||||||||||||||||||
Total Other Income (Expense) | (5,139 | ) | 9,965 | 12,884 | 6,339 | |||||||||||||||||||||||||
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Benefit (Provision) | 31,425 | 44,635 | 115,504 | 108,236 | ||||||||||||||||||||||||||
Equity in Loss of Joint Venture | (197 | ) | — | (199 | ) | — | ||||||||||||||||||||||||
Income Tax Benefit (Provision) | 302 | 21 | 93 | (1,236 | ) | |||||||||||||||||||||||||
Total Other (Expense) Income | (12,029 | ) | 11,619 | (25,835 | ) | 18,023 | ||||||||||||||||||||||||
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision | 28,131 | 46,529 | 51,841 | 84,079 | ||||||||||||||||||||||||||
Equity in Income (Loss) of Joint Venture | 15,516 | (2 | ) | 16,360 | (2 | ) | ||||||||||||||||||||||||
Income Tax Provision | (2,934 | ) | (123 | ) | (3,148 | ) | (209 | ) | ||||||||||||||||||||||
Net Income | 31,530 | 44,656 | 115,398 | 107,000 | 40,713 | 46,404 | 65,053 | 83,868 | ||||||||||||||||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (619 | ) | (1,458 | ) | (2,986 | ) | (3,531 | ) | (913 | ) | (1,195 | ) | (1,450 | ) | (2,367 | ) | ||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 30,911 | $ | 43,198 | $ | 112,412 | $ | 103,469 | $ | 39,800 | $ | 45,209 | $ | 63,603 | $ | 81,501 | ||||||||||||||
Basic Earnings Per Share: | ||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Share: | ||||||||||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.88 | $ | 0.31 | $ | 0.36 | $ | 0.50 | $ | 0.67 | ||||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.87 | ||||||||||||||||||||||
Dividends/Distributions Per Share | $ | 0.2175 | $ | 0.2100 | $ | 0.6525 | $ | 0.6300 | ||||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 125,768 | 119,446 | 123,098 | 117,870 | 126,206 | 123,616 | 126,200 | 121,741 | ||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 126,130 | 119,990 | 123,497 | 118,352 | 126,489 | 124,085 | 126,472 | 122,158 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Net Income | $ | 31,530 | $ | 44,656 | $ | 115,398 | $ | 107,000 | $ | 40,713 | $ | 46,404 | $ | 65,053 | $ | 83,868 | ||||||||||||||
Mark-to-Market Gain on Interest Rate Protection Agreements | 1,678 | 621 | 10,928 | 1,364 | ||||||||||||||||||||||||||
Amortization of Interest Rate Protection Agreements | 24 | 24 | 71 | 180 | ||||||||||||||||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | (3,149 | ) | — | ||||||||||||||||||||||||
Mark-to-Market (Loss) Gain on Derivative Instruments | (1,338 | ) | 2,725 | (7,692 | ) | 9,250 | ||||||||||||||||||||||||
Amortization of Derivative Instruments | 24 | 23 | 48 | 47 | ||||||||||||||||||||||||||
Comprehensive Income | 33,232 | 45,301 | 126,397 | 108,544 | 36,250 | 49,152 | 54,260 | 93,165 | ||||||||||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | (641 | ) | (1,479 | ) | (3,271 | ) | (3,582 | ) | (812 | ) | (1,252 | ) | (1,209 | ) | (2,630 | ) | ||||||||||||||
Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 32,591 | $ | 43,822 | $ | 123,126 | $ | 104,962 | $ | 35,438 | $ | 47,900 | $ | 53,051 | $ | 90,535 |
Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest | Total | ||||||||||||||||||
Balance as of December 31, 2017 | $ | 1,199 | $ | 1,967,110 | $ | (541,847 | ) | $ | 1,338 | $ | 48,077 | $ | 1,475,877 | ||||||||||
Net Income | — | — | 112,412 | — | 2,986 | 115,398 | |||||||||||||||||
Other Comprehensive Income | — | — | — | 10,791 | 208 | 10,999 | |||||||||||||||||
Issuance of Common Stock, Net of Issuance Costs | 48 | 145,360 | — | — | — | 145,408 | |||||||||||||||||
Stock Based Compensation Activity | 3 | 2,894 | (3,282 | ) | — | — | (385 | ) | |||||||||||||||
Common Stock Dividends and Unit Distributions | — | — | (81,348 | ) | — | (1,990 | ) | (83,338 | ) | ||||||||||||||
Conversion of Limited Partner Units to Common Stock | 13 | 16,496 | — | — | (16,509 | ) | — | ||||||||||||||||
Retirement of Limited Partner Units | — | — | — | — | (934 | ) | (934 | ) | |||||||||||||||
Reallocation - Additional Paid-in-Capital | — | (2,309 | ) | — | — | 2,309 | — | ||||||||||||||||
Balance as of September 30, 2018 | $ | 1,263 | $ | 2,129,551 | $ | (514,065 | ) | $ | 12,129 | $ | 34,147 | $ | 1,663,025 |
Six Months Ended June 30, 2019: | Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Total | |||||||||||||||||
Balance as of December 31, 2018 | $ | 1,263 | $ | 2,131,556 | $ | (490,807 | ) | $ | 3,502 | $ | 34,397 | $ | 1,679,911 | ||||||||||
Net Income | — | — | 23,803 | — | 537 | 24,340 | |||||||||||||||||
Other Comprehensive Loss | — | — | — | (6,190 | ) | (140 | ) | (6,330 | ) | ||||||||||||||
Stock Based Compensation Activity | 2 | (611 | ) | (1,696 | ) | — | 270 | (2,035 | ) | ||||||||||||||
Common Stock Dividends and Unit Distributions ($0.2300 Per Share/Unit) | — | — | (29,258 | ) | — | (664 | ) | (29,922 | ) | ||||||||||||||
Reallocation - Additional Paid-in-Capital | — | (3,238 | ) | — | — | 3,238 | — | ||||||||||||||||
Reallocation - Other Comprehensive Income | — | — | — | (7 | ) | 7 | — | ||||||||||||||||
Balance as of March 31, 2019 | $ | 1,265 | $ | 2,127,707 | $ | (497,958 | ) | $ | (2,695 | ) | $ | 37,645 | $ | 1,665,964 | |||||||||
Net Income | — | — | 39,800 | — | 913 | 40,713 | |||||||||||||||||
Other Comprehensive Loss | — | — | — | (4,362 | ) | (101 | ) | (4,463 | ) | ||||||||||||||
Stock Based Compensation Activity | — | 1,542 | — | — | 511 | 2,053 | |||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.2300 Per Share/Unit) | — | — | (29,212 | ) | — | (652 | ) | (29,864 | ) | ||||||||||||||
Reallocation - Additional Paid-in-Capital | — | 458 | — | — | (458 | ) | — | ||||||||||||||||
Reallocation - Other Comprehensive Income | — | — | — | (1 | ) | 1 | — | ||||||||||||||||
Balance as of June 30, 2019 | $ | 1,265 | $ | 2,129,707 | $ | (487,370 | ) | $ | (7,058 | ) | $ | 37,859 | $ | 1,674,403 |
Six Months Ended June 30, 2018: | |||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 1,199 | $ | 1,967,110 | $ | (541,847 | ) | $ | 1,338 | $ | 48,077 | $ | 1,475,877 | ||||||||||
Net Income | — | — | 36,292 | — | 1,172 | 37,464 | |||||||||||||||||
Other Comprehensive Income | — | — | — | 6,366 | 183 | 6,549 | |||||||||||||||||
Stock Based Compensation Activity | 3 | (1,106 | ) | (3,282 | ) | — | — | (4,385 | ) | ||||||||||||||
Common Stock Dividends and Unit Distributions ($0.2175 Per Share/Unit) | — | — | (26,332 | ) | — | (775 | ) | (27,107 | ) | ||||||||||||||
Conversion of Limited Partner Units to Common Stock | 4 | 5,005 | — | — | (5,009 | ) | — | ||||||||||||||||
Retirement of Limited Partner Units | — | — | — | — | (934 | ) | (934 | ) | |||||||||||||||
Reallocation - Additional Paid-in-Capital | — | (292 | ) | — | — | 292 | — | ||||||||||||||||
Balance as of March 31, 2018 | $ | 1,206 | $ | 1,970,717 | $ | (535,169 | ) | $ | 7,704 | $ | 43,006 | $ | 1,487,464 | ||||||||||
Net Income | — | — | 45,209 | — | 1,195 | 46,404 | |||||||||||||||||
Other Comprehensive Income | — | — | — | 2,731 | 17 | 2,748 | |||||||||||||||||
Issuance of Common Stock, Net of Issuance Costs | 48 | 145,360 | — | — | — | 145,408 | |||||||||||||||||
Stock Based Compensation Activity | — | 1,997 | — | — | — | 1,997 | |||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.2175 Per Share/Unit) | — | — | (27,566 | ) | — | (643 | ) | (28,209 | ) | ||||||||||||||
Conversion of Limited Partner Units to Common Stock | 6 | 7,312 | — | — | (7,318 | ) | — | ||||||||||||||||
Reallocation - Additional Paid-in-Capital | — | (1,926 | ) | — | — | 1,926 | — | ||||||||||||||||
Balance as of June 30, 2018 | $ | 1,260 | $ | 2,123,460 | $ | (517,526 | ) | $ | 10,435 | $ | 38,183 | $ | 1,655,812 |
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | ||||||||||||
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net Income | $ | 115,398 | $ | 107,000 | $ | 65,053 | $ | 83,868 | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||
Depreciation | 69,397 | 70,697 | 48,629 | 46,160 | ||||||||||
Amortization of Debt Issuance Costs | 2,550 | 2,336 | 1,625 | 1,700 | ||||||||||
Other Amortization, including Stock Based Compensation | 20,516 | 22,059 | 14,156 | 13,638 | ||||||||||
Impairment of Real Estate | 2,756 | — | — | 2,756 | ||||||||||
Provision for Bad Debt | 267 | 181 | — | 165 | ||||||||||
Equity in Loss of Joint Venture | 199 | — | ||||||||||||
Equity in (Income) Loss of Joint Venture | (16,360 | ) | 2 | |||||||||||
Distributions from Joint Venture | 16,084 | — | ||||||||||||
Gain on Sale of Real Estate | (53,291 | ) | (52,140 | ) | (889 | ) | (45,156 | ) | ||||||
Loss from Retirement of Debt | 39 | 1,653 | — | 39 | ||||||||||
Mark-to-Market Gain on Interest Rate Protection Agreements | — | (1,848 | ) | |||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | |||||||||||
Straight-line Rental Income and Expense, Net | (5,926 | ) | (1,016 | ) | ||||||||||
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (5,639 | ) | (6,792 | ) | (2,839 | ) | (3,169 | ) | ||||||
Increase in Deferred Rent Receivable, Net | (1,329 | ) | (4,104 | ) | ||||||||||
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 172 | 9,152 | ||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 3,734 | (5,170 | ) | |||||||||||
Net Cash Provided by Operating Activities | 151,035 | 148,194 | 120,118 | 93,817 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Acquisitions of Real Estate | (91,799 | ) | (160,065 | ) | (52,395 | ) | (87,733 | ) | ||||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (168,681 | ) | (104,658 | ) | (119,174 | ) | (121,169 | ) | ||||||
Net Proceeds from Sales of Investments in Real Estate | 116,166 | 95,233 | 11,179 | 95,603 | ||||||||||
Contributions to and Investments in Joint Venture | (25,190 | ) | — | — | (25,190 | ) | ||||||||
Distributions from Joint Venture | 1,829 | — | 8,586 | 1,829 | ||||||||||
Other Investing Activity | (4,825 | ) | (1,644 | ) | (5,758 | ) | (2,823 | ) | ||||||
Net Cash Used in Investing Activities | (172,500 | ) | (171,134 | ) | (157,562 | ) | (139,483 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Financing and Equity Issuance Costs | (2,975 | ) | (1,918 | ) | — | (2,842 | ) | |||||||
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | 145,584 | 74,880 | — | 145,584 | ||||||||||
Repurchase and Retirement of Restricted Stock | (6,020 | ) | (2,401 | ) | ||||||||||
Tax Paid on Shares Withheld | (4,384 | ) | (6,020 | ) | ||||||||||
Common Stock Dividends and Unit Distributions Paid | (81,605 | ) | (74,508 | ) | (57,764 | ) | (53,561 | ) | ||||||
Repayments on Mortgage Loans Payable | (163,792 | ) | (44,152 | ) | (75,336 | ) | (161,964 | ) | ||||||
Prepayments of Penalties Associated with Retirement of Debt | — | (1,453 | ) | |||||||||||
Proceeds from Senior Unsecured Notes | 300,000 | 200,000 | — | 300,000 | ||||||||||
Repayments of Senior Unsecured Notes | — | (101,871 | ) | |||||||||||
Proceeds from Unsecured Credit Facility | 217,000 | 326,000 | 187,000 | 217,000 | ||||||||||
Repayments on Unsecured Credit Facility | (361,500 | ) | (358,500 | ) | (29,000 | ) | (361,500 | ) | ||||||
Net Cash Provided by Financing Activities | 46,692 | 16,077 | 20,516 | 76,697 | ||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 25,227 | (6,863 | ) | |||||||||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (16,928 | ) | 31,031 | |||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 46,482 | 21,461 | 50,373 | 46,482 | ||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 71,709 | $ | 14,598 | $ | 33,445 | $ | 77,513 | ||||||
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands) | FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands) | FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands) | ||||||||||||
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||||||||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 4,867 | $ | 3,014 | $ | 2,320 | $ | 3,317 | ||||||
Cash Paid for Operating Lease Liabilities | $ | 613 | $ | — | ||||||||||
Supplemental Schedule of Non-Cash Operating Activities: | ||||||||||||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 12,400 | $ | — | ||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||||||||
Common Stock Dividends and Unit Distributions Payable | $ | 28,749 | $ | 26,848 | $ | 30,281 | $ | 28,771 | ||||||
Exchange of Limited Partnership Units for Common Stock: | ||||||||||||||
Noncontrolling Interest | $ | (16,509 | ) | $ | (39 | ) | $ | — | $ | (12,327 | ) | |||
Common Stock | 13 | — | — | 10 | ||||||||||
Additional Paid-in-Capital | 16,496 | 39 | — | 12,317 | ||||||||||
Total | $ | — | $ | — | $ | — | $ | — | ||||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 11,707 | $ | 1,138 | $ | 290 | $ | 11,705 | ||||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 31,288 | $ | 23,247 | $ | 48,344 | $ | 27,797 | ||||||
Write-off of Fully Depreciated Assets | $ | (33,047 | ) | $ | (27,455 | ) | $ | (19,646 | ) | $ | (22,936 | ) |
September 30, 2018 | December 31, 2017 | June 30, 2019 | December 31, 2018 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
ASSETS | ||||||||||||||
Assets: | ||||||||||||||
Investment in Real Estate: | ||||||||||||||
Land | $ | 891,520 | $ | 864,813 | $ | 934,398 | $ | 909,318 | ||||||
Buildings and Improvements | 2,597,344 | 2,521,457 | 2,737,139 | 2,704,850 | ||||||||||
Construction in Progress | 135,052 | 109,475 | 147,008 | 59,476 | ||||||||||
Less: Accumulated Depreciation | (809,191 | ) | (789,919 | ) | (844,714 | ) | (811,784 | ) | ||||||
Net Investment in Real Estate (including $265,089 and $270,708 related to consolidated variable interest entities, see Note 5) | 2,814,725 | 2,705,826 | ||||||||||||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $2,559 and $0 | 7,221 | — | ||||||||||||
Net Investment in Real Estate (including $255,559 and $260,528 related to consolidated variable interest entities, see Note 5) | 2,973,831 | 2,861,860 | ||||||||||||
Operating Lease Right-of-Use Assets | 11,858 | — | ||||||||||||
Cash and Cash Equivalents | 52,728 | 21,146 | 33,445 | 43,102 | ||||||||||
Restricted Cash | 18,981 | 25,336 | — | 7,271 | ||||||||||
Tenant Accounts Receivable, Net | 3,428 | 4,873 | 5,032 | 5,185 | ||||||||||
Investment in Joint Venture | 23,403 | — | 18,132 | 23,326 | ||||||||||
Deferred Rent Receivable, Net | 70,735 | 70,254 | 77,207 | 71,079 | ||||||||||
Deferred Leasing Intangibles, Net | 27,900 | 30,481 | 29,110 | 29,678 | ||||||||||
Prepaid Expenses and Other Assets, Net | 116,364 | 93,264 | 116,335 | 111,298 | ||||||||||
Total Assets | $ | 3,135,485 | $ | 2,951,180 | $ | 3,264,950 | $ | 3,152,799 | ||||||
LIABILITIES AND PARTNERS' CAPITAL | ||||||||||||||
Liabilities: | ||||||||||||||
Indebtedness: | ||||||||||||||
Mortgage Loans Payable, Net (including $20,611 and $61,256 related to consolidated variable interest entities, see Note 5) | $ | 298,188 | $ | 450,056 | ||||||||||
Mortgage Loans Payable, Net (including $13,164 and $20,497 related to consolidated variable interest entities, see Note 5) | $ | 221,357 | $ | 296,470 | ||||||||||
Senior Unsecured Notes, Net | 544,398 | 246,673 | 544,715 | 544,504 | ||||||||||
Unsecured Term Loans, Net | 456,545 | 455,768 | 457,337 | 456,809 | ||||||||||
Unsecured Credit Facility | — | 144,500 | 158,000 | — | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 82,399 | 86,532 | 101,054 | 78,665 | ||||||||||
Operating Lease Liabilities | 12,285 | — | ||||||||||||
Deferred Leasing Intangibles, Net | 9,944 | 10,355 | 9,466 | 9,560 | ||||||||||
Rents Received in Advance and Security Deposits | 42,079 | 44,285 | 46,003 | 47,927 | ||||||||||
Distributions Payable | 28,749 | 27,016 | 30,281 | 28,845 | ||||||||||
Total Liabilities | 1,462,302 | 1,465,185 | 1,580,498 | 1,462,780 | ||||||||||
Commitments and Contingencies | — | — | — | — | ||||||||||
Partners' Capital: | ||||||||||||||
First Industrial, L.P.'s Partners' Capital: | ||||||||||||||
General Partner Units (126,307,928 and 119,883,180 units outstanding) | 1,594,114 | 1,401,583 | ||||||||||||
Limited Partners Units (2,631,427 and 4,008,221 units outstanding) | 65,804 | 82,251 | ||||||||||||
Accumulated Other Comprehensive Income | 12,381 | 1,382 | ||||||||||||
General Partner Units (126,487,215 and 126,307,431 units outstanding) | 1,623,662 | 1,619,342 | ||||||||||||
Limited Partners Units (2,908,260 and 2,624,167 units outstanding) | 67,161 | 66,246 | ||||||||||||
Accumulated Other Comprehensive (Loss) Income | (7,219 | ) | 3,574 | |||||||||||
Total First Industrial L.P.'s Partners' Capital | 1,672,299 | 1,485,216 | 1,683,604 | 1,689,162 | ||||||||||
Noncontrolling Interest | 884 | 779 | 848 | 857 | ||||||||||
Total Partners' Capital | 1,673,183 | 1,485,995 | 1,684,452 | 1,690,019 | ||||||||||
Total Liabilities and Partners' Capital | $ | 3,135,485 | $ | 2,951,180 | $ | 3,264,950 | $ | 3,152,799 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Rental Income | $ | 76,372 | $ | 76,497 | 227,232 | $ | 227,217 | |||||||||||||||||||||||
Tenant Recoveries and Other Income | 23,884 | 22,813 | 71,640 | 67,055 | ||||||||||||||||||||||||||
Lease Revenue | $ | 103,517 | $ | 98,064 | 207,155 | $ | 197,104 | |||||||||||||||||||||||
Other Revenue | 578 | 781 | 1,481 | 1,512 | ||||||||||||||||||||||||||
Total Revenues | 100,256 | 99,310 | 298,872 | 294,272 | 104,095 | 98,845 | 208,636 | 198,616 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Property Expenses | 28,466 | 28,452 | 86,430 | 83,835 | 27,379 | 28,553 | 57,547 | 57,964 | ||||||||||||||||||||||
General and Administrative | 6,581 | 6,492 | 21,470 | 21,310 | 6,782 | 6,746 | 13,584 | 14,889 | ||||||||||||||||||||||
Impairment of Real Estate | — | — | 2,756 | — | — | — | — | 2,756 | ||||||||||||||||||||||
Depreciation and Other Amortization | 28,645 | 29,696 | 85,596 | 87,230 | 29,774 | 28,636 | 59,829 | 56,951 | ||||||||||||||||||||||
Total Expenses | 63,692 | 64,640 | 196,252 | 192,375 | 63,935 | 63,935 | 130,960 | 132,560 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||
Other (Expense) Income: | ||||||||||||||||||||||||||||||
Gain on Sale of Real Estate | 8,135 | 23,271 | 53,291 | 52,140 | 1,097 | 25,067 | 889 | 45,156 | ||||||||||||||||||||||
Interest Expense | (12,424 | ) | (14,376 | ) | (37,818 | ) | (43,660 | ) | (12,332 | ) | (12,603 | ) | (25,099 | ) | (25,394 | ) | ||||||||||||||
Amortization of Debt Issuance Costs | (850 | ) | (778 | ) | (2,550 | ) | (2,336 | ) | (794 | ) | (845 | ) | (1,625 | ) | (1,700 | ) | ||||||||||||||
Mark-to-Market Gain on Interest Rate Protection Agreements | — | 1,848 | — | 1,848 | ||||||||||||||||||||||||||
Loss from Retirement of Debt | — | — | (39 | ) | (1,653 | ) | — | — | — | (39 | ) | |||||||||||||||||||
Total Other Income (Expense) | (5,139 | ) | 9,965 | 12,884 | 6,339 | |||||||||||||||||||||||||
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Benefit (Provision) | 31,425 | 44,635 | 115,504 | 108,236 | ||||||||||||||||||||||||||
Equity in Loss of Joint Venture | (197 | ) | — | (199 | ) | — | ||||||||||||||||||||||||
Income Tax Benefit (Provision) | 302 | 21 | 93 | (1,236 | ) | |||||||||||||||||||||||||
Total Other (Expense) Income | (12,029 | ) | 11,619 | (25,835 | ) | 18,023 | ||||||||||||||||||||||||
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision | 28,131 | 46,529 | 51,841 | 84,079 | ||||||||||||||||||||||||||
Equity in Income (Loss) of Joint Venture | 15,516 | (2 | ) | 16,360 | (2 | ) | ||||||||||||||||||||||||
Income Tax Provision | (2,934 | ) | (123 | ) | (3,148 | ) | (209 | ) | ||||||||||||||||||||||
Net Income | 31,530 | 44,656 | 115,398 | 107,000 | 40,713 | 46,404 | 65,053 | 83,868 | ||||||||||||||||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (22 | ) | (43 | ) | (65 | ) | (96 | ) | (24 | ) | (22 | ) | (50 | ) | (43 | ) | ||||||||||||||
Net Income Available to Unitholders and Participating Securities | $ | 31,508 | $ | 44,613 | $ | 115,333 | $ | 106,904 | $ | 40,689 | $ | 46,382 | $ | 65,003 | $ | 83,825 | ||||||||||||||
Basic Earnings Per Unit: | ||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Unit: | ||||||||||||||||||||||||||||||
Net Income Available to Unitholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.87 | $ | 0.31 | $ | 0.36 | $ | 0.50 | $ | 0.67 | ||||||||||||||
Diluted Earnings Per Unit: | ||||||||||||||||||||||||||||||
Net Income Available to Unitholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.87 | ||||||||||||||||||||||
Distributions Per Unit | $ | 0.2175 | $ | 0.2100 | $ | 0.6525 | $ | 0.6300 | ||||||||||||||||||||||
Weighted Average Units Outstanding - Basic | 128,526 | 123,483 | 126,380 | 121,909 | 128,831 | 126,832 | 128,824 | 125,289 | ||||||||||||||||||||||
Weighted Average Units Outstanding - Diluted | 128,888 | 124,027 | 126,779 | 122,391 | 129,221 | 127,301 | 129,199 | 125,706 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||||||||||||||
Net Income | $ | 31,530 | $ | 44,656 | $ | 115,398 | $ | 107,000 | $ | 40,713 | $ | 46,404 | $ | 65,053 | $ | 83,868 | ||||||||||||||
Mark-to-Market Gain on Interest Rate Protection Agreements | 1,678 | 621 | 10,928 | 1,364 | ||||||||||||||||||||||||||
Amortization of Interest Rate Protection Agreements | 24 | 24 | 71 | 180 | ||||||||||||||||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | (3,149 | ) | — | ||||||||||||||||||||||||
Mark-to-Market (Loss) Gain on Derivative Instruments | (1,338 | ) | 2,725 | (7,692 | ) | 9,250 | ||||||||||||||||||||||||
Amortization of Derivative Instruments | 24 | 23 | 48 | 47 | ||||||||||||||||||||||||||
Comprehensive Income | $ | 33,232 | $ | 45,301 | $ | 126,397 | $ | 108,544 | $ | 36,250 | $ | 49,152 | $ | 54,260 | $ | 93,165 | ||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | (22 | ) | (43 | ) | (65 | ) | (96 | ) | (24 | ) | (22 | ) | (50 | ) | (43 | ) | ||||||||||||||
Comprehensive Income Attributable to Unitholders | $ | 33,210 | $ | 45,258 | $ | 126,332 | $ | 108,448 | $ | 36,226 | $ | 49,130 | $ | 54,210 | $ | 93,122 |
General Partner Units | Limited Partner Units | Accumulated Other Comprehensive Income | Noncontrolling Interest | Total | |||||||||||||||
Balance as of December 31, 2017 | $ | 1,401,583 | $ | 82,251 | $ | 1,382 | $ | 779 | $ | 1,485,995 | |||||||||
Net Income | 112,347 | 2,986 | — | 65 | 115,398 | ||||||||||||||
Other Comprehensive Income | — | — | 10,999 | — | 10,999 | ||||||||||||||
Contribution of General Partner Units, Net of Issuance Costs | 145,408 | — | — | — | 145,408 | ||||||||||||||
Stock Based Compensation Activity | (385 | ) | — | — | — | (385 | ) | ||||||||||||
Unit Distributions | (81,348 | ) | (1,990 | ) | — | — | (83,338 | ) | |||||||||||
Conversion of Limited Partner Units to General Partner Units | 16,509 | (16,509 | ) | — | — | — | |||||||||||||
Retirement of Limited Partner Units | — | (934 | ) | — | — | (934 | ) | ||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 124 | 124 | ||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (84 | ) | (84 | ) | ||||||||||||
Balance as of September 30, 2018 | $ | 1,594,114 | $ | 65,804 | $ | 12,381 | $ | 884 | $ | 1,673,183 |
Six Months Ended June 30, 2019: | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Total | ||||||||||||||
Balance as of December 31, 2018 | $ | 1,619,342 | $ | 66,246 | $ | 3,574 | $ | 857 | $ | 1,690,019 | |||||||||
Net Income | 23,777 | 537 | — | 26 | 24,340 | ||||||||||||||
Other Comprehensive Loss | — | — | (6,330 | ) | — | (6,330 | ) | ||||||||||||
Stock Based Compensation Activity | (2,305 | ) | 270 | — | — | (2,035 | ) | ||||||||||||
Unit Distributions ($0.2300 Per Unit) | (29,258 | ) | (664 | ) | — | — | (29,922 | ) | |||||||||||
Distributions to Noncontrolling Interest | — | — | — | (43 | ) | (43 | ) | ||||||||||||
Balance as of March 31, 2019 | $ | 1,611,556 | $ | 66,389 | $ | (2,756 | ) | $ | 840 | $ | 1,676,029 | ||||||||
Net Income | 39,776 | 913 | — | 24 | 40,713 | ||||||||||||||
Other Comprehensive Loss | — | — | (4,463 | ) | — | (4,463 | ) | ||||||||||||
Stock Based Compensation Activity | 1,542 | 511 | — | — | 2,053 | ||||||||||||||
Unit Distributions ($0.2300 Per Unit) | (29,212 | ) | (652 | ) | — | — | (29,864 | ) | |||||||||||
Contributions from Noncontrolling Interest | — | — | — | 5 | 5 | ||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (21 | ) | (21 | ) | ||||||||||||
Balance as of June 30, 2019 | $ | 1,623,662 | $ | 67,161 | $ | (7,219 | ) | $ | 848 | $ | 1,684,452 |
Six Months Ended June 30, 2018: | |||||||||||||||||||
Balance as of December 31, 2017 | $ | 1,401,583 | $ | 82,251 | $ | 1,382 | $ | 779 | $ | 1,485,995 | |||||||||
Net Income | 36,271 | 1,172 | — | 21 | 37,464 | ||||||||||||||
Other Comprehensive Income | — | — | 6,549 | — | 6,549 | ||||||||||||||
Stock Based Compensation Activity | (4,385 | ) | — | — | — | (4,385 | ) | ||||||||||||
Unit Distributions ($0.2175 Per Unit) | (26,332 | ) | (775 | ) | — | — | (27,107 | ) | |||||||||||
Conversion of Limited Partner Units to General Partner Units | 5,009 | (5,009 | ) | — | — | — | |||||||||||||
Retirement of Limited Partner Units | — | (934 | ) | — | — | (934 | ) | ||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 116 | 116 | ||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (21 | ) | (21 | ) | ||||||||||||
Balance as of March 31, 2018 | $ | 1,412,146 | $ | 76,705 | $ | 7,931 | $ | 895 | $ | 1,497,677 | |||||||||
Net Income | 45,187 | 1,195 | — | 22 | 46,404 | ||||||||||||||
Other Comprehensive Income | — | — | 2,748 | — | 2,748 | ||||||||||||||
Contribution of General Partner Units, Net of Issuance Costs | 145,408 | — | — | — | 145,408 | ||||||||||||||
Stock Based Compensation Activity | 1,997 | — | — | — | 1,997 | ||||||||||||||
Unit Distributions ($0.2175 Per Unit) | (27,566 | ) | (643 | ) | — | — | (28,209 | ) | |||||||||||
Conversion of Limited Partner Units to General Partner Units | 7,318 | (7,318 | ) | — | — | — | |||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 5 | 5 | ||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (43 | ) | (43 | ) | ||||||||||||
Balance as of June 30, 2018 | $ | 1,584,490 | $ | 69,939 | $ | 10,679 | $ | 879 | $ | 1,665,987 |
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | ||||||||||||
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net Income | $ | 115,398 | $ | 107,000 | $ | 65,053 | $ | 83,868 | ||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||
Depreciation | 69,397 | 70,697 | 48,629 | 46,160 | ||||||||||
Amortization of Debt Issuance Costs | 2,550 | 2,336 | 1,625 | 1,700 | ||||||||||
Other Amortization, including Stock Based Compensation | 20,516 | 22,059 | 14,156 | 13,638 | ||||||||||
Impairment of Real Estate | 2,756 | — | — | 2,756 | ||||||||||
Provision for Bad Debt | 267 | 181 | — | 165 | ||||||||||
Equity in Loss of Joint Venture | 199 | — | ||||||||||||
Equity in (Income) Loss of Joint Venture | (16,360 | ) | 2 | |||||||||||
Distributions from Joint Venture | 16,084 | — | ||||||||||||
Gain on Sale of Real Estate | (53,291 | ) | (52,140 | ) | (889 | ) | (45,156 | ) | ||||||
Loss from Retirement of Debt | 39 | 1,653 | — | 39 | ||||||||||
Mark-to-Market Gain on Interest Rate Protection Agreements | — | (1,848 | ) | |||||||||||
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (5,679 | ) | (6,537 | ) | ||||||||||
Increase in Deferred Rent Receivable, Net | (1,329 | ) | (4,104 | ) | ||||||||||
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 172 | 9,152 | ||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | |||||||||||
Straight-line Rental Income and Expense, Net | (5,926 | ) | (1,016 | ) | ||||||||||
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | (2,780 | ) | (3,226 | ) | ||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits and Operating Lease Liabilities | 3,734 | (5,170 | ) | |||||||||||
Net Cash Provided by Operating Activities | 150,995 | 148,449 | 120,177 | 93,760 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Acquisitions of Real Estate | (91,799 | ) | (160,065 | ) | (52,395 | ) | (87,733 | ) | ||||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (168,681 | ) | (104,658 | ) | (119,174 | ) | (121,169 | ) | ||||||
Net Proceeds from Sales of Investments in Real Estate | 116,166 | 95,233 | 11,179 | 95,603 | ||||||||||
Contributions to and Investments in Joint Venture | (25,190 | ) | — | — | (25,190 | ) | ||||||||
Distributions from Joint Venture | 1,829 | — | 8,586 | 1,829 | ||||||||||
Other Investing Activity | (4,825 | ) | (1,644 | ) | (5,758 | ) | (2,823 | ) | ||||||
Net Cash Used in Investing Activities | (172,500 | ) | (171,134 | ) | (157,562 | ) | (139,483 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Financing and Equity Issuance Costs | (2,975 | ) | (1,918 | ) | — | (2,842 | ) | |||||||
Contribution of General Partner Units | 145,584 | 74,880 | — | 145,584 | ||||||||||
Repurchase and Retirement of Restricted Units | (6,020 | ) | (2,401 | ) | ||||||||||
Tax Paid on Units Withheld | (4,384 | ) | (6,020 | ) | ||||||||||
Unit Distributions Paid | (81,605 | ) | (74,508 | ) | (57,764 | ) | (53,561 | ) | ||||||
Contributions from Noncontrolling Interests | 124 | 29 | 5 | 121 | ||||||||||
Distributions to Noncontrolling Interests | (84 | ) | (284 | ) | (64 | ) | (64 | ) | ||||||
Repayments on Mortgage Loans Payable | (163,792 | ) | (44,152 | ) | (75,336 | ) | (161,964 | ) | ||||||
Prepayments of Penalties Associated with Retirement of Debt | — | (1,453 | ) | |||||||||||
Proceeds from Senior Unsecured Notes | 300,000 | 200,000 | — | 300,000 | ||||||||||
Repayments of Senior Unsecured Notes | — | (101,871 | ) | |||||||||||
Proceeds from Unsecured Credit Facility | 217,000 | 326,000 | 187,000 | 217,000 | ||||||||||
Repayments on Unsecured Credit Facility | (361,500 | ) | (358,500 | ) | (29,000 | ) | (361,500 | ) | ||||||
Net Cash Provided by Financing Activities | 46,732 | 15,822 | 20,457 | 76,754 | ||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 25,227 | (6,863 | ) | |||||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | (16,928 | ) | 31,031 | |||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 46,482 | 21,461 | 50,373 | 46,482 | ||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 71,709 | $ | 14,598 | $ | 33,445 | $ | 77,513 | ||||||
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands) | FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands) | FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (Unaudited; in thousands) | ||||||||||||
Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||||||||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 4,867 | $ | 3,014 | $ | 2,320 | $ | 3,317 | ||||||
Cash Paid for Operating Lease Liabilities | $ | 613 | $ | — | ||||||||||
Supplemental Schedule of Non-Cash Operating Activities: | ||||||||||||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 12,400 | $ | — | ||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||||||||
General and Limited Partner Unit Distributions Payable | $ | 28,749 | $ | 26,848 | $ | 30,281 | $ | 28,771 | ||||||
Exchange of Limited Partner Units for General Partner Units: | ||||||||||||||
Limited Partner Units | $ | (16,509 | ) | $ | (39 | ) | $ | — | $ | (12,327 | ) | |||
General Partner Units | 16,509 | 39 | — | 12,327 | ||||||||||
Total | $ | — | $ | — | $ | — | $ | — | ||||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 11,707 | $ | 1,138 | $ | 290 | $ | 11,705 | ||||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 31,288 | $ | 23,247 | $ | 48,344 | $ | 27,797 | ||||||
Write-off of Fully Depreciated Assets | $ | (33,047 | ) | $ | (27,455 | ) | $ | (19,646 | ) | $ | (22,935 | ) |
2018 | 2017 | ||||||
Cash and Cash Equivalents | $ | 52,728 | $ | 9,496 | |||
Restricted Cash | 18,981 | 5,102 | |||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 71,709 | $ | 14,598 |
• | The new standard also requires lessors to exclude from variable payments certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. For periods prior to January 1, 2019, we recorded these payments in the line item Property Expenses with an offset in the line item Lease Revenue. For the three and six months ended June 30, 2018, $1,862 and $3,748 of these payments are included in the aforementioned line items. |
• | The new standard requires our expected credit loss related to the collectability of lease receivables to be reflected as an adjustment to the line item Lease Revenue. For the three and six months ended June 30, 2018, the credit loss related to the collectibility of lease receivables was recognized in the line item Property Expenses and was not significant. |
Purchase Price | |||
Land | $ | 26,305 | |
Building and Improvements | 20,092 | ||
In-Place Leases | 2,585 | ||
Below Market Leases | (656 | ) | |
Other Assets (leasing commissions) | 256 | ||
Total Purchase Price | $ | 48,582 |
Purchase Price | |||
Land | $ | 54,203 | |
Building and Improvements | 45,393 | ||
Other Assets (leasing commissions) | 526 | ||
In-Place Leases | 2,483 | ||
Above Market Leases | 73 | ||
Below Market Leases | (737 | ) | |
Total Purchase Price | $ | 101,941 | |
Assumed Mortgage Loan (Note 4) | (11,654 | ) | |
Total Net Assets Acquired | $ | 90,287 |
Outstanding Balance at | Interest Rate at June 30, 2019 | Effective Interest Rate at Issuance | Maturity Date | ||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||
Mortgage Loans Payable, Gross | $ | 222,274 | $ | 297,610 | 4.03% – 8.26% | 4.03% – 8.26% | December 2019 – August 2028 | ||||||
Unamortized Debt Issuance Costs | (917 | ) | (1,246 | ) | |||||||||
Unamortized Premiums | — | 106 | |||||||||||
Mortgage Loans Payable, Net | $ | 221,357 | $ | 296,470 | |||||||||
Senior Unsecured Notes, Gross | |||||||||||||
2027 Notes | 6,070 | 6,070 | 7.15% | 7.11% | 5/15/2027 | ||||||||
2028 Notes | 31,901 | 31,901 | 7.60% | 8.13% | 7/15/2028 | ||||||||
2032 Notes | 10,600 | 10,600 | 7.75% | 7.87% | 4/15/2032 | ||||||||
2027 Private Placement Notes | 125,000 | 125,000 | 4.30% | 4.30% | 4/20/2027 | ||||||||
2028 Private Placement Notes | 150,000 | 150,000 | 3.86% | 3.86% | 2/15/2028 | ||||||||
2029 Private Placement Notes | 75,000 | 75,000 | 4.40% | 4.40% | 4/20/2029 | ||||||||
2030 Private Placement Notes | 150,000 | 150,000 | 3.96% | 3.96% | 2/15/2030 | ||||||||
Subtotal | $ | 548,571 | $ | 548,571 | |||||||||
Unamortized Debt Issuance Costs | (3,782 | ) | (3,990 | ) | |||||||||
Unamortized Discounts | (74 | ) | (77 | ) | |||||||||
Senior Unsecured Notes, Net | $ | 544,715 | $ | 544,504 | |||||||||
Unsecured Term Loans, Gross | |||||||||||||
2014 Unsecured Term Loan (A) | $ | 200,000 | $ | 200,000 | 3.39% | N/A | 1/29/2021 | ||||||
2015 Unsecured Term Loan (A) | 260,000 | 260,000 | 2.89% | N/A | 9/12/2022 | ||||||||
Subtotal | $ | 460,000 | $ | 460,000 | |||||||||
Unamortized Debt Issuance Costs | (2,663 | ) | (3,191 | ) | |||||||||
Unsecured Term Loans, Net | $ | 457,337 | $ | 456,809 | |||||||||
Unsecured Credit Facility (B) | $ | 158,000 | $ | — | 3.51% | N/A | 10/29/2021 |
Outstanding Balance at | Interest Rate at September 30, 2018 | Effective Interest Rate at Issuance | Maturity Date | ||||||||||
September 30, 2018 | December 31, 2017 | ||||||||||||
Mortgage Loans Payable, Gross | $ | 299,464 | $ | 451,602 | 4.03% – 8.26% | 3.82% – 8.26% | July 2019 – August 2028 | ||||||
Unamortized Debt Issuance Costs | (1,417 | ) | (1,806 | ) | |||||||||
Unamortized Premiums | 141 | 260 | |||||||||||
Mortgage Loans Payable, Net | $ | 298,188 | $ | 450,056 | |||||||||
Senior Unsecured Notes, Gross | |||||||||||||
2027 Notes | 6,070 | 6,070 | 7.15% | 7.11% | 5/15/2027 | ||||||||
2028 Notes | 31,901 | 31,901 | 7.60% | 8.13% | 7/15/2028 | ||||||||
2032 Notes | 10,600 | 10,600 | 7.75% | 7.87% | 4/15/2032 | ||||||||
2027 Private Placement Notes | 125,000 | 125,000 | 4.30% | 4.30% | 4/20/2027 | ||||||||
2028 Private Placement Notes | 150,000 | — | 3.86% | 3.86% | 2/15/2028 | ||||||||
2029 Private Placement Notes | 75,000 | 75,000 | 4.40% | 4.40% | 4/20/2029 | ||||||||
2030 Private Placement Notes | 150,000 | — | 3.96% | 3.96% | 2/15/2030 | ||||||||
Subtotal | $ | 548,571 | $ | 248,571 | |||||||||
Unamortized Debt Issuance Costs | (4,094 | ) | (1,814 | ) | |||||||||
Unamortized Discounts | (79 | ) | (84 | ) | |||||||||
Senior Unsecured Notes, Net | $ | 544,398 | $ | 246,673 | |||||||||
Unsecured Term Loans, Gross | |||||||||||||
2014 Unsecured Term Loan (A) | $ | 200,000 | $ | 200,000 | 3.39% | N/A | 1/29/2021 | ||||||
2015 Unsecured Term Loan (A) | 260,000 | 260,000 | 2.89% | N/A | 9/12/2022 | ||||||||
Subtotal | $ | 460,000 | $ | 460,000 | |||||||||
Unamortized Debt Issuance Costs | (3,455 | ) | (4,232 | ) | |||||||||
Unsecured Term Loans, Net | $ | 456,545 | $ | 455,768 | |||||||||
Unsecured Credit Facility (B) | $ | — | $ | 144,500 | N/A | N/A | 10/29/2021 |
Amount | |||
Remainder of 2019 | $ | 4,264 | |
2020 | 59,046 | ||
2021 | 425,113 | ||
2022 | 341,552 | ||
2023 | 321 | ||
Thereafter | 558,549 | ||
Total | $ | 1,388,845 |
Amount | |||
Remainder of 2018 | $ | 1,854 | |
2019 | 79,600 | ||
2020 | 59,046 | ||
2021 | 267,113 | ||
2022 | 341,552 | ||
Thereafter | 558,870 | ||
Total | $ | 1,308,035 |
June 30, 2019 | December 31, 2018 | ||||||||||||||
Carrying Amount (A) | Fair Value | Carrying Amount (A) | Fair Value | ||||||||||||
Mortgage Loans Payable, Net | $ | 222,274 | $ | 227,413 | $ | 297,716 | $ | 304,508 | |||||||
Senior Unsecured Notes, Net | 548,497 | 585,968 | 548,494 | 546,607 | |||||||||||
Unsecured Term Loans | 460,000 | 461,106 | 460,000 | 461,317 | |||||||||||
Unsecured Credit Facility | 158,000 | 158,177 | — | — | |||||||||||
Total | $ | 1,388,771 | $ | 1,432,664 | $ | 1,306,210 | $ | 1,312,432 |
September 30, 2018 | December 31, 2017 | ||||||||||||||
Carrying Amount (A) | Fair Value | Carrying Amount (A) | Fair Value | ||||||||||||
Mortgage Loans Payable, Net | $ | 299,605 | $ | 305,018 | $ | 451,862 | $ | 467,303 | |||||||
Senior Unsecured Notes, Net | 548,492 | 540,952 | 248,487 | 269,731 | |||||||||||
Unsecured Term Loans | 460,000 | 461,426 | 460,000 | 460,000 | |||||||||||
Unsecured Credit Facility | — | — | 144,500 | 144,500 | |||||||||||
Total | $ | 1,308,097 | $ | 1,307,396 | $ | 1,304,849 | $ | 1,341,534 |
June 30, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Assets: | |||||||
Net Investment in Real Estate | $ | 255,559 | $ | 260,528 | |||
Other Assets, Net | 23,742 | 25,059 | |||||
Total Assets | $ | 279,301 | $ | 285,587 | |||
LIABILITIES AND PARTNERS' CAPITAL | |||||||
Liabilities: | |||||||
Mortgage Loans Payable, Net | $ | 13,164 | $ | 20,497 | |||
Other Liabilities, Net | 7,520 | 9,045 | |||||
Partners' Capital | 258,617 | 256,045 | |||||
Total Liabilities and Partners' Capital | $ | 279,301 | $ | 285,587 |
September 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Assets: | |||||||
Net Investment in Real Estate | $ | 265,089 | $ | 270,708 | |||
Other Assets, Net | 26,408 | 23,530 | |||||
Total Assets | $ | 291,497 | $ | 294,238 | |||
LIABILITIES AND PARTNERS' CAPITAL | |||||||
Liabilities: | |||||||
Mortgage Loans Payable, Net | $ | 20,611 | $ | 61,256 | |||
Other Liabilities, Net | 8,296 | 9,283 | |||||
Partners' Capital | 262,590 | 223,699 | |||||
Total Liabilities and Partners' Capital | $ | 291,497 | $ | 294,238 |
2019 | 2018 | ||||||
Balance as of December 31 | $ | 34,397 | $ | 48,077 | |||
Net Income | 1,450 | 2,367 | |||||
Amortization of Unearned Compensation related to the Issuance of LTIP Units (A) | 781 | — | |||||
Other Comprehensive (Loss) Income | (241 | ) | 200 | ||||
Unit Distributions | (1,316 | ) | (1,418 | ) | |||
Conversion of Limited Partner Units to Common Stock (B) | — | (12,327 | ) | ||||
Retirement of Limited Partner Units (C) | — | (934 | ) | ||||
Reallocation - Additional Paid-in-Capital | 2,780 | 2,218 | |||||
Reallocation - Other Comprehensive Income | 8 | — | |||||
Balance as of June 30 | $ | 37,859 | $ | 38,183 |
2018 | 2017 | ||||||
Balance as of December 31 | $ | 48,077 | $ | 43,184 | |||
Net Income | 2,986 | 3,531 | |||||
Other Comprehensive Income (Including a Reallocation of ($77) and $3) | 208 | 54 | |||||
Common Stock Dividends and Unit Distributions | (1,990 | ) | (2,544 | ) | |||
Conversion of Limited Partner Units to Common Stock (A) | (16,509 | ) | (39 | ) | |||
Retirement of Limited Partner Units (B) | (934 | ) | — | ||||
Reallocation - Additional Paid-in-Capital | 2,309 | 1,569 | |||||
Balance as of September 30 | $ | 34,147 | $ | 45,755 |
2019 | 2018 | ||||||
Balance as of December 31 | $ | 857 | $ | 779 | |||
Net Income | 50 | 43 | |||||
Contributions | 5 | 121 | |||||
Distributions | (64 | ) | (64 | ) | |||
Balance as of June 30 | $ | 848 | $ | 879 |
2018 | 2017 | ||||||
Balance as of December 31 | $ | 779 | $ | 956 | |||
Net Income | 65 | 96 | |||||
Contributions | 124 | 29 | |||||
Distributions | (84 | ) | (284 | ) | |||
Balance as of September 30 | $ | 884 | $ | 797 |
Derivative Instruments | Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | Comprehensive (Income) Loss Attributable to Noncontrolling Interest of the Company | Accumulated Other Comprehensive Income (Loss) of the Company | ||||||||||||
Balance as of December 31, 2018 | $ | 3,574 | $ | 3,574 | $ | (72 | ) | $ | 3,502 | ||||||
Other Comprehensive Loss Before Reclassifications | (9,715 | ) | (9,715 | ) | 233 | (9,482 | ) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (1,078 | ) | (1,078 | ) | — | (1,078 | ) | ||||||||
Net Current Period Other Comprehensive Loss | (10,793 | ) | (10,793 | ) | 233 | (10,560 | ) | ||||||||
Balance as of June 30, 2019 | $ | (7,219 | ) | $ | (7,219 | ) | $ | 161 | $ | (7,058 | ) |
Interest Rate Protection Agreements | Accumulated Other Comprehensive Income of the Operating Partnership | Comprehensive Income Attributable to Noncontrolling Interest of the Company | Accumulated Other Comprehensive Income of the Company | ||||||||||||
Balance as of December 31, 2017 | $ | 1,382 | $ | 1,382 | $ | (44 | ) | $ | 1,338 | ||||||
Other Comprehensive Income Before Reclassifications | 10,470 | 10,470 | (208 | ) | 10,262 | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | 529 | 529 | — | 529 | |||||||||||
Net Current Period Other Comprehensive Income | 10,999 | 10,999 | (208 | ) | 10,791 | ||||||||||
Balance as of September 30, 2018 | $ | 12,381 | $ | 12,381 | $ | (252 | ) | $ | 12,129 |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Affected Line Items in the Consolidated Statements of Operations | |||||||||||||
Derivative Instruments: | ||||||||||||||||||
Amortization of Previously Settled Derivative Instruments | $ | 24 | $ | 23 | $ | 48 | $ | 47 | Interest Expense | |||||||||
Net Settlement (Receipts) Payments to our Counterparties | (550 | ) | 97 | (1,126 | ) | 560 | Interest Expense | |||||||||||
Total | $ | (526 | ) | $ | 120 | $ | (1,078 | ) | $ | 607 |
Amounts Reclassified from Accumulated Other Comprehensive Income | ||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | Affected Line Items in the Consolidated Statements of Operations | |||||||||||||
Interest Rate Protection Agreements: | ||||||||||||||||||
Amortization of Previously Settled Interest Rate Protection Agreements | $ | 24 | $ | 24 | $ | 71 | $ | 180 | Interest Expense | |||||||||
Net Settlement (Receipts) Payments from/to our Counterparties | (102 | ) | 912 | 458 | 3,486 | Interest Expense | ||||||||||||
Total | $ | (78 | ) | $ | 936 | $ | 529 | $ | 3,666 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||||||||
Numerator: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 39,800 | $ | 45,209 | $ | 63,603 | $ | 81,501 | |||||||
Net Income Allocable to Participating Securities | (89 | ) | (151 | ) | (149 | ) | (248 | ) | |||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 39,711 | $ | 45,058 | $ | 63,454 | $ | 81,253 | |||||||
Denominator (In Thousands): | |||||||||||||||
Weighted Average Shares - Basic | 126,206 | 123,616 | 126,200 | 121,741 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||
Performance units (See Note 9) | 283 | 469 | 272 | 417 | |||||||||||
Weighted Average Shares - Diluted | 126,489 | 124,085 | 126,472 | 122,158 | |||||||||||
Basic and Diluted EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.31 | $ | 0.36 | $ | 0.50 | $ | 0.67 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | ||||||||||||
Numerator: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 30,911 | $ | 43,198 | $ | 112,412 | $ | 103,469 | |||||||
Net Income Allocable to Participating Securities | (101 | ) | (145 | ) | (349 | ) | (327 | ) | |||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 30,810 | $ | 43,053 | $ | 112,063 | $ | 103,142 | |||||||
Denominator (In Thousands): | |||||||||||||||
Weighted Average Shares - Basic | 125,768 | 119,446 | 123,098 | 117,870 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||
LTIP Unit Awards (As Defined in Note 9) | 362 | 544 | 399 | 482 | |||||||||||
Weighted Average Shares - Diluted | 126,130 | 119,990 | 123,497 | 118,352 | |||||||||||
Basic EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.88 | |||||||
Diluted EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.87 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||||||||
Numerator: | |||||||||||||||
Net Income Available to Unitholders and Participating Securities | $ | 40,689 | $ | 46,382 | $ | 65,003 | $ | 83,825 | |||||||
Net Income Allocable to Participating Securities | (128 | ) | (151 | ) | (204 | ) | (248 | ) | |||||||
Net Income Available to Unitholders | $ | 40,561 | $ | 46,231 | $ | 64,799 | $ | 83,577 | |||||||
Denominator (In Thousands): | |||||||||||||||
Weighted Average Units - Basic | 128,831 | 126,832 | 128,824 | 125,289 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||
Performance units and certain Performance LTIP Units (See Note 9) | 390 | 469 | 375 | 417 | |||||||||||
Weighted Average Units - Diluted | 129,221 | 127,301 | 129,199 | 125,706 | |||||||||||
Basic and Diluted EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.31 | $ | 0.36 | $ | 0.50 | $ | 0.67 |
Three Months Ended September 30, 2018 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2018 | Nine Months Ended September 30, 2017 | ||||||||||||
Numerator: | |||||||||||||||
Net Income Available to Unitholders and Participating Securities | $ | 31,508 | $ | 44,613 | $ | 115,333 | $ | 106,904 | |||||||
Net Income Allocable to Participating Securities | (101 | ) | (145 | ) | (349 | ) | (327 | ) | |||||||
Net Income Available to Unitholders | $ | 31,407 | $ | 44,468 | $ | 114,984 | $ | 106,577 | |||||||
Denominator (In Thousands): | |||||||||||||||
Weighted Average Units - Basic | 128,526 | 123,483 | 126,380 | 121,909 | |||||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | |||||||||||||||
LTIP Unit Awards (As Defined in Note 9) | 362 | 544 | 399 | 482 | |||||||||||
Weighted Average Units - Diluted | 128,888 | 124,027 | 126,779 | 122,391 | |||||||||||
Basic EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.87 | |||||||
Diluted EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.24 | $ | 0.36 | $ | 0.91 | $ | 0.87 |
Fair Value Measurements: | ||||||||||||||
Description | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||
Derivatives designated as a hedging instrument: | ||||||||||||||
Liabilities: | ||||||||||||||
2014 Swaps | $ | (1,789 | ) | — | $ | (1,789 | ) | — | ||||||
2015 Swaps | $ | (1,421 | ) | — | $ | (1,421 | ) | — |
Fair Value Measurements: | ||||||||||||||
Description | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | ||||||||||
Derivatives designated as a hedging instrument: | ||||||||||||||
Assets: | ||||||||||||||
2014 Swaps | $ | 2,512 | — | $ | 2,512 | — | ||||||||
2015 Swaps | $ | 10,803 | — | $ | 10,803 | — |
Remainder of 2019 | $ | 792 | |
2020 | 1,536 | ||
2021 | 1,503 | ||
2022 | 1,465 | ||
2023 | 1,329 | ||
Thereafter | 29,025 | ||
Total Lease Payments | 35,650 | ||
Less Imputed Interest (A) | 23,365 | ||
Total | $ | 12,285 |
2019 | $ | 1,464 | |
2020 | 1,536 | ||
2021 | 1,503 | ||
2022 | 1,465 | ||
2023 | 1,329 | ||
Thereafter | 29,025 | ||
Total | $ | 36,322 |
Remainder of 2019 | $ | 161,684 | |
2020 | 322,411 | ||
2021 | 282,344 | ||
2022 | 240,517 | ||
2023 | 201,543 | ||
Thereafter | 573,652 | ||
Total | $ | 1,782,151 |
2019 | $ | 305,689 | |
2020 | 288,817 | ||
2021 | 244,743 | ||
2022 | 205,097 | ||
2023 | 169,243 | ||
Thereafter | 451,151 | ||
Total | $ | 1,664,740 |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
($ in 000's) | ($ in 000's) | |||||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||||
Same Store Properties | $ | 276,779 | $ | 263,767 | $ | 13,012 | 4.9 | % | $ | 189,753 | $ | 183,252 | $ | 6,501 | 3.5 | % | ||||||||||||
Acquired Properties | 9,081 | 1,935 | 7,146 | 369.3 | % | 3,572 | 911 | 2,661 | 292.1 | % | ||||||||||||||||||
Sold Properties | 3,998 | 24,004 | (20,006 | ) | (83.3 | )% | 535 | 7,765 | (7,230 | ) | (93.1 | )% | ||||||||||||||||
(Re)Developments | 7,020 | 3,234 | 3,786 | 117.1 | % | 13,408 | 1,740 | 11,668 | 670.6 | % | ||||||||||||||||||
Other | 1,994 | 1,332 | 662 | 49.7 | % | 1,368 | 1,035 | 333 | 32.2 | % | ||||||||||||||||||
Real Estate Tax Reimbursement (A) | — | 3,748 | (3,748 | ) | (100.0 | )% | ||||||||||||||||||||||
Provision for Bad Debt (B) | — | 165 | (165 | ) | (100.0 | )% | ||||||||||||||||||||||
Total Revenues | $ | 298,872 | $ | 294,272 | $ | 4,600 | 1.6 | % | $ | 208,636 | $ | 198,616 | $ | 10,020 | 5.0 | % |
Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||
($ in 000's) | ||||||||||||||
PROPERTY EXPENSES | ||||||||||||||
Same Store Properties | $ | 48,822 | $ | 46,638 | $ | 2,184 | 4.7 | % | ||||||
Acquired Properties | 1,616 | 360 | 1,256 | 348.9 | % | |||||||||
Sold Properties | 74 | 2,555 | (2,481 | ) | (97.1 | )% | ||||||||
(Re)Developments | 3,243 | 1,462 | 1,781 | 121.8 | % | |||||||||
Other | 3,792 | 3,036 | 756 | 24.9 | % | |||||||||
Real Estate Tax Expense (A) | — | 3,748 | (3,748 | ) | (100.0 | )% | ||||||||
Provision for Bad Debt (B) | — | 165 | (165 | ) | (100.0 | )% | ||||||||
Total Property Expenses | $ | 57,547 | $ | 57,964 | $ | (417 | ) | (0.7 | )% |
Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | $ Change | % Change | |||||||||||
($ in 000's) | ||||||||||||||
PROPERTY EXPENSES | ||||||||||||||
Same Store Properties | $ | 73,889 | $ | 68,871 | $ | 5,018 | 7.3 | % | ||||||
Acquired Properties | 2,741 | 468 | 2,273 | 485.7 | % | |||||||||
Sold Properties | 1,507 | 7,878 | (6,371 | ) | (80.9 | )% | ||||||||
(Re)Developments | 2,740 | 852 | 1,888 | 221.6 | % | |||||||||
Other | 5,553 | 5,766 | (213 | ) | (3.7 | )% | ||||||||
Total Property Expenses | $ | 86,430 | $ | 83,835 | $ | 2,595 | 3.1 | % |
Nine Months Ended September 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
($ in 000's) | ($ in 000's) | |||||||||||||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||||||||||||||||
Same Store Properties | $ | 75,835 | $ | 77,958 | $ | (2,123 | ) | (2.7 | )% | $ | 51,839 | $ | 52,440 | $ | (601 | ) | (1.1 | )% | ||||||||||
Acquired Properties | 5,282 | 1,081 | 4,201 | 388.6 | % | 2,276 | 826 | 1,450 | 175.5 | % | ||||||||||||||||||
Sold Properties | 869 | 6,341 | (5,472 | ) | (86.3 | )% | 127 | 2,127 | (2,000 | ) | (94.0 | )% | ||||||||||||||||
(Re) Developments | 2,621 | 1,056 | 1,565 | 148.2 | % | 5,136 | 1,106 | 4,030 | 364.4 | % | ||||||||||||||||||
Corporate Furniture, Fixtures and Equipment and Other | 989 | 794 | 195 | 24.6 | % | 451 | 452 | (1 | ) | (0.2 | )% | |||||||||||||||||
Total Depreciation and Other Amortization | $ | 85,596 | $ | 87,230 | $ | (1,634 | ) | (1.9 | )% | $ | 59,829 | $ | 56,951 | $ | 2,878 | 5.1 | % |
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
($ in 000's) | ($ in 000's) | |||||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||||
Same Store Properties | $ | 92,919 | $ | 88,495 | $ | 4,424 | 5.0 | % | $ | 94,286 | $ | 91,401 | $ | 2,885 | 3.2 | % | ||||||||||||
Acquired Properties | 3,227 | 1,507 | 1,720 | 114.1 | % | 2,062 | 772 | 1,290 | 167.1 | % | ||||||||||||||||||
Sold Properties | 223 | 7,128 | (6,905 | ) | (96.9 | )% | 33 | 3,163 | (3,130 | ) | (99.0 | )% | ||||||||||||||||
(Re)Developments | 3,040 | 1,629 | 1,411 | 86.6 | % | 7,169 | 998 | 6,171 | 618.3 | % | ||||||||||||||||||
Other | 847 | 551 | 296 | 53.7 | % | 545 | 572 | (27 | ) | (4.7 | )% | |||||||||||||||||
Real Estate Tax Reimbursement (A) | — | 1,862 | (1,862 | ) | (100.0 | )% | ||||||||||||||||||||||
Provision for Bad Debt (B) | — | 77 | (77 | ) | (100.0 | )% | ||||||||||||||||||||||
Total Revenues | $ | 100,256 | $ | 99,310 | $ | 946 | 1.0 | % | $ | 104,095 | $ | 98,845 | $ | 5,250 | 5.3 | % |
Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||
($ in 000's) | ||||||||||||||
PROPERTY EXPENSES | ||||||||||||||
Same Store Properties | $ | 23,450 | $ | 22,871 | $ | 579 | 2.5 | % | ||||||
Acquired Properties | 874 | 313 | 561 | 179.2 | % | |||||||||
Sold Properties | 11 | 1,060 | (1,049 | ) | (99.0 | )% | ||||||||
(Re)Developments | 1,514 | 911 | 603 | 66.2 | % | |||||||||
Other | 1,530 | 1,459 | 71 | 4.9 | % | |||||||||
Real Estate Tax Expense (A) | — | 1,862 | (1,862 | ) | (100.0 | )% | ||||||||
Provision for Bad Debt (B) | — | 77 | (77 | ) | (100.0 | )% | ||||||||
Total Property Expenses | $ | 27,379 | $ | 28,553 | $ | (1,174 | ) | (4.1 | )% |
Three Months Ended September 30, | ||||||||||||||
2018 | 2017 | $ Change | % Change | |||||||||||
($ in 000's) | ||||||||||||||
PROPERTY EXPENSES | ||||||||||||||
Same Store Properties | $ | 24,198 | $ | 23,603 | $ | 595 | 2.5 | % | ||||||
Acquired Properties | 1,063 | 364 | 699 | 192.0 | % | |||||||||
Sold Properties | 17 | 2,264 | (2,247 | ) | (99.2 | )% | ||||||||
(Re)Developments | 1,155 | 418 | 737 | 176.3 | % | |||||||||
Other | 2,033 | 1,803 | 230 | 12.8 | % | |||||||||
Total Property Expenses | $ | 28,466 | $ | 28,452 | $ | 14 | — | % |
Three Months Ended September 30, | Three Months Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
($ in 000's) | ($ in 000's) | |||||||||||||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||||||||||||||||
Same Store Properties | $ | 25,222 | $ | 26,074 | $ | (852 | ) | (3.3 | )% | $ | 25,791 | $ | 26,151 | $ | (360 | ) | (1.4 | )% | ||||||||||
Acquired Properties | 1,869 | 931 | 938 | 100.8 | % | 1,114 | 763 | 351 | 46.0 | % | ||||||||||||||||||
Sold Properties | 3 | 1,851 | (1,848 | ) | (99.8 | )% | — | 777 | (777 | ) | (100.0 | )% | ||||||||||||||||
(Re) Developments | 1,201 | 576 | 625 | 108.5 | % | 2,658 | 718 | 1,940 | 270.2 | % | ||||||||||||||||||
Corporate Furniture, Fixtures and Equipment and Other | 350 | 264 | 86 | 32.6 | % | 211 | 227 | (16 | ) | (7.0 | )% | |||||||||||||||||
Total Depreciation and Other Amortization | $ | 28,645 | $ | 29,696 | $ | (1,051 | ) | (3.5 | )% | $ | 29,774 | $ | 28,636 | $ | 1,138 | 4.0 | % |
Three Months Ended | 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 | 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 Leases | 25 | 512 | $ | 5.38 | 21.5 | % | 5.6 | $ | 4.32 | N/A | 26 | 446 | $ | 5.56 | 17.7 | % | 5.5 | $ | 4.63 | N/A | ||||||||||||||||||||||||
Renewal Leases | 36 | 904 | $ | 6.07 | 18.8 | % | 4.2 | $ | 1.08 | 84.3 | % | 43 | 1,891 | $ | 6.37 | 29.5 | % | 5.3 | $ | 1.90 | 73.1 | % | ||||||||||||||||||||||
Development / Acquisition Leases | 4 | 415 | $ | 6.35 | N/A | 6.1 | N/A | N/A | 6 | 724 | $ | 6.32 | N/A | 4.6 | N/A | N/A | ||||||||||||||||||||||||||||
Total / Weighted Average | 65 | 1,831 | $ | 5.94 | 19.7 | % | 5.0 | $ | 2.25 | 84.3 | % | 75 | 3,061 | $ | 6.24 | 27.3 | % | 5.2 | $ | 2.42 | 73.1 | % | ||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
New Leases | 88 | 1,628 | $ | 5.57 | 22.5 | % | 5.6 | $ | 5.25 | N/A | 40 | 662 | $ | 5.80 | 19.8 | % | 5.5 | $ | 4.73 | N/A | ||||||||||||||||||||||||
Renewal Leases | 141 | 6,199 | $ | 5.01 | 21.3 | % | 4.6 | $ | 1.53 | 83.0 | % | 91 | 4,949 | $ | 5.26 | 21.9 | % | 4.9 | $ | 1.40 | 80.8 | % | ||||||||||||||||||||||
Development / Acquisition Leases | 9 | 876 | $ | 6.10 | N/A | 5.6 | N/A | N/A | 10 | 936 | $ | 6.37 | N/A | 4.8 | N/A | N/A | ||||||||||||||||||||||||||||
Total / Weighted Average | 238 | 8,703 | $ | 5.23 | 21.6 | % | 4.9 | $ | 2.30 | 83.0 | % | 141 | 6,547 | $ | 5.48 | 21.6 | % | 4.9 | $ | 1.79 | 80.8 | % |
(A) | Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease. |
(B) | Straight Line basis rent growth is a ratio of the change in net rent (including straight line rent adjustments) on a new or renewal lease compared to the net rent (including straight line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded. |
(C) | The lease term is expressed in years. Assumes no exercise of lease renewal options, if any. |
(D) | Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases that commenced during the period and do not reflect actual expenditures for the period. |
(E) | Represents the weighted average square feet of tenants renewing their respective leases. |
Three Months Ended | Number of Leases With Rent Concessions | Square Feet (in 000's) | Rent Concessions ($) | Number of Leases With Rent Concessions | Square Feet (in 000's) | Rent Concessions ($) | ||||||||||||
New Leases | 15 | 297 | $ | 342 | 16 | 315 | $ | 430 | ||||||||||
Renewal Leases | 2 | 38 | $ | 41 | 2 | 256 | $ | 193 | ||||||||||
Development / Acquisition Leases | 4 | 415 | $ | 1,197 | 5 | 564 | $ | 852 | ||||||||||
Total | 21 | 750 | $ | 1,580 | 23 | 1,135 | $ | 1,475 | ||||||||||
Nine Months Ended | ||||||||||||||||||
Six Months Ended | ||||||||||||||||||
New Leases | 54 | 1,158 | $ | 1,479 | 24 | 473 | $ | 635 | ||||||||||
Renewal Leases | 10 | 383 | $ | 661 | 3 | 324 | $ | 217 | ||||||||||
Development / Acquisition Leases | 9 | 876 | $ | 1,696 | 9 | 777 | $ | 1,349 | ||||||||||
Total | 73 | 2,417 | $ | 3,836 | 36 | 1,574 | $ | 2,201 |
2018 | 2017 | 2019 | 2018 | |||||||||||||
(In millions) | (In thousands) | |||||||||||||||
Net cash provided by operating activities | $ | 151.0 | $ | 148.2 | $ | 120,118 | $ | 93,817 | ||||||||
Net cash used in investing activities | (172.5 | ) | (171.1 | ) | (157,562 | ) | (139,483 | ) | ||||||||
Net cash provided by financing activities | 46.7 | 16.1 | 20,516 | 76,697 |
2018 | 2017 | 2019 | 2018 | |||||||||||||
(In millions) | (In thousands) | |||||||||||||||
Net cash provided by operating activities | $ | 151.0 | $ | 148.4 | $ | 120,177 | $ | 93,760 | ||||||||
Net cash used in investing activities | (172.5 | ) | (171.1 | ) | (157,562 | ) | (139,483 | ) | ||||||||
Net cash provided by financing activities | 46.7 | 15.8 | 20,457 | 76,754 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | (In thousands) | |||||||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 30,911 | $ | 43,198 | $ | 112,412 | $ | 103,469 | $ | 39,800 | $ | 45,209 | $ | 63,603 | $ | 81,501 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||
Depreciation and Other Amortization of Real Estate | 28,439 | 29,530 | 85,019 | 86,729 | 29,603 | 28,448 | 59,458 | 56,580 | ||||||||||||||||||||||
Impairment of Depreciable Real Estate | — | — | 2,285 | — | — | — | — | 2,285 | ||||||||||||||||||||||
Gain on Sale of Depreciable Real Estate | (7,520 | ) | (23,271 | ) | (52,660 | ) | (52,140 | ) | (1,097 | ) | (25,067 | ) | (889 | ) | (45,140 | ) | ||||||||||||||
Gain on Sale of Real Estate from Joint Venture | (15,747 | ) | — | (16,714 | ) | — | ||||||||||||||||||||||||
Income Tax Provision - Gain on Sale of Real Estate from Joint Venture | 2,877 | — | 3,095 | — | ||||||||||||||||||||||||||
Noncontrolling Interest Share of Adjustments | (503 | ) | (202 | ) | (878 | ) | (1,141 | ) | (344 | ) | (65 | ) | (992 | ) | (375 | ) | ||||||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 51,327 | $ | 49,255 | $ | 146,178 | $ | 136,917 | $ | 55,092 | $ | 48,525 | $ | 107,561 | $ | 94,851 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2018 | 2017 | % Change | 2018 | 2017 | % Change | 2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||
Same Store Revenues | $ | 92,919 | $ | 88,495 | $ | 276,779 | $ | 263,767 | $ | 94,286 | $ | 91,401 | $ | 189,753 | $ | 183,252 | ||||||||||||||||||||||
Same Store Property Expenses | (24,198 | ) | (23,603 | ) | (73,889 | ) | (68,871 | ) | (23,450 | ) | (22,871 | ) | (48,822 | ) | (46,638 | ) | ||||||||||||||||||||||
Same Store Net Operating Income Before Same Store Adjustments | $ | 68,721 | $ | 64,892 | 5.9% | $ | 202,890 | $ | 194,896 | 4.1% | $ | 70,836 | $ | 68,530 | 3.4% | $ | 140,931 | $ | 136,614 | 3.2% | ||||||||||||||||||
Same Store Adjustments: | ||||||||||||||||||||||||||||||||||||||
Straight-line Rent | 405 | 31 | 286 | (2,308 | ) | 14 | (8 | ) | 119 | (595 | ) | |||||||||||||||||||||||||||
Above / Below Market Rent Amortization | (201 | ) | (242 | ) | (606 | ) | (766 | ) | (256 | ) | (249 | ) | (507 | ) | (501 | ) | ||||||||||||||||||||||
Lease Termination Fees | (88 | ) | (211 | ) | (268 | ) | (668 | ) | (443 | ) | (163 | ) | (1,014 | ) | (174 | ) | ||||||||||||||||||||||
Same Store Net Operating Income | $ | 68,837 | $ | 64,470 | 6.8% | $ | 202,302 | $ | 191,154 | 5.8% | $ | 70,151 | $ | 68,110 | 3.0% | $ | 139,529 | $ | 135,344 | 3.1% |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
Exhibits | Description | |
101.1* | The following financial statements from First Industrial Realty Trust, Inc.'s and First Industrial L.P.'s Quarterly Report on Form 10-Q for the quarter ended |
* | Filed herewith. |
** | Furnished herewith. |
FIRST INDUSTRIAL REALTY TRUST, INC. | ||
By: | /S/ SCOTT A. MUSIL | |
Scott A. Musil Chief Financial Officer (Principal Financial Officer) | ||
By: | /S/ SARA E. NIEMIEC | |
Sara E. Niemiec Chief Accounting Officer (Principal Accounting Officer) |
FIRST INDUSTRIAL, L.P. | ||
By: | FIRST INDUSTRIAL REALTY TRUST, INC. | |
as general partner | ||
By: | /S/ SCOTT A. MUSIL | |
Scott A. Musil Chief Financial Officer (Principal Financial Officer) | ||
By: | /S/ SARA E. NIEMIEC | |
Sara E. Niemiec Chief Accounting Officer (Principal Accounting Officer) |