☒ | 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 |
First Industrial Realty Trust, Inc. | Maryland | 36-3935116 | ||||||||||||
First Industrial, L.P. | Delaware | 36-3924586 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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 2.1% 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. |
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First Industrial Realty Trust, Inc. | |||||||||||
First Industrial, L.P. | |||||||||||
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |||||||||||
Item 1. | Financial Statements |
June 30, 2019 | December 31, 2018 | June 30, 2020 | December 31, 2019 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Assets: | Assets: | |||||||||||||||||
Investment in Real Estate: | Investment in Real Estate: | |||||||||||||||||
Land | $ | 934,398 | $ | 909,318 | Land | $ | 1,073,959 | $ | 957,478 | |||||||||
Buildings and Improvements | 2,737,139 | 2,704,850 | Buildings and Improvements | 2,913,576 | 2,782,430 | |||||||||||||
Construction in Progress | 147,008 | 59,476 | Construction in Progress | 67,953 | 90,301 | |||||||||||||
Less: Accumulated Depreciation | (844,714 | ) | (811,784 | ) | Less: Accumulated Depreciation | (832,790) | (804,780) | |||||||||||
Net Investment in Real Estate | 2,973,831 | 2,861,860 | Net Investment in Real Estate | 3,222,698 | 3,025,429 | |||||||||||||
Operating Lease Right-of-Use Assets | 11,858 | — | Operating Lease Right-of-Use Assets | 25,610 | 24,877 | |||||||||||||
Cash and Cash Equivalents | 33,445 | 43,102 | Cash and Cash Equivalents | 94,955 | 21,120 | |||||||||||||
Restricted Cash | — | 7,271 | Restricted Cash | 5,888 | 131,598 | |||||||||||||
Tenant Accounts Receivable, Net | 5,032 | 5,185 | ||||||||||||||||
Tenant Accounts Receivable | Tenant Accounts Receivable | 5,478 | 8,529 | |||||||||||||||
Investment in Joint Venture | 18,132 | 23,326 | Investment in Joint Venture | 21,876 | 18,208 | |||||||||||||
Deferred Rent Receivable, Net | 77,207 | 71,079 | ||||||||||||||||
Deferred Rent Receivable | Deferred Rent Receivable | 81,938 | 77,703 | |||||||||||||||
Deferred Leasing Intangibles, Net | 29,110 | 29,678 | Deferred Leasing Intangibles, Net | 26,571 | 28,533 | |||||||||||||
Prepaid Expenses and Other Assets, Net | 106,286 | 101,190 | Prepaid Expenses and Other Assets, Net | 166,870 | 182,831 | |||||||||||||
Total Assets | $ | 3,254,901 | $ | 3,142,691 | Total Assets | $ | 3,651,884 | $ | 3,518,828 | |||||||||
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Indebtedness: | Indebtedness: | |||||||||||||||||
Mortgage Loans Payable, Net | $ | 221,357 | $ | 296,470 | Mortgage Loans Payable, Net | $ | 156,343 | $ | 173,685 | |||||||||
Senior Unsecured Notes, Net | 544,715 | 544,504 | Senior Unsecured Notes, Net | 694,274 | 694,015 | |||||||||||||
Unsecured Term Loans, Net | 457,337 | 456,809 | Unsecured Term Loans, Net | 458,393 | 457,865 | |||||||||||||
Unsecured Credit Facility | 158,000 | — | Unsecured Credit Facility | 320,000 | 158,000 | |||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 101,054 | 78,665 | Accounts Payable, Accrued Expenses and Other Liabilities | 102,511 | 114,637 | |||||||||||||
Operating Lease Liabilities | 12,285 | — | Operating Lease Liabilities | 23,157 | 22,369 | |||||||||||||
Deferred Leasing Intangibles, Net | 9,466 | 9,560 | Deferred Leasing Intangibles, Net | 12,260 | 11,893 | |||||||||||||
Rents Received in Advance and Security Deposits | 46,003 | 47,927 | Rents Received in Advance and Security Deposits | 55,237 | 57,534 | |||||||||||||
Dividends and Distributions Payable | 30,281 | 28,845 | Dividends and Distributions Payable | 33,036 | 30,567 | |||||||||||||
Total Liabilities | 1,580,498 | 1,462,780 | Total Liabilities | 1,855,211 | 1,720,565 | |||||||||||||
Commitments and Contingencies | — | — | Commitments and Contingencies | — | — | |||||||||||||
Equity: | Equity: | |||||||||||||||||
First Industrial Realty Trust Inc.'s Stockholders' Equity: | First Industrial Realty Trust Inc.'s Stockholders' Equity: | |||||||||||||||||
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 | ||||||||||||||||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 127,207,724 and 126,994,478 shares issued and outstanding) | Common Stock ($0.01 par value, 225,000,000 shares authorized and 127,207,724 and 126,994,478 shares issued and outstanding) | 1,272 | 1,270 | |||||||||||||||
Additional Paid-in-Capital | 2,129,707 | 2,131,556 | Additional Paid-in-Capital | 2,141,255 | 2,140,847 | |||||||||||||
Distributions in Excess of Accumulated Earnings | (487,370 | ) | (490,807 | ) | Distributions in Excess of Accumulated Earnings | (361,310) | (370,835) | |||||||||||
Accumulated Other Comprehensive (Loss) Income | (7,058 | ) | 3,502 | |||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | (22,308) | (6,883) | |||||||||||||||
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity | 1,636,544 | 1,645,514 | Total First Industrial Realty Trust, Inc.'s Stockholders' Equity | 1,758,909 | 1,764,399 | |||||||||||||
Noncontrolling Interest | 37,859 | 34,397 | Noncontrolling Interest | 37,764 | 33,864 | |||||||||||||
Total Equity | 1,674,403 | 1,679,911 | Total Equity | 1,796,673 | 1,798,263 | |||||||||||||
Total Liabilities and Equity | $ | 3,254,901 | $ | 3,142,691 | Total Liabilities and Equity | $ | 3,651,884 | $ | 3,518,828 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||
Lease Revenue | $ | 103,517 | $ | 98,064 | $ | 207,155 | $ | 197,104 | Lease Revenue | $ | 108,649 | $ | 103,517 | $ | 217,024 | $ | 207,155 | |||||||||||||||||||||
Other Revenue | 578 | 781 | 1,481 | 1,512 | Other Revenue | 553 | 578 | 2,521 | 1,481 | |||||||||||||||||||||||||||||
Total Revenues | 104,095 | 98,845 | 208,636 | 198,616 | Total Revenues | 109,202 | 104,095 | 219,545 | 208,636 | |||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||
Property Expenses | 27,379 | 28,553 | 57,547 | 57,964 | Property Expenses | 28,051 | 27,379 | 57,132 | 57,547 | |||||||||||||||||||||||||||||
General and Administrative | 6,782 | 6,746 | 13,584 | 14,889 | General and Administrative | 8,234 | 6,782 | 17,485 | 13,584 | |||||||||||||||||||||||||||||
Impairment of Real Estate | — | — | — | 2,756 | ||||||||||||||||||||||||||||||||||
Depreciation and Other Amortization | 29,774 | 28,636 | 59,829 | 56,951 | Depreciation and Other Amortization | 32,232 | 29,774 | 63,163 | 59,829 | |||||||||||||||||||||||||||||
Total Expenses | 63,935 | 63,935 | 130,960 | 132,560 | Total Expenses | 68,517 | 63,935 | 137,780 | 130,960 | |||||||||||||||||||||||||||||
Other (Expense) Income: | ||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | Other Income (Expense): | |||||||||||||||||||||||||||||||||||||
Gain on Sale of Real Estate | 1,097 | 25,067 | 889 | 45,156 | Gain on Sale of Real Estate | 9,076 | 1,097 | 23,069 | 889 | |||||||||||||||||||||||||||||
Interest Expense | (12,332 | ) | (12,603 | ) | (25,099 | ) | (25,394 | ) | Interest Expense | (12,285) | (12,332) | (25,089) | (25,099) | |||||||||||||||||||||||||
Amortization of Debt Issuance Costs | (794 | ) | (845 | ) | (1,625 | ) | (1,700 | ) | Amortization of Debt Issuance Costs | (784) | (794) | (1,572) | (1,625) | |||||||||||||||||||||||||
Loss from Retirement of Debt | — | — | — | (39 | ) | |||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||||||||||
Total Other Income (Expense) | Total Other Income (Expense) | (3,993) | (12,029) | (3,592) | (25,835) | |||||||||||||||||||||||||||||||||
Income from Operations Before Equity in (Loss) Income of Joint Venture and Income Tax Provision | Income from Operations Before Equity in (Loss) Income of Joint Venture and Income Tax Provision | 36,692 | 28,131 | 78,173 | 51,841 | |||||||||||||||||||||||||||||||||
Equity in (Loss) Income of Joint Venture | Equity in (Loss) Income of Joint Venture | (45) | 15,516 | (74) | 16,360 | |||||||||||||||||||||||||||||||||
Income Tax Provision | (2,934 | ) | (123 | ) | (3,148 | ) | (209 | ) | Income Tax Provision | (221) | (2,934) | (144) | (3,148) | |||||||||||||||||||||||||
Net Income | 40,713 | 46,404 | 65,053 | 83,868 | Net Income | 36,426 | 40,713 | 77,955 | 65,053 | |||||||||||||||||||||||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (913 | ) | (1,195 | ) | (1,450 | ) | (2,367 | ) | Less: Net Income Attributable to the Noncontrolling Interest | (757) | (913) | (1,652) | (1,450) | |||||||||||||||||||||||||
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 Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 35,669 | $ | 39,800 | $ | 76,303 | $ | 63,603 | |||||||||||||||||||||
Basic and Diluted Earnings Per Share: | Basic and Diluted Earnings Per Share: | |||||||||||||||||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.31 | $ | 0.36 | $ | 0.50 | $ | 0.67 | Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.28 | $ | 0.31 | $ | 0.60 | $ | 0.50 | |||||||||||||||||||||
Weighted Average Shares Outstanding - Basic | 126,206 | 123,616 | 126,200 | 121,741 | Weighted Average Shares Outstanding - Basic | 127,074 | 126,206 | 127,004 | 126,200 | |||||||||||||||||||||||||||||
Weighted Average Shares Outstanding - Diluted | 126,489 | 124,085 | 126,472 | 122,158 | Weighted Average Shares Outstanding - Diluted | 127,266 | 126,489 | 127,189 | 126,472 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Net Income | $ | 40,713 | $ | 46,404 | $ | 65,053 | $ | 83,868 | Net Income | $ | 36,426 | $ | 40,713 | $ | 77,955 | $ | 65,053 | |||||||||||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | (3,149 | ) | — | 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 | ||||||||||||||||||||||||||||||||
Mark-to-Market Loss on Derivative Instruments | Mark-to-Market Loss on Derivative Instruments | (1,385) | (1,338) | (15,975) | (7,692) | |||||||||||||||||||||||||||||||||
Amortization of Derivative Instruments | 24 | 23 | 48 | 47 | Amortization of Derivative Instruments | 103 | 24 | 205 | 48 | |||||||||||||||||||||||||||||
Comprehensive Income | 36,250 | 49,152 | 54,260 | 93,165 | Comprehensive Income | 35,144 | 36,250 | 62,185 | 54,260 | |||||||||||||||||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | (812 | ) | (1,252 | ) | (1,209 | ) | (2,630 | ) | Comprehensive Income Attributable to Noncontrolling Interest | (735) | (812) | (1,317) | (1,209) | |||||||||||||||||||||||||
Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 35,438 | $ | 47,900 | $ | 53,051 | $ | 90,535 | Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 34,409 | $ | 35,438 | $ | 60,868 | $ | 53,051 |
Six Months Ended June 30, 2020: | 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, 2019 | $ | 1,270 | $ | 2,140,847 | $ | (370,835) | $ | (6,883) | $ | 33,864 | $ | 1,798,263 | |||||||||||||||||||||||
Net Income | — | — | 40,634 | — | 895 | 41,529 | |||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | (14,175) | (313) | (14,488) | |||||||||||||||||||||||||||||
Stock Based Compensation Activity | — | (1,233) | (2,975) | — | 2,373 | (1,835) | |||||||||||||||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit) | — | — | (31,874) | — | (614) | (32,488) | |||||||||||||||||||||||||||||
Conversion of Limited Partner Units to Common Stock | 2 | 2,062 | — | — | (2,064) | — | |||||||||||||||||||||||||||||
Reallocation - Additional Paid-in-Capital | — | (3,378) | — | — | 3,378 | — | |||||||||||||||||||||||||||||
Reallocation - Other Comprehensive Income | — | — | — | 4 | (4) | — | |||||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 1,272 | $ | 2,138,298 | $ | (365,050) | $ | (21,054) | $ | 37,515 | $ | 1,790,981 | |||||||||||||||||||||||
Net Income | — | — | 35,669 | — | 757 | 36,426 | |||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | (1,260) | (22) | (1,282) | |||||||||||||||||||||||||||||
Stock Based Compensation Activity | — | 1,486 | — | — | 1,622 | 3,108 | |||||||||||||||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit) | — | — | (31,929) | — | (631) | (32,560) | |||||||||||||||||||||||||||||
Conversion of Limited Partner Units to Common Stock | — | 1 | — | — | (1) | — | |||||||||||||||||||||||||||||
Reallocation - Additional Paid-in-Capital | — | 1,470 | — | — | (1,470) | — | |||||||||||||||||||||||||||||
Reallocation - Other Comprehensive Income | — | — | — | 6 | (6) | — | |||||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 1,272 | $ | 2,141,255 | $ | (361,310) | $ | (22,308) | $ | 37,764 | $ | 1,796,673 | |||||||||||||||||||||||
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 |
Six Months Ended June 30, 2019: | Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income (Loss) | 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 ($0.23 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 Income | — | — | — | (4,362) | (101) | (4,463) | |||||||||||||||||||||||||||||
Stock Based Compensation Activity | — | 1,542 | — | — | 511 | 2,053 | |||||||||||||||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.23 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 | |||||||||||||||||||||||
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) | |||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||
Net Income | $ | 65,053 | $ | 83,868 | Net Income | $ | 77,955 | $ | 65,053 | ||||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||||||||||||||
Depreciation | 48,629 | 46,160 | Depreciation | 50,695 | 48,629 | ||||||||||||||||||||||
Amortization of Debt Issuance Costs | 1,625 | 1,700 | Amortization of Debt Issuance Costs | 1,572 | 1,625 | ||||||||||||||||||||||
Other Amortization, including Stock Based Compensation | 14,156 | 13,638 | Other Amortization, including Stock Based Compensation | 16,332 | 14,156 | ||||||||||||||||||||||
Impairment of Real Estate | — | 2,756 | |||||||||||||||||||||||||
Provision for Bad Debt | — | 165 | |||||||||||||||||||||||||
Equity in (Income) Loss of Joint Venture | (16,360 | ) | 2 | ||||||||||||||||||||||||
Equity in Loss (Income) of Joint Venture | Equity in Loss (Income) of Joint Venture | 74 | (16,360) | ||||||||||||||||||||||||
Distributions from Joint Venture | 16,084 | — | Distributions from Joint Venture | — | 16,084 | ||||||||||||||||||||||
Gain on Sale of Real Estate | (889 | ) | (45,156 | ) | Gain on Sale of Real Estate | (23,069) | (889) | ||||||||||||||||||||
Loss from Retirement of Debt | — | 39 | |||||||||||||||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | Payments to Settle Derivative Instruments | — | (3,149) | |||||||||||||||||||||
Straight-line Rental Income and Expense, Net | (5,926 | ) | (1,016 | ) | Straight-line Rental Income and Expense, Net | (4,929) | (5,926) | ||||||||||||||||||||
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (2,839 | ) | (3,169 | ) | |||||||||||||||||||||||
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 3,734 | (5,170 | ) | ||||||||||||||||||||||||
Decrease (Increase) in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net | Decrease (Increase) in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net | 4,231 | (2,839) | ||||||||||||||||||||||||
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (5,404) | 3,734 | ||||||||||||||||||||||||
Net Cash Provided by Operating Activities | 120,118 | 93,817 | Net Cash Provided by Operating Activities | 117,457 | 120,118 | ||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||
Acquisitions of Real Estate | (52,395 | ) | (87,733 | ) | Acquisitions of Real Estate | (164,012) | (52,395) | ||||||||||||||||||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (119,174 | ) | (121,169 | ) | Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (109,930) | (119,174) | ||||||||||||||||||||
Net Proceeds from Sales of Investments in Real Estate | 11,179 | 95,603 | Net Proceeds from Sales of Investments in Real Estate | 40,529 | 11,179 | ||||||||||||||||||||||
Contributions to and Investments in Joint Venture | — | (25,190 | ) | Contributions to and Investments in Joint Venture | (3,889) | — | |||||||||||||||||||||
Distributions from Joint Venture | 8,586 | 1,829 | Distributions from Joint Venture | — | 8,586 | ||||||||||||||||||||||
Other Investing Activity | (5,758 | ) | (2,823 | ) | |||||||||||||||||||||||
Deposits on Future Acquisitions and Other Investing Activity | Deposits on Future Acquisitions and Other Investing Activity | (8,470) | (5,758) | ||||||||||||||||||||||||
Net Cash Used in Investing Activities | (157,562 | ) | (139,483 | ) | Net Cash Used in Investing Activities | (245,772) | (157,562) | ||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||
Financing and Equity Issuance Costs | — | (2,842 | ) | ||||||||||||||||||||||||
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | — | 145,584 | |||||||||||||||||||||||||
Tax Paid on Shares Withheld | (4,384 | ) | (6,020 | ) | Tax Paid on Shares Withheld | (5,944) | (4,384) | ||||||||||||||||||||
Common Stock Dividends and Unit Distributions Paid | (57,764 | ) | (53,561 | ) | Common Stock Dividends and Unit Distributions Paid | (62,110) | (57,764) | ||||||||||||||||||||
Repayments on Mortgage Loans Payable | (75,336 | ) | (161,964 | ) | Repayments on Mortgage Loans Payable | (17,506) | (75,336) | ||||||||||||||||||||
Proceeds from Senior Unsecured Notes | — | 300,000 | |||||||||||||||||||||||||
Proceeds from Unsecured Credit Facility | 187,000 | 217,000 | Proceeds from Unsecured Credit Facility | 232,000 | 187,000 | ||||||||||||||||||||||
Repayments on Unsecured Credit Facility | (29,000 | ) | (361,500 | ) | Repayments on Unsecured Credit Facility | (70,000) | (29,000) | ||||||||||||||||||||
Net Cash Provided by Financing Activities | 20,516 | 76,697 | Net Cash Provided by Financing Activities | 76,440 | 20,516 | ||||||||||||||||||||||
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (16,928 | ) | 31,031 | ||||||||||||||||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | Net Decrease in Cash, Cash Equivalents and Restricted Cash | (51,875) | (16,928) | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 50,373 | 46,482 | Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | 50,373 | ||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 33,445 | $ | 77,513 | Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 100,843 | $ | 33,445 | ||||||||||||||||||
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) | |||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||||||||||||||||||||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 2,320 | $ | 3,317 | Interest Expense Capitalized in Connection with Development Activity | $ | 3,458 | $ | 2,320 | ||||||||||||||||||
Cash Paid for Operating Lease Liabilities | $ | 613 | $ | — | Cash Paid for Operating Lease Liabilities | $ | 1,402 | $ | 613 | ||||||||||||||||||
Supplemental Schedule of Non-Cash Operating Activities: | Supplemental Schedule of Non-Cash Operating Activities: | ||||||||||||||||||||||||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 12,400 | $ | — | Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 1,208 | $ | 12,400 | ||||||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||||||
Common Stock Dividends and Unit Distributions Payable | $ | 30,281 | $ | 28,771 | Common Stock Dividends and Unit Distributions Payable | $ | 33,036 | $ | 30,281 | ||||||||||||||||||
Exchange of Limited Partnership Units for Common Stock: | Exchange of Limited Partnership Units for Common Stock: | ||||||||||||||||||||||||||
Noncontrolling Interest | $ | — | $ | (12,327 | ) | Noncontrolling Interest | $ | (2,065) | $ | — | |||||||||||||||||
Common Stock | — | 10 | Common Stock | 2 | — | ||||||||||||||||||||||
Additional Paid-in-Capital | — | 12,317 | Additional Paid-in-Capital | 2,063 | — | ||||||||||||||||||||||
Total | $ | — | $ | — | Total | $ | — | $ | — | ||||||||||||||||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 290 | $ | 11,705 | |||||||||||||||||||||||
Assumption of Liabilities in Connection with the Acquisition of Real Estate | Assumption of Liabilities in Connection with the Acquisition of Real Estate | $ | 3,425 | $ | 290 | ||||||||||||||||||||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 48,344 | $ | 27,797 | Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 25,094 | $ | 48,344 | ||||||||||||||||||
Write-off of Fully Depreciated Assets | $ | (19,646 | ) | $ | (22,936 | ) | Write-off of Fully Depreciated Assets | $ | (19,400) | $ | (19,646) |
June 30, 2019 | December 31, 2018 | June 30, 2020 | December 31, 2019 | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Assets: | Assets: | |||||||||||||||||
Investment in Real Estate: | Investment in Real Estate: | |||||||||||||||||
Land | $ | 934,398 | $ | 909,318 | Land | $ | 1,073,959 | $ | 957,478 | |||||||||
Buildings and Improvements | 2,737,139 | 2,704,850 | Buildings and Improvements | 2,913,576 | 2,782,430 | |||||||||||||
Construction in Progress | 147,008 | 59,476 | Construction in Progress | 67,953 | 90,301 | |||||||||||||
Less: Accumulated Depreciation | (844,714 | ) | (811,784 | ) | Less: Accumulated Depreciation | (832,790) | (804,780) | |||||||||||
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 | ||||||||||||||||
Net Investment in Real Estate (including $243,003 and $240,847 related to consolidated variable interest entities, see Note 5) | Net Investment in Real Estate (including $243,003 and $240,847 related to consolidated variable interest entities, see Note 5) | 3,222,698 | 3,025,429 | |||||||||||||||
Operating Lease Right-of-Use Assets | 11,858 | — | Operating Lease Right-of-Use Assets | 25,610 | 24,877 | |||||||||||||
Cash and Cash Equivalents | 33,445 | 43,102 | Cash and Cash Equivalents | 94,955 | 21,120 | |||||||||||||
Restricted Cash | — | 7,271 | Restricted Cash | 5,888 | 131,598 | |||||||||||||
Tenant Accounts Receivable, Net | 5,032 | 5,185 | ||||||||||||||||
Tenant Accounts Receivable | Tenant Accounts Receivable | 5,478 | 8,529 | |||||||||||||||
Investment in Joint Venture | 18,132 | 23,326 | Investment in Joint Venture | 21,876 | 18,208 | |||||||||||||
Deferred Rent Receivable, Net | 77,207 | 71,079 | ||||||||||||||||
Deferred Rent Receivable | Deferred Rent Receivable | 81,938 | 77,703 | |||||||||||||||
Deferred Leasing Intangibles, Net | 29,110 | 29,678 | Deferred Leasing Intangibles, Net | 26,571 | 28,533 | |||||||||||||
Prepaid Expenses and Other Assets, Net | 116,335 | 111,298 | Prepaid Expenses and Other Assets, Net | 176,477 | 192,852 | |||||||||||||
Total Assets | $ | 3,264,950 | $ | 3,152,799 | Total Assets | $ | 3,661,491 | $ | 3,528,849 | |||||||||
LIABILITIES AND PARTNERS' CAPITAL | LIABILITIES AND PARTNERS' CAPITAL | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Indebtedness: | Indebtedness: | |||||||||||||||||
Mortgage Loans Payable, Net (including $13,164 and $20,497 related to consolidated variable interest entities, see Note 5) | $ | 221,357 | $ | 296,470 | ||||||||||||||
Mortgage Loans Payable, Net (including $6,374 and $11,009 related to consolidated variable interest entities, see Note 5) | Mortgage Loans Payable, Net (including $6,374 and $11,009 related to consolidated variable interest entities, see Note 5) | $ | 156,343 | $ | 173,685 | |||||||||||||
Senior Unsecured Notes, Net | 544,715 | 544,504 | Senior Unsecured Notes, Net | 694,274 | 694,015 | |||||||||||||
Unsecured Term Loans, Net | 457,337 | 456,809 | Unsecured Term Loans, Net | 458,393 | 457,865 | |||||||||||||
Unsecured Credit Facility | 158,000 | — | Unsecured Credit Facility | 320,000 | 158,000 | |||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 101,054 | 78,665 | Accounts Payable, Accrued Expenses and Other Liabilities | 102,511 | 114,637 | |||||||||||||
Operating Lease Liabilities | 12,285 | — | Operating Lease Liabilities | 23,157 | 22,369 | |||||||||||||
Deferred Leasing Intangibles, Net | 9,466 | 9,560 | Deferred Leasing Intangibles, Net | 12,260 | 11,893 | |||||||||||||
Rents Received in Advance and Security Deposits | 46,003 | 47,927 | Rents Received in Advance and Security Deposits | 55,237 | 57,534 | |||||||||||||
Distributions Payable | 30,281 | 28,845 | Distributions Payable | 33,036 | 30,567 | |||||||||||||
Total Liabilities | 1,580,498 | 1,462,780 | Total Liabilities | 1,855,211 | 1,720,565 | |||||||||||||
Commitments and Contingencies | — | — | Commitments and Contingencies | — | — | |||||||||||||
Partners' Capital: | Partners' Capital: | |||||||||||||||||
First Industrial, L.P.'s Partners' Capital: | First Industrial, L.P.'s Partners' Capital: | |||||||||||||||||
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 | |||||||||||||||
General Partner Units (127,207,724 and 126,994,478 units outstanding) | General Partner Units (127,207,724 and 126,994,478 units outstanding) | 1,762,355 | 1,750,656 | |||||||||||||||
Limited Partners Units (2,716,516 and 2,422,744 units outstanding) | Limited Partners Units (2,716,516 and 2,422,744 units outstanding) | 65,955 | 63,618 | |||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | (22,783) | (7,013) | |||||||||||||||
Total First Industrial L.P.'s Partners' Capital | 1,683,604 | 1,689,162 | Total First Industrial L.P.'s Partners' Capital | 1,805,527 | 1,807,261 | |||||||||||||
Noncontrolling Interest | 848 | 857 | Noncontrolling Interest | 753 | 1,023 | |||||||||||||
Total Partners' Capital | 1,684,452 | 1,690,019 | Total Partners' Capital | 1,806,280 | 1,808,284 | |||||||||||||
Total Liabilities and Partners' Capital | $ | 3,264,950 | $ | 3,152,799 | Total Liabilities and Partners' Capital | $ | 3,661,491 | $ | 3,528,849 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||
Lease Revenue | $ | 103,517 | $ | 98,064 | 207,155 | $ | 197,104 | Lease Revenue | $ | 108,649 | $ | 103,517 | $ | 217,024 | $ | 207,155 | ||||||||||||||||||||||
Other Revenue | 578 | 781 | 1,481 | 1,512 | Other Revenue | 553 | 578 | 2,521 | 1,481 | |||||||||||||||||||||||||||||
Total Revenues | 104,095 | 98,845 | 208,636 | 198,616 | Total Revenues | 109,202 | 104,095 | 219,545 | 208,636 | |||||||||||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||||||||||||||
Property Expenses | 27,379 | 28,553 | 57,547 | 57,964 | Property Expenses | 28,051 | 27,379 | 57,132 | 57,547 | |||||||||||||||||||||||||||||
General and Administrative | 6,782 | 6,746 | 13,584 | 14,889 | General and Administrative | 8,234 | 6,782 | 17,485 | 13,584 | |||||||||||||||||||||||||||||
Impairment of Real Estate | — | — | — | 2,756 | ||||||||||||||||||||||||||||||||||
Depreciation and Other Amortization | 29,774 | 28,636 | 59,829 | 56,951 | Depreciation and Other Amortization | 32,232 | 29,774 | 63,163 | 59,829 | |||||||||||||||||||||||||||||
Total Expenses | 63,935 | 63,935 | 130,960 | 132,560 | Total Expenses | 68,517 | 63,935 | 137,780 | 130,960 | |||||||||||||||||||||||||||||
Other (Expense) Income: | ||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | Other Income (Expense): | |||||||||||||||||||||||||||||||||||||
Gain on Sale of Real Estate | 1,097 | 25,067 | 889 | 45,156 | Gain on Sale of Real Estate | 9,076 | 1,097 | 23,069 | 889 | |||||||||||||||||||||||||||||
Interest Expense | (12,332 | ) | (12,603 | ) | (25,099 | ) | (25,394 | ) | Interest Expense | (12,285) | (12,332) | (25,089) | (25,099) | |||||||||||||||||||||||||
Amortization of Debt Issuance Costs | (794 | ) | (845 | ) | (1,625 | ) | (1,700 | ) | Amortization of Debt Issuance Costs | (784) | (794) | (1,572) | (1,625) | |||||||||||||||||||||||||
Loss from Retirement of Debt | — | — | — | (39 | ) | |||||||||||||||||||||||||||||||||
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 | ) | ||||||||||||||||||||||||||||||||
Total Other Income (Expense) | Total Other Income (Expense) | (3,993) | (12,029) | (3,592) | (25,835) | |||||||||||||||||||||||||||||||||
Income from Operations Before Equity in (Loss) Income of Joint Venture and Income Tax Provision | Income from Operations Before Equity in (Loss) Income of Joint Venture and Income Tax Provision | 36,692 | 28,131 | 78,173 | 51,841 | |||||||||||||||||||||||||||||||||
Equity in (Loss) Income of Joint Venture | Equity in (Loss) Income of Joint Venture | (45) | 15,516 | (74) | 16,360 | |||||||||||||||||||||||||||||||||
Income Tax Provision | (2,934 | ) | (123 | ) | (3,148 | ) | (209 | ) | Income Tax Provision | (221) | (2,934) | (144) | (3,148) | |||||||||||||||||||||||||
Net Income | 40,713 | 46,404 | 65,053 | 83,868 | Net Income | 36,426 | 40,713 | 77,955 | 65,053 | |||||||||||||||||||||||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (24 | ) | (22 | ) | (50 | ) | (43 | ) | Less: Net Income Attributable to the Noncontrolling Interest | (94) | (24) | (144) | (50) | |||||||||||||||||||||||||
Net Income Available to Unitholders and Participating Securities | $ | 40,689 | $ | 46,382 | $ | 65,003 | $ | 83,825 | Net Income Available to Unitholders and Participating Securities | $ | 36,332 | $ | 40,689 | $ | 77,811 | $ | 65,003 | |||||||||||||||||||||
Basic and Diluted Earnings Per Unit: | Basic and Diluted Earnings Per Unit: | |||||||||||||||||||||||||||||||||||||
Net Income Available to Unitholders | $ | 0.31 | $ | 0.36 | $ | 0.50 | $ | 0.67 | Net Income Available to Unitholders | $ | 0.28 | $ | 0.31 | $ | 0.60 | $ | 0.50 | |||||||||||||||||||||
Weighted Average Units Outstanding - Basic | 128,831 | 126,832 | 128,824 | 125,289 | Weighted Average Units Outstanding - Basic | 129,081 | 128,831 | 129,075 | 128,824 | |||||||||||||||||||||||||||||
Weighted Average Units Outstanding - Diluted | 129,221 | 127,301 | 129,199 | 125,706 | Weighted Average Units Outstanding - Diluted | 129,461 | 129,221 | 129,430 | 129,199 |
Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||||
Net Income | $ | 40,713 | $ | 46,404 | $ | 65,053 | $ | 83,868 | Net Income | $ | 36,426 | $ | 40,713 | $ | 77,955 | $ | 65,053 | |||||||||||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | (3,149 | ) | — | 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 | ||||||||||||||||||||||||||||||||
Mark-to-Market Loss on Derivative Instruments | Mark-to-Market Loss on Derivative Instruments | (1,385) | (1,338) | (15,975) | (7,692) | |||||||||||||||||||||||||||||||||
Amortization of Derivative Instruments | 24 | 23 | 48 | 47 | Amortization of Derivative Instruments | 103 | 24 | 205 | 48 | |||||||||||||||||||||||||||||
Comprehensive Income | $ | 36,250 | $ | 49,152 | $ | 54,260 | $ | 93,165 | Comprehensive Income | $ | 35,144 | $ | 36,250 | $ | 62,185 | $ | 54,260 | |||||||||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | (24 | ) | (22 | ) | (50 | ) | (43 | ) | Comprehensive Income Attributable to Noncontrolling Interest | (94) | (24) | (144) | (50) | |||||||||||||||||||||||||
Comprehensive Income Attributable to Unitholders | $ | 36,226 | $ | 49,130 | $ | 54,210 | $ | 93,122 | Comprehensive Income Attributable to Unitholders | $ | 35,050 | $ | 36,226 | $ | 62,041 | $ | 54,210 |
Six Months Ended June 30, 2020: | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 1,750,656 | $ | 63,618 | $ | (7,013) | $ | 1,023 | $ | 1,808,284 | |||||||||||||||||||
Net Income | 40,584 | 895 | — | 50 | 41,529 | ||||||||||||||||||||||||
Other Comprehensive Loss | — | — | (14,488) | — | (14,488) | ||||||||||||||||||||||||
Stock Based Compensation Activity | (4,208) | 2,373 | — | — | (1,835) | ||||||||||||||||||||||||
Unit Distributions ($0.25 Per Unit) | (31,874) | (614) | — | — | (32,488) | ||||||||||||||||||||||||
Conversion of Limited Partner Units to General Partner Units | 2,064 | (2,064) | — | — | — | ||||||||||||||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 5 | 5 | ||||||||||||||||||||||||
Distributions to Noncontrolling Interest | — | (366) | (366) | ||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | 1,757,222 | $ | 64,208 | $ | (21,501) | $ | 712 | $ | 1,800,641 | |||||||||||||||||||
Net Income | 35,575 | 757 | — | 94 | 36,426 | ||||||||||||||||||||||||
Other Comprehensive Loss | — | — | (1,282) | — | (1,282) | ||||||||||||||||||||||||
Stock Based Compensation Activity | 1,486 | 1,622 | — | — | 3,108 | ||||||||||||||||||||||||
Unit Distributions ($0.25 Per Unit) | (31,929) | (631) | — | — | (32,560) | ||||||||||||||||||||||||
Conversion of Limited Partner Units to General Partner Units | 1 | (1) | — | — | — | ||||||||||||||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 12 | 12 | ||||||||||||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (65) | (65) | ||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | 1,762,355 | $ | 65,955 | $ | (22,783) | $ | 753 | $ | 1,806,280 | |||||||||||||||||||
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, 2019: | Six Months Ended June 30, 2019: | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | Balance as of December 31, 2018 | $ | 1,619,342 | $ | 66,246 | $ | 3,574 | $ | 857 | $ | 1,690,019 | |||||||||||||||||||||||||||||||||||||
Net Income | Net Income | 23,777 | 537 | — | 26 | 24,340 | ||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | Other Comprehensive Loss | — | — | (6,330) | — | (6,330) | ||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation Activity | Stock Based Compensation Activity | (2,305) | 270 | — | — | (2,035) | ||||||||||||||||||||||||||||||||||||||||||
Unit Distributions ($0.23 Per Unit) | Unit Distributions ($0.23 Per Unit) | (29,258) | (664) | — | — | (29,922) | ||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2018: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 1,401,583 | $ | 82,251 | $ | 1,382 | $ | 779 | $ | 1,485,995 | ||||||||||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | Distributions to Noncontrolling Interest | — | — | — | (43) | (43) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2019 | Balance as of March 31, 2019 | $ | 1,611,556 | $ | 66,389 | $ | (2,756) | $ | 840 | $ | 1,676,029 | |||||||||||||||||||||||||||||||||||||
Net Income | 36,271 | 1,172 | — | 21 | 37,464 | Net Income | 39,776 | 913 | — | 24 | 40,713 | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | 6,549 | — | 6,549 | Other Comprehensive Income | — | — | (4,463) | — | (4,463) | |||||||||||||||||||||||||||||||||||||
Stock Based Compensation Activity | (4,385 | ) | — | — | — | (4,385 | ) | Stock Based Compensation Activity | 1,542 | 511 | — | — | 2,053 | |||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||||||||||||
Unit Distributions ($0.23 Per Unit) | Unit Distributions ($0.23 Per Unit) | (29,212) | (652) | — | — | (29,864) | ||||||||||||||||||||||||||||||||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 116 | 116 | Contributions from Noncontrolling Interest | — | — | — | 5 | 5 | |||||||||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (21 | ) | (21 | ) | 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 | ||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2019 | Balance as of June 30, 2019 | $ | 1,623,662 | $ | 67,161 | $ | (7,219) | $ | 848 | $ | 1,684,452 |
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | |||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net Income | $ | 65,053 | $ | 83,868 | |||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||
Depreciation | 48,629 | 46,160 | |||||
Amortization of Debt Issuance Costs | 1,625 | 1,700 | |||||
Other Amortization, including Stock Based Compensation | 14,156 | 13,638 | |||||
Impairment of Real Estate | — | 2,756 | |||||
Provision for Bad Debt | — | 165 | |||||
Equity in (Income) Loss of Joint Venture | (16,360 | ) | 2 | ||||
Distributions from Joint Venture | 16,084 | — | |||||
Gain on Sale of Real Estate | (889 | ) | (45,156 | ) | |||
Loss from Retirement of Debt | — | 39 | |||||
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 | 120,177 | 93,760 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Acquisitions of Real Estate | (52,395 | ) | (87,733 | ) | |||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (119,174 | ) | (121,169 | ) | |||
Net Proceeds from Sales of Investments in Real Estate | 11,179 | 95,603 | |||||
Contributions to and Investments in Joint Venture | — | (25,190 | ) | ||||
Distributions from Joint Venture | 8,586 | 1,829 | |||||
Other Investing Activity | (5,758 | ) | (2,823 | ) | |||
Net Cash Used in Investing Activities | (157,562 | ) | (139,483 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Financing and Equity Issuance Costs | — | (2,842 | ) | ||||
Contribution of General Partner Units | — | 145,584 | |||||
Tax Paid on Units Withheld | (4,384 | ) | (6,020 | ) | |||
Unit Distributions Paid | (57,764 | ) | (53,561 | ) | |||
Contributions from Noncontrolling Interests | 5 | 121 | |||||
Distributions to Noncontrolling Interests | (64 | ) | (64 | ) | |||
Repayments on Mortgage Loans Payable | (75,336 | ) | (161,964 | ) | |||
Proceeds from Senior Unsecured Notes | — | 300,000 | |||||
Proceeds from Unsecured Credit Facility | 187,000 | 217,000 | |||||
Repayments on Unsecured Credit Facility | (29,000 | ) | (361,500 | ) | |||
Net Cash Provided by Financing Activities | 20,457 | 76,754 | |||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | (16,928 | ) | 31,031 | ||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 50,373 | 46,482 | |||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 33,445 | $ | 77,513 | |||
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in thousands) | ||||||||||||||||||||
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net Income | $ | 77,955 | $ | 65,053 | ||||||||||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||||||||||||||||||||
Depreciation | 50,695 | 48,629 | ||||||||||||||||||
Amortization of Debt Issuance Costs | 1,572 | 1,625 | ||||||||||||||||||
Other Amortization, including Stock Based Compensation | 16,332 | 14,156 | ||||||||||||||||||
Equity in Loss (Income) of Joint Venture | 74 | (16,360) | ||||||||||||||||||
Distributions from Joint Venture | — | 16,084 | ||||||||||||||||||
Gain on Sale of Real Estate | (23,069) | (889) | ||||||||||||||||||
Payments to Settle Derivative Instruments | — | (3,149) | ||||||||||||||||||
Straight-line Rental Income and Expense, Net | (4,929) | (5,926) | ||||||||||||||||||
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | 4,645 | (2,780) | ||||||||||||||||||
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (5,404) | 3,734 | ||||||||||||||||||
Net Cash Provided by Operating Activities | 117,871 | 120,177 | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Acquisitions of Real Estate | (164,012) | (52,395) | ||||||||||||||||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (109,930) | (119,174) | ||||||||||||||||||
Net Proceeds from Sales of Investments in Real Estate | 40,529 | 11,179 | ||||||||||||||||||
Contributions to and Investments in Joint Venture | (3,889) | — | ||||||||||||||||||
Distributions from Joint Venture | — | 8,586 | ||||||||||||||||||
Deposits on Future Acquisitions and Other Investing Activity | (8,470) | (5,758) | ||||||||||||||||||
Net Cash Used in Investing Activities | (245,772) | (157,562) | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Tax Paid on Units Withheld | (5,944) | (4,384) | ||||||||||||||||||
Unit Distributions Paid | (62,110) | (57,764) | ||||||||||||||||||
Contributions from Noncontrolling Interests | 17 | 5 | ||||||||||||||||||
Distributions to Noncontrolling Interests | (431) | (64) | ||||||||||||||||||
Repayments on Mortgage Loans Payable | (17,506) | (75,336) | ||||||||||||||||||
Proceeds from Unsecured Credit Facility | 232,000 | 187,000 | ||||||||||||||||||
Repayments on Unsecured Credit Facility | (70,000) | (29,000) | ||||||||||||||||||
Net Cash Provided by Financing Activities | 76,026 | 20,457 | ||||||||||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (51,875) | (16,928) | ||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | 50,373 | ||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 100,843 | $ | 33,445 | ||||||||||||||||
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) | |||||||||||||||||||||||||
Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||||||||||||||||||||||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 2,320 | $ | 3,317 | Interest Expense Capitalized in Connection with Development Activity | $ | 3,458 | $ | 2,320 | ||||||||||||||||||
Cash Paid for Operating Lease Liabilities | $ | 613 | $ | — | Cash Paid for Operating Lease Liabilities | $ | 1,402 | $ | 613 | ||||||||||||||||||
Supplemental Schedule of Non-Cash Operating Activities: | Supplemental Schedule of Non-Cash Operating Activities: | ||||||||||||||||||||||||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 12,400 | $ | — | Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 1,208 | $ | 12,400 | ||||||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||||||||||||||||||||
General and Limited Partner Unit Distributions Payable | $ | 30,281 | $ | 28,771 | General and Limited Partner Unit Distributions Payable | $ | 33,036 | $ | 30,281 | ||||||||||||||||||
Exchange of Limited Partner Units for General Partner Units: | Exchange of Limited Partner Units for General Partner Units: | ||||||||||||||||||||||||||
Limited Partner Units | $ | — | $ | (12,327 | ) | Limited Partner Units | $ | (2,065) | $ | — | |||||||||||||||||
General Partner Units | — | 12,327 | General Partner Units | 2,065 | — | ||||||||||||||||||||||
Total | $ | — | $ | — | Total | $ | — | $ | — | ||||||||||||||||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 290 | $ | 11,705 | |||||||||||||||||||||||
Assumption of Liabilities in Connection with the Acquisition of Real Estate | Assumption of Liabilities in Connection with the Acquisition of Real Estate | $ | 3,425 | $ | 290 | ||||||||||||||||||||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 48,344 | $ | 27,797 | Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 25,094 | $ | 48,344 | ||||||||||||||||||
Write-off of Fully Depreciated Assets | $ | (19,646 | ) | $ | (22,935 | ) | Write-off of Fully Depreciated Assets | $ | (19,400) | $ | (19,646) |
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 |
Land | $ | 96,809 | |||
Building and Improvements/Construction in Progress | 63,941 | ||||
In-Place Leases | 1,642 | ||||
Above Market Leases | 134 | ||||
Below Market Leases | (1,562) | ||||
Other Assets (leasing commissions) | 201 | ||||
Total Purchase Price | $ | 161,165 |
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 June 30, 2020 | Effective Interest Rate at Issuance | Maturity Date | |||||||||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Mortgage Loans Payable, Gross | $ | 156,854 | $ | 174,360 | 4.03% – 4.85% | 4.03% – 4.85% | October 2021 – August 2028 | |||||||||||||||||||||||||||||||
Unamortized Debt Issuance Costs | (511) | (675) | ||||||||||||||||||||||||||||||||||||
Mortgage Loans Payable, Net | $ | 156,343 | $ | 173,685 | ||||||||||||||||||||||||||||||||||
Senior Unsecured Notes, Gross | ||||||||||||||||||||||||||||||||||||||
2027 Notes | 6,070 | 6,070 | 7.15% | 7.11% | 5/15/2027 | |||||||||||||||||||||||||||||||||
2028 Notes | 31,901 | 31,901 | 7.60% | 8.13% | 7/15/2028 | |||||||||||||||||||||||||||||||||
2032 Notes | 10,600 | 10,600 | 7.75% | 7.87% | 4/15/2032 | |||||||||||||||||||||||||||||||||
2027 Private Placement Notes | 125,000 | 125,000 | 4.30% | 4.30% | 4/20/2027 | |||||||||||||||||||||||||||||||||
2028 Private Placement Notes | 150,000 | 150,000 | 3.86% | 3.86% | 2/15/2028 | |||||||||||||||||||||||||||||||||
2029 Private Placement Notes | 75,000 | 75,000 | 4.40% | 4.40% | 4/20/2029 | |||||||||||||||||||||||||||||||||
2029 II Private Placement Notes | 150,000 | 150,000 | 3.97% | 4.23% | 7/23/2029 | |||||||||||||||||||||||||||||||||
2030 Private Placement Notes | 150,000 | 150,000 | 3.96% | 3.96% | 2/15/2030 | |||||||||||||||||||||||||||||||||
Subtotal | $ | 698,571 | $ | 698,571 | ||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Costs | (4,229) | (4,485) | ||||||||||||||||||||||||||||||||||||
Unamortized Discounts | (68) | (71) | ||||||||||||||||||||||||||||||||||||
Senior Unsecured Notes, Net | $ | 694,274 | $ | 694,015 | ||||||||||||||||||||||||||||||||||
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 | (1,607) | (2,135) | ||||||||||||||||||||||||||||||||||||
Unsecured Term Loans, Net | $ | 458,393 | $ | 457,865 | ||||||||||||||||||||||||||||||||||
Unsecured Credit Facility (B) | $ | 320,000 | $ | 158,000 | 1.39% | 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 2020 | $ | 2,307 | |||
2021 | 587,294 | ||||
2022 | 336,954 | ||||
2023 | 321 | ||||
2024 | 335 | ||||
Thereafter | 708,214 | ||||
Total | $ | 1,635,425 |
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 |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
Carrying Amount (A) | Fair Value | Carrying Amount (A) | Fair Value | ||||||||||||||||||||||||||||||||
Mortgage Loans Payable, Net | $ | 156,854 | $ | 159,756 | $ | 174,360 | $ | 179,287 | |||||||||||||||||||||||||||
Senior Unsecured Notes, Net | 698,503 | 788,186 | 698,500 | 756,351 | |||||||||||||||||||||||||||||||
Unsecured Term Loans | 460,000 | 457,241 | 460,000 | 460,902 | |||||||||||||||||||||||||||||||
Unsecured Credit Facility | 320,000 | 318,313 | 158,000 | 158,141 | |||||||||||||||||||||||||||||||
Total | $ | 1,635,357 | $ | 1,723,496 | $ | 1,490,860 | $ | 1,554,681 |
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 |
June 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Assets: | |||||||||||
Net Investment in Real Estate | $ | 243,003 | $ | 240,847 | |||||||
Other Assets, Net | 44,589 | 69,982 | |||||||||
Total Assets | $ | 287,592 | $ | 310,829 | |||||||
LIABILITIES AND PARTNERS' CAPITAL | |||||||||||
Liabilities: | |||||||||||
Mortgage Loans Payable, Net | $ | 6,374 | $ | 11,009 | |||||||
Other Liabilities, Net | 20,953 | 21,088 | |||||||||
Partners' Capital | 260,265 | 278,732 | |||||||||
Total Liabilities and Partners' Capital | $ | 287,592 | $ | 310,829 | |||||||
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 |
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 |
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 | ) |
Derivative Instruments | Accumulated Other Comprehensive Loss of the Operating Partnership | Comprehensive Loss Attributable to Noncontrolling Interest of the Company | Accumulated Other Comprehensive Loss of the Company | ||||||||||||||||||||
Balance as of December 31, 2019 | $ | (7,013) | $ | (7,013) | $ | 130 | $ | (6,883) | |||||||||||||||
Other Comprehensive Loss Before Reclassifications | (18,063) | (18,063) | 345 | (17,718) | |||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 2,293 | 2,293 | — | 2,293 | |||||||||||||||||||
Net Current Period Other Comprehensive Loss | (15,770) | (15,770) | 345 | (15,425) | |||||||||||||||||||
Balance as of June 30, 2020 | $ | (22,783) | $ | (22,783) | $ | 475 | $ | (22,308) |
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 Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | Affected Line Items in the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of Previously Settled Derivative Instruments | $ | 103 | $ | 24 | $ | 205 | $ | 48 | Interest Expense | |||||||||||||||||||||||||||||||||||||||||
Net Settlement Payments (Receipts) to our Counterparties | 1,706 | (550) | 2,088 | (1,126) | Interest Expense | |||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,809 | $ | (526) | $ | 2,293 | $ | (1,078) |
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 June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 35,669 | $ | 39,800 | $ | 76,303 | $ | 63,603 | |||||||||||||||
Net Income Allocable to Participating Securities | (59) | (89) | (118) | (149) | |||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 35,610 | $ | 39,711 | $ | 76,185 | $ | 63,454 | |||||||||||||||
Denominator (In Thousands): | |||||||||||||||||||||||
Weighted Average Shares - Basic | 127,074 | 126,206 | 127,004 | 126,200 | |||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||
Performance Units (See Note 9) | 192 | 283 | 185 | 272 | |||||||||||||||||||
Weighted Average Shares - Diluted | 127,266 | 126,489 | 127,189 | 126,472 | |||||||||||||||||||
Basic and Diluted EPS: | |||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.28 | $ | 0.31 | $ | 0.60 | $ | 0.50 | |||||||||||||||
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 June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net Income Available to Unitholders and Participating Securities | $ | 36,332 | $ | 40,689 | $ | 77,811 | $ | 65,003 | |||||||||||||||
Net Income Allocable to Participating Securities | (125) | (128) | (249) | (204) | |||||||||||||||||||
Net Income Available to Unitholders | $ | 36,207 | $ | 40,561 | $ | 77,562 | $ | 64,799 | |||||||||||||||
Denominator (In Thousands): | |||||||||||||||||||||||
Weighted Average Units - Basic | 129,081 | 128,831 | 129,075 | 128,824 | |||||||||||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||||
Performance Units and certain Performance RLP Units (See Note 6) | 380 | 390 | 355 | 375 | |||||||||||||||||||
Weighted Average Units - Diluted | 129,461 | 129,221 | 129,430 | 129,199 | |||||||||||||||||||
Basic and Diluted EPU: | |||||||||||||||||||||||
Net Income Available to Unitholders | $ | 0.28 | $ | 0.31 | $ | 0.60 | $ | 0.50 | |||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
2014 Swaps | $ | (2,489) | — | $ | (2,489) | — | ||||||||||||||||||||||||||||||||
2015 Swaps | $ | (9,531) | — | $ | (9,531) | — | ||||||||||||||||||||||||||||||||
2020 Swap | $ | (291) | — | $ | (291) | — | ||||||||||||||||||||||||||||||||
2021 Swaps | $ | (6,852) | — | $ | (6,852) | — | ||||||||||||||||||||||||||||||||
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 |
Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||
($ in 000's) | ||||||||||||||
REVENUES | ||||||||||||||
Same Store Properties | $ | 189,753 | $ | 183,252 | $ | 6,501 | 3.5 | % | ||||||
Acquired Properties | 3,572 | 911 | 2,661 | 292.1 | % | |||||||||
Sold Properties | 535 | 7,765 | (7,230 | ) | (93.1 | )% | ||||||||
(Re)Developments | 13,408 | 1,740 | 11,668 | 670.6 | % | |||||||||
Other | 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 | $ | 208,636 | $ | 198,616 | $ | 10,020 | 5.0 | % |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||
($ in 000's) | |||||||||||||||||||||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||||||||||||||||||||
Same Store Properties | $ | 191,621 | $ | 187,648 | $ | 3,973 | 2.1 | % | |||||||||||||||||||||||||||||||||
Acquired Properties | 2,484 | 144 | 2,340 | 1,625.0 | % | ||||||||||||||||||||||||||||||||||||
Sold Properties | 3,058 | 17,584 | (14,526) | (82.6) | % | ||||||||||||||||||||||||||||||||||||
(Re)Developments | 17,760 | 939 | 16,821 | 1,791.4 | % | ||||||||||||||||||||||||||||||||||||
Other | 4,622 | 2,321 | 2,301 | 99.1 | % | ||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 219,545 | $ | 208,636 | $ | 10,909 | 5.2 | % |
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 | )% |
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||
($ in 000's) | |||||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES | |||||||||||||||||||||||||||||||||||||||||
Same Store Properties | $ | 46,128 | $ | 46,921 | $ | (793) | (1.7) | % | |||||||||||||||||||||||||||||||||
Acquired Properties | 805 | 194 | 611 | 314.9 | % | ||||||||||||||||||||||||||||||||||||
Sold Properties | 848 | 5,117 | (4,269) | (83.4) | % | ||||||||||||||||||||||||||||||||||||
(Re)Developments | 4,262 | 862 | 3,400 | 394.4 | % | ||||||||||||||||||||||||||||||||||||
Other | 5,089 | 4,453 | 636 | 14.3 | % | ||||||||||||||||||||||||||||||||||||
Total Property Expenses | $ | 57,132 | $ | 57,547 | $ | (415) | (0.7) | % |
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | $ Change | % Change | 2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
($ in 000's) | ($ in 000's) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store Properties | $ | 51,839 | $ | 52,440 | $ | (601 | ) | (1.1 | )% | Same Store Properties | $ | 52,674 | $ | 52,537 | $ | 137 | 0.3 | % | |||||||||||||||||||||||||||||||||||||
Acquired Properties | 2,276 | 826 | 1,450 | 175.5 | % | Acquired Properties | 1,934 | 135 | 1,799 | 1,332.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Sold Properties | 127 | 2,127 | (2,000 | ) | (94.0 | )% | Sold Properties | 160 | 4,534 | (4,374) | (96.5) | % | |||||||||||||||||||||||||||||||||||||||||||
(Re) Developments | 5,136 | 1,106 | 4,030 | 364.4 | % | (Re) Developments | 6,442 | 1,211 | 5,231 | 432.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Furniture, Fixtures and Equipment and Other | 451 | 452 | (1 | ) | (0.2 | )% | Corporate Furniture, Fixtures and Equipment and Other | 1,953 | 1,412 | 541 | 38.3 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Depreciation and Other Amortization | $ | 59,829 | $ | 56,951 | $ | 2,878 | 5.1 | % | Total Depreciation and Other Amortization | $ | 63,163 | $ | 59,829 | $ | 3,334 | 5.6 | % |
Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||
($ in 000's) | ||||||||||||||
REVENUES | ||||||||||||||
Same Store Properties | $ | 94,286 | $ | 91,401 | $ | 2,885 | 3.2 | % | ||||||
Acquired Properties | 2,062 | 772 | 1,290 | 167.1 | % | |||||||||
Sold Properties | 33 | 3,163 | (3,130 | ) | (99.0 | )% | ||||||||
(Re)Developments | 7,169 | 998 | 6,171 | 618.3 | % | |||||||||
Other | 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 | $ | 104,095 | $ | 98,845 | $ | 5,250 | 5.3 | % |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||
($ in 000's) | |||||||||||||||||||||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||||||||||||||||||||
Same Store Properties | $ | 95,602 | $ | 93,374 | $ | 2,228 | 2.4 | % | |||||||||||||||||||||||||||||||||
Acquired Properties | 1,441 | 144 | 1,297 | 900.7 | % | ||||||||||||||||||||||||||||||||||||
Sold Properties | 1,235 | 8,451 | (7,216) | (85.4) | % | ||||||||||||||||||||||||||||||||||||
(Re)Developments | 8,603 | 891 | 7,712 | 865.5 | % | ||||||||||||||||||||||||||||||||||||
Other | 2,321 | 1,235 | 1,086 | 87.9 | % | ||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 109,202 | $ | 104,095 | $ | 5,107 | 4.9 | % |
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 June 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||
($ in 000's) | |||||||||||||||||||||||||||||||||||||||||
PROPERTY EXPENSES | |||||||||||||||||||||||||||||||||||||||||
Same Store Properties | $ | 22,690 | $ | 22,608 | $ | 82 | 0.4 | % | |||||||||||||||||||||||||||||||||
Acquired Properties | 452 | 143 | 309 | 216.1 | % | ||||||||||||||||||||||||||||||||||||
Sold Properties | 328 | 2,407 | (2,079) | (86.4) | % | ||||||||||||||||||||||||||||||||||||
(Re)Developments | 2,161 | 335 | 1,826 | 545.1 | % | ||||||||||||||||||||||||||||||||||||
Other | 2,420 | 1,886 | 534 | 28.3 | % | ||||||||||||||||||||||||||||||||||||
Total Property Expenses | $ | 28,051 | $ | 27,379 | $ | 672 | 2.5 | % |
Three Months Ended June 30, | ||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||
($ in 000's) | ||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||
Same Store Properties | $ | 25,791 | $ | 26,151 | $ | (360 | ) | (1.4 | )% | |||||
Acquired Properties | 1,114 | 763 | 351 | 46.0 | % | |||||||||
Sold Properties | — | 777 | (777 | ) | (100.0 | )% | ||||||||
(Re) Developments | 2,658 | 718 | 1,940 | 270.2 | % | |||||||||
Corporate Furniture, Fixtures and Equipment and Other | 211 | 227 | (16 | ) | (7.0 | )% | ||||||||
Total Depreciation and Other Amortization | $ | 29,774 | $ | 28,636 | $ | 1,138 | 4.0 | % |
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||
($ in 000's) | |||||||||||||||||||||||||||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | |||||||||||||||||||||||||||||||||||||||||
Same Store Properties | $ | 26,722 | $ | 26,268 | $ | 454 | 1.7 | % | |||||||||||||||||||||||||||||||||
Acquired Properties | 1,196 | 88 | 1,108 | 1,259.1 | % | ||||||||||||||||||||||||||||||||||||
Sold Properties | — | 2,193 | (2,193) | (100.0) | % | ||||||||||||||||||||||||||||||||||||
(Re) Developments | 3,339 | 575 | 2,764 | 480.7 | % | ||||||||||||||||||||||||||||||||||||
Corporate Furniture, Fixtures and Equipment and Other | 975 | 650 | 325 | 50.0 | % | ||||||||||||||||||||||||||||||||||||
Total Depreciation and Other Amortization | $ | 32,232 | $ | 29,774 | $ | 2,458 | 8.3 | % |
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) | 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) | ||||||||||||||||||||||||||||||||||||||||||||||||
New Leases | 26 | 446 | $ | 5.56 | 17.7 | % | 5.5 | $ | 4.63 | N/A | New Leases | 19 | 621 | $ | 5.88 | 37.5 | % | 4.1 | $ | 2.56 | N/A | ||||||||||||||||||||||||||||||||||||||||||
Renewal Leases | 43 | 1,891 | $ | 6.37 | 29.5 | % | 5.3 | $ | 1.90 | 73.1 | % | Renewal Leases | 36 | 1,560 | $ | 5.99 | 30.6 | % | 7.8 | $ | 2.44 | 88.7 | % | ||||||||||||||||||||||||||||||||||||||||
Development / Acquisition Leases | 6 | 724 | $ | 6.32 | N/A | 4.6 | N/A | N/A | Development / Acquisition Leases | 3 | 697 | $ | 7.38 | N/A | 10.1 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average | 75 | 3,061 | $ | 6.24 | 27.3 | % | 5.2 | $ | 2.42 | 73.1 | % | Total / Weighted Average | 58 | 2,878 | $ | 6.30 | 32.4 | % | 7.5 | $ | 2.48 | 88.7 | % | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Leases | 40 | 662 | $ | 5.80 | 19.8 | % | 5.5 | $ | 4.73 | N/A | New Leases | 42 | 1,080 | $ | 6.40 | 31.2 | % | 4.6 | $ | 3.85 | N/A | ||||||||||||||||||||||||||||||||||||||||||
Renewal Leases | 91 | 4,949 | $ | 5.26 | 21.9 | % | 4.9 | $ | 1.40 | 80.8 | % | Renewal Leases | 70 | 2,814 | $ | 6.34 | 28.9 | % | 6.9 | $ | 2.09 | 78.4 | % | ||||||||||||||||||||||||||||||||||||||||
Development / Acquisition Leases | 10 | 936 | $ | 6.37 | N/A | 4.8 | N/A | N/A | Development / Acquisition Leases | 7 | 1,622 | $ | 6.46 | N/A | 10.2 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average | 141 | 6,547 | $ | 5.48 | 21.6 | % | 4.9 | $ | 1.79 | 80.8 | % | Total / Weighted Average | 119 | 5,516 | $ | 6.39 | 29.5 | % | 7.4 | $ | 2.58 | 78.4 | % |
(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 ($) | ||||||||||||||
New Leases | 13 | 342 | $ | 593 | |||||||||||||
Renewal Leases | 4 | 321 | 277 | ||||||||||||||
Development / Acquisition Leases | 3 | 697 | 711 | ||||||||||||||
Total | 20 | 1,360 | $ | 1,581 | |||||||||||||
Six Months Ended | |||||||||||||||||
New Leases | 30 | 690 | $ | 1,078 | |||||||||||||
Renewal Leases | 6 | 380 | 321 | ||||||||||||||
Development / Acquisition Leases | 6 | 1,521 | 2,537 | ||||||||||||||
Total | 42 | 2,591 | $ | 3,936 |
Three Months Ended | Number of Leases With Rent Concessions | Square Feet (in 000's) | Rent Concessions ($) | ||||||
New Leases | 16 | 315 | $ | 430 | |||||
Renewal Leases | 2 | 256 | $ | 193 | |||||
Development / Acquisition Leases | 5 | 564 | $ | 852 | |||||
Total | 23 | 1,135 | $ | 1,475 | |||||
Six Months Ended | |||||||||
New Leases | 24 | 473 | $ | 635 | |||||
Renewal Leases | 3 | 324 | $ | 217 | |||||
Development / Acquisition Leases | 9 | 777 | $ | 1,349 | |||||
Total | 36 | 1,574 | $ | 2,201 |
2019 | 2018 | 2020 | 2019 | |||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 120,118 | $ | 93,817 | Net cash provided by operating activities | $ | 117,457 | $ | 120,118 | |||||||||||||||||||
Net cash used in investing activities | (157,562 | ) | (139,483 | ) | Net cash used in investing activities | (245,772) | (157,562) | |||||||||||||||||||||
Net cash provided by financing activities | 20,516 | 76,697 | Net cash provided by financing activities | 76,440 | 20,516 |
2020 | 2019 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Net cash provided by operating activities | $ | 117,871 | $ | 120,177 | ||||||||||||||||
Net cash used in investing activities | (245,772) | (157,562) | ||||||||||||||||||
Net cash provided by financing activities | 76,026 | 20,457 |
2019 | 2018 | |||||||
(In thousands) | ||||||||
Net cash provided by operating activities | $ | 120,177 | $ | 93,760 | ||||
Net cash used in investing activities | (157,562 | ) | (139,483 | ) | ||||
Net cash provided by financing activities | 20,457 | 76,754 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 35,669 | $ | 39,800 | $ | 76,303 | $ | 63,603 | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Depreciation and Other Amortization of Real Estate | 32,032 | 29,603 | 62,769 | 59,458 | |||||||||||||||||||||||||||||||
Gain on Sale of Real Estate | (9,076) | (1,097) | (23,069) | (889) | |||||||||||||||||||||||||||||||
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 | (484) | (344) | (848) | (992) | |||||||||||||||||||||||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 58,141 | $ | 55,092 | $ | 115,155 | $ | 107,561 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 39,800 | $ | 45,209 | $ | 63,603 | $ | 81,501 | |||||||
Adjustments: | |||||||||||||||
Depreciation and Other Amortization of Real Estate | 29,603 | 28,448 | 59,458 | 56,580 | |||||||||||
Impairment of Depreciable Real Estate | — | — | — | 2,285 | |||||||||||
Gain on Sale of Depreciable Real Estate | (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 | (344 | ) | (65 | ) | (992 | ) | (375 | ) | |||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 55,092 | $ | 48,525 | $ | 107,561 | $ | 94,851 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Same Store Revenues | $ | 95,602 | $ | 93,374 | $ | 191,621 | $ | 187,648 | |||||||||||||||||||||||||||||||||||||||
Same Store Property Expenses | (22,690) | (22,608) | (46,128) | (46,921) | |||||||||||||||||||||||||||||||||||||||||||
Same Store Net Operating Income Before Same Store Adjustments | $ | 72,912 | $ | 70,766 | 3.0% | $ | 145,493 | $ | 140,727 | 3.4% | |||||||||||||||||||||||||||||||||||||
Same Store Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Straight-line Rent | (180) | (1,990) | (28) | (4,768) | |||||||||||||||||||||||||||||||||||||||||||
Above / Below Market Rent Amortization | (224) | (264) | (481) | (524) | |||||||||||||||||||||||||||||||||||||||||||
Lease Termination Fees | (86) | (413) | (702) | (985) | |||||||||||||||||||||||||||||||||||||||||||
Same Store Net Operating Income | $ | 72,422 | $ | 68,099 | 6.3% | $ | 144,282 | $ | 134,450 | 7.3% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2019 | 2018 | % Change | 2019 | 2018 | % Change | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Same Store Revenues | $ | 94,286 | $ | 91,401 | $ | 189,753 | $ | 183,252 | |||||||||||
Same Store Property Expenses | (23,450 | ) | (22,871 | ) | (48,822 | ) | (46,638 | ) | |||||||||||
Same Store Net Operating Income Before Same Store Adjustments | $ | 70,836 | $ | 68,530 | 3.4% | $ | 140,931 | $ | 136,614 | 3.2% | |||||||||
Same Store Adjustments: | |||||||||||||||||||
Straight-line Rent | 14 | (8 | ) | 119 | (595 | ) | |||||||||||||
Above / Below Market Rent Amortization | (256 | ) | (249 | ) | (507 | ) | (501 | ) | |||||||||||
Lease Termination Fees | (443 | ) | (163 | ) | (1,014 | ) | (174 | ) | |||||||||||
Same Store Net Operating Income | $ | 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 June 30, | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | 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) |