Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 28, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-13102 | |
Entity Registrant Name | FIRST INDUSTRIAL REALTY TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 36-3935116 | |
Entity Address, Address Line One | 1 N. Wacker Drive, Suite 4200 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 344-4300 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | FR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000921825 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 127,207,645 | |
First Industrial, L.P. | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Entity File Number | 333-21873 | |
Entity Registrant Name | FIRST INDUSTRIAL, L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3924586 | |
Trading Symbol | FRFI | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001033128 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment in Real Estate: | ||
Land | $ 1,060,358 | $ 957,478 |
Buildings and Improvements | 2,813,421 | 2,782,430 |
Construction in Progress | 125,666 | 90,301 |
Less: Accumulated Depreciation | (813,345) | (804,780) |
Net Investment in Real Estate | 3,186,100 | 3,025,429 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,597 and $0 | 4,857 | 0 |
Operating Lease Right-of-Use Assets | 25,854 | 24,877 |
Cash and Cash Equivalents | 129,117 | 21,120 |
Restricted Cash | 5,887 | 131,598 |
Tenant Accounts Receivable | 7,876 | 8,529 |
Investment in Joint Venture | 18,509 | 18,208 |
Deferred Rent Receivable | 79,924 | 77,703 |
Deferred Leasing Intangibles, Net | 27,760 | 28,533 |
Prepaid Expenses and Other Assets, Net | 176,890 | 182,831 |
Total Assets | 3,662,774 | 3,518,828 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 172,510 | 173,685 |
Senior Unsecured Notes, Net | 694,144 | 694,015 |
Unsecured Term Loans, Net | 458,129 | 457,865 |
Unsecured Credit Facility | 320,000 | 158,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 103,212 | 114,637 |
Operating Lease Liabilities | 23,370 | 22,369 |
Deferred Leasing Intangibles, Net | 12,088 | 11,893 |
Rents Received in Advance and Security Deposits | 55,483 | 57,534 |
Dividends and Distributions Payable | 32,857 | 30,567 |
Total Liabilities | 1,871,793 | 1,720,565 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital: | ||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 127,207,645 and 126,994,478 shares issued and outstanding) | 1,272 | 1,270 |
Additional Paid-in-Capital | 2,138,298 | 2,140,847 |
Distributions in Excess of Accumulated Earnings | (365,050) | (370,835) |
Accumulated Other Comprehensive Loss | (21,054) | (6,883) |
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity | 1,753,466 | 1,764,399 |
Noncontrolling Interest | 37,515 | 33,864 |
Total Equity | 1,790,981 | 1,798,263 |
Total Liabilities and Equity/Partners' Capital | 3,662,774 | 3,518,828 |
First Industrial, L.P. | ||
Investment in Real Estate: | ||
Land | 1,060,358 | 957,478 |
Buildings and Improvements | 2,813,421 | 2,782,430 |
Construction in Progress | 125,666 | 90,301 |
Less: Accumulated Depreciation | (813,345) | (804,780) |
Net Investment in Real Estate | 3,186,100 | 3,025,429 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,597 and $0 | 4,857 | 0 |
Operating Lease Right-of-Use Assets | 25,854 | 24,877 |
Cash and Cash Equivalents | 129,117 | 21,120 |
Restricted Cash | 5,887 | 131,598 |
Tenant Accounts Receivable | 7,876 | 8,529 |
Investment in Joint Venture | 18,509 | 18,208 |
Deferred Rent Receivable | 79,924 | 77,703 |
Deferred Leasing Intangibles, Net | 27,760 | 28,533 |
Prepaid Expenses and Other Assets, Net | 186,550 | 192,852 |
Total Assets | 3,672,434 | 3,528,849 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 172,510 | 173,685 |
Senior Unsecured Notes, Net | 694,144 | 694,015 |
Unsecured Term Loans, Net | 458,129 | 457,865 |
Unsecured Credit Facility | 320,000 | 158,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 103,212 | 114,637 |
Operating Lease Liabilities | 23,370 | 22,369 |
Deferred Leasing Intangibles, Net | 12,088 | 11,893 |
Rents Received in Advance and Security Deposits | 55,483 | 57,534 |
Dividends and Distributions Payable | 32,857 | 30,567 |
Total Liabilities | 1,871,793 | 1,720,565 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital: | ||
General Partner Units (127,207,645 and 126,994,478 units outstanding) | 1,757,222 | 1,750,656 |
Limited Partners Units (2,706,760 and 2,422,744 units outstanding) | 64,208 | 63,618 |
Accumulated Other Comprehensive Loss | (21,501) | (7,013) |
Total First Industrial L.P.'s Partners' Capital | 1,799,929 | 1,807,261 |
Noncontrolling Interest | 712 | 1,023 |
Total Partners' Capital | 1,800,641 | 1,808,284 |
Total Liabilities and Equity/Partners' Capital | $ 3,672,434 | $ 3,528,849 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $ 4,597 | $ 0 |
Net Investment in Real Estate | 3,186,100 | 3,025,429 |
Mortgage Loans Payable, Net | $ 172,510 | $ 173,685 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 225,000,000 | 225,000,000 |
Common Stock, shares issued | 127,207,645 | 126,994,478 |
Common Stock, shares outstanding | 127,207,645 | 126,994,478 |
First Industrial, L.P. | ||
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $ 4,597 | $ 0 |
Net Investment in Real Estate | 3,186,100 | 3,025,429 |
Mortgage Loans Payable, Net | $ 172,510 | $ 173,685 |
General Partner Units, units outstanding | 127,207,645 | 126,994,478 |
Limited Partner Units, units outstanding | 2,706,760 | 2,422,744 |
Other Real Estate Partnerships | ||
Net Investment in Real Estate | $ 242,214 | $ 240,847 |
Mortgage Loans Payable, Net | $ 10,928 | $ 11,009 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Lease Revenue | $ 108,375 | $ 103,638 |
Other Revenue | 1,968 | 903 |
Total Revenues | 110,343 | 104,541 |
Expenses: | ||
Property Expenses | 29,081 | 30,168 |
General and Administrative | 9,251 | 6,802 |
Depreciation and Other Amortization | 30,931 | 30,055 |
Total Expenses | 69,263 | 67,025 |
Other Income (Expense): | ||
Gain (Loss) on Sale of Real Estate | 13,993 | (208) |
Interest Expense | (12,804) | (12,767) |
Amortization of Debt Issuance Costs | (788) | (831) |
Total Other Income (Expense) | 401 | (13,806) |
Income from Operations Before Equity in (Loss) Income of Joint Venture and Income Tax Benefit (Provision) | 41,481 | 23,710 |
Equity in (Loss) Income of Joint Venture | (29) | 844 |
Income Tax Benefit (Provision) | 77 | (214) |
Net Income | 41,529 | 24,340 |
Less: Net Income Attributable to the Noncontrolling Interest | (895) | (537) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 40,634 | $ 23,803 |
Basic and Diluted Earnings Per Share / Unit: | ||
Net Income Available to Common Stockholders / Unitholders | $ 0.32 | $ 0.19 |
Weighted Average Shares/Units Outstanding - Basic | 126,934 | 126,194 |
Weighted Average Shares/Units Outstanding - Diluted | 127,111 | 126,456 |
First Industrial, L.P. | ||
Revenues: | ||
Lease Revenue | $ 108,375 | $ 103,638 |
Other Revenue | 1,968 | 903 |
Total Revenues | 110,343 | 104,541 |
Expenses: | ||
Property Expenses | 29,081 | 30,168 |
General and Administrative | 9,251 | 6,802 |
Depreciation and Other Amortization | 30,931 | 30,055 |
Total Expenses | 69,263 | 67,025 |
Other Income (Expense): | ||
Gain (Loss) on Sale of Real Estate | 13,993 | (208) |
Interest Expense | (12,804) | (12,767) |
Amortization of Debt Issuance Costs | (788) | (831) |
Total Other Income (Expense) | 401 | (13,806) |
Income from Operations Before Equity in (Loss) Income of Joint Venture and Income Tax Benefit (Provision) | 41,481 | 23,710 |
Equity in (Loss) Income of Joint Venture | (29) | 844 |
Income Tax Benefit (Provision) | 77 | (214) |
Net Income | 41,529 | 24,340 |
Less: Net Income Attributable to the Noncontrolling Interest | (50) | (26) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 41,479 | $ 24,314 |
Basic and Diluted Earnings Per Share / Unit: | ||
Net Income Available to Common Stockholders / Unitholders | $ 0.32 | $ 0.19 |
Weighted Average Shares/Units Outstanding - Basic | 129,070 | 128,818 |
Weighted Average Shares/Units Outstanding - Diluted | 129,400 | 129,178 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income | $ 41,529 | $ 24,340 |
Mark-to-Market Loss on Derivative Instruments | (14,590) | (6,354) |
Amortization of Derivative Instruments | 102 | 24 |
Comprehensive Income | 27,041 | 18,010 |
Comprehensive Income Attributable to Noncontrolling Interest | (582) | (397) |
Comprehensive Income Attributable to Common Stockholders / Unitholders | 26,459 | 17,613 |
First Industrial, L.P. | ||
Net Income | 41,529 | 24,340 |
Mark-to-Market Loss on Derivative Instruments | (14,590) | (6,354) |
Amortization of Derivative Instruments | 102 | 24 |
Comprehensive Income | 27,041 | 18,010 |
Comprehensive Income Attributable to Noncontrolling Interest | (50) | (26) |
Comprehensive Income Attributable to Common Stockholders / Unitholders | $ 26,991 | $ 17,984 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/ PARTNER'S CAPITAL - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | First Industrial, L.P. | First Industrial, L.P.General Partner Units | First Industrial, L.P.Limited Partner Units | First Industrial, L.P.Accumulated Other Comprehensive Loss | First Industrial, L.P.Noncontrolling Interest |
Beginning Balance at Dec. 31, 2018 | $ 1,679,911 | $ 1,263 | $ 2,131,556 | $ (490,807) | $ 3,502 | $ 34,397 | |||||
Beginning Balance at Dec. 31, 2018 | $ 1,690,019 | $ 1,619,342 | $ 66,246 | $ 3,574 | $ 857 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | |||||||||||
Net Income | 24,340 | 23,803 | 537 | 24,340 | 23,777 | 537 | 26 | ||||
Other Comprehensive Loss | (6,330) | (6,190) | (140) | (6,330) | (6,330) | ||||||
Stock Based Compensation Activity | (2,035) | 2 | (611) | (1,696) | 270 | ||||||
Stock Based Compensation Activity | (2,035) | 2,305 | (270) | ||||||||
Common Stock Dividends and Unit Distributions | (29,922) | (29,258) | (664) | ||||||||
Unit Distributions | (29,922) | (29,258) | (664) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Reallocation - Additional Paid-in-Capital | 0 | (3,238) | 3,238 | ||||||||
Reallocation - Other Comprehensive Income | 0 | (7) | 7 | ||||||||
Distributions to Noncontrolling Interest | (43) | (43) | |||||||||
Ending Balance at Mar. 31, 2019 | 1,665,964 | 1,265 | 2,127,707 | (497,958) | (2,695) | 37,645 | |||||
Ending Balance at Mar. 31, 2019 | 1,676,029 | 1,611,556 | 66,389 | (2,756) | 840 | ||||||
Beginning Balance at Dec. 31, 2019 | 1,798,263 | 1,270 | 2,140,847 | (370,835) | (6,883) | 33,864 | |||||
Beginning Balance at Dec. 31, 2019 | 1,808,284 | 1,750,656 | 63,618 | (7,013) | 1,023 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | |||||||||||
Net Income | 41,529 | 40,634 | 895 | 41,529 | 40,584 | 895 | 50 | ||||
Other Comprehensive Loss | (14,488) | (14,175) | (313) | (14,488) | (14,488) | ||||||
Stock Based Compensation Activity | (1,835) | 0 | (1,233) | (2,975) | 2,373 | ||||||
Stock Based Compensation Activity | (1,835) | 4,208 | (2,373) | ||||||||
Common Stock Dividends and Unit Distributions | (32,488) | (31,874) | (614) | ||||||||
Unit Distributions | (32,488) | (31,874) | (614) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 2 | 2,062 | (2,064) | 0 | 2,064 | (2,064) | ||||
Reallocation - Additional Paid-in-Capital | 0 | (3,378) | 3,378 | ||||||||
Reallocation - Other Comprehensive Income | 0 | 4 | (4) | ||||||||
Contributions from Noncontrolling Interest | 5 | 5 | |||||||||
Distributions to Noncontrolling Interest | (366) | (366) | |||||||||
Ending Balance at Mar. 31, 2020 | $ 1,790,981 | $ 1,272 | $ 2,138,298 | $ (365,050) | $ (21,054) | $ 37,515 | |||||
Ending Balance at Mar. 31, 2020 | $ 1,800,641 | $ 1,757,222 | $ 64,208 | $ (21,501) | $ 712 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY / PARTNERS' CAPITAL (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Dividends/Distributions Per Share/Unit | $ 0.25 | $ 0.23 |
First Industrial, L.P. | ||
Dividends/Distributions Per Share/Unit | $ 0.25 | $ 0.23 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 41,529 | $ 24,340 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 24,906 | 24,376 |
Amortization of Debt Issuance Costs | 788 | 831 |
Other Amortization, including Stock Based Compensation | 7,920 | 7,022 |
Equity in Loss (Income) of Joint Venture | 29 | (844) |
Distributions from Joint Venture | 0 | 568 |
(Gain) Loss on Sale of Real Estate | (13,993) | 208 |
Straight-line Rental Income and Expense, Net | (2,898) | (2,690) |
Increase in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net | (4,452) | (6,390) |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (13,560) | (5,692) |
Net Cash Provided by Operating Activities | 40,269 | 41,729 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | (142,380) | (18,499) |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (55,813) | (43,402) |
Net Proceeds from Sales of Investments in Real Estate | 26,030 | 9,793 |
Contributions to and Investments in Joint Venture | (339) | 0 |
Distributions from Joint Venture | 0 | 2,175 |
Deposits on Future Acquisitions and Other Investing Activity | (10,550) | (7,048) |
Net Cash Used in Investing Activities | (183,052) | (56,981) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Tax Paid on Shares Withheld | (5,944) | (4,384) |
Common Stock Dividends and Unit Distributions Paid | (29,730) | (28,042) |
Repayments on Mortgage Loans Payable | (1,257) | (73,806) |
Proceeds from Unsecured Credit Facility | 232,000 | 121,000 |
Repayments on Unsecured Credit Facility | (70,000) | (19,000) |
Net Cash Provided by (Used in) Financing Activities | 125,069 | (4,232) |
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (17,714) | (19,484) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | 50,373 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 135,004 | 30,889 |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||
Interest Expense Capitalized in Connection with Development Activity | 1,558 | 944 |
Cash Paid for Operating Lease Liabilities | 727 | 268 |
Supplemental Schedule of Non-Cash Operating Activities: | ||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 1,208 | 12,400 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
Dividends and Distributions Payable | 32,857 | 30,139 |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 3,385 | 0 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 34,307 | 43,002 |
Write-off of Fully Depreciated Assets | (6,195) | (11,176) |
Noncontrolling Interest | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 895 | 537 |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (2,064) | 0 |
Common Stock | ||
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 2 | 0 |
Additional Paid-in- Capital | ||
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 2,062 | 0 |
First Industrial, L.P. | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 41,529 | 24,340 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 24,906 | 24,376 |
Amortization of Debt Issuance Costs | 788 | 831 |
Other Amortization, including Stock Based Compensation | 7,920 | 7,022 |
Equity in Loss (Income) of Joint Venture | 29 | (844) |
Distributions from Joint Venture | 0 | 568 |
(Gain) Loss on Sale of Real Estate | (13,993) | 208 |
Straight-line Rental Income and Expense, Net | (2,898) | (2,690) |
Increase in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net | (4,091) | (6,347) |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (13,560) | (5,692) |
Net Cash Provided by Operating Activities | 40,630 | 41,772 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | (142,380) | (18,499) |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (55,813) | (43,402) |
Net Proceeds from Sales of Investments in Real Estate | 26,030 | 9,793 |
Contributions to and Investments in Joint Venture | (339) | 0 |
Distributions from Joint Venture | 0 | 2,175 |
Deposits on Future Acquisitions and Other Investing Activity | (10,550) | (7,048) |
Net Cash Used in Investing Activities | (183,052) | (56,981) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Tax Paid on Shares Withheld | (5,944) | (4,384) |
Common Stock Dividends and Unit Distributions Paid | (29,730) | (28,042) |
Contributions from Noncontrolling Interests | 5 | 0 |
Distributions to Noncontrolling Interests | (366) | (43) |
Repayments on Mortgage Loans Payable | (1,257) | (73,806) |
Proceeds from Unsecured Credit Facility | 232,000 | 121,000 |
Repayments on Unsecured Credit Facility | (70,000) | (19,000) |
Net Cash Provided by (Used in) Financing Activities | 124,708 | (4,275) |
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (17,714) | (19,484) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 152,718 | 50,373 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 135,004 | 30,889 |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||
Interest Expense Capitalized in Connection with Development Activity | 1,558 | 944 |
Cash Paid for Operating Lease Liabilities | 727 | 268 |
Supplemental Schedule of Non-Cash Operating Activities: | ||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | 1,208 | 12,400 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
Dividends and Distributions Payable | 32,857 | 30,139 |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 3,385 | 0 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 34,307 | 43,002 |
Write-off of Fully Depreciated Assets | (6,195) | (11,176) |
First Industrial, L.P. | Limited Partner Units | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 895 | 537 |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (2,064) | 0 |
First Industrial, L.P. | General Partner Units | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 40,584 | 23,777 |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 2,064 | $ 0 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.9% ownership interest ("General Partner Units") at March 31, 2020. The Operating Partnership also conducts operations through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The Company's noncontrolling interest in the Operating Partnership of approximately 2.1% at March 31, 2020 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (See Note 6) pursuant to the Company's stock incentive plan. We also own a 49% equity interest in, and provide various services to, a joint venture (the "Joint Venture") through a wholly- owned TRS of the Operating Partnership. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Venture. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Venture are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of March 31, 2020, we owned 436 industrial properties located in 21 states, containing an aggregate of approximately 62.6 million square feet of gross leasable area ("GLA"). Of the 436 properties owned on a consolidated basis, none of them are directly owned by the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2019 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2019 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2019 audited consolidated financial statements included in our 2019 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. Reclassifications Certain amounts included in the Consolidated Financial Statements for 2019 have been reclassified to conform to the 2020 financial statement presentation. Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2020 and December 31, 2019, and the reported amounts of revenues and expenses for the three months ended March 31, 2020 and 2019. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2020 and December 31, 2019, the results of our operations and comprehensive income for each of the three months ended March 31, 2020 and 2019, and our cash flows for each of the three months ended March 31, 2020 and 2019. All adjustments are of a normal recurring nature. |
Investment in Real Estate
Investment in Real Estate | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate Acquisitions During the three months ended March 31, 2020, we acquired four industrial properties comprised of approximately 0.8 million square feet of GLA and two land parcels. We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. The following table summarizes the amounts recognized for each major asset class for the industrial properties and land parcels acquired during the three months ended March 31, 2020: Land $ 83,511 Building and Improvements/Construction in Progress 56,048 In-Place Leases 981 Above Market Leases 134 Below Market Leases (770 ) Other Assets (leasing commissions) 37 Total Purchase Price $ 139,941 The revenue and net income associated with the acquisition of the industrial properties and land parcels, since their respective acquisition dates, are not significant to the three months ended March 31, 2020. Real Estate Held for Sale As of March 31, 2020, we had two industrial properties comprised of approximately 0.2 million square feet of GLA held for sale. Sales During the three months ended March 31, 2020, we sold nine industrial properties comprised of approximately 0.2 million square feet of GLA. Gross proceeds from the sales were $26,500 . The gain on sale of real estate attributable to these sales was $13,993 |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Interest Rate at Issuance Maturity Date March 31, 2020 December 31, 2019 Mortgage Loans Payable, Gross $ 173,103 $ 174,360 4.03% – 6.50% 4.03% – 6.50% July 2020 – August 2028 Unamortized Debt Issuance Costs (593 ) (675 ) Mortgage Loans Payable, Net $ 172,510 $ 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 (4,357 ) (4,485 ) Unamortized Discounts (70 ) (71 ) Senior Unsecured Notes, Net $ 694,144 $ 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 (1,871 ) (2,135 ) Unsecured Term Loans, Net $ 458,129 $ 457,865 Unsecured Credit Facility (B) $ 320,000 $ 158,000 2.09% N/A 10/29/2021 _______________ (A) The interest rate at March 31, 2020 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $1,986 and $2,300 as of March 31, 2020 and December 31, 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . Mortgage Loans Payable, Net As of March 31, 2020, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $262,852 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2020. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of March 31, and thereafter: Amount Remainder of 2020 $ 18,556 2021 587,294 2022 336,954 2023 321 2024 335 Thereafter 708,214 Total $ 1,651,674 Our unsecured credit facility (the "Unsecured Credit Facility"), our unsecured term loans (the "Unsecured Term Loans"), our Private Placement Notes and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of March 31, 2020. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At March 31, 2020 and December 31, 2019, the fair value of our indebtedness was as follows: March 31, 2020 December 31, 2019 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 173,103 $ 176,544 $ 174,360 $ 179,287 Senior Unsecured Notes, Net 698,501 701,948 698,500 756,351 Unsecured Term Loans 460,000 455,796 460,000 460,902 Unsecured Credit Facility 320,000 317,372 158,000 158,141 Total $ 1,651,604 $ 1,651,660 $ 1,490,860 $ 1,554,681 _______________ (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Other Real Estate Partnerships The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts: March 31, 2020 December 31, 2019 ASSETS Assets: Net Investment in Real Estate $ 242,214 $ 240,847 Other Assets, Net 45,039 69,982 Total Assets $ 287,253 $ 310,829 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 10,928 $ 11,009 Other Liabilities, Net 19,669 21,088 Partners' Capital 256,656 278,732 Total Liabilities and Partners' Capital $ 287,253 $ 310,829 Joint Venture Through a wholly-owned TRS of the Operating Partnership, we own a 49% interest in a Joint Venture with a third party partner for the purpose of developing, leasing, operating and potentially selling approximately 532 net developable acres of land located in the Phoenix, Arizona metropolitan area. The purchase price of the land was $49,000 and was acquired by the Joint Venture via cash equity contributions from us and our joint venture partner during 2018. Under the Joint Venture's operating agreement, we act as the managing member of the Joint Venture and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services to the Joint Venture. In addition, the Joint Venture's operating agreement provides us the ability to earn an incentive fee based on the ultimate financial performance of the Joint Venture. The Joint Venture has a 0.6 million square foot building under development (the "Project") at March 31, 2020. In connection with the Project, the Joint Venture entered into a construction loan with a capacity of $28,000 with a third party lender (the "Joint Venture Loan") during the three months ended March 31, 2020. At March 31, 2020, the Joint Venture Loan has a $0 outstanding balance. With respect to the Joint Venture Loan, we provided a guarantee to the lender, which upon default of the loan, would require us to pay up to six months of interest and Project operating expenses with a maximum obligation of $500 . Additionally, we provided the lender and our third party joint venture partner, guarantees that require timely completion of construction of the Project as well as the payment, subject to certain exceptions, of cost overruns incurred in the development of the Project. Total estimated investment for the Project is $42,800 and the Joint Venture is using a third party contractor to develop the building pursuant to a guaranteed maximum price contract. Lastly, we provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees. During the three months ended March 31, 2020, we recognized fees of $60 from the Joint Venture related to asset management and development services we provided to the Joint Venture. At March 31, 2020, we had a receivable from the Joint Venture of $670 . As part of our assessment of the appropriate accounting treatment for the Joint Venture, we reviewed the operating agreement of the Joint Venture in order to determine our rights and the rights of our joint venture partner, including whether those rights are protective or participating. We found that the operating agreement contains certain protective rights, such as the requirement of both member's approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. However, we also found that we and our Joint Venture partner jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing, and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the Joint Venture. As such, we concluded to account for our investment in the Joint Venture under the equity method of accounting. |
Stockholders_ Equity of the Com
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership | Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership Noncontrolling Interest of the Company The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes and is an award that is granted under our stock incentive plan. See Note 9. Subject to vesting and other certain exceptions (including the “book-up” requirements of RLP Units), the holders of Noncontrolling Interests may convert their Units into an equal number of shares of Common Stock, or a cash equivalent, at the Company's election. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period. ATM Program On February 14, 2020, we entered into distribution agreements with certain sales agents to sell up to 14,000,000 shares of the Company's common stock, for up to $500,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2020 ATM Program"). Under the terms of the 2020 ATM Program, sales are to be made through transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange , sales made through a market maker other than on an exchange or sales made through privately negotiated transactions. During the three months ended March 31, 2020, the Company did not issue any shares of common stock under the 2020 ATM Program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the three months ended March 31, 2020: 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 (14,972 ) (14,972 ) 317 (14,655 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income 484 484 — 484 Net Current Period Other Comprehensive Loss (14,488 ) (14,488 ) 317 (14,171 ) Balance as of March 31, 2020 $ (21,501 ) $ (21,501 ) $ 447 $ (21,054 ) The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three months ended March 31, 2020 and 2019: Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments $ 102 $ 24 Interest Expense Net Settlement Payments (Receipts) to our Counterparties 382 (576 ) Interest Expense Total $ 484 $ (552 ) The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $410 |
Earnings Per Share _ Unit (EPS
Earnings Per Share / Unit (EPS / EPU) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share / Unit (EPS / EPU) | Earnings Per Share and Earnings Per Unit ("EPS"/"EPU") The computation of basic and diluted EPS of the Company is presented below: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 40,634 $ 23,803 Net Income Allocable to Participating Securities (59 ) (60 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 40,575 $ 23,743 Denominator (In Thousands): Weighted Average Shares - Basic 126,934 126,194 Effect of Dilutive Securities: Performance Units (See Note 9) 177 262 Weighted Average Shares - Diluted 127,111 126,456 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.32 $ 0.19 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net Income Available to Unitholders and Participating Securities $ 41,479 $ 24,314 Net Income Allocable to Participating Securities (123 ) (76 ) Net Income Available to Unitholders $ 41,356 $ 24,238 Denominator (In Thousands): Weighted Average Units - Basic 129,070 128,818 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 6) 330 360 Weighted Average Units - Diluted 129,400 129,178 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.32 $ 0.19 At March 31, 2020 and 2019, participating securities for the Company include 210,886 and 287,273 , respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At March 31, 2020 and 2019, participating securities for the Operating Partnership include 445,735 and 407,457 , respectively, of Service Awards and certain Performance Awards (See Note 9), which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared. |
Long-Term Compensation
Long-Term Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Long-Term Compensation | Awards with Performance Measures During the three months ended March 31, 2020, the Company granted 59,263 performance units ("Performance Units") and 322,477 RLP Units, based on performance-based criteria ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") to certain employees, which had a fair value of approximately $7,883 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. A portion of each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to nine other peer industrial real estate companies. The performance periods for such awards are one year, two years and three years . Compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock. Service Based Awards For the three months ended March 31, 2020, the Company awarded 75,261 shares of restricted stock units ("Service Units") and 109,761 RLP Units based on service-based criteria ("Service RLP Units" and together with the Service Units, collectively the "Service Awards") to certain employees and outside directors, which had an aggregate fair value of approximately $8,102 on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards granted to employees vest ratably over a period of three years based on continued employment. Service Awards granted to outside directors vest after a one year period. The Operating Partnership issued restricted Unit awards to the Company in the same amount and on substantially the same terms as the restricted stock awards. Compensation expense is charged to earnings over the vesting periods for the Service Awards. Retirement Eligibility Commencing January 1, 2020, all award agreements issued underlying Performance Awards and Service Awards contain a retirement benefit for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non -forfeitable. As such, during the three months ended March 31, 2020, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are amortized over the shorter service period. Outstanding Restricted Stock/Restricted Unit Awards, Performance Units and RLP Units We recognized $3,641 and $1,762 for the three months ended March 31, 2020 and 2019, respectively, in compensation expense related to the amortization of the Service Awards and the Performance Awards. Service Award and Performance Award amortization capitalized in connection with development activities was $982 and $203 for the three months ended March 31, 2020 and 2019. At March 31, 2020, we had $21,563 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 1.15 years. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish these objectives, we primarily use derivative instruments as part of our interest rate risk management strategy. Derivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Cash Flow Hedges During the three months ended March 31, 2020, we entered into one one-year interest rate swap with a notional value of $150,000 to manage our exposure to changes in the one month LIBOR rate (the "2020 Swap"). The 2020 Swap, which is effective commencing April 1, 2020, fixes the one month LIBOR rate component on $150,000 of our outstanding balance on our Unsecured Credit Facility at 0.42% . We designated the 2020 Swap as a cash flow hedge. During the three months ended March 31, 2020, in anticipation of refinancing our 2014 Term Loan (see Note 4) in January 2021, we also entered into three five-year interest rate swaps with an aggregate notional value of $200,000 to fix the one month LIBOR rate (the "2021 Swaps"). The 2021 Swaps, which are effective commencing February 1, 2021, fix the one month LIBOR rate at 0.99% . We have designated the 2021 Swaps as cash flow hedges. In connection with the originations of the Unsecured Term Loans (see Note 4), we entered into interest rate swaps to manage our exposure to changes in the one month LIBOR rate. The four interest rate swaps, which fix the variable rate of the 2014 Unsecured Term Loan, have an aggregate notional value of $200,000 , mature on January 29, 2021 and fix the LIBOR rate at a weighted average rate of 2.29% (the "2014 Swaps"). The six interest rate swaps, which fix the variable rate of the 2015 Unsecured Term Loan, have an aggregate notional value of $260,000 , mature on September 12, 2022 and fix the LIBOR rate at a weighted average rate of 1.79% (the "2015 Swaps"). We designated the 2014 Swaps and 2015 Swaps as cash flow hedges. Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of March 31, 2020, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps which are included in the line item Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of March 31, 2020: 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 $ (3,218 ) — $ (3,218 ) — 2015 Swaps $ (9,501 ) — $ (9,501 ) — 2020 Swap $ (116 ) — $ (116 ) — 2021 Swaps $ (4,944 ) — $ (4,944 ) — There was no ineffectiveness recorded on the 2014 Swaps, the 2015 Swaps, the 2020 Swap or the 2021 Swaps during the three months ended March 31, 2020. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps fell within Level 2 of the fair value hierarchy. In July 2017, the Financial Conduct Authority (the authority that regulates LIBOR) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee ("ARRC") has proposed that the Secured Overnight Financing Rate ("SOFR") is the rate that represents best practice as the alternative to LIBOR for use in derivatives and other financial contracts that are currently indexed to LIBOR. ARRC has proposed a paced market transition plan to SOFR from LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to LIBOR. We have contracts that are indexed to LIBOR and are monitoring this activity and evaluating the related risks. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions At March 31, 2020 and December 31, 2019, the Operating Partnership had receivable balances of $9,670 and $10,031 , respectively, from a direct wholly-owned subsidiary of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At March 31, 2020, we had nine industrial properties totaling approximately 1.5 million square feet of GLA under construction. The estimated total investment as of March 31, 2020 is approximately $154,400 . Of this amount, approximately $82,000 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events From April 1, 2020 to April 28, 2020 , we sold two industrial properties for $13,455 , excluding transaction costs. Additionally, during that same period, we acquired one industrial property for a purchase price of $9,125 , excluding transaction costs. On April 9, 2020, we repaid $15,115 of mortgage loans payable that had an original maturity in July 2020. Subsequent to March 31, 2020, the United States continues to be severely impacted by the COVID-19 pandemic and by the economic effects of government responses, such as “stay-at-home” orders and various restrictions on certain business activities, which have materially disrupted the economy. In April 2020, we have received some rent relief requests from tenants at our properties, most often in the form of rent deferral requests, as a result of COVID-19. We are evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant relief requests will ultimately result in our granting any form of rent or other relief, nor do we plan to forgo our contractual rights under our lease agreements in connection with any such requests. While we are not able to estimate the impact of the COVID-19 pandemic at this time, the pandemic could materially affect our future financial and operational results. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2019 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2019 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2019 audited consolidated financial statements included in our 2019 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. |
Reclassifications | Reclassifications Certain amounts included in the Consolidated Financial Statements for 2019 have been reclassified to conform to the 2020 financial statement presentation. |
Use of Estimates | Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2020 and December 31, 2019, and the reported amounts of revenues and expenses for the three months ended March 31, 2020 and 2019. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2020 and December 31, 2019, the results of our operations and comprehensive income for each of the three months ended March 31, 2020 and 2019, and our cash flows for each of the three months ended March 31, 2020 and 2019. All adjustments are of a normal recurring nature. |
Investment in Real Estate Inves
Investment in Real Estate Investment in Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Summary of Acquisition Purchase Price Allocation | Land $ 83,511 Building and Improvements/Construction in Progress 56,048 In-Place Leases 981 Above Market Leases 134 Below Market Leases (770 ) Other Assets (leasing commissions) 37 Total Purchase Price $ 139,941 The revenue and net income associated with the acquisition of the industrial properties and land parcels, since their respective acquisition dates, are not significant to the three months ended March 31, 2020. |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Interest Rate at Issuance Maturity Date March 31, 2020 December 31, 2019 Mortgage Loans Payable, Gross $ 173,103 $ 174,360 4.03% – 6.50% 4.03% – 6.50% July 2020 – August 2028 Unamortized Debt Issuance Costs (593 ) (675 ) Mortgage Loans Payable, Net $ 172,510 $ 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 (4,357 ) (4,485 ) Unamortized Discounts (70 ) (71 ) Senior Unsecured Notes, Net $ 694,144 $ 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 (1,871 ) (2,135 ) Unsecured Term Loans, Net $ 458,129 $ 457,865 Unsecured Credit Facility (B) $ 320,000 $ 158,000 2.09% N/A 10/29/2021 _______________ (A) The interest rate at March 31, 2020 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $1,986 and $2,300 as of March 31, 2020 and December 31, 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . |
Schedule of Maturities | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of March 31, and thereafter: Amount Remainder of 2020 $ 18,556 2021 587,294 2022 336,954 2023 321 2024 335 Thereafter 708,214 Total $ 1,651,674 |
Summary of Indebtedness at Estimated Fair Value | At March 31, 2020 and December 31, 2019, the fair value of our indebtedness was as follows: March 31, 2020 December 31, 2019 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 173,103 $ 176,544 $ 174,360 $ 179,287 Senior Unsecured Notes, Net 698,501 701,948 698,500 756,351 Unsecured Term Loans 460,000 455,796 460,000 460,902 Unsecured Credit Facility 320,000 317,372 158,000 158,141 Total $ 1,651,604 $ 1,651,660 $ 1,490,860 $ 1,554,681 _______________ (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Other Real Estate Partnerships' Summarized Balance Sheet | The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts: March 31, 2020 December 31, 2019 ASSETS Assets: Net Investment in Real Estate $ 242,214 $ 240,847 Other Assets, Net 45,039 69,982 Total Assets $ 287,253 $ 310,829 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 10,928 $ 11,009 Other Liabilities, Net 19,669 21,088 Partners' Capital 256,656 278,732 Total Liabilities and Partners' Capital $ 287,253 $ 310,829 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the three months ended March 31, 2020: 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 (14,972 ) (14,972 ) 317 (14,655 ) Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income 484 484 — 484 Net Current Period Other Comprehensive Loss (14,488 ) (14,488 ) 317 (14,171 ) Balance as of March 31, 2020 $ (21,501 ) $ (21,501 ) $ 447 $ (21,054 ) |
Reclassification Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three months ended March 31, 2020 and 2019: Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments $ 102 $ 24 Interest Expense Net Settlement Payments (Receipts) to our Counterparties 382 (576 ) Interest Expense Total $ 484 $ (552 ) |
Earnings Per Share _ Unit (EP_2
Earnings Per Share / Unit (EPS / EPU) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPS of the Company is presented below: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 40,634 $ 23,803 Net Income Allocable to Participating Securities (59 ) (60 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 40,575 $ 23,743 Denominator (In Thousands): Weighted Average Shares - Basic 126,934 126,194 Effect of Dilutive Securities: Performance Units (See Note 9) 177 262 Weighted Average Shares - Diluted 127,111 126,456 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.32 $ 0.19 |
First Industrial, L.P. | |
Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Numerator: Net Income Available to Unitholders and Participating Securities $ 41,479 $ 24,314 Net Income Allocable to Participating Securities (123 ) (76 ) Net Income Available to Unitholders $ 41,356 $ 24,238 Denominator (In Thousands): Weighted Average Units - Basic 129,070 128,818 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 6) 330 360 Weighted Average Units - Diluted 129,400 129,178 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.32 $ 0.19 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements on Recurring Basis | The following table sets forth our financial liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps which are included in the line item Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of March 31, 2020: 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 $ (3,218 ) — $ (3,218 ) — 2015 Swaps $ (9,501 ) — $ (9,501 ) — 2020 Swap $ (116 ) — $ (116 ) — 2021 Swaps $ (4,944 ) — $ (4,944 ) — |
Organization - Additional Infor
Organization - Additional Information (Details) ft² in Millions | 3 Months Ended |
Mar. 31, 2020ft²PropertyState | |
Organization [Line Items] | |
Number of industrial properties | Property | 436 |
Number of states in which industrial properties are located | State | 21 |
Gross leasable area (GLA) of industrial properties owned | 62.6 |
Joint Venture | |
Organization [Line Items] | |
Equity Method Investment, Ownership Percentage | 49.00% |
Gross leasable area (GLA) of industrial properties owned | 0.6 |
Ownership | |
Organization [Line Items] | |
Company's ownership interest | 97.90% |
Limited partners' ownership interest in the Operating Partnership | 2.10% |
Other Real Estate Partnerships | |
Organization [Line Items] | |
Company's ownership interest | 100.00% |
Number of Other Real Estate Partnerships | 8 |
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships | 99.00% |
General partners' minimum ownership interest in the Other Real Estate Partnerships | 0.01% |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)ft²Property | |
Real Estate Properties [Line Items] | |
Number of industrial properties | 436 |
Gross leasable area (GLA) of industrial properties | ft² | 62.6 |
Acquisition Activity | |
Real Estate Properties [Line Items] | |
Number of industrial properties | 4 |
Gross leasable area (GLA) of industrial properties | ft² | 0.8 |
Number of Land Parcels | 2 |
Held for Sale Activity | |
Real Estate Properties [Line Items] | |
Number of industrial properties | 2 |
Gross leasable area (GLA) of industrial properties | ft² | 0.2 |
Disposition Activity | |
Real Estate Properties [Line Items] | |
Number of industrial properties | 9 |
Gross leasable area (GLA) of industrial properties | ft² | 0.2 |
Proceeds from sale of industrial properties | $ | $ 26,500 |
Gain on sale of real estate | $ | $ 13,993 |
Investment in Real Estate Inv_2
Investment in Real Estate Investment in Real Estate - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Real Estate [Line Items] | ||
Land | $ 1,060,358 | $ 957,478 |
Buildings and Improvements | 2,813,421 | $ 2,782,430 |
Acquisition Activity | ||
Real Estate [Line Items] | ||
Land | 83,511 | |
Buildings and Improvements | 56,048 | |
Other Assets | 37 | |
Purchase price of industrial properties acquired | 139,941 | |
Acquisition Activity | In-Place Leases | ||
Real Estate [Line Items] | ||
Acquired finite lived intangible assets, fair value | 981 | |
Acquisition Activity | Above Market Leases [Member] | ||
Real Estate [Line Items] | ||
Acquired finite lived intangible assets, fair value | 134 | |
Acquisition Activity | Below Market Leases | ||
Real Estate [Line Items] | ||
Acquired finite lived intangible liabilities, fair value | $ (770) |
Indebtedness - Summary of Indeb
Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 1,651,674 | ||
Unsecured Credit Facility | 320,000 | $ 158,000 | |
2027 Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 6,070 | 6,070 | |
Interest Rate | 7.15% | ||
Effective Interest Rate | 7.11% | ||
Maturity Date | May 15, 2027 | ||
2028 Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 31,901 | 31,901 | |
Interest Rate | 7.60% | ||
Effective Interest Rate | 8.13% | ||
Maturity Date | Jul. 15, 2028 | ||
2032 Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 10,600 | 10,600 | |
Interest Rate | 7.75% | ||
Effective Interest Rate | 7.87% | ||
Maturity Date | Apr. 15, 2032 | ||
2027 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 125,000 | 125,000 | |
Interest Rate | 4.30% | ||
Effective Interest Rate | 4.30% | ||
Maturity Date | Apr. 20, 2027 | ||
2028 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 150,000 | |
Interest Rate | 3.86% | ||
Effective Interest Rate | 3.86% | ||
Maturity Date | Feb. 15, 2028 | ||
2029 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 75,000 | 75,000 | |
Interest Rate | 4.40% | ||
Effective Interest Rate | 4.40% | ||
Maturity Date | Apr. 20, 2029 | ||
2029 II Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 150,000 | |
Interest Rate | 3.97% | ||
Effective Interest Rate | 4.23% | ||
Maturity Date | Jul. 23, 2029 | ||
2030 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 150,000 | |
Interest Rate | 3.96% | ||
Effective Interest Rate | 3.96% | ||
Maturity Date | Feb. 15, 2030 | ||
2014 Unsecured Term Loan (A) | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 200,000 | 200,000 | |
Interest Rate | [1] | 3.39% | |
Maturity Date | [1] | Jan. 29, 2021 | |
2015 Unsecured Term Loan (A) | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 260,000 | 260,000 | |
Interest Rate | [1] | 2.89% | |
Maturity Date | [1] | Sep. 12, 2022 | |
Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 173,103 | 174,360 | |
Unamortized Debt Issuance Costs | (593) | (675) | |
Long-term Debt | $ 172,510 | 173,685 | |
Maturity Date Range, Start | Jul. 1, 2020 | ||
Maturity Date Range, End | Aug. 1, 2028 | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 698,571 | 698,571 | |
Unamortized Debt Issuance Costs | (4,357) | (4,485) | |
Unamortized Discounts | 70 | 71 | |
Long-term Debt | 694,144 | 694,015 | |
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 460,000 | 460,000 | |
Unamortized Debt Issuance Costs | (1,871) | (2,135) | |
Long-term Debt | 458,129 | 457,865 | |
Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Costs | (1,986) | (2,300) | |
Unsecured Credit Facility | [2] | $ 320,000 | $ 158,000 |
Interest Rate | [1] | 2.09% | |
Maturity Date | [2] | Oct. 29, 2021 | |
Minimum | Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.03% | ||
Effective Interest Rate | 4.03% | ||
Maximum | Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.50% | ||
Effective Interest Rate | 6.50% | ||
[1] | The interest rate at March 31, 2020 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10. | ||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $1,986 and $2,300 as of March 31, 2020 and December 31, 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 1,651,674 | ||
Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Costs | $ 1,986 | $ 2,300 | |
Interest Rate | [1] | 2.09% | |
Maturity Date | [2] | Oct. 29, 2021 | |
Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Costs | $ 593 | 675 | |
Net carrying value of industrial properties collateralized by mortgage loans | 262,852 | ||
Long-term Debt, Gross | 173,103 | 174,360 | |
2014 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 200,000 | 200,000 | |
Interest Rate | [1] | 3.39% | |
Maturity Date | [1] | Jan. 29, 2021 | |
2015 Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 260,000 | 260,000 | |
Interest Rate | [1] | 2.89% | |
Maturity Date | [1] | Sep. 12, 2022 | |
2028 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 150,000 | |
Interest Rate | 3.86% | ||
Effective Interest Rate | 3.86% | ||
Maturity Date | Feb. 15, 2028 | ||
2029 II Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 150,000 | |
Interest Rate | 3.97% | ||
Effective Interest Rate | 4.23% | ||
Maturity Date | Jul. 23, 2029 | ||
2030 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | |
Interest Rate | 3.96% | ||
Effective Interest Rate | 3.96% | ||
Maturity Date | Feb. 15, 2030 | ||
[1] | The interest rate at March 31, 2020 also reflects the derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10. | ||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized debt issuance costs of $1,986 and $2,300 as of March 31, 2020 and December 31, 2019, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net . |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2020 | $ 18,556 |
2021 | 587,294 |
2022 | 336,954 |
2023 | 321 |
2024 | 335 |
Thereafter | 708,214 |
Total | $ 1,651,674 |
Indebtedness - Summary of Ind_2
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | $ 176,544 | $ 179,287 | |
Senior Unsecured Notes, Net | 701,948 | 756,351 | |
Unsecured Term Loans | 455,796 | 460,902 | |
Unsecured Credit Facility | 317,372 | 158,141 | |
Total | 1,651,660 | 1,554,681 | |
Carrying Amount (A) | |||
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | [1] | 173,103 | 174,360 |
Senior Unsecured Notes, Net | [1] | 698,501 | 698,500 |
Unsecured Term Loans | [1] | 460,000 | 460,000 |
Unsecured Credit Facility | [1] | 320,000 | 158,000 |
Total | [1] | $ 1,651,604 | $ 1,490,860 |
[1] | The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. |
Variable Interest Entities - Su
Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Net Investment in Real Estate | $ 3,186,100 | $ 3,025,429 |
Total Assets | 3,662,774 | 3,518,828 |
Liabilities and Partners' Capital: | ||
Mortgage Loans Payable, Net | 172,510 | 173,685 |
Total Liabilities and Equity/Partners' Capital | 3,662,774 | 3,518,828 |
Other Real Estate Partnerships | ||
Assets: | ||
Net Investment in Real Estate | 242,214 | 240,847 |
Other Assets, Net | 45,039 | 69,982 |
Total Assets | 287,253 | 310,829 |
Liabilities and Partners' Capital: | ||
Mortgage Loans Payable, Net | 10,928 | 11,009 |
Other Liabilities, Net | 19,669 | 21,088 |
Partners' Capital | 256,656 | 278,732 |
Total Liabilities and Equity/Partners' Capital | $ 287,253 | $ 310,829 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) $ in Thousands, ft² in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)ft²Property | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Variable Interest Entity [Line Items] | |||
Gross leasable area (GLA) of industrial properties owned | ft² | 62.6 | ||
Interest and Operating Expense, Construction Loan | $ 12,804 | $ 12,767 | |
Net Investment in Real Estate | $ 3,186,100 | $ 3,025,429 | |
Joint Venture | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Number of Acres | Property | 532 | ||
Purchase price | $ 49,000 | ||
Gross leasable area (GLA) of industrial properties owned | ft² | 0.6 | ||
Construction Loan | $ 28,000 | ||
Construction Loan Outstanding Balance | 0 | ||
Interest and Operating Expense, Construction Loan | 500 | ||
Net Investment in Real Estate | 42,800 | ||
Asset Management Fees | 60 | ||
Receivable balance due from joint venture | $ 670 | ||
Disposition Activity | |||
Variable Interest Entity [Line Items] | |||
Gross leasable area (GLA) of industrial properties owned | ft² | 0.2 | ||
Acquisition Activity | |||
Variable Interest Entity [Line Items] | |||
Purchase price | $ 139,941 | ||
Gross leasable area (GLA) of industrial properties owned | ft² | 0.8 |
Stockholders_ Equity of the C_2
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Details) - ATM [Member] $ in Thousands | Feb. 14, 2020USD ($)shares |
Class of Stock [Line Items] | |
Shares of company stock issuable under an at-the-market offering | shares | 14,000,000 |
Aggregate Gross Sale Proceeds | $ | $ 500,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Changes in AOCI) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | $ 1,798,263 |
Ending Balance | 1,790,981 |
Derivative Instruments | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | (7,013) |
Other Comprehensive Loss Before Reclassifications | (14,972) |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 484 |
Net Current Period Other Comprehensive Loss | (14,488) |
Ending Balance | (21,501) |
Comprehensive Loss Attributable to Noncontrolling Interest of the Company | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | 130 |
Other Comprehensive Loss Before Reclassifications | 317 |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 |
Net Current Period Other Comprehensive Loss | 317 |
Ending Balance | 447 |
Accumulated Other Comprehensive Loss of the Company | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | (6,883) |
Other Comprehensive Loss Before Reclassifications | (14,655) |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 484 |
Net Current Period Other Comprehensive Loss | (14,171) |
Ending Balance | (21,054) |
First Industrial, L.P. | Accumulated Other Comprehensive Loss of the Operating Partnership | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | (7,013) |
Other Comprehensive Loss Before Reclassifications | (14,972) |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 484 |
Net Current Period Other Comprehensive Loss | (14,488) |
Ending Balance | $ (21,501) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income [Line Items] | ||
Interest Expense - Amortization of Derivative Instruments | $ 12,804 | $ 12,767 |
Total | 401 | (13,806) |
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Interest Expense - Amortization of Derivative Instruments | 102 | 24 |
Interest Expense - Settlement Payments | 382 | (576) |
Total | $ 484 | $ (552) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Amortization to be reclassified from OCI into income | $ 410 |
Earnings Per Share _ Unit (EP_3
Earnings Per Share / Unit (EPS / EPU) - Computation of Basic and Diluted EPS / EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 40,634 | $ 23,803 |
Net Income Allocable to Participating Securities | (59) | (60) |
Net Income Available to Common Stockholders / Unitholders | $ 40,575 | $ 23,743 |
Denominator: | ||
Weighted Average Shares / Units - Basic | 126,934 | 126,194 |
Performance Units and certain Performance RLP Units (See Note 6) | 177 | 262 |
Weighted Average Shares / Units - Diluted | 127,111 | 126,456 |
Basic and Diluted Earnings Per Share / Unit: | ||
Net Income Available to Common Stockholders / Unitholders | $ 0.32 | $ 0.19 |
First Industrial, L.P. | ||
Numerator: | ||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 41,479 | $ 24,314 |
Net Income Allocable to Participating Securities | (123) | (76) |
Net Income Available to Common Stockholders / Unitholders | $ 41,356 | $ 24,238 |
Denominator: | ||
Weighted Average Shares / Units - Basic | 129,070 | 128,818 |
Performance Units and certain Performance RLP Units (See Note 6) | 330 | 360 |
Weighted Average Shares / Units - Diluted | 129,400 | 129,178 |
Basic and Diluted Earnings Per Share / Unit: | ||
Net Income Available to Common Stockholders / Unitholders | $ 0.32 | $ 0.19 |
Earnings Per Share _ Unit (EP_4
Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares | Mar. 31, 2020 | Mar. 31, 2019 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Unvested Restricted Stock / Unit Awards | 210,886 | 287,273 |
First Industrial, L.P. | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Unvested Restricted Stock / Unit Awards | 445,735 | 407,457 |
Long-Term Compensation - Additi
Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amortization related to restricted stock/Unit awards and LTIP Unit Awards | $ 3,641 | $ 1,762 |
Share-based Payment Arrangement, Amount Capitalized | 982 | $ 203 |
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards | $ 21,563 | |
Weighted average period of unrecognized compensation expected to be recognized | 1 year 1 month 24 days | |
Management | Performance Share/Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock/Unit awards and LTIP Unit Awards issued | 59,263 | |
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 7,883 | |
Vesting period of restricted stock/Unit awards issued | 3 years | |
Management | LTIP Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock/Unit awards and LTIP Unit Awards issued | 322,477 | |
Management | Restricted Stock/Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock/Unit awards and LTIP Unit Awards issued | 75,261 | |
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 8,102 | |
Vesting period of restricted stock/Unit awards issued | 3 years | |
Management | Service LTIP Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock/Unit awards and LTIP Unit Awards issued | 109,761 | |
Director | Restricted Stock/Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of restricted stock/Unit awards issued | 1 year |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
2020 Swap | |
Derivative [Line Items] | |
Swaps, Number of Instruments Held | 1 |
Derivative, Notional Amount | $ 150,000 |
Debt instrument, LIBOR Rate | one month LIBOR |
Swaps, Average Fixed Interest Rate | 0.42% |
2021 Swaps | |
Derivative [Line Items] | |
Swaps, Number of Instruments Held | 3 |
Derivative, Notional Amount | $ 200,000 |
Debt instrument, LIBOR Rate | one month LIBOR |
Swaps, Average Fixed Interest Rate | 0.99% |
2014 Swaps | |
Derivative [Line Items] | |
Swaps, Number of Instruments Held | 4 |
Derivative, Notional Amount | $ 200,000 |
Debt instrument, LIBOR Rate | one month LIBOR |
Swaps, Average Fixed Interest Rate | 2.29% |
2015 Swaps | |
Derivative [Line Items] | |
Swaps, Number of Instruments Held | 6 |
Derivative, Notional Amount | $ 260,000 |
Debt instrument, LIBOR Rate | one month LIBOR |
Swaps, Average Fixed Interest Rate | 1.79% |
Derivatives - Fair Value Measur
Derivatives - Fair Value Measurements on Recurring Basis (Details) $ in Thousands | Mar. 31, 2020USD ($) |
2014 Swaps | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | $ (3,218) |
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | (3,218) |
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2015 Swaps | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | (9,501) |
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | (9,501) |
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2020 Swap | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | (116) |
2020 Swap | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2020 Swap | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | (116) |
2020 Swap | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2021 Swaps | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | (4,944) |
2021 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | 0 |
2021 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | (4,944) |
2021 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Liability, Fair Value | $ 0 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Receivable balance due from a direct wholly-owned subsidiary | $ 9,670 | $ 10,031 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions | Mar. 31, 2020USD ($)ft²Property |
Other Commitments [Line Items] | |
Number of industrial properties | Property | 436 |
Gross leasable area (GLA) of industrial properties | ft² | 62.6 |
Development Activity | |
Other Commitments [Line Items] | |
Number of industrial properties | Property | 9 |
Gross leasable area (GLA) of industrial properties | ft² | 1.5 |
Estimated total investment | $ | $ 154,400 |
Estimated total investment remaining to be funded | $ | $ 82,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Apr. 09, 2020USD ($) | Apr. 28, 2020USD ($)Property | Mar. 31, 2020USD ($)Property |
Subsequent Event [Line Items] | |||
Number of industrial properties | Property | 436 | ||
Disposition Activity | |||
Subsequent Event [Line Items] | |||
Number of industrial properties | Property | 9 | ||
Proceeds from sale of industrial properties | $ | $ 26,500 | ||
Acquisition Activity | |||
Subsequent Event [Line Items] | |||
Number of industrial properties | Property | 4 | ||
Purchase price | $ | $ 139,941 | ||
Subsequent Event | Mortgage Loans Payable | |||
Subsequent Event [Line Items] | |||
Extinguishment of Debt, Amount | $ | $ 15,115 | ||
Subsequent Event | Disposition Activity | |||
Subsequent Event [Line Items] | |||
Number of industrial properties | Property | 2 | ||
Proceeds from sale of industrial properties | $ | $ 13,455 | ||
Subsequent Event | Acquisition Activity | |||
Subsequent Event [Line Items] | |||
Number of industrial properties | Property | 1 | ||
Purchase price | $ | $ 9,125 |