Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | FIRST INDUSTRIAL REALTY TRUST, INC. |
Entity Central Index Key | 0000921825 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | PAY VERSUS PERFORMANCE COMPARISON The information below presents the relationship between the compensation of our Named Executive Officers and certain performance measures in accordance with Item 402(v) of Regulation S-K. The amounts in the tables below do not necessarily represent amounts actually earned or realized by our Named Executive Officers during the applicable year. For a discussion of our compensation programs and pay for performance philosophy, please refer to the section captioned “Compensation Discussion and Analysis” above. Year Summary Compensation Table Total for CEO ($) (1) Compensation Actually Paid to CEO ($) (2) Average Summary Compensation Table Total for Non-CEO NEOs ($) (3) Average Compensation Actually Paid to Non-CEO NEOs ($) (2)(3) Value of Initial Fixed $100 Investment Based On: Net Income FFO per Diluted Share/Unit (5) Total Shareholder Return ($) Peer Group Total Shareholder Return ($) (4) 2022 5,675,125 5,009,154 1,946,025 1,758,889 124.7 100.6 381.6 2.28 2021 5,242,451 10,913,430 1,853,333 3,779,800 167.0 134.1 277.2 1.97 2020 7,123,032 7,607,552 2,095,731 2,439,650 104.2 94.9 200.2 1.84 (1) The dollar amounts reported are the amounts of total compensation reported for our CEO, Mr. Baccile, in the Summary Compensation Table for the years ended December 31, 2022, 2021 and 2020. Mr. Baccile served as CEO for each of the years presented. (2) The dollar amounts represent the amount of “compensation actually paid,” as computed in accordance with Item 402(v) of Regulation S-K. The tables below these footnotes show the steps taken to compute such amounts paid to the CEO and non-CEO NEOs in accordance with Item 402(v) of Regulation S-K. (3) For 2022 and 2021, reflects compensation reported for our NEOs, other than our CEO, as described in the Compensation Discussion and Analysis of this proxy statement. For 2020, reflects the compensation information for Mr. Yap, Mr. Musil, Mr. Schultz and David Harker, the Company’s former Executive Vice President - Central Region. (4) Reflects cumulative total shareholder return of the FTSE NAREIT All Equity REIT Index (the “FTSE Index”), which is the index used by the Company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. (5) FFO represents net income available to common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. The FFO calculation also excludes the same adjustments from the Company’s share of net income from unconsolidated joint ventures. | ||
Company Selected Measure Name | FFO per diluted share/Unit | ||
Named Executive Officers, Footnote [Text Block] | (3) For 2022 and 2021, reflects compensation reported for our NEOs, other than our CEO, as described in the Compensation Discussion and Analysis of this proxy statement. For 2020, reflects the compensation information for Mr. Yap, Mr. Musil, Mr. Schultz and David Harker, the Company’s former Executive Vice President - Central Region. | ||
Peer Group Issuers, Footnote [Text Block] | (4) Reflects cumulative total shareholder return of the FTSE NAREIT All Equity REIT Index (the “FTSE Index”), which is the index used by the Company for purposes of Item 201(e) of Regulation S-K under the Exchange Act in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. | ||
PEO Total Compensation Amount | $ 5,675,125 | $ 5,242,451 | $ 7,123,032 |
PEO Actually Paid Compensation Amount | $ 5,009,154 | 10,913,430 | 7,607,552 |
Adjustment To PEO Compensation, Footnote [Text Block] | Year 2022 2021 2020 CEO Summary Compensation Table (SCT) Total Compensation ($) 5,675,125 5,242,451 7,123,032 Adjustments for stock awards: Deduct: Reported Value of Equity Awards in SCT ($) (3,165,627) (2,113,787) (4,417,536) Add: Fair Value of Equity Awards Granted in the Year and Unvested ($) 2,957,058 3,873,565 4,302,696 (Deduct) Add: Change in Fair Value of Outstanding and Unvested Equity Awards from Prior Years ($) (938,114) 2,695,084 67,385 Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the — — 197,042 Add: Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) 199,495 1,017,850 176,696 Add: Value of Dividends or other Earnings Paid on Awards ($) 281,217 198,267 158,237 Compensation Actually Paid ($) (1)(2) 5,009,154 10,913,430 7,607,552 | ||
Non-PEO NEO Average Total Compensation Amount | $ 1,946,025 | 1,853,333 | 2,095,731 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 1,758,889 | 3,779,800 | 2,439,650 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Non-CEO NEOs SCT Total Compensation ($) 1,946,025 1,853,333 2,095,731 Adjustments for stock awards: Deduct: Reported Value of Equity Awards in SCT ($) (807,314) (702,519) (1,155,169) Add: Fair Value of Equity Awards Granted in the Year and Unvested ($) 754,115 1,287,373 1,180,911 (Deduct) Add: Change in Fair Value of Outstanding and Unvested Equity Awards from Prior Years ($) (293,287) 797,355 44,592 Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the — — 17,231 Add: Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) 69,244 463,324 183,406 Add: Value of Dividends or other Earnings Paid on Awards ($) 90,106 80,934 72,948 Compensation Actually Paid ($) (1)(2) 1,758,889 3,779,800 2,439,650 (1) Fair value or change in fair value, as applicable, of equity awards in “Compensation Actually Paid” was determined by reference to (a) for Time-Based Units and Time-Based RSUs, closing price on applicable year-end dates ($42.13, $66.20 and $48.26 as of December 31, 2020, 2021 and 2022, respectively) or, in the case of vesting dates, the actual vesting price, (b) for Performance Units and Performance RSUs, the fair value calculated by a Monte Carlo simulation model as of the applicable year-end date(s) or in the case of vesting date, the actual vesting price, determined based on the same methodology as used to determine grant date fair values but using the closing stock price on the applicable revaluation date as the current market price and based on volatility, dividend rates and risk free rates determined as of the revaluation date. | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | CAP vs. Shareholder Return | ||
Compensation Actually Paid vs. Net Income [Text Block] | CAP vs. Net Income | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | CAP vs. FFO per Diluted Share/Unit | ||
Tabular List [Table Text Block] | Other Important Financial Performance Measures for Executive Compensation The following is a list identifying the five most important financial performance measures used by our Compensation Committee to link the “compensation actually paid” (“CAP”) to our CEO and other Named Executive Officers in 2022 to the Company’s performance. The role of each of these performance measures on our Named Executive Officer’s compensation is discussed in the Compensation Discussion and Analysis above. Financial Performance Measures FFO per Diluted Share/Unit Relative TSR to FTSE NAREIT All Equity Index Relative TSR to Long-Term Incentive Peer Group Same Store NOI Growth Fixed Charge Coverage Ratio | ||
Total Shareholder Return Amount | $ 124.7 | 167 | 104.2 |
Peer Group Total Shareholder Return Amount | 100.6 | 134.1 | 94.9 |
Net Income (Loss) | $ 381,600,000 | $ 277,200,000 | $ 200,200,000 |
Company Selected Measure Amount | $ / shares | 2.28 | 1.97 | 1.84 |
PEO Name | Mr. Baccile | ||
Additional 402(v) Disclosure [Text Block] | (2) The dollar amounts represent the amount of “compensation actually paid,” as computed in accordance with Item 402(v) of Regulation S-K. The tables below these footnotes show the steps taken to compute such amounts paid to the CEO and non-CEO NEOs in accordance with Item 402(v) of Regulation S-K. | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | FFO per Diluted Share/Unit | ||
Non-GAAP Measure Description [Text Block] | FFO represents net income available to common stockholders and participating securities, plus depreciation and other amortization of real estate, plus impairment of real estate, minus gain or plus loss on sale of real estate, net of any income tax provision or benefit associated with the sale of real estate. The FFO calculation also excludes the same adjustments from the Company’s share of net income from unconsolidated joint ventures. | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative TSR to FTSE NAREIT All Equity Index | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Relative TSR to Long-Term Incentive Peer Group | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Same Store NOI Growth | ||
Measure [Axis]: 5 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Fixed Charge Coverage Ratio | ||
PEO [Member] | Reported Value of Equity Awards in SCT ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (3,165,627) | $ (2,113,787) | $ (4,417,536) |
PEO [Member] | Fair Value of Equity Awards Granted in the Year and Unvested ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 2,957,058 | 3,873,565 | 4,302,696 |
PEO [Member] | Change in Fair Value of Outstanding and Unvested Equity Awards from Prior Years ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (938,114) | 2,695,084 | 67,385 |
PEO [Member] | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 197,042 |
PEO [Member] | Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 199,495 | 1,017,850 | 176,696 |
PEO [Member] | Value of Dividends or other Earnings Paid on Awards ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 281,217 | 198,267 | 158,237 |
Non-PEO NEO [Member] | Reported Value of Equity Awards in SCT ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (807,314) | (702,519) | (1,155,169) |
Non-PEO NEO [Member] | Fair Value of Equity Awards Granted in the Year and Unvested ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 754,115 | 1,287,373 | 1,180,911 |
Non-PEO NEO [Member] | Change in Fair Value of Outstanding and Unvested Equity Awards from Prior Years ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (293,287) | 797,355 | 44,592 |
Non-PEO NEO [Member] | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | 17,231 |
Non-PEO NEO [Member] | Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 69,244 | 463,324 | 183,406 |
Non-PEO NEO [Member] | Value of Dividends or other Earnings Paid on Awards ($) [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 90,106 | $ 80,934 | $ 72,948 |