Delaware | 333-21873 | 39-3924586 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
FIRST INDUSTRIAL, L.P. | ||
By: | FIRST INDUSTRIAL REALTY TRUST, INC. | |
Its Sole General Partner | ||
By: | /S/ SCOTT A. MUSIL | |
Scott A. Musil Chief Financial Officer (Principal Financial Officer) |
Historical (A) | Pro Forma Adjustments | Pro Forma | |||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Assets: | |||||||||||
Investment in Real Estate: | |||||||||||
Land | $ | 611,228 | $ | (952 | ) | (B) | $ | 610,276 | |||
Buildings and Improvements | 2,130,891 | (10,587 | ) | (B) | 2,120,304 | ||||||
Construction in Progress | 38,066 | — | 38,066 | ||||||||
Less: Accumulated Depreciation | (685,678 | ) | 5,486 | (B) | (680,192 | ) | |||||
Net Investment in Real Estate | 2,094,507 | (6,053 | ) | 2,088,454 | |||||||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization | 15,413 | — | 15,413 | ||||||||
Investments in and Advances to Other Real Estate Partnerships | 201,935 | — | 201,935 | ||||||||
Cash and Cash Equivalents | 13,026 | 6,641 | (C) | 19,667 | |||||||
Tenant Accounts Receivable, Net | 5,057 | — | 5,057 | ||||||||
Investments in Joint Venture | 84 | — | 84 | ||||||||
Deferred Rent Receivable, Net | 49,368 | (67 | ) | (B) | 49,301 | ||||||
Deferred Financing Costs, Net | 10,584 | — | 10,584 | ||||||||
Deferred Leasing Intangibles, Net | 27,841 | — | 27,841 | ||||||||
Prepaid Expenses and Other Assets, Net | 76,340 | (219 | ) | (B) | 76,121 | ||||||
Total Assets | $ | 2,494,155 | $ | 302 | $ | 2,494,457 | |||||
LIABILITIES AND PARTNERS' CAPTIAL | |||||||||||
Liabilities: | |||||||||||
Indebtedness: | |||||||||||
Mortgage Loans Payable, Net | $ | 521,304 | $ | — | $ | 521,304 | |||||
Senior Unsecured Notes, Net | 364,837 | — | 364,837 | ||||||||
Unsecured Term Loan | 200,000 | — | 200,000 | ||||||||
Unsecured Credit Facility | 176,000 | — | 176,000 | ||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 77,184 | (167 | ) | (B) | 77,017 | ||||||
Deferred Leasing Intangibles, Net | 11,266 | — | 11,266 | ||||||||
Rents Received in Advance and Security Deposits | 29,083 | (199 | ) | (B) | 28,884 | ||||||
Dividend Payable | 11,886 | — | 11,886 | ||||||||
Total Liabilities | 1,391,560 | (366 | ) | 1,391,194 | |||||||
Commitments and Contingencies | — | — | — | ||||||||
Partners' Capital: | |||||||||||
General Partner Preferred Units | — | — | — | ||||||||
General Partner Units | 1,024,806 | 642 | (D) | 1,025,448 | |||||||
Limited Partners Units | 80,905 | 26 | (D) | 80,931 | |||||||
Accumulated Other Comprehensive Loss | (3,116 | ) | — | (3,116 | ) | ||||||
Total Partners’ Capital | 1,102,595 | 668 | 1,103,263 | ||||||||
Total Liabilities and Partners’ Capital | $ | 2,494,155 | $ | 302 | $ | 2,494,457 |
Historical (A) | Pro Forma Adjustments (B) | Pro Forma | |||||||||
(In thousands except per share data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 169,496 | $ | (757 | ) | $ | 168,739 | ||||
Tenant Recoveries and Other Income | 56,414 | (294 | ) | 56,120 | |||||||
Total Revenues | 225,910 | (1,051 | ) | 224,859 | |||||||
Expenses: | |||||||||||
Property Expenses | 76,077 | (399 | ) | 75,678 | |||||||
General and Administrative | 17,946 | — | 17,946 | ||||||||
Depreciation and Other Amortization | 75,237 | (376 | ) | 74,861 | |||||||
Total Expenses | 169,260 | (775 | ) | 168,485 | |||||||
Other Income (Expense): | |||||||||||
Interest Income | 2,114 | — | 2,114 | ||||||||
Interest Expense | (51,522 | ) | — | (51,522 | ) | ||||||
Amortization of Deferred Financing Costs | (2,235 | ) | — | (2,235 | ) | ||||||
Loss from Retirement of Debt | (522 | ) | — | (522 | ) | ||||||
Total Other Income (Expense) | (52,165 | ) | — | (52,165 | ) | ||||||
Income from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures and Income Tax Provision | 4,485 | (276 | ) | 4,209 | |||||||
Equity in Income of Other Real Estate Partnerships | 10,385 | — | 10,385 | ||||||||
Equity in Income of Joint Ventures | 3,508 | — | 3,508 | ||||||||
Income Tax Provision | (192 | ) | — | (192 | ) | ||||||
Income from Continuing Operations | 18,186 | (276 | ) | 17,910 | |||||||
Income from Continuing Operations Allocable to Participating Securities | (67 | ) | — | (67 | ) | ||||||
Preferred Unit Distributions | (1,019 | ) | — | (1,019 | ) | ||||||
Redemption of Preferred Units | (1,462 | ) | — | (1,462 | ) | ||||||
Income from Continuing Operations Available to Unitholders | $ | 15,638 | $ | (276 | ) | $ | 15,362 | ||||
Income from Continuing Operations Available to Unitholders - Basic and Diluted Earnings Per Unit | $ | 0.14 | $ | 0.13 | |||||||
Weighted Average Units Outstanding - Basic | 114,346 | 114,346 | |||||||||
Weighted Average Units Outstanding - Diluted | 114,788 | 114,788 |
Historical (A) | Pro Forma Adjustments (B) | Pro Forma | |||||||||
(In thousands except per share data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 222,102 | $ | (828 | ) | $ | 221,274 | ||||
Tenant Recoveries and Other Income | 66,834 | (376 | ) | 66,458 | |||||||
Total Revenues | 288,936 | (1,204 | ) | 287,732 | |||||||
Expenses: | |||||||||||
Property Expenses | 95,104 | (508 | ) | 94,596 | |||||||
General and Administrative | 23,106 | — | 23,106 | ||||||||
Impairment of Real Estate | 1,047 | (1,047 | ) | — | |||||||
Depreciation and Other Amortization | 98,824 | (478 | ) | 98,346 | |||||||
Total Expenses | 218,081 | (2,033 | ) | 216,048 | |||||||
Other Income (Expense): | |||||||||||
Interest Income | 2,438 | — | 2,438 | ||||||||
Interest Expense | (68,857 | ) | — | (68,857 | ) | ||||||
Amortization of Deferred Financing Costs | (3,038 | ) | — | (3,038 | ) | ||||||
Mark-to-Market Gain on Interest Rate Protection Agreements | 52 | — | 52 | ||||||||
Loss from Retirement of Debt | (6,423 | ) | — | (6,423 | ) | ||||||
Total Other Income (Expense) | (75,828 | ) | — | (75,828 | ) | ||||||
Loss from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures and Income Tax Benefit | (4,973 | ) | 829 | (4,144 | ) | ||||||
Equity in Income of Other Real Estate Partnerships | 11,603 | — | 11,603 | ||||||||
Equity in Income of Joint Ventures | 136 | — | 136 | ||||||||
Income Tax Benefit | 213 | — | 213 | ||||||||
Income from Continuing Operations | 6,979 | 829 | 7,808 | ||||||||
Gain on Sale of Real Estate | 1,030 | — | 1,030 | ||||||||
Provision for Income Taxes Allocable to Gain on Sale of Real Estate | (210 | ) | — | (210 | ) | ||||||
Preferred Unit Distributions | (8,733 | ) | — | (8,733 | ) | ||||||
Redemption of Preferred Units | (5,667 | ) | — | (5,667 | ) | ||||||
Loss from Continuing Operations Available to Unitholders | $ | (6,601 | ) | $ | 829 | $ | (5,772 | ) | |||
Loss from Continuing Operations Available to Unitholders - Basic and Diluted Earnings Per Unit | $ | (0.06 | ) | $ | (0.05 | ) | |||||
Weighted Average Units Outstanding - Basic and Diluted | 111,646 | 111,646 |
Historical (A) | Pro Forma Adjustments (B) | Pro Forma | |||||||||
(In thousands except per share data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 214,595 | $ | (586 | ) | $ | 214,009 | ||||
Tenant Recoveries and Other Income | 60,848 | (184 | ) | 60,664 | |||||||
Total Revenues | 275,443 | (770 | ) | 274,673 | |||||||
Expenses: | |||||||||||
Property Expenses | 88,605 | (400 | ) | 88,205 | |||||||
General and Administrative | 24,959 | — | 24,959 | ||||||||
Impairment of Real Estate | (20 | ) | — | (20 | ) | ||||||
Depreciation and Other Amortization | 100,683 | (341 | ) | 100,342 | |||||||
Total Expenses | 214,227 | (741 | ) | 213,486 | |||||||
Other Income (Expense): | |||||||||||
Interest Income | 2,940 | — | 2,940 | ||||||||
Interest Expense | (77,794 | ) | — | (77,794 | ) | ||||||
Amortization of Deferred Financing Costs | (3,252 | ) | — | (3,252 | ) | ||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | (328 | ) | — | (328 | ) | ||||||
Loss from Retirement of Debt | (9,684 | ) | — | (9,684 | ) | ||||||
Total Other Income (Expense) | (88,118 | ) | — | (88,118 | ) | ||||||
Loss from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax Provision | (26,902 | ) | (29 | ) | (26,931 | ) | |||||
Equity in Income of Other Real Estate Partnerships | 7,756 | — | 7,756 | ||||||||
Equity in Income of Joint Ventures | 1,559 | — | 1,559 | ||||||||
Gain on Change in Control of Interests | 776 | — | 776 | ||||||||
Income Tax Provision | (5,522 | ) | — | (5,522 | ) | ||||||
Loss from Continuing Operations | (22,333 | ) | (29 | ) | (22,362 | ) | |||||
Gain on Sale of Real Estate | 3,777 | — | 3,777 | ||||||||
Preferred Unit Distributions | (18,947 | ) | — | (18,947 | ) | ||||||
Redemption of Preferred Units | (1,804 | ) | — | (1,804 | ) | ||||||
Loss from Continuing Operations Available to Unitholders | $ | (39,307 | ) | $ | (29 | ) | $ | (39,336 | ) | ||
Loss from Continuing Operations Available to Unitholders - Basic and Diluted Earnings Per Unit | $ | (0.41 | ) | $ | (0.41 | ) | |||||
Weighted Average Units Outstanding - Basic and Diluted | 96,509 | 96,509 |
Historical (A) | Pro Forma Adjustments (B) | Pro Forma | |||||||||
(In thousands except per share data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 203,602 | $ | (599 | ) | $ | 203,003 | ||||
Tenant Recoveries and Other Income | 60,224 | (192 | ) | 60,032 | |||||||
Total Revenues | 263,826 | (791 | ) | 263,035 | |||||||
Expenses: | |||||||||||
Property Expenses | 89,772 | (372 | ) | 89,400 | |||||||
General and Administrative | 20,508 | — | 20,508 | ||||||||
Restructuring Costs | 1,553 | — | 1,553 | ||||||||
Impairment of Real Estate | (8,293 | ) | 98 | (8,195 | ) | ||||||
Depreciation and Other Amortization | 102,485 | (279 | ) | 102,206 | |||||||
Total Expenses | 206,025 | (553 | ) | 205,472 | |||||||
Other Income (Expense): | |||||||||||
Interest Income | 3,990 | — | 3,990 | ||||||||
Interest Expense | (95,103 | ) | — | (95,103 | ) | ||||||
Amortization of Deferred Financing Costs | (3,785 | ) | — | (3,785 | ) | ||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | (1,718 | ) | — | (1,718 | ) | ||||||
Loss from Retirement of Debt | (5,299 | ) | — | (5,299 | ) | ||||||
Foreign Currency Exchange Loss | (332 | ) | — | (332 | ) | ||||||
Total Other Income (Expense) | (102,247 | ) | — | (102,247 | ) | ||||||
Loss from Continuing Operations Before Equity in Other Real Estate Partnerships, Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax Provision | (44,446 | ) | (238 | ) | (44,684 | ) | |||||
Equity in Income of Other Real Estate Partnerships | 11,891 | — | 11,891 | ||||||||
Equity in Income of Joint Ventures | 980 | — | 980 | ||||||||
Gain on Change in Control of Interests | 689 | — | 689 | ||||||||
Income Tax Provision | (450 | ) | — | (450 | ) | ||||||
Loss from Continuing Operations | (31,336 | ) | (238 | ) | (31,574 | ) | |||||
Gain on Sale of Real Estate | 1,370 | — | 1,370 | ||||||||
Provision for Income Taxes Allocable to Gain on Sale of Real Estate | (452 | ) | — | (452 | ) | ||||||
Preferred Unit Distributions | (19,565 | ) | — | (19,565 | ) | ||||||
Loss from Continuing Operations Available to Unitholders | $ | (49,983 | ) | $ | (238 | ) | $ | (50,221 | ) | ||
Loss from Continuing Operations Available to Unitholders - Basic and Diluted Earnings Per Unit | $ | (0.58 | ) | $ | (0.58 | ) | |||||
Weighted Average Units Outstanding - Basic and Diluted | 85,913 | 85,913 |