XML 26 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 167,334 $ 208,301 $ 125,684
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 94,626 94,078 95,514
Amortization of Debt Issuance Costs 3,404 3,162 3,219
Other Amortization, including Stock Based Compensation 26,976 29,252 28,403
Impairment of Real Estate 2,756 0 0
Provision for Bad Debt 350 177 563
Equity in Loss of Joint Venture 276 0 0
Gain on Sale of Real Estate [1] (81,600) (131,269) (68,202)
Loss from Retirement of Debt 39 1,775 0
Gain on Casualty and Involuntary Conversion (392) (1,321) 0
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (4,199) (5,829) 965
Increase in Deferred Rent Receivable, Net (2,165) (5,299) (6,602)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 3,090 (465) (5,655)
Net Cash Provided by Operating Activities 210,495 192,562 173,889
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (157,787) (175,303) (107,484)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (224,466) (146,003) (179,994)
Net Proceeds from Sales of Investments in Real Estate 184,783 228,102 163,435
Proceeds from Casualty and Involuntary Conversion 906 10,094 0
Contributions to and Investments in Joint Venture (25,190) 0 0
Distributions from Joint Venture 1,829 0 0
Other Investing Activity (3,473) 615 1,648
Net Cash Used in Investing Activities (223,398) (82,495) (122,395)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt and Equity Issuance Costs (2,975) (6,864) (375)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 145,584 74,880 124,936
Repurchase and Retirement of Restricted Stock/Units (6,020) (2,401) (5,242)
Common Stock Dividends and Unit Distributions Paid (109,649) (100,524) (82,696)
Repayments on Mortgage Loans Payable (165,646) (46,832) (70,969)
Prepayments of Penalties Associated with Retirement of Debt 0 (1,453) (554)
Proceeds from Senior Unsecured Notes 300,000 200,000 0
Repayments of Senior Unsecured Notes 0 (156,852) (159,125)
Proceeds from Unsecured Credit Facility 237,000 429,000 442,000
Repayments on Unsecured Credit Facility (381,500) (474,000) (305,000)
Net Cash Provided by (Used in) Financing Activities 16,794 (85,046) (57,025)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 3,891 25,021 (5,531)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 46,482 21,461 26,992
Cash, Cash Equivalents and Restricted Cash, End of Year 50,373 46,482 21,461
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity 47,408 56,844 63,600
Interest Expense Capitalized in Connection with Development Activity 5,869 4,353 3,523
Income Taxes Paid 457 769 1,358
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 28,845 27,016 23,434
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate 11,878 1,269 5,405
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 31,545 38,597 32,712
Write-off of Fully Depreciated Assets (43,654) (35,560) (44,080)
Noncontrolling Interest      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 4,095 6,845 4,452
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (16,605) (364) (2,862)
Common Stock      
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 13 0 3
Additional Paid-in- Capital      
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 16,592 364 2,859
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 167,334 208,301 125,684
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 94,626 94,078 95,514
Amortization of Debt Issuance Costs 3,404 3,162 3,219
Other Amortization, including Stock Based Compensation 26,976 29,252 28,403
Impairment of Real Estate 2,756 0 0
Provision for Bad Debt 350 177 563
Equity in Loss of Joint Venture 276 0 0
Gain on Sale of Real Estate (81,600) (131,269) (68,202)
Loss from Retirement of Debt 39 1,775 0
Gain on Casualty and Involuntary Conversion (392) (1,321) 0
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (4,189) (5,510) 1,242
Increase in Deferred Rent Receivable, Net (2,165) (5,299) (6,602)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 3,090 (465) (5,655)
Net Cash Provided by Operating Activities 210,505 192,881 174,166
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (157,787) (175,303) (107,484)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (224,466) (146,003) (179,994)
Net Proceeds from Sales of Investments in Real Estate 184,783 228,102 163,435
Proceeds from Casualty and Involuntary Conversion 906 10,094 0
Contributions to and Investments in Joint Venture (25,190) 0 0
Distributions from Joint Venture 1,829 0 0
Other Investing Activity (3,473) 616 1,648
Net Cash Used in Investing Activities (223,398) (82,494) (122,395)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt and Equity Issuance Costs (2,975) (6,864) (375)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 145,584 74,880 124,936
Repurchase and Retirement of Restricted Stock/Units (6,020) (2,401) (5,242)
Common Stock Dividends and Unit Distributions Paid (109,649) (100,524) (82,696)
Contributions from Noncontrolling Interests 126 40 123
Distributions to Noncontrolling Interests (136) (360) (400)
Repayments on Mortgage Loans Payable (165,646) (46,832) (70,969)
Prepayments of Penalties Associated with Retirement of Debt 0 (1,453) (554)
Proceeds from Senior Unsecured Notes 300,000 200,000 0
Repayments of Senior Unsecured Notes 0 (156,852) (159,125)
Proceeds from Unsecured Credit Facility 237,000 429,000 442,000
Repayments on Unsecured Credit Facility (381,500) (474,000) (305,000)
Net Cash Provided by (Used in) Financing Activities 16,784 (85,366) (57,302)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 3,891 25,021 (5,531)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 46,482 21,461 26,992
Cash, Cash Equivalents and Restricted Cash, End of Year 50,373 46,482 21,461
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity 47,408 56,844 63,600
Interest Expense Capitalized in Connection with Development Activity 5,869 4,353 3,523
Income Taxes Paid 457 769 1,358
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 28,845 27,016 23,434
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate 11,878 1,269 5,405
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 31,545 38,597 32,712
Write-off of Fully Depreciated Assets (43,654) (35,560) (44,080)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 4,095 6,845 4,452
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (16,605) (364) (2,862)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 163,151 201,313 121,095
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 16,605 $ 364 $ 2,862
[1] (B) Gross proceeds and gain on sale of real estate include the sale of several land parcels for the years ended December 31, 2018, 2017 and 2016.