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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 36,426 $ 116,744 $ 77,955
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   53,073 50,695
Amortization of Debt Issuance Costs 784 1,884 1,572
Other Amortization, including Equity Based Compensation   15,914 16,332
Equity in Loss of Joint Ventures 45 139 74
Gain on Sale of Real Estate (9,076) (57,499) (23,069)
Straight-line Rental Income and Expense, Net   (9,309) (4,929)
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (2,936) 4,231
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   474 (5,404)
Net Cash Provided by Operating Activities   118,484 117,457
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (155,807) (164,012)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (124,050) (109,930)
Net Proceeds from Sales of Investments in Real Estate   101,131 40,529
Contributions to and Investments in Joint Ventures   (1,321) (3,889)
Distributions from Joint Ventures   21,407 0
Increase in Escrow Deposits and Other Investing Activity   (3,018) (8,470)
Net Cash Used in Investing Activities   (161,658) (245,772)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing Issuance Costs   (64) 0
Tax Paid on Vested Equity Compensation   (5,126) (5,944)
Common Stock Dividends and Unit Distributions Paid   (68,368) (62,110)
Repayments on Mortgage Loans Payable   (60,312) (17,506)
Proceeds from Unsecured Credit Facility   80,000 232,000
Repayments on Unsecured Credit Facility   (20,000) (70,000)
Net Cash (Used in) Provided by Financing Activities   (73,870) 76,440
Net Decrease in Cash, Cash Equivalents and Restricted Cash   (117,044) (51,875)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   199,658 152,718
Cash, Cash Equivalents and Restricted Cash, End of Period 100,843 82,614 100,843
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity   4,336 3,458
Cash Paid for Operating Lease Liabilities   1,546 1,402
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   157 1,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 33,036 36,336 33,036
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0
Assumption of Escrow in Connection with the Acquisition of Real Estate   3,611 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate   3,215 3,425
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   47,633 25,094
Tenant Improvements Funded by Tenant   15,992 0
Write-off of Fully Depreciated Assets   (13,372) (19,400)
Noncontrolling Interests      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 757    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (1) (22) (2,065)
Common Stock      
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 2
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 1 22 2,063
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 36,426 116,744 77,955
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   53,073 50,695
Amortization of Debt Issuance Costs 784 1,884 1,572
Other Amortization, including Equity Based Compensation   15,914 16,332
Equity in Loss of Joint Ventures 45 139 74
Gain on Sale of Real Estate (9,076) (57,499) (23,069)
Straight-line Rental Income and Expense, Net   (9,309) (4,929)
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (2,918) 4,645
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   474 (5,404)
Net Cash Provided by Operating Activities   118,502 117,871
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (155,807) (164,012)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (124,050) (109,930)
Net Proceeds from Sales of Investments in Real Estate   101,131 40,529
Contributions to and Investments in Joint Ventures   (1,321) (3,889)
Distributions from Joint Ventures   21,407 0
Increase in Escrow Deposits and Other Investing Activity   (3,018) (8,470)
Net Cash Used in Investing Activities   (161,658) (245,772)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing Issuance Costs   (64) 0
Tax Paid on Vested Equity Compensation   (5,126) (5,944)
Common Stock Dividends and Unit Distributions Paid   (68,368) (62,110)
Contributions from Noncontrolling Interests   29 17
Distributions to Noncontrolling Interests   (47) (431)
Repayments on Mortgage Loans Payable   (60,312) (17,506)
Proceeds from Unsecured Credit Facility   80,000 232,000
Repayments on Unsecured Credit Facility   (20,000) (70,000)
Net Cash (Used in) Provided by Financing Activities   (73,888) 76,026
Net Decrease in Cash, Cash Equivalents and Restricted Cash   (117,044) (51,875)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   199,658 152,718
Cash, Cash Equivalents and Restricted Cash, End of Period 100,843 82,614 100,843
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity   4,336 3,458
Cash Paid for Operating Lease Liabilities   1,546 1,402
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   157 1,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 33,036 36,336 33,036
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0
Assumption of Escrow in Connection with the Acquisition of Real Estate   3,611 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate   3,215 3,425
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   47,633 25,094
Tenant Improvements Funded by Tenant   15,992 0
Write-off of Fully Depreciated Assets   (13,372) (19,400)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 757    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (1) (22) (2,065)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 35,575    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 1 $ 22 $ 2,065