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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 133,676 $ 170,799 $ 116,744
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   57,454 53,073
Amortization of Debt Issuance Costs 730 1,486 1,884
Other Amortization, including Equity Based Compensation   16,567 15,914
Equity in (Income) Loss of Joint Ventures (118,211) (118,189) 139
Distributions from Joint Ventures   118,034 0
Gain on Sale of Real Estate (297) (297) (57,499)
Straight-line Rental Income and Expense, Net   (9,353) (9,309)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (4,600) (2,936)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   26,988 474
Net Cash Provided by Operating Activities   258,889 118,484
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (183,344) (155,807)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (250,150) (124,050)
Net Proceeds from Sales of Investments in Real Estate   1,268 101,131
Contributions to and Investments in Joint Ventures   (1,640) (1,321)
Distributions from Joint Ventures   29,356 21,407
Increase in Escrow Deposits and Other Investing Activity   (3,405) (3,018)
Net Cash Used in Investing Activities   (407,915) (161,658)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs   (2,866) (64)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount   12,823 0
Tax Paid on Vested Equity Compensation   (2,942) (5,126)
Common Stock Dividends and Unit Distributions Paid   (75,911) (68,368)
Contributions from Noncontrolling Interests   103 0
Distributions to Noncontrolling Interests   (4,418) 0
Repayments on Mortgage Loans Payable   (69,310) (60,312)
Proceeds from Unsecured Term Loans   165,000 0
Proceeds from Unsecured Credit Facility   425,000 80,000
Repayments on Unsecured Credit Facility   (222,000) (20,000)
Net Cash Provided by (Used in) Financing Activities   225,479 (73,870)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash   76,453 (117,044)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   58,780 199,658
Cash, Cash Equivalents and Restricted Cash, End of Period 135,233 135,233 82,614
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment   8,434 4,336
Cash Paid for Operating Lease Liabilities   1,706 1,546
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   298 157
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 40,359 40,359 36,336
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 Other Assets in Connection with the Acquisition of Real Estate   0 3,611
Assumption of Liabilities in Connection with the Acquisition of Real Estate   465 3,215
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   119,281 47,633
Tenant Improvements Funded by Tenant   0 15,992
Write-off of Fully Depreciated Assets   (19,681) (13,372)
Noncontrolling Interests      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 16,685    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (1,235) (1,271) (22)
Common Stock      
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units 1 1 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 1,234 1,270 22
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 133,676 170,799 116,744
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   57,454 53,073
Amortization of Debt Issuance Costs 730 1,486 1,884
Other Amortization, including Equity Based Compensation   16,567 15,914
Equity in (Income) Loss of Joint Ventures (118,211) (118,189) 139
Distributions from Joint Ventures   118,034 0
Gain on Sale of Real Estate (297) (297) (57,499)
Straight-line Rental Income and Expense, Net   (9,353) (9,309)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (4,539) (2,918)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   26,988 474
Net Cash Provided by Operating Activities   258,950 118,502
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (183,344) (155,807)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (250,150) (124,050)
Net Proceeds from Sales of Investments in Real Estate   1,268 101,131
Contributions to and Investments in Joint Ventures   (1,640) (1,321)
Distributions from Joint Ventures   29,356 21,407
Increase in Escrow Deposits and Other Investing Activity   (3,405) (3,018)
Net Cash Used in Investing Activities   (407,915) (161,658)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs   (2,866) (64)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount   12,823 0
Tax Paid on Vested Equity Compensation   (2,942) (5,126)
Common Stock Dividends and Unit Distributions Paid   (75,911) (68,368)
Contributions from Noncontrolling Interests   113 29
Distributions to Noncontrolling Interests   (4,489) (47)
Repayments on Mortgage Loans Payable   (69,310) (60,312)
Proceeds from Unsecured Term Loans   165,000 0
Proceeds from Unsecured Credit Facility   425,000 80,000
Repayments on Unsecured Credit Facility   (222,000) (20,000)
Net Cash Provided by (Used in) Financing Activities   225,418 (73,888)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash   76,453 (117,044)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   58,780 199,658
Cash, Cash Equivalents and Restricted Cash, End of Period 135,233 135,233 82,614
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment   8,434 4,336
Cash Paid for Operating Lease Liabilities   1,706 1,546
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   298 157
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 40,359 40,359 36,336
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 Other Assets in Connection with the Acquisition of Real Estate   0 3,611
Assumption of Liabilities in Connection with the Acquisition of Real Estate   465 3,215
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   119,281 47,633
Tenant Improvements Funded by Tenant   0 15,992
Write-off of Fully Depreciated Assets   (19,681) (13,372)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 2,450    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (1,235) (1,271) (22)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 116,969    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 1,235 $ 1,271 $ 22