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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income $ 126,875 $ 43,419 $ 297,674 $ 160,163
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     88,286 80,309
Amortization of Debt Issuance Costs 801 782 2,287 2,666
Other Amortization, including Equity Based Compensation     24,779 23,861
Equity in (Income) Loss of Joint Ventures 7 15 (118,182) 154
Distributions from Joint Ventures     118,027 0
Gain on Sale of Real Estate (83,907) (8,879) (84,204) (66,378)
Straight-line Rental Income and Expense, Net     (16,895) (12,826)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (6,917) (5,348)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     41,167 13,836
Net Cash Provided by Operating Activities     346,022 196,437
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (272,508) (224,954)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (384,004) (197,980)
Net Proceeds from Sales of Investments in Real Estate     122,516 114,644
Contributions to and Investments in Joint Ventures     (2,798) (1,321)
Distributions from Joint Ventures     29,363 21,407
Increase in Escrow Deposits and Other Investing Activity     (4,036) (3,398)
Net Cash Used in Investing Activities     (511,467) (291,602)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing and Equity Issuance Costs     (5,060) (6,365)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount     12,823 59,008
Tax Paid on Vested Equity Compensation     (2,942) (5,126)
Common Stock Dividends and Unit Distributions Paid     (115,619) (103,893)
Contributions from Noncontrolling Interests     103 0
Distributions to Noncontrolling Interests     (4,418) 0
Repayments on Mortgage Loans Payable     (69,387) (61,097)
Proceeds from Unsecured Term Loans     165,000 0
Proceeds from Unsecured Credit Facility     600,000 159,000
Repayments on Unsecured Credit Facility     (322,000) (85,000)
Net Cash Provided by (Used in) Financing Activities     258,500 (43,473)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash     93,055 (138,638)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     58,780 199,658
Cash, Cash Equivalents and Restricted Cash, End of Period 151,835 61,020 151,835 61,020
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment     12,551 8,150
Cash Paid for Operating Lease Liabilities     2,571 2,407
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     366 354
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 40,794 36,701 40,794 36,701
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 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     2,085 3,451
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     112,739 66,092
Tenant Improvements Funded by Tenant     1,680 16,239
Write-off of Fully Depreciated Assets     (28,686) (25,106)
Noncontrolling Interests        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 2,987 973    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (1,441) (1,365) (2,712) (1,387)
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 1 1 1
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 1,441 1,364 2,711 1,386
First Industrial, L.P.        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 126,875 43,419 297,674 160,163
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     88,286 80,309
Amortization of Debt Issuance Costs 801 782 2,287 2,666
Other Amortization, including Equity Based Compensation     24,779 23,861
Equity in (Income) Loss of Joint Ventures 7 15 (118,182) 154
Distributions from Joint Ventures     118,027 0
Gain on Sale of Real Estate (83,907) (8,879) (84,204) (66,378)
Straight-line Rental Income and Expense, Net     (16,895) (12,826)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (6,974) (5,307)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     41,167 13,836
Net Cash Provided by Operating Activities     345,965 196,478
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (272,508) (224,954)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (384,004) (197,980)
Net Proceeds from Sales of Investments in Real Estate     122,516 114,644
Contributions to and Investments in Joint Ventures     (2,798) (1,321)
Distributions from Joint Ventures     29,363 21,407
Increase in Escrow Deposits and Other Investing Activity     (4,036) (3,398)
Net Cash Used in Investing Activities     (511,467) (291,602)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing and Equity Issuance Costs     (5,060) (6,365)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount     12,823 (59,008)
Tax Paid on Vested Equity Compensation     (2,942) (5,126)
Common Stock Dividends and Unit Distributions Paid     (115,619) (103,893)
Contributions from Noncontrolling Interests     242 35
Distributions to Noncontrolling Interests     (4,500) (76)
Repayments on Mortgage Loans Payable     (69,387) (61,097)
Proceeds from Unsecured Term Loans     165,000 0
Proceeds from Unsecured Credit Facility     600,000 159,000
Repayments on Unsecured Credit Facility     (322,000) (85,000)
Net Cash Provided by (Used in) Financing Activities     258,557 (43,514)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash     93,055 (138,638)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     58,780 199,658
Cash, Cash Equivalents and Restricted Cash, End of Period 151,835 61,020 151,835 61,020
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment     12,551 8,150
Cash Paid for Operating Lease Liabilities     2,571 2,407
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     366 354
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 40,794 36,701 40,794 36,701
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 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     2,085 3,451
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     112,739 66,092
Tenant Improvements Funded by Tenant     1,680 16,239
Write-off of Fully Depreciated Assets     (28,686) (25,106)
First Industrial, L.P. | Limited Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 2,923 975    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (1,441) (1,365) (2,712) (1,387)
First Industrial, L.P. | General Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 123,866 42,424    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 1,441 $ 1,365 $ 2,712 $ 1,387