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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 285,837 $ 381,612 $ 277,171
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 130,427 119,477 107,876
Amortization of Debt Issuance Costs 3,626 3,187 3,423
Other Amortization, Including Equity Based Compensation 34,088 32,845 31,181
Equity in (Income) Loss of Joint Ventures (32,207) (114,942) 161
Distributions from Joint Ventures 7,400 118,034 0
Gain on Sale of Real Estate [1] (95,650) (128,268) (150,310)
Gain on Involuntary Conversion 0 (1,495) 0
Straight-line Rental Income and Expense, Net (21,925) (25,962) (16,081)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (2,363) (4,852) (472)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (4,418) 31,307 13,946
Net Cash Provided by Operating Activities 304,815 410,943 266,895
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (131,057) (305,326) (352,922)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (361,927) (522,368) (314,084)
Net Proceeds from Sales of Investments in Real Estate 120,411 175,409 234,726
Decrease (Increase) in Escrow Deposits 3,877 (450) (4,461)
Proceeds from Involuntary Conversion 0 1,495 0
Contributions to and Investments in Joint Ventures (12,349) (5,616) (1,550)
Distributions from Joint Ventures 0 29,356 21,407
Other Investing Activity 2,739 (1,608) 61
Net Cash Used in Investing Activities (378,306) (629,108) (416,823)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs (61) (5,265) (6,452)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 0 12,823 145,760
Tax Paid on Vested Equity Compensation (2,510) (2,942) (5,126)
Common Stock Dividends and Unit Distributions Paid (169,368) (155,333) (139,710)
Contributions from Noncontrolling Interests 0 103 28
Distributions to Noncontrolling Interests (11,523) (4,418) 0
Repayments on Mortgage Loans Payable (321) (69,465) (64,450)
Proceeds from Unsecured Term Loans 0 465,000 0
Proceeds from Unsecured Credit Facility 374,000 720,000 289,000
Repayments on Unsecured Credit Facility (218,000) (656,000) (210,000)
Net Cash (Used in) Provided by Financing Activities (27,783) 304,503 9,050
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (101,274) 86,338 (140,878)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 145,118 58,780 199,658
Cash, Cash Equivalents and Restricted Cash, End of Year 43,844 145,118 58,780
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized 72,881 46,445 44,184
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment 13,791 16,298 12,140
Income Taxes Paid 27,754 3,760 3,366
Cash Paid for Operating Lease Liabilities 3,348 3,444 3,261
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 941 949 819
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 44,201 41,259 37,178
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 Other Assets in Connection with the Acquisition of Real Estate 0 0 3,611
Assumption of Liabilities in Connection with the Acquisition of Real Estate 528 2,115 1,990
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 55,876 86,456 82,526
Tenant Improvements Funded by Tenant 3,878 610 28,559
Write-off of Fully Depreciated Assets (33,529) (35,716) (36,799)
Noncontrolling Interests      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 11,021 22,478 6,174
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (1,332) (2,444) (1,761)
Common Stock      
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 1 1
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 1,332 2,443 1,760
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 285,837 381,612 277,171
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 130,427 119,477 107,876
Amortization of Debt Issuance Costs 3,626 3,187 3,423
Other Amortization, Including Equity Based Compensation 34,088 32,845 31,181
Equity in (Income) Loss of Joint Ventures (32,207) (114,942) 161
Distributions from Joint Ventures 7,400 118,034 0
Gain on Sale of Real Estate (95,650) (128,268) (150,310)
Gain on Involuntary Conversion 0 (1,495) 0
Straight-line Rental Income and Expense, Net (21,925) (25,962) (16,081)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (2,365) (4,898) (337)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (4,418) 31,307 13,946
Net Cash Provided by Operating Activities 304,813 410,897 267,030
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (131,057) (305,326) (352,922)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (361,927) (522,368) (314,084)
Net Proceeds from Sales of Investments in Real Estate 120,411 175,409 234,726
Decrease (Increase) in Escrow Deposits 3,877 (450) (4,461)
Proceeds from Involuntary Conversion 0 1,495 0
Contributions to and Investments in Joint Ventures (12,349) (5,616) (1,550)
Distributions from Joint Ventures 0 29,356 21,407
Other Investing Activity 2,739 (1,608) 61
Net Cash Used in Investing Activities (378,306) (629,108) (416,823)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs (61) (5,265) (6,452)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 0 12,823 145,760
Tax Paid on Vested Equity Compensation (2,510) (2,942) (5,126)
Common Stock Dividends and Unit Distributions Paid (169,368) (155,333) (139,710)
Contributions from Noncontrolling Interests 30 242 64
Distributions to Noncontrolling Interests (11,551) (4,511) (171)
Repayments on Mortgage Loans Payable (321) (69,465) (64,450)
Proceeds from Unsecured Term Loans 0 465,000 0
Proceeds from Unsecured Credit Facility 374,000 720,000 289,000
Repayments on Unsecured Credit Facility (218,000) (656,000) (210,000)
Net Cash (Used in) Provided by Financing Activities (27,781) 304,549 8,915
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (101,274) 86,338 (140,878)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 145,118 58,780 199,658
Cash, Cash Equivalents and Restricted Cash, End of Year 43,844 145,118 58,780
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized 72,881 46,445 44,184
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment 13,791 16,298 12,140
Income Taxes Paid 27,754 3,760 3,366
Cash Paid for Operating Lease Liabilities 3,348 3,444 3,261
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 941 949 819
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 44,201 41,259 37,178
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 Other Assets in Connection with the Acquisition of Real Estate 0 0 3,611
Assumption of Liabilities in Connection with the Acquisition of Real Estate 528 2,115 1,990
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 55,876 86,456 82,526
Tenant Improvements Funded by Tenant 3,878 610 28,559
Write-off of Fully Depreciated Assets (33,529) (35,716) (36,799)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 7,073 8,474 6,183
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (1,332) (2,444) (1,761)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 274,628 359,045 270,855
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 1,332 $ 2,444 $ 1,761
[1]
(B) Gross proceeds and gain on sale of real estate include the sale of two land parcels for the year ended December 31, 2023 and one land parcel for each of the years ended December 31, 2022 and 2021.