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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Lease Revenue $ 162,075 $ 148,950 $ 321,810 $ 295,556
Joint Venture Fees 604 1,843 1,273 2,916
Other Revenue 1,457 1,430 3,325 3,174
Total Revenues 164,136 152,223 326,408 301,646
Expenses:        
Property Expenses 43,051 39,757 90,065 81,939
General and Administrative 9,621 9,520 21,402 18,874
Joint Venture Development Services Expense 371 1,347 797 2,131
Depreciation and Other Amortization 43,048 40,590 84,867 80,362
Total Expenses 96,091 91,214 197,131 183,306
Other Income (Expense):        
Gain on Sale of Real Estate 6,135 13,053 36,987 13,053
Interest Expense (21,126) (17,898) (42,023) (34,017)
Amortization of Debt Issuance Costs (912) (905) (1,824) (1,809)
Total Other Income (Expense) (15,903) (5,750) (6,860) (22,773)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision 52,142 55,259 122,417 95,567
Equity in Income of Joint Venture 1,160 1,434 2,562 29,068
Income Tax Provision (426) (459) (1,605) (7,626)
Net Income 52,876 56,234 123,374 117,009
Less: Net Income Attributable to the Noncontrolling Interests (1,558) (1,598) (3,604) (6,406)
Net Income Available to Common Stockholders / Unitholders and Participating Securities 51,318 54,636 119,770 110,603
Net Income Allocable to Participating Securities (41) (53) (86) (100)
Net Income Available to Common Stockholders / Unitholders $ 51,277 $ 54,583 $ 119,684 $ 110,503
Basic and Diluted Earnings Per Share / Unit:        
Net Income Available to Common Stockholders / Unitholders - Basic $ 0.39 $ 0.41 $ 0.90 $ 0.84
Net Income Available to Common Stockholders / Unitholders - Diluted $ 0.39 $ 0.41 $ 0.90 $ 0.84
Weighted Average Shares/Units Outstanding - Basic 132,368 132,249 132,364 132,230
Weighted Average Shares/Units Outstanding - Diluted 132,399 132,337 132,402 132,318
First Industrial, L.P.        
Revenues:        
Lease Revenue $ 162,075 $ 148,950 $ 321,810 $ 295,556
Joint Venture Fees 604 1,843 1,273 2,916
Other Revenue 1,457 1,430 3,325 3,174
Total Revenues 164,136 152,223 326,408 301,646
Expenses:        
Property Expenses 43,051 39,757 90,065 81,939
General and Administrative 9,621 9,520 21,402 18,874
Joint Venture Development Services Expense 371 1,347 797 2,131
Depreciation and Other Amortization 43,048 40,590 84,867 80,362
Total Expenses 96,091 91,214 197,131 183,306
Other Income (Expense):        
Gain on Sale of Real Estate 6,135 13,053 36,987 13,053
Interest Expense (21,126) (17,898) (42,023) (34,017)
Amortization of Debt Issuance Costs (912) (905) (1,824) (1,809)
Total Other Income (Expense) (15,903) (5,750) (6,860) (22,773)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision 52,142 55,259 122,417 95,567
Equity in Income of Joint Venture 1,160 1,434 2,562 29,068
Income Tax Provision (426) (459) (1,605) (7,626)
Net Income 52,876 56,234 123,374 117,009
Less: Net Income Attributable to the Noncontrolling Interests (171) (211) (394) (3,592)
Net Income Available to Common Stockholders / Unitholders and Participating Securities 52,705 56,023 122,980 113,417
Net Income Allocable to Participating Securities (108) (145) (238) (279)
Net Income Available to Common Stockholders / Unitholders $ 52,597 $ 55,878 $ 122,742 $ 113,138
Basic and Diluted Earnings Per Share / Unit:        
Net Income Available to Common Stockholders / Unitholders - Basic $ 0.39 $ 0.41 $ 0.91 $ 0.84
Net Income Available to Common Stockholders / Unitholders - Diluted $ 0.39 $ 0.41 $ 0.91 $ 0.84
Weighted Average Shares/Units Outstanding - Basic 135,096 134,702 135,082 134,694
Weighted Average Shares/Units Outstanding - Diluted 135,313 135,247 135,350 135,239