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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 56,234 $ 123,374 $ 117,009
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   68,596 63,849
Amortization of Debt Issuance Costs 905 1,824 1,809
Other Amortization, Including Equity Based Compensation   22,538 16,593
Equity in Income of Joint Venture (1,434) (2,562) (29,068)
Distributions from the Joint Venture   1,499 5,740
Gain on Sale of Real Estate (13,053) (36,987) (13,053)
Straight-line Rental Income and Expense, Net   (9,222) (11,018)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (4,064) (1,537)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   5,238 5,785
Net Cash Provided by Operating Activities   170,234 156,109
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (15,812) (89,914)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (111,481) (171,768)
Net Proceeds from Sales of Investments in Real Estate   55,365 16,299
Contributions to and Investments in Joint Venture   (3,277) (5,972)
Other Investing Activity   3,326 250
Net Cash Used in Investing Activities   (71,879) (251,105)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs   0 (5)
Income Taxes Paid on Vested Equity Compensation   (2,037) (2,510)
Common Stock Dividends and Unit Distributions Paid   (93,305) (82,928)
Repayments on Mortgage Loan Payable   (166) (159)
Proceeds from Unsecured Credit Facility   169,000 196,000
Repayments on Unsecured Credit Facility   (169,000) (81,000)
Distributions to Noncontrolling Interests   (143) (11,422)
Net Cash (Used in) Provided by Financing Activities   (95,651) 17,976
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash   2,704 (77,020)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   43,844 145,118
Cash, Cash Equivalents and Restricted Cash, End of Period 68,098 46,548 68,098
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity   4,779 7,825
Cash Paid for Operating Lease Liabilities   1,756 1,645
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   200 563
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 44,299 50,658 44,299
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 Liabilities in Connection with the Acquisition of Real Estate   131 351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   37,861 71,732
Tenant Improvements Funded by Tenant   0 2,528
Write-off of Fully Depreciated Assets   (18,511) (16,515)
Noncontrolling Interests      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 1,598    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (151) (7) (664)
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
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 151 7 664
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 56,234 123,374 117,009
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   68,596 63,849
Amortization of Debt Issuance Costs 905 1,824 1,809
Other Amortization, Including Equity Based Compensation   22,538 16,593
Equity in Income of Joint Venture (1,434) (2,562) (29,068)
Distributions from the Joint Venture   1,499 5,740
Gain on Sale of Real Estate (13,053) (36,987) (13,053)
Straight-line Rental Income and Expense, Net   (9,222) (11,018)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (4,040) (1,534)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   5,238 5,785
Net Cash Provided by Operating Activities   170,258 156,112
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (15,812) (89,914)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (111,481) (171,768)
Net Proceeds from Sales of Investments in Real Estate   55,365 16,299
Contributions to and Investments in Joint Venture   (3,277) (5,972)
Other Investing Activity   3,326 250
Net Cash Used in Investing Activities   (71,879) (251,105)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs   0 (5)
Income Taxes Paid on Vested Equity Compensation   (2,037) (2,510)
Common Stock Dividends and Unit Distributions Paid   (93,305) (82,928)
Contributions from Noncontrolling Interests   14 3
Repayments on Mortgage Loan Payable   (166) (159)
Proceeds from Unsecured Credit Facility   169,000 196,000
Repayments on Unsecured Credit Facility   (169,000) (81,000)
Distributions to Noncontrolling Interests   (181) (11,428)
Net Cash (Used in) Provided by Financing Activities   (95,675) 17,973
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash   2,704 (77,020)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   43,844 145,118
Cash, Cash Equivalents and Restricted Cash, End of Period 68,098 46,548 68,098
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity   4,779 7,825
Cash Paid for Operating Lease Liabilities   1,756 1,645
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   200 563
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 44,299 50,658 44,299
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 Liabilities in Connection with the Acquisition of Real Estate   131 351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   37,861 71,732
Tenant Improvements Funded by Tenant   0 2,528
Write-off of Fully Depreciated Assets   (18,511) (16,515)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 1,410    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (151) (7) (664)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 54,613    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 151 $ 7 $ 664