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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues:        
Rental Income $ 71,148 $ 66,276 $ 209,244 $ 191,866
Tenant Recoveries and Other Income 21,009 20,085 63,311 62,400
Total Revenues 92,157 86,361 272,555 254,266
Expenses:        
Property Expenses 28,044 27,262 85,662 84,499
General and Administrative 5,900 5,389 19,026 17,942
Acquisition Costs 45 0 364 111
Impairment of Real Estate 626 0 626 0
Depreciation and Other Amortization 28,589 27,904 84,939 83,436
Total Expenses 63,204 60,555 190,617 185,988
Other Income (Expense):        
Gain on Sale of Real Estate 2,957 0 13,084 0
Interest Income 2 681 59 2,054
Interest Expense (16,674) (17,322) (49,679) (55,292)
Amortization of Deferred Financing Costs (781) (753) (2,291) (2,360)
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements 0 0 (11,546) 0
Loss from Retirement of Debt 0 (32) 0 (655)
Total Other Income (Expense) (14,496) (17,426) (50,373) (56,253)
Income from Continuing Operations Before Equity in (Loss) Income of Joint Ventures and Income Tax Benefit (Provision) 14,457 8,380 31,565 12,025
Equity in (Loss) Income of Joint Ventures (6) (14) 61 3,508
Income Tax Benefit (Provision) 14 (103) (127) (192)
Income from Continuing Operations 14,465 8,263 31,499 15,341
Discontinued Operations:        
Income Attributable to Discontinued Operations 0 504 0 1,642
Gain on Sale of Real Estate 0 13,428 0 14,483
Income from Discontinued Operations 0 13,932 0 16,125
Net Income 14,465 22,195 31,499 31,466
Less: Net Income Attributable to the Noncontrolling Interest (548) (868) (1,197) (1,137)
Net Income Attributable to Common Stockholders / Unitholders 13,917 21,327 30,302 30,329
Less: Preferred Dividends / Unit Distributions 0 0 0 (1,019)
Less: Redemption of Preferred Stock / Units 0 0 0 (1,462)
Net Income Available to Common Stockholders / Unitholders and Participating Securities $ 13,917 $ 21,327 $ 30,302 $ 27,848
Basic Earnings Per Share / Unit:        
Income from Continuing Operations Available to Common Stockholders / Unitholders $ 0.13 $ 0.07 $ 0.27 $ 0.11
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders 0.00 0.12 0.00 0.14
Net Income Available to Common Stockholders / Unitholders 0.13 0.19 0.27 0.25
Diluted Earnings Per Share / Unit:        
Income from Continuing Operations Available to Common Stockholders / Unitholders 0.13 0.07 0.27 0.11
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders 0.00 0.12 0.00 0.14
Net Income Available to Common Stockholders / Unitholders 0.13 0.19 0.27 0.25
Distributions Per Share / Unit $ 0.1275 $ 0.1025 $ 0.3825 $ 0.3075
Weighted Average Shares / Units Outstanding - Basic 110,356 110,072 110,338 109,856
Weighted Average Shares / Units Outstanding - Diluted 110,848 110,271 110,735 110,298
First Industrial, L.P.        
Revenues:        
Rental Income $ 71,148 $ 66,276 $ 209,244 $ 191,866
Tenant Recoveries and Other Income 21,009 20,085 63,311 62,400
Total Revenues 92,157 86,361 272,555 254,266
Expenses:        
Property Expenses 28,044 27,262 85,662 84,499
General and Administrative 5,900 5,345 18,911 17,835
Acquisition Costs 45 0 364 111
Impairment of Real Estate 626 0 626 0
Depreciation and Other Amortization 28,589 27,904 84,939 83,436
Total Expenses 63,204 60,511 190,502 185,881
Other Income (Expense):        
Gain on Sale of Real Estate 2,957 0 13,084 0
Interest Income 2 681 59 2,054
Interest Expense (16,674) (17,322) (49,679) (55,292)
Amortization of Deferred Financing Costs (781) (753) (2,291) (2,360)
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements 0 0 (11,546) 0
Loss from Retirement of Debt 0 (32) 0 (655)
Total Other Income (Expense) (14,496) (17,426) (50,373) (56,253)
Income from Continuing Operations Before Equity in (Loss) Income of Joint Ventures and Income Tax Benefit (Provision) 14,457 8,424 31,680 12,132
Equity in (Loss) Income of Joint Ventures (6) (14) 61 3,508
Income Tax Benefit (Provision) 14 (103) (127) (192)
Income from Continuing Operations 14,465 8,307 31,614 15,448
Discontinued Operations:        
Income Attributable to Discontinued Operations 0 504 0 1,642
Gain on Sale of Real Estate 0 13,428 0 14,483
Income from Discontinued Operations 0 13,932 0 16,125
Net Income 14,465 22,239 31,614 31,573
Less: Net Income Attributable to the Noncontrolling Interest (27) (21) (75) (50)
Net Income Attributable to Common Stockholders / Unitholders 14,438 22,218 31,539 31,523
Less: Preferred Dividends / Unit Distributions 0 0 0 (1,019)
Less: Redemption of Preferred Stock / Units 0 0 0 (1,462)
Net Income Available to Common Stockholders / Unitholders and Participating Securities $ 14,438 $ 22,218 $ 31,539 $ 29,042
Basic Earnings Per Share / Unit:        
Income from Continuing Operations Available to Common Stockholders / Unitholders $ 0.13 $ 0.07 $ 0.27 $ 0.11
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders 0.00 0.12 0.00 0.14
Net Income Available to Common Stockholders / Unitholders 0.13 0.19 0.27 0.25
Diluted Earnings Per Share / Unit:        
Income from Continuing Operations Available to Common Stockholders / Unitholders 0.12 0.07 0.27 0.11
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders 0.00 0.12 0.00 0.14
Net Income Available to Common Stockholders / Unitholders 0.12 0.19 0.27 0.25
Distributions Per Share / Unit $ 0.1275 $ 0.1025 $ 0.3825 $ 0.3075
Weighted Average Shares / Units Outstanding - Basic 114,720 114,512 114,705 114,346
Weighted Average Shares / Units Outstanding - Diluted 115,212 114,711 115,102 114,788