XML 25 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 208,301 $ 125,684 $ 76,705
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 94,078 95,514 92,955
Amortization of Debt Issuance Costs 3,162 3,219 3,159
Other Amortization, including Stock Based Compensation 29,252 28,403 28,359
Impairment of Real Estate 0 0 626
Provision for Bad Debt 177 563 954
Gain on Sale of Real Estate [1] (131,269) (68,202) (48,906)
Loss from Retirement of Debt 1,775 0 0
Mark-to-Market Loss on Interest Rate Protection Agreements 0 0 11,546
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (5,829) 965 (2,686)
Increase in Deferred Rent Receivable, Net (5,299) (6,602) (6,181)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (465) (5,655) 5,673
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt (1,453) (554) 0
Gain on Casualty and Involuntary Conversion (1,321) 0 0
Other Operating Activity 0 0 (55)
Net Cash Provided by Operating Activities 191,109 173,335 162,149
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (175,303) (107,484) (168,122)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (146,003) (179,994) (150,079)
Net Proceeds from Sales of Investments in Real Estate 228,102 163,435 154,024
Proceeds from Casualty and Involuntary Conversion 10,094 0 0
Settlement of Interest Rate Protection Agreements 0 0 (11,546)
(Increase) Decrease in Escrows (13,169) 13,008 (24,037)
Other Investing Activity 51 43 2,686
Net Cash Used in Investing Activities (96,228) (110,992) (197,074)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt and Equity Issuance Costs (6,864) (375) (5,158)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 74,880 124,936 0
Repurchase and Retirement of Restricted Stock/Units (2,401) (5,242) (2,101)
Common Stock Dividends and Unit Distributions Paid (100,524) (82,696) (55,811)
Repayments on Mortgage Loans Payable (46,832) (70,969) (35,004)
Proceeds from Senior Unsecured Notes 200,000 0 0
Repayments of Senior Unsecured Notes (156,852) (159,125) 0
Proceeds from Unsecured Term Loans 0 0 260,000
Proceeds from Unsecured Credit Facility 429,000 442,000 321,500
Repayments on Unsecured Credit Facility (474,000) (305,000) (454,000)
Net Cash (Used in) Provided by Financing Activities (83,593) (56,471) 29,426
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents 0 0 (14)
Net Increase (Decrease) in Cash and Cash Equivalents 11,287 5,872 (5,499)
Cash and Cash Equivalents, Beginning of Year 9,859 3,987 9,500
Cash and Cash Equivalents, End of Year 21,146 9,859 3,987
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity 56,844 63,600 66,452
Interest Expense Capitalized in Connection with Development Activity 4,353 3,523 2,453
Income Taxes Paid 769 1,358 23
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 27,016 23,434 14,812
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 Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate 1,269 5,405 2,090
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 38,597 32,712 25,747
Write-off of Fully Depreciated Assets (35,560) (44,080) (45,457)
Noncontrolling Interest      
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (364) (2,862) (673)
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 3 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 364 2,859 672
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 208,301 125,684 76,820
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 94,078 95,514 92,955
Amortization of Debt Issuance Costs 3,162 3,219 3,159
Other Amortization, including Stock Based Compensation 29,252 28,403 28,359
Impairment of Real Estate 0 0 626
Provision for Bad Debt 177 563 954
Gain on Sale of Real Estate (131,269) (68,202) (48,906)
Loss from Retirement of Debt 1,775 0 0
Mark-to-Market Loss on Interest Rate Protection Agreements 0 0 11,546
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (5,510) 1,242 (2,673)
Increase in Deferred Rent Receivable, Net (5,299) (6,602) (6,181)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (465) (5,655) 5,682
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt (1,453) (554) 0
Gain on Casualty and Involuntary Conversion (1,321) 0 0
Other Operating Activity 0 0 (55)
Net Cash Provided by Operating Activities 191,428 173,612 162,286
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (175,303) (107,484) (168,122)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (146,003) (179,994) (150,079)
Net Proceeds from Sales of Investments in Real Estate 228,102 163,435 154,024
Proceeds from Casualty and Involuntary Conversion 10,094 0 0
Settlement of Interest Rate Protection Agreements 0 0 (11,546)
(Increase) Decrease in Escrows (13,169) 13,008 (24,037)
Other Investing Activity 51 43 2,686
Net Cash Used in Investing Activities (96,228) (110,992) (197,074)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Debt and Equity Issuance Costs (6,864) (375) (5,158)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 74,880 124,936 0
Repurchase and Retirement of Restricted Stock/Units (2,401) (5,242) (2,101)
Common Stock Dividends and Unit Distributions Paid (100,524) (82,696) (55,811)
Contributions from Noncontrolling Interests 40 123 67
Distributions to Noncontrolling Interests (360) (400) (189)
Repayments on Mortgage Loans Payable (46,832) (70,969) (35,004)
Proceeds from Senior Unsecured Notes 200,000 0 0
Repayments of Senior Unsecured Notes (156,852) (159,125) 0
Proceeds from Unsecured Term Loans 0 0 260,000
Proceeds from Unsecured Credit Facility 429,000 442,000 321,500
Repayments on Unsecured Credit Facility (474,000) (305,000) (454,000)
Net Cash (Used in) Provided by Financing Activities (83,913) (56,748) 29,304
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents 0 0 (14)
Net Increase (Decrease) in Cash and Cash Equivalents 11,287 5,872 (5,484)
Cash and Cash Equivalents, Beginning of Year 9,859 3,987 9,485
Cash and Cash Equivalents, End of Year 21,146 9,859 3,987
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity 56,844 63,600 66,452
Interest Expense Capitalized in Connection with Development Activity 4,353 3,523 2,453
Income Taxes Paid 769 1,358 23
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 27,016 23,434 14,812
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 Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate 1,269 5,405 2,090
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 38,597 32,712 25,747
Write-off of Fully Depreciated Assets (35,560) (44,080) (45,457)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 6,845 4,452 2,903
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (364) (2,862) (673)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 201,313 121,095 73,779
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 364 $ 2,862 $ 673
[1] (A) Gross proceeds and gain on sale of real estate includes the sale of several land parcels for the years ended December 31, 2017 and 2015.