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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income $ 56,234 $ 133,676 $ 117,009 $ 170,799
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     63,849 57,454
Amortization of Debt Issuance Costs 905 730 1,809 1,486
Other Amortization, Including Equity Based Compensation     16,593 16,567
Equity in Income of Joint Venture (1,434) (118,211) (29,068) (118,189)
Distributions from the Joint Venture     5,740 118,034
Gain on Sale of Real Estate (13,053) (297) (13,053) (297)
Straight-line Rental Income and Expense, Net     (11,018) (9,353)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (1,537) (4,600)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     5,785 26,988
Net Cash Provided by Operating Activities     156,109 258,889
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (89,914) (183,344)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (171,768) (250,150)
Net Proceeds from Sales of Investments in Real Estate     16,299 1,268
Contributions to and Investments in Joint Venture     (5,972) (1,640)
Distributions from the Joint Venture     0 29,356
Decrease (Increase) in Escrow Deposits     250 (3,405)
Net Cash Used in Investing Activities     (251,105) (407,915)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing and Equity Issuance Costs     (5) (2,866)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount     0 12,823
Tax Paid on Vested Equity Compensation     (2,510) (2,942)
Common Stock Dividends and Unit Distributions Paid     (82,928) (75,911)
Contributions from Noncontrolling Interests     0 103
Distributions to Noncontrolling Interests     (11,422) (4,418)
Repayments on Mortgage Loans Payable     (159) (69,310)
Proceeds from Unsecured Term Loans     0 165,000
Proceeds from Unsecured Credit Facility     196,000 425,000
Repayments on Unsecured Credit Facility     (81,000) (222,000)
Net Cash Provided by Financing Activities     17,976 225,479
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (77,020) 76,453
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     145,118 58,780
Cash, Cash Equivalents and Restricted Cash, End of Period 68,098 135,233 68,098 135,233
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment     7,825 8,434
Cash Paid for Operating Lease Liabilities     1,645 1,706
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     563 298
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 44,299 40,359 44,299 40,359
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 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate     351 465
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     71,732 119,281
Tenant Improvements Funded by Tenant     2,528 0
Write-off of Fully Depreciated Assets     (16,515) (19,681)
Noncontrolling Interests        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 1,598 16,685    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (151) (1,235) (664) (1,271)
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 1 0 1
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 1,234 664 1,270
First Industrial, L.P.        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 56,234 133,676 117,009 170,799
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     63,849 57,454
Amortization of Debt Issuance Costs 905 730 1,809 1,486
Other Amortization, Including Equity Based Compensation     16,593 16,567
Equity in Income of Joint Venture (1,434) (118,211) (29,068) (118,189)
Distributions from the Joint Venture     5,740 118,034
Gain on Sale of Real Estate (13,053) (297) (13,053) (297)
Straight-line Rental Income and Expense, Net     (11,018) (9,353)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (1,534) (4,539)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     5,785 26,988
Net Cash Provided by Operating Activities     156,112 258,950
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (89,914) (183,344)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (171,768) (250,150)
Net Proceeds from Sales of Investments in Real Estate     16,299 1,268
Contributions to and Investments in Joint Venture     (5,972) (1,640)
Distributions from the Joint Venture     0 29,356
Decrease (Increase) in Escrow Deposits     250 (3,405)
Net Cash Used in Investing Activities     (251,105) (407,915)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing and Equity Issuance Costs     (5) (2,866)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount     0 12,823
Tax Paid on Vested Equity Compensation     (2,510) (2,942)
Common Stock Dividends and Unit Distributions Paid     (82,928) (75,911)
Contributions from Noncontrolling Interests     3 113
Distributions to Noncontrolling Interests     (11,428) (4,489)
Repayments on Mortgage Loans Payable     (159) (69,310)
Proceeds from Unsecured Term Loans     0 165,000
Proceeds from Unsecured Credit Facility     196,000 425,000
Repayments on Unsecured Credit Facility     (81,000) (222,000)
Net Cash Provided by Financing Activities     17,973 225,418
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (77,020) 76,453
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     145,118 58,780
Cash, Cash Equivalents and Restricted Cash, End of Period 68,098 135,233 68,098 135,233
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment     7,825 8,434
Cash Paid for Operating Lease Liabilities     1,645 1,706
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     563 298
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 44,299 40,359 44,299 40,359
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 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate     351 465
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     71,732 119,281
Tenant Improvements Funded by Tenant     2,528 0
Write-off of Fully Depreciated Assets     (16,515) (19,681)
First Industrial, L.P. | Limited Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 1,410 2,450    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (151) (1,235) (664) (1,271)
First Industrial, L.P. | General Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 54,613 116,969    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 151 $ 1,235 $ 664 $ 1,271