Stockholders' Equity

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

Preferred Stock

On April 11, 2013, we redeemed the remaining 4,000,000 Depositary Shares, each representing 1/10,000th of a share, of our 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at a redemption price of $25.00 per Depositary Share, and paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. Due to the redemption of the Series J Preferred Stock, the remaining initial offering costs associated with the issuance of the Series J Preferred Stock, as well as costs associated with the redemption, totaling $3,546 are reflected as a deduction from net income to arrive at net income available to First Industrial Realty Trust, Inc.’s common stockholders and participating securitiesin determining earnings per share for the three and six months ended June 30, 2013.

Shares of Common Stock and Noncontrolling Interest

During the six months ended June 30, 2013, we issued 8,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds were approximately $132,050.

On March 1, 2012, we entered into distribution agreements with sales agents to sell up to 12,500,000 shares of the Company's common stock, for up to $125,000 aggregate gross sale proceeds, from time to time in "at-the-market" offerings (the "ATM"). During the six months ended June 30, 2013, we issued 2,315,704 shares of the Company's common stock under the ATM resulting in net proceeds to us of approximately $41,770. Under the terms of the ATM, sales are to be made primarily in transactions that are deemed to be "at the market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

During the six months ended June 30, 2013, 85,028 limited partnership interests in the Operating Partnership ("Units") were converted into an equivalent number of shares of common stock, resulting in a reclassification of $804 of Noncontrolling Interest to First Industrial Realty Trust Inc.'s Stockholders' Equity.

The following table summarizes the changes in Noncontrolling Interest for the six months ended June 30, 2013 and 2012:

	June 30, 2013			June 30, 2012
Noncontrolling Interest, Beginning of Period	$	42,274		$	45,919
Net Income (Loss)	25			(1,045		)
Distributions	(792		)	—
Other Comprehensive Income	96			207
Conversion of Units to Common Stock	(804		)	(2,469		)
Reallocation—Additional Paid In Capital	3,206			186
Reallocation—Other Comprehensive Income	29			41
Noncontrolling Interest, End of Period	$	44,034		$	42,839

Restricted Stock

During the six months ended June 30, 2013, we awarded 284,461 shares of restricted stock awards to certain employees, which had a fair value of approximately $4,719 on the date of approval by the Compensation Committee of the Board of Directors. These restricted stock awards vest over a period of three years. Compensation expense will be charged to earnings over the vesting period for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of the shares. If vesting of a recipient's restricted stock is not contingent upon future service, the expense is recognized immediately at the date of grant. During the six months ended June 30, 2013, we recognized $1,008 of compensation expense related to restricted shares granted during the first quarter to our Chief Executive Officer for which future service was not required.

We recognized $841 and $2,667 for the three and six months ended June 30, 2013, respectively, and $1,299 and $2,398 for the three and six months ended June 30, 2012, respectively, in restricted stock amortization related to restricted stock and unit awards, of which $6 and $17, respectively, was capitalized in connection with development activities for the three and six months ended June 30, 2013. There was no restricted stock amortization related to restricted stock and unit awards capitalized in connection with development activities for the three and six months ended June 30, 2012. At June 30, 2013, we had $5,452 in unrecognized compensation related to unvested restricted stock and unit awards. The weighted average period that the unrecognized compensation is expected to be recognized is 1.05 years.

Dividend/Distributions

The coupon rate of our Series F Preferred Stock resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury (“CMT”) Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3 month LIBOR. For the second quarter of 2013, the new coupon rate was 5.515%. See Note 10 for additional derivative information related to the Series F Preferred Stock coupon rate reset.

The following table summarizes dividends/distributions accrued during the six months ended June 30, 2013:

	Six Months Ended June 30, 2013
	Dividend/ Distribution per Share		Total Dividend / Distribution
Common Stock/Operating Partnership Units	$	0.17	$	19,286
Series F Preferred Stock	$	2,725.32	$	1,363
Series G Preferred Stock	$	3,618.00	$	905
Series J Preferred Stock *	$	5,085.12	$	2,034
Series K Preferred Stock	$	9,062.60	$	1,812

* The second quarter 2013 dividend per share was pro-rated as discussed in the "Preferred Stock" section.