Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity

5. Stockholders’ Equity

Preferred Stock

On March 6, 2014, we redeemed all 50,000 depositary shares, each representing 1/100th of a share, of our 6.236%, Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series F Preferred Stock"), at a redemption price of $1,000.00 per depositary share, and paid a quarterly dividend of $11.3299 per depositary share, totaling $566.

On March 31, 2014, we redeemed all 25,000 depositary shares, each representing 1/100th of a share, of our 7.236%, Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series G Preferred Stock"), at a redemption price of $1,000.00 per depositary share, and paid a semi-annual dividend of $36.18 per depositary share, totaling $905.

The initial offering costs associated with the issuance of the Series F and Series G Preferred Stock, as well as costs associated with the redemptions, totaled $1,462 and are reflected as a deduction from net income in determining earnings per share for the nine months ended September 30, 2014.

The Company has 10,000,000 shares of preferred stock authorized. At September 30, 2014 and December 31, 2013, the Company had 0 and 750 shares of preferred stock outstanding, respectively.

Dividends/Distributions

The coupon rate of our Series F Preferred Stock reset 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 period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%.

The following table summarizes dividends/distributions accrued during the nine months ended September 30, 2014:

	Total Dividend/ Distribution
Common Stock/Operating Partnership Units	$	35,416
Series F Preferred Stock	$	566
Series G Preferred Stock	$	453

Shares of Common Stock and Noncontrolling Interest

During the nine months ended September 30, 2014 and 2013, 175,333 and 99,508, respectively, limited partnership interests in the Operating Partnership ("Units") were converted into an equivalent number of shares of common stock, resulting in a reclassification of $1,697 and $943 of noncontrolling interest to First Industrial Realty Trust Inc.’s stockholders’ equity.

The following table summarizes the changes in noncontrolling interest for the nine months ended September 30, 2014 and 2013:

	September 30, 2014			September 30, 2013
Noncontrolling Interest, Beginning of Period	$	44,369		$	42,274
Net Income	1,137			244
Unit Distributions	(1,368		)	(1,183		)
Other Comprehensive Income	10			121
Conversion of Units to Common Stock	(1,697		)	(943		)
Reallocation—Additional Paid-in-Capital	(48		)	3,325
Reallocation—Other Comprehensive Income	6			31
Noncontrolling Interest, End of Period	$	42,409		$	43,869