XML 20 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 101,071 $ 31,499
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 72,317 69,592
Amortization of Deferred Financing Costs 2,437 2,291
Other Amortization, including Stock Based Compensation 21,699 21,205
Impairment of Real Estate 0 626
Provision for Bad Debt 567 748
Equity in Income of Joint Ventures 0 (61)
Gain on Sale of Real Estate (60,828) (13,084)
Mark-to-Market Loss on Interest Rate Protection Agreements 0 11,546
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (2,830) (3,897)
Increase in Deferred Rent Receivable (5,121) (5,325)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (1,545) 5,550
Payments of Discounts Associated with Retirement of Debt (554) 0
Net Cash Provided by Operating Activities 127,213 120,690
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (95,157) (73,179)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (117,630) (100,799)
Net Proceeds from Sales of Investments in Real Estate 133,602 48,393
Contributions to and Investments in Joint Ventures 0 (200)
Distributions from Joint Ventures 0 126
Settlement of Interest Rate Protection Agreements 0 (11,546)
Repayments of Notes Receivable 43 2,760
Decrease (Increase) in Escrows 11,051 (1,619)
Net Cash Used in Investing Activities (68,091) (136,064)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing and Equity Issuance Costs (375) (4,882)
Proceeds from Issuance of Common Stock / Contribution of General Partner Units 124,936 0
Repurchase and Retirement of Restricted Stock/Units (5,242) (2,101)
Common Stock Dividends and Unit Distributions Paid (59,678) (41,136)
Repayments on Mortgage Loans Payable (66,551) (9,054)
Repayments of Senior Unsecured Notes (159,125) 0
Proceeds from Unsecured Term Loans 0 260,000
Proceeds from Unsecured Credit Facility 397,000 210,000
Repayments on Unsecured Credit Facility (286,000) (340,000)
Net Cash (Used in) Provided by Financing Activities (55,035) 72,827
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents 0 (14)
Net Increase in Cash and Cash Equivalents 4,087 57,453
Cash and Cash Equivalents, Beginning of Year 3,987 9,500
Cash and Cash Equivalents, End of Year 8,074 66,939
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,279 1,685
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 23,357  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock/General Partner Units 0 0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate 5,227 608
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 28,788 20,355
Write-off of Fully Depreciated Assets (34,360) (28,609)
Noncontrolling Interest    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 3,635  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock/General Partner Units (819) (106)
Common Stock    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock/General Partner Units 1 0
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 818 106
Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 23,357 15,096
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock/General Partner Units 819 106
First Industrial, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 101,071 31,614
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 72,317 69,592
Amortization of Deferred Financing Costs 2,437 2,291
Other Amortization, including Stock Based Compensation 21,699 21,205
Impairment of Real Estate 0 626
Provision for Bad Debt 567 748
Equity in Income of Joint Ventures 0 (61)
Gain on Sale of Real Estate (60,828) (13,084)
Mark-to-Market Loss on Interest Rate Protection Agreements 0 11,546
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (2,680) (3,982)
Increase in Deferred Rent Receivable (5,121) (5,325)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (1,545) 5,559
Payments of Discounts Associated with Retirement of Debt (554) 0
Net Cash Provided by Operating Activities 127,363 120,729
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (95,157) (73,179)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (117,630) (100,799)
Net Proceeds from Sales of Investments in Real Estate 133,602 48,393
Contributions to and Investments in Joint Ventures 0 (200)
Distributions from Joint Ventures 0 126
Settlement of Interest Rate Protection Agreements 0 (11,546)
Repayments of Notes Receivable 43 2,760
Decrease (Increase) in Escrows 11,051 (1,619)
Net Cash Used in Investing Activities (68,091) (136,064)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing and Equity Issuance Costs (375) (4,882)
Proceeds from Issuance of Common Stock / Contribution of General Partner Units 124,936 0
Repurchase and Retirement of Restricted Stock/Units (5,242) (2,101)
Common Stock Dividends and Unit Distributions Paid (59,678) (41,136)
Contributions from Noncontrolling Interests 114 61
Distributions to Noncontrolling Interests (264) (85)
Repayments on Mortgage Loans Payable (66,551) (9,054)
Repayments of Senior Unsecured Notes (159,125) 0
Proceeds from Unsecured Term Loans 0 260,000
Proceeds from Unsecured Credit Facility 397,000 210,000
Repayments on Unsecured Credit Facility (286,000) (340,000)
Net Cash (Used in) Provided by Financing Activities (55,185) 72,803
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents 0 (14)
Net Increase in Cash and Cash Equivalents 4,087 57,468
Cash and Cash Equivalents, Beginning of Year 3,987 9,485
Cash and Cash Equivalents, End of Year 8,074 66,939
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,279 1,685
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 23,357  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock/General Partner Units 0 0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate 5,227 608
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 28,788 20,355
Write-off of Fully Depreciated Assets (34,360) (28,609)
First Industrial, L.P. | Limited Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 3,635  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock/General Partner Units (819) (106)
First Industrial, L.P. | General Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 97,324  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock/General Partner Units 819 106
First Industrial, L.P. | Common Stock    
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable $ 23,357 $ 15,096