XML 20 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 37,464 $ 23,491
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 22,953 23,200
Amortization of Debt Issuance Costs 855 778
Other Amortization, including Stock Based Compensation 6,626 8,112
Impairment of Real Estate 2,756 0
Provision for Bad Debt 88 75
Gain on Sale of Real Estate (20,089) (8,009)
Loss from Retirement of Debt 39 1,653
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (6,706) (4,147)
Increase in Deferred Rent Receivable, Net (713) (1,494)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (6,249) (3,571)
Net Cash Provided by Operating Activities 37,024 40,088
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (49,865) (15,074)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (63,994) (34,910)
Net Proceeds from Sales of Investments in Real Estate 41,691 19,916
Other Investing Activity (3,053) (1,700)
Net Cash Used in Investing Activities (75,221) (31,768)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing and Equity Issuance Costs (2,676) (13)
Repurchase and Retirement of Restricted Stock/Units (6,020) (2,401)
Common Stock Dividends and Unit Distributions Paid (26,565) (23,017)
Repayments on Mortgage Loans Payable (160,163) (38,896)
Payments of Prepayment Penalties Associated with Retirement of Debt 0 (1,453)
Proceeds from Senior Unsecured Notes 300,000 0
Proceeds from Unsecured Credit Facility 162,000 85,000
Repayments on Unsecured Credit Facility (206,500) (22,500)
Net Cash Provided by (Used in) Financing Activities 60,076 (3,280)
Net Increase in Cash, Cash Equivalents and Restricted Cash 21,879 5,040
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 46,482 21,461
Cash, Cash Equivalents and Restricted Cash, End of Period 68,361 26,501
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 1,602 1,027
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 27,558 25,977
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 11,724 0
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 32,006 22,186
Write-off of Fully Depreciated Assets (13,663) (7,023)
Noncontrolling Interest    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 1,172  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (5,009) 0
Common Stock    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units 4 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 5,005 0
Common Stock    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units 5,009 0
First Industrial, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 37,464 23,491
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 22,953 23,200
Amortization of Debt Issuance Costs 855 778
Other Amortization, including Stock Based Compensation 6,626 8,112
Impairment of Real Estate 2,756 0
Provision for Bad Debt 88 75
Gain on Sale of Real Estate (20,089) (8,009)
Loss from Retirement of Debt 39 1,653
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (6,801) (4,137)
Increase in Deferred Rent Receivable, Net (713) (1,494)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (6,249) (3,571)
Net Cash Provided by Operating Activities 36,929 40,098
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (49,865) (15,074)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (63,994) (34,910)
Net Proceeds from Sales of Investments in Real Estate 41,691 19,916
Other Investing Activity (3,053) (1,700)
Net Cash Used in Investing Activities (75,221) (31,768)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing and Equity Issuance Costs (2,676) (13)
Repurchase and Retirement of Restricted Stock/Units (6,020) (2,401)
Common Stock Dividends and Unit Distributions Paid (26,565) (23,017)
Contributions from Noncontrolling Interests 116 7
Distributions to Noncontrolling Interests (21) (17)
Repayments on Mortgage Loans Payable (160,163) (38,896)
Payments of Prepayment Penalties Associated with Retirement of Debt 0 (1,453)
Proceeds from Senior Unsecured Notes 300,000 0
Proceeds from Unsecured Credit Facility 162,000 85,000
Repayments on Unsecured Credit Facility (206,500) (22,500)
Net Cash Provided by (Used in) Financing Activities 60,171 (3,290)
Net Increase in Cash, Cash Equivalents and Restricted Cash 21,879 5,040
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 46,482 21,461
Cash, Cash Equivalents and Restricted Cash, End of Period 68,361 26,501
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 1,602 1,027
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 27,558 25,977
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 11,724 0
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 32,006 22,186
Write-off of Fully Depreciated Assets (13,663) (7,023)
First Industrial, L.P. | Limited Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 1,172  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (5,009) 0
First Industrial, L.P. | General Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 36,271  
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 5,009 $ 0