XML 17 R4.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Lease Revenue $ 152,517 $ 137,744 $ 448,073 $ 391,613
Joint Venture Fees 822 438 3,738 512
Other Revenue 1,766 1,571 4,940 3,190
Total Revenues 155,105 139,753 456,751 395,315
Expenses:        
Property Expenses 42,559 35,775 124,498 106,050
General and Administrative 8,456 8,227 27,330 25,217
Joint Venture Development Services Expense 559 318 2,690 318
Depreciation and Other Amortization 41,146 38,332 121,508 108,712
Total Expenses 92,720 82,652 276,026 240,297
Other Income (Expense):        
Gain on Sale of Real Estate 34,368 83,907 47,421 84,204
Interest Expense (19,906) (13,094) (53,923) (33,104)
Amortization of Debt Issuance Costs (905) (801) (2,714) (2,287)
Total Other Income (Expense) 13,557 70,012 (9,216) 48,813
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision 75,942 127,113 171,509 203,831
Equity in Income (Loss) of Joint Venture 1,530 (7) 30,598 118,182
Income Tax Provision (333) (231) (7,959) (24,339)
Net Income 77,139 126,875 194,148 297,674
Less: Net Income Attributable to the Noncontrolling Interests (2,127) (2,987) (8,533) (20,537)
Net Income Available to Common Stockholders / Unitholders and Participating Securities 75,012 123,888 185,615 277,137
Net Income Allocable to Participating Securities (74) (124) (174) (258)
Net Income Available to Common Stockholders / Unitholders $ 74,938 $ 123,764 $ 185,441 $ 276,879
Basic and Diluted Earnings Per Share / Unit:        
Net Income Available to Common Stockholders / Unitholders - Basic $ 0.57 $ 0.94 $ 1.40 $ 2.10
Net Income Available to Common Stockholders / Unitholders - Diluted $ 0.57 $ 0.94 $ 1.40 $ 2.10
Weighted Average Shares/Units Outstanding - Basic 132,264 132,092 132,241 131,986
Weighted Average Shares/Units Outstanding - Diluted 132,339 132,176 132,325 132,057
First Industrial, L.P.        
Revenues:        
Lease Revenue $ 152,517 $ 137,744 $ 448,073 $ 391,613
Joint Venture Fees 822 438 3,738 512
Other Revenue 1,766 1,571 4,940 3,190
Total Revenues 155,105 139,753 456,751 395,315
Expenses:        
Property Expenses 42,559 35,775 124,498 106,050
General and Administrative 8,456 8,227 27,330 25,217
Joint Venture Development Services Expense 559 318 2,690 318
Depreciation and Other Amortization 41,146 38,332 121,508 108,712
Total Expenses 92,720 82,652 276,026 240,297
Other Income (Expense):        
Gain on Sale of Real Estate 34,368 83,907 47,421 84,204
Interest Expense (19,906) (13,094) (53,923) (33,104)
Amortization of Debt Issuance Costs (905) (801) (2,714) (2,287)
Total Other Income (Expense) 13,557 70,012 (9,216) 48,813
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision 75,942 127,113 171,509 203,831
Equity in Income (Loss) of Joint Venture 1,530 (7) 30,598 118,182
Income Tax Provision (333) (231) (7,959) (24,339)
Net Income 77,139 126,875 194,148 297,674
Less: Net Income Attributable to the Noncontrolling Interests (222) (86) (3,814) (14,361)
Net Income Available to Common Stockholders / Unitholders and Participating Securities 76,917 126,789 190,334 283,313
Net Income Allocable to Participating Securities (199) (307) (478) (664)
Net Income Available to Common Stockholders / Unitholders $ 76,718 $ 126,482 $ 189,856 $ 282,649
Basic and Diluted Earnings Per Share / Unit:        
Net Income Available to Common Stockholders / Unitholders - Basic $ 0.57 $ 0.94 $ 1.41 $ 2.11
Net Income Available to Common Stockholders / Unitholders - Diluted $ 0.57 $ 0.94 $ 1.40 $ 2.10
Weighted Average Shares/Units Outstanding - Basic 134,704 134,282 134,697 134,212
Weighted Average Shares/Units Outstanding - Diluted 135,166 134,761 135,214 134,616