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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income $ 77,139 $ 126,875 $ 194,148 $ 297,674
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     96,808 88,286
Amortization of Debt Issuance Costs 905 801 2,714 2,287
Other Amortization, Including Equity Based Compensation     25,136 24,779
Equity in Income of Joint Venture (1,530) 7 (30,598) (118,182)
Distributions from the Joint Venture     6,584 118,027
Gain on Sale of Real Estate (34,368) (83,907) (47,421) (84,204)
Straight-line Rental Income and Expense, Net     (15,891) (16,895)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (3,835) (6,917)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     12,799 41,167
Net Cash Provided by Operating Activities     240,444 346,022
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (93,504) (272,508)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (280,536) (384,004)
Net Proceeds from Sales of Investments in Real Estate     58,440 122,516
Contributions to and Investments in Joint Venture     (10,060) (2,798)
Distributions from the Joint Venture     0 29,363
Decrease (Increase) in Escrow Deposits and Other Investing Activity     2,780 (4,036)
Net Cash Used in Investing Activities     (322,880) (511,467)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing and Equity Issuance Costs     (9) (5,060)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount     0 12,823
Tax Paid on Vested Equity Compensation     (2,510) (2,942)
Common Stock Dividends and Unit Distributions Paid     (126,148) (115,619)
Contributions from Noncontrolling Interests     0 103
Distributions to Noncontrolling Interests     (11,523) (4,418)
Repayments on Mortgage Loans Payable     (240) (69,387)
Proceeds from Unsecured Term Loans     0 165,000
Proceeds from Unsecured Credit Facility     278,000 600,000
Repayments on Unsecured Credit Facility     (146,000) (322,000)
Net Cash (Used in) Provided by Financing Activities     (8,430) 258,500
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (90,866) 93,055
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     145,118 58,780
Cash, Cash Equivalents and Restricted Cash, End of Period 54,252 151,835 54,252 151,835
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment     11,013 12,551
Cash Paid for Operating Lease Liabilities     2,501 2,571
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     661 366
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 44,329 40,794 44,329 40,794
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate     351 2,085
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     66,855 112,739
Tenant Improvements Funded by Tenant     3,366 1,680
Write-off of Fully Depreciated Assets     (21,557) (28,686)
Noncontrolling Interests        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 2,127 2,987    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (396) (1,441) (1,060) (2,712)
Common Stock        
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0 1
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 396 1,441 1,060 2,711
First Industrial, L.P.        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 77,139 126,875 194,148 297,674
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     96,808 88,286
Amortization of Debt Issuance Costs 905 801 2,714 2,287
Other Amortization, Including Equity Based Compensation     25,136 24,779
Equity in Income of Joint Venture (1,530) 7 (30,598) (118,182)
Distributions from the Joint Venture     6,584 118,027
Gain on Sale of Real Estate (34,368) (83,907) (47,421) (84,204)
Straight-line Rental Income and Expense, Net     (15,891) (16,895)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (3,851) (6,974)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     12,799 41,167
Net Cash Provided by Operating Activities     240,428 345,965
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (93,504) (272,508)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (280,536) (384,004)
Net Proceeds from Sales of Investments in Real Estate     58,440 122,516
Contributions to and Investments in Joint Venture     (10,060) (2,798)
Distributions from the Joint Venture     0 29,363
Decrease (Increase) in Escrow Deposits and Other Investing Activity     2,780 (4,036)
Net Cash Used in Investing Activities     (322,880) (511,467)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing and Equity Issuance Costs     (9) (5,060)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount     0 12,823
Tax Paid on Vested Equity Compensation     (2,510) (2,942)
Common Stock Dividends and Unit Distributions Paid     (126,148) (115,619)
Contributions from Noncontrolling Interests     27 242
Distributions to Noncontrolling Interests     (11,534) (4,500)
Repayments on Mortgage Loans Payable     (240) (69,387)
Proceeds from Unsecured Term Loans     0 165,000
Proceeds from Unsecured Credit Facility     278,000 600,000
Repayments on Unsecured Credit Facility     (146,000) (322,000)
Net Cash (Used in) Provided by Financing Activities     (8,414) 258,557
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (90,866) 93,055
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     145,118 58,780
Cash, Cash Equivalents and Restricted Cash, End of Period 54,252 151,835 54,252 151,835
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment     11,013 12,551
Cash Paid for Operating Lease Liabilities     2,501 2,571
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     661 366
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 44,329 40,794 44,329 40,794
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate     351 2,085
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     66,855 112,739
Tenant Improvements Funded by Tenant     3,366 1,680
Write-off of Fully Depreciated Assets     (21,557) (28,686)
First Industrial, L.P. | Limited Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 1,931 2,923    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (396) (1,441) (1,060) (2,712)
First Industrial, L.P. | General Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 74,986 123,866    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 396 $ 1,441 $ 1,060 $ 2,712