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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 70,498 $ 60,775
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 33,962 31,650
Amortization of Debt Issuance Costs 912 904
Other Amortization, Including Equity Based Compensation 12,870 7,502
Equity in Income of Joint Venture (1,402) (27,634)
Distributions from the Joint Venture 753 5,208
Gain on Sale of Real Estate (30,852) 0
Straight-line Rental Income and Expense, Net (4,165) (5,498)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (19,374) (12,357)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (703) 9,768
Net Cash Provided by Operating Activities 62,499 70,318
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate 0 (5,559)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (68,376) (94,336)
Net Proceeds from Sales of Investments in Real Estate 47,787 0
Contributions to and Investments in Joint Venture (2,614) (2,973)
Decrease (Increase) in Escrow Deposits and Other Investing Activity 4,172 (1,260)
Net Cash Used in Investing Activities (19,031) (104,128)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Income Taxes Paid on Vested Equity Compensation (2,028) (2,459)
Common Stock Dividends and Unit Distributions Paid (43,220) (39,713)
Repayments on Mortgage Loan Payable (82) (79)
Proceeds from Unsecured Credit Facility 102,000 80,000
Repayments on Unsecured Credit Facility (95,000) (66,000)
Distributions to Noncontrolling Interests (98) (11,358)
Net Cash Used in Financing Activities (38,428) (39,609)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 5,040 (73,419)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 43,844 145,118
Cash, Cash Equivalents and Restricted Cash, End of Period 48,884 71,699
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,637 3,981
Cash Paid for Operating Lease Liabilities 868 861
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 200 56
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 50,695 44,061
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 Liabilities in Connection with the Acquisition of Real Estate 0 1
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 34,731 60,410
Tenant Improvements Funded by Tenant 0 2,528
Write-off of Fully Depreciated Assets (10,940) (10,331)
Noncontrolling Interests    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 2,046 4,808
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (7) (513)
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
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 7 513
First Industrial, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 70,498 60,775
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 33,962 31,650
Amortization of Debt Issuance Costs 912 904
Other Amortization, Including Equity Based Compensation 12,870 7,502
Equity in Income of Joint Venture (1,402) (27,634)
Distributions from the Joint Venture 753 5,208
Gain on Sale of Real Estate (30,852) 0
Straight-line Rental Income and Expense, Net (4,165) (5,498)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (19,364) (12,357)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (703) 9,768
Net Cash Provided by Operating Activities 62,509 70,318
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate 0 (5,559)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (68,376) (94,336)
Net Proceeds from Sales of Investments in Real Estate 47,787 0
Contributions to and Investments in Joint Venture (2,614) (2,973)
Decrease (Increase) in Escrow Deposits and Other Investing Activity 4,172 (1,260)
Net Cash Used in Investing Activities (19,031) (104,128)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Income Taxes Paid on Vested Equity Compensation (2,028) (2,459)
Common Stock Dividends and Unit Distributions Paid (43,220) (39,713)
Contributions from Noncontrolling Interests 5 1
Repayments on Mortgage Loan Payable (82) (79)
Proceeds from Unsecured Credit Facility 102,000 80,000
Repayments on Unsecured Credit Facility (95,000) (66,000)
Distributions to Noncontrolling Interests (113) (11,359)
Net Cash Used in Financing Activities (38,438) (39,609)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 5,040 (73,419)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 43,844 145,118
Cash, Cash Equivalents and Restricted Cash, End of Period 48,884 71,699
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,637 3,981
Cash Paid for Operating Lease Liabilities 868 861
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 200 56
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 50,695 44,061
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 Liabilities in Connection with the Acquisition of Real Estate 0 1
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 34,731 60,410
Tenant Improvements Funded by Tenant 0 2,528
Write-off of Fully Depreciated Assets (10,940) (10,331)
First Industrial, L.P. | Limited Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 1,871 1,447
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (7) (513)
First Industrial, L.P. | General Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 68,404 55,947
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 7 $ 513