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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Lease Revenue $ 165,909 $ 152,517 $ 487,719 $ 448,073
Joint Venture Fees 413 822 1,686 3,738
Other Revenue 1,323 1,766 4,648 4,940
Total Revenues 167,645 155,105 494,053 456,751
Expenses:        
Property Expenses 44,884 42,559 134,949 124,498
General and Administrative 9,230 8,456 30,632 27,330
Joint Venture Development Services Expense 208 559 1,005 2,690
Depreciation and Other Amortization 43,515 41,146 128,382 121,508
Total Expenses 97,837 92,720 294,968 276,026
Other Income (Expense):        
Gain on Sale of Real Estate 56,814 34,368 93,801 47,421
Interest Expense (20,836) (19,906) (62,859) (53,923)
Amortization of Debt Issuance Costs (911) (905) (2,735) (2,714)
Total Other Income (Expense) 35,067 13,557 28,207 (9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision 104,875 75,942 227,292 171,509
Equity in Income of Joint Venture 599 1,530 3,161 30,598
Income Tax Provision (3,301) (333) (4,906) (7,959)
Net Income 102,173 77,139 225,547 194,148
Less: Net Income Attributable to the Noncontrolling Interests (2,810) (2,127) (6,414) (8,533)
Net Income Available to Common Stockholders / Unitholders and Participating Securities 99,363 75,012 219,133 185,615
Net Income Allocable to Participating Securities (76) (74) (162) (174)
Net Income Available to Common Stockholders / Unitholders $ 99,287 $ 74,938 $ 218,971 $ 185,441
Basic and Diluted Earnings Per Share / Unit:        
Net Income Available to Common Stockholders / Unitholders - Basic $ 0.75 $ 0.57 $ 1.65 $ 1.40
Net Income Available to Common Stockholders / Unitholders - Diluted $ 0.75 $ 0.57 $ 1.65 $ 1.40
Weighted Average Shares/Units Outstanding - Basic 132,370 132,264 132,366 132,241
Weighted Average Shares/Units Outstanding - Diluted 132,421 132,339 132,409 132,325
First Industrial, L.P.        
Revenues:        
Lease Revenue $ 165,909 $ 152,517 $ 487,719 $ 448,073
Joint Venture Fees 413 822 1,686 3,738
Other Revenue 1,323 1,766 4,648 4,940
Total Revenues 167,645 155,105 494,053 456,751
Expenses:        
Property Expenses 44,884 42,559 134,949 124,498
General and Administrative 9,230 8,456 30,632 27,330
Joint Venture Development Services Expense 208 559 1,005 2,690
Depreciation and Other Amortization 43,515 41,146 128,382 121,508
Total Expenses 97,837 92,720 294,968 276,026
Other Income (Expense):        
Gain on Sale of Real Estate 56,814 34,368 93,801 47,421
Interest Expense (20,836) (19,906) (62,859) (53,923)
Amortization of Debt Issuance Costs (911) (905) (2,735) (2,714)
Total Other Income (Expense) 35,067 13,557 28,207 (9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision 104,875 75,942 227,292 171,509
Equity in Income of Joint Venture 599 1,530 3,161 30,598
Income Tax Provision (3,301) (333) (4,906) (7,959)
Net Income 102,173 77,139 225,547 194,148
Less: Net Income Attributable to the Noncontrolling Interests (108) (222) (502) (3,814)
Net Income Available to Common Stockholders / Unitholders and Participating Securities 102,065 76,917 225,045 190,334
Net Income Allocable to Participating Securities (201) (199) (439) (478)
Net Income Available to Common Stockholders / Unitholders $ 101,864 $ 76,718 $ 224,606 $ 189,856
Basic and Diluted Earnings Per Share / Unit:        
Net Income Available to Common Stockholders / Unitholders - Basic $ 0.75 $ 0.57 $ 1.66 $ 1.41
Net Income Available to Common Stockholders / Unitholders - Diluted $ 0.75 $ 0.57 $ 1.66 $ 1.40
Weighted Average Shares/Units Outstanding - Basic 135,099 134,704 135,088 134,697
Weighted Average Shares/Units Outstanding - Diluted 135,474 135,166 135,391 135,214