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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income $ 102,173 $ 77,139 $ 225,547 $ 194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     104,077 96,808
Amortization of Debt Issuance Costs 911 905 2,735 2,714
Other Amortization, Including Equity Based Compensation     27,404 25,136
Equity in Income of Joint Venture (599) (1,530) (3,161) (30,598)
Distributions from the Joint Venture     2,236 6,584
Gain on Sale of Real Estate (56,814) (34,368) (93,801) (47,421)
Straight-line Rental Income and Expense, Net     (12,151) (15,891)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (5,013) (3,835)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     27,835 12,799
Net Cash Provided by Operating Activities     275,708 240,444
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (44,384) (93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (159,040) (280,536)
Net Proceeds from Sales of Investments in Real Estate     135,544 58,440
Contributions to and Investments in Joint Venture     (3,942) (10,060)
Other Investing Activity     4,317 2,780
Net Cash Used in Investing Activities     (67,505) (322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing Issuance Costs     0 (9)
Income Taxes Paid on Vested Equity Compensation     (2,070) (2,510)
Common Stock Dividends and Unit Distributions Paid     (143,395) (126,148)
Repayments on Mortgage Loan Payable     (250) (240)
Proceeds from Unsecured Credit Facility     236,000 278,000
Repayments on Unsecured Credit Facility     (287,000) (146,000)
Distributions to Noncontrolling Interests     (143) (11,523)
Net Cash Used in Financing Activities     (196,858) (8,430)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash     11,345 (90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     43,844 145,118
Cash, Cash Equivalents and Restricted Cash, End of Period 55,189 54,252 55,189 54,252
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity     6,327 11,013
Cash Paid for Operating Lease Liabilities     2,608 2,501
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     354 661
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 50,970 44,329 50,970 44,329
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     688 351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     34,310 66,855
Improvements Funded by Tenant     0 3,366
Write-off of Fully Depreciated Assets     (26,543) (21,557)
Noncontrolling Interests        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 2,810 2,127    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (55) (396) (62) (1,060)
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 55 396 62 1,060
First Industrial, L.P.        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 102,173 77,139 225,547 194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     104,077 96,808
Amortization of Debt Issuance Costs 911 905 2,735 2,714
Other Amortization, Including Equity Based Compensation     27,404 25,136
Equity in Income of Joint Venture (599) (1,530) (3,161) (30,598)
Distributions from the Joint Venture     2,236 6,584
Gain on Sale of Real Estate (56,814) (34,368) (93,801) (47,421)
Straight-line Rental Income and Expense, Net     (12,151) (15,891)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (4,976) (3,851)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     27,835 12,799
Net Cash Provided by Operating Activities     275,745 240,428
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (44,384) (93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (159,040) (280,536)
Net Proceeds from Sales of Investments in Real Estate     135,544 58,440
Contributions to and Investments in Joint Venture     (3,942) (10,060)
Other Investing Activity     4,317 2,780
Net Cash Used in Investing Activities     (67,505) (322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing Issuance Costs     0 (9)
Income Taxes Paid on Vested Equity Compensation     (2,070) (2,510)
Common Stock Dividends and Unit Distributions Paid     (143,395) (126,148)
Contributions from Noncontrolling Interests     31 27
Repayments on Mortgage Loan Payable     (250) (240)
Proceeds from Unsecured Credit Facility     236,000 278,000
Repayments on Unsecured Credit Facility     (287,000) (146,000)
Distributions to Noncontrolling Interests     (211) (11,534)
Net Cash Used in Financing Activities     (196,895) (8,414)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash     11,345 (90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     43,844 145,118
Cash, Cash Equivalents and Restricted Cash, End of Period 55,189 54,252 55,189 54,252
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity     6,327 11,013
Cash Paid for Operating Lease Liabilities     2,608 2,501
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     354 661
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 50,970 44,329 50,970 44,329
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     688 351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     34,310 66,855
Improvements Funded by Tenant     0 3,366
Write-off of Fully Depreciated Assets     (26,543) (21,557)
First Industrial, L.P. | Limited Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 2,733 1,931    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (55) (396) (62) (1,060)
First Industrial, L.P. | General Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 99,332 74,986    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 55 $ 396 $ 62 $ 1,060