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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 295,988 $ 285,837 $ 381,612
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 139,202 130,427 119,477
Amortization of Debt Issuance Costs 3,646 3,626 3,187
Other Amortization, Including Equity Based Compensation 37,091 34,088 32,845
Equity in Income of Joint Ventures (4,295) (32,207) (114,942)
Distributions from Joint Ventures 2,945 7,400 118,034
Gain on Sale of Real Estate (111,970) (95,650) (128,268)
Gain on Involuntary Conversion 0 0 (1,495)
Straight-line Rental Income and Expense, Net (20,801) (21,925) (25,962)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (710) (2,363) (4,852)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 11,392 (4,418) 31,307
Net Cash Provided by Operating Activities 352,488 304,815 410,943
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (73,861) (131,057) (305,326)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (215,565) (361,927) (522,368)
Net Proceeds from Sales of Investments in Real Estate 158,924 120,411 175,409
(Increase) Decrease in Escrow Deposits (150) 3,877 (450)
Proceeds from Involuntary Conversion 0 0 1,495
Contributions to and Investments in Joint Ventures (5,729) (12,349) (5,616)
Distributions from Joint Ventures 0 0 29,356
Other Investing Activity 4,761 2,739 (1,608)
Net Cash Used in Investing Activities (131,620) (378,306) (629,108)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs 0 (61) (5,265)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 0 0 12,823
Income Taxes Paid on Vested Equity Compensation (2,070) (2,510) (2,942)
Common Stock Dividends and Unit Distributions Paid (193,482) (169,368) (155,333)
Contributions from Noncontrolling Interests 0 0 103
Distributions to Noncontrolling Interests (143) (11,523) (4,418)
Repayments on Mortgage Loans Payable (335) (321) (69,465)
Proceeds from Unsecured Term Loans 0 0 465,000
Proceeds from Unsecured Credit Facility 321,000 374,000 720,000
Repayments on Unsecured Credit Facility (338,000) (218,000) (656,000)
Net Cash (Used in) Provided by Financing Activities (213,030) (27,783) 304,503
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 7,838 (101,274) 86,338
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 43,844 145,118 58,780
Cash, Cash Equivalents and Restricted Cash, End of Year 51,682 43,844 145,118
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized 82,871 72,881 46,445
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment 8,283 13,791 16,298
Income Taxes Paid 5,299 27,754 3,760
Cash Paid for Operating Lease Liabilities 3,539 3,348 3,444
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 658 941 949
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 51,189 44,201 41,259
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate 682 528 2,115
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 46,257 55,876 86,456
Improvements Funded by Tenant 1,069 3,878 610
Write-off of Fully Depreciated Assets (33,909) (33,529) (35,716)
Noncontrolling Interests      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 8,434 11,021 22,478
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (67) (1,332) (2,444)
Common Stock      
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 1
Additional Paid-in Capital      
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 67 1,332 2,443
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 295,988 285,837 381,612
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation 139,202 130,427 119,477
Amortization of Debt Issuance Costs 3,646 3,626 3,187
Other Amortization, Including Equity Based Compensation 37,091 34,088 32,845
Equity in Income of Joint Ventures (4,295) (32,207) (114,942)
Distributions from Joint Ventures 2,945 7,400 118,034
Gain on Sale of Real Estate (111,970) (95,650) (128,268)
Gain on Involuntary Conversion 0 0 (1,495)
Straight-line Rental Income and Expense, Net (20,801) (21,925) (25,962)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (656) (2,365) (4,898)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 11,392 (4,418) 31,307
Net Cash Provided by Operating Activities 352,542 304,813 410,897
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate (73,861) (131,057) (305,326)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (215,565) (361,927) (522,368)
Net Proceeds from Sales of Investments in Real Estate 158,924 120,411 175,409
(Increase) Decrease in Escrow Deposits (150) 3,877 (450)
Proceeds from Involuntary Conversion 0 0 1,495
Contributions to and Investments in Joint Ventures (5,729) (12,349) (5,616)
Distributions from Joint Ventures 0 0 29,356
Other Investing Activity 4,761 2,739 (1,608)
Net Cash Used in Investing Activities (131,620) (378,306) (629,108)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing and Equity Issuance Costs 0 (61) (5,265)
Proceeds from the Issuance of Common Stock/Contribution of General Partner Units 0 0 12,823
Income Taxes Paid on Vested Equity Compensation (2,070) (2,510) (2,942)
Common Stock Dividends and Unit Distributions Paid (193,482) (169,368) (155,333)
Contributions from Noncontrolling Interests 42 30 242
Distributions to Noncontrolling Interests (239) (11,551) (4,511)
Repayments on Mortgage Loans Payable (335) (321) (69,465)
Proceeds from Unsecured Term Loans 0 0 465,000
Proceeds from Unsecured Credit Facility 321,000 374,000 720,000
Repayments on Unsecured Credit Facility (338,000) (218,000) (656,000)
Net Cash (Used in) Provided by Financing Activities (213,084) (27,781) 304,549
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 7,838 (101,274) 86,338
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 43,844 145,118 58,780
Cash, Cash Equivalents and Restricted Cash, End of Year 51,682 43,844 145,118
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Paid, Net of Interest Expense Capitalized 82,871 72,881 46,445
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment 8,283 13,791 16,298
Income Taxes Paid 5,299 27,754 3,760
Cash Paid for Operating Lease Liabilities 3,539 3,348 3,444
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 658 941 949
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 51,189 44,201 41,259
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0 0
Assumption of Liabilities in Connection with the Acquisition of Real Estate 682 528 2,115
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 46,257 55,876 86,456
Improvements Funded by Tenant 1,069 3,878 610
Write-off of Fully Depreciated Assets (33,909) (33,529) (35,716)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 7,898 7,073 8,474
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units (67) (1,332) (2,444)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 287,346 274,628 359,045
Exchange of Limited Partner Units for Common Stock/General Partner Units      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 67 $ 1,332 $ 2,444