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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 52,884 $ 70,498
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 35,345 33,962
Amortization of Debt Issuance Costs 963 912
Other Amortization, Including Equity Based Compensation 18,547 12,870
Equity in Income of Joint Venture (3,477) (1,402)
Distributions from the Joint Venture 0 753
Gain on Sale of Real Estate (6,844) (30,852)
Straight-line Rental Income and Expense, Net (6,063) (4,165)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (8,993) (19,374)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 6,204 (703)
Net Cash Provided by Operating Activities 88,566 62,499
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (161,791) 0
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (60,190) (68,376)
Net Proceeds from Sales of Investments in Real Estate 11,464 47,787
Contributions to and Investments in Joint Venture (2,491) (2,614)
Other Investing Activity (340) 4,172
Net Cash Used in Investing Activities (213,348) (19,031)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (10,002) 0
Income Taxes Paid on Vested Equity Compensation (1,315) (2,028)
Common Stock Dividends and Unit Distributions Paid (50,087) (43,220)
Repayments on Mortgage Loan Payable (86) (82)
Proceeds from Unsecured Credit Facility 261,000 102,000
Repayments on Unsecured Credit Facility (89,000) (95,000)
Distributions to Noncontrolling Interests 0 (98)
Net Cash Provided by (Used in) Financing Activities 110,510 (38,428)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (14,272) 5,040
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 51,682 43,844
Cash, Cash Equivalents and Restricted Cash, End of Period 37,410 48,884
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,883 2,637
Cash Paid for Operating Lease Liabilities 706 868
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 0 200
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 61,467 50,695
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 563 0
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 51,225 34,731
Write-off of Fully Depreciated Assets (11,365) (10,940)
Noncontrolling Interests    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 4,781 2,046
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (27) (7)
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 27 7
First Industrial, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 52,884 70,498
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 35,345 33,962
Amortization of Debt Issuance Costs 963 912
Other Amortization, Including Equity Based Compensation 18,547 12,870
Equity in Income of Joint Venture (3,477) (1,402)
Distributions from the Joint Venture 0 753
Gain on Sale of Real Estate (6,844) (30,852)
Straight-line Rental Income and Expense, Net (6,063) (4,165)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (8,974) (19,364)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 6,204 (703)
Net Cash Provided by Operating Activities 88,585 62,509
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (161,791) 0
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (60,190) (68,376)
Net Proceeds from Sales of Investments in Real Estate 11,464 47,787
Contributions to and Investments in Joint Venture (2,491) (2,614)
Other Investing Activity (340) 4,172
Net Cash Used in Investing Activities (213,348) (19,031)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (10,002) 0
Income Taxes Paid on Vested Equity Compensation (1,315) (2,028)
Common Stock Dividends and Unit Distributions Paid (50,087) (43,220)
Contributions from Noncontrolling Interests 6 5
Repayments on Mortgage Loan Payable (86) (82)
Proceeds from Unsecured Credit Facility 261,000 102,000
Repayments on Unsecured Credit Facility (89,000) (95,000)
Distributions to Noncontrolling Interests (25) (113)
Net Cash Provided by (Used in) Financing Activities 110,491 (38,438)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (14,272) 5,040
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 51,682 43,844
Cash, Cash Equivalents and Restricted Cash, End of Period 37,410 48,884
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,883 2,637
Cash Paid for Operating Lease Liabilities 706 868
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 0 200
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 61,467 50,695
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 563 0
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 51,225 34,731
Write-off of Fully Depreciated Assets (11,365) (10,940)
First Industrial, L.P. | Limited Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 1,475 1,871
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (27) (7)
First Industrial, L.P. | General Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 48,071 68,404
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 27 $ 7