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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income $ 67,364 $ 102,173 $ 177,127 $ 225,547
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     110,137 104,077
Amortization of Debt Issuance Costs 1,393 911 3,684 2,735
Other Amortization, Including Equity Based Compensation     36,709 27,404
Equity in Income of Joint Venture (387) (599) (3,800) (3,161)
Distributions from the Joint Venture     23,068 2,236
Gain on Sale of Real Estate (9,538) (56,814) (17,503) (93,801)
Payments to Settle Derivative Instruments     (250) 0
Straight-line Rental Income and Expense, Net     (11,111) (12,151)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (11,228) (5,013)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     32,395 27,835
Net Cash Provided by Operating Activities     339,228 275,708
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (172,585) (44,384)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (210,367) (159,040)
Net Proceeds from Sales of Investments in Real Estate     25,329 135,544
Contributions to and Investments in Joint Venture     (4,367) (3,942)
Other Investing Activity     1,046 4,317
Net Cash Used in Investing Activities     (360,944) (67,505)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing Issuance Costs     (12,508) 0
Income Taxes Paid on Vested Equity Compensation     (1,615) (2,070)
Common Stock Dividends and Unit Distributions Paid     (170,842) (143,395)
Repayments on Mortgage Loan Payable     (260) (250)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount     443,768 0
Proceeds from Unsecured Credit Facility     482,000 236,000
Repayments on Unsecured Credit Facility     (731,000) (287,000)
Distributions to Noncontrolling Interests     (2,703) (143)
Net Cash Provided by (Used in) Financing Activities     6,840 (196,858)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (14,876) 11,345
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     51,682 43,844
Cash, Cash Equivalents and Restricted Cash, End of Period 36,806 55,189 36,806 55,189
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity     9,374 6,327
Cash Paid for Operating Lease Liabilities     2,377 2,608
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     3,208 354
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 61,582 50,970 61,582 50,970
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     763 688
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     62,899 34,310
Improvements Funded by Tenant     1,041 0
Write-off of Fully Depreciated Assets     (38,966) (26,543)
Noncontrolling Interests        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 2,058 2,810    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (167) (55) (268) (62)
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 167 55 268 62
First Industrial, L.P.        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 67,364 102,173 177,127 225,547
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:        
Depreciation     110,137 104,077
Amortization of Debt Issuance Costs 1,393 911 3,684 2,735
Other Amortization, Including Equity Based Compensation     36,709 27,404
Equity in Income of Joint Venture (387) (599) (3,800) (3,161)
Distributions from the Joint Venture     23,068 2,236
Gain on Sale of Real Estate (9,538) (56,814) (17,503) (93,801)
Payments to Settle Derivative Instruments     (250) 0
Straight-line Rental Income and Expense, Net     (11,111) (12,151)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net     (11,173) (4,976)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits     32,395 27,835
Net Cash Provided by Operating Activities     339,283 275,745
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisitions of Real Estate     (172,585) (44,384)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs     (210,367) (159,040)
Net Proceeds from Sales of Investments in Real Estate     25,329 135,544
Contributions to and Investments in Joint Venture     (4,367) (3,942)
Other Investing Activity     1,046 4,317
Net Cash Used in Investing Activities     (360,944) (67,505)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Financing Issuance Costs     (12,508) 0
Income Taxes Paid on Vested Equity Compensation     (1,615) (2,070)
Common Stock Dividends and Unit Distributions Paid     (170,842) (143,395)
Contributions from Noncontrolling Interests     21 31
Repayments on Mortgage Loan Payable     (260) (250)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount     443,768 0
Proceeds from Unsecured Credit Facility     482,000 236,000
Repayments on Unsecured Credit Facility     (731,000) (287,000)
Distributions to Noncontrolling Interests     (2,779) (211)
Net Cash Provided by (Used in) Financing Activities     6,785 (196,895)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash     (14,876) 11,345
Cash, Cash Equivalents and Restricted Cash, Beginning of Year     51,682 43,844
Cash, Cash Equivalents and Restricted Cash, End of Period 36,806 55,189 36,806 55,189
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:        
Interest Expense Capitalized in Connection with Development Activity     9,374 6,327
Cash Paid for Operating Lease Liabilities     2,377 2,608
Supplemental Schedule of Non-Cash Operating Activities:        
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets     3,208 354
Supplemental Schedule of Non-Cash Investing and Financing Activities:        
Dividends and Distributions Payable 61,582 50,970 61,582 50,970
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     763 688
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate     62,899 34,310
Improvements Funded by Tenant     1,041 0
Write-off of Fully Depreciated Assets     (38,966) (26,543)
First Industrial, L.P. | Limited Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 2,012 2,733    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units (167) (55) (268) (62)
First Industrial, L.P. | General Partner Units        
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Income 65,273 99,332    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:        
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 167 $ 55 $ 268 $ 62