Stockholders Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

6. Stockholders’ Equity

Shares of Common Stock and Noncontrolling Interest:

     On May 12, 2011, we filed an amendment to the Company’s articles of incorporation, increasing the number of shares of the Company’s common stock authorized for issuance from 100 million to 150 million shares.

     On May 31, 2011, we announced an underwritten public offering of 8,400,000 shares of the Company’s common stock at a price of $12.15 per share to the public. Gross offering proceeds upon settlement on June 6, 2011 were $102,060 in the aggregate. Proceeds to us, net of underwriter’s discount of $1,176 and total expenses of $138, were approximately $100,746.

     On March 3, 2011, we announced an underwritten public offering of 8,900,000 shares of the Company’s common stock at a price of $11.40 per share to the public. Gross offering proceeds upon settlement on March 4, 2011 were $101,460 in the aggregate. Proceeds to us, net of underwriter’s discount of $890 and total expenses of $166, were approximately $100,404.

     On February 28, 2011, we entered into distribution agreements with sales agents to sell up to 10,000,000 shares of the Company’s common stock, for up to $100,000 aggregate gross sale proceeds, from time to time in “at-the-market” offerings (the “ATM”). During the three months ended June 30, 2011, we issued 115,856 shares of the Company’s common stock under the ATM for approximately $1,391, net of $28 paid to the sales agent. Under the terms of the ATM, sales are to be made primarily in transactions that are deemed to be “at-the-market” offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

     During the six months ended June 30, 2011, 94,791 limited partnership interests in the Operating Partnership (“Units”) were converted into an equivalent number of shares of common stock, resulting in a reclassification of $833 of Noncontrolling Interest to First Industrial Realty Trust Inc.’s Stockholders’ Equity.

     The following table summarizes the changes in Noncontrolling Interest for the six months ended June 30, 2011 and June 30, 2010:

	June 30,			June 30,
	2011			2010
Noncontrolling Interest, Beginning of Period	$	45,266		$	64,806
Net Loss		(943	)		(3,457	)
Other Comprehensive Income		198			77
Comprehensive Loss		(745	)		(3,380	)
Conversion of Units to Common Stock		(833	)		(289	)
Reallocation — Additional Paid In Capital		2,995			(792	)
Reallocation — Other Comprehensive Income		222			52
Noncontrolling Interest, End of Period	$	46,905		$	60,397

   Restricted Stock:

     During the six months ended June 30, 2011 and June 30, 2010, we awarded 292,339 and 573,198 shares, respectively, of restricted common stock to certain employees. The restricted common stock had a fair value of approximately $3,248 and $3,336, respectively, on the date of approval by the Compensation Committee of the Board of Directors. The restricted common stock vests over a three year period. Compensation expense will be charged to earnings over the vesting period for the shares expected to vest.

     We recognized $1,081 and $1,778 for the three months ended June 30, 2011 and June 30, 2010, respectively, and $1,726 and $3,277 for the six months ended June 30, 2011 and June 30, 2010, respectively, in compensation expense related to restricted stock/unit awards. At June 30, 2011, we have $7,309 in unrecognized compensation related to unvested restricted stock/unit awards. The weighted average period that the unrecognized compensation is expected to be recognized is 1.00 year.

   Dividend/Distributions:

     The coupon rate of our Series F Preferred Stock resets every quarter at 2.375% plus the greater of (i) the 30 year U.S. Treasury rate, (ii) the 10 year U.S. Treasury rate or (iii) 3-month LIBOR. For the second quarter of 2011, the new coupon rate was 6.885%. See Note 10 for additional derivative information related to the Series F Preferred Stock coupon rate reset.

     The following table summarizes dividends/distributions accrued during the six months ended June 30, 2011:

	Six Months Ended
	June 30, 2011
	Dividend/
	Distribution		Total
	per Share		Dividend
Series F Preferred Stock	$	3,439.13	$	1,719
Series G Preferred Stock	$	3,618.00	$	905
Series J Preferred Stock	$	9,062.60	$	5,438
Series K Preferred Stock	$	9,062.60	$	1,812