v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income $ 56,879 $ 109,763 $ 123,374
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   73,218 68,596
Amortization of Debt Issuance Costs 1,328 2,291 1,824
Other Amortization, Including Equity Based Compensation   27,945 22,538
Equity in Income of Joint Venture 64 (3,413) (2,562)
Distributions from the Joint Venture   23,068 1,499
Gain on Sale of Real Estate (1,121) (7,965) (36,987)
Payments to Settle Derivative Instruments   (250) 0
Straight-line Rental Income and Expense, Net   (9,866) (9,222)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (5,491) (4,064)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   5,320 5,238
Net Cash Provided by Operating Activities   214,620 170,234
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (161,791) (15,812)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (136,995) (111,481)
Net Proceeds from Sales of Investments in Real Estate   13,011 55,365
Contributions to and Investments in Joint Venture   (3,928) (3,277)
Other Investing Activity   (345) 3,326
Net Cash Used in Investing Activities   (290,048) (71,879)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing Issuance Costs   (12,379) 0
Income Taxes Paid on Vested Equity Compensation   (1,357) (2,037)
Common Stock Dividends and Unit Distributions Paid   (110,462) (93,305)
Repayments on Mortgage Loan Payable   (172) (166)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount   443,768 0
Proceeds from Unsecured Credit Facility   358,440 169,000
Repayments on Unsecured Credit Facility   (616,440) (169,000)
Distributions to Noncontrolling Interests   (2,703) (143)
Net Cash Provided by (Used in) Financing Activities   58,695 (95,651)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash   (16,733) 2,704
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   51,682 43,844
Cash, Cash Equivalents and Restricted Cash, End of Period 34,949 34,949 46,548
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity   5,885 4,779
Cash Paid for Operating Lease Liabilities   1,570 1,756
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   114 200
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 61,397 61,397 50,658
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
Assumption of Liabilities in Connection with the Acquisition of Real Estate   563 131
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   53,686 37,861
Improvements Funded by Tenant   1,041 0
Write-off of Fully Depreciated Assets   (27,261) (18,511)
Noncontrolling Interests      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 1,694    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (74) (101) (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 74 101 7
First Industrial, L.P.      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 56,879 109,763 123,374
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
Depreciation   73,218 68,596
Amortization of Debt Issuance Costs 1,328 2,291 1,824
Other Amortization, Including Equity Based Compensation   27,945 22,538
Equity in Income of Joint Venture 64 (3,413) (2,562)
Distributions from the Joint Venture   23,068 1,499
Gain on Sale of Real Estate (1,121) (7,965) (36,987)
Payments to Settle Derivative Instruments   (250) 0
Straight-line Rental Income and Expense, Net   (9,866) (9,222)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net   (5,450) (4,040)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits   5,320 5,238
Net Cash Provided by Operating Activities   214,661 170,258
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisitions of Real Estate   (161,791) (15,812)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs   (136,995) (111,481)
Net Proceeds from Sales of Investments in Real Estate   13,011 55,365
Contributions to and Investments in Joint Venture   (3,928) (3,277)
Other Investing Activity   (345) 3,326
Net Cash Used in Investing Activities   (290,048) (71,879)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Financing Issuance Costs   (12,379) 0
Income Taxes Paid on Vested Equity Compensation   (1,357) (2,037)
Common Stock Dividends and Unit Distributions Paid   (110,462) (93,305)
Contributions from Noncontrolling Interests   14 14
Repayments on Mortgage Loan Payable   (172) (166)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount   443,768 0
Proceeds from Unsecured Credit Facility   358,440 169,000
Repayments on Unsecured Credit Facility   (616,440) (169,000)
Distributions to Noncontrolling Interests   (2,758) (181)
Net Cash Provided by (Used in) Financing Activities   58,654 (95,675)
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash   (16,733) 2,704
Cash, Cash Equivalents and Restricted Cash, Beginning of Year   51,682 43,844
Cash, Cash Equivalents and Restricted Cash, End of Period 34,949 34,949 46,548
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:      
Interest Expense Capitalized in Connection with Development Activity   5,885 4,779
Cash Paid for Operating Lease Liabilities   1,570 1,756
Supplemental Schedule of Non-Cash Operating Activities:      
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets   114 200
Supplemental Schedule of Non-Cash Investing and Financing Activities:      
Dividends and Distributions Payable 61,397 61,397 50,658
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
Assumption of Liabilities in Connection with the Acquisition of Real Estate   563 131
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate   53,686 37,861
Improvements Funded by Tenant   1,041 0
Write-off of Fully Depreciated Assets   (27,261) (18,511)
First Industrial, L.P. | Limited Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 1,702    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units (74) (101) (7)
First Industrial, L.P. | General Partner Units      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income 55,153    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:      
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 74 $ 101 $ 7