CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net Income |
$ 264,079
|
$ 295,988
|
$ 285,837
|
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
| Depreciation |
148,936
|
139,202
|
130,427
|
| Amortization of Debt Issuance Costs |
5,033
|
3,646
|
3,626
|
| Other Amortization, Including Equity Based Compensation |
46,148
|
37,091
|
34,088
|
| Equity in Income of Joint Venture |
(34,669)
|
(4,295)
|
(32,207)
|
| Distributions from the Joint Venture |
57,579
|
2,945
|
7,400
|
| Gain on Sale of Real Estate |
(26,905)
|
(111,970)
|
(95,650)
|
| Payments to Settle Derivative Instruments |
(250)
|
0
|
0
|
| Straight-line Rental Income and Expense, Net |
(16,360)
|
(20,801)
|
(21,925)
|
| Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net |
(11,309)
|
(710)
|
(2,363)
|
| Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits |
28,981
|
11,392
|
(4,418)
|
| Net Cash Provided by Operating Activities |
461,263
|
352,488
|
304,815
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Acquisitions of Real Estate |
(346,451)
|
(73,861)
|
(131,057)
|
| Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs |
(283,841)
|
(215,565)
|
(361,927)
|
| Net Proceeds from Sales of Investments in Real Estate |
40,046
|
158,924
|
120,411
|
| (Increase) Decrease in Escrow Deposits |
(659)
|
(150)
|
3,877
|
| Contributions to and Investments in Joint Venture |
(4,367)
|
(5,729)
|
(12,349)
|
| Distributions from the Joint Venture |
69,497
|
0
|
0
|
| Other Investing Activity |
1,596
|
4,761
|
2,739
|
| Net Cash Used in Investing Activities |
(524,179)
|
(131,620)
|
(378,306)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Financing Issuance Costs |
(12,416)
|
0
|
(61)
|
| Income Taxes Paid on Vested Equity Compensation |
(1,615)
|
(2,070)
|
(2,510)
|
| Common Stock Dividends and Unit Distributions Paid |
(231,220)
|
(193,482)
|
(169,368)
|
| Distributions to Noncontrolling Interests |
(9,903)
|
(143)
|
(11,523)
|
| Repayments on Mortgage Loan Payable |
(348)
|
(335)
|
(321)
|
| Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount |
443,768
|
0
|
0
|
| Proceeds from Unsecured Credit Facility |
775,000
|
321,000
|
374,000
|
| Repayments on Unsecured Credit Facility |
(874,000)
|
(338,000)
|
(218,000)
|
| Net Cash Provided by (Used in) Financing Activities |
89,266
|
(213,030)
|
(27,783)
|
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
26,350
|
7,838
|
(101,274)
|
| Cash, Cash Equivalents and Restricted Cash, Beginning of Year |
51,682
|
43,844
|
145,118
|
| Cash, Cash Equivalents and Restricted Cash, End of Year |
78,032
|
51,682
|
43,844
|
| SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: |
|
|
|
| Interest Paid, Net of Interest Expense Capitalized |
69,043
|
82,871
|
72,881
|
| Interest Expense Capitalized in Connection with Development Activity |
12,785
|
8,283
|
13,791
|
| Cash Paid for Operating Lease Liabilities |
3,289
|
3,539
|
3,348
|
| Supplemental Schedule of Non-Cash Operating Activities: |
|
|
|
| Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets |
3,210
|
658
|
941
|
| Supplemental Schedule of Non-Cash Investing and Financing Activities: |
|
|
|
| Dividends and Distributions Payable |
62,656
|
51,189
|
44,201
|
| 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 |
2,228
|
682
|
528
|
| Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate |
70,022
|
46,257
|
55,876
|
| Improvements Funded by Tenant |
9,325
|
1,069
|
3,878
|
| Write-off of Fully Depreciated Assets |
(52,861)
|
(33,909)
|
(33,529)
|
| Noncontrolling Interests |
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net Income |
16,636
|
8,434
|
11,021
|
| Exchange of Limited Partner Units for Common Stock/General Partner Units |
|
|
|
| Conversion of Limited Partner Units to Common Stock / General Partner Units |
(1,242)
|
(67)
|
(1,332)
|
| 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
|
0
|
| 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 |
1,242
|
67
|
1,332
|
| First Industrial, L.P. |
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net Income |
264,079
|
295,988
|
285,837
|
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
| Depreciation |
148,936
|
139,202
|
130,427
|
| Amortization of Debt Issuance Costs |
5,033
|
3,646
|
3,626
|
| Other Amortization, Including Equity Based Compensation |
46,148
|
37,091
|
34,088
|
| Equity in Income of Joint Venture |
(34,669)
|
(4,295)
|
(32,207)
|
| Distributions from the Joint Venture |
57,579
|
2,945
|
7,400
|
| Gain on Sale of Real Estate |
(26,905)
|
(111,970)
|
(95,650)
|
| Payments to Settle Derivative Instruments |
(250)
|
0
|
0
|
| Straight-line Rental Income and Expense, Net |
(16,360)
|
(20,801)
|
(21,925)
|
| Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net |
(11,236)
|
(656)
|
(2,365)
|
| Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits |
28,981
|
11,392
|
(4,418)
|
| Net Cash Provided by Operating Activities |
461,336
|
352,542
|
304,813
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Acquisitions of Real Estate |
(346,451)
|
(73,861)
|
(131,057)
|
| Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs |
(283,841)
|
(215,565)
|
(361,927)
|
| Net Proceeds from Sales of Investments in Real Estate |
40,046
|
158,924
|
120,411
|
| (Increase) Decrease in Escrow Deposits |
(659)
|
(150)
|
3,877
|
| Contributions to and Investments in Joint Venture |
(4,367)
|
(5,729)
|
(12,349)
|
| Distributions from the Joint Venture |
69,497
|
0
|
0
|
| Other Investing Activity |
1,596
|
4,761
|
2,739
|
| Net Cash Used in Investing Activities |
(524,179)
|
(131,620)
|
(378,306)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Financing Issuance Costs |
(12,416)
|
0
|
(61)
|
| Income Taxes Paid on Vested Equity Compensation |
(1,615)
|
(2,070)
|
(2,510)
|
| Common Stock Dividends and Unit Distributions Paid |
(231,220)
|
(193,482)
|
(169,368)
|
| Contributions from Noncontrolling Interests |
25
|
42
|
30
|
| Distributions to Noncontrolling Interests |
(10,001)
|
(239)
|
(11,551)
|
| Repayments on Mortgage Loan Payable |
(348)
|
(335)
|
(321)
|
| Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount |
443,768
|
0
|
0
|
| Proceeds from Unsecured Credit Facility |
775,000
|
321,000
|
374,000
|
| Repayments on Unsecured Credit Facility |
(874,000)
|
(338,000)
|
(218,000)
|
| Net Cash Provided by (Used in) Financing Activities |
89,193
|
(213,084)
|
(27,781)
|
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
26,350
|
7,838
|
(101,274)
|
| Cash, Cash Equivalents and Restricted Cash, Beginning of Year |
51,682
|
43,844
|
145,118
|
| Cash, Cash Equivalents and Restricted Cash, End of Year |
78,032
|
51,682
|
43,844
|
| SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: |
|
|
|
| Interest Paid, Net of Interest Expense Capitalized |
69,043
|
82,871
|
72,881
|
| Interest Expense Capitalized in Connection with Development Activity |
12,785
|
8,283
|
13,791
|
| Cash Paid for Operating Lease Liabilities |
3,289
|
3,539
|
3,348
|
| Supplemental Schedule of Non-Cash Operating Activities: |
|
|
|
| Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets |
3,210
|
658
|
941
|
| Supplemental Schedule of Non-Cash Investing and Financing Activities: |
|
|
|
| Dividends and Distributions Payable |
62,656
|
51,189
|
44,201
|
| 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 |
2,228
|
682
|
528
|
| Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate |
70,022
|
46,257
|
55,876
|
| Improvements Funded by Tenant |
9,325
|
1,069
|
3,878
|
| Write-off of Fully Depreciated Assets |
(52,861)
|
(33,909)
|
(33,529)
|
| First Industrial, L.P. | Limited Partner Units |
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net Income |
7,602
|
7,898
|
7,073
|
| Exchange of Limited Partner Units for Common Stock/General Partner Units |
|
|
|
| Conversion of Limited Partner Units to Common Stock / General Partner Units |
(1,242)
|
(67)
|
(1,332)
|
| First Industrial, L.P. | General Partner Units |
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net Income |
247,315
|
287,346
|
274,628
|
| Exchange of Limited Partner Units for Common Stock/General Partner Units |
|
|
|
| Conversion of Limited Partner Units to Common Stock / General Partner Units |
$ 1,242
|
$ 67
|
$ 1,332
|