v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 227,612 $ 109,763
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 79,907 73,218
Amortization of Debt Issuance Costs 3,102 2,291
Other Amortization, Including Equity Based Compensation 30,082 27,945
Equity in Income of Joint Venture (190) (3,413)
Distributions from the Joint Venture 190 23,068
Gain on Sale of Real Estate (125,623) (7,965)
Payments to Settle Derivative Instruments 0 (250)
Straight-line Rental Income and Expense, Net (6,940) (9,866)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (523) (5,491)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (4,766) 5,320
Net Cash Provided by Operating Activities 202,851 214,620
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (65,761) (161,791)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (132,320) (136,995)
Net Proceeds from Sales of Investments in Real Estate 156,603 13,011
Contributions to and Investments in Joint Venture 0 (3,928)
Distributions from the Joint Venture 1,609 0
Other Investing Activity (168) (345)
Net Cash Used in Investing Activities (40,037) (290,048)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (5,285) (12,379)
Income Taxes Paid on Vested Equity Compensation (2,267) (1,357)
Common Stock Dividends and Unit Distributions Paid (128,444) (110,462)
Repayments on Mortgage Loan Payable (180) (172)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount 0 443,768
Proceeds From Unsecured Term Loans 75,000 0
Proceeds from Unsecured Credit Facility 197,000 358,440
Repayments on Unsecured Credit Facility (257,000) (616,440)
Distributions to Noncontrolling Interests (5,496) (2,703)
Net Cash (Used in) Provided by Financing Activities (126,672) 58,695
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 36,142 (16,733)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 78,032 51,682
Cash, Cash Equivalents and Restricted Cash, End of Period 114,174 34,949
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 6,116 5,885
Cash Paid for Operating Lease Liabilities 1,488 1,570
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 67 114
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 69,460 61,397
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 333 563
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 44,705 53,686
Improvements Funded by Tenant 5,315 1,041
Write-off of Fully Depreciated Assets (21,580) (27,261)
Noncontrolling Interests    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (864) (101)
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 864 101
First Industrial, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 227,612 109,763
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 79,907 73,218
Amortization of Debt Issuance Costs 3,102 2,291
Other Amortization, Including Equity Based Compensation 30,082 27,945
Equity in Income of Joint Venture (190) (3,413)
Distributions from the Joint Venture 190 23,068
Gain on Sale of Real Estate (125,623) (7,965)
Payments to Settle Derivative Instruments 0 (250)
Straight-line Rental Income and Expense, Net (6,940) (9,866)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (489) (5,450)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (4,766) 5,320
Net Cash Provided by Operating Activities 202,885 214,661
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (65,761) (161,791)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (132,320) (136,995)
Net Proceeds from Sales of Investments in Real Estate 156,603 13,011
Contributions to and Investments in Joint Venture 0 (3,928)
Distributions from the Joint Venture 1,609 0
Other Investing Activity (168) (345)
Net Cash Used in Investing Activities (40,037) (290,048)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (5,285) (12,379)
Income Taxes Paid on Vested Equity Compensation (2,267) (1,357)
Common Stock Dividends and Unit Distributions Paid (128,444) (110,462)
Contributions from Noncontrolling Interests 5 14
Repayments on Mortgage Loan Payable (180) (172)
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount 0 443,768
Proceeds From Unsecured Term Loans 75,000 0
Proceeds from Unsecured Credit Facility 197,000 358,440
Repayments on Unsecured Credit Facility (257,000) (616,440)
Distributions to Noncontrolling Interests (5,535) (2,758)
Net Cash (Used in) Provided by Financing Activities (126,706) 58,654
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 36,142 (16,733)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 78,032 51,682
Cash, Cash Equivalents and Restricted Cash, End of Period 114,174 34,949
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 6,116 5,885
Cash Paid for Operating Lease Liabilities 1,488 1,570
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 67 114
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 69,460 61,397
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 333 563
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 44,705 53,686
Improvements Funded by Tenant 5,315 1,041
Write-off of Fully Depreciated Assets (21,580) (27,261)
First Industrial, L.P. | Limited Partner Units    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (864) (101)
First Industrial, L.P. | General Partner Units    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 864 $ 101