v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 288,135 $ 177,127
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 120,695 110,137
Amortization of Debt Issuance Costs 4,673 3,684
Other Amortization, Including Equity Based Compensation 40,210 36,709
Equity in Income of Joint Venture (244) (3,800)
Distributions from the Joint Venture 244 23,068
Gain on Sale of Real Estate (125,623) (17,503)
Payments to Settle Derivative Instruments 0 (250)
Straight-line Rental Income and Expense, Net (12,576) (11,111)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (10,349) (11,228)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 13,726 32,395
Net Cash Provided by Operating Activities 318,891 339,228
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (201,495) (172,585)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (186,869) (210,367)
Net Proceeds from Sales of Investments in Real Estate 156,603 25,329
Contributions to and Investments in Joint Venture 0 (4,367)
Distributions from the Joint Venture 1,555 0
Other Investing Activity (4,448) 1,046
Net Cash Used in Investing Activities (234,654) (360,944)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (5,285) (12,508)
Income Taxes Paid on Vested Equity Compensation (2,266) (1,615)
Common Stock Dividends and Unit Distributions Paid (196,520) (170,842)
Repayments on Mortgage Loan Payable (272) (260)
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 348,000 482,000
Repayments on Unsecured Credit Facility (333,000) (731,000)
Distributions to Noncontrolling Interests (5,496) (2,703)
Net Cash (Used in) Provided by Financing Activities (119,839) 6,840
Net Decrease in Cash, Cash Equivalents and Restricted Cash (35,602) (14,876)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 78,032 51,682
Cash, Cash Equivalents and Restricted Cash, End of Period 42,430 36,806
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 8,653 9,374
Cash Paid for Operating Lease Liabilities 2,063 2,377
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 336 3,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 70,119 61,582
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   (763)
Assumption of Other Assets in Connection with the Acquisition of Real Estate (320)  
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 44,838 62,899
Improvements Funded by Tenant 7,942 1,041
Write-off of Fully Depreciated Assets (33,044) (38,966)
Noncontrolling Interests    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (966) (268)
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 966 268
First Industrial, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 288,135 177,127
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 120,695 110,137
Amortization of Debt Issuance Costs 4,673 3,684
Other Amortization, Including Equity Based Compensation 40,210 36,709
Equity in Income of Joint Venture (244) (3,800)
Distributions from the Joint Venture 244 23,068
Gain on Sale of Real Estate (125,623) (17,503)
Payments to Settle Derivative Instruments 0 (250)
Straight-line Rental Income and Expense, Net (12,576) (11,111)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (10,341) (11,173)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 13,726 32,395
Net Cash Provided by Operating Activities 318,899 339,283
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate (201,495) (172,585)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (186,869) (210,367)
Net Proceeds from Sales of Investments in Real Estate 156,603 25,329
Contributions to and Investments in Joint Venture 0 (4,367)
Distributions from the Joint Venture 1,555 0
Other Investing Activity (4,448) 1,046
Net Cash Used in Investing Activities (234,654) (360,944)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (5,285) (12,508)
Income Taxes Paid on Vested Equity Compensation (2,266) (1,615)
Common Stock Dividends and Unit Distributions Paid (196,520) (170,842)
Contributions from Noncontrolling Interests 54 21
Repayments on Mortgage Loan Payable (272) (260)
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 348,000 482,000
Repayments on Unsecured Credit Facility (333,000) (731,000)
Distributions to Noncontrolling Interests (5,558) (2,779)
Net Cash (Used in) Provided by Financing Activities (119,847) 6,785
Net Decrease in Cash, Cash Equivalents and Restricted Cash (35,602) (14,876)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 78,032 51,682
Cash, Cash Equivalents and Restricted Cash, End of Period 42,430 36,806
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 8,653 9,374
Cash Paid for Operating Lease Liabilities 2,063 2,377
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 336 3,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 70,119 61,582
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   (763)
Assumption of Other Assets in Connection with the Acquisition of Real Estate (320)  
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 44,838 62,899
Improvements Funded by Tenant 7,942 1,041
Write-off of Fully Depreciated Assets (33,044) (38,966)
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 (966) (268)
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 $ 966 $ 268