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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________
Form 10-Q
_______________________________
| | | | | |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
or
| | | | | |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.)
333-21873 (First Industrial, L.P.)
_______________________________
FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
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| First Industrial Realty Trust, Inc. | | Maryland | | 36-3935116 |
| First Industrial, L.P. | | Delaware | | 36-3924586 |
| | (State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
One North Wacker Drive, Suite 4200
Chicago, Illinois, 60606
(Address of principal executive offices, zip code)
(312) 344-4300
(Registrant's telephone number, including area code)
_______________________________
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, par value $.01 per share | | FR | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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First Industrial Realty Trust, Inc. | Yes | ☑ | No | ☐ | |
| First Industrial, L.P. | Yes | ☑ | No | ☐ | |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
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First Industrial Realty Trust, Inc. | Yes | ☑ | No | ☐ | |
| First Industrial, L.P. | Yes | ☑ | No | ☐ | |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
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First Industrial Realty Trust, Inc.: | | | | | | | |
| Large accelerated filer | | ☑ | | | Accelerated filer | | ☐ |
| Non-accelerated filer | | ☐ | | (Do not check if a smaller reporting company) | Smaller reporting company | | ☐ |
| Emerging growth company | | ☐ | | | | | |
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First Industrial, L.P.: | | | | | | | |
| Large accelerated filer | | ☐ | | | Accelerated filer | | ☑ |
| Non-accelerated filer | | ☐ | | (Do not check if a smaller reporting company) | Smaller reporting company | | ☐ |
| Emerging growth company | | ☐ | | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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First Industrial Realty Trust, Inc. | Yes | ☐ | No | ☐ |
| First Industrial, L.P. | Yes | ☐ | No | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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First Industrial Realty Trust, Inc. | Yes | ☐ | No | ☑ | |
| First Industrial, L.P. | Yes | ☐ | No | ☑ | |
At October 18, 2024, 132,348,500 shares of First Industrial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding.
EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2024 of First Industrial Realty Trust, Inc., a Maryland corporation (the "Company"), and First Industrial, L.P., a Delaware limited partnership (the "Operating Partnership"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries.
The Company is a real estate investment trust and the general partner of the Operating Partnership. At September 30, 2024, the Company owned an approximate 97.3% common general partnership interest in the Operating Partnership. The remaining approximate 2.7% common limited partnership interests in the Operating Partnership are owned by limited partners. The limited partners of the Operating Partnership primarily include persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for limited partnership interests in the Operating Partnership and recipients of RLP Units (as defined in Note 6 to the Consolidated Financial Statements) of the Operating Partnership pursuant to the Company's stock incentive plan. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership's day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings. The management of the Company consists of the same members as the management of the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one enterprise. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of the Company's assets are held by, and its operations are conducted through, the Operating Partnership and its subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The main areas of difference between the Consolidated Financial Statements of the Company and those of the Operating Partnership are:
•Equity, Noncontrolling Interest and Partners' Capital. The 2.7% equity interest in the Operating Partnership held by persons or entities other than the Company is classified as limited partners units in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.
•Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, although operations are also conducted through several other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through several separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.
•Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's Consolidated Balance Sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.
We believe combining the Company's and Operating Partnership's quarterly reports into this single report results in the following benefits:
•enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;
•creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and
•eliminates duplicative disclosures and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership.
To help investors understand the differences between the Company and the Operating Partnership, this report provides the following disclosures for each of the Company and the Operating Partnership:
•Consolidated Financial Statements;
•a single set of consolidated notes to such financial statements that includes separate discussions of each entity's equity or partners' capital, as applicable; and
•a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.
This report also includes separate Part I, Item 4, Controls and Procedures sections and separate Exhibit 31 and 32 certifications for the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are both compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2024
INDEX
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| First Industrial Realty Trust, Inc. | |
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| First Industrial, L.P. | |
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| First Industrial Realty Trust, Inc. and First Industrial, L.P. | |
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PART I: FINANCIAL INFORMATION
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| Item 1. | Financial Statements |
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (Unaudited) | | |
| ASSETS | | | |
| Assets: | | | |
| Investment in Real Estate: | | | |
| Land | $ | 1,761,864 | | | $ | 1,756,971 | |
| Buildings and Improvements | 3,887,377 | | | 3,711,718 | |
| Construction in Progress | 118,597 | | | 245,391 | |
| Less: Accumulated Depreciation | (1,062,272) | | | (1,009,335) | |
| Net Investment in Real Estate | 4,705,566 | | | 4,704,745 | |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $— | 4,426 | | | — | |
| Operating Lease Right-of-Use Assets | 19,896 | | | 24,211 | |
| Cash and Cash Equivalents | 47,123 | | | 43,844 | |
| Restricted Cash | 8,066 | | | — | |
| Tenant Accounts Receivable | 5,526 | | | 10,993 | |
| Investment in Joint Venture | 49,104 | | | 44,663 | |
| Deferred Rent Receivable | 154,485 | | | 144,033 | |
| | | |
| Prepaid Expenses and Other Assets, Net | 206,328 | | | 203,276 | |
| Total Assets | $ | 5,200,520 | | | $ | 5,175,765 | |
| LIABILITIES AND EQUITY | | | |
| Liabilities: | | | |
| Indebtedness: | | | |
| Mortgage Loan Payable | $ | 9,728 | | | $ | 9,978 | |
| Senior Unsecured Notes, Net | 995,004 | | | 994,463 | |
| Unsecured Term Loans, Net | 922,073 | | | 920,863 | |
| Unsecured Credit Facility | 248,000 | | | 299,000 | |
| Accounts Payable, Accrued Expenses and Other Liabilities | 142,875 | | | 143,429 | |
| Operating Lease Liabilities | 17,652 | | | 21,992 | |
| | | |
| Rents Received in Advance and Security Deposits | 102,428 | | | 106,734 | |
| | | |
| Dividends and Distributions Payable | 50,970 | | | 44,201 | |
| Total Liabilities | 2,488,730 | | | 2,540,660 | |
| Commitments and Contingencies (see Note 12) | | | |
| Equity: | | | |
| First Industrial Realty Trust Inc.'s Equity: | | | |
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,348,500 and 132,289,039 shares issued and outstanding) | 1,323 | | | 1,323 | |
| Additional Paid-in Capital | 2,421,738 | | | 2,411,673 | |
| Retained Earnings | 199,713 | | | 127,707 | |
| Accumulated Other Comprehensive Income | 9,633 | | | 22,272 | |
| Total First Industrial Realty Trust, Inc.'s Equity | 2,632,407 | | | 2,562,975 | |
| Noncontrolling Interests | 79,383 | | | 72,130 | |
| Total Equity | 2,711,790 | | | 2,635,105 | |
| Total Liabilities and Equity | $ | 5,200,520 | | | $ | 5,175,765 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| Revenues: | | | | | | | |
| Lease Revenue | $ | 165,909 | | | $ | 152,517 | | | $ | 487,719 | | | $ | 448,073 | |
| Joint Venture Fees | 413 | | | 822 | | | 1,686 | | | 3,738 | |
| Other Revenue | 1,323 | | | 1,766 | | | 4,648 | | | 4,940 | |
| Total Revenues | 167,645 | | | 155,105 | | | 494,053 | | | 456,751 | |
| Expenses: | | | | | | | |
| Property Expenses | 44,884 | | | 42,559 | | | 134,949 | | | 124,498 | |
| General and Administrative | 9,230 | | | 8,456 | | | 30,632 | | | 27,330 | |
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| Joint Venture Development Services Expense | 208 | | | 559 | | | 1,005 | | | 2,690 | |
| Depreciation and Other Amortization | 43,515 | | | 41,146 | | | 128,382 | | | 121,508 | |
| Total Expenses | 97,837 | | | 92,720 | | | 294,968 | | | 276,026 | |
| Other Income (Expense): | | | | | | | |
| Gain on Sale of Real Estate | 56,814 | | | 34,368 | | | 93,801 | | | 47,421 | |
| Interest Expense | (20,836) | | | (19,906) | | | (62,859) | | | (53,923) | |
| Amortization of Debt Issuance Costs | (911) | | | (905) | | | (2,735) | | | (2,714) | |
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| Total Other Income (Expense) | 35,067 | | | 13,557 | | | 28,207 | | | (9,216) | |
| Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision | 104,875 | | | 75,942 | | | 227,292 | | | 171,509 | |
| Equity in Income of Joint Venture | 599 | | | 1,530 | | | 3,161 | | | 30,598 | |
| Income Tax Provision | (3,301) | | | (333) | | | (4,906) | | | (7,959) | |
| Net Income | 102,173 | | | 77,139 | | | 225,547 | | | 194,148 | |
| Less: Net Income Attributable to the Noncontrolling Interests | (2,810) | | | (2,127) | | | (6,414) | | | (8,533) | |
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 99,363 | | | $ | 75,012 | | | $ | 219,133 | | | $ | 185,615 | |
| Net Income Allocable to Participating Securities | (76) | | | (74) | | | (162) | | | (174) | |
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 99,287 | | | $ | 74,938 | | | $ | 218,971 | | | $ | 185,441 | |
| Basic and Diluted Earnings Per Share: | | | | | | | |
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.75 | | | $ | 0.57 | | | $ | 1.65 | | | $ | 1.40 | |
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| Weighted Average Shares Outstanding - Basic | 132,370 | | | 132,264 | | | 132,366 | | | 132,241 | |
| Weighted Average Shares Outstanding - Diluted | 132,421 | | | 132,339 | | | 132,409 | | | 132,325 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)
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| Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| Net Income | $ | 102,173 | | | $ | 77,139 | | | $ | 225,547 | | | $ | 194,148 | |
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| Mark-to-Market (Loss) Gain on Derivative Instruments | (22,731) | | | 7,536 | | | (13,251) | | | 12,352 | |
| Amortization of Derivative Instruments | 103 | | | 103 | | | 308 | | | 308 | |
| Comprehensive Income | 79,545 | | | 84,778 | | | 212,604 | | | 206,808 | |
| Comprehensive Income Attributable to Noncontrolling Interests | (2,205) | | | (2,319) | | | (6,068) | | | (8,851) | |
| Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 77,340 | | | $ | 82,459 | | | $ | 206,536 | | | $ | 197,957 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited; in thousands, except per share data)
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Nine Months Ended September 30, 2024: | Common
Stock | | Additional
Paid-in
Capital | | Retained Earnings | | Accumulated
Other
Comprehensive Income (Loss) | | Noncontrolling
Interests | | Total |
| Balance as of December 31, 2023 | $ | 1,323 | | | $ | 2,411,673 | | | $ | 127,707 | | | $ | 22,272 | | | $ | 72,130 | | | $ | 2,635,105 | |
| Net Income | — | | | — | | | 68,452 | | | — | | | 2,046 | | | 70,498 | |
| Other Comprehensive Income | — | | | — | | | — | | | 10,146 | | | 277 | | | 10,423 | |
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| Stock Based Compensation Activity | — | | | (323) | | | (6) | | | — | | | 8,003 | | | 7,674 | |
Common Stock Dividends and Unit Distributions ($0.37 Per Share/Unit) | — | | | — | | | (49,049) | | | — | | | (1,260) | | | (50,309) | |
| Conversion of Limited Partner Units to Common Stock | — | | | 7 | | | — | | | — | | | (7) | | | — | |
| Retirement of Limited Partner Units | — | | | — | | | — | | | — | | | (25) | | | (25) | |
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| Distributions to Noncontrolling Interests | — | | | — | | | — | | | — | | | (98) | | | (98) | |
| Reallocation - Additional Paid-in Capital | — | | | 3,007 | | | — | | | — | | | (3,007) | | | — | |
| Reallocation - Other Comprehensive Income | — | | | — | | | — | | | (44) | | | 44 | | | — | |
| Balance as of March 31, 2024 | $ | 1,323 | | | $ | 2,414,364 | | | $ | 147,104 | | | $ | 32,374 | | | $ | 78,103 | | | $ | 2,673,268 | |
| Net Income | — | | | — | | | 51,318 | | | — | | | 1,558 | | | 52,876 | |
| Other Comprehensive Loss | — | | | — | | | — | | | (720) | | | (18) | | | (738) | |
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| Stock Based Compensation Activity | — | | | 1,131 | | | — | | | — | | | 2,735 | | | 3,866 | |
Common Stock Dividends and Unit Distributions ($0.37 Per Share/Unit) | — | | | — | | | (49,009) | | | — | | | (1,039) | | | (50,048) | |
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| Distributions to Noncontrolling Interests | — | | | — | | | — | | | — | | | (45) | | | (45) | |
| Reallocation - Additional Paid-in Capital | — | | | 2,737 | | | — | | | — | | | (2,737) | | | — | |
| Reallocation - Other Comprehensive Income | — | | | — | | | — | | | (1) | | | 1 | | | — | |
| Balance as of June 30, 2024 | $ | 1,323 | | | $ | 2,418,232 | | | $ | 149,413 | | | $ | 31,653 | | | $ | 78,558 | | | $ | 2,679,179 | |
| Net Income | — | | | — | | | 99,363 | | | — | | | 2,810 | | | 102,173 | |
| Other Comprehensive Loss | — | | | — | | | — | | | (22,023) | | | (605) | | | (22,628) | |
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| Stock Based Compensation Activity | — | | | 906 | | | — | | | — | | | 2,641 | | | 3,547 | |
Common Stock Dividends and Unit Distributions ($0.37 Per Share/Unit) | — | | | — | | | (49,063) | | | — | | | (1,339) | | | (50,402) | |
| Conversion of Limited Partner Units to Common Stock | — | | | 55 | | | — | | | — | | | (55) | | | — | |
| Retirement of Limited Partner Units | — | | | — | | | — | | | — | | | (79) | | | (79) | |
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| Reallocation - Additional Paid-in Capital | — | | | 2,545 | | | — | | | — | | | (2,545) | | | — | |
| Reallocation - Other Comprehensive Income | — | | | — | | | — | | | 3 | | | (3) | | | — | |
| Balance as of September 30, 2024 | $ | 1,323 | | | $ | 2,421,738 | | | $ | 199,713 | | | $ | 9,633 | | | $ | 79,383 | | | $ | 2,711,790 | |
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited; in thousands, except per share data)
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Nine Months Ended September 30, 2023: | Common
Stock | | Additional
Paid-in
Capital | | Retained
Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Noncontrolling
Interests | | Total |
| Balance as of December 31, 2022 | $ | 1,321 | | | $ | 2,401,334 | | | $ | 23,131 | | | $ | 33,412 | | | $ | 71,101 | | | $ | 2,530,299 | |
| Net Income | — | | | — | | | 55,967 | | | — | | | 4,808 | | | 60,775 | |
| Other Comprehensive Loss | — | | | — | | | — | | | (12,592) | | | (326) | | | (12,918) | |
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| Stock Based Compensation Activity | 1 | | | (412) | | | (710) | | | — | | | 5,748 | | | 4,627 | |
Common Stock Dividends and Unit Distributions ($0.32 Per Share/Unit) | — | | | — | | | (42,401) | | | — | | | (1,059) | | | (43,460) | |
| Conversion of Limited Partner Units to Common Stock | — | | | 513 | | | — | | | — | | | (513) | | | — | |
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| Distributions to Noncontrolling Interests | — | | | — | | | — | | | — | | | (11,358) | | | (11,358) | |
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| Reallocation - Additional Paid-in Capital | — | | | (1,166) | | | — | | | — | | | 1,166 | | | — | |
| Reallocation - Other Comprehensive Income | — | | | — | | | — | | | (88) | | | 88 | | | — | |
| Balance as of March 31, 2023 | $ | 1,322 | | | $ | 2,400,269 | | | $ | 35,987 | | | $ | 20,732 | | | $ | 69,655 | | | $ | 2,527,965 | |
| Net Income | — | | | — | | | 54,636 | | | — | | | 1,598 | | | 56,234 | |
| Other Comprehensive Income | — | | | — | | | — | | | 17,487 | | | 452 | | | 17,939 | |
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| Stock Based Compensation Activity | 1 | | | 1,288 | | | (2) | | | — | | | 1,931 | | | 3,218 | |
Common Stock Dividends and Unit Distributions ($0.32 Per Share/Unit) | — | | | — | | | (42,404) | | | — | | | (1,049) | | | (43,453) | |
| Conversion of Limited Partner Units to Common Stock | — | | | 151 | | | — | | | — | | | (151) | | | — | |
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| Distributions to Noncontrolling Interest | — | | | — | | | — | | | — | | | (64) | | | (64) | |
| Reallocation - Additional Paid-in Capital | — | | | 1,689 | | | — | | | — | | | (1,689) | | | — | |
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| Balance as of June 30, 2023 | $ | 1,323 | | | $ | 2,403,397 | | | $ | 48,217 | | | $ | 38,219 | | | $ | 70,683 | | | $ | 2,561,839 | |
| Net Income | — | | | — | | | 75,012 | | | — | | | 2,127 | | | 77,139 | |
| Other Comprehensive Income | — | | | — | | | — | | | 7,447 | | | 192 | | | 7,639 | |
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| Stock Based Compensation Activity | — | | | 1,277 | | | — | | | — | | | 2,160 | | | 3,437 | |
Common Stock Dividends and Unit Distributions ($0.32 Per Share/Unit) | — | | | — | | | (42,373) | | | — | | | (877) | | | (43,250) | |
| Conversion of Limited Partner Units to Common Stock | — | | | 396 | | | — | | | — | | | (396) | | | — | |
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| Distributions to Noncontrolling Interest | — | | | — | | | — | | | — | | | (101) | | | (101) | |
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| Reallocation - Additional Paid-in Capital | — | | | 2,278 | | | — | | | — | | | (2,278) | | | — | |
| Reallocation - Other Comprehensive Income | — | | | — | | | — | | | 8 | | | (8) | | | — | |
| Balance as of September 30, 2023 | $ | 1,323 | | | $ | 2,407,348 | | | $ | 80,856 | | | $ | 45,674 | | | $ | 71,502 | | | $ | 2,606,703 | |
The accompanying notes are an integral part of the consolidated financial statements.
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FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands) |
| Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
| Net Income | $ | 225,547 | | | $ | 194,148 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | |
| Depreciation | 104,077 | | | 96,808 | |
| Amortization of Debt Issuance Costs | 2,735 | | | 2,714 | |
| Other Amortization, Including Equity Based Compensation | 27,404 | | | 25,136 | |
| | | |
| | | |
| Equity in Income of Joint Venture | (3,161) | | | (30,598) | |
| Distributions from the Joint Venture | 2,236 | | | 6,584 | |
| Gain on Sale of Real Estate | (93,801) | | | (47,421) | |
| | | |
| | | |
| | | |
| | | |
| Straight-line Rental Income and Expense, Net | (12,151) | | | (15,891) | |
| | | |
| Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (5,013) | | | (3,835) | |
| | | |
| Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 27,835 | | | 12,799 | |
| | | |
| Net Cash Provided by Operating Activities | 275,708 | | | 240,444 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
| Acquisitions of Real Estate | (44,384) | | | (93,504) | |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (159,040) | | | (280,536) | |
| Net Proceeds from Sales of Investments in Real Estate | 135,544 | | | 58,440 | |
| | | |
| | | |
| Contributions to and Investments in Joint Venture | (3,942) | | | (10,060) | |
| | | |
| | | |
| | | |
| Other Investing Activity | 4,317 | | | 2,780 | |
| Net Cash Used in Investing Activities | (67,505) | | | (322,880) | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
| Financing Issuance Costs | — | | | (9) | |
| | | |
| | | |
| Income Taxes Paid on Vested Equity Compensation | (2,070) | | | (2,510) | |
| Common Stock Dividends and Unit Distributions Paid | (143,395) | | | (126,148) | |
| | | |
| Repayments on Mortgage Loan Payable | (250) | | | (240) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Proceeds from Unsecured Credit Facility | 236,000 | | | 278,000 | |
| Repayments on Unsecured Credit Facility | (287,000) | | | (146,000) | |
| | | |
| Distributions to Noncontrolling Interests | (143) | | | (11,523) | |
| | | |
| Net Cash Used in Financing Activities | (196,858) | | | (8,430) | |
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 11,345 | | | (90,866) | |
| Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 43,844 | | | 145,118 | |
| Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 55,189 | | | $ | 54,252 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | | | | | | | | | |
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands) |
| Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | | | |
| Interest Expense Capitalized in Connection with Development Activity | $ | 6,327 | | | $ | 11,013 | |
| Cash Paid for Operating Lease Liabilities | $ | 2,608 | | | $ | 2,501 | |
| Supplemental Schedule of Non-Cash Operating Activities: | | | |
| Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 354 | | | $ | 661 | |
| Supplemental Schedule of Non-Cash Investing and Financing Activities: | | | |
Common Stock Dividends and Unit Distributions Payable | $ | 50,970 | | | $ | 44,329 | |
| | | |
| Exchange of Limited Partnership Units for Common Stock: | | | |
| Noncontrolling Interests | $ | (62) | | | $ | (1,060) | |
| Common Stock | — | | | — | |
| Additional Paid-in Capital | 62 | | | 1,060 | |
| Total | $ | — | | | $ | — | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Assumption of Liabilities in Connection with the Acquisition of Real Estate | $ | 688 | | | $ | 351 | |
| Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 34,310 | | | $ | 66,855 | |
| Improvements Funded by Tenant | $ | — | | | $ | 3,366 | |
| Write-off of Fully Depreciated Assets | $ | (26,543) | | | $ | (21,557) | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands, except Unit data)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (Unaudited) | | |
| ASSETS | | | |
| Assets: | | | |
| Investment in Real Estate: | | | |
| Land | $ | 1,761,864 | | | $ | 1,756,971 | |
| Buildings and Improvements | 3,887,377 | | | 3,711,718 | |
| Construction in Progress | 118,597 | | | 245,391 | |
| Less: Accumulated Depreciation | (1,062,272) | | | (1,009,335) | |
Net Investment in Real Estate (including $296,549 and $302,869 related to consolidated variable interest entities, see Note 5) | 4,705,566 | | | 4,704,745 | |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $— | 4,426 | | | — | |
| Operating Lease Right-of-Use Assets | 19,896 | | | 24,211 | |
| Cash and Cash Equivalents | 47,123 | | | 43,844 | |
| Restricted Cash | 8,066 | | | — | |
| Tenant Accounts Receivable | 5,526 | | | 10,993 | |
| Investment in Joint Venture | 49,104 | | | 44,663 | |
| Deferred Rent Receivable | 154,485 | | | 144,033 | |
| | | |
| Prepaid Expenses and Other Assets, Net | 215,574 | | | 212,559 | |
| Total Assets | $ | 5,209,766 | | | $ | 5,185,048 | |
| LIABILITIES AND PARTNERS' CAPITAL | | | |
| Liabilities: | | | |
| Indebtedness: | | | |
| Mortgage Loan Payable | $ | 9,728 | | | $ | 9,978 | |
| Senior Unsecured Notes, Net | 995,004 | | | 994,463 | |
| Unsecured Term Loans, Net | 922,073 | | | 920,863 | |
| Unsecured Credit Facility | 248,000 | | | 299,000 | |
| Accounts Payable, Accrued Expenses and Other Liabilities | 142,875 | | | 143,429 | |
| Operating Lease Liabilities | 17,652 | | | 21,992 | |
| | | |
| Rents Received in Advance and Security Deposits | 102,428 | | | 106,734 | |
| | | |
| Distributions Payable | 50,970 | | | 44,201 | |
| Total Liabilities | 2,488,730 | | | 2,540,660 | |
| Commitments and Contingencies (see Note 12) | | | |
| Partners' Capital: | | | |
| First Industrial, L.P.'s Partners' Capital: | | | |
General Partner Units (132,348,500 and 132,289,039 units outstanding) | 2,578,826 | | | 2,505,150 | |
Limited Partners Units (3,641,548 and 3,378,165 units outstanding) | 124,596 | | | 109,003 | |
| Accumulated Other Comprehensive Income | 9,899 | | | 22,842 | |
| Total First Industrial L.P.'s Partners' Capital | 2,713,321 | | | 2,636,995 | |
| Noncontrolling Interests | 7,715 | | | 7,393 | |
| Total Partners' Capital | 2,721,036 | | | 2,644,388 | |
| Total Liabilities and Partners' Capital | $ | 5,209,766 | | | $ | 5,185,048 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per Unit data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| Revenues: | | | | | | | |
| Lease Revenue | $ | 165,909 | | | $ | 152,517 | | | $ | 487,719 | | | $ | 448,073 | |
| Joint Venture Fees | 413 | | | 822 | | | 1,686 | | | 3,738 | |
| Other Revenue | 1,323 | | | 1,766 | | | 4,648 | | | 4,940 | |
| Total Revenues | 167,645 | | | 155,105 | | | 494,053 | | | 456,751 | |
| Expenses: | | | | | | | |
| Property Expenses | 44,884 | | | 42,559 | | | 134,949 | | | 124,498 | |
| General and Administrative | 9,230 | | | 8,456 | | | 30,632 | | | 27,330 | |
| | | | | | | |
| Joint Venture Development Services Expense | 208 | | | 559 | | | 1,005 | | | 2,690 | |
| Depreciation and Other Amortization | 43,515 | | | 41,146 | | | 128,382 | | | 121,508 | |
| Total Expenses | 97,837 | | | 92,720 | | | 294,968 | | | 276,026 | |
| Other Income (Expense): | | | | | | | |
| Gain on Sale of Real Estate | 56,814 | | | 34,368 | | | 93,801 | | | 47,421 | |
| Interest Expense | (20,836) | | | (19,906) | | | (62,859) | | | (53,923) | |
| Amortization of Debt Issuance Costs | (911) | | | (905) | | | (2,735) | | | (2,714) | |
| | | | | | | |
| | | | | | | |
| Total Other Income (Expense) | 35,067 | | | 13,557 | | | 28,207 | | | (9,216) | |
| Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision | 104,875 | | | 75,942 | | | 227,292 | | | 171,509 | |
| Equity in Income of Joint Venture | 599 | | | 1,530 | | | 3,161 | | | 30,598 | |
| Income Tax Provision | (3,301) | | | (333) | | | (4,906) | | | (7,959) | |
| Net Income | 102,173 | | | 77,139 | | | 225,547 | | | 194,148 | |
| Less: Net Income Attributable to the Noncontrolling Interests | (108) | | | (222) | | | (502) | | | (3,814) | |
Net Income Available to Unitholders and Participating Securities | $ | 102,065 | | | $ | 76,917 | | | $ | 225,045 | | | $ | 190,334 | |
| Net Income Allocable to Participating Securities | (201) | | | (199) | | | (439) | | | (478) | |
Net Income Available to Unitholders | $ | 101,864 | | | $ | 76,718 | | | $ | 224,606 | | | $ | 189,856 | |
| Basic Earnings Per Unit: | | | | | | | |
| Net Income Available to Unitholders | $ | 0.75 | | | $ | 0.57 | | | $ | 1.66 | | | $ | 1.41 | |
| Diluted Earnings Per Unit: | | | | | | | |
| Net Income Available to Unitholders | $ | 0.75 | | | $ | 0.57 | | | $ | 1.66 | | | $ | 1.40 | |
| | | | | | | |
| Weighted Average Units Outstanding - Basic | 135,099 | | | 134,704 | | | 135,088 | | | 134,697 | |
| Weighted Average Units Outstanding - Diluted | 135,474 | | | 135,166 | | | 135,391 | | | 135,214 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 | | Three Months Ended September 30, 2023 | | Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| Net Income | $ | 102,173 | | | $ | 77,139 | | | $ | 225,547 | | | $ | 194,148 | |
| | | | | | | |
| | | | | | | |
| Mark-to-Market (Loss) Gain on Derivative Instruments | (22,731) | | | 7,536 | | | (13,251) | | | 12,352 | |
| Amortization of Derivative Instruments | 103 | | | 103 | | | 308 | | | 308 | |
| Comprehensive Income | 79,545 | | | 84,778 | | | 212,604 | | | 206,808 | |
| Comprehensive Income Attributable to Noncontrolling Interests | (108) | | | (222) | | | (502) | | | (3,814) | |
| Comprehensive Income Attributable to Unitholders | $ | 79,437 | | | $ | 84,556 | | | $ | 212,102 | | | $ | 202,994 | |
The accompanying notes are an integral part of the consolidated financial statements.
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(Unaudited; in thousands, except per Unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2024: | General
Partner
Units | | Limited
Partner
Units | | Accumulated
Other
Comprehensive
Income (Loss) | | Noncontrolling Interests | | Total |
| Balance as of December 31, 2023 | $ | 2,505,150 | | | $ | 109,003 | | | $ | 22,842 | | | $ | 7,393 | | | $ | 2,644,388 | |
| Net Income | 68,404 | | | 1,871 | | | — | | | 223 | | | 70,498 | |
| Other Comprehensive Income | — | | | — | | | 10,423 | | | — | | | 10,423 | |
| | | | | | | | | |
| Stock Based Compensation Activity | (329) | | | 8,003 | | | — | | | — | | | 7,674 | |
Unit Distributions ($0.37 Per Unit) | (49,049) | | | (1,260) | | | — | | | — | | | (50,309) | |
| Conversion of Limited Partner Units to General Partner Units | 7 | | | (7) | | | — | | | — | | | — | |
| Retirement of Limited Partner Units | — | | | (25) | | | — | | | — | | | (25) | |
| Contributions from Noncontrolling Interests | — | | | — | | | — | | | 5 | | | 5 | |
| Distributions to Noncontrolling Interests | — | | | — | | | — | | | (113) | | | (113) | |
| Balance as of March 31, 2024 | $ | 2,524,183 | | | $ | 117,585 | | | $ | 33,265 | | | $ | 7,508 | | | $ | 2,682,541 | |
| Net Income | 51,291 | | | 1,414 | | | — | | | 171 | | | 52,876 | |
| Other Comprehensive Loss | — | | | — | | | (738) | | | — | | | (738) | |
| | | | | | | | | |
| Stock Based Compensation Activity | 1,131 | | | 2,735 | | | — | | | — | | | 3,866 | |
Unit Distributions ($0.37 Per Unit) | (49,009) | | | (1,039) | | | — | | | — | | | (50,048) | |
| | | | | | | | | |
| | | | | | | | | |
| Contributions from Noncontrolling Interests | — | | | — | | | — | | | 9 | | | 9 | |
| Distributions to Noncontrolling Interests | — | | | — | | | — | | | (68) | | | (68) | |
| Balance as of June 30, 2024 | $ | 2,527,596 | | | $ | 120,695 | | | $ | 32,527 | | | $ | 7,620 | | | $ | 2,688,438 | |
| Net Income | 99,332 | | | 2,733 | | | — | | | 108 | | | 102,173 | |
| Other Comprehensive Loss | — | | | — | | | (22,628) | | | — | | | (22,628) | |
| | | | | | | | | |
| Stock Based Compensation Activity | 906 | | | 2,641 | | | — | | | — | | | 3,547 | |
Unit Distributions ($0.37 Per Unit) | (49,063) | | | (1,339) | | | — | | | — | | | (50,402) | |
| Conversion of Limited Partner Units to General Partner Units | 55 | | | (55) | | | — | | | — | | | — | |
| Retirement of Limited Partner Units | — | | | (79) | | | — | | | — | | | (79) | |
| Contributions from Noncontrolling Interests | — | | | — | | | — | | | 17 | | | 17 | |
| Distributions to Noncontrolling Interests | — | | | — | | | — | | | (30) | | | (30) | |
| Balance as of September 30, 2024 | $ | 2,578,826 | | | $ | 124,596 | | | $ | 9,899 | | | $ | 7,715 | | | $ | 2,721,036 | |
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Continued)
(Unaudited; in thousands, except per Unit data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2023: | General
Partner
Units | | Limited
Partner
Units | | Accumulated
Other
Comprehensive
Income (Loss) | | Noncontrolling Interests | | Total |
| Balance as of December 31, 2022 | $ | 2,395,601 | | | $ | 95,015 | | | $ | 34,186 | | | $ | 14,778 | | | $ | 2,539,580 | |
| Net Income | 55,947 | | | 1,447 | | | — | | | 3,381 | | | 60,775 | |
| Other Comprehensive Loss | — | | | — | | | (12,918) | | | — | | | (12,918) | |
| | | | | | | | | |
| Stock Based Compensation Activity | (1,121) | | | 5,748 | | | — | | | — | | | 4,627 | |
Unit Distributions ($0.32 Per Unit) | (42,401) | | | (1,059) | | | — | | | — | | | (43,460) | |
| Conversion of Limited Partner Units to General Partner Units | 513 | | | (513) | | | — | | | — | | | — | |
| | | | | | | | | |
| Contributions from Noncontrolling Interests | — | | | — | | | — | | | 1 | | | 1 | |
| Distributions to Noncontrolling Interests | — | | | — | | | — | | | (11,359) | | | (11,359) | |
| Balance as of March 31, 2023 | $ | 2,408,539 | | | $ | 100,638 | | | $ | 21,268 | | | $ | 6,801 | | | $ | 2,537,246 | |
| Net Income | 54,613 | | | 1,410 | | | — | | | 211 | | | 56,234 | |
| Other Comprehensive Income | — | | | — | | | 17,939 | | | — | | | 17,939 | |
| | | | | | | | | |
| Stock Based Compensation Activity | 1,287 | | | 1,931 | | | — | | | — | | | 3,218 | |
Unit Distributions ($0.32 Per Unit) | (42,404) | | | (1,049) | | | — | | | — | | | (43,453) | |
| Conversion of Limited Partner Units to General Partner Units | 151 | | | (151) | | | — | | | — | | | — | |
| | | | | | | | | |
| Contributions from Noncontrolling Interests | — | | | — | | | — | | | 2 | | | 2 | |
| Distributions to Noncontrolling Interests | — | | | — | | | — | | | (69) | | | (69) | |
| Balance as of June 30, 2023 | $ | 2,422,186 | | | $ | 102,779 | | | $ | 39,207 | | | $ | 6,945 | | | $ | 2,571,117 | |
| Net Income | 74,986 | | | 1,931 | | | — | | | 222 | | | 77,139 | |
| Other Comprehensive Income | — | | | — | | | 7,639 | | | — | | | 7,639 | |
| | | | | | | | | |
| Stock Based Compensation Activity | 1,277 | | | 2,160 | | | — | | | — | | | 3,437 | |
Unit Distributions ($0.32 Per Unit) | (42,373) | | | (877) | | | — | | | — | | | (43,250) | |
| Conversion of Limited Partner Units to General Partner Units | 396 | | | (396) | | | — | | | — | | | — | |
| | | | | | | | | |
| Contributions from Noncontrolling Interests | — | | | — | | | — | | | 24 | | | 24 | |
| Distributions to Noncontrolling Interests | — | | | — | | | — | | | (106) | | | (106) | |
| Balance as of September 30, 2023 | $ | 2,456,472 | | | $ | 105,597 | | | $ | 46,846 | | | $ | 7,085 | | | $ | 2,616,000 | |
The accompanying notes are an integral part of the consolidated financial statements.
| | | | | | | | | | | |
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands) |
| Nine Months Ended September 30, 2024 | | Nine Months Ended September 30, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
| Net Income | $ | 225,547 | | | $ | 194,148 | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | |
| Depreciation | 104,077 | | | 96,808 | |
| Amortization of Debt Issuance Costs | 2,735 | | | 2,714 | |
| Other Amortization, Including Equity Based Compensation | 27,404 | | | 25,136 | |
| | | |
| | | |
| Equity in Income of Joint Venture | (3,161) | | | (30,598) | |
| Distributions from the Joint Venture | 2,236 | | | 6,584 | |
| Gain on Sale of Real Estate | (93,801) | | | (47,421) | |
| | | |
| | | |
| | | |
| | | |
| Straight-line Rental Income and Expense, Net | (12,151) | | | (15,891) | |
| | | |
| Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (4,976) | | | ( |
