Company Quick10K Filing
Quick10K
First Industrial Realty Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$34.48 126 $4,360
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-05-16 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-08 Shareholder Vote
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-13 Earnings, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-05-14 Shareholder Vote
8-K 2018-04-30 Other Events, Exhibits
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-03-01 Officers
8-K 2018-02-21 Earnings, Exhibits
CSII Cardiovascular Systems 1,380
SNBR Sleep Number 1,060
TEN Tenneco 1,020
VNET 21Vianet Group 854
TSQ Townsquare Media 117
MIND Mitcham Industries 47
CLIR Clearsign Combustion 21
HWH HWH 0
ACEF Managed Futures Premier Energy Fund 0
NYB New York Community Bancorp 0
FR 2019-06-30
Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 fr-2019630xex311.htm
EX-31.2 fr-2019630xex312.htm
EX-31.3 fr-2019630xex313.htm
EX-31.4 fr-2019630xex314.htm
EX-32.1 fr-2019630xex321.htm
EX-32.2 fr-2019630xex322.htm

First Industrial Realty Trust Earnings 2019-06-30

FR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 30, 2019
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)
 
Maryland (First Industrial Realty Trust, Inc.) 36-3935116 (First Industrial Realty Trust, Inc.)
Delaware (First Industrial, L.P.) 36-3924586 (First Industrial, L.P.)
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization) Identification No.)
        
1 N. Wacker Drive,                         60606
Suite 4200, Chicago, Illinois                      (Zip Code)
(Address of principal executive offices)
(312344-4300
(Registrant's telephone number, including area code)
 _______________________________ 
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.
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).
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):
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
 
 
 
 
 
 
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.
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).
First Industrial Realty Trust, Inc.
Yes
No
 
First Industrial, L.P.
Yes
No
 
At July 26, 2019, 126,487,215 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 June 30, 2019 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 June 30, 2019, the Company owned an approximate 97.8% common general partnership interest in the Operating Partnership. The remaining approximate 2.2% common limited partnership interests in the Operating Partnership are owned by limited partners. The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common units of limited partnership interests in the Operating Partnership and/or recipients of LTIP Units (See Note 9) 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:
Stockholders' Equity, Noncontrolling Interest and Partners' Capital. The 2.2% equity interest in the Operating Partnership held by entities other than the Company is classified within partners' capital 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 eight 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 eight 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 for our investors to review 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 separate 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 stockholders' 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 JUNE 30, 2019
INDEX
 
 
 
Page
 
First Industrial Realty Trust, Inc.
 
 
 
 
 
 
 
First Industrial, L.P.
 
 
 
 
 
 
 
First Industrial Realty Trust, Inc. and First Industrial, L.P.
 
 



2



PART I: FINANCIAL INFORMATION 
Item 1.
Financial Statements
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

 
June 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Assets:
 
 
 
Investment in Real Estate:
 
 
 
Land
$
934,398

 
$
909,318

Buildings and Improvements
2,737,139

 
2,704,850

Construction in Progress
147,008

 
59,476

Less: Accumulated Depreciation
(844,714
)
 
(811,784
)
Net Investment in Real Estate
2,973,831

 
2,861,860

Operating Lease Right-of-Use Assets
11,858

 

Cash and Cash Equivalents
33,445

 
43,102

Restricted Cash

 
7,271

Tenant Accounts Receivable, Net
5,032

 
5,185

Investment in Joint Venture
18,132

 
23,326

Deferred Rent Receivable, Net
77,207

 
71,079

Deferred Leasing Intangibles, Net
29,110

 
29,678

Prepaid Expenses and Other Assets, Net
106,286

 
101,190

Total Assets
$
3,254,901

 
$
3,142,691

LIABILITIES AND EQUITY
 
 
 
Liabilities:
 
 
 
Indebtedness:
 
 
 
Mortgage Loans Payable, Net
$
221,357

 
$
296,470

Senior Unsecured Notes, Net
544,715

 
544,504

Unsecured Term Loans, Net
457,337

 
456,809

Unsecured Credit Facility
158,000

 

Accounts Payable, Accrued Expenses and Other Liabilities
101,054

 
78,665

Operating Lease Liabilities
12,285

 

Deferred Leasing Intangibles, Net
9,466

 
9,560

Rents Received in Advance and Security Deposits
46,003

 
47,927

Dividends and Distributions Payable
30,281

 
28,845

Total Liabilities
1,580,498

 
1,462,780

Commitments and Contingencies

 

Equity:
 
 
 
First Industrial Realty Trust Inc.'s Stockholders' Equity:
 
 
 
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,487,215 and 126,307,431 shares issued and outstanding)
1,265

 
1,263

Additional Paid-in-Capital
2,129,707

 
2,131,556

Distributions in Excess of Accumulated Earnings
(487,370
)
 
(490,807
)
Accumulated Other Comprehensive (Loss) Income
(7,058
)
 
3,502

Total First Industrial Realty Trust, Inc.'s Stockholders' Equity
1,636,544

 
1,645,514

Noncontrolling Interest
37,859

 
34,397

Total Equity
1,674,403

 
1,679,911

Total Liabilities and Equity
$
3,254,901

 
$
3,142,691

The accompanying notes are an integral part of the consolidated financial statements.

3



FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)

 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Revenues:
 
 
 
 
 
 
 
Lease Revenue
$
103,517

 
$
98,064

 
$
207,155

 
$
197,104

Other Revenue
578

 
781

 
1,481

 
1,512

Total Revenues
104,095

 
98,845

 
208,636

 
198,616

Expenses:
 
 
 
 
 
 
 
Property Expenses
27,379

 
28,553

 
57,547

 
57,964

General and Administrative
6,782

 
6,746

 
13,584

 
14,889

Impairment of Real Estate

 

 

 
2,756

Depreciation and Other Amortization
29,774

 
28,636

 
59,829

 
56,951

Total Expenses
63,935

 
63,935

 
130,960

 
132,560

Other (Expense) Income:
 
 
 
 
 
 
 
Gain on Sale of Real Estate
1,097

 
25,067

 
889

 
45,156

Interest Expense
(12,332
)
 
(12,603
)
 
(25,099
)
 
(25,394
)
Amortization of Debt Issuance Costs
(794
)
 
(845
)
 
(1,625
)
 
(1,700
)
Loss from Retirement of Debt

 

 

 
(39
)
Total Other (Expense) Income
(12,029
)
 
11,619

 
(25,835
)
 
18,023

Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision
28,131

 
46,529

 
51,841

 
84,079

Equity in Income (Loss) of Joint Venture
15,516

 
(2
)
 
16,360

 
(2
)
Income Tax Provision
(2,934
)
 
(123
)
 
(3,148
)
 
(209
)
Net Income
40,713

 
46,404

 
65,053

 
83,868

Less: Net Income Attributable to the Noncontrolling Interest
(913
)
 
(1,195
)
 
(1,450
)
 
(2,367
)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$
39,800

 
$
45,209

 
$
63,603

 
$
81,501

Basic and Diluted Earnings Per Share:
 
 
 
 
 
 
 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$
0.31

 
$
0.36

 
$
0.50

 
$
0.67

Weighted Average Shares Outstanding - Basic
126,206

 
123,616

 
126,200

 
121,741

Weighted Average Shares Outstanding - Diluted
126,489

 
124,085

 
126,472

 
122,158

The accompanying notes are an integral part of the consolidated financial statements.


4



FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)

 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Net Income
$
40,713

 
$
46,404

 
$
65,053

 
$
83,868

Payments to Settle Derivative Instruments
(3,149
)
 

 
(3,149
)
 

Mark-to-Market (Loss) Gain on Derivative Instruments
(1,338
)
 
2,725

 
(7,692
)
 
9,250

Amortization of Derivative Instruments
24

 
23

 
48

 
47

Comprehensive Income
36,250

 
49,152

 
54,260

 
93,165

Comprehensive Income Attributable to Noncontrolling Interest
(812
)
 
(1,252
)
 
(1,209
)
 
(2,630
)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.
$
35,438

 
$
47,900

 
$
53,051

 
$
90,535

The accompanying notes are an integral part of the consolidated financial statements.


5



FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited; in thousands, except per share data)




Six Months Ended June 30, 2019:
Common
Stock
 
Additional
Paid-in-
Capital
 
Distributions
in Excess of
Accumulated
Earnings
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Noncontrolling
Interest
 
Total
Balance as of December 31, 2018
$
1,263

 
$
2,131,556

 
$
(490,807
)
 
$
3,502

 
$
34,397

 
$
1,679,911

Net Income

 

 
23,803

 

 
537

 
24,340

Other Comprehensive Loss

 

 

 
(6,190
)
 
(140
)
 
(6,330
)
Stock Based Compensation Activity
2

 
(611
)
 
(1,696
)
 

 
270

 
(2,035
)
Common Stock Dividends and Unit Distributions ($0.2300 Per Share/Unit)

 

 
(29,258
)
 

 
(664
)
 
(29,922
)
Reallocation - Additional Paid-in-Capital

 
(3,238
)
 

 

 
3,238

 

Reallocation - Other Comprehensive Income

 

 

 
(7
)
 
7

 

Balance as of March 31, 2019
$
1,265

 
$
2,127,707

 
$
(497,958
)
 
$
(2,695
)
 
$
37,645

 
$
1,665,964

Net Income

 

 
39,800

 

 
913

 
40,713

Other Comprehensive Loss

 

 

 
(4,362
)
 
(101
)
 
(4,463
)
Stock Based Compensation Activity

 
1,542

 

 

 
511

 
2,053

Common Stock Dividends and Unit Distributions ($0.2300 Per Share/Unit)

 

 
(29,212
)
 

 
(652
)
 
(29,864
)
Reallocation - Additional Paid-in-Capital

 
458

 

 

 
(458
)
 

Reallocation - Other Comprehensive Income

 

 

 
(1
)
 
1

 

Balance as of June 30, 2019
$
1,265

 
$
2,129,707

 
$
(487,370
)
 
$
(7,058
)
 
$
37,859

 
$
1,674,403


Six Months Ended June 30, 2018:
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
$
1,199

 
$
1,967,110

 
$
(541,847
)
 
$
1,338

 
$
48,077

 
$
1,475,877

Net Income

 

 
36,292

 

 
1,172

 
37,464

Other Comprehensive Income

 

 

 
6,366

 
183

 
6,549

Stock Based Compensation Activity
3

 
(1,106
)
 
(3,282
)
 

 

 
(4,385
)
Common Stock Dividends and Unit Distributions ($0.2175 Per Share/Unit)

 

 
(26,332
)
 

 
(775
)
 
(27,107
)
Conversion of Limited Partner Units to Common Stock
4

 
5,005

 

 

 
(5,009
)
 

Retirement of Limited Partner Units

 

 

 

 
(934
)
 
(934
)
Reallocation - Additional Paid-in-Capital

 
(292
)
 

 

 
292

 

Balance as of March 31, 2018
$
1,206

 
$
1,970,717

 
$
(535,169
)
 
$
7,704

 
$
43,006

 
$
1,487,464

Net Income

 

 
45,209

 

 
1,195

 
46,404

Other Comprehensive Income

 

 

 
2,731

 
17

 
2,748

Issuance of Common Stock, Net of Issuance Costs
48

 
145,360

 

 

 

 
145,408

Stock Based Compensation Activity

 
1,997

 

 

 

 
1,997

Common Stock Dividends and Unit Distributions ($0.2175 Per Share/Unit)

 

 
(27,566
)
 

 
(643
)
 
(28,209
)
Conversion of Limited Partner Units to Common Stock
6

 
7,312

 

 

 
(7,318
)
 

Reallocation - Additional Paid-in-Capital

 
(1,926
)
 

 

 
1,926

 

Balance as of June 30, 2018
$
1,260

 
$
2,123,460

 
$
(517,526
)
 
$
10,435

 
$
38,183

 
$
1,655,812

The accompanying notes are an integral part of the consolidated financial statements.

6



FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net Income
$
65,053

 
$
83,868

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 
 
Depreciation
48,629

 
46,160

Amortization of Debt Issuance Costs
1,625

 
1,700

Other Amortization, including Stock Based Compensation
14,156

 
13,638

Impairment of Real Estate

 
2,756

Provision for Bad Debt

 
165

Equity in (Income) Loss of Joint Venture
(16,360
)
 
2

Distributions from Joint Venture
16,084

 

Gain on Sale of Real Estate
(889
)
 
(45,156
)
Loss from Retirement of Debt

 
39

Payments to Settle Derivative Instruments
(3,149
)
 

Straight-line Rental Income and Expense, Net
(5,926
)
 
(1,016
)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net
(2,839
)
 
(3,169
)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits
3,734

 
(5,170
)
Net Cash Provided by Operating Activities
120,118

 
93,817

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Acquisitions of Real Estate
(52,395
)
 
(87,733
)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(119,174
)
 
(121,169
)
Net Proceeds from Sales of Investments in Real Estate
11,179

 
95,603

Contributions to and Investments in Joint Venture

 
(25,190
)
Distributions from Joint Venture
8,586

 
1,829

Other Investing Activity
(5,758
)
 
(2,823
)
Net Cash Used in Investing Activities
(157,562
)
 
(139,483
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Financing and Equity Issuance Costs

 
(2,842
)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount

 
145,584

Tax Paid on Shares Withheld
(4,384
)
 
(6,020
)
Common Stock Dividends and Unit Distributions Paid
(57,764
)
 
(53,561
)
Repayments on Mortgage Loans Payable
(75,336
)
 
(161,964
)
Proceeds from Senior Unsecured Notes

 
300,000

Proceeds from Unsecured Credit Facility
187,000

 
217,000

Repayments on Unsecured Credit Facility
(29,000
)
 
(361,500
)
Net Cash Provided by Financing Activities
20,516

 
76,697

Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash
(16,928
)
 
31,031

Cash, Cash Equivalents and Restricted Cash, Beginning of Year
50,373

 
46,482

Cash, Cash Equivalents and Restricted Cash, End of Period
$
33,445

 
$
77,513

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
 
 
 
Interest Expense Capitalized in Connection with Development Activity
$
2,320

 
$
3,317

Cash Paid for Operating Lease Liabilities
$
613

 
$

Supplemental Schedule of Non-Cash Operating Activities:
 
 
 
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets
$
12,400

 
$

Supplemental Schedule of Non-Cash Investing and Financing Activities:
 
 
 
Common Stock Dividends and Unit Distributions Payable
$
30,281

 
$
28,771

Exchange of Limited Partnership Units for Common Stock:
 
 
 
Noncontrolling Interest
$

 
$
(12,327
)
Common Stock

 
10

Additional Paid-in-Capital

 
12,317

Total
$

 
$

Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate
$
290

 
$
11,705

Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate
$
48,344

 
$
27,797

Write-off of Fully Depreciated Assets
$
(19,646
)
 
$
(22,936
)
The accompanying notes are an integral part of the consolidated financial statements.

7



FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands, except Unit data)

 
June 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Assets:
 
 
 
Investment in Real Estate:
 
 
 
Land
$
934,398

 
$
909,318

Buildings and Improvements
2,737,139

 
2,704,850

Construction in Progress
147,008

 
59,476

Less: Accumulated Depreciation
(844,714
)
 
(811,784
)
Net Investment in Real Estate (including $255,559 and $260,528 related to consolidated variable interest entities, see Note 5)
2,973,831

 
2,861,860

Operating Lease Right-of-Use Assets
11,858

 

Cash and Cash Equivalents
33,445

 
43,102

Restricted Cash

 
7,271

Tenant Accounts Receivable, Net
5,032

 
5,185

Investment in Joint Venture
18,132

 
23,326

Deferred Rent Receivable, Net
77,207

 
71,079

Deferred Leasing Intangibles, Net
29,110

 
29,678

Prepaid Expenses and Other Assets, Net
116,335

 
111,298

Total Assets
$
3,264,950

 
$
3,152,799

LIABILITIES AND PARTNERS' CAPITAL
 
 
 
Liabilities:
 
 
 
Indebtedness:
 
 
 
Mortgage Loans Payable, Net (including $13,164 and $20,497 related to consolidated variable interest entities, see Note 5)
$
221,357

 
$
296,470

Senior Unsecured Notes, Net
544,715

 
544,504

Unsecured Term Loans, Net
457,337

 
456,809

Unsecured Credit Facility
158,000

 

Accounts Payable, Accrued Expenses and Other Liabilities
101,054

 
78,665

Operating Lease Liabilities
12,285

 

Deferred Leasing Intangibles, Net
9,466

 
9,560

Rents Received in Advance and Security Deposits
46,003

 
47,927

Distributions Payable
30,281

 
28,845

Total Liabilities
1,580,498

 
1,462,780

Commitments and Contingencies

 

Partners' Capital:
 
 
 
First Industrial, L.P.'s Partners' Capital:
 
 
 
General Partner Units (126,487,215 and 126,307,431 units outstanding)
1,623,662

 
1,619,342

Limited Partners Units (2,908,260 and 2,624,167 units outstanding)
67,161

 
66,246

Accumulated Other Comprehensive (Loss) Income
(7,219
)
 
3,574

Total First Industrial L.P.'s Partners' Capital
1,683,604

 
1,689,162

Noncontrolling Interest
848

 
857

Total Partners' Capital
1,684,452

 
1,690,019

Total Liabilities and Partners' Capital
$
3,264,950

 
$
3,152,799

The accompanying notes are an integral part of the consolidated financial statements.

8



FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per Unit data)

 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Revenues:
 
 
 
 
 
 
 
Lease Revenue
$
103,517

 
$
98,064

 
207,155

 
$
197,104

Other Revenue
578

 
781

 
1,481

 
1,512

Total Revenues
104,095

 
98,845

 
208,636

 
198,616

Expenses:
 
 
 
 
 
 
 
Property Expenses
27,379

 
28,553

 
57,547

 
57,964

General and Administrative
6,782

 
6,746

 
13,584

 
14,889

Impairment of Real Estate

 

 

 
2,756

Depreciation and Other Amortization
29,774

 
28,636

 
59,829

 
56,951

Total Expenses
63,935

 
63,935

 
130,960

 
132,560

Other (Expense) Income:
 
 
 
 
 
 
 
Gain on Sale of Real Estate
1,097

 
25,067

 
889

 
45,156

Interest Expense
(12,332
)
 
(12,603
)
 
(25,099
)
 
(25,394
)
Amortization of Debt Issuance Costs
(794
)
 
(845
)
 
(1,625
)
 
(1,700
)
Loss from Retirement of Debt

 

 

 
(39
)
Total Other (Expense) Income
(12,029
)
 
11,619

 
(25,835
)
 
18,023

Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax Provision
28,131

 
46,529

 
51,841

 
84,079

Equity in Income (Loss) of Joint Venture
15,516

 
(2
)
 
16,360

 
(2
)
Income Tax Provision
(2,934
)
 
(123
)
 
(3,148
)
 
(209
)
Net Income
40,713

 
46,404

 
65,053

 
83,868

Less: Net Income Attributable to the Noncontrolling Interest
(24
)
 
(22
)
 
(50
)
 
(43
)
Net Income Available to Unitholders and Participating Securities
$
40,689

 
$
46,382

 
$
65,003

 
$
83,825

Basic and Diluted Earnings Per Unit:
 
 
 
 
 
 

Net Income Available to Unitholders
$
0.31

 
$
0.36

 
$
0.50

 
$
0.67

Weighted Average Units Outstanding - Basic
128,831

 
126,832

 
128,824

 
125,289

Weighted Average Units Outstanding - Diluted
129,221

 
127,301

 
129,199

 
125,706

The accompanying notes are an integral part of the consolidated financial statements.



9



FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)

 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 2018
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 2018
Net Income
$
40,713

 
$
46,404

 
$
65,053

 
$
83,868

Payments to Settle Derivative Instruments
(3,149
)
 

 
(3,149
)
 

Mark-to-Market (Loss) Gain on Derivative Instruments
(1,338
)
 
2,725

 
(7,692
)
 
9,250

Amortization of Derivative Instruments
24

 
23

 
48

 
47

Comprehensive Income
$
36,250

 
$
49,152

 
$
54,260

 
$
93,165

Comprehensive Income Attributable to Noncontrolling Interest
(24
)
 
(22
)
 
(50
)
 
(43
)
Comprehensive Income Attributable to Unitholders
$
36,226

 
$
49,130

 
$
54,210

 
$
93,122

The accompanying notes are an integral part of the consolidated financial statements.


10



FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(Unaudited; in thousands, except per Unit data)




Six Months Ended June 30, 2019:
General
Partner
Units
 
Limited
Partner
Units
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Noncontrolling Interest
 
Total
Balance as of December 31, 2018
$
1,619,342

 
$
66,246

 
$
3,574

 
$
857

 
$
1,690,019

Net Income
23,777

 
537

 

 
26

 
24,340

Other Comprehensive Loss

 

 
(6,330
)
 

 
(6,330
)
Stock Based Compensation Activity
(2,305
)
 
270

 

 

 
(2,035
)
Unit Distributions ($0.2300 Per Unit)
(29,258
)
 
(664
)
 

 

 
(29,922
)
Distributions to Noncontrolling Interest

 

 

 
(43
)
 
(43
)
Balance as of March 31, 2019
$
1,611,556

 
$
66,389

 
$
(2,756
)
 
$
840

 
$
1,676,029

Net Income
39,776

 
913