10-Q 1 fr-20220331.htm 10-Q fr-20220331
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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 March 31, 2022
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.)
  _______________________________
fr-20220331_g1.jpg
FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
First Industrial Realty Trust, Inc.Maryland36-3935116
First Industrial, L.P.Delaware36-3924586
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 N. Wacker Drive, Suite 4200
Chicago, Illinois, 60606

(Address of principal executive offices, zip code)
    
(312344-4300
(Registrant's telephone number, including area code)
 _______________________________ 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareFRNew 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.
YesNo
First Industrial, L.P.YesNo
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.
YesNo
First Industrial, L.P.YesNo
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 filerAccelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
First Industrial, L.P.:
Large accelerated filerAccelerated 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.
YesNo
First Industrial, L.P.YesNo
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.
YesNo
First Industrial, L.P.YesNo
At April 21, 2022, 132,001,402 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 March 31, 2022 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 March 31, 2022, the Company owned an approximate 97.6% common general partnership interest in the Operating Partnership. The remaining approximate 2.4% 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 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 2.4% 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 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 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 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 MARCH 31, 2022
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)
March 31, 2022December 31, 2021
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,457,998 $1,387,198 
Buildings and Improvements3,103,966 3,020,221 
Construction in Progress295,681 239,025 
Less: Accumulated Depreciation(892,818)(868,296)
Net Investment in Real Estate3,964,827 3,778,148 
Operating Lease Right-of-Use Assets24,618 24,927 
Cash and Cash Equivalents44,456 58,591 
Restricted Cash189 189 
Tenant Accounts Receivable6,319 5,104 
Investment in Joint Ventures37,374 36,049 
Deferred Rent Receivable102,981 98,727 
Deferred Leasing Intangibles, Net22,089 21,316 
Prepaid Expenses and Other Assets, Net176,020 156,047 
Total Assets$4,378,873 $4,179,098 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$78,924 $79,674 
Senior Unsecured Notes, Net993,202 993,021 
Unsecured Term Loans, Net458,546 458,325 
Unsecured Credit Facility235,000 79,000 
Accounts Payable, Accrued Expenses and Other Liabilities170,018 153,096 
Operating Lease Liabilities22,290 22,592 
Deferred Leasing Intangibles, Net9,495 9,252 
Rents Received in Advance and Security Deposits98,725 98,588 
Dividends and Distributions Payable40,298 37,178 
Total Liabilities2,106,498 1,930,726 
Commitments and Contingencies  
Equity:
First Industrial Realty Trust Inc.'s Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,001,402 and 131,747,725 shares issued and outstanding)
1,320 1,317 
Additional Paid-in Capital2,388,620 2,376,026 
Distributions in Excess of Accumulated Earnings(182,527)(178,293)
Accumulated Other Comprehensive Income (Loss)6,703 (4,238)
Total First Industrial Realty Trust, Inc.'s Equity2,214,116 2,194,812 
Noncontrolling Interests58,259 53,560 
Total Equity2,272,375 2,248,372 
Total Liabilities and Equity$4,378,873 $4,179,098 
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 March 31, 2022Three Months Ended March 31, 2021
Revenues:
Lease Revenue$124,912 $115,667 
Other Revenue601 592 
Total Revenues125,513 116,259 
Expenses:
Property Expenses35,415 33,242 
General and Administrative8,741 8,564 
Depreciation and Other Amortization33,910 31,975 
Total Expenses78,066 73,781 
Other Income (Expense):
Gain on Sale of Real Estate 34,645 
Interest Expense(9,636)(12,673)
Amortization of Debt Issuance Costs(756)(949)
Total Other Income (Expense)(10,392)21,023 
Income from Operations Before Equity in Loss of Joint Ventures and Income Tax Benefit37,055 63,501 
Equity in Loss of Joint Ventures(22)(73)
Income Tax Benefit90 155 
Net Income37,123 63,583 
Less: Net Income Attributable to the Noncontrolling Interests(865)(1,385)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$36,258 $62,198 
Basic and Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$0.27 $0.48 
Weighted Average Shares Outstanding - Basic131,811 129,088 
Weighted Average Shares Outstanding - Diluted131,885 129,172 
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 March 31, 2022Three Months Ended March 31, 2021
Net Income$37,123 $63,583 
Mark-to-Market Gain on Derivative Instruments11,095 6,653 
Amortization of Derivative Instruments102 102 
Comprehensive Income48,320 70,338 
Comprehensive Income Attributable to Noncontrolling Interests(1,127)(1,533)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.$47,193 $68,805 
The accompanying notes are an integral part of the consolidated financial statements.

5


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited; in thousands, except per share data)
Three Months Ended March 31, 2022:Common
Stock
Additional
Paid-in
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Balance as of December 31, 2021$1,317 $2,376,026 $(178,293)$(4,238)$53,560 $2,248,372 
Net Income— — 36,258 — 865 37,123 
Other Comprehensive Income— — — 10,935 262 11,197 
Issuance of Common Stock, Net of Issuance Costs
2 12,744 — — — 12,746 
Stock Based Compensation Activity1 (198)(1,483)— 4,401 2,721 
Common Stock Dividends and Unit Distributions ($0.295 Per Share/Unit)
— — (39,009)— (878)(39,887)
Conversion of Limited Partner Units to Common Stock 36 — — (36) 
Contributions from Noncontrolling Interests— — — — 103 103 
Reallocation - Additional Paid-in Capital— 12 — — (12) 
Reallocation - Other Comprehensive Income— — — 6 (6) 
Balance as of March 31, 2022$1,320 $2,388,620 $(182,527)$6,703 $58,259 $2,272,375 


Three Months Ended March 31, 2021:Common
Stock
Additional
Paid-in
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Balance as of December 31, 2020$1,290 $2,224,691 $(306,294)$(16,953)$44,586 $1,947,320 
Net Income— — 62,198 — 1,385 63,583 
Other Comprehensive Income— — — 6,607 148 6,755 
Stock Based Compensation Activity1 (1,347)(2,294)— 2,585 (1,055)
Common Stock Dividends and Unit Distributions ($0.270 Per Share/Unit)
— — (34,933)— (785)(35,718)
Conversion of Limited Partner Units to Common Stock 22 — — (22) 
Reallocation - Additional Paid-in Capital— (2,110)— — 2,110  
Reallocation - Other Comprehensive Income— — — 34 (34) 
Balance as of March 31, 2021$1,291 $2,221,256 $(281,323)$(10,312)$49,973 $1,980,885 
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)
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$37,123 $63,583 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation28,159 26,254 
Amortization of Debt Issuance Costs756 949 
Other Amortization, including Equity Based Compensation8,330 7,985 
Equity in Loss of Joint Ventures22 73 
Gain on Sale of Real Estate (34,645)
Straight-line Rental Income and Expense, Net(4,247)(5,482)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (8,692)(7,617)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (1,553)(9,695)
Net Cash Provided by Operating Activities59,898 41,405 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(83,391)(23,877)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(115,666)(62,136)
Net Proceeds from Sales of Investments in Real Estate 65,535 
Contributions to and Investments in Joint Ventures(1,383)(741)
Increase in Escrow Deposits and Other Investing Activity(2,580)(843)
Net Cash Used in Investing Activities(203,020)(22,062)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs(7)(60)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount
12,823  
Tax Paid on Vested Equity Compensation(2,942)(5,126)
Common Stock Dividends and Unit Distributions Paid(36,206)(32,844)
Repayments on Mortgage Loans Payable(784)(1,273)
Proceeds from Unsecured Credit Facility168,000  
Repayments on Unsecured Credit Facility(12,000) 
Contributions from Noncontrolling Interests103  
Net Cash Provided by (Used in) Financing Activities128,987 (39,303)
Net Decrease in Cash, Cash Equivalents and Restricted Cash(14,135)(19,960)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year58,780 199,658 
Cash, Cash Equivalents and Restricted Cash, End of Period$44,645 $179,698 
7


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment$4,069 $1,923 
Cash Paid for Operating Lease Liabilities$807 $798 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Common Stock Dividends and Unit Distributions Payable
$40,298 $36,118 
Exchange of Limited Partnership Units for Common Stock:
Noncontrolling Interests$(36)$(22)
Common Stock  
Additional Paid-in Capital36 22 
Total$ $ 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$151 $669 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$105,390 $32,472 
Tenant Improvements Funded by Tenant$ $15,992 
Write-off of Fully Depreciated Assets$(5,428)$(5,283)
The accompanying notes are an integral part of the consolidated financial statements.
8


FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands, except Unit data)
March 31, 2022December 31, 2021
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,457,998 $1,387,198 
Buildings and Improvements3,103,966 3,020,221 
Construction in Progress295,681 239,025 
Less: Accumulated Depreciation(892,818)(868,296)
Net Investment in Real Estate (including $282,200 and $277,984 related to consolidated variable interest entities, see Note 5)
3,964,827 3,778,148 
Operating Lease Right-of-Use Assets24,618 24,927 
Cash and Cash Equivalents44,456 58,591 
Restricted Cash189 189 
Tenant Accounts Receivable6,319 5,104 
Investment in Joint Ventures37,374 36,049 
Deferred Rent Receivable102,981 98,727 
Deferred Leasing Intangibles, Net22,089 21,316 
Prepaid Expenses and Other Assets, Net185,224 165,282 
Total Assets $4,388,077 $4,188,333 
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$78,924 $79,674 
Senior Unsecured Notes, Net993,202 993,021 
Unsecured Term Loans, Net458,546 458,325 
Unsecured Credit Facility235,000 79,000 
Accounts Payable, Accrued Expenses and Other Liabilities170,018 153,096 
Operating Lease Liabilities22,290 22,592 
Deferred Leasing Intangibles, Net9,495 9,252 
Rents Received in Advance and Security Deposits98,725 98,588 
Distributions Payable40,298 37,178 
Total Liabilities2,106,498 1,930,726 
Commitments and Contingencies  
Partners' Capital:
First Industrial, L.P.'s Partners' Capital:
General Partner Units (132,001,402 and 131,747,725 units outstanding)
2,183,879 2,175,549 
Limited Partners Units (3,187,671 and 2,935,203 units outstanding)
85,790 81,435 
Accumulated Other Comprehensive Income (Loss)6,866 (4,331)
Total First Industrial L.P.'s Partners' Capital2,276,535 2,252,653 
Noncontrolling Interests5,044 4,954 
Total Partners' Capital2,281,579 2,257,607 
Total Liabilities and Partners' Capital$4,388,077 $4,188,333 
The accompanying notes are an integral part of the consolidated financial statements.
9


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per Unit data)
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Revenues:
Lease Revenue$124,912 $115,667 
Other Revenue601 592 
Total Revenues125,513 116,259 
Expenses:
Property Expenses35,415 33,242 
General and Administrative8,741 8,564 
Depreciation and Other Amortization33,910 31,975 
Total Expenses78,066 73,781 
Other Income (Expense):
Gain on Sale of Real Estate 34,645 
Interest Expense(9,636)(12,673)
Amortization of Debt Issuance Costs(756)(949)
Total Other Income (Expense)(10,392)21,023 
Income from Operations Before Equity in Loss of Joint Ventures and Income Tax Benefit37,055 63,501 
Equity in Loss of Joint Ventures(22)(73)
Income Tax Benefit90 155 
Net Income37,123 63,583 
Less: Net Income Attributable to the Noncontrolling Interests(18)(18)
Net Income Available to Unitholders and Participating Securities
$37,105 $63,565 
Basic and Diluted Earnings Per Unit:
Net Income Available to Unitholders$0.28 $0.48 
Weighted Average Units Outstanding - Basic134,073 131,172 
Weighted Average Units Outstanding - Diluted134,495 131,634 
The accompanying notes are an integral part of the consolidated financial statements.


10


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Net Income$37,123 $63,583 
Mark-to-Market Gain on Derivative Instruments11,095 6,653 
Amortization of Derivative Instruments102 102 
Comprehensive Income48,320 70,338 
Comprehensive Income Attributable to Noncontrolling Interests(18)(18)
Comprehensive Income Attributable to Unitholders$48,302 $70,320 
The accompanying notes are an integral part of the consolidated financial statements.

11


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(Unaudited; in thousands, except per Unit data)
Three Months Ended March 31, 2022:General
Partner
Units
Limited
Partner
Units
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling InterestsTotal
Balance as of December 31, 2021$2,175,549 $81,435 $(4,331)$4,954 $2,257,607 
Net Income36,237 868 — 18 37,123 
Other Comprehensive Income— — 11,197 — 11,197 
Contribution of General Partner Units, Net of Issuance Costs12,746 — — — 12,746 
Stock Based Compensation Activity(1,680)4,401 — — 2,721 
Unit Distributions ($0.295 Per Unit)
(39,009)(878)— — (39,887)
Conversion of Limited Partner Units to General Partner Units36 (36)— —  
Contributions from Noncontrolling Interests— — — 112 112 
Distributions to Noncontrolling Interests— — — (40)(40)
Balance as of March 31, 2022$2,183,879 $85,790 $6,866 $5,044 $2,281,579 


Three Months Ended March 31, 2021:General
Partner
Units
Limited
Partner
Units
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling InterestsTotal
Balance as of December 31, 2020$1,898,635 $70,435 $(17,308)$4,928 $1,956,690 
Net Income62,176 1,389 — 18 63,583 
Other Comprehensive Income— — 6,755 — 6,755 
Stock Based Compensation Activity(3,640)2,585 — — (1,055)
Unit Distributions ($0.270 Per Unit)
(34,933)(785)— — (35,718)
Conversion of Limited Partner Units to General Partner Units22 (22)— —  
Contributions from Noncontrolling Interests— — — 29 29 
Distributions to Noncontrolling Interests— — — (24)(24)
Balance as of March 31, 2021$1,922,260 $73,602 $(10,553)$4,951 $1,990,260 
The accompanying notes are an integral part of the consolidated financial statements.

12


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$37,123 $63,583 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation28,159 26,254 
Amortization of Debt Issuance Costs756 949 
Other Amortization, including Equity Based Compensation8,330 7,985 
Equity in Loss of Joint Ventures22 73 
Gain on Sale of Real Estate (34,645)
Straight-line Rental Income and Expense, Net(4,247)(5,482)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (8,661)(7,622)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits(1,553)(9,695)
Net Cash Provided by Operating Activities59,929 41,400 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(83,391)(23,877)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(115,666)(62,136)
Net Proceeds from Sales of Investments in Real Estate 65,535 
Contributions to and Investments in Joint Ventures(1,383)(741)
Increase in Escrow Deposits and Other Investing Activity(2,580)(843)
Net Cash Used in Investing Activities(203,020)(22,062)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs(7)(60)
Contribution of General Partner Units12,823  
Tax Paid on Vested Equity Compensation(2,942)(5,126)
Unit Distributions Paid(36,206)(32,844)
Contributions from Noncontrolling Interests112 29 
Distributions to Noncontrolling Interests(40)(24)
Repayments on Mortgage Loans Payable(784)(1,273)
Proceeds from Unsecured Credit Facility168,000  
Repayments on Unsecured Credit Facility(12,000) 
Net Cash Provided by (Used in) Financing Activities128,956 (39,298)
Net Decrease in Cash, Cash Equivalents and Restricted Cash(14,135)(19,960)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year58,780 199,658 
Cash, Cash Equivalents and Restricted Cash, End of Period$44,645 $179,698 
13


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment$4,069 $1,923 
Cash Paid for Operating Lease Liabilities$807 $798 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
General and Limited Partner Unit Distributions Payable$40,298 $36,118 
Exchange of Limited Partner Units for General Partner Units:
Limited Partner Units$(36)$(22)
General Partner Units36 22 
Total$ $ 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$151 $669 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$105,390 $32,472 
Tenant Improvements Funded by Tenant$ $15,992 
Write-off of Fully Depreciated Assets$(5,428)$(5,283)
The accompanying notes are an integral part of the consolidated financial statements.
14


FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; dollars in thousands, except per share and Unit data)
1. Organization
First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries.
We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.6% ownership interest ("General Partner Units") at March 31, 2022. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The Company's noncontrolling interest in the Operating Partnership of approximately 2.4% at March 31, 2022 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). 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 Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (see Note 6) pursuant to the Company's stock incentive plan.
We also own an equity interest in and provide various services to a joint venture (the "Joint Venture") through a wholly-owned TRS of the Operating Partnership. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Venture.
Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Venture are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents.
As of March 31, 2022, we owned 414 industrial properties located in 19 states, containing an aggregate of approximately 62.3 million square feet of gross leasable area ("GLA"). Of the 414 properties owned on a consolidated basis, none of them are directly owned by the Company.
15


2. Summary of Significant Accounting Policies