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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, 2021
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-20210930_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 October 22, 2021, 130,289,617 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, 2021 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, 2021, 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 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 2.2% 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 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 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, 2021
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)
September 30, 2021December 31, 2020
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,267,769 $1,087,907 
Buildings and Improvements3,000,539 2,922,152 
Construction in Progress181,607 77,574 
Less: Accumulated Depreciation(874,427)(832,393)
Net Investment in Real Estate3,575,488 3,255,240 
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $3,791 and $7,0541,214 15,663 
Operating Lease Right-of-Use Assets24,764 25,205 
Cash and Cash Equivalents52,268 162,090 
Restricted Cash8,752 37,568 
Tenant Accounts Receivable4,143 5,714 
Investment in Joint Ventures35,857 45,697 
Deferred Rent Receivable97,088 84,567 
Deferred Leasing Intangibles, Net22,229 25,211 
Prepaid Expenses and Other Assets, Net153,641 134,983 
Total Assets$3,975,444 $3,791,938 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$82,991 $143,879 
Senior Unsecured Notes, Net992,841 992,300 
Unsecured Term Loans, Net458,104 458,462 
Unsecured Credit Facility74,000  
Accounts Payable, Accrued Expenses and Other Liabilities146,778 120,292 
Operating Lease Liabilities22,426 22,826 
Deferred Leasing Intangibles, Net9,684 11,064 
Rents Received in Advance and Security Deposits78,337 62,092 
Dividends and Distributions Payable36,701 33,703 
Total Liabilities1,901,862 1,844,618 
Commitments and Contingencies  
Equity:
First Industrial Realty Trust Inc.'s Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 130,289,617 and 129,051,412 shares issued and outstanding)
1,303 1,290 
Additional Paid-in Capital2,287,232 2,224,691 
Distributions in Excess of Accumulated Earnings(257,092)(306,294)
Accumulated Other Comprehensive Loss(8,386)(16,953)
Total First Industrial Realty Trust, Inc.'s Equity2,023,057 1,902,734 
Noncontrolling Interests50,525 44,586 
Total Equity2,073,582 1,947,320 
Total Liabilities and Equity$3,975,444 $3,791,938 
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 September 30, 2021Three Months Ended September 30, 2020Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
Revenues:
Lease Revenue$120,323 $109,657 $352,754 $326,681 
Other Revenue759 6,537 1,985 9,058 
Total Revenues121,082 116,194 354,739 335,739 
Expenses:
Property Expenses33,396 30,355 98,386 87,487 
General and Administrative8,598 7,485 25,631 24,970 
Depreciation and Other Amortization33,143 34,369 97,564 97,532 
Total Expenses75,137 72,209 221,581 209,989 
Other Income (Expense):
Gain on Sale of Real Estate8,879 6,525 66,378 29,594 
Interest Expense(9,849)(12,775)(34,374)(37,864)
Amortization of Debt Issuance Costs(782)(905)(2,666)(2,477)
Total Other Income (Expense)(1,752)(7,155)29,338 (10,747)
Income from Operations Before Equity in Loss of Joint Ventures and Income Tax (Provision) Benefit44,193 36,830 162,496 115,003 
Equity in Loss of Joint Ventures(15)(162)(154)(236)
Income Tax (Provision) Benefit(759)39 (2,179)(105)
Net Income43,419 36,707 160,163 114,662 
Less: Net Income Attributable to the Noncontrolling Interests(973)(748)(3,583)(2,400)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$42,446 $35,959 $156,580 $112,262 
Basic and Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$0.33 $0.28 $1.21 $0.88 
Weighted Average Shares Outstanding - Basic129,633 127,903 129,275 127,306 
Weighted Average Shares Outstanding - Diluted129,722 128,101 129,362 127,495 
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 September 30, 2021Three Months Ended September 30, 2020Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
Net Income$43,419 $36,707 $160,163 $114,662 
Acceleration of Derivative Instruments 201  201 
Mark-to-Market Gain (Loss) on Derivative Instruments1,583 2,091 8,425 (13,884)
Amortization of Derivative Instruments103 103 308 308 
Comprehensive Income45,105 39,102 168,896 101,287 
Comprehensive Income Attributable to Noncontrolling Interests(1,011)(801)(3,779)(2,118)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.$44,094 $38,301 $165,117 $99,169 
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)
Nine Months Ended September 30, 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 ($0.27 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 
Net Income— — 51,936 — 1,225 53,161 
Other Comprehensive Income— — — 282 10 292 
Stock Based Compensation Activity 1,023  — 2,428 3,451 
Common Stock Dividends and Unit Distributions ($0.27 Per Share/Unit)— — (34,930)— (811)(35,741)
Reallocation - Additional Paid-in-Capital— 2,282 — — (2,282) 
Reallocation - Other Comprehensive Income— — — 4 (4) 
Balance as of June 30, 2021$1,291 $2,224,561 $(264,317)$(10,026)$50,539 $2,002,048 
Net Income— — 42,446 — 973 43,419 
Other Comprehensive Income— — — 1,648 38 1,686 
Issuance of Common Stock, Net of Issuance Costs
11 58,800 — — — 58,811 
Stock Based Compensation Activity 1,080  — 2,428 3,508 
Common Stock Dividends and Unit Distributions ($0.27 Per Share/Unit)— — (35,221)— (669)(35,890)
Conversion of Limited Partner Units to Common Stock1 1,364 — — (1,365) 
Reallocation - Additional Paid-in-Capital— 1,427 — — (1,427) 
Reallocation - Other Comprehensive Income— — — (8)8  
Balance as of September 30, 2021$1,303 $2,287,232 $(257,092)$(8,386)$50,525 $2,073,582 


6


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited; in thousands, except per share data)
Nine Months Ended September 30, 2020: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, 2019$1,270 $2,140,847 $(370,835)$(6,883)$33,864 $1,798,263 
Net Income— — 40,634 — 895 41,529 
Other Comprehensive Loss
— — — (14,175)(313)(14,488)
Stock Based Compensation Activity (1,233)(2,975)— 2,373 (1,835)
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit)— — (31,874)— (614)(32,488)
Conversion of Limited Partner Units to Common Stock2 2,062 — — (2,064) 
Reallocation - Additional Paid-in Capital— (3,378)— — 3,378  
Reallocation - Other Comprehensive Income— — — 4 (4) 
Balance as of March 31, 2020$1,272 $2,138,298 $(365,050)$(21,054)$37,515 $1,790,981 
Net Income— — 35,669 — 757 36,426 
Other Comprehensive Loss— — — (1,260)(22)(1,282)
Stock Based Compensation Activity 1,486  — 1,622 3,108 
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit)— — (31,929)— (631)(32,560)
Conversion of Limited Partner Units to Common Stock 1 — — (1) 
Reallocation - Additional Paid-in-Capital— 1,470 — — (1,470) 
Reallocation - Other Comprehensive Income— — — 6 (6) 
Balance as of June 30, 2020$1,272 $2,141,255 $(361,310)$(22,308)$37,764 $1,796,673 
Net Income— — 35,959 — 748 36,707 
Other Comprehensive Income— — — 2,342 53 2,395 
Issuance of Common Stock, Net of Issuance Costs
18 78,331 — — — 78,349 
Stock Based Compensation Activity 1,486  — 1,593 3,079 
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit)— — (32,331)— (594)(32,925)
Conversion of Limited Partner Units to Common Stock 4 — — (4) 
Contributions from Noncontrolling Interest— — — — 4,321 4,321 
Reallocation - Additional Paid-in-Capital— 476 — — (476) 
Reallocation - Other Comprehensive Income— — — (3)3  
Balance as of September 30, 2020$1,290 $2,221,552 $(357,682)$(19,969)$43,408 $1,888,599 
The accompanying notes are an integral part of the consolidated financial statements.
7


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$160,163 $114,662 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation80,309 76,580 
Amortization of Debt Issuance Costs2,666 2,477 
Other Amortization, including Equity Based Compensation23,861 26,776 
Equity in Loss of Joint Ventures154 236 
Gain on Sale of Real Estate(66,378)(29,594)
Gain on Involuntary Conversion (6,476)
Straight-line Rental Income and Expense, Net(12,826)(6,481)
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (5,348)3,149 
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 13,836 8,810 
Net Cash Provided by Operating Activities196,437 190,139 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(224,954)(184,883)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(197,980)(150,908)
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable114,644 110,049 
Contributions to and Investments in Joint Ventures(1,321)(42,744)
Distributions from Joint Ventures21,407  
Proceeds from Involuntary Conversion 6,476 
Increase in Escrow Deposits and Other Investing Activity(3,398)(12,345)
Net Cash Used in Investing Activities(291,602)(274,355)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs(6,365)(3,329)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount
59,008 78,718 
Tax Paid on Vested Equity Compensation(5,126)(5,944)
Common Stock Dividends and Unit Distributions Paid(103,893)(94,493)
Repayments on Mortgage Loans Payable(61,097)(18,654)
Proceeds from Senior Unsecured Notes 300,000 
Proceeds from Unsecured Credit Facility159,000 247,000 
Repayments on Unsecured Credit Facility(85,000)(405,000)
Contributions from Noncontrolling Interests 4,321 
Net Cash (Used in) Provided by Financing Activities(43,473)102,619 
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(138,638)18,403 
Cash, Cash Equivalents and Restricted Cash, Beginning of Year199,658 152,718 
Cash, Cash Equivalents and Restricted Cash, End of Period$61,020 $171,121 
8


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity$8,150 $5,029 
Cash Paid for Operating Lease Liabilities$2,407 $2,175 
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets$354 $1,208 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Common Stock Dividends and Unit Distributions Payable
$36,701 $33,577 
Exchange of Limited Partnership Units for Common Stock:
Noncontrolling Interests$(1,387)$(2,069)
Common Stock1 2 
Additional Paid-in Capital1,386 2,067 
Total$ $ 
Assumption of Escrow in Connection with the Acquisition of Real Estate $3,611 $ 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$3,451 $6,542 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$66,092 $24,385 
Tenant Improvements Funded by Tenant$16,239 $ 
Write-off of Fully Depreciated Assets$(25,106)$(30,935)

The accompanying notes are an integral part of the consolidated financial statements.
9


FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands, except Unit data)
September 30, 2021December 31, 2020
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,267,769 $1,087,907 
Buildings and Improvements3,000,539 2,922,152 
Construction in Progress181,607 77,574 
Less: Accumulated Depreciation(874,427)(832,393)
Net Investment in Real Estate (including $260,228 and $245,396 related to consolidated variable interest entities, see Note 5)3,575,488 3,255,240 
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $3,791 and $7,0541,214 15,663 
Operating Lease Right-of-Use Assets24,764 25,205 
Cash and Cash Equivalents52,268 162,090 
Restricted Cash8,752 37,568 
Tenant Accounts Receivable4,143 5,714 
Investment in Joint Ventures35,857 45,697 
Deferred Rent Receivable97,088 84,567 
Deferred Leasing Intangibles, Net22,229 25,211 
Prepaid Expenses and Other Assets, Net162,970 144,353 
Total Assets $3,984,773 $3,801,308 
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net (including $2,469 and $6,292 related to consolidated variable interest entities, see Note 5)$82,991 $143,879 
Senior Unsecured Notes, Net992,841 992,300 
Unsecured Term Loans, Net458,104 458,462 
Unsecured Credit Facility74,000  
Accounts Payable, Accrued Expenses and Other Liabilities146,778 120,292 
Operating Lease Liabilities22,426 22,826 
Deferred Leasing Intangibles, Net9,684 11,064 
Rents Received in Advance and Security Deposits78,337 62,092 
Distributions Payable36,701 33,703 
Total Liabilities1,901,862 1,844,618 
Commitments and Contingencies  
Partners' Capital:
First Industrial, L.P.'s Partners' Capital:
General Partner Units (130,289,617 and 129,051,412 units outstanding)2,008,725 1,898,635 
Limited Partners Units (2,956,508 and 2,713,142 units outstanding)77,815 70,435 
Accumulated Other Comprehensive Loss(8,575)(17,308)
Total First Industrial L.P.'s Partners' Capital2,077,965 1,951,762 
Noncontrolling Interests4,946 4,928 
Total Partners' Capital2,082,911 1,956,690 
Total Liabilities and Partners' Capital$3,984,773 $3,801,308 
The accompanying notes are an integral part of the consolidated financial statements.
10


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per Unit data)
Three Months Ended September 30, 2021Three Months Ended September 30, 2020Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
Revenues:
Lease Revenue$120,323 $109,657 $352,754 $326,681 
Other Revenue759 6,537 1,985 9,058 
Total Revenues121,082 116,194 354,739 335,739 
Expenses:
Property Expenses33,396 30,355 98,386 87,487 
General and Administrative8,598 7,485 25,631 24,970 
Depreciation and Other Amortization33,143 34,369 97,564 97,532 
Total Expenses75,137 72,209 221,581 209,989 
Other Income (Expense):
Gain on Sale of Real Estate8,879 6,525 66,378 29,594 
Interest Expense(9,849)(12,775)(34,374)(37,864)
Amortization of Debt Issuance Costs(782)(905)(2,666)