Company Quick10K Filing
First Industrial Realty Trust
Price35.89 EPS2
Shares129 P/E24
MCap4,639 P/FCF24
Net Debt1,449 EBIT238
TEV6,088 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-24
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-13
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-29
10-Q 2019-03-31 Filed 2019-04-26
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-26
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-28
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-24
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-03-03
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-07-15 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-07-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-29 Officers, Exhibits
8-K 2020-05-06
8-K 2020-04-22
8-K 2020-02-27
8-K 2020-02-14
8-K 2020-02-12
8-K 2019-10-23
8-K 2019-07-24
8-K 2019-05-16
8-K 2019-05-08
8-K 2019-04-23
8-K 2019-02-28
8-K 2019-02-13
8-K 2018-10-24
8-K 2018-07-25
8-K 2018-05-14
8-K 2018-04-30
8-K 2018-04-24
8-K 2018-03-01
8-K 2018-02-21

FR 10Q Quarterly Report

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-2020630xex311.htm
EX-31.2 fr-2020630xex312.htm
EX-31.3 fr-2020630xex313.htm
EX-31.4 fr-2020630xex314.htm
EX-32.1 fr-2020630xex321.htm
EX-32.2 fr-2020630xex322.htm

First Industrial Realty Trust Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
3.42.72.01.40.70.02012201420172020
Assets, Equity
0.20.20.10.10.00.02016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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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, 2020
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-20200630_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 class:Trading 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 July 24, 2020, 127,207,724 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, 2020 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, 2020, the Company owned an approximate 97.9% common general partnership interest in the Operating Partnership. The remaining approximate 2.1% 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 recipients of RLP Units (See Note 6) 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 2.1% 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, 2020
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, 2020December 31, 2019
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,073,959  $957,478  
Buildings and Improvements2,913,576  2,782,430  
Construction in Progress67,953  90,301  
Less: Accumulated Depreciation(832,790) (804,780) 
Net Investment in Real Estate3,222,698  3,025,429  
Operating Lease Right-of-Use Assets25,610  24,877  
Cash and Cash Equivalents94,955  21,120  
Restricted Cash5,888  131,598  
Tenant Accounts Receivable5,478  8,529  
Investment in Joint Venture21,876  18,208  
Deferred Rent Receivable81,938  77,703  
Deferred Leasing Intangibles, Net26,571  28,533  
Prepaid Expenses and Other Assets, Net166,870  182,831  
Total Assets$3,651,884  $3,518,828  
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$156,343  $173,685  
Senior Unsecured Notes, Net694,274  694,015  
Unsecured Term Loans, Net458,393  457,865  
Unsecured Credit Facility320,000  158,000  
Accounts Payable, Accrued Expenses and Other Liabilities102,511  114,637  
Operating Lease Liabilities23,157  22,369  
Deferred Leasing Intangibles, Net12,260  11,893  
Rents Received in Advance and Security Deposits55,237  57,534  
Dividends and Distributions Payable33,036  30,567  
Total Liabilities1,855,211  1,720,565  
Commitments and Contingencies    
Equity:
First Industrial Realty Trust Inc.'s Stockholders' Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 127,207,724 and 126,994,478 shares issued and outstanding)
1,272  1,270  
Additional Paid-in-Capital2,141,255  2,140,847  
Distributions in Excess of Accumulated Earnings(361,310) (370,835) 
Accumulated Other Comprehensive Loss(22,308) (6,883) 
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity1,758,909  1,764,399  
Noncontrolling Interest37,764  33,864  
Total Equity1,796,673  1,798,263  
Total Liabilities and Equity$3,651,884  $3,518,828  
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, 2020Three Months Ended June 30, 2019Six Months Ended June 30, 2020Six Months Ended June 30, 2019
Revenues:
Lease Revenue$108,649  $103,517  $217,024  $207,155  
Other Revenue553  578  2,521  1,481  
Total Revenues109,202  104,095  219,545  208,636  
Expenses:
Property Expenses28,051  27,379  57,132  57,547  
General and Administrative8,234  6,782  17,485  13,584  
Depreciation and Other Amortization32,232  29,774  63,163  59,829  
Total Expenses68,517  63,935  137,780  130,960  
Other Income (Expense):
Gain on Sale of Real Estate9,076  1,097  23,069  889  
Interest Expense(12,285) (12,332) (25,089) (25,099) 
Amortization of Debt Issuance Costs(784) (794) (1,572) (1,625) 
Total Other Income (Expense)(3,993) (12,029) (3,592) (25,835) 
Income from Operations Before Equity in (Loss) Income of Joint Venture and Income Tax Provision
36,692  28,131  78,173  51,841  
Equity in (Loss) Income of Joint Venture(45) 15,516  (74) 16,360  
Income Tax Provision(221) (2,934) (144) (3,148) 
Net Income36,426  40,713  77,955  65,053  
Less: Net Income Attributable to the Noncontrolling Interest(757) (913) (1,652) (1,450) 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$35,669  $39,800  $76,303  $63,603  
Basic and Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$0.28  $0.31  $0.60  $0.50  
Weighted Average Shares Outstanding - Basic127,074  126,206  127,004  126,200  
Weighted Average Shares Outstanding - Diluted127,266  126,489  127,189  126,472  
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, 2020Three Months Ended June 30, 2019Six Months Ended June 30, 2020Six Months Ended June 30, 2019
Net Income$36,426  $40,713  $77,955  $65,053  
Payments to Settle Derivative Instruments
  (3,149)   (3,149) 
Mark-to-Market Loss on Derivative Instruments
(1,385) (1,338) (15,975) (7,692) 
Amortization of Derivative Instruments103  24  205  48  
Comprehensive Income35,144  36,250  62,185  54,260  
Comprehensive Income Attributable to Noncontrolling Interest(735) (812) (1,317) (1,209) 
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.
$34,409  $35,438  $60,868  $53,051  
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, 2020: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, 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  
Six Months Ended June 30, 2019:Common
Stock
Additional
Paid-in-
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
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 Activity2  (611) (1,696) —  270  (2,035) 
Common Stock Dividends and Unit Distributions ($0.23 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 Income
—  —  —  (4,362) (101) (4,463) 
Stock Based Compensation Activity  1,542    —  511  2,053  
Common Stock Dividends and Unit Distributions ($0.23 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  
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, 2020Six Months Ended June 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$77,955  $65,053  
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation50,695  48,629  
Amortization of Debt Issuance Costs1,572  1,625  
Other Amortization, including Stock Based Compensation16,332  14,156  
Equity in Loss (Income) of Joint Venture74  (16,360) 
Distributions from Joint Venture  16,084  
Gain on Sale of Real Estate(23,069) (889) 
Payments to Settle Derivative Instruments  (3,149) 
Straight-line Rental Income and Expense, Net(4,929) (5,926) 
Decrease (Increase) in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net
4,231  (2,839) 
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits
(5,404) 3,734  
Net Cash Provided by Operating Activities117,457  120,118  
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(164,012) (52,395) 
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(109,930) (119,174) 
Net Proceeds from Sales of Investments in Real Estate40,529  11,179  
Contributions to and Investments in Joint Venture(3,889)   
Distributions from Joint Venture  8,586  
Deposits on Future Acquisitions and Other Investing Activity(8,470) (5,758) 
Net Cash Used in Investing Activities(245,772) (157,562) 
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax Paid on Shares Withheld(5,944) (4,384) 
Common Stock Dividends and Unit Distributions Paid(62,110) (57,764) 
Repayments on Mortgage Loans Payable(17,506) (75,336) 
Proceeds from Unsecured Credit Facility232,000  187,000  
Repayments on Unsecured Credit Facility(70,000) (29,000) 
Net Cash Provided by Financing Activities76,440  20,516  
Net Decrease in Cash, Cash Equivalents and Restricted Cash(51,875)