10-Q 1 fr-20240331.htm 10-Q fr-20240331
10-Qfalse3/31/20242024Q1FRFIRST INDUSTRIAL REALTY TRUST, INC.000092182512/31Large Accelerated Filerfalsefalse132,341,35410-Qfalse3/31/20242024Q1FRFIFIRST INDUSTRIAL, L.P.000103312812/31Accelerated Filerfalsefalse00009218252024-01-012024-03-310000921825fr:FirstIndustrialLPMember2024-01-012024-03-3100009218252024-04-19xbrli:shares00009218252024-03-31iso4217:USD00009218252023-12-31iso4217:USDxbrli:shares00009218252023-01-012023-03-310000921825us-gaap:CommonStockMember2023-12-310000921825us-gaap:AdditionalPaidInCapitalMember2023-12-310000921825us-gaap:RetainedEarningsMember2023-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000921825us-gaap:NoncontrollingInterestMember2023-12-310000921825us-gaap:RetainedEarningsMember2024-01-012024-03-310000921825us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000921825us-gaap:CommonStockMember2024-01-012024-03-310000921825us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000921825us-gaap:CommonStockMember2024-03-310000921825us-gaap:AdditionalPaidInCapitalMember2024-03-310000921825us-gaap:RetainedEarningsMember2024-03-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000921825us-gaap:NoncontrollingInterestMember2024-03-310000921825us-gaap:CommonStockMember2022-12-310000921825us-gaap:AdditionalPaidInCapitalMember2022-12-310000921825us-gaap:RetainedEarningsMember2022-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000921825us-gaap:NoncontrollingInterestMember2022-12-3100009218252022-12-310000921825us-gaap:RetainedEarningsMember2023-01-012023-03-310000921825us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000921825us-gaap:CommonStockMember2023-01-012023-03-310000921825us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000921825us-gaap:CommonStockMember2023-03-310000921825us-gaap:AdditionalPaidInCapitalMember2023-03-310000921825us-gaap:RetainedEarningsMember2023-03-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000921825us-gaap:NoncontrollingInterestMember2023-03-3100009218252023-03-310000921825fr:FirstIndustrialLPMember2024-03-310000921825fr:FirstIndustrialLPMember2023-12-310000921825fr:OtherRealEstatePartnershipMember2024-03-310000921825fr:OtherRealEstatePartnershipMember2023-12-310000921825fr:FirstIndustrialLPMember2023-01-012023-03-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2023-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2023-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000921825us-gaap:NoncontrollingInterestMemberfr:FirstIndustrialLPMember2023-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2024-01-012024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2024-01-012024-03-310000921825us-gaap:NoncontrollingInterestMemberfr:FirstIndustrialLPMember2024-01-012024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000921825us-gaap:NoncontrollingInterestMemberfr:FirstIndustrialLPMember2024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2022-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2022-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000921825us-gaap:NoncontrollingInterestMemberfr:FirstIndustrialLPMember2022-12-310000921825fr:FirstIndustrialLPMember2022-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2023-01-012023-03-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2023-01-012023-03-310000921825us-gaap:NoncontrollingInterestMemberfr:FirstIndustrialLPMember2023-01-012023-03-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2023-03-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2023-03-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000921825us-gaap:NoncontrollingInterestMemberfr:FirstIndustrialLPMember2023-03-310000921825fr:FirstIndustrialLPMember2023-03-310000921825fr:OwnershipMember2024-03-31xbrli:pure0000921825fr:OtherRealEstatePartnershipMember2024-01-012024-03-310000921825fr:OtherRealEstatePartnershipMember2024-03-31fr:Propertyfr:Stateutr:sqft0000921825fr:DispositionActivityMember2024-03-310000921825fr:DispositionActivityMember2024-01-012024-03-310000921825us-gaap:MortgagesMember2024-03-310000921825us-gaap:MortgagesMember2023-12-310000921825us-gaap:MortgagesMember2024-01-012024-03-310000921825fr:SeniorNotesDueTwoThousandTwentySevenNotesMember2024-03-310000921825fr:SeniorNotesDueTwoThousandTwentySevenNotesMember2023-12-310000921825fr:SeniorNotesDueTwoThousandTwentySevenNotesMember2024-01-012024-03-310000921825fr:SeniorNotesDueTwoThousandTwentyEightNotesMember2024-03-310000921825fr:SeniorNotesDueTwoThousandTwentyEightNotesMember2023-12-310000921825fr:SeniorNotesDueTwoThousandTwentyEightNotesMember2024-01-012024-03-310000921825fr:SeniorNotesDueTwoThousandThirtyTwoNotesMember2024-03-310000921825fr:SeniorNotesDueTwoThousandThirtyTwoNotesMember2023-12-310000921825fr:SeniorNotesDueTwoThousandThirtyTwoNotesMember2024-01-012024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentySevenTwoNotesMember2024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentySevenTwoNotesMember2023-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentySevenTwoNotesMember2024-01-012024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyEightMember2024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyEightMember2023-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyEightMember2024-01-012024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineNotesMember2024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineNotesMember2023-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineNotesMember2024-01-012024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineIIMember2024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineIIMember2023-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineIIMember2024-01-012024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyMember2024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyMember2023-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyMember2024-01-012024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyIIMember2024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyIIMember2023-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyIIMember2024-01-012024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyTwoMember2024-03-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyTwoMember2023-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyTwoMember2024-01-012024-03-310000921825us-gaap:UnsecuredDebtMember2024-03-310000921825us-gaap:UnsecuredDebtMember2023-12-310000921825fr:A2021UnsecuredTermLoanMember2024-03-310000921825fr:A2021UnsecuredTermLoanMember2023-12-310000921825fr:A2021UnsecuredTermLoanMember2024-01-012024-03-310000921825fr:A2022UnsecuredTermLoanMember2024-03-310000921825fr:A2022UnsecuredTermLoanMember2023-12-310000921825fr:A2022UnsecuredTermLoanMember2024-01-012024-03-310000921825fr:A2022UnsecuredTermLoanIIMember2024-03-310000921825fr:A2022UnsecuredTermLoanIIMember2023-12-310000921825fr:A2022UnsecuredTermLoanIIMember2024-01-012024-03-310000921825us-gaap:LongTermDebtMember2024-03-310000921825us-gaap:LongTermDebtMember2023-12-310000921825us-gaap:LineOfCreditMember2024-03-310000921825us-gaap:LineOfCreditMember2023-12-310000921825us-gaap:LineOfCreditMember2024-01-012024-03-310000921825us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000921825us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000921825fr:JointVentureMember2024-03-310000921825fr:JointVentureMember2024-01-012024-03-310000921825fr:JointVentureMember2023-01-012023-03-310000921825fr:JointVentureMember2023-12-310000921825fr:JointVentureMember2023-03-310000921825fr:JointVentureMember2022-12-310000921825fr:ATMMember2023-02-240000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2023-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2023-12-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2023-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-01-012024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-03-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2024-01-012024-03-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2024-03-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMember2024-03-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2024-03-310000921825us-gaap:InterestRateSwapMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000921825us-gaap:InterestRateSwapMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2024-01-012024-03-310000921825us-gaap:RestrictedStockUnitsRSUMembersrt:ManagementMember2024-01-012024-03-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2024-03-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2024-01-012024-03-310000921825fr:ServiceLTIPUnitsMembersrt:ManagementMember2024-01-012024-03-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2024-03-310000921825fr:A2021InterestRateSwapsMember2024-03-310000921825fr:A2022InterestRateSwapsMember2024-03-310000921825fr:InterestRateSwap2022SwapsIIMember2024-03-310000921825fr:InterestRateSwap2022SwapsIIDecember2025Member2024-03-310000921825fr:InterestRateSwap2022SwapsIIAugust2027Member2024-03-310000921825fr:A2021InterestRateSwapsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825us-gaap:FairValueInputsLevel2Memberfr:A2021InterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825fr:A2021InterestRateSwapsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825fr:A2022InterestRateSwapsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825us-gaap:FairValueInputsLevel2Memberfr:A2022InterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825fr:A2022InterestRateSwapsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825us-gaap:FairValueInputsLevel1Memberfr:InterestRateSwap2022SwapsIIMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825us-gaap:FairValueInputsLevel2Memberfr:InterestRateSwap2022SwapsIIMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825fr:InterestRateSwap2022SwapsIIMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000921825fr:A2021InterestRateSwapsMember2023-12-310000921825fr:A2021InterestRateSwapsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825us-gaap:FairValueInputsLevel2Memberfr:A2021InterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825fr:A2021InterestRateSwapsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825fr:A2022InterestRateSwapsMember2023-12-310000921825fr:A2022InterestRateSwapsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825us-gaap:FairValueInputsLevel2Memberfr:A2022InterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825fr:A2022InterestRateSwapsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825fr:InterestRateSwap2022SwapsIIMember2023-12-310000921825us-gaap:FairValueInputsLevel1Memberfr:InterestRateSwap2022SwapsIIMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825us-gaap:FairValueInputsLevel2Memberfr:InterestRateSwap2022SwapsIIMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825fr:InterestRateSwap2022SwapsIIMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000921825fr:DevelopmentActivityMember2024-03-31


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, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.)
333-21873 (First Industrial, L.P.)
  _______________________________
frlogoa03.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.)
One North 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 19, 2024, 132,341,354 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, 2024 of First Industrial Realty Trust, Inc., a Maryland corporation (the "Company"), and First Industrial, L.P., a Delaware limited partnership (the "Operating Partnership"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries.
The Company is a real estate investment trust and the general partner of the Operating Partnership. At March 31, 2024, the Company owned an approximate 97.3% common general partnership interest in the Operating Partnership. The remaining approximate 2.7% common limited partnership interests in the Operating Partnership are owned by limited partners. The limited partners of the Operating Partnership primarily include persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for limited partnership interests in the Operating Partnership and recipients of RLP Units (as defined in Note 6 to the Consolidated Financial Statements) of the Operating Partnership pursuant to the Company's stock incentive plan. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership's day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings. The management of the Company consists of the same members as the management of the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one enterprise. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of the Company's assets are held by, and its operations are conducted through, the Operating Partnership and its subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The main areas of difference between the Consolidated Financial Statements of the Company and those of the Operating Partnership are:
Equity, Noncontrolling Interest and Partners' Capital. The 2.7% equity interest in the Operating Partnership held by persons or entities other than the Company is classified as limited partners units in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.
Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, although operations are also conducted through several other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through several separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.
Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's Consolidated Balance Sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.
We believe combining the Company's and Operating Partnership's quarterly reports into this single report results in the following benefits:
enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and
eliminates duplicative disclosures and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership.




To help investors understand the differences between the Company and the Operating Partnership, this report provides the following disclosures for each of the Company and the Operating Partnership:
Consolidated Financial Statements;
a single set of consolidated notes to such financial statements that includes separate discussions of each entity's equity or partners' capital, as applicable; and
a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.
This report also includes separate Part I, Item 4, Controls and Procedures sections and separate Exhibit 31 and 32 certifications for the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are both compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.



FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
FORM 10-Q
FOR THE PERIOD ENDED MARCH 31, 2024
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, 2024December 31, 2023
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,752,507 $1,756,971 
Buildings and Improvements3,748,360 3,711,718 
Construction in Progress217,764 245,391 
Less: Accumulated Depreciation(1,025,594)(1,009,335)
Net Investment in Real Estate4,693,037 4,704,745 
Operating Lease Right-of-Use Assets24,094 24,211 
Cash and Cash Equivalents48,884 43,844 
Tenant Accounts Receivable12,463 10,993 
Investment in Joint Venture47,735 44,663 
Deferred Rent Receivable147,512 144,033 
Prepaid Expenses and Other Assets, Net226,656 203,276 
Total Assets$5,200,381 $5,175,765 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loan Payable$9,896 $9,978 
Senior Unsecured Notes, Net994,644 994,463 
Unsecured Term Loans, Net921,266 920,863 
Unsecured Credit Facility306,000 299,000 
Accounts Payable, Accrued Expenses and Other Liabilities116,161 143,429 
Operating Lease Liabilities21,865 21,992 
Rents Received in Advance and Security Deposits106,586 106,734 
Dividends and Distributions Payable50,695 44,201 
Total Liabilities2,527,113 2,540,660 
Commitments and Contingencies (see Note 12)
Equity:
First Industrial Realty Trust Inc.'s Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,341,354 and 132,289,039 shares issued and outstanding)
1,323 1,323 
Additional Paid-in Capital2,414,364 2,411,673 
Retained Earnings 147,104 127,707 
Accumulated Other Comprehensive Income32,374 22,272 
Total First Industrial Realty Trust, Inc.'s Equity2,595,165 2,562,975 
Noncontrolling Interests78,103 72,130 
Total Equity2,673,268 2,635,105 
Total Liabilities and Equity$5,200,381 $5,175,765 
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, 2024Three Months Ended March 31, 2023
Revenues:
Lease Revenue$159,735 $146,606 
Joint Venture Fees669 1,073 
Other Revenue1,868 1,744 
Total Revenues162,272 149,423 
Expenses:
Property Expenses47,014 42,182 
General and Administrative11,781 9,354 
Joint Venture Development Services Expense426 784 
Depreciation and Other Amortization41,819 39,772 
Total Expenses101,040 92,092 
Other Income (Expense):
Gain on Sale of Real Estate30,852  
Interest Expense(20,897)(16,119)
Amortization of Debt Issuance Costs(912)(904)
Total Other Income (Expense)9,043 (17,023)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision70,275 40,308 
Equity in Income of Joint Venture1,402 27,634 
Income Tax Provision(1,179)(7,167)
Net Income70,498 60,775 
Less: Net Income Attributable to the Noncontrolling Interests(2,046)(4,808)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$68,452 $55,967 
Net Income Allocable to Participating Securities(45)(47)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$68,407 $55,920 
Basic and Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$0.52 $0.42 
Weighted Average Shares Outstanding - Basic132,360 132,211 
Weighted Average Shares Outstanding - Diluted132,406 132,299 
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, 2024Three Months Ended March 31, 2023
Net Income$70,498 $60,775 
Mark-to-Market Gain (Loss) on Derivative Instruments10,321 (13,020)
Amortization of Derivative Instruments102 102 
Comprehensive Income80,921 47,857 
Comprehensive Income Attributable to Noncontrolling Interests(2,323)(4,482)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.$78,598 $43,375 
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, 2024:
Common
Stock
Additional
Paid-in
Capital
Retained EarningsAccumulated
Other
Comprehensive Income (Loss)
Noncontrolling
Interests
Total
Balance as of December 31, 2023$1,323 $2,411,673 $127,707 $22,272 $72,130 $2,635,105 
Net Income— — 68,452 — 2,046 70,498 
Other Comprehensive Income— — — 10,146 277 10,423 
Stock Based Compensation Activity (323)(6)— 8,003 7,674 
Common Stock Dividends and Unit Distributions
($0.37 Per Share/Unit)
— — (49,049)— (1,260)(50,309)
Conversion of Limited Partner Units to Common Stock 7 — — (7) 
Retirement of Limited Partner Units— — — — (25)(25)
Distributions to Noncontrolling Interests— — — — (98)(98)
Reallocation - Additional Paid-in Capital— 3,007 — — (3,007) 
Reallocation - Other Comprehensive Income— — — (44)44  
Balance as of March 31, 2024$1,323 $2,414,364 $147,104 $32,374 $78,103 $2,673,268 


Three Months Ended March 31, 2023:
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Balance as of December 31, 2022$1,321 $2,401,334 $23,131 $33,412 $71,101 $2,530,299 
Net Income— — 55,967 — 4,808 60,775 
Other Comprehensive Loss— — — (12,592)(326)(12,918)
Stock Based Compensation Activity1 (412)(710)— 5,748 4,627 
Common Stock Dividends and Unit Distributions
($0.32 Per Share/Unit)
— — (42,401)— (1,059)(43,460)
Conversion of Limited Partner Units to Common Stock 513 — — (513) 
Distributions to Noncontrolling Interests— — — — (11,358)(11,358)
Reallocation - Additional Paid-in Capital— (1,166)— — 1,166  
Reallocation - Other Comprehensive Income— — — (88)88  
Balance as of March 31, 2023$1,322 $2,400,269 $35,987 $20,732 $69,655 $2,527,965 
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, 2024Three Months Ended March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$70,498 $60,775 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation33,962 31,650 
Amortization of Debt Issuance Costs912 904 
Other Amortization, Including Equity Based Compensation12,870 7,502 
Equity in Income of Joint Venture(1,402)(27,634)
Distributions from the Joint Venture753 5,208 
Gain on Sale of Real Estate(30,852) 
Straight-line Rental Income and Expense, Net(4,165)(5,498)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (19,374)(12,357)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (703)9,768 
Net Cash Provided by Operating Activities62,499 70,318 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate (5,559)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(68,376)(94,336)
Net Proceeds from Sales of Investments in Real Estate47,787  
Contributions to and Investments in Joint Venture(2,614)(2,973)
Decrease (Increase) in Escrow Deposits and Other Investing Activity4,172 (1,260)
Net Cash Used in Investing Activities(19,031)(104,128)
CASH FLOWS FROM FINANCING ACTIVITIES:
Income Taxes Paid on Vested Equity Compensation(2,028)(2,459)
Common Stock Dividends and Unit Distributions Paid(43,220)(39,713)
Repayments on Mortgage Loan Payable(82)(79)
Proceeds from Unsecured Credit Facility102,000 80,000 
Repayments on Unsecured Credit Facility(95,000)(66,000)
Distributions to Noncontrolling Interests(98)(11,358)
Net Cash Used in Financing Activities(38,428)(39,609)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash5,040 (73,419)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year43,844 145,118 
Cash, Cash Equivalents and Restricted Cash, End of Period$48,884 $71,699 
7


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity$2,637 $3,981 
Cash Paid for Operating Lease Liabilities$868 $861 
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets$200 $56 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Common Stock Dividends and Unit Distributions Payable
$50,695 $44,061 
Exchange of Limited Partnership Units for Common Stock:
Noncontrolling Interests$(7)$(513)
Common Stock  
Additional Paid-in Capital7 513 
Total$ $ 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$ $1 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$34,731 $60,410 
Tenant Improvements Funded by Tenant$ $2,528 
Write-off of Fully Depreciated Assets$(10,940)$(10,331)
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, 2024December 31, 2023
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,752,507 $1,756,971 
Buildings and Improvements3,748,360 3,711,718 
Construction in Progress217,764 245,391 
Less: Accumulated Depreciation(1,025,594)(1,009,335)
Net Investment in Real Estate (including $298,357 and $302,869 related to consolidated variable interest entities, see Note 5)
4,693,037 4,704,745 
Operating Lease Right-of-Use Assets24,094 24,211 
Cash and Cash Equivalents48,884 43,844 
Tenant Accounts Receivable12,463 10,993 
Investment in Joint Venture47,735 44,663 
Deferred Rent Receivable147,512 144,033 
Prepaid Expenses and Other Assets, Net235,929 212,559 
Total Assets $5,209,654 $5,185,048 
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Indebtedness:
Mortgage Loan Payable$9,896 $9,978 
Senior Unsecured Notes, Net994,644 994,463 
Unsecured Term Loans, Net921,266 920,863 
Unsecured Credit Facility306,000 299,000 
Accounts Payable, Accrued Expenses and Other Liabilities116,161 143,429 
Operating Lease Liabilities21,865 21,992 
Rents Received in Advance and Security Deposits106,586 106,734 
Distributions Payable50,695 44,201 
Total Liabilities2,527,113 2,540,660 
Commitments and Contingencies (see Note 12)
Partners' Capital:
First Industrial, L.P.'s Partners' Capital:
General Partner Units (132,341,354 and 132,289,039 units outstanding)
2,524,183 2,505,150 
Limited Partners Units (3,637,284 and 3,378,165 units outstanding)
117,585 109,003 
Accumulated Other Comprehensive Income33,265 22,842 
Total First Industrial L.P.'s Partners' Capital2,675,033 2,636,995 
Noncontrolling Interests7,508 7,393 
Total Partners' Capital2,682,541 2,644,388 
Total Liabilities and Partners' Capital$5,209,654 $5,185,048 
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, 2024Three Months Ended March 31, 2023
Revenues:
Lease Revenue$159,735 $146,606 
Joint Venture Fees669 1,073 
Other Revenue1,868 1,744 
Total Revenues162,272 149,423 
Expenses:
Property Expenses47,014 42,182 
General and Administrative11,781 9,354 
Joint Venture Development Services Expense426 784 
Depreciation and Other Amortization41,819 39,772 
Total Expenses101,040 92,092 
Other Income (Expense):
Gain on Sale of Real Estate30,852  
Interest Expense(20,897)(16,119)
Amortization of Debt Issuance Costs(912)(904)
Total Other Income (Expense)9,043 (17,023)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision70,275 40,308 
Equity in Income of Joint Venture1,402 27,634 
Income Tax Provision(1,179)(7,167)
Net Income70,498 60,775 
Less: Net Income Attributable to the Noncontrolling Interests(223)(3,381)
Net Income Available to Unitholders and Participating Securities
70,275 57,394 
Net Income Allocable to Participating Securities(130)(134)
Net Income Available to Unitholders
70,145 57,260 
Basic Earnings Per Unit:
Net Income Available to Unitholders$0.52 $0.43 
Diluted Earnings Per Unit:
Net Income Available to Unitholders$0.52 $0.42 
Weighted Average Units Outstanding - Basic135,068 134,686 
Weighted Average Units Outstanding - Diluted135,387 135,231 
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, 2024Three Months Ended March 31, 2023
Net Income$70,498 $60,775 
Mark-to-Market Gain (Loss) on Derivative Instruments10,321 (13,020)
Amortization of Derivative Instruments102 102 
Comprehensive Income80,921 47,857 
Comprehensive Income Attributable to Noncontrolling Interests(223)(3,381)
Comprehensive Income Attributable to Unitholders$80,698 $44,476 
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, 2024:
General
Partner
Units
Limited
Partner
Units
Accumulated
Other
Comprehensive
Income
Noncontrolling InterestsTotal
Balance as of December 31, 2023$2,505,150 $109,003 $22,842 $7,393 $2,644,388 
Net Income68,404 1,871 — 223 70,498 
Other Comprehensive Income— — 10,423 — 10,423 
Stock Based Compensation Activity(329)8,003 — — 7,674 
Unit Distributions ($0.37 Per Unit)
(49,049)(1,260)— — (50,309)
Conversion of Limited Partner Units to General Partner Units7 (7)— —  
Retirement of Limited Partner Units— (25)— — (25)
Contributions from Noncontrolling Interests— — — 5 5 
Distributions to Noncontrolling Interests— — — (113)(113)
Balance as of March 31, 2024$2,524,183 $117,585 $33,265 $7,508 $2,682,541 


Three Months Ended March 31, 2023:
General
Partner
Units
Limited
Partner
Units
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling InterestsTotal
Balance as of December 31, 2022$2,395,601 $95,015 $34,186 $14,778 $2,539,580 
Net Income55,947 1,447 — 3,381 60,775 
Other Comprehensive Loss— — (12,918)— (12,918)
Stock Based Compensation Activity(1,121)5,748 — — 4,627 
Unit Distributions ($0.32 Per Unit)
(42,401)(1,059)— — (43,460)
Conversion of Limited Partner Units to General Partner Units513 (513)— —  
Contributions from Noncontrolling Interests— — — 1 1 
Distributions to Noncontrolling Interests— — — (11,359)(11,359)
Balance as of March 31, 2023$2,408,539 $100,638 $21,268 $6,801 $2,537,246 
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, 2024Three Months Ended March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$70,498 $60,775 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation33,962 31,650 
Amortization of Debt Issuance Costs912 904 
Other Amortization, Including Equity Based Compensation12,870 7,502 
Equity in Income of Joint Venture(1,402)(27,634)
Distributions from the Joint Venture753 5,208 
Gain on Sale of Real Estate(30,852) 
Straight-line Rental Income and Expense, Net(4,165)(5,498)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (19,364)(12,357)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits(703)9,768 
Net Cash Provided by Operating Activities62,509 70,318 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate (5,559)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(68,376)(94,336)
Net Proceeds from Sales of Investments in Real Estate47,787  
Contributions to and Investments in the Joint Venture(2,614)(2,973)
Decrease (Increase) in Escrow Deposits and Other Investing Activity4,172 (1,260)
Net Cash Used in Investing Activities(19,031)(104,128)
CASH FLOWS FROM FINANCING ACTIVITIES:
Income Taxes Paid on Vested Equity Compensation(2,028)(2,459)
Unit Distributions Paid(43,220)(39,713)
Contributions from Noncontrolling Interests5 1 
Distributions to Noncontrolling Interests(113)(11,359)
Repayments on Mortgage Loan Payable(82)(79)
Proceeds from Unsecured Credit Facility102,000 80,000 
Repayments on Unsecured Credit Facility(95,000)(66,000)
Net Cash Used in Financing Activities(38,438)(39,609)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash5,040 (73,419)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year43,844 145,118 
Cash, Cash Equivalents and Restricted Cash, End of Period$48,884 $71,699 
13


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity$2,637 $3,981 
Cash Paid for Operating Lease Liabilities$868 $861 
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets$200 $56 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
General and Limited Partner Unit Distributions Payable$50,695 $44,061 
Exchange of Limited Partner Units for General Partner Units:
Limited Partner Units$(7)$(513)
General Partner Units7 513 
Total$ $ 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$ $1 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$34,731 $60,410 
Tenant Improvements Funded by Tenant$ $2,528 
Write-off of Fully Depreciated Assets$(10,940)$(10,331)
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 97.3% ownership interest ("General Partner Units") at March 31, 2024. 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 2.7% at March 31, 2024 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.
Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. 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, 2024, we owned 421 industrial properties located in 19 states, containing an aggregate of approximately 66.7 million square feet of gross leasable area ("GLA"). Of the 421 properties owned on a consolidated basis, none of them are directly owned by the Company.
15


2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with the accounting policies described in the Consolidated Financial Statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K") and should be read in conjunction with such Consolidated Financial Statements and related notes. The 2023 year end Consolidated Balance Sheet data included in this Form 10-Q filing was derived from the audited Consolidated Financial Statements in our 2023 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim Consolidated Financial Statements highlight significant changes to the notes included in the December 31, 2023 audited Consolidated Financial Statements included in our 2023 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.
Use of Estimates
In order to conform with GAAP, in preparation of our Consolidated Financial Statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2024 and December 31, 2023, and the reported amounts of revenues and expenses for the three months ended March 31, 2024 and 2023. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim Consolidated Financial Statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2024 and December 31, 2023, the results of our operations and comprehensive income for each of the three months ended March 31, 2024 and 2023, and our cash flows for each of the three months ended March 31, 2024 and 2023. All adjustments are of a normal recurring nature.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating ASU 2023-07 to determine its impact on our disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods in fiscal years beginning after December 15, 2025, and should be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our disclosures.
3. Investment in Real Estate
Sales
During the three months ended March 31, 2024, we sold nine industrial properties comprised of approximately 0.4 million square feet of GLA. Gross proceeds from the sales were $48,507 and the gain on sale of real estate attributable to these sales was $30,852.
16


4. Indebtedness
The following table discloses certain information regarding our indebtedness: 
 Outstanding Balance at
Interest
Rate at
March 31, 2024
Effective
Interest
Rate at
Issuance
Maturity
Date
 March 31, 2024December 31, 2023
Mortgage Loan Payable$9,896 $9,978 4.17%4.17%8/1/2028
Senior Unsecured Notes, Gross
2027 Notes6,070 6,070 7.15%7.11%5/15/2027
2028 Notes31,901 31,901 7.60%8.13%7/15/2028
2032 Notes10,600 10,600 7.75%7.87%4/15/2032
2027 Private Placement Notes125,000 125,000 4.30%4.30%4/20/2027
2028 Private Placement Notes150,000 150,000 3.86%3.86%2/15/2028
2029 Private Placement Notes75,000 75,000 4.40%4.40%4/20/2029
2029 II Private Placement Notes150,000 150,000 3.97%4.23%7/23/2029
2030 Private Placement Notes150,000 150,000 3.96%3.96%2/15/2030
2030 II Private Placement Notes100,000 100,000 2.74%2.74%9/17/2030
2032 Private Placement Notes200,000 200,000 2.84%2.84%9/17/2032
Subtotal$998,571 $998,571 
Unamortized Debt Issuance Costs(3,883)(4,062)
Unamortized Discounts(44)(46)
Senior Unsecured Notes, Net$994,644 $994,463 
Unsecured Term Loans, Gross
2021 Unsecured Term Loan (A)
200,000 200,000 1.82%N/A7/7/2026
2022 Unsecured Term Loan (A)
425,000 425,000 3.64%N/A10/18/2027
2022 Unsecured Term Loan II (A)(B)
300,000 300,000 4.88%N/A8/12/2025
Subtotal$925,000 $925,000 
Unamortized Debt Issuance Costs(3,734)(4,137)
Unsecured Term Loans, Net
$921,266 $920,863 
Unsecured Credit Facility (C)
$306,000 $299,000 6.19%N/A7/7/2025
_______________
(A) The interest rate at March 31, 2024 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10.
(B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions.
(C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,706 and $2,036 as of March 31, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.
Mortgage Loan Payable
As of March 31, 2024, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $30,871. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of March 31, 2024.

17


Indebtedness
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of March 31, and thereafter: 
 Amount
Remainder of 2024
$252 
2025
606,349 
2026
200,364 
2027
556,449 
2028
190,453 
Thereafter685,600 
Total$2,239,467 
Our Unsecured Credit Facility, our Unsecured Term Loans, our senior notes issued in private placements ("Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred, which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of March 31, 2024; however, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value
At March 31, 2024 and December 31, 2023, the fair value of our indebtedness was as follows: 
 March 31, 2024December 31, 2023
 
Carrying
Amount (A)
Fair
Value
Carrying
Amount (A)
Fair
Value
Mortgage Loan Payable$9,896 $9,514 $9,978 $9,666 
Senior Unsecured Notes, Net998,527 894,670 998,525 902,042 
Unsecured Term Loans925,000 925,000 925,000 925,000 
Unsecured Credit Facility306,000 306,000 299,000 299,000 
Total$2,239,423 $2,135,184 $2,232,503 $2,135,708 
_______________
(A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

    The fair value of our mortgage loan payable was determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rate we utilized was internally estimated. The fair value of the senior unsecured notes was determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates, as advised by our bankers, at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for our mortgage loan payable, each of our senior unsecured notes and the Unsecured Term Loans was primarily based upon Level 3 inputs.




18


5. Variable Interest Entities
Other Real Estate Partnerships
The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary.
The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our Consolidated Balance Sheets, net of intercompany amounts:
March 31, 2024December 31, 2023
ASSETS
Assets:
Net Investment in Real Estate$298,357 $302,869 
Operating Lease Right-of-Use Assets12,888 12,910 
Cash and Cash Equivalents2,305 2,221 
Deferred Rent Receivable15,621 15,601 
Prepaid Expenses and Other Assets, Net13,563 12,945 
Total Assets$342,734 $346,546 
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts Payable, Accrued Expenses and Other Liabilities$9,583 $9,698 
Operating Lease Liabilities10,211 10,219 
Rents Received in Advance and Security Deposits8,276 8,368 
Partners' Capital
314,664 318,261 
Total Liabilities and Partners' Capital$342,734 $346,546 
Joint Venture
Through a wholly-owned TRS of the Operating Partnership, we own a 43% interest in the Joint Venture. Our ownership interest in the Joint Venture is held through a partnership with a third party (the “Joint Venture Partnership”). Since we own our interest in the Joint Venture through the Joint Venture Partnership and we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership, we consolidate the Joint Venture Partnership and reflect our partner's 6% interest in the Joint Venture within the financial statements (see Note 6). The Joint Venture was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area.
Under the operating agreement for the Joint Venture, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, the Joint Venture's operating agreement provides us the ability to earn incentive fees based on the ultimate financial performance of the Joint Venture.
During the three months ended March 31, 2024 and 2023, we earned fees of $859 and $1,350, respectively, from the Joint Venture, related to asset management, property management, leasing and development services we provided to the Joint Venture, of which we deferred recognition of $190 and $277, respectively, due to our economic interest in the Joint Venture. During the three months ended March 31, 2024 and 2023, we incurred fees of $426 and $784, respectively, related to third-party development, management and leasing services associated with the Joint Venture. At March 31, 2024 and December 31, 2023, we had a receivable from the Joint Venture of $211 and $138, respectively.

19


Net income of the Joint Venture for the three months ended March 31, 2024 and 2023 was $2,032 and $40,045, respectively. Included in net income during the three months ended March 31, 2024 was $1,624 of lease revenue as well as gain on sale of real estate of $191. The gain on sale of real estate recognized during the three months ended March 31, 2024 relates to gain that was deferred on land sales during the years ended December 31, 2023 and 2022. An allocable portion of this gain on sale was deferred because the Joint Venture was required to complete infrastructure work for the purchasers of the land. The deferred gain is being recognized under the percentage of completion method. Our economic share of the Joint Venture's lease revenue and gain on sale was $796 and $94, respectively. Included in net income of the Joint Venture during the three months ended March 31, 2023 is gain on sale of real estate of $40,041 related to the sale of approximately 31 acres of land for which our economic share was $19,620. For the three months ended March 31, 2024 and 2023, we earned incentive fees of $406 and $8,045, respectively, from the Joint Venture, which is reflected in the Equity In Income of Joint Venture line item in the Consolidated Statements of Operations.
The Joint Venture has three buildings under development comprising an aggregate 1.8 million square feet (the "Project") at March 31, 2024. During the year ended December 31, 2022, in connection with the Project, the Joint Venture entered into a construction loan with a capacity of $149,514 with a third party lender (the "Joint Venture Loan"). As of March 31, 2024 and December 31, 2023, the balance of the Joint Venture Loan is $110,166 and $95,711, respectively, excluding $615 and $730, respectively, of unamortized debt issuance costs. With respect to the Joint Venture Loan, we provided a completion guarantee to the lender and our third-party joint venture partner that requires the Company to timely complete construction of the Project. Total estimated investment for the Project is approximately $214,766 and the Joint Venture is using a third-party general contractor to develop the buildings pursuant to a guaranteed maximum price contract. We also provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.
20


6. Equity of the Company and Partners' Capital of the Operating Partnership
Noncontrolling Interest of the Company
The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes and is an award that is granted under our stock incentive plan (see Note 9). Generally, RLP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, on a per-unit basis, the book capital account balance associated with a "common" Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder to one share of Common Stock or a cash equivalent, at the Company's option. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period.
Noncontrolling Interest - Joint Venture
Our ownership interest in the Joint Venture is held through the Joint Venture Partnership with a third party and we concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership. As a result, we consolidate the Joint Venture Partnership and reflect the third party's interest in the Joint Venture Partnership that invests in the Joint Venture as a Noncontrolling Interest. Our partner's share of the Joint Venture Partnership's income was $176 and $3,361 for the three months ended March 31, 2024 and 2023, respectively, and was reflected in the Equity in Income of Joint Venture and the Noncontrolling Interests line items in the Consolidated Statements of Operations. The Noncontrolling Interests line item in the Consolidated Balance Sheets includes our third party partner's interest of $6,522 and $6,444 at March 31, 2024 and December 31, 2023, respectively.
ATM Program
On February 24, 2023, we entered into distribution agreements with a three-year term with certain sales agents to sell up to 16,000,000 shares of the Company's common stock, for up to $800,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "ATM"). Under the terms of the ATM, sales are to be made through transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange, sales made through a market maker other than on an exchange or sales made through privately negotiated transactions. During the three months ended March 31, 2024, we did not issue any shares of the Company's common stock under the ATM.
21


7. Accumulated Other Comprehensive Income
The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the three months ended March 31, 2024:
Derivative InstrumentsAccumulated Other Comprehensive Income of the Operating PartnershipComprehensive (Loss) Income Attributable to Noncontrolling Interest of the CompanyAccumulated Other Comprehensive Income of the Company
Balance as of December 31, 2023
$22,842 $22,842 $(570)$22,272 
Other Comprehensive Income Before Reclassifications16,470 16,470 (321)16,149 
Amounts Reclassified from Accumulated Other Comprehensive Income(6,047)(6,047) (6,047)
Net Current Period Other Comprehensive Income10,423 10,423 (321)10,102 
Balance as of March 31, 2024
$33,265 $33,265 $(891)$32,374 
The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three months ended March 31, 2024 and 2023:
Amounts Reclassified from Accumulated
Other Comprehensive Income
Details about Accumulated
Other Comprehensive Income Components
Three Months Ended March 31, 2024Three Months Ended March 31, 2023Affected Line Items in the Consolidated Statements of Operations
Derivative Instruments:
Amortization of Previously Settled Derivative Instruments
$102 $102 Interest Expense
Net Settlement Receipts to our Counterparties(6,149)(4,101)Interest Expense
Total$(6,047)$(3,999)
The change in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $410 into net income by increasing interest expense for derivative instruments we settled in previous periods. Additionally, recurring settlement amounts on the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps (all defined in Note 10) will also be reclassified to net income.
22


8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU")
The computation of basic and diluted EPS of the Company is presented below: 
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Numerator:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$68,407 $55,920 
Denominator (In Thousands):
Weighted Average Shares - Basic132,360 132,211 
Effect of Dilutive Securities:
        Performance Units (See Note 9)46 88 
Weighted Average Shares - Diluted132,406 132,299 
Basic and Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$0.52 $0.42 
The computation of basic and diluted EPU of the Operating Partnership is presented below:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Numerator:
Net Income Available to Unitholders
$70,145 $57,260 
Denominator (In Thousands):
Weighted Average Units - Basic135,068 134,686 
Effect of Dilutive Securities:
Performance Units and certain Performance RLP Units
(See Note 9)
319 545 
Weighted Average Units - Diluted135,387 135,231 
Basic EPU:
Net Income Available to Unitholders$0.52 $0.43 
Diluted EPU:
Net Income Available to Unitholders
$0.52 $0.42 
At March 31, 2024 and 2023, participating securities for the Company included 102,704 and 130,728, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At March 31, 2024 and 2023, participating securities for the Operating Partnership included 271,001 and 347,165, respectively, of Service Awards and certain Performance Awards (see Note 9), which participate in non-forfeitable distributions. Under the two-class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.
23


9. Long-Term Compensation
Awards with Performance Measures
During the three months ended March 31, 2024, 46,947 performance units ("Performance Units") and 263,159 RLP Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") were granted to certain employees based on performance-based criteria, which had a fair value of approximately $9,281 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. A portion of each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to a specified group of peer industrial real estate companies. The performance period for these Performance Awards is three years. Compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock.
Service Based Awards
For the three months ended March 31, 2024, 55,884 shares of restricted stock units ("Service Units") and 91,980 RLP Units ("Service RLP Units" and together with the Service Units, collectively the "Service Awards") were granted to certain employees and outside directors based on service-based criteria, which had an aggregate fair value of approximately $7,688 on the grant date. The fair value of the Service Awards is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards awarded to employees were based on the prior achievement of certain corporate performance goals and generally vest ratably over three years based on continued employment. Compensation expense is charged to earnings over the vesting periods for the Service Awards. At the end of the service period, vested Service Units convert into shares of common stock.
Retirement Eligibility
All award agreements issued underlying Performance Awards and Service Awards contain a retirement eligibility policy for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non-forfeitable. As such, during the three months ended March 31, 2024, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are amortized over the shorter service period. Additionally, our Chief Executive Officer's employment agreement contains a retirement provision, which provides for all of his outstanding Performance Awards and Service Awards to be non-forfeitable effective December 31, 2024. As such, his Performance Awards and Service Awards granted during the three months ended March 31, 2024 are amortized over one year versus three years.
Outstanding Performance Awards and Service Awards
We recognized $9,108 and $6,141 for the three months ended March 31, 2024 and 2023, respectively, in compensation expense related to the amortization of the Service Awards and the Performance Awards. Service Award and Performance Award amortization capitalized in connection with development activities was $1,804 and $1,706 for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, we had $18,234 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period over which the unrecognized compensation is expected to be recognized is 1.14 years.
24


10. Derivative Instruments
Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish these objectives, we primarily use derivative instruments as part of our interest rate risk management strategy. Derivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
We have interest rate swaps to manage our exposure to changes in SOFR related to our Unsecured Term Loans. We have three interest rate swaps with an aggregate notional value of $200,000, that fixed the SOFR rate component at 0.87% for the three months ended March 31, 2024 and mature on February 2, 2026 (the "2021 Swaps").
We have eight interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR rate component at 2.69% and mature on September 30, 2027 (the "2022 Swaps").
We have seven interest rate swaps, with an aggregate notional value of $300,000 that fix the SOFR rate component at 3.93% (the "2022 II Swaps"). $150,000 of the 2022 II Swaps' aggregate notional value matures on December 1, 2025 and the remaining $150,000 of the 2022 II Swaps' aggregate notional value matures on August 1, 2027. We have designated the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps as cash flow hedges.
Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of March 31, 2024, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value.
The following table sets forth our financial assets and liabilities related to the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:
  Fair Value Measurements:
Description
Fair Value at
March 31, 2024
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Unobservable
Inputs
(Level 3)
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps$12,996  $12,996  
2022 Swaps$19,397  $19,397  
2022 II Swaps$2,954  $2,954  
Fair Value at December 31, 2023
Derivatives designated as a hedging instrument:
Assets:
2021 Swaps$12,517  $12,517  
2022 Swaps$13,285