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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _______________________________
Form 10-Q
_______________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.)
333-21873 (First Industrial, L.P.)
  _______________________________
fr-20220930_g1.jpg
FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
First Industrial Realty Trust, Inc.Maryland36-3935116
First Industrial, L.P.Delaware36-3924586
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 N. Wacker Drive, Suite 4200
Chicago, Illinois, 60606

(Address of principal executive offices, zip code)
    
(312344-4300
(Registrant's telephone number, including area code)
 _______________________________ 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareFRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
First Industrial Realty Trust, Inc.:
Large accelerated filerAccelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
First Industrial, L.P.:
Large accelerated filerAccelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
At October 21, 2022, 132,135,103 shares of First Industrial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding. 




EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2022 of First Industrial Realty Trust, Inc., a Maryland corporation (the "Company"), and First Industrial, L.P., a Delaware limited partnership (the "Operating Partnership"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries.
The Company is a real estate investment trust and the general partner of the Operating Partnership. At September 30, 2022, the Company owned an approximate 97.7% common general partnership interest in the Operating Partnership. The remaining approximate 2.3% common limited partnership interests in the Operating Partnership are owned by limited partners. The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for limited partnership interests in the Operating Partnership and recipients of RLP Units (as defined in Note 6 to the Consolidated Financial Statements) of the Operating Partnership pursuant to the Company's stock incentive plan. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership's day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings. The management of the Company consists of the same members as the management of the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one enterprise. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of the Company's assets are held by, and its operations are conducted through, the Operating Partnership and its subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership are:
Equity, Noncontrolling Interest and Partners' Capital. The 2.3% equity interest in the Operating Partnership held by persons or entities other than the Company is classified within partners' capital in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.
Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, although operations are also conducted through several other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through several separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.
Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.
We believe combining the Company's and Operating Partnership's quarterly reports into this single report results in the following benefits:
enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and
eliminates duplicative disclosures and provides a more streamlined and readable presentation for our investors to review since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership.




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



FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2022
INDEX
  Page
First Industrial Realty Trust, Inc.
First Industrial, L.P.
First Industrial Realty Trust, Inc. and First Industrial, L.P.
2


PART I: FINANCIAL INFORMATION 
Item 1.Financial Statements
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 30, 2022December 31, 2021
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,613,503 $1,387,198 
Buildings and Improvements3,354,342 3,020,221 
Construction in Progress265,753 239,025 
Less: Accumulated Depreciation(909,282)(868,296)
Net Investment in Real Estate4,324,316 3,778,148 
Operating Lease Right-of-Use Assets24,332 24,927 
Cash and Cash Equivalents147,255 58,591 
Restricted Cash4,580 189 
Tenant Accounts Receivable5,195 5,104 
Investment in Joint Venture9,452 36,049 
Deferred Rent Receivable114,313 98,727 
Deferred Leasing Intangibles, Net25,341 21,316 
Prepaid Expenses and Other Assets, Net209,608 156,047 
Total Assets$4,864,392 $4,179,098 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$10,377 $79,674 
Senior Unsecured Notes, Net993,562 993,021 
Unsecured Term Loans, Net619,061 458,325 
Unsecured Credit Facility357,000 79,000 
Accounts Payable, Accrued Expenses and Other Liabilities216,347 153,096 
Operating Lease Liabilities22,011 22,592 
Deferred Leasing Intangibles, Net15,616 9,252 
Rents Received in Advance and Security Deposits103,180 98,588 
Dividends and Distributions Payable40,794 37,178 
Total Liabilities2,377,948 1,930,726 
Commitments and Contingencies  
Equity:
First Industrial Realty Trust Inc.'s Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,135,103 and 131,747,725 shares issued and outstanding)
1,321 1,317 
Additional Paid-in Capital2,397,977 2,376,026 
Distributions in Excess of Accumulated Earnings(19,757)(178,293)
Accumulated Other Comprehensive Income (Loss)36,390 (4,238)
Total First Industrial Realty Trust, Inc.'s Equity2,415,931 2,194,812 
Noncontrolling Interests70,513 53,560 
Total Equity2,486,444 2,248,372 
Total Liabilities and Equity$4,864,392 $4,179,098 
The accompanying notes are an integral part of the consolidated financial statements.
3


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended September 30, 2022Three Months Ended September 30, 2021Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
Revenues:
Lease Revenue$137,744 $120,323 $391,613 $352,754 
Joint Venture Fees438 60 512 290 
Other Revenue1,571 699 3,190 1,695 
Total Revenues139,753 121,082 395,315 354,739 
Expenses:
Property Expenses35,775 33,396 106,050 98,386 
General and Administrative8,227 8,598 25,217 25,631 
Joint Venture Development Services Expense318  318  
Depreciation and Other Amortization38,332 33,143 108,712 97,564 
Total Expenses82,652 75,137 240,297 221,581 
Other Income (Expense):
Gain on Sale of Real Estate83,907 8,879 84,204 66,378 
Interest Expense(13,094)(9,849)(33,104)(34,374)
Amortization of Debt Issuance Costs(801)(782)(2,287)(2,666)
Total Other Income (Expense)70,012 (1,752)48,813 29,338 
Income from Operations Before Equity in (Loss) Income of Joint Ventures and Income Tax Provision127,113 44,193 203,831 162,496 
Equity in (Loss) Income of Joint Ventures(7)(15)118,182 (154)
Income Tax Provision(231)(759)(24,339)(2,179)
Net Income126,875 43,419 297,674 160,163 
Less: Net Income Attributable to the Noncontrolling Interests(2,987)(973)(20,537)(3,583)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$123,888 $42,446 $277,137 $156,580 
Basic and Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$0.94 $0.33 $2.10 $1.21 
Weighted Average Shares Outstanding - Basic132,092 129,633 131,986 129,275 
Weighted Average Shares Outstanding - Diluted132,176 129,722 132,057 129,362 
The accompanying notes are an integral part of the consolidated financial statements.











4


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)
Three Months Ended September 30, 2022Three Months Ended September 30, 2021Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
Net Income$126,875 $43,419 $297,674 $160,163 
Mark-to-Market Gain on Derivative Instruments24,466 1,583 41,257 8,425 
Amortization of Derivative Instruments103 103 308 308 
Comprehensive Income151,444 45,105 339,239 168,896 
Comprehensive Income Attributable to Noncontrolling Interests(3,555)(1,011)(21,501)(3,779)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.$147,889 $44,094 $317,738 $165,117 
The accompanying notes are an integral part of the consolidated financial statements.

5


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited; in thousands, except per share data)
Nine Months Ended September 30, 2022:Common
Stock
Additional
Paid-in
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Balance as of December 31, 2021$1,317 $2,376,026 $(178,293)$(4,238)$53,560 $2,248,372 
Net Income— — 36,258 — 865 37,123 
Other Comprehensive Income— — — 10,935 262 11,197 
Issuance of Common Stock, Net of Issuance Costs
2 12,744 — — — 12,746 
Stock Based Compensation Activity1 (198)(1,483)— 4,401 2,721 
Common Stock Dividends and Unit Distributions ($0.295 Per Share/Unit)
— — (39,009)— (878)(39,887)
Conversion of Limited Partner Units to Common Stock 36 — — (36) 
Contributions from Noncontrolling Interests— — — — 103 103 
Reallocation - Additional Paid-in Capital— 12 — — (12) 
Reallocation - Other Comprehensive Income— — — 6 (6) 
Balance as of March 31, 2022$1,320 $2,388,620 $(182,527)$6,703 $58,259 $2,272,375 
Net Income— — 116,991 — 16,685 133,676 
Other Comprehensive Income— — — 5,665 134 5,799 
Stock Based Compensation Activity 1,074  — 2,819 3,893 
Common Stock Dividends and Unit Distributions ($0.295 Per Share/Unit)
— — (39,008)— (758)(39,766)
Conversion of Limited Partner Units to Common Stock1 1,234 — — (1,235) 
Distributions to Noncontrolling Interests— — — — (4,418)(4,418)
Reallocation - Additional Paid-in-Capital— 2,534 — — (2,534) 
Reallocation - Other Comprehensive Income— — — 3 (3) 
Balance as of June 30, 2022$1,321 $2,393,462 $(104,544)$12,371 $68,949 $2,371,559 
Net Income— — 123,888 — 2,987 126,875 
Other Comprehensive Income— — — 24,001 568 24,569 
Stock Based Compensation Activity 1,127  — 2,457 3,584 
Common Stock Dividends and Unit Distributions ($0.295 Per Share/Unit)
— — (39,101)— (1,042)(40,143)
Conversion of Limited Partner Units to Common Stock 1,441 — — (1,441) 
Reallocation - Additional Paid-in-Capital— 1,947 — — (1,947) 
Reallocation - Other Comprehensive Income— — — 18 (18) 
Balance as of September 30, 2022$1,321 $2,397,977 $(19,757)$36,390 $70,513 $2,486,444 



6


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited; in thousands, except per share data)
Nine Months Ended September 30, 2021:Common
Stock
Additional
Paid-in
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
Balance as of December 31, 2020$1,290 $2,224,691 $(306,294)$(16,953)$44,586 $1,947,320 
Net Income— — 62,198 — 1,385 63,583 
Other Comprehensive Income— — — 6,607 148 6,755 
Stock Based Compensation Activity1 (1,347)(2,294)— 2,585 (1,055)
Common Stock Dividends and Unit Distributions ($0.270 Per Share/Unit)
— — (34,933)— (785)(35,718)
Conversion of Limited Partner Units to Common Stock 22 — — (22) 
Reallocation - Additional Paid-in Capital— (2,110)— — 2,110  
Reallocation - Other Comprehensive Income— — — 34 (34) 
Balance as of March 31, 2021$1,291 $2,221,256 $(281,323)$(10,312)$49,973 $1,980,885 
Net Income— — 51,936 — 1,225 53,161 
Other Comprehensive Income— — — 282 10 292 
Stock Based Compensation Activity 1,023  — 2,428 3,451 
Common Stock Dividends and Unit Distributions ($0.270 Per Share/Unit)
— — (34,930)— (811)(35,741)
Reallocation - Additional Paid-in-Capital— 2,282 — — (2,282) 
Reallocation - Other Comprehensive Income— — — 4 (4) 
Balance as of June 30, 2021$1,291 $2,224,561 $(264,317)$(10,026)$50,539 $2,002,048 
Net Income— — 42,446 — 973 43,419 
Other Comprehensive Income— — — 1,648 38 1,686 
Issuance of Common Stock, Net of Issuance Costs
11 58,800 — — — 58,811 
Stock Based Compensation Activity 1,080  — 2,428 3,508 
Common Stock Dividends and Unit Distributions ($0.270 Per Share/Unit)
— — (35,221)— (669)(35,890)
Conversion of Limited Partner Units to Common Stock1 1,364 — — (1,365) 
Reallocation - Additional Paid-in-Capital— 1,427 — — (1,427) 
Reallocation - Other Comprehensive Income— — — (8)8  
Balance as of September 30, 2021$1,303 $2,287,232 $(257,092)$(8,386)$50,525 $2,073,582 
The accompanying notes are an integral part of the consolidated financial statements.
7


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$297,674 $160,163 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation88,286 80,309 
Amortization of Debt Issuance Costs2,287 2,666 
Other Amortization, including Equity Based Compensation24,779 23,861 
Equity in (Income) Loss of Joint Ventures(118,182)154 
Distributions from Joint Ventures118,027  
Gain on Sale of Real Estate(84,204)(66,378)
Straight-line Rental Income and Expense, Net(16,895)(12,826)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (6,917)(5,348)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 41,167 13,836 
Net Cash Provided by Operating Activities346,022 196,437 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(272,508)(224,954)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(384,004)(197,980)
Net Proceeds from Sales of Investments in Real Estate122,516 114,644 
Contributions to and Investments in Joint Ventures(2,798)(1,321)
Distributions from Joint Ventures29,363 21,407 
Increase in Escrow Deposits and Other Investing Activity(4,036)(3,398)
Net Cash Used in Investing Activities(511,467)(291,602)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs(5,060)(6,365)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount
12,823 59,008 
Tax Paid on Vested Equity Compensation(2,942)(5,126)
Common Stock Dividends and Unit Distributions Paid(115,619)(103,893)
Repayments on Mortgage Loans Payable(69,387)(61,097)
Proceeds from Unsecured Term Loans165,000  
Proceeds from Unsecured Credit Facility600,000 159,000 
Repayments on Unsecured Credit Facility(322,000)(85,000)
Contributions from Noncontrolling Interests103  
Distributions to Noncontrolling Interests(4,418) 
Net Cash Provided by (Used in) Financing Activities258,500 (43,473)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash93,055 (138,638)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year58,780 199,658 
Cash, Cash Equivalents and Restricted Cash, End of Period$151,835 $61,020 
8


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity and Joint Venture Investment$12,551 $8,150 
Cash Paid for Operating Lease Liabilities$2,571 $2,407 
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets$366 $354 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Common Stock Dividends and Unit Distributions Payable
$40,794 $36,701 
Exchange of Limited Partnership Units for Common Stock:
Noncontrolling Interests$(2,712)$(1,387)
Common Stock1 1 
Additional Paid-in Capital2,711 1,386 
Total$ $ 
Assumption of Other Assets in Connection with the Acquisition of Real Estate $ $3,611 
Assumption of Liabilities in Connection with the Acquisition of Real Estate$2,085 $3,451 
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate$112,739 $66,092 
Tenant Improvements Funded by Tenant$1,680 $16,239 
Write-off of Fully Depreciated Assets$(28,686)$(25,106)
The accompanying notes are an integral part of the consolidated financial statements.
9


FIRST INDUSTRIAL, L.P.
CONSOLIDATED BALANCE SHEETS
(In thousands, except Unit data)
September 30, 2022December 31, 2021
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,613,503 $1,387,198 
Buildings and Improvements3,354,342 3,020,221 
Construction in Progress265,753 239,025 
Less: Accumulated Depreciation(909,282)(868,296)
Net Investment in Real Estate (including $306,653 and $277,984 related to consolidated variable interest entities, see Note 5)
4,324,316 3,778,148 
Operating Lease Right-of-Use Assets24,332 24,927 
Cash and Cash Equivalents147,255 58,591 
Restricted Cash4,580 189 
Tenant Accounts Receivable5,195 5,104 
Investment in Joint Venture9,452 36,049 
Deferred Rent Receivable114,313 98,727 
Deferred Leasing Intangibles, Net25,341 21,316 
Prepaid Expenses and Other Assets, Net218,900 165,282 
Total Assets $4,873,684 $4,188,333 
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$10,377 $79,674 
Senior Unsecured Notes, Net993,562 993,021 
Unsecured Term Loans, Net619,061 458,325 
Unsecured Credit Facility357,000 79,000 
Accounts Payable, Accrued Expenses and Other Liabilities216,347 153,096 
Operating Lease Liabilities22,011 22,592 
Deferred Leasing Intangibles, Net15,616 9,252 
Rents Received in Advance and Security Deposits103,180 98,588 
Distributions Payable40,794 37,178 
Total Liabilities2,377,948 1,930,726 
Commitments and Contingencies  
Partners' Capital:
First Industrial, L.P.'s Partners' Capital:
General Partner Units (132,135,103 and 131,747,725 units outstanding)
2,351,482 2,175,549 
Limited Partners Units (3,062,166 and 2,935,203 units outstanding)
91,963 81,435 
Accumulated Other Comprehensive Income (Loss)37,234 (4,331)
Total First Industrial L.P.'s Partners' Capital2,480,679 2,252,653 
Noncontrolling Interests15,057 4,954 
Total Partners' Capital2,495,736 2,257,607 
Total Liabilities and Partners' Capital$4,873,684 $4,188,333 
The accompanying notes are an integral part of the consolidated financial statements.
10


FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per Unit data)
Three Months Ended September 30, 2022Three Months Ended September 30, 2021Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
Revenues:
Lease Revenue$137,744 $120,323 $391,613 $352,754 
Joint Venture Fees438 60 512 290 
Other Revenue1,571 699 3,190 1,695 
Total Revenues139,753 121,082 395,315 354,739 
Expenses: