ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 36-3935116 | |||
Delaware | 36-3924586 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
First Industrial Realty Trust, Inc. | Yes | ☑ | No | ☐ | |
First Industrial, L.P. | Yes | ☑ | No | ☐ |
First Industrial Realty Trust, Inc. | Yes | o | No | þ | |
First Industrial, L.P. | Yes | o | No | þ |
First Industrial Realty Trust, Inc. | Yes | þ | No | o | |
First Industrial, L.P. | Yes | þ | No | o |
First Industrial Realty Trust, Inc. | Yes | þ | No | o | |
First Industrial, L.P. | Yes | þ | No | o |
First Industrial Realty Trust, Inc.: | |||||||
Large accelerated filer | þ | Accelerated filer | o | ||||
Non-accelerated filer | o | Smaller reporting company | ☐ | ||||
(Do not check if a smaller reporting company) |
First Industrial, L.P.: | |||||||
Large accelerated filer | o | Accelerated filer | þ | ||||
Non-accelerated filer | o | Smaller reporting company | ☐ | ||||
(Do not check if a smaller reporting company) |
First Industrial Realty Trust, Inc. | o |
First Industrial, L.P. | o |
First Industrial Realty Trust, Inc. | Yes | ☐ | No | þ | |
First Industrial, L.P. | Yes | ☐ | No | þ |
• | Stockholders' Equity, Noncontrolling Interest and Partners' Capital. The 1.9% equity interest in the Operating Partnership held by entities or persons other than the Company are classified within partners' capital in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements. |
• | Relationship toOtherReal Estate Partnership." The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, though operations are also conducted through eight other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements. |
• | Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company. |
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Item 1. | Business |
• | Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) contractual rent escalations on our long-term leases; (iii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iv) controlling and minimizing property operating and general and administrative expenses; and (v) renovating existing properties. |
• | External Growth. We seek to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties or individual properties which meet our investment parameters within our target markets; (iii) the expansion of our properties; and (iv) possible additional joint venture investments. |
• | Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth. |
• | Organizational Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts. |
• | Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) warehouse distribution markets with favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; and (iii) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity. |
• | Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants. |
• | Acquisition/Development Strategy. Our acquisition/development strategy is to invest in industrial properties in the top industrial real estate markets in the United States through the deployment of experienced regional management teams. |
• | Disposition Strategy. We continually evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition. |
• | Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $725.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also continually evaluate joint venture arrangements as another source of capital to finance acquisitions and developments. As of February 12, 2020, we had approximately $596.4 million available for additional borrowings under the Unsecured Credit Facility. |
Item 1A. | Risk Factors |
Item 1B. | Unresolved SEC Comments |
Item 2. | Properties |
Light Industrial | R&D/Flex | Bulk Warehouse | Regional Warehouse | Total | Bulk Warehouse | Regional Warehouse | Light Industrial | R&D/Flex | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Area | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | Average Occupancy at 12/31/16 | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | GLA (in 000's) | Number of Properties | Occupancy at 12/31/19 | ||||||||||||||||||||||||||||||||||||||||||
Atlanta, GA | 380 | 6 | — | — | 4,077 | 14 | 924 | 7 | 5,381 | 27 | 95 | % | 4,563 | 14 | 340 | 4 | 347 | 5 | — | — | 5,250 | 23 | 98.5 | % | ||||||||||||||||||||||||||||||||||||||||
Baltimore, MD | 453 | 8 | 140 | 4 | 1,580 | 5 | 96 | 1 | 2,269 | 18 | 83 | % | 2,660 | 8 | — | — | 268 | 4 | 52 | 1 | 2,980 | 13 | 97.8 | % | ||||||||||||||||||||||||||||||||||||||||
Central/Eastern PA | 460 | 11 | — | — | 6,107 | 14 | 712 | 8 | 7,279 | 33 | 95 | % | 6,055 | 13 | 432 | 5 | 346 | 7 | — | — | 6,833 | 25 | 95.0 | % | ||||||||||||||||||||||||||||||||||||||||
Chicago, IL | 254 | 5 | 124 | 2 | 4,014 | 12 | 227 | 5 | 4,619 | 24 | 98 | % | 5,092 | 15 | 326 | 6 | 255 | 5 | — | — | 5,673 | 26 | 96.1 | % | ||||||||||||||||||||||||||||||||||||||||
Cincinnati, OH | 278 | 5 | 100 | 2 | 416 | 2 | 763 | 5 | 1,557 | 14 | 97 | % | 684 | 3 | 310 | 3 | 278 | 5 | — | — | 1,272 | 11 | 93.6 | % | ||||||||||||||||||||||||||||||||||||||||
Cleveland, OH | — | — | — | — | 1,318 | 7 | — | — | 1,318 | 7 | 100 | % | 1,128 | 6 | — | — | — | — | — | — | 1,128 | 6 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Dallas/Ft. Worth, TX | 1,250 | 30 | 151 | 5 | 3,781 | 24 | 524 | 7 | 5,706 | 66 | 97 | % | 4,644 | 25 | 484 | 6 | 971 | 17 | — | — | 6,099 | 48 | 98.8 | % | ||||||||||||||||||||||||||||||||||||||||
Denver, CO | 1,147 | 26 | 156 | 5 | 398 | 3 | 632 | 6 | 2,333 | 40 | 99 | % | 1,135 | 5 | 717 | 7 | 986 | 21 | 156 | 5 | 2,994 | 38 | 99.1 | % | ||||||||||||||||||||||||||||||||||||||||
Detroit, MI | 998 | 37 | 136 | 3 | 499 | 4 | 517 | 12 | 2,150 | 56 | 100 | % | 399 | 3 | 509 | 11 | 590 | 25 | 136 | 3 | 1,634 | 42 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Houston, TX | 470 | 8 | — | — | 3,009 | 13 | 444 | 6 | 3,923 | 27 | 95 | % | 3,250 | 17 | 564 | 8 | 85 | 3 | — | — | 3,899 | 28 | 98.7 | % | ||||||||||||||||||||||||||||||||||||||||
Indianapolis, IN | 416 | 11 | 25 | 2 | 2,177 | 7 | 603 | 7 | 3,221 | 27 | 96 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Miami, FL | 82 | 1 | — | — | 143 | 1 | 345 | 7 | 570 | 9 | 100 | % | 315 | 2 | 345 | 7 | 51 | 1 | — | — | 711 | 10 | 95.5 | % | ||||||||||||||||||||||||||||||||||||||||
Milwaukee, WI | 36 | 1 | — | — | 873 | 4 | 90 | 1 | 999 | 6 | 100 | % | 707 | 3 | 90 | 1 | — | — | — | — | 797 | 4 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Minneapolis/St. Paul, MN | 601 | 7 | 406 | 5 | 3,567 | 16 | 145 | 2 | 4,719 | 30 | 97 | % | 2,780 | 13 | 145 | 2 | 239 | 3 | 266 | 3 | 3,430 | 21 | 96.4 | % | ||||||||||||||||||||||||||||||||||||||||
Nashville, TN | 164 | 2 | — | — | 979 | 3 | — | — | 1,143 | 5 | 97 | % | 979 | 3 | — | — | 164 | 2 | — | — | 1,143 | 5 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
New Jersey (a) | 865 | 15 | 217 | 4 | 907 | 3 | 112 | 1 | 2,101 | 23 | 98 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey (A) | 1,359 | 6 | — | — | 781 | 14 | 172 | 3 | 2,312 | 23 | 98.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Orlando, FL | 79 | 1 | — | — | 325 | 2 | — | — | 404 | 3 | 100 | % | 427 | 3 | 234 | 3 | 79 | 1 | — | — | 740 | 7 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Phoenix, AZ | 39 | 1 | — | — | 1,219 | 7 | 452 | 7 | 1,710 | 15 | 86 | % | 1,579 | 6 | 445 | 7 | 38 | 1 | — | — | 2,062 | 14 | 99.5 | % | ||||||||||||||||||||||||||||||||||||||||
Salt Lake City, UT | 190 | 6 | 92 | 5 | 282 | 1 | 123 | 1 | 687 | 13 | 97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Seattle, WA | — | — | — | — | 100 | 1 | 127 | 2 | 227 | 3 | 86 | % | 101 | 1 | 287 | 5 | 23 | 1 | — | — | 411 | 7 | 84.9 | % | ||||||||||||||||||||||||||||||||||||||||
Southern California (a) | 773 | 21 | — | — | 4,084 | 15 | 990 | 15 | 5,847 | 51 | 99 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
St. Louis, MO | 404 | 6 | 192 | 2 | 1,238 | 2 | — | — | 1,834 | 10 | 95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California (A) | 7,152 | 25 | 1,312 | 21 | 727 | 20 | — | — | 9,191 | 66 | 97.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tampa, FL | 213 | 6 | 354 | 14 | 210 | 1 | — | — | 777 | 21 | 95 | % | — | — | — | — | 33 | 1 | 193 | 8 | 226 | 9 | 95.2 | % | ||||||||||||||||||||||||||||||||||||||||
Other (b) | 24 | 1 | — | — | 1,397 | 6 | — | — | 1,421 | 7 | 92 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (B) | 1,181 | 4 | — | — | — | — | 212 | 3 | 1,393 | 7 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 9,576 | 215 | 2,093 | 53 | 42,700 | 167 | 7,826 | 100 | 62,195 | 535 | 96.0 | % | 46,190 | 175 | 6,540 | 96 | 6,261 | 136 | 1,187 | 26 | 60,178 | 433 | 97.6 | % | ||||||||||||||||||||||||||||||||||||||||
Occupancy by Industrial Property Type | 94.4 | % | 91.9 | % | 96.2 | % | 98.4 | % | 96.0 | % | 97.9 | % | 96.8 | % | 96.2 | % | 99.0 | % |
(A) |
(B) | Properties are located in Greenville, KY; Indianapolis, IN; Kansas City, MO; |
Metropolitan Area | Number of Properties | GLA | Property Type | Occupancy at 12/31/16 | Number of Properties | GLA | Property Type | Occupancy at 12/31/19 | |||||||||||||||
Chicago, IL | 1 | 121,142 | Bulk Warehouse | 0 | % | 1 | 172,654 | Bulk Warehouse | 60 | % | |||||||||||||
Indianapolis, IN | 1 | 99,877 | Regional Warehouse | 100 | % | ||||||||||||||||||
Miami, FL | 1 | 63,389 | Regional Warehouse | 100 | % | ||||||||||||||||||
Denver, CO | 1 | 84,700 | Regional Warehouse | 100 | % | ||||||||||||||||||
Orlando, FL | 2 | 324,875 | Bulk Warehouse | 100 | % | 1 | 54,000 | Regional Warehouse | 100 | % | |||||||||||||
Seattle, WA | 1 | 23,360 | Light Industrial | 100 | % | ||||||||||||||||||
Southern California | 1 | 99,307 | Regional Warehouse | 100 | % | 5 | 206,992 | Regional Warehouse, Light Industrial | 80 | % | |||||||||||||
6 | 708,590 | ||||||||||||||||||||||
Total | 9 | 541,706 |
Metropolitan Area | Number of Properties | GLA | Property Type | Occupancy at 12/31/16 | |||||||
Atlanta, GA | 1 | 409,559 | Bulk Warehouse | 100 | % | ||||||
Central/Eastern PA | 1 | 341,400 | Bulk Warehouse | 100 | % | ||||||
Central/Eastern PA | 1 | 243,360 | Bulk Warehouse | 100 | % | ||||||
Chicago, IL | 1 | 601,439 | Bulk Warehouse | 100 | % | ||||||
Dallas/Ft. Worth, TX | 1 | 153,200 | Bulk Warehouse | 100 | % | ||||||
Dallas/Ft. Worth, TX | 1 | 234,100 | Bulk Warehouse | 100 | % | ||||||
New Jersey | 1 | 577,200 | Bulk Warehouse | 100 | % | ||||||
Phoenix, AZ | 1 | 386,100 | Bulk Warehouse | 81 | % | ||||||
Southern California | 1 | 187,985 | Bulk Warehouse | 100 | % | ||||||
Southern California | 1 | 63,450 | Regional Warehouse | 100 | % | ||||||
Southern California | 1 | 65,600 | Regional Warehouse | 100 | % | ||||||
11 | 3,263,393 |
Metropolitan Area | Number of Properties | GLA | Property Type | Occupancy at 12/31/19 | |||||||
Atlanta, GA | 1 | 703,339 | Bulk Warehouse | 100 | % | ||||||
Central/Eastern PA | 2 | 988,920 | Bulk Warehouse | 75 | % | ||||||
Chicago, IL | 1 | 355,969 | Bulk Warehouse | 58 | % | ||||||
Dallas, TX | 1 | 863,328 | Bulk Warehouse | 100 | % | ||||||
Denver, CO | 1 | 555,840 | Bulk Warehouse | 100 | % | ||||||
Houston, TX | 1 | 126,250 | Bulk Warehouse | 100 | % | ||||||
New Jersey | 1 | 119,808 | Bulk Warehouse | 100 | % | ||||||
Phoenix, AZ | 1 | 50,184 | Regional Warehouse | 100 | % | ||||||
Seattle, WA | 1 | 66,751 | Regional Warehouse | 100 | % | ||||||
Southern California | 3 | 598,312 | Bulk Warehouse | 100 | % | ||||||
Total | 13 | 4,428,701 |
Metropolitan Area | Number of Properties | GLA | Property Type | Occupancy at 12/31/19 | |||||||
Dallas/Fort Worth, TX | 3 | 543,197 | Bulk Warehouse | 12 | % | ||||||
Houston, TX | 2 | 371,950 | Bulk Warehouse | 15 | % | ||||||
Total | 5 | 915,147 |
Metropolitan Area | Number of Properties | GLA | Property Type | Anticipated Quarter of Building Completion | Number of Properties | GLA | Property Type | Anticipated Quarter of Building Completion | ||||||||||||
Phoenix, AZ | 1 | 618,350 | Bulk Warehouse | Q1 2017 | 1 | 643,798 | Regional Warehouse | Q1 2020 | ||||||||||||
Chicago, IL | 1 | 602,348 | Bulk Warehouse | Q2 2017 | ||||||||||||||||
Central/Eastern PA | 1 | 100,162 | Bulk Warehouse | Q2 2020 | ||||||||||||||||
Southern California | 1 | 242,580 | Bulk Warehouse | Q2 2017 | 2 | 402,287 | Bulk Warehouse | Q2 2020 | ||||||||||||
Dallas/Fort Worth, TX | 1 | 434,720 | Bulk Warehouse | Q3 2020 | ||||||||||||||||
Miami, FL | 1 | 103,791 | Bulk Warehouse | Q3 2020 | ||||||||||||||||
Southern California | 6 | 936,000 | Bulk Warehouse, Regional Warehouse | Q4 2017 | 1 | 71,905 | Regional Warehouse | Q3 2020 | ||||||||||||
9 | 2,399,278 | |||||||||||||||||||
Miami, FL | 3 | 373,930 | Bulk Warehouse, Regional Warehouse | Q4 2020 | ||||||||||||||||
Total | 10 | 2,130,593 |
Metropolitan Area | Number of Properties | GLA | Property Type | |||||
Atlanta, GA | 1 | 152,819 | Bulk Warehouse | |||||
Baltimore, MD | 1 | 28,570 | R&D/Flex | |||||
Chicago, IL | 4 | 613,319 | Bulk Warehouse, R&D/Flex | |||||
Dallas/Ft. Worth, TX | 6 | 215,472 | Bulk Warehouse, R&D/Flex, Regional Warehouse | |||||
Denver, CO | 6 | 338,406 | R&D/Flex, Regional Warehouse | |||||
Detroit, MI | 15 | 441,968 | R&D/Flex, Regional Warehouse, Light Industrial | |||||
Indianapolis, IN | 2 | 167,080 | Light Industrial | |||||
New Jersey | 1 | 79,329 | Regional Warehouse | |||||
Milwaukee, WI | 6 | 491,058 | Bulk Warehouse, R&D/Flex, Regional Warehouse, Light Industrial | |||||
St. Louis, MO | 7 | 602,439 | Bulk Warehouse, Light Industrial | |||||
Tampa, FL | 12 | 293,362 | R&D/Flex | |||||
Other (a) | 2 | 485,798 | Bulk Warehouse, Regional Warehouse | |||||
Total | 63 | 3,909,620 |
Metropolitan Area | Number of Properties | GLA | Property Type | |||||
Baltimore/Washington | 1 | 46,851 | Light Industrial | |||||
Central/Eastern PA | 2 | 258,000 | Bulk Warehouse, Regional Warehouse | |||||
Cincinnati, OH | 2 | 100,000 | R&D/Flex | |||||
Detroit, MI | 2 | 61,904 | Light Industrial | |||||
Miami, FL (A) | 1 | 21,125 | Light Industrial | |||||
Minneapolis/St. Paul, MN | 3 | 223,706 | Light Industrial, R&D/Flex | |||||
Phoenix, AZ (B) | 1 | 618,350 | Bulk Warehouse | |||||
Southern California | 3 | 129,880 | Light Industrial | |||||
Tampa, FL | 4 | 284,574 | Bulk Warehouse, Light Industrial, R&D/Flex | |||||
Other (C) | 21 | 4,123,626 | Bulk Warehouse, Regional Warehouse, Light Industrial | |||||
Total | 40 | 5,868,016 |
Number of Leases Commenced | Square Feet Commenced (in 000’s) | Net Rent Per Square Foot (1) | GAAP Basis Rent Growth (2) | Weighted Average Lease Term (3) | Lease Costs Per Square Foot (4) | Weighted Average Tenant Retention (5) | Number of Leases Commenced | Square Feet Commenced (in 000's) | Net Rent Per Square Foot (A) | Straight Line Basis Rent Growth (B) | Weighted Average Lease Term (C) | Lease Costs Per Square Foot (D) | Weighted Average Tenant Retention (E) | |||||||||||||||||||||||||||||||
New Leases | 155 | 2,352 | $ | 5.60 | 18.7 | % | 5.2 | $ | 5.27 | N/A | 92 | 1,806 | $ | 5.71 | 23.2 | % | 5.5 | $ | 4.59 | N/A | ||||||||||||||||||||||||
Renewal Leases | 292 | 8,968 | $ | 5.03 | 15.1 | % | 3.9 | $ | 1.18 | 74.3 | % | 157 | 7,329 | $ | 5.46 | 26.8 | % | 4.9 | $ | 1.40 | 81.1 | % | ||||||||||||||||||||||
Development / Not In Service Acquisition Leases | 18 | 3,181 | $ | 5.15 | N/A | 9.1 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Development / Acquisition Leases | 26 | 4,833 | $ | 5.17 | N/A | 8.6 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Total / Weighted Average | 465 | 14,501 | $ | 5.16 | 15.9 | % | 5.2 | $ | 2.02 | N/A | 275 | 13,968 | $ | 5.39 | 26.0 | % | 6.2 | $ | 2.03 | 81.1 | % |
(A) | Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease. |
(B) |
(C) | The lease term is expressed in years. Assumes no exercise of lease renewal options, if any. |
(D) | Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period. |
(E) | Represents the weighted average square feet of tenants renewing their respective leases. |
Number of Leases With Rent Concessions | Square Feet (in 000's) | Rent Concessions ($) | |||||||
New Leases | 59 | 1,338 | $ | 1,799 | |||||
Renewal Leases | 12 | 502 | 384 | ||||||
Development / Acquisition Leases | 24 | 3,811 | 6,944 | ||||||
Total | 95 | 5,651 | $ | 9,127 |
Year of Expiration | Number of Leases Expiring | GLA Expiring (2) | Percentage of GLA Expiring (2) | Annualized Base Rent Under Expiring Leases (3) | Percentage of Total Annualized Base Rent Expiring (3) | Number of Leases Expiring | GLA Expiring (B) | Percentage of GLA Expiring (B) | Annualized Base Rent Under Expiring Leases (In thousands) (C) | Percentage of Total Annualized Base Rent Expiring (C) | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
2017 | 228 | 4,114,770 | 7 | % | 24,030 | 8 | % | |||||||||||||||||||||||||
2018 | 303 | 9,479,579 | 16 | % | 46,825 | 16 | % | |||||||||||||||||||||||||
2019 | 302 | 9,159,777 | 15 | % | 46,024 | 16 | % | |||||||||||||||||||||||||
2020 | 230 | 7,652,882 | 13 | % | 37,714 | 13 | % | 133 | 3,733,974 | 6.3 | % | $ | 21,488 | 6.9 | % | |||||||||||||||||
2021 | 194 | 9,205,746 | 16 | % | 43,193 | 15 | % | 209 | 8,982,480 | 15.4 | % | 47,644 | 15.5 | % | ||||||||||||||||||
2022 | 107 | 4,830,977 | 8 | % | 22,415 | 8 | % | 187 | 7,085,005 | 12.1 | % | 38,011 | 12.3 | % | ||||||||||||||||||
2023 | 44 | 2,491,433 | 4 | % | 13,682 | 5 | % | 183 | 7,244,183 | 12.4 | % | 40,306 | 13.1 | % | ||||||||||||||||||
2024 | 27 | 3,016,427 | 5 | % | 12,845 | 4 | % | 154 | 6,809,544 | 11.6 | % | 40,211 | 13.0 | % | ||||||||||||||||||
2025 | 29 | 2,798,755 | 5 | % | 12,946 | 5 | % | 98 | 6,521,982 | 11.2 | % | 32,917 | 10.7 | % | ||||||||||||||||||
2026 | 30 | 2,742,798 | 5 | % | 12,454 | 4 | % | 48 | 4,528,246 | 7.7 | % | 20,647 | 6.7 | % | ||||||||||||||||||
2027 | 22 | 3,612,848 | 6.2 | % | 17,748 | 5.8 | % | |||||||||||||||||||||||||
2028 | 13 | 1,992,721 | 3.4 | % | 9,768 | 3.2 | % | |||||||||||||||||||||||||
2029 | 23 | 3,509,422 | 6.0 | % | 19,192 | 6.2 | % | |||||||||||||||||||||||||
Thereafter | 21 | 3,652,120 | 6 | % | 17,615 | 6 | % | 22 | 4,509,273 | 7.7 | % | 20,377 | 6.6 | % | ||||||||||||||||||
Total | 1,515 | 59,145,264 | 100 | % | $ | 289,743 | 100 | % | 1,092 | 58,529,678 | 100 | % | $ | 308,309 | 100 | % |
(A) | Includes leases that expire on or after January 1, |
(B) | Does not include existing vacancies of |
(C) | Annualized base rent is calculated as monthly contractual base rent |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for |
Quarter Ended | High | Low | Dividend/Distribution Declared | |||||||||
December 31, 2016 | $ | 28.12 | $ | 25.35 | $ | 0.1900 | ||||||
September 30, 2016 | $ | 29.61 | $ | 27.00 | $ | 0.1900 | ||||||
June 30, 2016 | $ | 27.82 | $ | 22.36 | $ | 0.1900 | ||||||
March 31, 2016 | $ | 22.98 | $ | 19.32 | $ | 0.1900 | ||||||
December 31, 2015 | $ | 23.08 | $ | 21.08 | $ | 0.1275 | ||||||
September 30, 2015 | $ | 21.43 | $ | 18.69 | $ | 0.1275 | ||||||
June 30, 2015 | $ | 21.53 | $ | 18.73 | $ | 0.1275 | ||||||
March 31, 2015 | $ | 22.45 | $ | 20.02 | $ | 0.1275 |
Quarter Ended | Closing High | Closing Low | Dividend/Distribution Declared | |||||||||
December 31, 2019 | $ | 43.07 | $ | 39.09 | $ | 0.2300 | ||||||
September 30, 2019 | $ | 40.07 | $ | 36.77 | $ | 0.2300 | ||||||
June 30, 2019 | $ | 37.43 | $ | 34.22 | $ | 0.2300 | ||||||
March 31, 2019 | $ | 35.47 | $ | 28.04 | $ | 0.2300 | ||||||
December 31, 2018 | $ | 32.40 | $ | 27.60 | $ | 0.2175 | ||||||
September 30, 2018 | $ | 33.87 | $ | 30.78 | $ | 0.2175 | ||||||
June 30, 2018 | $ | 33.67 | $ | 28.58 | $ | 0.2175 | ||||||
March 31, 2018 | $ | 31.17 | $ | 27.75 | $ | 0.2175 |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Further Issuance Under Equity Compensation Plans | |||||||
Equity Compensation Plans Approved by Security Holders | 510,677 | $ | — | 2,409,352 | ||||||
Equity Compensation Plans Not Approved by Security Holders | — | — | — | |||||||
Total | 510,677 | $ | — | 2,409,352 |
$100 invested on 12/31/ |
12/11 | 12/12 | 12/13 | 12/14 | 12/15 | 12/16 | 12/14 | 12/15 | 12/16 | 12/17 | 12/18 | 12/19 | |||||||||||||||||||||||||||||||||||
FIRST INDUSTRIAL REALTY TRUST, INC. | $ | 100.00 | $ | 137.63 | $ | 174.15 | $ | 209.66 | $ | 231.28 | $ | 301.71 | $ | 100.00 | $ | 110.31 | $ | 143.90 | $ | 166.17 | $ | 156.81 | $ | 231.06 | ||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 116.00 | $ | 153.58 | $ | 174.60 | $ | 177.01 | $ | 198.18 | $ | 100.00 | $ | 101.38 | $ | 113.51 | $ | 138.29 | $ | 132.23 | $ | 173.86 | ||||||||||||||||||||||
FTSE NAREIT Equity REITs | $ | 100.00 | $ | 118.06 | $ | 120.97 | $ | 157.43 | $ | 162.46 | $ | 176.30 | $ | 100.00 | $ | 103.20 | $ | 111.99 | $ | 117.84 | $ | 112.39 | $ | 141.61 |
The information provided in this performance graph shall not be deemed to be “soliciting material,” to be “filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless specifically treated as such. |
Item 6. | Selected Financial Data |
The Company | Year Ended 12/31/19 | Year Ended 12/31/18 | Year Ended 12/31/17 | Year Ended 12/31/16 | Year Ended 12/31/15 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total Revenues | $ | 425,984 | $ | 403,954 | $ | 396,402 | $ | 378,020 | $ | 365,823 | |||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | 238,775 | 163,239 | 201,456 | 121,232 | 73,802 | ||||||||||||||
Basic Per Share Data: | |||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | 1.89 | 1.31 | 1.70 | 1.05 | 0.67 | ||||||||||||||
Diluted Per Share Data: | |||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | 1.88 | 1.31 | 1.69 | 1.05 | 0.66 | ||||||||||||||
Dividends/Distributions Per Share | $ | 0.92 | $ | 0.87 | $ | 0.84 | $ | 0.76 | $ | 0.51 | |||||||||
Basic Weighted Average Shares | 126,392 | 123,804 | 118,272 | 115,030 | 110,352 | ||||||||||||||
Diluted Weighted Average Shares | 126,691 | 124,191 | 118,787 | 115,370 | 110,781 | ||||||||||||||
Balance Sheet Data (End of Period): | |||||||||||||||||||
Real Estate, Before Accumulated Depreciation | $ | 3,830,209 | $ | 3,673,644 | $ | 3,495,745 | $ | 3,384,914 | $ | 3,293,968 | |||||||||
Total Assets | 3,518,828 | 3,142,691 | 2,941,062 | 2,793,263 | 2,709,808 | ||||||||||||||
Indebtedness | 1,483,565 | 1,297,783 | 1,296,997 | 1,347,092 | 1,434,168 | ||||||||||||||
Total Equity | 1,798,263 | 1,679,911 | 1,475,877 | 1,284,625 | 1,115,135 | ||||||||||||||
Other Data: | |||||||||||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities (A) | $ | 221,136 | $ | 199,391 | $ | 186,496 | $ | 167,811 | $ | 140,841 |
Year Ended 12/31/16 | Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/12 | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total Revenues | $ | 378,020 | $ | 365,823 | $ | 346,709 | $ | 320,808 | $ | 307,391 | |||||||||
Income (Loss) from Continuing Operations | 125,684 | 76,705 | 23,182 | 4,862 | (21,286 | ) | |||||||||||||
Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | 121,232 | 73,802 | 46,629 | 25,907 | (22,069 | ) | |||||||||||||
Basic Per Share Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.67 | $ | 0.18 | $ | (0.09 | ) | $ | (0.44 | ) | |||||||
Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders | 1.05 | 0.67 | 0.42 | 0.24 | (0.24 | ) | |||||||||||||
Diluted Per Share Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.66 | $ | 0.18 | $ | (0.09 | ) | $ | (0.44 | ) | |||||||
Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders | 1.05 | 0.66 | 0.42 | 0.24 | (0.24 | ) | |||||||||||||
Dividends/Distributions Per Share | $ | 0.76 | $ | 0.51 | $ | 0.41 | $ | 0.34 | $ | 0.00 | |||||||||
Basic Weighted Average Shares | 115,030 | 110,352 | 109,922 | 106,995 | 91,468 | ||||||||||||||
Diluted Weighted Average Shares | 115,370 | 110,781 | 110,325 | 106,995 | 91,468 | ||||||||||||||
Balance Sheet Data (End of Period): | |||||||||||||||||||
Real Estate, Before Accumulated Depreciation | $ | 3,384,914 | $ | 3,293,968 | $ | 3,183,369 | $ | 3,119,547 | $ | 3,121,448 | |||||||||
Total Assets | 2,793,263 | 2,709,808 | 2,574,911 | 2,590,690 | 2,599,605 | ||||||||||||||
Indebtedness | 1,347,092 | 1,434,168 | 1,342,762 | 1,289,986 | 1,326,529 | ||||||||||||||
Total Equity | 1,284,625 | 1,115,135 | 1,090,827 | 1,171,219 | 1,145,653 | ||||||||||||||
Cash Flow Data: | |||||||||||||||||||
Cash Flow From Operating Activities | $ | 173,335 | $ | 162,149 | $ | 137,176 | $ | 125,751 | $ | 136,422 | |||||||||
Cash Flow From Investing Activities | (110,992 | ) | (197,074 | ) | (69,069 | ) | (61,313 | ) | (42,235 | ) | |||||||||
Cash Flow From Financing Activities | (56,471 | ) | 29,426 | (66,166 | ) | (61,748 | ) | (99,407 | ) | ||||||||||
Other Data: | |||||||||||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities (1) | $ | 167,811 | $ | 140,841 | $ | 127,890 | $ | 105,011 | $ | 80,640 |
The Operating Partnership | Year Ended 12/31/19 | Year Ended 12/31/18 | Year Ended 12/31/17 | Year Ended 12/31/16 | Year Ended 12/31/15 | ||||||||||||||
(In thousands, except per Unit data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total Revenues | $ | 425,984 | $ | 403,954 | $ | 396,402 | $ | 378,020 | $ | 365,823 | |||||||||
Net Income Available to Unitholders and Participating Securities | 243,628 | 167,246 | 208,158 | 125,547 | 76,682 | ||||||||||||||
Basic Per Unit Data: | |||||||||||||||||||
Net Income Available to Unitholders | 1.89 | 1.31 | 1.70 | 1.05 | 0.67 | ||||||||||||||
Diluted Per Unit Data: | |||||||||||||||||||
Net Income Available to Unitholders | 1.88 | 1.31 | 1.69 | 1.05 | 0.66 | ||||||||||||||
Distributions Per Unit | $ | 0.92 | $ | 0.87 | $ | 0.84 | $ | 0.76 | $ | 0.51 | |||||||||
Basic Weighted Average Units | 128,831 | 126,921 | 122,306 | 119,274 | 114,709 | ||||||||||||||
Diluted Weighted Average Units | 129,241 | 127,308 | 122,821 | 119,614 | 115,138 | ||||||||||||||
Balance Sheet Data (End of Period): | |||||||||||||||||||
Real Estate, Before Accumulated Depreciation | $ | 3,830,209 | $ | 3,673,644 | $ | 3,495,745 | $ | 3,384,914 | $ | 3,293,968 | |||||||||
Total Assets | 3,528,849 | 3,152,799 | 2,951,180 | 2,803,701 | 2,720,523 | ||||||||||||||
Indebtedness | 1,483,565 | 1,297,783 | 1,296,997 | 1,347,092 | 1,434,168 | ||||||||||||||
Total Partners' Capital | 1,808,284 | 1,690,019 | 1,485,995 | 1,295,063 | 1,125,850 |
(A) | Funds from operations ("FFO") is a non-GAAP measure used in the real estate industry. See definition and a complete reconciliation of FFO to Net Income |
Year Ended 12/31/16 | Year Ended 12/31/15 | Year Ended 12/31/14 | Year Ended 12/31/13 | Year Ended 12/31/12 | |||||||||||||||
(In thousands, except per Unit data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total Revenues | $ | 378,020 | $ | 365,823 | $ | 346,709 | $ | 320,808 | $ | 307,391 | |||||||||
Income (Loss) from Continuing Operations | 125,684 | 76,820 | 23,434 | 4,908 | (21,142 | ) | |||||||||||||
Net Income (Loss) Available to Unitholders and Participating Securities | 125,547 | 76,682 | 48,704 | 27,033 | (23,169 | ) | |||||||||||||
Basic Per Unit Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 1.05 | $ | 0.67 | $ | 0.18 | $ | (0.09 | ) | $ | (0.43 | ) | |||||||
Net Income (Loss) Available to Unitholders | 1.05 | 0.67 | 0.42 | 0.24 | (0.24 | ) | |||||||||||||
Diluted Per Unit Data: | |||||||||||||||||||
Income (Loss) from Continuing Operations Available to Unitholders | $ | 1.05 | $ | 0.66 | $ | 0.18 | $ | (0.09 | ) | $ | (0.43 | ) | |||||||
Net Income (Loss) Available to Unitholders | 1.05 | 0.66 | 0.42 | 0.24 | (0.24 | ) | |||||||||||||
Distributions Per Unit | $ | 0.76 | $ | 0.51 | $ | 0.41 | $ | 0.34 | $ | 0.00 | |||||||||
Basic Weighted Average Units | 119,274 | 114,709 | 114,388 | 111,646 | 96,509 | ||||||||||||||
Diluted Weighted Average Units | 119,614 | 115,138 | 114,791 | 111,646 | 96,509 | ||||||||||||||
Balance Sheet Data (End of Period): | |||||||||||||||||||
Real Estate, Before Accumulated Depreciation | $ | 3,384,914 | $ | 3,293,968 | $ | 3,183,369 | $ | 3,119,547 | $ | 3,121,448 | |||||||||
Total Assets | 2,803,701 | 2,720,523 | 2,585,624 | 2,601,291 | 2,610,208 | ||||||||||||||
Indebtedness | 1,347,092 | 1,434,168 | 1,342,762 | 1,289,986 | 1,326,529 | ||||||||||||||
Total Partners' Capital | 1,295,063 | 1,125,850 | 1,101,590 | 1,181,817 | 1,156,257 | ||||||||||||||
Cash Flow Data: | |||||||||||||||||||
Cash Flow From Operating Activities | $ | 173,612 | $ | 162,286 | $ | 137,918 | $ | 126,410 | $ | 136,611 | |||||||||
Cash Flow From Investing Activities | (110,992 | ) | (197,074 | ) | (69,724 | ) | (61,926 | ) | (42,235 | ) | |||||||||
Cash Flow From Financing Activities | (56,748 | ) | 29,304 | (66,253 | ) | (61,800 | ) | (99,567 | ) |
Item 7. |
2016 | 2015 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
($ in 000’s) | (In thousands) | |||||||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||||
Same Store Properties | $ | 335,674 | $ | 324,280 | $ | 11,394 | 3.5 | % | $ | 353,293 | $ | 340,381 | $ | 12,912 | 3.8 | % | ||||||||||||
Acquired Properties | 10,367 | 2,189 | 8,178 | 373.6 | % | 9,654 | 2,663 | 6,991 | 262.5 | % | ||||||||||||||||||
Sold Properties | 9,429 | 32,222 | (22,793 | ) | (70.7 | )% | 27,262 | 43,706 | (16,444 | ) | (37.6 | )% | ||||||||||||||||
(Re) Developments | 20,297 | 5,129 | 15,168 | 295.7 | % | 32,583 | 6,898 | 25,685 | 372.4 | % | ||||||||||||||||||
Other | 2,253 | 2,003 | 250 | 12.5 | % | 3,192 | 2,439 | 753 | 30.9 | % | ||||||||||||||||||
Real Estate Tax Reimbursement (A) | — | 7,517 | (7,517 | ) | (100.0 | )% | ||||||||||||||||||||||
Provision for Bad Debt (B) | — | 350 | (350 | ) | (100.0 | )% | ||||||||||||||||||||||
Total Revenues | $ | 378,020 | $ | 365,823 | $ | 12,197 | 3.3 | % | $ | 425,984 | $ | 403,954 | $ | 22,030 | 5.5 | % |
2016 | 2015 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
($ in 000’s) | (In thousands) | |||||||||||||||||||||||||||
PROPERTY EXPENSES | ||||||||||||||||||||||||||||
Same Store Properties | $ | 91,462 | $ | 90,241 | $ | 1,221 | 1.4 | % | $ | 88,494 | $ | 84,239 | $ | 4,255 | 5.1 | % | ||||||||||||
Acquired Properties | 3,098 | 516 | 2,582 | 500.4 | % | 3,617 | 1,094 | 2,523 | 230.6 | % | ||||||||||||||||||
Sold Properties | 3,925 | 12,779 | (8,854 | ) | (69.3 | )% | 8,350 | 12,504 | (4,154 | ) | (33.2 | )% | ||||||||||||||||
(Re) Developments | 5,240 | 2,122 | 3,118 | 146.9 | % | 7,711 | 3,692 | 4,019 | 108.9 | % | ||||||||||||||||||
Other | 8,599 | 8,970 | (371 | ) | (4.1 | )% | 8,413 | 7,458 | 955 | 12.8 | % | |||||||||||||||||
Real Estate Tax Expense (A) | — | 7,517 | (7,517 | ) | (100.0 | )% | ||||||||||||||||||||||
Provision for Bad Debt (B) | — | 350 | (350 | ) | (100.0 | )% | ||||||||||||||||||||||
Total Property Expenses | $ | 112,324 | $ | 114,628 | $ | (2,304 | ) | (2.0 | )% | $ | 116,585 | $ | 116,854 | $ | (269 | ) | (0.2 | )% |
2016 | 2015 | $ Change | % Change | 2019 | 2018 | $ Change | % Change | |||||||||||||||||||||
($ in 000’s) | (In thousands) | |||||||||||||||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||||||||||||||||
Same Store Properties | $ | 97,773 | $ | 98,691 | $ | (918 | ) | (0.9 | )% | $ | 95,584 | $ | 98,518 | $ | (2,934 | ) | (3.0 | )% | ||||||||||
Acquired Properties | 7,085 | 1,782 | 5,303 | 297.6 | % | 5,710 | 2,168 | 3,542 | 163.4 | % | ||||||||||||||||||
Sold Properties | 2,767 | 10,036 | (7,269 | ) | (72.4 | )% | 6,361 | 10,868 | (4,507 | ) | (41.5 | )% | ||||||||||||||||
(Re) Developments | 8,592 | 2,354 | 6,238 | 265.0 | % | 12,539 | 3,940 | 8,599 | 218.2 | % | ||||||||||||||||||
Corporate Furniture, Fixtures and Equipment and Other | 1,065 | 951 | 114 | 12.0 | % | 1,035 | 965 | 70 | 7.3 | % | ||||||||||||||||||
Total Depreciation and Other Amortization | $ | 117,282 | $ | 113,814 | $ | 3,468 | 3.0 | % | $ | 121,229 | $ | 116,459 | $ | 4,770 | 4.1 | % |
2015 | 2014 | $ Change | % Change | |||||||||||
($ in 000’s) | ||||||||||||||
REVENUES | ||||||||||||||
Same Store Properties | $ | 324,165 | $ | 318,420 | $ | 5,745 | 1.8 | % | ||||||
Acquired Properties | 8,828 | 2,896 | 5,932 | 204.8 | % | |||||||||
Sold Properties | 13,751 | 24,203 | (10,452 | ) | (43.2 | )% | ||||||||
(Re) Developments | 14,124 | 2,131 | 11,993 | 562.8 | % | |||||||||
Other | 4,955 | 6,066 | (1,111 | ) | (18.3 | )% | ||||||||
$ | 365,823 | $ | 353,716 | $ | 12,107 | 3.4 | % | |||||||
Discontinued Operations | — | (7,007 | ) | 7,007 | (100.0 | )% | ||||||||
Total Revenues | $ | 365,823 | $ | 346,709 | $ | 19,114 | 5.5 | % |
2015 | 2014 | $ Change | % Change | |||||||||||
($ in 000’s) | ||||||||||||||
PROPERTY EXPENSES | ||||||||||||||
Same Store Properties | $ | 92,244 | $ | 93,205 | $ | (961 | ) | (1.0 | )% | |||||
Acquired Properties | 2,494 | 869 | 1,625 | 187.0 | % | |||||||||
Sold Properties | 6,245 | 10,905 | (4,660 | ) | (42.7 | )% | ||||||||
(Re) Developments | 3,521 | 1,934 | 1,587 | 82.1 | % | |||||||||
Other | 10,124 | 10,370 | (246 | ) | (2.4 | )% | ||||||||
$ | 114,628 | $ | 117,283 | $ | (2,655 | ) | (2.3 | )% | ||||||
Discontinued Operations | — | (2,784 | ) | 2,784 | (100.0 | )% | ||||||||
Total Property Expenses | $ | 114,628 | $ | 114,499 | $ | 129 | 0.1 | % |
2015 | 2014 | $ Change | % Change | |||||||||||
($ in 000’s) | ||||||||||||||
DEPRECIATION AND OTHER AMORTIZATION | ||||||||||||||
Same Store Properties | $ | 98,107 | $ | 100,758 | $ | (2,651 | ) | (2.6 | )% | |||||
Acquired Properties | 5,567 | 1,723 | 3,844 | 223.1 | % | |||||||||
Sold Properties | 3,993 | 8,257 | (4,264 | ) | (51.6 | )% | ||||||||
(Re) Developments | 4,008 | 1,843 | 2,165 | 117.5 | % | |||||||||
Corporate Furniture, Fixtures and Equipment and Other | 2,139 | 1,704 | 435 | 25.5 | % | |||||||||
$ | 113,814 | $ | 114,285 | $ | (471 | ) | (0.4 | )% | ||||||
Discontinued Operations | — | (2,388 | ) | 2,388 | (100.0 | )% | ||||||||
Total Depreciation and Other Amortization | $ | 113,814 | $ | 111,897 | $ | 1,917 | 1.7 | % |
2014 | |||
($ in 000’s) | |||
Total Revenues | $ | 7,007 | |
Property Expenses | (2,784 | ) | |
Depreciation and Amortization | (2,388 | ) | |
Gain on Sale of Real Estate | 25,988 | ||
Income from Discontinued Operations | $ | 27,823 |
• | Acquisitions of Real Estate Assets: We allocate the purchase price of acquired real estate, including real estate acquired as a portfolio, based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases and below market ground lease obligations. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, discount rates, terminal capitalization rates and market rent assumptions. Above-market and below-market lease and below market ground lease obligation values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. The purchase price is further allocated to in-place lease values based on our evaluation of the specific characteristics of each tenant's lease and an estimate of the lease revenue received during a reasonable lease-up period as if the property was vacant on the date of acquisition. |
• | Impairment of Real Estate Assets: We review our tangible and intangible real estate assets held for use for possible impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, as well as our ability to hold and our intent with regard to each property. The judgments regarding whether the carrying amounts of these assets may not be recoverable are based on estimates of future undiscounted cash flows from properties which include estimates of future operating performance and market conditions. If any real estate investment is considered permanently impaired, a loss is recorded to reduce the carrying value of the property to its estimated fair value. The impairment assessment and fair value measurement requires the use of estimates and assumptions related to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates. |
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
(In thousands) | ||||||||
Net cash provided by operating activities | $ | 245,533 | $ | 210,495 | ||||
Net cash used in investing activities | (205,386 | ) | (223,398 | ) | ||||
Net cash provided by financing activities | 62,198 | 16,794 |
Year Ended December 31, | ||||||||
2019 | 2018 | |||||||
(In thousands) | ||||||||
Net cash provided by operating activities | $ | 245,620 | $ | 210,505 | ||||
Net cash used in investing activities | (205,386 | ) | (223,398 | ) | ||||
Net cash provided by financing activities | 62,111 | 16,784 |
Payments Due by Period (In thousands) | Payments Due by Period (In thousands) | |||||||||||||||||||||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | Over 5 Years | |||||||||||||||||||||||||||||
Operating and Ground Leases(1)(2) | $ | 30,602 | $ | 2,052 | $ | 2,024 | $ | 1,113 | $ | 25,413 | ||||||||||||||||||||||||||||
Rent Payments Due on Operating and Ground Leases | $ | 71,537 | $ | 2,321 | $ | 4,527 | $ | 3,982 | $ | 60,707 | ||||||||||||||||||||||||||||
Real Estate Development Costs | 100,100 | 100,100 | — | — | — | 118,000 | 118,000 | — | — | — | ||||||||||||||||||||||||||||
Long Term Debt | 1,353,358 | 168,914 | 436,954 | 357,675 | 389,815 | 1,490,931 | 19,813 | 762,248 | 656 | 708,214 | ||||||||||||||||||||||||||||
Interest Expense on Long Term Debt | 213,972 | 52,901 | 78,060 | 47,811 | 35,200 | 313,541 | 51,695 | 81,754 | 60,911 | 119,181 | ||||||||||||||||||||||||||||
Unsecured Credit Facility(D) | 2,015 | 1,106 | 909 | — | — | |||||||||||||||||||||||||||||||||
Total | $ | 1,698,032 | $ | 323,967 | $ | 517,038 | $ | 406,599 | $ | 450,428 | $ | 1,996,024 | $ | 192,935 | $ | 849,438 | $ | 65,549 | $ | 888,102 |
(A) | Not on balance sheet. |
(B) | Represents estimated remaining |
(C) | Includes interest expense on our unsecured term loans, inclusive of the impact of interest rate |
(D) | Represents fees on our Unsecured Credit Facility which has a contractual maturity in October 2021. |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 121,232 | $ | 73,802 | $ | 46,629 | $ | 25,907 | $ | (22,069 | ) | ||||||||
Adjustments: | |||||||||||||||||||
Depreciation and Other Amortization of Real Estate | 116,506 | 113,126 | 111,371 | 106,333 | 109,784 | ||||||||||||||
Depreciation and Other Amortization of Real Estate Included in Discontinued Operations | — | — | 2,388 | 7,727 | 11,648 | ||||||||||||||
Equity in Depreciation and Other Amortization of Joint Ventures | — | 17 | 117 | 273 | (20 | ) | |||||||||||||
Impairment of Depreciable Real Estate | — | 626 | — | — | (192 | ) | |||||||||||||
Impairment of Depreciable Real Estate Included in Discontinued Operations | — | — | — | 2,652 | 1,438 | ||||||||||||||
Gain on Sale of Depreciable Real Estate | (68,202 | ) | (44,022 | ) | (25,988 | ) | (34,344 | ) | (12,665 | ) | |||||||||
Gain on Sale of Depreciable Real Estate from Joint Ventures | — | (63 | ) | (3,346 | ) | (111 | ) | (902 | ) | ||||||||||
Gain on Change in Control of Interests | — | — | — | — | (776 | ) | |||||||||||||
Noncontrolling Interest Share of Adjustments | (1,725 | ) | (2,645 | ) | (3,281 | ) | (3,426 | ) | (5,606 | ) | |||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 167,811 | $ | 140,841 | $ | 127,890 | $ | 105,011 | $ | 80,640 |
Year Ended December 31, | |||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 238,775 | $ | 163,239 | $ | 201,456 | $ | 121,232 | $ | 73,802 | |||||||||
Adjustments: | |||||||||||||||||||
Depreciation and Other Amortization of Real Estate | 120,516 | 115,659 | 115,617 | 116,506 | 113,126 | ||||||||||||||
Equity in Depreciation and Other Amortization of Joint Ventures | — | — | — | — | 17 | ||||||||||||||
Impairment of Real Estate (A) | — | 2,285 | — | — | 626 | ||||||||||||||
Gain on Sale of Real Estate (A) | (124,942 | ) | (80,909 | ) | (131,058 | ) | (68,202 | ) | (44,022 | ) | |||||||||
Gain on Sale Real Estate from Joint Ventures (A) | (16,714 | ) | — | — | — | (63 | ) | ||||||||||||
Income Tax Provision - Gain on Sale of Real Estate from Joint Venture | 3,095 | — | — | — | — | ||||||||||||||
Noncontrolling Interest Share of Adjustments | 406 | (883 | ) | 481 | (1,725 | ) | (2,645 | ) | |||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 221,136 | $ | 199,391 | $ | 186,496 | $ | 167,811 | $ | 140,841 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||
2016 | 2015 | 2019 | 2018 | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Same Store Revenues | $ | 335,674 | $ | 324,280 | $ | 353,293 | $ | 340,381 | ||||||
Same Store Property Expenses | 91,462 | 90,241 | 88,494 | 84,239 | ||||||||||
Same Store Net Operating Income Before Same Store Adjustments | $ | 244,212 | $ | 234,039 | $ | 264,799 | $ | 256,142 | ||||||
Same Store Adjustments: | ||||||||||||||
Lease Inducement Amortization | 895 | 788 | ||||||||||||
Straight-line Rent | 355 | (3,511 | ) | 301 | 727 | |||||||||
Above / Below Market Rent Amortization | (941 | ) | (397 | ) | ||||||||||
Above (Below) Market Lease Amortization | (1,027 | ) | (1,013 | ) | ||||||||||
Lease Termination Fees | (396 | ) | (800 | ) | (1,575 | ) | (1,183 | ) | ||||||
Same Store Net Operating Income | $ | 244,125 | $ | 230,119 | $ | 262,498 | $ | 254,673 |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10, 11, 12, 13 and 14. | Directors, Executive Officers and Corporate Governance, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Director Independence and Principal Accountant Fees and Services |
Item 15. |
Exhibits | Description | |
Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between the First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May | ||
10.1 | ||
Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102) | ||
Form of 2013 Long-Term Incentive Program (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed June 25, 2013, File No. 1-13102) | ||
Exhibits | Description | |
Exhibits | Description | |
101.1* | The following financial statements from First Industrial Realty Trust, Inc. | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
** | Furnished herewith. |
† | Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K. |
Item 16. | Form 10-K Summary |
Page | |
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |
CONSOLIDATED FINANCIAL STATEMENTS | |
First Industrial Realty Trust, Inc. | |
First Industrial, L.P. | |
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |
FINANCIAL STATEMENT SCHEDULE | |
First Industrial Realty Trust, Inc. and First Industrial, L.P. | |
December 31, 2016 | December 31, 2015 | December 31, 2019 | December 31, 2018 | |||||||||||
(In thousands, except share and per share data) | (In thousands, except share and per share data) | |||||||||||||
ASSETS | ||||||||||||||
Assets: | ||||||||||||||
Investment in Real Estate: | ||||||||||||||
Land | $ | 794,821 | $ | 745,912 | $ | 957,478 | $ | 909,318 | ||||||
Buildings and Improvements | 2,523,015 | 2,511,737 | 2,782,430 | 2,704,850 | ||||||||||
Construction in Progress | 67,078 | 36,319 | 90,301 | 59,476 | ||||||||||
Less: Accumulated Depreciation | (796,492 | ) | (791,330 | ) | (804,780 | ) | (811,784 | ) | ||||||
Net Investment in Real Estate | 2,588,422 | 2,502,638 | 3,025,429 | 2,861,860 | ||||||||||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,471 and $1,171 | 2,354 | 2,510 | ||||||||||||
Operating Lease Right-of-Use Assets | 24,877 | — | ||||||||||||
Cash and Cash Equivalents | 9,859 | 3,987 | 21,120 | 43,102 | ||||||||||
Restricted Cash | 11,602 | 23,005 | 131,598 | 7,271 | ||||||||||
Tenant Accounts Receivable, Net | 4,757 | 5,612 | 8,529 | 5,185 | ||||||||||
Investment in Joint Venture | 18,208 | 23,326 | ||||||||||||
Deferred Rent Receivable, Net | 67,382 | 62,335 | 77,703 | 71,079 | ||||||||||
Deferred Leasing Intangibles, Net | 29,499 | 33,326 | 28,533 | 29,678 | ||||||||||
Prepaid Expenses and Other Assets, Net | 79,388 | 76,395 | 182,831 | 101,190 | ||||||||||
Total Assets | $ | 2,793,263 | $ | 2,709,808 | $ | 3,518,828 | $ | 3,142,691 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Indebtedness: | ||||||||||||||
Mortgage Loans Payable, Net | $ | 495,956 | $ | 561,241 | $ | 173,685 | $ | 296,470 | ||||||
Senior Unsecured Notes, Net | 204,998 | 364,457 | 694,015 | 544,504 | ||||||||||
Unsecured Term Loans, Net | 456,638 | 455,970 | 457,865 | 456,809 | ||||||||||
Unsecured Credit Facility | 189,500 | 52,500 | 158,000 | — | ||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | 84,412 | 93,699 | 114,637 | 78,665 | ||||||||||
Operating Lease Liabilities | 22,369 | — | ||||||||||||
Deferred Leasing Intangibles, Net | 10,400 | 11,841 | 11,893 | 9,560 | ||||||||||
Rents Received in Advance and Security Deposits | 43,300 | 40,153 | 57,534 | 47,927 | ||||||||||
Dividends and Distributions Payable | 23,434 | 14,812 | 30,567 | 28,845 | ||||||||||
Total Liabilities | 1,508,638 | 1,594,673 | 1,720,565 | 1,462,780 | ||||||||||
Commitments and Contingencies | — | — | — | — | ||||||||||
Equity: | ||||||||||||||
First Industrial Realty Trust Inc.’s Stockholders’ Equity: | ||||||||||||||
Common Stock ($0.01 par value, 150,000,000 shares authorized and 117,107,746 and 111,027,225 shares issued and outstanding) | 1,172 | 1,111 | ||||||||||||
First Industrial Realty Trust Inc.'s Stockholders' Equity: | ||||||||||||||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,994,478 and 126,307,431 shares issued and outstanding) | 1,270 | 1,263 | ||||||||||||
Additional Paid-in-Capital | 1,886,771 | 1,756,415 | 2,140,847 | 2,131,556 | ||||||||||
Distributions in Excess of Accumulated Earnings | (641,859 | ) | (674,759 | ) | (370,835 | ) | (490,807 | ) | ||||||
Accumulated Other Comprehensive Loss | (4,643 | ) | (9,667 | ) | ||||||||||
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity | 1,241,441 | 1,073,100 | ||||||||||||
Accumulated Other Comprehensive (Loss) Income | (6,883 | ) | 3,502 | |||||||||||
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity | 1,764,399 | 1,645,514 | ||||||||||||
Noncontrolling Interest | 43,184 | 42,035 | 33,864 | 34,397 | ||||||||||
Total Equity | 1,284,625 | 1,115,135 | 1,798,263 | 1,679,911 | ||||||||||
Total Liabilities and Equity | $ | 2,793,263 | $ | 2,709,808 | $ | 3,518,828 | $ | 3,142,691 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
(In thousands, except per share data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 289,858 | $ | 281,186 | $ | 259,609 | |||||
Tenant Recoveries and Other Income | 88,162 | 84,637 | 87,100 | ||||||||
Total Revenues | 378,020 | 365,823 | 346,709 | ||||||||
Expenses: | |||||||||||
Property Expenses | 112,324 | 114,628 | 114,499 | ||||||||
General and Administrative | 26,703 | 25,362 | 23,418 | ||||||||
Acquisition Costs | 491 | 1,403 | 960 | ||||||||
Impairment of Real Estate | — | 626 | — | ||||||||
Depreciation and Other Amortization | 117,282 | 113,814 | 111,897 | ||||||||
Total Expenses | 256,800 | 255,833 | 250,774 | ||||||||
Other Income (Expense): | |||||||||||
Gain (Loss) on Sale of Real Estate | 68,202 | 48,906 | (83 | ) | |||||||
Interest Expense | (59,430 | ) | (67,424 | ) | (72,178 | ) | |||||
Amortization of Deferred Financing Costs | (3,219 | ) | (3,159 | ) | (3,098 | ) | |||||
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | — | (11,546 | ) | — | |||||||
Loss from Retirement of Debt | — | — | (655 | ) | |||||||
Total Other Income (Expense) | 5,553 | (33,223 | ) | (76,014 | ) | ||||||
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax Provision | 126,773 | 76,767 | 19,921 | ||||||||
Equity in Income of Joint Ventures | — | 55 | 3,499 | ||||||||
Income Tax Provision | (1,089 | ) | (117 | ) | (238 | ) | |||||
Income from Continuing Operations | 125,684 | 76,705 | 23,182 | ||||||||
Discontinued Operations: | |||||||||||
Income Attributable to Discontinued Operations | — | — | 1,835 | ||||||||
Gain on Sale of Real Estate | — | — | 25,988 | ||||||||
Income from Discontinued Operations | — | — | 27,823 | ||||||||
Net Income | 125,684 | 76,705 | 51,005 | ||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (4,452 | ) | (2,903 | ) | (1,895 | ) | |||||
Net Income Attributable to First Industrial Realty Trust, Inc. | 121,232 | 73,802 | 49,110 | ||||||||
Less: Preferred Dividends | — | — | (1,019 | ) | |||||||
Less: Redemption of Preferred Stock | — | — | (1,462 | ) | |||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 121,232 | $ | 73,802 | $ | 46,629 | |||||
Basic Earnings Per Share: | |||||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.67 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.67 | $ | 0.42 | |||||
Diluted Earnings Per Share: | |||||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.66 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.66 | $ | 0.42 | |||||
Dividends/Distributions Per Share | $ | 0.76 | $ | 0.51 | $ | 0.41 | |||||
Weighted Average Shares Outstanding - Basic | 115,030 | 110,352 | 109,922 | ||||||||
Weighted Average Shares Outstanding - Diluted | 115,370 | 110,781 | 110,325 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
(In thousands, except per share data) | |||||||||||
Revenues: | |||||||||||
Lease Revenue | $ | 422,236 | $ | 398,822 | $ | 391,884 | |||||
Other Revenue | 3,748 | 5,132 | 4,518 | ||||||||
Total Revenues | 425,984 | 403,954 | 396,402 | ||||||||
Expenses: | |||||||||||
Property Expenses | 116,585 | 116,854 | 113,494 | ||||||||
General and Administrative | 28,569 | 27,749 | 28,079 | ||||||||
Depreciation and Other Amortization | 121,229 | 116,459 | 116,364 | ||||||||
Impairment of Real Estate | — | 2,756 | — | ||||||||
Total Expenses | 266,383 | 263,818 | 257,937 | ||||||||
Other Income (Expense): | |||||||||||
Gain on Sale of Real Estate | 124,942 | 81,600 | 131,269 | ||||||||
Interest Expense | (50,273 | ) | (50,775 | ) | (57,199 | ) | |||||
Amortization of Debt Issuance Costs | (3,218 | ) | (3,404 | ) | (3,162 | ) | |||||
Settlement Gain on Derivative Instruments | — | — | 1,896 | ||||||||
Loss from Retirement of Debt | — | (39 | ) | (1,775 | ) | ||||||
Total Other Income (Expense) | 71,451 | 27,382 | 71,029 | ||||||||
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax (Provision) Benefit | 231,052 | 167,518 | 209,494 | ||||||||
Equity in Income (Loss) of Joint Venture | 16,235 | (276 | ) | — | |||||||
Income Tax (Provision) Benefit | (3,406 | ) | 92 | (1,193 | ) | ||||||
Net Income | 243,881 | 167,334 | 208,301 | ||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (5,106 | ) | (4,095 | ) | (6,845 | ) | |||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | 238,775 | 163,239 | 201,456 | ||||||||
Basic Earnings Per Share: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.89 | $ | 1.31 | $ | 1.70 | |||||
Diluted Earnings Per Share: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.88 | $ | 1.31 | $ | 1.69 | |||||
Weighted Average Shares Outstanding - Basic | 126,392 | 123,804 | 118,272 | ||||||||
Weighted Average Shares Outstanding - Diluted | 126,691 | 124,191 | 118,787 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Net Income | $ | 125,684 | $ | 76,705 | $ | 51,005 | $ | 243,881 | $ | 167,334 | $ | 208,301 | ||||||||||
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 4,849 | (9,155 | ) | (12,279 | ) | |||||||||||||||||
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 12) | — | 12,990 | — | |||||||||||||||||||
Amortization of Interest Rate Protection Agreements | 390 | 524 | 1,358 | |||||||||||||||||||
Foreign Currency Translation Adjustment | — | 15 | (93 | ) | ||||||||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | — | ||||||||||||||||||
Mark-to-Market (Loss) Gain on Derivative Instruments | (7,671 | ) | 2,096 | 5,981 | ||||||||||||||||||
Amortization of Derivative Instruments | 233 | 96 | 205 | |||||||||||||||||||
Comprehensive Income | 130,923 | 81,079 | 39,991 | 233,294 | 169,526 | 214,487 | ||||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | (4,638 | ) | (3,069 | ) | (1,467 | ) | (4,884 | ) | (4,149 | ) | (6,642 | ) | ||||||||||
Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $ | 126,285 | $ | 78,010 | $ | 38,524 | $ | 228,410 | $ | 165,377 | $ | 207,845 |
Preferred Stock | Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | — | $ | 1,100 | $ | 1,817,609 | $ | (688,594 | ) | $ | (3,265 | ) | $ | 44,369 | $ | 1,171,219 | |||||||||||
Redemption of Preferred Stock | — | — | (73,587 | ) | (1,462 | ) | — | — | (75,049 | ) | |||||||||||||||||
Stock Based Compensation Activity | — | 4 | 4,880 | (1,936 | ) | — | — | 2,948 | |||||||||||||||||||
Conversion of Limited Partner Units to Common Stock | — | 2 | 2,153 | — | — | (2,155 | ) | — | |||||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | — | 4 | — | — | (4 | ) | — | |||||||||||||||||||
Common Stock Dividends and Unit Distributions | — | — | — | (45,447 | ) | — | (1,816 | ) | (47,263 | ) | |||||||||||||||||
Preferred Dividends | — | — | — | (1,019 | ) | — | — | (1,019 | ) | ||||||||||||||||||
Net Income | — | — | — | 49,110 | — | 1,895 | 51,005 | ||||||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | �� | — | (16 | ) | 16 | — | |||||||||||||||||||
Other Comprehensive Loss | — | — | — | — | (10,586 | ) | (428 | ) | (11,014 | ) | |||||||||||||||||
Balance as of December 31, 2014 | $ | — | $ | 1,106 | $ | 1,751,059 | $ | (689,348 | ) | $ | (13,867 | ) | $ | 41,877 | $ | 1,090,827 | |||||||||||
Stock Based Compensation Activity | — | 4 | 4,656 | (2,417 | ) | — | — | 2,243 | |||||||||||||||||||
Conversion of Limited Partner Units to Common Stock | — | 1 | 672 | — | — | (673 | ) | — | |||||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | — | 28 | — | — | (28 | ) | — | |||||||||||||||||||
Common Stock Dividends and Unit Distributions | — | — | — | (56,796 | ) | — | (2,218 | ) | (59,014 | ) | |||||||||||||||||
Net Income | — | — | — | 73,802 | — | 2,903 | 76,705 | ||||||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | — | (8 | ) | 8 | — | |||||||||||||||||||
Other Comprehensive Income | — | — | — | — | 4,208 | 166 | 4,374 | ||||||||||||||||||||
Balance as of December 31, 2015 | $ | — | $ | 1,111 | $ | 1,756,415 | $ | (674,759 | ) | $ | (9,667 | ) | $ | 42,035 | $ | 1,115,135 | |||||||||||
Issuance of Common Stock, Net of Issuance Costs | — | 56 | 124,528 | — | — | — | 124,584 | ||||||||||||||||||||
Stock Based Compensation Activity | — | 2 | 5,516 | (217 | ) | — | — | 5,301 | |||||||||||||||||||
Conversion of Limited Partner Units to Common Stock | — | 3 | 2,859 | — | — | (2,862 | ) | — | |||||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | — | (2,547 | ) | — | — | 2,547 | — | |||||||||||||||||||
Common Stock Dividends and Unit Distributions | — | — | — | (88,115 | ) | — | (3,203 | ) | (91,318 | ) | |||||||||||||||||
Net Income | — | — | — | 121,232 | — | 4,452 | 125,684 | ||||||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | — | (29 | ) | 29 | — | |||||||||||||||||||
Other Comprehensive Income | — | — | — | — | 5,053 | 186 | 5,239 | ||||||||||||||||||||
Balance as of December 31, 2016 | $ | — | $ | 1,172 | $ | 1,886,771 | $ | (641,859 | ) | $ | (4,643 | ) | $ | 43,184 | $ | 1,284,625 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 125,684 | $ | 76,705 | $ | 51,005 | |||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation | 95,514 | 92,955 | 93,457 | ||||||||
Amortization of Deferred Financing Costs | 3,219 | 3,159 | 3,098 | ||||||||
Other Amortization, including Stock Based Compensation | 28,403 | 28,359 | 30,218 | ||||||||
Impairment of Real Estate | — | 626 | — | ||||||||
Provision for Bad Debt | 563 | 954 | 1,425 | ||||||||
Equity in Income of Joint Ventures | — | (55 | ) | (3,499 | ) | ||||||
Distributions from Joint Ventures | — | — | 1,881 | ||||||||
Gain on Sale of Real Estate | (68,202 | ) | (48,906 | ) | (25,905 | ) | |||||
Loss from Retirement of Debt | — | — | 655 | ||||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | — | 11,546 | — | ||||||||
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | 965 | (2,686 | ) | (2,582 | ) | ||||||
Increase in Deferred Rent Receivable, Net | (6,602 | ) | (6,181 | ) | (2,715 | ) | |||||
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (5,655 | ) | 5,673 | 452 | |||||||
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | (554 | ) | — | (10,650 | ) | ||||||
Cash Book Overdraft | — | — | 336 | ||||||||
Net Cash Provided by Operating Activities | 173,335 | 162,149 | 137,176 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisitions of Real Estate | (107,484 | ) | (168,122 | ) | (96,045 | ) | |||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (179,994 | ) | (150,079 | ) | (123,037 | ) | |||||
Net Proceeds from Sales of Investments in Real Estate | 163,435 | 154,024 | 98,472 | ||||||||
Contributions to and Investments in Joint Ventures | — | (200 | ) | (31 | ) | ||||||
Distributions from Joint Ventures | — | 126 | 2,475 | ||||||||
Settlement of Interest Rate Protection Agreements | — | (11,546 | ) | — | |||||||
Repayments of Notes Receivable | 43 | 2,760 | 49,761 | ||||||||
Decrease (Increase) in Escrows | 13,008 | (24,037 | ) | (664 | ) | ||||||
Net Cash Used in Investing Activities | (110,992 | ) | (197,074 | ) | (69,069 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Financing and Equity Issuance and Preferred Stock Redemption Costs | (375 | ) | (5,158 | ) | (2,419 | ) | |||||
Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount | 124,936 | — | — | ||||||||
Repurchase and Retirement of Restricted Stock | (5,242 | ) | (2,101 | ) | (4,667 | ) | |||||
Common Stock Dividends and Unit Distributions Paid | (82,696 | ) | (55,811 | ) | (45,151 | ) | |||||
Preferred Dividends Paid | — | — | (1,471 | ) | |||||||
Redemption of Preferred Stock | — | — | (75,000 | ) | |||||||
Repayments on Mortgage Loans Payable | (70,969 | ) | (35,004 | ) | (77,880 | ) | |||||
Repayments of Senior Unsecured Notes | (159,125 | ) | — | (71,578 | ) | ||||||
Proceeds from Unsecured Term Loans | — | 260,000 | 200,000 | ||||||||
Proceeds from Unsecured Credit Facility | 442,000 | 321,500 | 356,000 | ||||||||
Repayments on Unsecured Credit Facility | (305,000 | ) | (454,000 | ) | (344,000 | ) | |||||
Net Cash (Used in) Provided by Financing Activities | (56,471 | ) | 29,426 | (66,166 | ) | ||||||
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | (14 | ) | (18 | ) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 5,872 | (5,499 | ) | 1,941 | |||||||
Cash and Cash Equivalents, Beginning of Year | 3,987 | 9,500 | 7,577 | ||||||||
Cash and Cash Equivalents, End of Year | $ | 9,859 | $ | 3,987 | $ | 9,500 | |||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | |||||||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 63,600 | $ | 66,452 | $ | 70,194 | |||||
Interest Expense Capitalized in Connection with Development Activity | $ | 3,523 | $ | 2,453 | $ | 1,411 | |||||
Income Taxes Paid (Refunded) | $ | 1,358 | $ | 23 | $ | (105 | ) | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
Common Stock Dividends and Unit Distributions Payable | $ | 23,434 | $ | 14,812 | $ | 11,949 | |||||
Exchange of Limited Partnership Units for Common Stock: | |||||||||||
Noncontrolling Interest | $ | (2,862 | ) | $ | (673 | ) | $ | (2,155 | ) | ||
Common Stock | 3 | 1 | 2 | ||||||||
Additional Paid-in-Capital | 2,859 | 672 | 2,153 | ||||||||
Total | $ | — | $ | — | $ | — | |||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 5,405 | $ | 2,090 | $ | 364 | |||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 32,712 | $ | 25,747 | $ | 14,901 | |||||
Write-off of Fully Depreciated Assets | $ | (44,080 | ) | $ | (45,457 | ) | $ | (44,769 | ) |
Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Total | ||||||||||||||||||
Balance as of December 31, 2016 | $ | 1,172 | $ | 1,886,771 | $ | (641,859 | ) | $ | (4,643 | ) | $ | 43,184 | $ | 1,284,625 | |||||||||
Net Income | — | — | 201,456 | — | 6,845 | 208,301 | |||||||||||||||||
Other Comprehensive Income | — | — | — | 6,389 | (203 | ) | 6,186 | ||||||||||||||||
Issuance of Common Stock, Net of Issuance Costs | 25 | 74,636 | — | — | — | 74,661 | |||||||||||||||||
Stock Based Compensation Activity | 2 | 6,932 | (724 | ) | — | — | 6,210 | ||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.84 Per Share/Unit) | — | — | (100,720 | ) | — | (3,386 | ) | (104,106 | ) | ||||||||||||||
Conversion of Limited Partner Units to Common Stock | — | 364 | — | — | (364 | ) | — | ||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | (1,593 | ) | — | — | 1,593 | — | ||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | (408 | ) | 408 | — | ||||||||||||||||
Balance as of December 31, 2017 | $ | 1,199 | $ | 1,967,110 | $ | (541,847 | ) | $ | 1,338 | $ | 48,077 | $ | 1,475,877 | ||||||||||
Net Income | — | — | 163,239 | — | 4,095 | 167,334 | |||||||||||||||||
Other Comprehensive Income | — | — | — | 2,138 | 54 | 2,192 | |||||||||||||||||
Issuance of Common Stock, Net of Issuance Costs | 48 | 145,360 | — | — | — | 145,408 | |||||||||||||||||
Stock Based Compensation Activity | 3 | 4,791 | (3,282 | ) | — | — | 1,512 | ||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.87 Per Share/Unit) | — | — | (108,917 | ) | — | (2,561 | ) | (111,478 | ) | ||||||||||||||
Conversion of Limited Partner Units to Common Stock | 13 | 16,592 | — | — | (16,605 | ) | — | ||||||||||||||||
Retirement of Limited Partner Units | — | — | — | — | (934 | ) | (934 | ) | |||||||||||||||
Reallocation—Additional Paid-in-Capital | — | (2,297 | ) | — | — | 2,297 | — | ||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | 26 | (26 | ) | — | ||||||||||||||||
Balance as of December 31, 2018 | $ | 1,263 | $ | 2,131,556 | $ | (490,807 | ) | $ | 3,502 | $ | 34,397 | $ | 1,679,911 | ||||||||||
Net Income | — | — | 238,775 | — | 5,106 | 243,881 | |||||||||||||||||
Other Comprehensive Loss | — | — | — | (10,365 | ) | (222 | ) | (10,587 | ) | ||||||||||||||
Stock Based Compensation Activity | 2 | 4,397 | (1,696 | ) | — | 1,877 | 4,580 | ||||||||||||||||
Common Stock Dividends and Unit Distributions ($0.92 Per Share/Unit) | — | — | (117,107 | ) | — | (2,415 | ) | (119,522 | ) | ||||||||||||||
Conversion of Limited Partner Units to Common Stock | 5 | 7,191 | — | — | (7,196 | ) | — | ||||||||||||||||
Reallocation—Additional Paid-in-Capital | — | (2,297 | ) | — | — | 2,297 | — | ||||||||||||||||
Reallocation—Other Comprehensive Income | — | — | — | (20 | ) | 20 | — | ||||||||||||||||
Balance as of December 31, 2019 | $ | 1,270 | $ | 2,140,847 | $ | (370,835 | ) | $ | (6,883 | ) | $ | 33,864 | $ | 1,798,263 |
December 31, 2016 | December 31, 2015 | ||||||
(In thousands, except Unit data) | |||||||
ASSETS | |||||||
Assets: | |||||||
Investment in Real Estate: | |||||||
Land | $ | 794,821 | $ | 745,912 | |||
Buildings and Improvements | 2,523,015 | 2,511,737 | |||||
Construction in Progress | 67,078 | 36,319 | |||||
Less: Accumulated Depreciation | (796,492 | ) | (791,330 | ) | |||
Net Investment in Real Estate | 2,588,422 | 2,502,638 | |||||
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,471 and $1,171 | 2,354 | 2,510 | |||||
Cash and Cash Equivalents | 9,859 | 3,987 | |||||
Restricted Cash | 11,602 | 23,005 | |||||
Tenant Accounts Receivable, Net | 4,757 | 5,612 | |||||
Deferred Rent Receivable, Net | 67,382 | 62,335 | |||||
Deferred Leasing Intangibles, Net | 29,499 | 33,326 | |||||
Prepaid Expenses and Other Assets, Net | 89,826 | 87,110 | |||||
Total Assets | $ | 2,803,701 | $ | 2,720,523 | |||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||
Liabilities: | |||||||
Indebtedness: | |||||||
Mortgage Loans Payable, Net | $ | 495,956 | $ | 561,241 | |||
Senior Unsecured Notes, Net | 204,998 | 364,457 | |||||
Unsecured Term Loans, Net | 456,638 | 455,970 | |||||
Unsecured Credit Facility | 189,500 | 52,500 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 84,412 | 93,699 | |||||
Deferred Leasing Intangibles, Net | 10,400 | 11,841 | |||||
Rents Received in Advance and Security Deposits | 43,300 | 40,153 | |||||
Distributions Payable | 23,434 | 14,812 | |||||
Total Liabilities | 1,508,638 | 1,594,673 | |||||
Commitments and Contingencies | — | — | |||||
Partners’ Capital: | |||||||
First Industrial L.P.'s Partners' Capital: | |||||||
General Partner Units (117,107,746 and 111,027,225 units outstanding) | 1,219,755 | 1,054,028 | |||||
Limited Partners Units (4,039,375 and 4,305,707 units outstanding) | 79,156 | 80,769 | |||||
Accumulated Other Comprehensive Loss | (4,804 | ) | (10,043 | ) | |||
Total First Industrial L.P.'s Partners’ Capital | 1,294,107 | 1,124,754 | |||||
Noncontrolling Interest | 956 | 1,096 | |||||
Total Partners’ Capital | 1,295,063 | 1,125,850 | |||||
Total Liabilities and Partners’ Capital | $ | 2,803,701 | $ | 2,720,523 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
(In thousands, except per Unit data) | |||||||||||
Revenues: | |||||||||||
Rental Income | $ | 289,858 | $ | 281,186 | $ | 259,609 | |||||
Tenant Recoveries and Other Income | 88,162 | 84,637 | 87,100 | ||||||||
Total Revenues | 378,020 | 365,823 | 346,709 | ||||||||
Expenses: | |||||||||||
Property Expenses | 112,324 | 114,628 | 114,499 | ||||||||
General and Administrative | 26,703 | 25,247 | 23,166 | ||||||||
Acquisition Costs | 491 | 1,403 | 960 | ||||||||
Impairment of Real Estate | — | 626 | — | ||||||||
Depreciation and Other Amortization | 117,282 | 113,814 | 111,897 | ||||||||
Total Expenses | 256,800 | 255,718 | 250,522 | ||||||||
Other Income (Expense): | |||||||||||
Gain (Loss) on Sale of Real Estate | 68,202 | 48,906 | (83 | ) | |||||||
Interest Expense | (59,430 | ) | (67,424 | ) | (72,178 | ) | |||||
Amortization of Deferred Financing Costs | (3,219 | ) | (3,159 | ) | (3,098 | ) | |||||
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | — | (11,546 | ) | — | |||||||
Loss from Retirement of Debt | — | — | (655 | ) | |||||||
Total Other Income (Expense) | 5,553 | (33,223 | ) | (76,014 | ) | ||||||
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax Provision | 126,773 | 76,882 | 20,173 | ||||||||
Equity in Income of Joint Ventures | — | 55 | 3,499 | ||||||||
Income Tax Provision | (1,089 | ) | (117 | ) | (238 | ) | |||||
Income from Continuing Operations | 125,684 | 76,820 | 23,434 | ||||||||
Discontinued Operations: | |||||||||||
Income Attributable to Discontinued Operations | — | — | 1,835 | ||||||||
Gain on Sale of Real Estate | — | — | 25,988 | ||||||||
Income from Discontinued Operations | — | — | 27,823 | ||||||||
Net Income | 125,684 | 76,820 | 51,257 | ||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (137 | ) | (138 | ) | (72 | ) | |||||
Net Income Attributable to Unitholders | 125,547 | 76,682 | 51,185 | ||||||||
Less: Preferred Unit Distributions | — | — | (1,019 | ) | |||||||
Less: Redemption of Preferred Units | — | — | (1,462 | ) | |||||||
Net Income Available to Unitholders and Participating Securities | $ | 125,547 | $ | 76,682 | $ | 48,704 | |||||
Basic Earnings Per Unit: | |||||||||||
Income from Continuing Operations Available to Unitholders | $ | 1.05 | $ | 0.67 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to Unitholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to Unitholders | $ | 1.05 | $ | 0.67 | $ | 0.42 | |||||
Diluted Earnings Per Unit: | |||||||||||
Income from Continuing Operations Available to Unitholders | $ | 1.05 | $ | 0.66 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to Unitholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to Unitholders | $ | 1.05 | $ | 0.66 | $ | 0.42 |
Distributions Per Unit | $ | 0.76 | $ | 0.51 | $ | 0.41 | |||||
Weighted Average Units Outstanding - Basic | 119,274 | 114,709 | 114,388 | ||||||||
Weighted Average Units Outstanding - Diluted | 119,614 | 115,138 | 114,791 |
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 243,881 | $ | 167,334 | $ | 208,301 | |||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation | 98,333 | 94,626 | 94,078 | ||||||||
Amortization of Debt Issuance Costs | 3,218 | 3,404 | 3,162 | ||||||||
Other Amortization, including Stock Based Compensation | 28,780 | 26,976 | 29,252 | ||||||||
Impairment of Real Estate | — | 2,756 | — | ||||||||
Provision for Bad Debt | — | 350 | 177 | ||||||||
Equity in (Income) Loss of Joint Venture | (16,235 | ) | 276 | — | |||||||
Distributions from Joint Venture | 15,959 | — | — | ||||||||
Gain on Sale of Real Estate | (124,942 | ) | (81,600 | ) | (131,269 | ) | |||||
Loss from Retirement of Debt | — | 39 | 1,775 | ||||||||
Gain on Casualty and Involuntary Conversion | — | (392 | ) | (1,321 | ) | ||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | — | |||||||
Straight-line Rental Income and Expense, Net | (10,884 | ) | (2,165 | ) | (5,299 | ) | |||||
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | (11,523 | ) | (4,199 | ) | (5,829 | ) | |||||
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits and Operating Lease Liabilities | 22,095 | 3,090 | (465 | ) | |||||||
Net Cash Provided by Operating Activities | 245,533 | 210,495 | 192,562 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisitions of Real Estate | (152,744 | ) | (157,787 | ) | (175,303 | ) | |||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (294,633 | ) | (224,466 | ) | (146,003 | ) | |||||
Net Proceeds from Sales of Investments in Real Estate | 254,416 | 184,783 | 228,102 | ||||||||
(Increase) Decrease in Escrows | (23,113 | ) | (1,326 | ) | 564 | ||||||
Proceeds from Casualty and Involuntary Conversion | — | 906 | 10,094 | ||||||||
Contributions to and Investments in Joint Venture | (210 | ) | (25,190 | ) | — | ||||||
Distributions from Joint Venture | 8,711 | 1,829 | — | ||||||||
Other Investing Activity | 2,187 | (2,147 | ) | 51 | |||||||
Net Cash Used in Investing Activities | (205,386 | ) | (223,398 | ) | (82,495 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Financing and Equity Issuance Costs | (954 | ) | (2,975 | ) | (6,864 | ) | |||||
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | — | 145,584 | 74,880 | ||||||||
Tax Paid on Shares Withheld | (4,384 | ) | (6,020 | ) | (2,401 | ) | |||||
Common Stock Dividends and Unit Distributions Paid | (117,214 | ) | (109,649 | ) | (100,524 | ) | |||||
Repayments on Mortgage Loans Payable | (123,250 | ) | (165,646 | ) | (46,832 | ) | |||||
Prepayments of Penalties Associated with Retirement of Debt | — | — | (1,453 | ) | |||||||
Proceeds from Senior Unsecured Notes | 150,000 | 300,000 | 200,000 | ||||||||
Repayments of Senior Unsecured Notes | — | — | (156,852 | ) | |||||||
Proceeds from Unsecured Credit Facility | 415,000 | 237,000 | 429,000 | ||||||||
Repayments on Unsecured Credit Facility | (257,000 | ) | (381,500 | ) | (474,000 | ) | |||||
Net Cash Provided by (Used in) Financing Activities | 62,198 | 16,794 | (85,046 | ) | |||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 102,345 | 3,891 | 25,021 | ||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 50,373 | 46,482 | 21,461 | ||||||||
Cash, Cash Equivalents and Restricted Cash, End of Year | $ | 152,718 | $ | 50,373 | $ | 46,482 | |||||
FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | |||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
(In thousands) | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | |||||||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 47,801 | $ | 47,408 | $ | 56,844 | |||||
Interest Expense Capitalized in Connection with Development Activity | $ | 5,757 | $ | 5,869 | $ | 4,353 | |||||
Income Taxes Paid | $ | 3,583 | $ | 457 | $ | 769 | |||||
Cash Paid for Operating Lease Liabilities | $ | 2,084 | $ | — | $ | — | |||||
Supplemental Schedule of Non-Cash Operating Activities: | |||||||||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 22,871 | $ | — | $ | — | |||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
Common Stock Dividends and Unit Distributions Payable | $ | 30,567 | $ | 28,845 | $ | 27,016 | |||||
Exchange of Limited Partnership Units for Common Stock: | |||||||||||
Noncontrolling Interest | $ | (7,196 | ) | $ | (16,605 | ) | $ | (364 | ) | ||
Common Stock | 5 | 13 | — | ||||||||
Additional Paid-in-Capital | 7,191 | 16,592 | 364 | ||||||||
Total | $ | — | $ | — | $ | — | |||||
Lease Reclassification from Operating Lease to Sales-Type Lease: | |||||||||||
Lease Receivable | $ | 54,521 | $ | — | $ | — | |||||
Land | (24,803 | ) | — | — | |||||||
Building, Net of Accumulated Depreciation | (17,845 | ) | — | — | |||||||
Deferred Rent Receivable | (2,073 | ) | — | — | |||||||
Other Assets, Net of Accumulated Amortization | (1,194 | ) | — | — | |||||||
Gain on Sale Recognized Due to Lease Reclassification | $ | 8,606 | $ | — | $ | — | |||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 1,466 | $ | 11,878 | $ | 1,269 | |||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 51,107 | $ | 31,545 | $ | 38,597 | |||||
Write-off of Fully Depreciated Assets | $ | (37,892 | ) | $ | (43,654 | ) | $ | (35,560 | ) |
December 31, 2019 | December 31, 2018 | ||||||
(In thousands, except Unit data) | |||||||
ASSETS | |||||||
Assets: | |||||||
Investment in Real Estate: | |||||||
Land | $ | 957,478 | $ | 909,318 | |||
Buildings and Improvements | 2,782,430 | 2,704,850 | |||||
Construction in Progress | 90,301 | 59,476 | |||||
Less: Accumulated Depreciation | (804,780 | ) | (811,784 | ) | |||
Net Investment in Real Estate (including $240,847 and $260,528 related to consolidated variable interest entities, see Note 5) | 3,025,429 | 2,861,860 | |||||
Operating Lease Right-of-Use Asset | 24,877 | — | |||||
Cash and Cash Equivalents | 21,120 | 43,102 | |||||
Restricted Cash | 131,598 | 7,271 | |||||
Tenant Accounts Receivable, Net | 8,529 | 5,185 | |||||
Investment in Joint Venture | 18,208 | 23,326 | |||||
Deferred Rent Receivable, Net | 77,703 | 71,079 | |||||
Deferred Leasing Intangibles, Net | 28,533 | 29,678 | |||||
Prepaid Expenses and Other Assets, Net | 192,852 | 111,298 | |||||
Total Assets | $ | 3,528,849 | $ | 3,152,799 | |||
LIABILITIES AND PARTNERS' CAPITAL | |||||||
Liabilities: | |||||||
Indebtedness: | |||||||
Mortgage Loans Payable, Net (including $11,009 and $20,497 related to consolidated variable interest entities, see Note 5) | $ | 173,685 | $ | 296,470 | |||
Senior Unsecured Notes, Net | 694,015 | 544,504 | |||||
Unsecured Term Loans, Net | 457,865 | 456,809 | |||||
Unsecured Credit Facility | 158,000 | — | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 114,637 | 78,665 | |||||
Operating Lease Liabilities | 22,369 | — | |||||
Deferred Leasing Intangibles, Net | 11,893 | 9,560 | |||||
Rents Received in Advance and Security Deposits | 57,534 | 47,927 | |||||
Distributions Payable | 30,567 | 28,845 | |||||
Total Liabilities | 1,720,565 | 1,462,780 | |||||
Commitments and Contingencies | — | — | |||||
Partners' Capital: | |||||||
First Industrial L.P.'s Partners' Capital: | |||||||
General Partner Units (126,994,478 and 126,307,431 units outstanding) | 1,750,656 | 1,619,342 | |||||
Limited Partners Units (2,422,744 and 2,624,167 units outstanding) | 63,618 | 66,246 | |||||
Accumulated Other Comprehensive (Loss) Income | (7,013 | ) | 3,574 | ||||
Total First Industrial L.P.'s Partners' Capital | 1,807,261 | 1,689,162 | |||||
Noncontrolling Interest | 1,023 | 857 | |||||
Total Partners' Capital | 1,808,284 | 1,690,019 | |||||
Total Liabilities and Partners' Capital | $ | 3,528,849 | $ | 3,152,799 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
(In thousands, except per Unit data) | |||||||||||
Revenues: | |||||||||||
Lease Revenue | $ | 422,236 | $ | 398,822 | $ | 391,884 | |||||
Other Revenue | 3,748 | 5,132 | 4,518 | ||||||||
Total Revenues | 425,984 | 403,954 | 396,402 | ||||||||
Expenses: | |||||||||||
Property Expenses | 116,585 | 116,854 | 113,494 | ||||||||
General and Administrative | 28,569 | 27,749 | 28,079 | ||||||||
Depreciation and Other Amortization | 121,229 | 116,459 | 116,364 | ||||||||
Impairment of Real Estate | — | 2,756 | — | ||||||||
Total Expenses | 266,383 | 263,818 | 257,937 | ||||||||
Other Income (Expense): | |||||||||||
Gain on Sale of Real Estate | 124,942 | 81,600 | 131,269 | ||||||||
Interest Expense | (50,273 | ) | (50,775 | ) | (57,199 | ) | |||||
Amortization of Debt Issuance Costs | (3,218 | ) | (3,404 | ) | (3,162 | ) | |||||
Settlement Gain on Derivative Instruments | — | — | 1,896 | ||||||||
Loss from Retirement of Debt | — | (39 | ) | (1,775 | ) | ||||||
Total Other Income (Expense) | 71,451 | 27,382 | 71,029 | ||||||||
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax (Provision) Benefit | 231,052 | 167,518 | 209,494 | ||||||||
Equity in Income (Loss) of Joint Ventures | 16,235 | (276 | ) | �� | — | ||||||
Income Tax (Provision) Benefit | (3,406 | ) | 92 | (1,193 | ) | ||||||
Net Income | 243,881 | 167,334 | 208,301 | ||||||||
Less: Net Income Attributable to the Noncontrolling Interest | (253 | ) | (88 | ) | (143 | ) | |||||
Net Income Available to Unitholders and Participating Securities | $ | 243,628 | $ | 167,246 | $ | 208,158 | |||||
Basic Earnings Per Unit: | |||||||||||
Net Income Available to Unitholders | $ | 1.89 | $ | 1.31 | $ | 1.70 | |||||
Diluted Earnings Per Unit: | |||||||||||
Net Income Available to Unitholders | $ | 1.88 | $ | 1.31 | $ | 1.69 | |||||
Weighted Average Units Outstanding - Basic | 128,831 | 126,921 | 122,306 | ||||||||
Weighted Average Units Outstanding - Diluted | 129,241 | 127,308 | 122,821 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Net Income | $ | 125,684 | $ | 76,820 | $ | 51,257 | $ | 243,881 | $ | 167,334 | $ | 208,301 | ||||||||||
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 4,849 | (9,155 | ) | (12,279 | ) | |||||||||||||||||
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 12) | — | 12,990 | — | |||||||||||||||||||
Amortization of Interest Rate Protection Agreements | 390 | 524 | 1,358 | |||||||||||||||||||
Foreign Currency Translation Adjustment | — | (26 | ) | (93 | ) | |||||||||||||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | — | ||||||||||||||||||
Mark-to-Market (Loss) Gain on Derivative Instruments | (7,671 | ) | 2,096 | 5,981 | ||||||||||||||||||
Amortization of Derivative Instruments | 233 | 96 | 205 | |||||||||||||||||||
Comprehensive Income | $ | 130,923 | $ | 81,153 | $ | 40,243 | $ | 233,294 | $ | 169,526 | $ | 214,487 | ||||||||||
Comprehensive Income Attributable to Noncontrolling Interest | (137 | ) | (138 | ) | (72 | ) | (253 | ) | (88 | ) | (143 | ) | ||||||||||
Comprehensive Income Attributable to Unitholders | $ | 130,786 | $ | 81,015 | $ | 40,171 | $ | 233,041 | $ | 169,438 | $ | 214,344 |
General Partner Preferred Units | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive Loss | Noncontrolling Interest | Total | General Partner Units | Limited Partner Units | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2013 | $ | 73,587 | $ | 1,027,664 | $ | 82,833 | $ | (3,362 | ) | $ | 1,095 | $ | 1,181,817 | |||||||||||||||||||||||||||||
Redemption of Preferred Units | (73,587 | ) | — | — | — | — | (73,587 | ) | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 1,219,755 | $ | 79,156 | $ | (4,804 | ) | $ | 956 | $ | 1,295,063 | |||||||||||||||||||||||||||||||
Net Income | 201,313 | 6,845 | — | 143 | 208,301 | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | 6,186 | — | 6,186 | |||||||||||||||||||||||||||||||||||||
Contribution of General Partner Units, Net of Issuance Costs | 74,661 | — | — | — | 74,661 | |||||||||||||||||||||||||||||||||||||
Stock Based Compensation Activity | — | 2,948 | — | — | — | 2,948 | 6,210 | — | — | — | 6,210 | |||||||||||||||||||||||||||||||
Unit Distributions ($0.84 Per Unit) | (100,720 | ) | (3,386 | ) | — | — | (104,106 | ) | ||||||||||||||||||||||||||||||||||
Conversion of Limited Partner Units to General Partner Units | — | 2,155 | (2,155 | ) | — | — | — | 364 | (364 | ) | — | — | — | |||||||||||||||||||||||||||||
Unit Distributions | — | (45,447 | ) | (1,816 | ) | — | — | (47,263 | ) | |||||||||||||||||||||||||||||||||
Preferred Unit Distributions | (2,481 | ) | — | — | — | — | (2,481 | ) | ||||||||||||||||||||||||||||||||||
Contributions from Noncontrolling Interest | — | — | — | — | 335 | 335 | — | — | — | 40 | 40 | |||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | — | (422 | ) | (422 | ) | — | — | — | (360 | ) | (360 | ) | |||||||||||||||||||||||||||
Balance as of December 31, 2017 | $ | 1,401,583 | $ | 82,251 | $ | 1,382 | $ | 779 | $ | 1,485,995 | ||||||||||||||||||||||||||||||||
Net Income | 163,151 | 4,095 | — | 88 | 167,334 | |||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | 2,192 | — | 2,192 | |||||||||||||||||||||||||||||||||||||
Contribution of General Partner Units, Net of Issuance Costs | 145,408 | — | — | — | 145,408 | |||||||||||||||||||||||||||||||||||||
Stock Based Compensation Activity | 1,512 | — | — | — | 1,512 | |||||||||||||||||||||||||||||||||||||
Unit Distributions ($0.87 Per Unit) | (108,917 | ) | (2,561 | ) | — | — | (111,478 | ) | ||||||||||||||||||||||||||||||||||
Conversion of Limited Partner Units to General Partner Units | 16,605 | (16,605 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||
Retirement of Limited Partner Units | — | (934 | ) | — | — | (934 | ) | |||||||||||||||||||||||||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 126 | 126 | |||||||||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (136 | ) | (136 | ) | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | $ | 1,619,342 | $ | 66,246 | $ | 3,574 | $ | 857 | $ | 1,690,019 | ||||||||||||||||||||||||||||||||
Net Income | 2,481 | 46,809 | 1,895 | — | 72 | 51,257 | 238,522 | 5,106 | — | 253 | 243,881 | |||||||||||||||||||||||||||||||
Other Comprehensive Loss | — | — | — | (11,014 | ) | — | (11,014 | ) | — | — | (10,587 | ) | — | (10,587 | ) | |||||||||||||||||||||||||||
Balance as of December 31, 2014 | $ | — | $ | 1,034,129 | $ | 80,757 | $ | (14,376 | ) | $ | 1,080 | $ | 1,101,590 | |||||||||||||||||||||||||||||
Stock Based Compensation Activity | — | 2,243 | — | — | — | 2,243 | 2,703 | 1,877 | — | — | 4,580 | |||||||||||||||||||||||||||||||
Unit Distributions ($0.92 Per Unit) | (117,107 | ) | (2,415 | ) | — | — | (119,522 | ) | ||||||||||||||||||||||||||||||||||
Conversion of Limited Partner Units to General Partner Units | — | 673 | (673 | ) | — | — | — | 7,196 | (7,196 | ) | — | — | — | |||||||||||||||||||||||||||||
Unit Distributions | — | (56,796 | ) | (2,218 | ) | — | — | (59,014 | ) | |||||||||||||||||||||||||||||||||
Contributions from Noncontrolling Interest | — | — | — | — | 67 | 67 | — | — | — | 32 | 32 | |||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | — | (189 | ) | (189 | ) | — | — | — | (119 | ) | (119 | ) | |||||||||||||||||||||||||||
Net Income | — | 73,779 | 2,903 | — | 138 | 76,820 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 4,333 | — | 4,333 | ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 | $ | — | $ | 1,054,028 | $ | 80,769 | $ | (10,043 | ) | $ | 1,096 | $ | 1,125,850 | |||||||||||||||||||||||||||||
Contribution of General Partner Units, Net of Issuance Costs | — | 124,584 | — | — | — | 124,584 | ||||||||||||||||||||||||||||||||||||
Stock Based Compensation Activity | — | 5,301 | — | — | — | 5,301 | ||||||||||||||||||||||||||||||||||||
Conversion of Limited Partner Units to General Partner Units | — | 2,862 | (2,862 | ) | — | — | — | |||||||||||||||||||||||||||||||||||
Unit Distributions | — | (88,115 | ) | (3,203 | ) | — | — | (91,318 | ) | |||||||||||||||||||||||||||||||||
Contributions from Noncontrolling Interest | — | — | — | 123 | 123 | |||||||||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interest | — | — | — | (400 | ) | (400 | ) | |||||||||||||||||||||||||||||||||||
Net Income | — | 121,095 | 4,452 | — | 137 | 125,684 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | — | — | — | 5,239 | — | 5,239 | ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | — | $ | 1,219,755 | $ | 79,156 | $ | (4,804 | ) | $ | 956 | $ | 1,295,063 | |||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | 1,750,656 | $ | 63,618 | $ | (7,013 | ) | $ | 1,023 | $ | 1,808,284 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 125,684 | $ | 76,820 | $ | 51,257 | |||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation | 95,514 | 92,955 | 93,457 | ||||||||
Amortization of Deferred Financing Costs | 3,219 | 3,159 | 3,098 | ||||||||
Other Amortization, including Stock Based Compensation | 28,403 | 28,359 | 30,218 | ||||||||
Impairment of Real Estate | — | 626 | — | ||||||||
Provision for Bad Debt | 563 | 954 | 1,425 | ||||||||
Equity in Income of Joint Ventures | — | (55 | ) | (3,499 | ) | ||||||
Distributions from Joint Ventures | — | — | 1,881 | ||||||||
Gain on Sale of Real Estate | (68,202 | ) | (48,906 | ) | (25,905 | ) | |||||
Loss from Retirement of Debt | — | — | 655 | ||||||||
Mark-to-Market Loss on Interest Rate Protection Agreements | — | 11,546 | — | ||||||||
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | 1,242 | (2,673 | ) | (2,039 | ) | ||||||
Increase in Deferred Rent Receivable, Net | (6,602 | ) | (6,181 | ) | (2,715 | ) | |||||
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (5,655 | ) | 5,682 | 399 | |||||||
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | (554 | ) | — | (10,650 | ) | ||||||
Cash Book Overdraft | — | — | 336 | ||||||||
Net Cash Provided by Operating Activities | 173,612 | 162,286 | 137,918 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisitions of Real Estate | (107,484 | ) | (168,122 | ) | (96,045 | ) | |||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (179,994 | ) | (150,079 | ) | (123,037 | ) | |||||
Net Proceeds from Sales of Investments in Real Estate | 163,435 | 154,024 | 98,472 | ||||||||
Contributions to and Investments in Joint Ventures | — | (200 | ) | (31 | ) | ||||||
Distributions from Joint Ventures | — | 126 | 2,475 | ||||||||
Settlement of Interest Rate Protection Agreements | — | (11,546 | ) | — | |||||||
Repayments of Notes Receivable | 43 | 2,760 | 49,761 | ||||||||
Decrease (Increase) in Escrows | 13,008 | (24,037 | ) | (1,319 | ) | ||||||
Net Cash Used in Investing Activities | (110,992 | ) | (197,074 | ) | (69,724 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Financing and Equity Issuance and Preferred Unit Redemption Costs | (375 | ) | (5,158 | ) | (2,419 | ) | |||||
Contribution of General Partner Units | 124,936 | — | — | ||||||||
Repurchase and Retirement of Restricted Units | (5,242 | ) | (2,101 | ) | (4,667 | ) | |||||
Unit Distributions Paid | (82,696 | ) | (55,811 | ) | (45,151 | ) | |||||
Preferred Unit Distributions Paid | — | — | (1,471 | ) | |||||||
Redemption of Preferred Units | — | — | (75,000 | ) | |||||||
Contributions from Noncontrolling Interests | 123 | 67 | 335 | ||||||||
Distributions to Noncontrolling Interests | (400 | ) | (189 | ) | (422 | ) | |||||
Repayments on Mortgage Loans Payable | (70,969 | ) | (35,004 | ) | (77,880 | ) | |||||
Repayments of Senior Unsecured Notes | (159,125 | ) | — | (71,578 | ) | ||||||
Proceeds from Unsecured Term Loans | — | 260,000 | 200,000 |
Proceeds from Unsecured Credit Facility | 442,000 | 321,500 | 356,000 | ||||||||
Repayments on Unsecured Credit Facility | (305,000 | ) | (454,000 | ) | (344,000 | ) | |||||
Net Cash (Used in) Provided by Financing Activities | (56,748 | ) | 29,304 | (66,253 | ) | ||||||
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | (14 | ) | (18 | ) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 5,872 | (5,484 | ) | 1,941 | |||||||
Cash and Cash Equivalents, Beginning of Year | 3,987 | 9,485 | 7,562 | ||||||||
Cash and Cash Equivalents, End of Year | $ | 9,859 | $ | 3,987 | $ | 9,485 | |||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | |||||||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 63,600 | $ | 66,452 | $ | 70,194 | |||||
Interest Expense Capitalized in Connection with Development Activity | $ | 3,523 | $ | 2,453 | $ | 1,411 | |||||
Income Taxes Paid (Refunded) | $ | 1,358 | $ | 23 | $ | (105 | ) | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
General and Limited Partner Unit Distributions Payable | $ | 23,434 | $ | 14,812 | $ | 11,949 | |||||
Exchange of Limited Partner Units for General Partner Units: | |||||||||||
Limited Partner Units | $ | (2,862 | ) | $ | (673 | ) | $ | (2,155 | ) | ||
General Partner Units | 2,862 | 673 | 2,155 | ||||||||
Total | $ | — | $ | — | $ | — | |||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 5,405 | $ | 2,090 | $ | 364 | |||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 32,712 | $ | 25,747 | $ | 14,901 | |||||
Write-off of Fully Depreciated Assets | $ | (44,080 | ) | $ | (45,457 | ) | $ | (44,769 | ) |
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
(In thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 243,881 | $ | 167,334 | $ | 208,301 | |||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation | 98,333 | 94,626 | 94,078 | ||||||||
Amortization of Debt Issuance Costs | 3,218 | 3,404 | 3,162 | ||||||||
Other Amortization, including Stock Based Compensation | 28,780 | 26,976 | 29,252 | ||||||||
Impairment of Real Estate | — | 2,756 | — | ||||||||
Provision for Bad Debt | — | 350 | 177 | ||||||||
Equity in (Income) Loss of Joint Venture | (16,235 | ) | 276 | — | |||||||
Distributions from Joint Venture | 15,959 | — | — | ||||||||
Gain on Sale of Real Estate | (124,942 | ) | (81,600 | ) | (131,269 | ) | |||||
Loss from Retirement of Debt | — | 39 | 1,775 | ||||||||
Gain on Casualty and Involuntary Conversion | — | (392 | ) | (1,321 | ) | ||||||
Payments to Settle Derivative Instruments | (3,149 | ) | — | — | |||||||
Straight-line Rental Income and Expense, Net | (10,884 | ) | (2,165 | ) | (5,299 | ) | |||||
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets | (11,436 | ) | (4,189 | ) | (5,510 | ) | |||||
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 22,095 | 3,090 | (465 | ) | |||||||
Net Cash Provided by Operating Activities | 245,620 | 210,505 | 192,881 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisitions of Real Estate | (152,744 | ) | (157,787 | ) | (175,303 | ) | |||||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (294,633 | ) | (224,466 | ) | (146,003 | ) | |||||
Net Proceeds from Sales of Investments in Real Estate | 254,416 | 184,783 | 228,102 | ||||||||
(Increase) Decrease in Escrows | (23,113 | ) | (1,326 | ) | 565 | ||||||
Proceeds from Casualty and Involuntary Conversion | — | 906 | 10,094 | ||||||||
Contributions to and Investments in Joint Venture | (210 | ) | (25,190 | ) | — | ||||||
Distributions from Joint Venture | 8,711 | 1,829 | — | ||||||||
Other Investing Activity | 2,187 | (2,147 | ) | 51 | |||||||
Net Cash Used in Investing Activities | (205,386 | ) | (223,398 | ) | (82,494 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Financing and Equity Issuance Costs | (954 | ) | (2,975 | ) | (6,864 | ) | |||||
Contribution of General Partner Units | — | 145,584 | 74,880 | ||||||||
Tax Paid on Shares of the Company Withheld | (4,384 | ) | (6,020 | ) | (2,401 | ) | |||||
Unit Distributions Paid | (117,214 | ) | (109,649 | ) | (100,524 | ) | |||||
Contributions from Noncontrolling Interests | 32 | 126 | 40 | ||||||||
Distributions to Noncontrolling Interests | (119 | ) | (136 | ) | (360 | ) | |||||
Repayments on Mortgage Loans Payable | (123,250 | ) | (165,646 | ) | (46,832 | ) | |||||
Prepayments of Penalties Associated with Retirement of Debt | — | — | (1,453 | ) | |||||||
Proceeds from Senior Unsecured Notes | 150,000 | 300,000 | 200,000 | ||||||||
Repayments of Senior Unsecured Notes | — | — | (156,852 | ) | |||||||
Proceeds from Unsecured Credit Facility | 415,000 | 237,000 | 429,000 | ||||||||
Repayments on Unsecured Credit Facility | (257,000 | ) | (381,500 | ) | (474,000 | ) | |||||
Net Cash Provided by (Used in) Financing Activities | 62,111 | 16,784 | (85,366 | ) | |||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash | 102,345 | 3,891 | 25,021 | ||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 50,373 | 46,482 | 21,461 | ||||||||
Cash, Cash Equivalents and Restricted Cash, End of Year | $ | 152,718 | $ | 50,373 | $ | 46,482 | |||||
FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) | |||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
(In thousands) | |||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | |||||||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity | $ | 47,801 | $ | 47,408 | $ | 56,844 | |||||
Interest Expense Capitalized in Connection with Development Activity | $ | 5,757 | $ | 5,869 | $ | 4,353 | |||||
Income Taxes Paid | $ | 3,583 | $ | 457 | $ | 769 | |||||
Cash Paid for Operating Lease Liabilities | $ | 2,084 | $ | — | $ | — | |||||
Supplemental Schedule of Non-Cash Operating Activities: | |||||||||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets | $ | 22,871 | $ | — | $ | — | |||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | |||||||||||
General and Limited Partner Unit Distributions Payable | $ | 30,567 | $ | 28,845 | $ | 27,016 | |||||
Exchange of Limited Partner Units for General Partner Units: | |||||||||||
Limited Partner Units | $ | (7,196 | ) | $ | (16,605 | ) | $ | (364 | ) | ||
General Partner Units | 7,196 | 16,605 | 364 | ||||||||
Total | $ | — | $ | — | $ | — | |||||
Lease Reclassification from Operating Lease to Sales-Type Lease: | |||||||||||
Lease Receivable | $ | 54,521 | $ | — | $ | — | |||||
Land | (24,803 | ) | — | — | |||||||
Building, Net of Accumulated Depreciation | (17,845 | ) | — | — | |||||||
Deferred Rent Receivable | (2,073 | ) | — | — | |||||||
Other Assets, Net of Accumulated Amortization | (1,194 | ) | — | — | |||||||
Gain on Sale Recognized Due to Lease Reclassification | $ | 8,606 | $ | — | $ | — | |||||
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate | $ | 1,466 | $ | 11,878 | $ | 1,269 | |||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 51,107 | $ | 31,545 | $ | 38,597 | |||||
Write-off of Fully Depreciated Assets | $ | (37,892 | ) | $ | (43,654 | ) | $ | (35,560 | ) |
Years | |
Buildings and Improvements | 7 to 50 |
Land Improvements | |
Furniture, Fixtures and Equipment | 3 to 10 |
Tenant Improvements | Lease Term |
December 31, 2019 | December 31, 2018 | ||||||
In-Place Leases | $ | 20,188 | $ | 19,971 | |||
Above Market Leases | 2,197 | 2,569 | |||||
Below Market Ground Lease Obligation | 1,597 | 1,643 | |||||
Tenant Relationships | 4,551 | 5,495 | |||||
Total Included in Total Assets, Net of $29,541 and $26,337 of Accumulated Amortization | $ | 28,533 | $ | 29,678 | |||
Below Market Leases | $ | 11,893 | $ | 9,560 | |||
Total Included in Total Liabilities, Net of $13,045 and $11,356 of Accumulated Amortization | $ | 11,893 | $ | 9,560 |
December 31, 2016 | December 31, 2015 | ||||||
In-Place Leases | $ | 17,529 | $ | 19,438 | |||
Above Market Leases | 2,373 | 2,520 | |||||
Below Market Ground Lease Obligation | 1,733 | 1,778 | |||||
Tenant Relationships | 7,864 | 9,590 | |||||
Total Included in Total Assets, Net of $27,336 and $26,432 of Accumulated Amortization | $ | 29,499 | $ | 33,326 | |||
Below Market Leases | $ | 10,400 | $ | 11,841 | |||
Total Included in Total Liabilities, Net of $10,193 and $8,911 of Accumulated Amortization | $ | 10,400 | $ | 11,841 |
Estimated Amortization of In-Place Leases and Tenant Relationships | Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases | ||||||
2020 | $ | 6,166 | $ | 1,716 | |||
2021 | $ | 4,052 | $ | 1,262 | |||
2022 | $ | 3,631 | $ | 1,225 | |||
2023 | $ | 3,197 | $ | 973 | |||
2024 | $ | 2,425 | $ | 993 |
Estimated Amortization of In-Place Leases and Tenant Relationships | Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases | ||||||
2017 | $ | 5,860 | $ | 961 | |||
2018 | $ | 4,119 | $ | 817 | |||
2019 | $ | 3,251 | $ | 828 | |||
2020 | $ | 2,700 | $ | 754 | |||
2021 | $ | 2,069 | $ | 740 |
• | The new standard also requires lessors to exclude from variable payments recorded in lease revenues certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. For periods prior to January 1, 2019, we recorded these payments in the line item Property Expenses with an offset in the line item Lease Revenue. For the years ended December 31, 2018 and 2017, $7,517 and $7,734, respectively, of these payments are included in the aforementioned line items. |
• | The new standard requires our expected credit loss related to the collectibility of lease receivables to be reflected as an adjustment to the line item Lease Revenue. For the year ended December 31, 2018 and 2017, the credit loss related to the collectibility of lease receivables was recognized in the line item Property Expenses and was not significant. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | 2019 | 2018 | 2017 | |||||||||||||||||
Number of Industrial Properties Acquired | 6 | 8 | 8 | 9 | 10 | 8 | ||||||||||||||||
GLA (in millions) | 0.7 | 1.9 | 1.1 | 0.5 | 1.0 | 1.1 | ||||||||||||||||
Purchase Price (A) | $ | 111,130 | $ | 169,218 | $ | 95,692 | $ | 147,887 | $ | 167,546 | $ | 174,209 |
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Land | $ | 101,764 | $ | 79,347 | |||
Building and Improvements | 43,693 | 81,747 | |||||
Other Assets | 859 | 1,225 | |||||
In-Place Leases | 5,601 | 5,302 | |||||
Above Market Leases | 34 | 662 | |||||
Below Market Leases | (4,064 | ) | (737 | ) | |||
Total Purchase Price | $ | 147,887 | $ | 167,546 | |||
Assumed Mortgage Loan (See Note 4) | — | (11,654 | ) | ||||
Total Net Assets Acquired | $ | 147,887 | $ | 155,892 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | ||||||||||
Purchase Price | Weighted Average Life (in Months) | Purchase Price | Weighted Average Life (in Months) | ||||||||
Land | $ | 70,380 | N/A | $ | 52,954 | N/A | |||||
Building and Improvements | 37,031 | (A) | 107,106 | (A) | |||||||
Other Assets | 781 | (B) | 2,562 | (B) | |||||||
In-Place Leases | 3,253 | 75 | 7,124 | 84 | |||||||
Above Market Leases | 214 | 33 | — | N/A | |||||||
Below Market Leases | — | N/A | (528 | ) | 62 | ||||||
Assumed Mortgage Loan Premium (See Note 4) | (529 | ) | 44 | — | N/A | ||||||
Total Purchase Price | $ | 111,130 | $ | 169,218 | |||||||
Assumed Mortgage Loan (See Note 4) | (4,513 | ) | |||||||||
Total Net Assets Acquired | $ | 106,617 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | 2019 | 2018 | 2017 | |||||||||||||||||
Number of Industrial Properties Sold | 63 | 66 | 29 | 40 | 53 | 60 | ||||||||||||||||
GLA (in millions) | 3.9 | 3.8 | 2.0 | 5.9 | 2.6 | 4.6 | ||||||||||||||||
Gross Proceeds from the Sale of Real Estate | $ | 169,911 | $ | 158,429 | $ | 102,596 | $ | 315,768 | $ | 192,047 | $ | 236,059 | ||||||||||
Gain on Sale of Real Estate | $ | 68,202 | $ | 48,906 | $ | 25,905 | $ | 124,942 | $ | 81,600 | $ | 131,269 |
Year Ended December 31, 2014 | |||
Total Revenues | $ | 7,007 | |
Property Expenses | (2,784 | ) | |
Depreciation and Amortization | (2,388 | ) | |
Gain on Sale of Real Estate | 25,988 | ||
Income from Discontinued Operations | $ | 27,823 |
Outstanding Balance at | Interest Rate at December 31, 2019 | Effective Interest Rate at Issuance | Maturity Date | ||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||
Mortgage Loans Payable, Gross | $ | 174,360 | $ | 297,610 | 4.03% – 6.50% | 4.03% – 6.50% | July 2020 – August 2028 | ||||||
Unamortized Debt Issuance Costs | (675 | ) | (1,246 | ) | |||||||||
Unamortized Premiums | — | 106 | |||||||||||
Mortgage Loans Payable, Net | $ | 173,685 | $ | 296,470 | |||||||||
Senior Unsecured Notes, Gross | |||||||||||||
2027 Notes | 6,070 | 6,070 | 7.15% | 7.11% | 5/15/2027 | ||||||||
2028 Notes | 31,901 | 31,901 | 7.60% | 8.13% | 7/15/2028 | ||||||||
2032 Notes | 10,600 | 10,600 | 7.75% | 7.87% | 4/15/2032 | ||||||||
2027 Private Placement Notes | 125,000 | 125,000 | 4.30% | 4.30% | 4/20/2027 | ||||||||
2028 Private Placement Notes | 150,000 | 150,000 | 3.86% | 3.86% | 2/15/2028 | ||||||||
2029 Private Placement Notes | 75,000 | 75,000 | 4.40% | 4.40% | 4/20/2029 | ||||||||
2029 II Private Placement Notes | 150,000 | — | 3.97% | 4.23% | 7/23/2029 | ||||||||
2030 Private Placement Notes | 150,000 | 150,000 | 3.96% | 3.96% | 2/15/2030 | ||||||||
Subtotal | $ | 698,571 | $ | 548,571 | |||||||||
Unamortized Debt Issuance Costs | (4,485 | ) | (3,990 | ) | |||||||||
Unamortized Discounts | (71 | ) | (77 | ) | |||||||||
Senior Unsecured Notes, Net | $ | 694,015 | $ | 544,504 | |||||||||
Unsecured Term Loans, Gross | |||||||||||||
2014 Unsecured Term Loan (A) | $ | 200,000 | $ | 200,000 | 3.39% | N/A | 1/29/2021 | ||||||
2015 Unsecured Term Loan (A) | 260,000 | 260,000 | 2.89% | N/A | 9/12/2022 | ||||||||
Subtotal | $ | 460,000 | $ | 460,000 | |||||||||
Unamortized Debt Issuance Costs | (2,135 | ) | (3,191 | ) | |||||||||
Unsecured Term Loans, Net | $ | 457,865 | $ | 456,809 | |||||||||
Unsecured Credit Facility (B) | $ | 158,000 | $ | — | 2.90% | N/A | 10/29/2021 |
Outstanding Balance at | Interest Rate at December 31, 2016 | Effective Interest Rate at Issuance | Maturity Date | ||||||||||
December 31, 2016 | December 31, 2015 | ||||||||||||
Mortgage Loans Payable, Gross | $ | 498,435 | $ | 564,891 | 4.03% – 8.26% | 3.82% – 8.26% | June 2018 – September 2022 | ||||||
Unamortized Deferred Financing Costs | (2,905 | ) | (3,714 | ) | |||||||||
Unamortized Premiums | 426 | 64 | |||||||||||
Mortgage Loans Payable, Net | $ | 495,956 | $ | 561,241 | |||||||||
Senior Unsecured Notes, Gross | |||||||||||||
2016 Notes | $ | — | $ | 159,679 | N/A | N/A | 1/15/2016 | ||||||
2017 Notes | 54,981 | 54,981 | 7.50% | 7.52% | 12/1/2017 | ||||||||
2027 Notes | 6,070 | 6,070 | 7.15% | 7.11% | 5/15/2027 | ||||||||
2028 Notes | 31,901 | 31,901 | 7.60% | 8.13% | 7/15/2028 | ||||||||
2032 Notes | 10,600 | 10,600 | 7.75% | 7.87% | 4/15/2032 | ||||||||
2017 II Notes | 101,871 | 101,871 | 5.95% | 6.37% | 5/15/2017 | ||||||||
Subtotal | $ | 205,423 | $ | 365,102 | |||||||||
Unamortized Deferred Financing Costs | (320 | ) | (499 | ) | |||||||||
Unamortized Discounts | (105 | ) | (146 | ) | |||||||||
Senior Unsecured Notes, Net | $ | 204,998 | $ | 364,457 | |||||||||
Unsecured Term Loans, Gross | |||||||||||||
2014 Unsecured Term Loan (A) | $ | 200,000 | $ | 200,000 | 3.99% | N/A | 1/29/2021 | ||||||
2015 Unsecured Term Loan (A) | 260,000 | 260,000 | 3.39% | N/A | 9/12/2022 | ||||||||
Subtotal | $ | 460,000 | $ | 460,000 | |||||||||
Unamortized Deferred Financing Costs | (3,362 | ) | (4,030 | ) | |||||||||
Unsecured Term Loans, Net | $ | 456,638 | $ | 455,970 | |||||||||
Unsecured Credit Facility (B) | $ | 189,500 | $ | 52,500 | 1.77% | N/A | 3/11/2019 |
Amount | |||
2020 | $ | 19,813 | |
2021 | 425,294 | ||
2022 | 336,954 | ||
2023 | 321 | ||
2024 | 335 | ||
Thereafter | 708,214 | ||
Total | $ | 1,490,931 |
Amount | |||
2017 | $ | 168,914 | |
2018 | 166,893 | ||
2019 | 270,061 | ||
2020 | 90,857 | ||
2021 | 266,818 | ||
Thereafter | 389,815 | ||
Total | $ | 1,353,358 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Carrying Amount (A) | Fair Value | Carrying Amount (A) | Fair Value | ||||||||||||
Mortgage Loans Payable, Net | $ | 174,360 | $ | 179,287 | $ | 297,716 | $ | 304,508 | |||||||
Senior Unsecured Notes, Net | 698,500 | 756,351 | 548,494 | 546,607 | |||||||||||
Unsecured Term Loans | 460,000 | 460,902 | 460,000 | 461,317 | |||||||||||
Unsecured Credit Facility | 158,000 | 158,141 | — | — | |||||||||||
Total | $ | 1,490,860 | $ | 1,554,681 | $ | 1,306,210 | $ | 1,312,432 |
December 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Amount (A) | Fair Value | Carrying Amount (A) | Fair Value | ||||||||||||
Mortgage Loans Payable, Net | $ | 498,861 | $ | 513,540 | $ | 564,955 | $ | 595,964 | |||||||
Senior Unsecured Notes, Net | 205,318 | 222,469 | 364,956 | 386,253 | |||||||||||
Unsecured Term Loans | 460,000 | 458,602 | 460,000 | 460,970 | |||||||||||
Unsecured Credit Facility | 189,500 | 189,500 | 52,500 | 52,500 | |||||||||||
Total | $ | 1,353,679 | $ | 1,384,111 | $ | 1,442,411 | $ | 1,495,687 |
December 31, 2019 | December 31, 2018 | ||||||
ASSETS | |||||||
Assets: | |||||||
Net Investment in Real Estate | $ | 240,847 | $ | 260,528 | |||
Other Assets, Net | 69,982 | 25,059 | |||||
Total Assets | $ | 310,829 | $ | 285,587 | |||
LIABILITIES AND PARTNERS' CAPITAL | |||||||
Liabilities: | |||||||
Mortgage Loans Payable, Net | $ | 11,009 | $ | 20,497 | |||
Other Liabilities, Net | 21,088 | 9,045 | |||||
Partners' Capital | 278,732 | 256,045 | |||||
Total Liabilities and Partners' Capital | $ | 310,829 | $ | 285,587 |
December 31, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
Assets: | |||||||
Net Investment in Real Estate | $ | 278,398 | $ | 306,866 | |||
Other Assets, Net | 24,719 | 20,104 | |||||
Total Assets | $ | 303,117 | $ | 326,970 | |||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||
Liabilities: | |||||||
Mortgage Loans Payable, Net | $ | 70,366 | $ | 77,071 | |||
Other Liabilities, Net | 25,392 | 43,103 | |||||
Partners’ Capital | 207,359 | 206,796 | |||||
Total Liabilities and Partners’ Capital | $ | 303,117 | $ | 326,970 |
Shares of Common Stock Outstanding | General Partner and Limited Partner Units Outstanding | ||||
Balance at December 31, 2016 | 117,107,746 | 121,147,121 | |||
Issuance of Common Stock/Contribution of General Partner Units (A) | 2,560,000 | 2,560,000 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 275,793 | 275,793 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (91,513 | ) | (91,513 | ) | |
Conversion of Limited Partner Units (B) | 31,154 | — | |||
Balance at December 31, 2017 | 119,883,180 | 123,891,401 | |||
Issuance of Common Stock/Contribution of General Partner Units (A) | 4,800,000 | 4,800,000 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 227,059 | 227,059 | |||
Vesting of Performance units (as defined in Note 11) | 150,772 | 150,772 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (104,301 | ) | (104,301 | ) | |
Conversion of Limited Partner Units (B) | 1,350,721 | — | |||
Retirement of Limited Partner Units (C) | — | (33,333 | ) | ||
Balance at December 31, 2018 | 126,307,431 | 128,931,598 | |||
Issuance of Service Awards and Performance Awards (as defined in Note 11) | 109,353 | 406,569 | |||
Vesting of Performance units (as defined Note 11) | 169,033 | 169,033 | |||
Repurchase and Retirement of Service Awards and Performance Awards (as defined in Note 11) | (76,855 | ) | (89,978 | ) | |
Conversion of Limited Partner Units (B) | 485,516 | — | |||
Balance at December 31, 2019 | 126,994,478 | 129,417,222 |
Shares of Common Stock Outstanding | General Partner and Limited Partner Units Outstanding | ||||
Balance at December 31, 2013 | 109,980,850 | 114,578,163 | |||
Vesting of LTIP Unit Awards (As Defined in Note 11) | 219,695 | 219,695 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 319,055 | 319,055 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (141,410 | ) | (141,410 | ) | |
Conversion of Limited Partner Units | 222,676 | — | |||
Balance at December 31, 2014 | 110,600,866 | 114,975,503 | |||
Vesting of LTIP Unit Awards (As Defined in Note 11) | 224,990 | 224,990 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 234,360 | 234,360 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (101,921 | ) | (101,921 | ) | |
Conversion of Limited Partner Units | 68,930 | — | |||
Balance at December 31, 2015 | 111,027,225 | 115,332,932 | |||
Issuance of Common Stock/Contribution of General Partner Units | 5,600,000 | 5,600,000 | |||
Issuance of Restricted Stock/Restricted Unit Awards | 322,833 | 322,833 | |||
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (108,644 | ) | (108,644 | ) | |
Conversion of Limited Partner Units | 266,332 | — | |||
Balance at December 31, 2016 | 117,107,746 | 121,147,121 |
2019 Total Dividend/ Distribution | 2018 Total Dividend/ Distribution | 2017 Total Dividend/ Distribution | |||||||||
Common Stock/Operating Partnership Units | $ | 119,522 | $ | 111,478 | $ | 104,106 |
2016 Total Dividend/ Distribution | 2015 Total Dividend/ Distribution | 2014 Total Dividend/ Distribution | |||||||||
Common Stock/Operating Partnership Units | $ | 91,318 | $ | 59,014 | $ | 47,263 | |||||
Series F Preferred Stock/Units (A) (B) | N/A | N/A | $ | 566 | |||||||
Series G Preferred Stock/Units (A) | N/A | N/A | $ | 453 |
Derivative Instruments | Total for Operating Partnership | Comprehensive (Loss) Income Attributable to Noncontrolling Interest | Total for Company | ||||||||||||
Balance as of December 31, 2017 | $ | 1,382 | $ | 1,382 | $ | (44 | ) | $ | 1,338 | ||||||
Other Comprehensive Income Before Reclassifications | 1,987 | 1,987 | (28 | ) | 1,959 | ||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income | 205 | 205 | — | 205 | |||||||||||
Net Current Period Other Comprehensive Income | 2,192 | 2,192 | (28 | ) | 2,164 | ||||||||||
Balance as of December 31, 2018 | $ | 3,574 | $ | 3,574 | $ | (72 | ) | $ | 3,502 | ||||||
Other Comprehensive Loss Before Reclassifications | (9,603 | ) | (9,603 | ) | 202 | (9,401 | ) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (984 | ) | (984 | ) | — | (984 | ) | ||||||||
Net Current Period Other Comprehensive Loss | (10,587 | ) | (10,587 | ) | 202 | (10,385 | ) | ||||||||
Balance as of December 31, 2019 | $ | (7,013 | ) | $ | (7,013 | ) | $ | 130 | $ | (6,883 | ) |
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Comprehensive Loss Attributable to Noncontrolling Interest | Total | ||||||||||||
Balance as of December 31, 2014 | $ | (14,402 | ) | $ | (15 | ) | $ | 550 | $ | (13,867 | ) | ||||
Other Comprehensive (Loss) Income Before Reclassifications | (14,684 | ) | 15 | (174 | ) | (14,843 | ) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 19,043 | — | — | 19,043 | |||||||||||
Net Current Period Other Comprehensive Income | 4,359 | 15 | (174 | ) | 4,200 | ||||||||||
Balance as of December 31, 2015 | $ | (10,043 | ) | $ | — | $ | 376 | $ | (9,667 | ) | |||||
Other Comprehensive Loss Before Reclassifications | (2,274 | ) | — | (215 | ) | (2,489 | ) | ||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 7,513 | — | — | 7,513 | |||||||||||
Net Current Period Other Comprehensive Income | 5,239 | — | (215 | ) | 5,024 | ||||||||||
Balance as of December 31, 2016 | $ | (4,804 | ) | $ | — | $ | 161 | $ | (4,643 | ) |
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Total | |||||||||
Balance as of December 31, 2014 | $ | (14,402 | ) | $ | 26 | $ | (14,376 | ) | |||
Other Comprehensive Loss Before Reclassifications | (14,684 | ) | (26 | ) | (14,710 | ) | |||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 19,043 | — | 19,043 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 4,359 | (26 | ) | 4,333 | |||||||
Balance as of December 31, 2015 | $ | (10,043 | ) | $ | — | $ | (10,043 | ) | |||
Other Comprehensive Loss Before Reclassifications | (2,274 | ) | — | (2,274 | ) | ||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 7,513 | — | 7,513 | ||||||||
Net Current Period Other Comprehensive Income | 5,239 | — | 5,239 | ||||||||
Balance as of December 31, 2016 | $ | (4,804 | ) | $ | — | $ | (4,804 | ) |
Amount Reclassified from Accumulated Other Comprehensive (Income) Loss | ||||||||||||||
Accumulated Other Comprehensive (Income) Loss Components | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | Affected Line Items in the Consolidated Statements of Operations | ||||||||||
Derivative Instruments: | ||||||||||||||
Amortization of Previously Settled Derivative Instruments | 233 | 96 | 205 | Interest Expense | ||||||||||
Net Settlement (Receipts) Payments to our Counterparties | (1,217 | ) | 109 | 4,336 | Interest Expense | |||||||||
$ | (984 | ) | $ | 205 | $ | 4,541 | Total |
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | Affected Line Items in the Consolidated Statements of Operations | ||||||||||
Interest Rate Protection Agreements: | ||||||||||||||
Reclassification of Fair Value of Interest Rate Protection Agreement | $ | — | $ | 12,990 | $ | — | Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | |||||||
Amortization of Interest Rate Protection Agreements (Previously Settled) | 390 | 524 | 1,358 | Interest Expense | ||||||||||
Settlement Payments to our Counterparties | 7,123 | 5,529 | 3,991 | Interest Expense | ||||||||||
$ | 7,513 | $ | 19,043 | 5,349 | Total |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
Numerator: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 238,775 | $ | 163,239 | $ | 201,456 | |||||
Net Income Allocable to Participating Securities | (518 | ) | (513 | ) | (646 | ) | |||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 238,257 | $ | 162,726 | $ | 200,810 | |||||
Denominator (In Thousands): | |||||||||||
Weighted Average Shares - Basic | 126,392 | 123,804 | 118,272 | ||||||||
Effect of Dilutive Securities: | |||||||||||
Performance units (See Note 11) | 299 | 387 | 515 | ||||||||
Weighted Average Shares - Diluted | 126,691 | 124,191 | 118,787 | ||||||||
Basic EPS: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.89 | $ | 1.31 | $ | 1.70 | |||||
Diluted EPS: | |||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 1.88 | $ | 1.31 | $ | 1.69 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
Numerator: | |||||||||||
Income from Continuing Operations | $ | 125,684 | $ | 76,705 | $ | 23,182 | |||||
Noncontrolling Interest Allocable to Continuing Operations | (4,452 | ) | (2,903 | ) | (813 | ) | |||||
Income from Continuing Operations Allocable to Participating Securities | (411 | ) | (248 | ) | (75 | ) | |||||
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc. | 120,821 | 73,554 | 22,294 | ||||||||
Preferred Dividends | — | — | (1,019 | ) | |||||||
Redemption of Preferred Stock | — | — | (1,462 | ) | |||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 120,821 | $ | 73,554 | $ | 19,813 | |||||
Income from Discontinued Operations | $ | — | $ | — | $ | 27,823 | |||||
Noncontrolling Interest Allocable to Discontinued Operations | — | — | (1,082 | ) | |||||||
Income from Discontinued Operations Allocable to Participating Securities | — | — | (100 | ) | |||||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. | $ | — | $ | — | $ | 26,641 | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 121,232 | $ | 73,802 | $ | 46,629 | |||||
Net Income Allocable to Participating Securities | (411 | ) | (248 | ) | (175 | ) | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 120,821 | $ | 73,554 | $ | 46,454 | |||||
Denominator (In Thousands): | |||||||||||
Weighted Average Shares - Basic | 115,030 | 110,352 | 109,922 | ||||||||
Effect of Dilutive Securities: | |||||||||||
LTIP Unit Awards (As Defined in Note 11) | 340 | 429 | 403 | ||||||||
Weighted Average Shares - Diluted | 115,370 | 110,781 | 110,325 | ||||||||
Basic EPS: | |||||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.67 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.67 | $ | 0.42 | |||||
Diluted EPS: | |||||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.66 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 1.05 | $ | 0.66 | $ | 0.42 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
Numerator: | |||||||||||
Income from Continuing Operations | $ | 125,684 | $ | 76,820 | $ | 23,434 | |||||
Noncontrolling Interest Allocable to Continuing Operations | (137 | ) | (138 | ) | (62 | ) | |||||
Income from Continuing Operations Allocable to Participating Securities | (410 | ) | (248 | ) | (75 | ) | |||||
Income from Continuing Operations Attributable to Unitholders | 125,137 | 76,434 | 23,297 | ||||||||
Preferred Unit Distributions | — | — | (1,019 | ) | |||||||
Redemption of Preferred Units | — | — | (1,462 | ) | |||||||
Income from Continuing Operations Available to Unitholders | $ | 125,137 | $ | 76,434 | $ | 20,816 | |||||
Income from Discontinued Operations | $ | — | $ | — | $ | 27,823 | |||||
Noncontrolling Interest Allocable to Discontinued Operations | — | — | (10 | ) | |||||||
Income from Discontinued Operations Allocable to Participating Securities | — | — | (100 | ) | |||||||
Income from Discontinued Operations Attributable to Unitholders | $ | — | $ | — | $ | 27,713 | |||||
Net Income Available to Unitholders and Participating Securities | $ | 125,547 | $ | 76,682 | $ | 48,704 | |||||
Net Income Allocable to Participating Securities | (410 | ) | (248 | ) | (175 | ) | |||||
Net Income Available to Unitholders | $ | 125,137 | $ | 76,434 | $ | 48,529 | |||||
Denominator (In Thousands): | |||||||||||
Weighted Average Units - Basic | 119,274 | 114,709 | 114,388 | ||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | |||||||||||
LTIP Unit Awards (As Defined in Note 11) | 340 | 429 | 403 | ||||||||
Weighted Average Units - Diluted | 119,614 | 115,138 | 114,791 | ||||||||
Basic EPU: | |||||||||||
Income from Continuing Operations Available to Unitholders | $ | 1.05 | $ | 0.67 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to Unitholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to Unitholders | $ | 1.05 | $ | 0.67 | $ | 0.42 | |||||
Diluted EPU: | |||||||||||
Income from Continuing Operations Available to Unitholders | $ | 1.05 | $ | 0.66 | $ | 0.18 | |||||
Income from Discontinued Operations Attributable to Unitholders | $ | — | $ | — | $ | 0.24 | |||||
Net Income Available to Unitholders | $ | 1.05 | $ | 0.66 | $ | 0.42 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | |||||||||
Numerator: | |||||||||||
Net Income Available to Unitholders and Participating Securities | 243,628 | 167,246 | 208,158 | ||||||||
Net Income Allocable to Participating Securities | (732 | ) | (513 | ) | (646 | ) | |||||
Net Income Available to Unitholders | $ | 242,896 | $ | 166,733 | $ | 207,512 | |||||
Denominator (In Thousands): | |||||||||||
Weighted Average Units - Basic | 128,831 | 126,921 | 122,306 | ||||||||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units: | |||||||||||
Performance units and certain Performance LTIP Units (See Note 11) | 410 | 387 | 515 | ||||||||
Weighted Average Units - Diluted | 129,241 | 127,308 | 122,821 | ||||||||
Basic EPS: | |||||||||||
Net Income Available to Unitholders | $ | 1.89 | $ | 1.31 | $ | 1.70 | |||||
Diluted EPU: | |||||||||||
Net Income Available to Unitholders | $ | 1.88 | $ | 1.31 | $ | 1.69 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Current: | |||||||||||
Federal | $ | (169 | ) | $ | 22 | $ | (859 | ) | |||
State | (839 | ) | (310 | ) | (344 | ) | |||||
Deferred: | |||||||||||
Federal | (2,334 | ) | 400 | — | |||||||
State | (64 | ) | (20 | ) | 10 | ||||||
Total Income Tax (Provision) Benefit | $ | (3,406 | ) | $ | 92 | $ | (1,193 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Current: | |||||||||||
Federal | $ | (656 | ) | $ | 68 | $ | (51 | ) | |||
State | (251 | ) | (297 | ) | (196 | ) | |||||
Deferred: | |||||||||||
State | (182 | ) | 112 | 9 | |||||||
$ | (1,089 | ) | $ | (117 | ) | $ | (238 | ) |
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
Basis Difference - Real Estate Properties | $ | 1,388 | $ | 739 | |||
Section 163(j) Interest Limitation | 600 | 344 | |||||
Other - Temporary Differences | 329 | 184 | |||||
Valuation Allowance | (850 | ) | (840 | ) | |||
Total Deferred Income Tax Assets, Net of Allowance | $ | 1,467 | $ | 427 | |||
Deferred Income - Investment in Joint Venture | $ | (3,374 | ) | $ | — | ||
Other - Temporary Differences | (295 | ) | (231 | ) | |||
Total Deferred Income Tax Liabilities | $ | (3,669 | ) | $ | (231 | ) | |
Total Net Deferred Income Tax (Liabilities) Assets | $ | (2,202 | ) | $ | 196 |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
Impairment of Real Estate | $ | 2,051 | $ | 2,484 | |||
Other - Temporary Differences | 433 | 1,021 | |||||
Valuation Allowance | (2,181 | ) | (3,437 | ) | |||
Total Deferred Income Tax Assets, Net of Allowance | $ | 303 | $ | 68 | |||
Straight-line Rent | $ | (51 | ) | $ | (79 | ) | |
Basis Difference - Real Estate Properties | (260 | ) | — | ||||
Other - Temporary Differences | (186 | ) | (1 | ) | |||
Total Deferred Income Tax Liabilities | $ | (497 | ) | $ | (80 | ) | |
Total Net Deferred Income Tax Liabilities | $ | (194 | ) | $ | (12 | ) |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Tax (Provision) Benefit at Federal Rate | $ | (2,556 | ) | $ | 436 | $ | (1,416 | ) | |||
Change in Federal Tax Rate | — | — | (609 | ) | |||||||
State Tax Provision, Net of Federal Benefit | (903 | ) | (417 | ) | (376 | ) | |||||
Change in Valuation Allowance | (10 | ) | 144 | 1,197 | |||||||
Other | 63 | (71 | ) | 11 | |||||||
Net Income Tax (Provision) Benefit | $ | (3,406 | ) | $ | 92 | $ | (1,193 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Tax (Provision) Benefit at Federal Rate Related to Continuing Operations | $ | (1,764 | ) | $ | 64 | $ | (532 | ) | |||
State Tax Provision, Net of Federal Benefit | (462 | ) | (212 | ) | (214 | ) | |||||
Non-deductible Permanent Items, Net | 7 | 10 | 1 | ||||||||
Change in Valuation Allowance | 1,256 | 787 | 1,133 | ||||||||
Other | (126 | ) | (766 | ) | (626 | ) | |||||
Net Income Tax Provision | $ | (1,089 | ) | $ | (117 | ) | $ | (238 | ) |
2019 | As a Percentage of Distributions | 2018 | As a Percentage of Distributions | 2017 | As a Percentage of Distributions | |||||||||||||||
Ordinary Income (A) | $ | 0.7650 | 83.15 | % | $ | 0.6858 | 78.83 | % | $ | 0.6552 | 74.23 | % | ||||||||
Unrecaptured Section 1250 Capital Gain | 0.1074 | 11.68 | % | 0.1497 | 17.21 | % | 0.1627 | 18.43 | % | |||||||||||
Other Capital Gain | 0.0460 | 5.00 | % | 0.0330 | 3.79 | % | 0.0648 | 7.34 | % | |||||||||||
Qualified Dividend | 0.0016 | 0.17 | % | 0.0015 | 0.17 | % | — | 0.00 | % | |||||||||||
$ | 0.9200 | 100.00 | % | $ | 0.8700 | 100.00 | % | $ | 0.8827 | 100.00 | % |
2016 | As a Percentage of Distributions | 2015 | As a Percentage of Distributions | 2014 | As a Percentage of Distributions | |||||||||||||||
Ordinary Income | $ | 0.6935 | 82.53 | % | $ | 0.2629 | 67.93 | % | $ | 0.4412 | 100.00 | % | ||||||||
Unrecaptured Section 1250 Gain | 0.1130 | 13.45 | % | 0.1241 | 32.07 | % | — | 0.00 | % | |||||||||||
Capital Gain | 0.0066 | 0.78 | % | — | 0.00 | % | — | 0.00 | % | |||||||||||
Nondividend Distribution - Return of Capital | 0.0272 | 3.24 | % | — | 0.00 | % | — | 0.00 | % | |||||||||||
$ | 0.8403 | 100.00 | % | $ | 0.3870 | 100.00 | % | $ | 0.4412 | 100.00 | % |
2020 | $ | 2,321 | |
2021 | 2,288 | ||
2022 | 2,238 | ||
2023 | 2,068 | ||
2024 | 1,915 | ||
Thereafter | 60,707 | ||
Total Lease Payments | 71,537 | ||
Less Imputed Interest (A) | (49,168 | ) | |
Total | $ | 22,369 |
2020 | $ | 321,896 | |
2021 | 294,820 | ||
2022 | 256,262 | ||
2023 | 219,396 | ||
2024 | 175,696 | ||
Thereafter | 510,976 | ||
Total | $ | 1,779,046 |
2017 | $ | 287,007 | |
2018 | 252,871 | ||
2019 | 209,176 | ||
2020 | 170,242 | ||
2021 | 128,050 | ||
Thereafter | 382,769 | ||
Total | $ | 1,430,115 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017 | ||||||
Expected dividend yield | 3.02 | % | 2.67 | % | 2.71 | % | ||
Expected volatility - range used | 18.53% - 19.72% | 15.83% - 17.87% | 21.50% - 21.80% | |||||
Expected volatility - weighted average | 19.10 | % | 17.02 | % | 21.68 | % | ||
Risk-free interest rate | 2.45% - 2.57% | 1.57% - 2.04% | 0.66% - 1.58% |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | ||||
Expected dividend yield | 2.31 | % | 1.99 | % | |
Expected volatility - range used | 21.01% - 21.19% | 20.43% - 21.99% | |||
Expected volatility - weighted average | 20.92 | % | 21.34 | % | |
Risk-free interest rate | 0.48% - 1.43% | 0.10% - 1.16% |
Performance Units | Weighted Average Grant Date Fair Value | Performance LTIP Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at December 31, 2018 | 595,383 | $ | 11.79 | — | $ | — | |||||||
Issued | 36,064 | $ | 12.45 | 166,942 | $ | 12.45 | |||||||
Forfeited | (13,455 | ) | $ | 12.97 | (10,240 | ) | $ | 12.45 | |||||
Vested | (237,270 | ) | $ | 10.06 | — | $ | — | ||||||
Outstanding at December 31, 2019 | 380,722 | $ | 12.89 | 156,702 | $ | 12.45 |
Restricted Stock Awards | Weighted Average Grant Date Fair Value | Service LTIP Units | Weighted Average Grant Date Fair Value | ||||||||||
Outstanding at December 31, 2018 | 405,436 | $ | 26.64 | — | $ | — | |||||||
Issued | 109,353 | $ | 35.17 | 112,428 | $ | 33.64 | |||||||
Forfeited | (9,851 | ) | $ | 29.48 | (1,788 | ) | $ | 33.58 | |||||
Vested | (208,567 | ) | $ | 25.40 | — | $ | — | ||||||
Outstanding at December 31, 2019 | 296,371 | $ | 30.56 | 110,640 | $ | 33.64 |
Awards | Weighted Average Grant Date Fair Value | |||||
Outstanding at December 31, 2015 | 649,975 | $ | 15.43 | |||
Issued | 577,357 | $ | 15.51 | |||
Forfeited | (16,172 | ) | $ | 16.11 | ||
Vested | (293,628 | ) | $ | 18.96 | ||
Outstanding at December 31, 2016 | 917,532 | $ | 14.35 |
Fair Value Measurements at Reporting Date Using: | ||||||||||||||
Description | Fair Value | 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: | ||||||||||||||
Liabilities: | ||||||||||||||
2014 Swaps | $ | (1,478 | ) | — | $ | (1,478 | ) | — | ||||||
2015 Swaps | $ | (1,711 | ) | — | $ | (1,711 | ) | — |
Fair Value Measurements at Reporting Date Using: | ||||||||||||||
Description | Fair Value | 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: | ||||||||||||||
2015 Swaps | $ | 1,288 | — | $ | 1,288 | — | ||||||||
Liabilities: | ||||||||||||||
2014 Swaps | $ | (4,883 | ) | — | $ | (4,883 | ) | — |
2017 | $ | 2,052 | |
2018 | 1,349 | ||
2019 | 675 | ||
2020 | 579 | ||
2021 | 534 | ||
Thereafter | 25,413 | ||
Total (A) | $ | 30,602 |
Year Ended December 31, 2016 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||
Total Revenues | $ | 93,467 | $ | 93,015 | $ | 93,562 | $ | 97,976 | $ | 104,541 | $ | 104,095 | $ | 106,590 | $ | 110,758 | ||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 15,688 | $ | 50,229 | $ | 31,519 | $ | 23,796 | $ | 23,803 | $ | 39,800 | $ | 78,311 | $ | 96,861 | ||||||||||||||
Net Income Allocable to Participating Securities | (63 | ) | (180 | ) | (110 | ) | (82 | ) | (60 | ) | (89 | ) | (170 | ) | (199 | ) | ||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 15,625 | $ | 50,049 | $ | 31,409 | $ | 23,714 | ||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 23,743 | $ | 39,711 | $ | 78,141 | $ | 96,662 | ||||||||||||||||||||||
Basic EPS: | ||||||||||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | ||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.19 | $ | 0.31 | $ | 0.62 | $ | 0.76 | ||||||||||||||||||||||
Diluted EPS: | ||||||||||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | ||||||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.19 | $ | 0.31 | $ | 0.62 | $ | 0.76 | ||||||||||||||||||||||
Weighted Average Shares Basic/Diluted (In Thousands): | ||||||||||||||||||||||||||||||
Weighted Average Shares - Basic | 110,793 | 116,191 | 116,467 | 116,636 | 126,194 | 126,206 | 126,480 | 126,682 | ||||||||||||||||||||||
Weighted Average Shares - Diluted | 110,985 | 116,558 | 116,864 | 117,042 | 126,456 | 126,489 | 126,783 | 127,030 |
Year Ended December 31, 2018 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 99,771 | $ | 98,845 | $ | 100,256 | $ | 105,082 | |||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 36,292 | $ | 45,209 | $ | 30,911 | $ | 50,827 | |||||||
Net Income Allocable to Participating Securities | (97 | ) | (151 | ) | (101 | ) | (164 | ) | |||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 36,195 | $ | 45,058 | $ | 30,810 | $ | 50,663 | |||||||
Basic EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.30 | $ | 0.36 | $ | 0.24 | $ | 0.40 | |||||||
Diluted EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders | $ | 0.30 | $ | 0.36 | $ | 0.24 | $ | 0.40 | |||||||
Weighted Average Shares Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Shares - Basic | 119,846 | 123,616 | 125,768 | 125,897 | |||||||||||
Weighted Average Shares - Diluted | 120,211 | 124,085 | 126,130 | 126,249 |
Year Ended December 31, 2015 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 89,966 | $ | 90,489 | $ | 92,159 | $ | 93,209 | |||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities | $ | 2,373 | $ | 14,012 | $ | 13,917 | $ | 43,500 | |||||||
Net Income Allocable to Participating Securities | (41 | ) | (50 | ) | (50 | ) | (153 | ) | |||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 2,332 | $ | 13,962 | $ | 13,867 | $ | 43,347 | |||||||
Basic EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.02 | $ | 0.13 | $ | 0.13 | $ | 0.39 | |||||||
Diluted EPS: | |||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.02 | $ | 0.13 | $ | 0.13 | $ | 0.39 | |||||||
Weighted Average Shares Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Shares - Basic | 110,310 | 110,348 | 110,356 | 110,392 | |||||||||||
Weighted Average Shares - Diluted | 110,675 | 110,683 | 110,848 | 110,916 |
Year Ended December 31, 2016 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||
Total Revenues | $ | 93,467 | $ | 93,015 | $ | 93,562 | $ | 97,976 | $ | 104,541 | $ | 104,095 | $ | 106,590 | $ | 110,758 | ||||||||||||||
Net Income Available to Unitholders and Participating Securities | $ | 16,281 | $ | 52,048 | $ | 32,630 | $ | 24,588 | $ | 24,314 | $ | 40,689 | $ | 79,969 | $ | 98,656 | ||||||||||||||
Net Income Allocable to Participating Securities | (63 | ) | (180 | ) | (110 | ) | (83 | ) | (76 | ) | (128 | ) | (249 | ) | (279 | ) | ||||||||||||||
Net Income Available to Unitholders | $ | 16,218 | $ | 51,868 | $ | 32,520 | $ | 24,505 | $ | 24,238 | $ | 40,561 | $ | 79,720 | $ | 98,377 | ||||||||||||||
Basic EPU: | ||||||||||||||||||||||||||||||
Net Income Available to Unitholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | $ | 0.19 | $ | 0.31 | $ | 0.62 | $ | 0.76 | ||||||||||||||
Diluted EPU: | ||||||||||||||||||||||||||||||
Net Income Available to Unitholders | $ | 0.14 | $ | 0.43 | $ | 0.27 | $ | 0.20 | $ | 0.19 | $ | 0.31 | $ | 0.62 | $ | 0.76 | ||||||||||||||
Weighted Average Units Basic/Diluted (In Thousands): | ||||||||||||||||||||||||||||||
Weighted Average Units - Basic | 115,096 | 120,486 | 120,740 | 120,740 | 128,818 | 128,831 | 128,837 | 128,837 | ||||||||||||||||||||||
Weighted Average Units - Diluted | 115,288 | 120,853 | 121,137 | 121,146 | 129,178 | 129,221 | 129,256 | 129,308 |
Year Ended December 31, 2018 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 99,771 | $ | 98,845 | $ | 100,256 | $ | 105,082 | |||||||
Net Income Available to Unitholders and Participating Securities | $ | 37,443 | $ | 46,382 | $ | 31,508 | $ | 51,913 | |||||||
Net Income Allocable to Participating Securities | (97 | ) | (151 | ) | (101 | ) | (164 | ) | |||||||
Net Income Available to Unitholders | $ | 37,346 | $ | 46,231 | $ | 31,407 | $ | 51,749 | |||||||
Basic EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.30 | $ | 0.36 | $ | 0.24 | $ | 0.40 | |||||||
Diluted EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.30 | $ | 0.36 | $ | 0.24 | $ | 0.40 | |||||||
Weighted Average Units Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Units - Basic | 123,729 | 126,832 | 128,526 | 128,526 | |||||||||||
Weighted Average Units - Diluted | 124,094 | 127,301 | 128,888 | 128,878 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
Properties (b) | (In thousands) | |||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||
1650 Highway 155 | McDonough, GA | — | 779 | 4,544 | (669 | ) | 345 | 4,309 | 4,654 | 2,704 | 1994 | |||||||||||||||||
4051 Southmeadow Parkway | Atlanta, GA | — | 726 | 4,130 | 1,661 | 726 | 5,791 | 6,517 | 3,260 | 1994 | ||||||||||||||||||
4071 Southmeadow Parkway | Atlanta, GA | — | 750 | 4,460 | 1,924 | 828 | 6,306 | 7,134 | 3,729 | 1994 | ||||||||||||||||||
4081 Southmeadow Parkway | Atlanta, GA | — | 1,012 | 5,918 | 2,031 | 1,157 | 7,804 | 8,961 | 4,504 | 1994 | ||||||||||||||||||
5570 Tulane Dr | Atlanta, GA | — | 527 | 2,984 | 1,195 | 546 | 4,160 | 4,706 | 2,185 | 1996 | ||||||||||||||||||
955 Cobb Place | Kennesaw, GA | — | 780 | 4,420 | 877 | 804 | 5,273 | 6,077 | 2,787 | 1997 | ||||||||||||||||||
1005 Sigman Road | Conyers, GA | — | 566 | 3,134 | 1,221 | 574 | 4,347 | 4,921 | 1,977 | 1999 | ||||||||||||||||||
2050 East Park Drive | Conyers, GA | — | 452 | 2,504 | 860 | 459 | 3,357 | 3,816 | 1,606 | 1999 | ||||||||||||||||||
3060 South Park Blvd | Ellenwood, GA | — | 1,600 | 12,464 | 3,422 | 1,604 | 15,882 | 17,486 | 6,457 | 2003 | ||||||||||||||||||
175 Greenwood Industrial Parkway | McDonough, GA | — | 1,550 | — | 7,542 | 1,550 | 7,542 | 9,092 | 2,877 | 2004 | ||||||||||||||||||
5095 Phillip Lee Drive | Atlanta, GA | — | 735 | 3,627 | (213 | ) | 740 | 3,409 | 4,149 | 2,993 | 2005 | |||||||||||||||||
6514 Warren Drive | Norcross, GA | — | 510 | 1,250 | 166 | 513 | 1,413 | 1,926 | 673 | 2005 | ||||||||||||||||||
6544 Warren Drive | Norcross, GA | — | 711 | 2,310 | 278 | 715 | 2,584 | 3,299 | 1,360 | 2005 | ||||||||||||||||||
5356 E. Ponce De Leon | Stone Mountain, GA | — | 604 | 3,888 | 977 | 610 | 4,859 | 5,469 | 2,784 | 2005 | ||||||||||||||||||
5390 E. Ponce De Leon | Stone Mountain, GA | — | 397 | 1,791 | 569 | 402 | 2,355 | 2,757 | 1,189 | 2005 | ||||||||||||||||||
1755 Enterprise Drive | Buford, GA | — | 712 | 2,118 | (57 | ) | 716 | 2,057 | 2,773 | 970 | 2006 | |||||||||||||||||
4555 Atwater Court | Buford, GA | — | 881 | 3,550 | 423 | 885 | 3,969 | 4,854 | 1,684 | 2006 | ||||||||||||||||||
80 Liberty Industrial Parkway | McDonough, GA | — | 756 | 3,695 | (1,560 | ) | 467 | 2,424 | 2,891 | 1,112 | 2007 | |||||||||||||||||
596 Bonnie Valentine | Pendergrass, GA | — | 2,580 | 21,730 | 2,052 | 2,594 | 23,768 | 26,362 | 6,675 | 2007 | ||||||||||||||||||
11415 Old Roswell Road | Alpharetta, GA | — | 2,403 | 1,912 | 814 | 2,428 | 2,701 | 5,129 | 1,198 | 2008 | ||||||||||||||||||
1281 Highway 155 S. | McDonough, GA | — | 2,501 | — | 17,048 | 2,502 | 17,047 | 19,549 | 1,706 | 2016 | ||||||||||||||||||
4955 Oakley Industrial Blvd | Fairburn, GA | — | 3,650 | — | 34,413 | 3,661 | 34,402 | 38,063 | 303 | 2019 | ||||||||||||||||||
Baltimore | ||||||||||||||||||||||||||||
16522 Hunters Green Parkway | Hagerstown, MD | — | 1,390 | 13,104 | 5,667 | 1,863 | 18,298 | 20,161 | 6,750 | 2003 | ||||||||||||||||||
22520 Randolph Drive | Dulles, VA | — | 3,200 | 8,187 | 228 | 3,208 | 8,407 | 11,615 | 2,683 | 2004 | ||||||||||||||||||
22630 Dulles Summit Court | Dulles, VA | — | 2,200 | 9,346 | (870 | ) | 2,206 | 8,470 | 10,676 | 2,917 | 2004 | |||||||||||||||||
11204 McCormick Road | Hunt Valley, MD | — | 1,017 | 3,132 | 216 | 1,038 | 3,327 | 4,365 | 1,840 | 2005 | ||||||||||||||||||
11110 Pepper Road | Hunt Valley, MD | — | 918 | 2,529 | 554 | 938 | 3,063 | 4,001 | 1,613 | 2005 | ||||||||||||||||||
10709 Gilroy Road | Hunt Valley, MD | 1,714 | 913 | 2,705 | (84 | ) | 913 | 2,621 | 3,534 | 1,886 | 2005 | |||||||||||||||||
10707 Gilroy Road | Hunt Valley, MD | — | 1,111 | 3,819 | 832 | 1,136 | 4,626 | 5,762 | 2,642 | 2005 | ||||||||||||||||||
38 Loveton Circle | Sparks, MD | — | 1,648 | 2,151 | (192 | ) | 1,690 | 1,917 | 3,607 | 1,134 | 2005 |
Year Ended December 31, 2015 | |||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||
Total Revenues | $ | 89,966 | $ | 90,489 | $ | 92,159 | $ | 93,209 | |||||||
Net Income Available to Unitholders and Participating Securities | $ | 2,457 | $ | 14,644 | $ | 14,438 | $ | 45,143 | |||||||
Net Income Allocable to Participating Securities | (41 | ) | (50 | ) | (50 | ) | (153 | ) | |||||||
Net Income Available to Unitholders | $ | 2,416 | $ | 14,594 | $ | 14,388 | $ | 44,990 | |||||||
Basic EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.02 | $ | 0.13 | $ | 0.13 | $ | 0.39 | |||||||
Diluted EPU: | |||||||||||||||
Net Income Available to Unitholders | $ | 0.02 | $ | 0.13 | $ | 0.12 | $ | 0.39 | |||||||
Weighted Average Units Basic/Diluted (In Thousands): | |||||||||||||||
Weighted Average Units - Basic | 114,681 | 114,712 | 114,720 | 114,722 | |||||||||||
Weighted Average Units - Diluted | 115,046 | 115,047 | 115,212 | 115,246 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION as of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
1225 Bengies Road | Baltimore, MD | — | 2,640 | 270 | 13,829 | 2,823 | 13,916 | 16,739 | 4,951 | 2008 | ||||||||||||||||||
18212 Shawley Drive | Hagerstown, MD | — | 1,000 | 5,847 | 2,825 | 1,016 | 8,656 | 9,672 | 2,890 | 2004 | ||||||||||||||||||
400 Old Post Road | Aberdeen, MD | — | 3,411 | 17,144 | 1,514 | 3,411 | 18,658 | 22,069 | 3,626 | 2015 | ||||||||||||||||||
500 Old Post Road | Aberdeen, MD | — | 5,959 | 30,533 | 146 | 5,959 | 30,679 | 36,638 | 5,139 | 2015 | ||||||||||||||||||
581 Welltown Road/Tyson Blvd | Winchester, VA | — | 2,320 | — | 11,276 | 2,401 | 11,195 | 13,596 | 3,459 | 2007 | ||||||||||||||||||
Central/Eastern Pennsylvania | ||||||||||||||||||||||||||||
1214-B Freedom Road | Cranberry Township, PA | — | 31 | 994 | 613 | 200 | 1,438 | 1,638 | 1,433 | 1994 | ||||||||||||||||||
401 Russell Drive | Middletown, PA | — | 262 | 857 | 1,847 | 287 | 2,679 | 2,966 | 2,349 | 1994 | ||||||||||||||||||
2700 Commerce Drive | Middletown, PA | — | 196 | 997 | 857 | 206 | 1,844 | 2,050 | 1,650 | 1994 | ||||||||||||||||||
2701 Commerce Drive | Middletown, PA | — | 141 | 859 | 1,399 | 164 | 2,235 | 2,399 | 1,766 | 1994 | ||||||||||||||||||
2780 Commerce Drive | Middletown, PA | — | 113 | 743 | 1,289 | 209 | 1,936 | 2,145 | 1,677 | 1994 | ||||||||||||||||||
350 Old Silver Spring Road | Mechanicsburg, PA | — | 510 | 2,890 | 5,872 | 541 | 8,731 | 9,272 | 4,389 | 1997 | ||||||||||||||||||
14 McFadden Road | Palmer, PA | — | 600 | 1,349 | (274 | ) | 625 | 1,050 | 1,675 | 435 | 2004 | |||||||||||||||||
431 Railroad Avenue | Shiremanstown, PA | — | 1,293 | 7,164 | 2,245 | 1,341 | 9,361 | 10,702 | 5,734 | 2005 | ||||||||||||||||||
6951 Allentown Blvd | Harrisburg, PA | — | 585 | 3,176 | (1 | ) | 601 | 3,159 | 3,760 | 1,412 | 2005 | |||||||||||||||||
320 Reliance Road | Washington, PA | — | 201 | 1,819 | (348 | ) | 178 | 1,494 | 1,672 | 1,010 | 2005 | |||||||||||||||||
2801 Red Lion Road | Philadelphia, PA | — | 950 | 5,916 | 54 | 964 | 5,956 | 6,920 | 3,409 | 2005 | ||||||||||||||||||
1351 Eisenhower Blvd., Bldg. 1 | Harrisburg, PA | — | 382 | 2,343 | 3 | 387 | 2,341 | 2,728 | 985 | 2006 | ||||||||||||||||||
1351 Eisenhower Blvd., Bldg. 2 | Harrisburg, PA | — | 436 | 1,587 | (315 | ) | 443 | 1,265 | 1,708 | 521 | 2006 | |||||||||||||||||
200 Cascade Drive, Bldg. 1 | Allentown, PA | — | 2,133 | 17,562 | 759 | 2,769 | 17,685 | 20,454 | 8,026 | 2007 | ||||||||||||||||||
200 Cascade Drive, Bldg. 2 | Allentown, PA | — | 310 | 2,268 | (93 | ) | 316 | 2,169 | 2,485 | 824 | 2007 | |||||||||||||||||
1490 Dennison Circle | Carlisle, PA | — | 1,500 | — | 12,954 | 2,341 | 12,113 | 14,454 | 3,794 | 2008 | ||||||||||||||||||
298 First Avenue | Gouldsboro, PA | — | 7,022 | — | 57,292 | 7,019 | 57,295 | 64,314 | 16,149 | 2008 | ||||||||||||||||||
225 Cross Farm Lane | York, PA | — | 4,718 | — | 23,163 | 4,715 | 23,166 | 27,881 | 7,099 | 2008 | ||||||||||||||||||
2455 Boulevard of Generals | Norristown, PA | — | 1,200 | 4,800 | 950 | 1,226 | 5,724 | 6,950 | 2,717 | 2008 | ||||||||||||||||||
105 Steamboat Blvd | Manchester, PA | — | 4,085 | 14,464 | 70 | 4,070 | 14,549 | 18,619 | 4,623 | 2012 | ||||||||||||||||||
20 Leo Lane | York County, PA | — | 6,884 | — | 27,483 | 6,889 | 27,478 | 34,367 | 4,099 | 2013 | ||||||||||||||||||
3895 Eastgate Blvd Bldg A | Easton, PA | — | 4,855 | — | 17,867 | 4,388 | 18,334 | 22,722 | 2,178 | 2015 | ||||||||||||||||||
3895 Eastgate Blvd Bldg B | Easton, PA | — | 3,459 | — | 13,848 | 3,128 | 14,179 | 17,307 | 1,907 | 2015 | ||||||||||||||||||
112 Bordnersville Road | Jonestown, PA | — | 13,702 | — | 42,000 | 13,724 | 41,978 | 55,702 | 1,368 | 2018 | ||||||||||||||||||
122 Bordnersville Road | Jonestown, PA | — | 3,165 | — | 11,282 | 3,171 | 11,276 | 14,447 | 302 | 2018 | ||||||||||||||||||
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Chicago | ||||||||||||||||||||||||||||
720-730 Landwehr Drive | Northbrook, IL | — | 521 | 2,982 | 926 | 521 | 3,908 | 4,429 | 2,354 | 1994 | ||||||||||||||||||
1385 101st Street | Lemont, IL | — | 967 | 5,554 | 1,520 | 968 | 7,073 | 8,041 | 4,057 | 1994 | ||||||||||||||||||
2300 Windsor Court | Addison, IL | — | 688 | 3,943 | 823 | 696 | 4,758 | 5,454 | 2,821 | 1994 | ||||||||||||||||||
305-311 Era Drive | Northbrook, IL | — | 200 | 1,154 | 1,159 | 205 | 2,308 | 2,513 | 1,076 | 1994 | ||||||||||||||||||
800 Business Drive | Mount Prospect, IL | — | 631 | 3,493 | 328 | 666 | 3,786 | 4,452 | 1,818 | 2000 | ||||||||||||||||||
580 Slawin Court | Mount Prospect, IL | — | 233 | 1,292 | (27 | ) | 162 | 1,336 | 1,498 | 782 | 2000 | |||||||||||||||||
1005 101st Street | Lemont, IL | 4,585 | 1,200 | 6,643 | 1,610 | 1,220 | 8,233 | 9,453 | 3,576 | 2001 | ||||||||||||||||||
175 Wall Street | Glendale Heights, IL | — | 427 | 2,363 | 714 | 433 | 3,071 | 3,504 | 1,222 | 2002 | ||||||||||||||||||
251 Airport Road | North Aurora, IL | 3,553 | 983 | — | 6,644 | 983 | 6,644 | 7,627 | 2,672 | 2002 | ||||||||||||||||||
400 Crossroads Pkwy | Bolingbrook, IL | — | 1,178 | 9,453 | 1,655 | 1,181 | 11,105 | 12,286 | 4,963 | 2005 | ||||||||||||||||||
7801 W. Industrial Drive | Forest Park, IL | — | 1,215 | 3,020 | 1,325 | 1,220 | 4,340 | 5,560 | 2,292 | 2005 | ||||||||||||||||||
725 Kimberly Drive | Carol Stream, IL | — | 793 | 1,395 | 5 | 801 | 1,392 | 2,193 | 712 | 2005 | ||||||||||||||||||
17001 S. Vincennes | Thornton, IL | — | 497 | 504 | 3 | 513 | 491 | 1,004 | 420 | 2005 | ||||||||||||||||||
2900 W. 166th Street | Markham, IL | — | 1,132 | 4,293 | (1,328 | ) | 1,134 | 2,963 | 4,097 | 926 | 2007 | |||||||||||||||||
555 W. Algonquin Rd | Arlington Heights, IL | — | 574 | 741 | 2,360 | 579 | 3,096 | 3,675 | 1,207 | 2007 | ||||||||||||||||||
1501 Oakton Street | Elk Grove Village, IL | 4,668 | 3,369 | 6,121 | 134 | 3,482 | 6,142 | 9,624 | 2,355 | 2008 | ||||||||||||||||||
16500 W. 103rd Street | Woodridge, IL | — | 744 | 2,458 | 529 | 762 | 2,969 | 3,731 | 1,261 | 2008 | ||||||||||||||||||
8505 50th Street | Kenosha, WI | — | 3,212 | — | 33,063 | 3,212 | 33,063 | 36,275 | 10,145 | 2008 | ||||||||||||||||||
4100 Rock Creek Blvd | Joliet, IL | — | 4,476 | 16,061 | 830 | 4,476 | 16,891 | 21,367 | 4,523 | 2013 | ||||||||||||||||||
10100 58th Place | Kenosha, WI | — | 4,201 | 17,604 | 74 | 4,201 | 17,678 | 21,879 | 4,630 | 2013 | ||||||||||||||||||
401 Airport Road | North Aurora, IL | — | 534 | 1,957 | 12 | 534 | 1,969 | 2,503 | 463 | 2014 | ||||||||||||||||||
3737 84th Avenue | Somers, WI | — | 1,943 | — | 24,116 | 1,943 | 24,116 | 26,059 | 2,304 | 2016 | ||||||||||||||||||
81 Paragon Drive | Romeoville, IL | — | 1,787 | 7,252 | 1,362 | 1,788 | 8,613 | 10,401 | 1,083 | 2016 | ||||||||||||||||||
10680 88th Ave | Pleasant Prairie, WI | — | 1,376 | 4,757 | — | 1,376 | 4,757 | 6,133 | 435 | 2017 | ||||||||||||||||||
8725 31st Street | Somers, WI | — | 2,133 | — | 27,578 | 2,134 | 27,577 | 29,711 | 2,472 | 2017 | ||||||||||||||||||
3500 Channahon Road | Joliet, IL | — | 2,595 | — | 17,506 | 2,598 | 17,503 | 20,101 | 646 | 2017 | ||||||||||||||||||
1998 Melissa Lane | Aurora, IL | — | 2,401 | 9,970 | 942 | 2,400 | 10,913 | 13,313 | 368 | 2019 | ||||||||||||||||||
Cincinnati | ||||||||||||||||||||||||||||
4700-4750 Creek Road | Blue Ash, OH | — | 1,080 | 6,118 | 1,478 | 1,109 | 7,567 | 8,676 | 4,136 | 1996 | ||||||||||||||||||
4436 Muhlhauser Road | Hamilton, OH | — | 630 | — | 5,345 | 630 | 5,345 | 5,975 | 2,255 | 2002 | ||||||||||||||||||
4438 Muhlhauser Road | Hamilton, OH | — | 779 | — | 6,318 | 779 | 6,318 | 7,097 | 2,677 | 2002 | ||||||||||||||||||
4663 Dues Drive | Westchester, OH | — | 858 | 2,273 | 606 | 875 | 2,862 | 3,737 | 1,918 | 2005 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
9345 Princeton-Glendale Road | Westchester, OH | — | 818 | 1,648 | 561 | 840 | 2,187 | 3,027 | 1,786 | 2006 | ||||||||||||||||||
9525 Glades Drive | Westchester, OH | — | 347 | 1,323 | 240 | 355 | 1,555 | 1,910 | 749 | 2007 | ||||||||||||||||||
9774-9792 Windisch Road | Westchester, OH | — | 392 | 1,744 | 185 | 394 | 1,927 | 2,321 | 637 | 2007 | ||||||||||||||||||
9808-9830 Windisch Road | Westchester, OH | — | 395 | 2,541 | 483 | 397 | 3,022 | 3,419 | 1,160 | 2007 | ||||||||||||||||||
9842-9862 Windisch Road | Westchester, OH | — | 506 | 3,148 | 213 | 508 | 3,359 | 3,867 | 1,292 | 2007 | ||||||||||||||||||
9872-9898 Windisch Road | Westchester, OH | — | 546 | 3,039 | 257 | 548 | 3,294 | 3,842 | 1,347 | 2007 | ||||||||||||||||||
9902-9922 Windisch Road | Westchester, OH | — | 623 | 4,003 | 819 | 627 | 4,818 | 5,445 | 2,374 | 2007 | ||||||||||||||||||
Cleveland | ||||||||||||||||||||||||||||
30311 Emerald Valley Parkway | Glenwillow, OH | 5,587 | 681 | 11,838 | (526 | ) | 691 | 11,302 | 11,993 | 4,590 | 2006 | |||||||||||||||||
30333 Emerald Valley Parkway | Glenwillow, OH | — | 466 | 5,447 | (648 | ) | 475 | 4,790 | 5,265 | 2,027 | 2006 | |||||||||||||||||
7800 Cochran Road | Glenwillow, OH | — | 972 | 7,033 | 338 | 991 | 7,352 | 8,343 | 3,427 | 2006 | ||||||||||||||||||
7900 Cochran Road | Glenwillow, OH | 3,094 | 775 | 6,244 | (377 | ) | 792 | 5,850 | 6,642 | 2,499 | 2006 | |||||||||||||||||
7905 Cochran Road | Glenwillow, OH | 3,499 | 920 | 6,174 | 119 | 922 | 6,291 | 7,213 | 2,709 | 2006 | ||||||||||||||||||
8181 Darrow Road | Twinsburg, OH | — | 2,478 | 6,791 | 4,014 | 2,496 | 10,787 | 13,283 | 4,218 | 2008 | ||||||||||||||||||
Dallas/Ft. Worth | ||||||||||||||||||||||||||||
2406-2416 Walnut Ridge | Dallas, TX | — | 178 | 1,006 | 1,197 | 172 | 2,209 | 2,381 | 808 | 1997 | ||||||||||||||||||
2401-2419 Walnut Ridge | Dallas, TX | — | 148 | 839 | 414 | 142 | 1,259 | 1,401 | 656 | 1997 | ||||||||||||||||||
900-906 Great Southwest Pkwy | Arlington, TX | — | 237 | 1,342 | 799 | 270 | 2,108 | 2,378 | 943 | 1997 | ||||||||||||||||||
3000 West Commerce | Dallas, TX | — | 456 | 2,584 | 1,202 | 469 | 3,773 | 4,242 | 2,102 | 1997 | ||||||||||||||||||
405-407 113th | Arlington, TX | — | 181 | 1,026 | 450 | 185 | 1,472 | 1,657 | 759 | 1997 | ||||||||||||||||||
816 111th Street | Arlington, TX | — | 251 | 1,421 | 230 | 258 | 1,644 | 1,902 | 841 | 1997 | ||||||||||||||||||
1602-1654 Terre Colony | Dallas, TX | — | 458 | 2,596 | 771 | 468 | 3,357 | 3,825 | 1,565 | 2000 | ||||||||||||||||||
2220 Merritt Drive | Garland, TX | — | 352 | 1,993 | 409 | 316 | 2,438 | 2,754 | 1,047 | 2000 | ||||||||||||||||||
2485-2505 Merritt Drive | Garland, TX | — | 431 | 2,440 | 551 | 443 | 2,979 | 3,422 | 1,302 | 2000 | ||||||||||||||||||
2110 Hutton Drive | Carrolton, TX | — | 374 | 2,117 | 399 | 255 | 2,635 | 2,890 | 1,415 | 2001 | ||||||||||||||||||
2025 McKenzie Drive | Carrolton, TX | — | 437 | 2,478 | 570 | 442 | 3,043 | 3,485 | 1,300 | 2001 | ||||||||||||||||||
2019 McKenzie Drive | Carrolton, TX | — | 502 | 2,843 | 636 | 507 | 3,474 | 3,981 | 1,472 | 2001 | ||||||||||||||||||
2029-2035 McKenzie Drive | Carrolton, TX | — | 306 | 1,870 | 545 | 306 | 2,415 | 2,721 | 1,017 | 2001 | ||||||||||||||||||
2015 McKenzie Drive | Carrolton, TX | 1,891 | 510 | 2,891 | 660 | 516 | 3,545 | 4,061 | 1,453 | 2001 | ||||||||||||||||||
2009 McKenzie Drive | Carrolton, TX | 1,673 | 476 | 2,699 | 416 | 481 | 3,110 | 3,591 | 1,383 | 2001 | ||||||||||||||||||
900-1100 Avenue S | Grand Prairie, TX | — | 623 | 3,528 | 1,067 | 629 | 4,589 | 5,218 | 1,808 | 2002 | ||||||||||||||||||
Plano Crossing Bus. Park | Plano, TX | 6,499 | 1,961 | 11,112 | 878 | 1,981 | 11,970 | 13,951 | 5,029 | 2002 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
825-827 Avenue H | Arlington, TX | 1,949 | 600 | 3,006 | 412 | 604 | 3,414 | 4,018 | 1,824 | 2004 | ||||||||||||||||||
1013-31 Avenue M | Grand Prairie, TX | — | 300 | 1,504 | 278 | 302 | 1,780 | 2,082 | 880 | 2004 | ||||||||||||||||||
1172-84 113th Street | Grand Prairie, TX | — | 700 | 3,509 | (81 | ) | 704 | 3,424 | 4,128 | 1,460 | 2004 | |||||||||||||||||
1200-16 Avenue H | Arlington, TX | — | 600 | 2,846 | 844 | 604 | 3,686 | 4,290 | 1,539 | 2004 | ||||||||||||||||||
1322-66 W. North Carrier Parkway | Grand Prairie, TX | 3,673 | 1,000 | 5,012 | 1,560 | 1,006 | 6,566 | 7,572 | 2,986 | 2004 | ||||||||||||||||||
2401-2407 Centennial Dr | Arlington, TX | 1,760 | 600 | 2,534 | 644 | 604 | 3,174 | 3,778 | 1,628 | 2004 | ||||||||||||||||||
3111 West Commerce Street | Dallas, TX | 3,011 | 1,000 | 3,364 | 1,844 | 1,011 | 5,197 | 6,208 | 2,759 | 2004 | ||||||||||||||||||
13800 Senlac Drive | Farmers Branch, TX | 2,329 | 823 | 4,042 | (63 | ) | 825 | 3,977 | 4,802 | 2,076 | 2005 | |||||||||||||||||
801-831 S Great Southwest Pkwy | Grand Prairie, TX | — | 2,581 | 16,556 | 773 | 2,586 | 17,324 | 19,910 | 12,130 | 2005 | ||||||||||||||||||
801 Heinz Way | Grand Prairie, TX | — | 599 | 3,327 | 339 | 601 | 3,664 | 4,265 | 2,069 | 2005 | ||||||||||||||||||
901-937 Heinz Way | Grand Prairie, TX | — | 493 | 2,758 | 56 | 481 | 2,826 | 3,307 | 1,759 | 2005 | ||||||||||||||||||
3301 Century Circle | Irving, TX | — | 760 | 3,856 | (125 | ) | 771 | 3,720 | 4,491 | 1,408 | 2007 | |||||||||||||||||
3901 W Miller Road | Garland, TX | — | 1,912 | — | 14,046 | 1,947 | 14,011 | 15,958 | 3,846 | 2008 | ||||||||||||||||||
1251 North Cockrell Hill Road | Dallas, TX | — | 2,064 | — | 13,630 | 1,073 | 14,621 | 15,694 | 2,082 | 2015 | ||||||||||||||||||
1171 North Cockrell Hill Road | Dallas, TX | — | 1,215 | — | 10,972 | 632 | 11,555 | 12,187 | 1,520 | 2015 | ||||||||||||||||||
3996 Scientific Drive | Arlington, TX | — | 1,301 | — | 8,082 | 1,349 | 8,034 | 9,383 | 1,515 | 2015 | ||||||||||||||||||
750 Gateway Boulevard | Coppell, TX | — | 1,452 | 4,679 | 80 | 1,452 | 4,759 | 6,211 | 729 | 2015 | ||||||||||||||||||
2250 East Bardin Road | Arlington, TX | — | 1,603 | — | 10,110 | 1,603 | 10,110 | 11,713 | 1,093 | 2016 | ||||||||||||||||||
2001 Midway Road | Lewisville, TX | — | 3,963 | — | 11,171 | 3,963 | 11,171 | 15,134 | 21 | 2019 | ||||||||||||||||||
2025 Midway Road | Lewisville, TX | — | 2,243 | — | 7,627 | 2,243 | 7,627 | 9,870 | 56 | 2019 | ||||||||||||||||||
5300 Mountain Creek | Dallas, TX | — | 4,675 | — | 47,578 | 4,779 | 47,474 | 52,253 | 101 | 2019 | ||||||||||||||||||
3700 Sandshell Drive | Fort Worth, TX | — | 1,892 | — | 8,602 | 1,901 | 8,593 | 10,494 | — | 2019 | ||||||||||||||||||
Denver | ||||||||||||||||||||||||||||
4785 Elati | Denver, CO | — | 173 | 981 | 390 | 175 | 1,369 | 1,544 | 626 | 1997 | ||||||||||||||||||
4770 Fox Street | Denver, CO | — | 132 | 750 | 330 | 134 | 1,078 | 1,212 | 540 | 1997 | ||||||||||||||||||
3851-3871 Revere | Denver, CO | — | 361 | 2,047 | 489 | 368 | 2,529 | 2,897 | 1,376 | 1997 | ||||||||||||||||||
4570 Ivy Street | Denver, CO | — | 219 | 1,239 | 111 | 220 | 1,349 | 1,569 | 733 | 1997 | ||||||||||||||||||
5855 Stapleton Drive North | Denver, CO | — | 288 | 1,630 | 149 | 290 | 1,777 | 2,067 | 964 | 1997 | ||||||||||||||||||
5885 Stapleton Drive North | Denver, CO | — | 376 | 2,129 | 254 | 380 | 2,379 | 2,759 | 1,278 | 1997 | ||||||||||||||||||
5977 North Broadway | Denver, CO | — | 268 | 1,518 | 515 | 271 | 2,030 | 2,301 | 1,050 | 1997 | ||||||||||||||||||
5952-5978 North Broadway | Denver, CO | — | 414 | 2,346 | 773 | 422 | 3,111 | 3,533 | 1,628 | 1997 | ||||||||||||||||||
4721 Ironton Street | Denver, CO | — | 232 | 1,313 | 383 | 236 | 1,692 | 1,928 | 879 | 1997 | ||||||||||||||||||
7003 E 47th Ave Drive | Denver, CO | — | 441 | 2,689 | 1 | 441 | 2,690 | 3,131 | 1,515 | 1997 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
9500 West 49th Street - A | Wheatridge, CO | 978 | 283 | 1,625 | 192 | 287 | 1,813 | 2,100 | 1,002 | 1997 | ||||||||||||||||||
9500 West 49th Street - B | Wheatridge, CO | 811 | 225 | 1,272 | 243 | 227 | 1,513 | 1,740 | 788 | 1997 | ||||||||||||||||||
9500 West 49th Street - C | Wheatridge, CO | 2,103 | 600 | 3,409 | 505 | 601 | 3,913 | 4,514 | 2,160 | 1997 | ||||||||||||||||||
9500 West 49th Street - D | Wheatridge, CO | 997 | 246 | 1,537 | 358 | 247 | 1,894 | 2,141 | 1,059 | 1997 | ||||||||||||||||||
451-591 East 124th Avenue | Thornton, CO | — | 383 | 2,145 | 333 | 383 | 2,478 | 2,861 | 1,316 | 1997 | ||||||||||||||||||
6547 South Racine Circle | Englewood, CO | — | 739 | 4,241 | 463 | 739 | 4,704 | 5,443 | 2,510 | 1997 | ||||||||||||||||||
11701 East 53rd Avenue | Denver, CO | — | 416 | 2,355 | 297 | 422 | 2,646 | 3,068 | 1,448 | 1997 | ||||||||||||||||||
5401 Oswego | Denver, CO | — | 273 | 1,547 | 232 | 278 | 1,774 | 2,052 | 940 | 1997 | ||||||||||||||||||
445 Bryant Street | Denver, CO | 7,472 | 1,829 | 10,219 | 3,356 | 1,829 | 13,575 | 15,404 | 6,563 | 1998 | ||||||||||||||||||
12055 E 49th Ave/4955 Peoria | Denver, CO | — | 298 | 1,688 | 510 | 305 | 2,191 | 2,496 | 1,116 | 1998 | ||||||||||||||||||
4940-4950 Paris | Denver, CO | — | 152 | 861 | 275 | 156 | 1,132 | 1,288 | 565 | 1998 | ||||||||||||||||||
7367 South Revere Parkway | Centennial, CO | — | 926 | 5,124 | 1,324 | 934 | 6,440 | 7,374 | 3,328 | 1998 | ||||||||||||||||||
8200 East Park Meadows Drive | Lone Tree, CO | 4,781 | 1,297 | 7,348 | 1,211 | 1,304 | 8,552 | 9,856 | 3,929 | 2000 | ||||||||||||||||||
3250 Quentin Street | Aurora, CO | — | 1,220 | 6,911 | 954 | 1,230 | 7,855 | 9,085 | 3,584 | 2000 | ||||||||||||||||||
8020 Southpark Circle | Littleton, CO | — | 739 | — | 3,169 | 781 | 3,127 | 3,908 | 1,362 | 2000 | ||||||||||||||||||
8810 W. 116th Circle | Broomfield, CO | — | 312 | — | 1,849 | 370 | 1,791 | 2,161 | 820 | 2001 | ||||||||||||||||||
8820 W. 116th Circle | Broomfield, CO | — | 338 | 1,918 | 343 | 372 | 2,227 | 2,599 | 956 | 2003 | ||||||||||||||||||
8835 W. 116th Circle | Broomfield, CO | — | 1,151 | 6,523 | 1,157 | 1,304 | 7,527 | 8,831 | 3,329 | 2003 | ||||||||||||||||||
18150 E. 32nd Place | Aurora, CO | — | 563 | 3,188 | 194 | 572 | 3,373 | 3,945 | 1,488 | 2004 | ||||||||||||||||||
3400 Fraser Street | Aurora, CO | — | 616 | 3,593 | (134 | ) | 620 | 3,455 | 4,075 | 1,553 | 2005 | |||||||||||||||||
7005 E. 46th Avenue Drive | Denver, CO | — | 512 | 2,025 | 229 | 517 | 2,249 | 2,766 | 962 | 2005 | ||||||||||||||||||
4001 Salazar Way | Frederick, CO | 3,291 | 1,271 | 6,508 | (713 | ) | 1,276 | 5,790 | 7,066 | 2,159 | 2006 | |||||||||||||||||
5909-5915 N. Broadway | Denver, CO | — | 495 | 1,268 | 131 | 500 | 1,394 | 1,894 | 931 | 2006 | ||||||||||||||||||
21301 E 33rd Drive | Aurora, CO | 6,290 | 2,860 | 8,202 | 924 | 2,859 | 9,127 | 11,986 | 1,312 | 2017 | ||||||||||||||||||
21110 E 31st Circle | Aurora, CO | — | 1,564 | 7,047 | 6 | 1,564 | 7,053 | 8,617 | 124 | 2019 | ||||||||||||||||||
22300 E. 26th Avenue | Aurora, CO | — | 4,881 | — | 28,430 | 4,890 | 28,421 | 33,311 | 237 | 2019 | ||||||||||||||||||
Detroit | ||||||||||||||||||||||||||||
47461 Clipper | Plymouth Township, MI | — | 122 | 723 | 159 | 122 | 882 | 1,004 | 526 | 1994 | ||||||||||||||||||
449 Executive Drive | Troy, MI | — | 125 | 425 | 1,007 | 218 | 1,339 | 1,557 | 1,227 | 1994 | ||||||||||||||||||
1416 Meijer Drive | Troy, MI | — | 94 | 394 | 477 | 121 | 844 | 965 | 734 | 1994 | ||||||||||||||||||
1624 Meijer Drive | Troy, MI | — | 236 | 1,406 | 898 | 373 | 2,167 | 2,540 | 2,064 | 1994 | ||||||||||||||||||
1972 Meijer Drive | Troy, MI | — | 315 | 1,301 | 787 | 372 | 2,031 | 2,403 | 1,877 | 1994 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
1707 Northwood Drive | Troy, MI | — | 95 | 262 | 1,398 | 239 | 1,516 | 1,755 | 1,355 | 1994 | ||||||||||||||||||
1826 Northwood Drive | Troy, MI | — | 55 | 208 | 472 | 103 | 632 | 735 | 568 | 1994 | ||||||||||||||||||
1864 Northwood Drive | Troy, MI | — | 57 | 190 | 489 | 107 | 629 | 736 | 581 | 1994 | ||||||||||||||||||
2730 Research Drive | Rochester Hills, MI | — | 903 | 4,215 | 1,182 | 903 | 5,397 | 6,300 | 4,894 | 1994 | ||||||||||||||||||
2791 Research Drive | Rochester Hills, MI | — | 557 | 2,731 | 736 | 560 | 3,464 | 4,024 | 2,928 | 1994 | ||||||||||||||||||
2871 Research Drive | Rochester Hills, MI | — | 324 | 1,487 | 412 | 327 | 1,896 | 2,223 | 1,664 | 1994 | ||||||||||||||||||
2870 Technology Drive | Rochester Hills, MI | — | 275 | 1,262 | 369 | 279 | 1,627 | 1,906 | 1,541 | 1994 | ||||||||||||||||||
2900 Technology Drive | Rochester Hills, MI | — | 214 | 977 | 723 | 219 | 1,695 | 1,914 | 1,219 | 1994 | ||||||||||||||||||
2930 Technology Drive | Rochester Hills, MI | — | 131 | 594 | 432 | 138 | 1,019 | 1,157 | 832 | 1994 | ||||||||||||||||||
2950 Technology Drive | Rochester Hills, MI | — | 178 | 819 | 305 | 185 | 1,117 | 1,302 | 960 | 1994 | ||||||||||||||||||
23014 Commerce Drive | Farmington Hills, MI | — | 39 | 203 | 189 | 56 | 375 | 431 | 350 | 1994 | ||||||||||||||||||
23035 Commerce Drive | Farmington Hills, MI | — | 71 | 355 | 291 | 93 | 624 | 717 | 552 | 1994 | ||||||||||||||||||
23093 Commerce Drive | Farmington Hills, MI | — | 211 | 1,024 | 1,000 | 295 | 1,940 | 2,235 | 1,701 | 1994 | ||||||||||||||||||
23135 Commerce Drive | Farmington Hills, MI | — | 146 | 701 | 312 | 158 | 1,001 | 1,159 | 942 | 1994 | ||||||||||||||||||
23163 Commerce Drive | Farmington Hills, MI | — | 111 | 513 | 359 | 138 | 845 | 983 | 798 | 1994 | ||||||||||||||||||
23177 Commerce Drive | Farmington Hills, MI | — | 175 | 1,007 | 661 | 254 | 1,589 | 1,843 | 1,485 | 1994 | ||||||||||||||||||
4400 Purks Drive | Auburn Hills, MI | — | 602 | 3,410 | 3,865 | 612 | 7,265 | 7,877 | 3,973 | 1995 | ||||||||||||||||||
32975 Capitol Avenue | Livonia, MI | — | 135 | 748 | (13 | ) | 77 | 793 | 870 | 386 | 1998 | |||||||||||||||||
11923 Brookfield Avenue | Livonia, MI | — | 120 | 665 | (306 | ) | 32 | 447 | 479 | 314 | 1998 | |||||||||||||||||
47711 Clipper Street | Plymouth Township, MI | — | 539 | 2,983 | 579 | 575 | 3,526 | 4,101 | 1,843 | 1998 | ||||||||||||||||||
12874 Westmore Avenue | Livonia, MI | — | 137 | 761 | (230 | ) | 58 | 610 | 668 | 391 | 1998 | |||||||||||||||||
1775 Bellingham | Troy, MI | — | 344 | 1,902 | 481 | 367 | 2,360 | 2,727 | 1,186 | 1998 | ||||||||||||||||||
1785 East Maple | Troy, MI | — | 92 | 507 | 210 | 98 | 711 | 809 | 362 | 1998 | ||||||||||||||||||
980 Chicago | Troy, MI | — | 206 | 1,141 | 333 | 220 | 1,460 | 1,680 | 748 | 1998 | ||||||||||||||||||
1935-55 Enterprise Drive | Rochester Hills, MI | — | 1,285 | 7,144 | 1,326 | 1,371 | 8,384 | 9,755 | 4,490 | 1998 | ||||||||||||||||||
5500 Enterprise Court | Warren, MI | — | 675 | 3,737 | 945 | 721 | 4,636 | 5,357 | 2,366 | 1998 | ||||||||||||||||||
750 Chicago Road | Troy, MI | — | 323 | 1,790 | 404 | 345 | 2,172 | 2,517 | 1,164 | 1998 | ||||||||||||||||||
800 Chicago Road | Troy, MI | — | 283 | 1,567 | 380 | 302 | 1,928 | 2,230 | 1,013 | 1998 | ||||||||||||||||||
850 Chicago Road | Troy, MI | — | 183 | 1,016 | 279 | 196 | 1,282 | 1,478 | 658 | 1998 | ||||||||||||||||||
4872 S. Lapeer Road | Lake Orion Twsp, MI | — | 1,342 | 5,441 | 481 | 1,412 | 5,852 | 7,264 | 3,041 | 1999 | ||||||||||||||||||
1400 Allen Drive | Troy, MI | — | 209 | 1,154 | 393 | 212 | 1,544 | 1,756 | 712 | 2000 | ||||||||||||||||||
1408 Allen Drive | Troy, MI | — | 151 | 834 | 104 | 153 | 936 | 1,089 | 441 | 2000 | ||||||||||||||||||
28435 Automation Blvd | Wixom, MI | — | 621 | — | 3,661 | 628 | 3,654 | 4,282 | 1,375 | 2004 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
32200 N Avis Drive | Madison Heights, MI | — | 503 | 3,367 | (921 | ) | 195 | 2,754 | 2,949 | 1,021 | 2005 | |||||||||||||||||
100 Kay Industrial Drive | Orion Township, MI | — | 677 | 2,018 | 259 | 685 | 2,269 | 2,954 | 1,320 | 2005 | ||||||||||||||||||
42555 Merrill Road | Sterling Heights, MI | — | 1,080 | 2,300 | 3,415 | 1,090 | 5,705 | 6,795 | 3,068 | 2006 | ||||||||||||||||||
200 Northpointe Drive | Orion Township, MI | — | 723 | 2,063 | (396 | ) | 734 | 1,656 | 2,390 | 810 | 2006 | |||||||||||||||||
Houston | ||||||||||||||||||||||||||||
3351 Rauch St | Houston, TX | — | 272 | 1,541 | 689 | 278 | 2,224 | 2,502 | 1,094 | 1997 | ||||||||||||||||||
3801-3851 Yale St | Houston, TX | — | 413 | 2,343 | 1,523 | 425 | 3,854 | 4,279 | 1,737 | 1997 | ||||||||||||||||||
3337-3347 Rauch Street | Houston, TX | — | 227 | 1,287 | 539 | 233 | 1,820 | 2,053 | 868 | 1997 | ||||||||||||||||||
8505 N Loop East | Houston, TX | — | 439 | 2,489 | 849 | 449 | 3,328 | 3,777 | 1,614 | 1997 | ||||||||||||||||||
4749-4799 Eastpark Dr | Houston, TX | — | 594 | 3,368 | 1,291 | 611 | 4,642 | 5,253 | 2,440 | 1997 | ||||||||||||||||||
4851 Homestead Road | Houston, TX | 2,309 | 491 | 2,782 | 1,683 | 504 | 4,452 | 4,956 | 2,177 | 1997 | ||||||||||||||||||
3365-3385 Rauch Street | Houston, TX | — | 284 | 1,611 | 519 | 290 | 2,124 | 2,414 | 1,061 | 1997 | ||||||||||||||||||
5050 Campbell Road | Houston, TX | — | 461 | 2,610 | 1,011 | 470 | 3,612 | 4,082 | 1,846 | 1997 | ||||||||||||||||||
4300 Pine Timbers | Houston, TX | 2,153 | 489 | 2,769 | 1,180 | 499 | 3,939 | 4,438 | 1,965 | 1997 | ||||||||||||||||||
2500-2530 Fairway Park Drive | Houston, TX | — | 766 | 4,342 | 2,044 | 792 | 6,360 | 7,152 | 2,973 | 1997 | ||||||||||||||||||
6550 Longpointe | Houston, TX | — | 362 | 2,050 | 914 | 370 | 2,956 | 3,326 | 1,487 | 1997 | ||||||||||||||||||
1815 Turning Basin Dr | Houston, TX | — | 487 | 2,761 | 2,230 | 531 | 4,947 | 5,478 | 2,325 | 1997 | ||||||||||||||||||
1819 Turning Basin Dr | Houston, TX | — | 231 | 1,308 | 930 | 251 | 2,218 | 2,469 | 1,044 | 1997 | ||||||||||||||||||
1805 Turning Basin Dr | Houston, TX | — | 564 | 3,197 | 2,611 | 616 | 5,756 | 6,372 | 2,865 | 1997 | ||||||||||||||||||
11505 State Highway 225 | LaPorte City, TX | — | 940 | 4,675 | 10 | 940 | 4,685 | 5,625 | 1,925 | 2005 | ||||||||||||||||||
1500 E. Main Street | LaPorte City, TX | — | 201 | 1,328 | (91 | ) | 204 | 1,234 | 1,438 | 1,220 | 2005 | |||||||||||||||||
7230-7238 Wynnwood | Houston, TX | — | 254 | 764 | 235 | 259 | 994 | 1,253 | 647 | 2007 | ||||||||||||||||||
7240-7248 Wynnwood | Houston, TX | — | 271 | 726 | 359 | 276 | 1,080 | 1,356 | 627 | 2007 | ||||||||||||||||||
7250-7260 Wynnwood | Houston, TX | — | 200 | 481 | 1,501 | 203 | 1,979 | 2,182 | 851 | 2007 | ||||||||||||||||||
6400 Long Point | Houston, TX | — | 188 | 898 | 138 | 188 | 1,036 | 1,224 | 527 | 2007 | ||||||||||||||||||
7967 Blankenship | Houston, TX | — | 307 | 1,166 | 192 | 307 | 1,358 | 1,665 | 570 | 2010 | ||||||||||||||||||
8800 City Park Loop East | Houston, TX | — | 3,717 | 19,237 | (535 | ) | 3,717 | 18,702 | 22,419 | 6,336 | 2011 | |||||||||||||||||
4800 West Greens Road | Houston, TX | — | 3,350 | — | 17,030 | 3,312 | 17,068 | 20,380 | 3,294 | 2014 | ||||||||||||||||||
611 East Sam Houston Parkway S | Pasadena, TX | — | 1,970 | 7,431 | 1,313 | 2,013 | 8,701 | 10,714 | 1,170 | 2015 | ||||||||||||||||||
619 East Sam Houston Parkway S | Pasadena, TX | — | 2,879 | 11,713 | 785 | 2,876 | 12,501 | 15,377 | 1,653 | 2015 | ||||||||||||||||||
6913 Guhn Road | Houston, TX | — | 1,367 | — | 7,393 | 1,367 | 7,393 | 8,760 | 216 | 2018 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
607 East Sam Houston Parkway | Pasedena, TX | — | 2,076 | 11,674 | 231 | 2,076 | 11,905 | 13,981 | 366 | 2018 | ||||||||||||||||||
615 East Sam Houston Parkway | Pasedena, TX | — | 4,265 | 11,983 | (130 | ) | 4,265 | 11,853 | 16,118 | 468 | 2018 | |||||||||||||||||
2737 W. Grand Parkway N | Katy, TX | — | 2,885 | — | 8,110 | 2,885 | 8,110 | 10,995 | 14 | 2019 | ||||||||||||||||||
2747 W. Grand Parkway N | Katy, TX | — | 2,885 | — | 9,446 | 2,885 | 9,446 | 12,331 | 17 | 2019 | ||||||||||||||||||
Miami | ||||||||||||||||||||||||||||
4700 NW 15th Avenue | Ft. Lauderdale, FL | — | 908 | 1,883 | 330 | 912 | 2,209 | 3,121 | 917 | 2007 | ||||||||||||||||||
4710 NW 15th Avenue | Ft. Lauderdale, FL | — | 830 | 2,722 | 126 | 834 | 2,844 | 3,678 | 1,000 | 2007 | ||||||||||||||||||
4720 NW 15th Avenue | Ft. Lauderdale, FL | — | 937 | 2,455 | 302 | 942 | 2,752 | 3,694 | 1,098 | 2007 | ||||||||||||||||||
4740 NW 15th Avenue | Ft. Lauderdale, FL | — | 1,107 | 3,111 | 360 | 1,112 | 3,466 | 4,578 | 1,176 | 2007 | ||||||||||||||||||
4750 NW 15th Avenue | Ft. Lauderdale, FL | — | 947 | 3,079 | 399 | 951 | 3,474 | 4,425 | 1,202 | 2007 | ||||||||||||||||||
4800 NW 15th Avenue | Ft. Lauderdale, FL | — | 1,092 | 3,308 | 118 | 1,097 | 3,421 | 4,518 | 1,163 | 2007 | ||||||||||||||||||
6891 NW 74th Street | Medley, FL | — | 857 | 3,428 | 3,777 | 864 | 7,198 | 8,062 | 2,824 | 2007 | ||||||||||||||||||
12601 &12605 NW 115th Avenue | Medley, FL | — | 1,424 | — | 295 | 477 | 1,242 | 1,719 | 311 | 2008 | ||||||||||||||||||
1351 NW 78th Avenue | Doral, FL | — | 3,111 | 4,634 | 10 | 3,111 | 4,644 | 7,755 | 753 | 2016 | ||||||||||||||||||
2500 NW 19th Street | Pompano Beach, FL | — | 8,824 | 11,660 | 290 | 8,824 | 11,950 | 20,774 | 1,651 | 2017 | ||||||||||||||||||
Milwaukee | ||||||||||||||||||||||||||||
5355 South Westridge Drive | New Berlin, WI | — | 1,630 | 7,058 | 36 | 1,646 | 7,078 | 8,724 | 2,488 | 2004 | ||||||||||||||||||
17005 W. Ryerson Road | New Berlin, WI | 2,023 | 403 | 3,647 | 120 | 405 | 3,765 | 4,170 | 2,264 | 2005 | ||||||||||||||||||
16600 West Glendale Ave | New Berlin, WI | 1,595 | 704 | 1,923 | 799 | 715 | 2,711 | 3,426 | 2,087 | 2006 | ||||||||||||||||||
N58W15380 Shawn Circle | Menomonee Falls, WI | — | 1,188 | — | 17,020 | 1,204 | 17,004 | 18,208 | 5,741 | 2008 | ||||||||||||||||||
Minneapolis/St. Paul | ||||||||||||||||||||||||||||
6201 West 111th Street | Bloomington, MN | — | 1,358 | 8,622 | 13,263 | 1,519 | 21,724 | 23,243 | 14,140 | 1994 | ||||||||||||||||||
1030 Lone Oak Road | Eagan, MN | 1,849 | 456 | 2,703 | 811 | 456 | 3,514 | 3,970 | 2,142 | 1994 | ||||||||||||||||||
1060 Lone Oak Road | Eagan, MN | 2,420 | 624 | 3,700 | 871 | 624 | 4,571 | 5,195 | 2,722 | 1994 | ||||||||||||||||||
5400 Nathan Lane | Plymouth, MN | — | 749 | 4,461 | 1,133 | 757 | 5,586 | 6,343 | 3,222 | 1994 | ||||||||||||||||||
6655 Wedgwood Road | Maple Grove, MN | — | 1,466 | 8,342 | 5,938 | 1,466 | 14,280 | 15,746 | 7,839 | 1994 | ||||||||||||||||||
12155 Nicollet Ave. | Burnsville, MN | — | 286 | — | 1,957 | 288 | 1,955 | 2,243 | 1,093 | 1995 | ||||||||||||||||||
5775 12th Avenue | Shakopee, MN | 3,133 | 590 | — | 5,868 | 590 | 5,868 | 6,458 | 2,418 | 1998 | ||||||||||||||||||
1157 Valley Park Drive | Shakopee, MN | — | 760 | — | 7,683 | 888 | 7,555 | 8,443 | 3,327 | 1999 | ||||||||||||||||||
9600 West 76th Street | Eden Prairie, MN | — | 1,000 | 2,450 | 69 | 1,036 | 2,483 | 3,519 | 995 | 2004 | ||||||||||||||||||
7600 69th Avenue | Greenfield, MN | — | 1,500 | 8,328 | (95 | ) | 1,510 | 8,223 | 9,733 | 2,462 | 2004 | |||||||||||||||||
1087 Park Place | Shakopee, MN | 2,833 | 1,195 | 4,891 | (246 | ) | 1,198 | 4,642 | 5,840 | 1,786 | 2005 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
5391 12th Avenue SE | Shakopee, MN | — | 1,392 | 8,149 | 110 | 1,395 | 8,256 | 9,651 | 2,894 | 2005 | ||||||||||||||||||
4701 Valley Industrial Blvd S | Shakopee, MN | 4,465 | 1,296 | 7,157 | 753 | 1,299 | 7,907 | 9,206 | 4,090 | 2005 | ||||||||||||||||||
6455 City West Parkway | Eden Prairie, MN | — | 659 | 3,189 | 1,273 | 665 | 4,456 | 5,121 | 2,393 | 2006 | ||||||||||||||||||
7035 Winnetka Avenue North | Brooklyn Park, MN | — | 1,275 | — | 7,335 | 1,343 | 7,267 | 8,610 | 2,352 | 2007 | ||||||||||||||||||
139 Eva Street | St. Paul, MN | — | 2,132 | 3,105 | (286 | ) | 2,175 | 2,776 | 4,951 | 1,003 | 2008 | |||||||||||||||||
21900 Dodd Boulevard | Lakeville, MN | — | 2,289 | 7,952 | (902 | ) | 2,289 | 7,050 | 9,339 | 2,373 | 2010 | |||||||||||||||||
375 Rivertown Drive | Woodbury, MN | — | 2,635 | 8,157 | 1,452 | 2,635 | 9,609 | 12,244 | 2,663 | 2014 | ||||||||||||||||||
935 Aldrin Drive | Eagan, MN | — | 2,096 | 7,884 | 138 | 2,096 | 8,022 | 10,118 | 1,649 | 2014 | ||||||||||||||||||
7050 Winnetka Avenue North | Brooklyn Park, MN | — | 1,623 | — | 7,751 | 1,634 | 7,740 | 9,374 | 1,050 | 2014 | ||||||||||||||||||
7051 West Broadway | Brooklyn Park, MN | 3,309 | 1,275 | — | 5,829 | 1,279 | 5,825 | 7,104 | 738 | 2014 | ||||||||||||||||||
Nashville | ||||||||||||||||||||||||||||
1931 Air Lane Drive | Nashville, TN | — | 489 | 2,785 | 635 | 493 | 3,416 | 3,909 | 1,762 | 1997 | ||||||||||||||||||
4640 Cummings Park | Nashville, TN | — | 360 | 2,040 | 673 | 365 | 2,708 | 3,073 | 1,259 | 1999 | ||||||||||||||||||
1740 River Hills Drive | Nashville, TN | — | 848 | 4,383 | 542 | 888 | 4,885 | 5,773 | 2,819 | 2005 | ||||||||||||||||||
211 Ellery Court | Nashville, TN | 1,639 | 606 | 3,192 | (279 | ) | 616 | 2,903 | 3,519 | 1,148 | 2007 | |||||||||||||||||
130 Maddox Road | Mount Juliet, TN | — | 1,778 | — | 23,942 | 1,778 | 23,942 | 25,720 | 6,601 | 2008 | ||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||
14 World's Fair Drive | Franklin, NJ | — | 483 | 2,735 | 878 | 503 | 3,593 | 4,096 | 1,816 | 1997 | ||||||||||||||||||
12 World's Fair Drive | Franklin, NJ | — | 572 | 3,240 | 855 | 593 | 4,074 | 4,667 | 2,167 | 1997 | ||||||||||||||||||
22 World's Fair Drive | Franklin, NJ | — | 364 | 2,064 | 582 | 375 | 2,635 | 3,010 | 1,353 | 1997 | ||||||||||||||||||
26 World's Fair Drive | Franklin, NJ | — | 361 | 2,048 | 595 | 377 | 2,627 | 3,004 | 1,391 | 1997 | ||||||||||||||||||
24 World's Fair Drive | Franklin, NJ | — | 347 | 1,968 | 540 | 362 | 2,493 | 2,855 | 1,338 | 1997 | ||||||||||||||||||
20 World's Fair Drive Lot 13 | Somerset, NJ | — | 9 | — | 2,734 | 691 | 2,052 | 2,743 | 896 | 1999 | ||||||||||||||||||
45 Route 46 | Pine Brook, NJ | — | 969 | 5,491 | 1,142 | 978 | 6,624 | 7,602 | 2,993 | 2000 | ||||||||||||||||||
43 Route 46 | Pine Brook, NJ | — | 474 | 2,686 | 508 | 479 | 3,189 | 3,668 | 1,507 | 2000 | ||||||||||||||||||
39 Route 46 | Pine Brook, NJ | — | 260 | 1,471 | 283 | 262 | 1,752 | 2,014 | 811 | 2000 | ||||||||||||||||||
26 Chapin Road | Pine Brook, NJ | — | 956 | 5,415 | 608 | 965 | 6,014 | 6,979 | 2,791 | 2000 | ||||||||||||||||||
30 Chapin Road | Pine Brook, NJ | — | 960 | 5,440 | 582 | 970 | 6,012 | 6,982 | 2,790 | 2000 | ||||||||||||||||||
20 Hook Mountain Road | Pine Brook, NJ | — | 1,507 | 8,542 | 1,401 | 1,534 | 9,916 | 11,450 | 4,743 | 2000 | ||||||||||||||||||
30 Hook Mountain Road | Pine Brook, NJ | — | 389 | 2,206 | 402 | 396 | 2,601 | 2,997 | 1,185 | 2000 | ||||||||||||||||||
16 Chapin Road | Pine Brook, NJ | — | 885 | 5,015 | 698 | 901 | 5,697 | 6,598 | 2,634 | 2000 | ||||||||||||||||||
20 Chapin Road | Pine Brook, NJ | — | 1,134 | 6,426 | 812 | 1,154 | 7,218 | 8,372 | 3,266 | 2000 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
2500 Main Street | Sayreville, NJ | — | 944 | — | 4,469 | 944 | 4,469 | 5,413 | 1,867 | 2002 | ||||||||||||||||||
2400 Main Street | Sayreville, NJ | — | 996 | — | 5,397 | 996 | 5,397 | 6,393 | 2,064 | 2003 | ||||||||||||||||||
7851 Airport Highway | Pennsauken, NJ | — | 160 | 508 | 328 | 162 | 834 | 996 | 458 | 2003 | ||||||||||||||||||
309-313 Pierce Street | Somerset, NJ | — | 1,300 | 4,628 | 606 | 1,309 | 5,225 | 6,534 | 2,185 | 2004 | ||||||||||||||||||
400 Cedar Lane | Florence Township, NJ | — | 9,730 | — | 26,221 | 9,730 | 26,221 | 35,951 | 2,276 | 2016 | ||||||||||||||||||
301 Bordentown Hedding Road | Bordentown, NJ | — | 3,983 | 15,881 | 30 | 3,984 | 15,910 | 19,894 | 1,374 | 2017 | ||||||||||||||||||
302 Bordentown Hedding Road | Bordentown, NJ | — | 2,738 | 8,190 | 396 | 2,738 | 8,586 | 11,324 | 449 | 2018 | ||||||||||||||||||
304 Bordentown Hedding Road | Bordentown, NJ | — | 3,684 | — | 7,689 | 3,629 | 7,744 | 11,373 | 45 | 2019 | ||||||||||||||||||
Orlando | ||||||||||||||||||||||||||||
6301 Hazeltine National Drive | Orlando, FL | — | 909 | 4,613 | 228 | 920 | 4,830 | 5,750 | 1,968 | 2005 | ||||||||||||||||||
8751 Skinner Court | Orlando, FL | — | 1,691 | 7,249 | (5 | ) | 1,692 | 7,243 | 8,935 | 927 | 2016 | |||||||||||||||||
4473 Shader Road | Orlando, FL | — | 2,094 | 10,444 | 63 | 2,094 | 10,507 | 12,601 | 1,261 | 2016 | ||||||||||||||||||
550 Gills Drive | Orlando, FL | — | 1,321 | 6,176 | 12 | 1,321 | 6,188 | 7,509 | 508 | 2017 | ||||||||||||||||||
450 Gills Drive | Orlando, FL | — | 1,031 | 6,406 | — | 1,031 | 6,406 | 7,437 | 416 | 2017 | ||||||||||||||||||
4401 Shader Road | Orlando, FL | — | 1,037 | 7,116 | 4 | 1,037 | 7,120 | 8,157 | 347 | 2018 | ||||||||||||||||||
770 Gills Drive | Orlando, FL | — | 851 | 5,195 | 4 | 851 | 5,199 | 6,050 | 51 | 2019 | ||||||||||||||||||
Phoenix | ||||||||||||||||||||||||||||
1045 South Edward Drive | Tempe, AZ | — | 390 | 2,160 | 768 | 396 | 2,922 | 3,318 | 1,211 | 1999 | ||||||||||||||||||
50 South 56th Street | Chandler, AZ | — | 1,206 | 3,218 | 1,426 | 1,252 | 4,598 | 5,850 | 2,336 | 2004 | ||||||||||||||||||
245 W. Lodge | Tempe, AZ | — | 898 | 3,066 | (2,153 | ) | 362 | 1,449 | 1,811 | 576 | 2007 | |||||||||||||||||
1590 E Riverview Dr. | Phoenix, AZ | — | 1,293 | 5,950 | (267 | ) | 1,292 | 5,684 | 6,976 | 1,615 | 2008 | |||||||||||||||||
14131 N. Rio Vista Blvd | Peoria, AZ | 5,368 | 2,563 | 9,388 | (428 | ) | 2,563 | 8,960 | 11,523 | 2,458 | 2008 | |||||||||||||||||
8716 W. Ludlow Drive | Peoria, AZ | 6,588 | 2,709 | 10,970 | 463 | 2,709 | 11,433 | 14,142 | 3,341 | 2008 | ||||||||||||||||||
3815 W. Washington St. | Phoenix, AZ | — | 1,675 | 4,514 | 316 | 1,719 | 4,786 | 6,505 | 1,651 | 2008 | ||||||||||||||||||
9180 W. Buckeye Road | Tolleson, AZ | — | 1,904 | 6,805 | 3,160 | 1,923 | 9,946 | 11,869 | 3,305 | 2008 | ||||||||||||||||||
8644 West Ludlow Drive | Peoria, AZ | — | 1,726 | 7,216 | — | 1,726 | 7,216 | 8,942 | 1,329 | 2014 | ||||||||||||||||||
8606 West Ludlow Drive | Peoria, AZ | — | 956 | 2,668 | 123 | 956 | 2,791 | 3,747 | 539 | 2014 | ||||||||||||||||||
8679 West Ludlow Drive | Peoria, AZ | — | 672 | 2,791 | — | 672 | 2,791 | 3,463 | 525 | 2014 | ||||||||||||||||||
94th Avenue & Buckeye Road | Tolleson, AZ | — | 4,315 | — | 16,901 | 4,315 | 16,901 | 21,216 | 1,915 | 2015 | ||||||||||||||||||
16560 W. Sells Drive | Goodyear, AZ | — | 6,259 | — | 30,695 | 6,269 | 30,685 | 36,954 | 1,686 | 2018 | ||||||||||||||||||
16951 W. Camelback Road | Goodyear, AZ | — | 1,805 | — | 5,105 | 1,805 | 5,105 | 6,910 | 32 | 2019 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||
1901 Raymond Ave SW | Renton, WA | — | 4,458 | 2,659 | 544 | 4,594 | 3,067 | 7,661 | 1,205 | 2008 | ||||||||||||||||||
19014 64th Avenue South | Kent, WA | — | 1,990 | 3,979 | 452 | 2,042 | 4,379 | 6,421 | 1,925 | 2008 | ||||||||||||||||||
18640 68th Avenue South | Kent, WA | — | 1,218 | 1,950 | 310 | 1,258 | 2,220 | 3,478 | 1,106 | 2008 | ||||||||||||||||||
6407 S 210th Street | Kent, WA | — | 1,737 | 3,508 | — | 1,737 | 3,508 | 5,245 | 256 | 2018 | ||||||||||||||||||
1402 Puyallup Street | Sumner, WA | — | 3,766 | 4,457 | 382 | 3,766 | 4,839 | 8,605 | 128 | 2018 | ||||||||||||||||||
22718 58th Place | Kent, WA | — | 1,446 | 2,388 | 3 | 1,447 | 2,390 | 3,837 | — | 2019 | ||||||||||||||||||
14302 24th Street East Lot 1 | Sumner, WA | — | 2,643 | — | 9,927 | 2,643 | 9,927 | 12,570 | 173 | 2019 | ||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||
1944 Vista Bella Way | Rancho Dominguez, CA | 2,599 | 1,746 | 3,148 | 465 | 1,822 | 3,537 | 5,359 | 2,002 | 2005 | ||||||||||||||||||
2000 Vista Bella Way | Rancho Dominguez, CA | — | 817 | 1,673 | 232 | 853 | 1,869 | 2,722 | 1,070 | 2005 | ||||||||||||||||||
2835 East Ana Street | Rancho Dominguez, CA | 2,104 | 1,682 | 2,750 | 85 | 1,772 | 2,745 | 4,517 | 1,496 | 2005 | ||||||||||||||||||
665 N. Baldwin Park Blvd. | City of Industry, CA | — | 2,124 | 5,219 | 2,759 | 2,143 | 7,959 | 10,102 | 2,487 | 2006 | ||||||||||||||||||
27801 Avenue Scott | Santa Clarita, CA | 5,012 | 2,890 | 7,020 | 423 | 2,902 | 7,431 | 10,333 | 3,128 | 2006 | ||||||||||||||||||
2610 & 2660 Columbia St | Torrance, CA | — | 3,008 | 5,826 | 320 | 3,031 | 6,123 | 9,154 | 2,436 | 2006 | ||||||||||||||||||
433 Alaska Avenue | Torrance, CA | — | 681 | 168 | 13 | 684 | 178 | 862 | 118 | 2006 | ||||||||||||||||||
2325 Camino Vida Roble | Carlsbad, CA | 1,554 | 1,441 | 1,239 | 563 | 1,446 | 1,797 | 3,243 | 714 | 2006 | ||||||||||||||||||
2335 Camino Vida Roble | Carlsbad, CA | 816 | 817 | 762 | 125 | 821 | 883 | 1,704 | 394 | 2006 | ||||||||||||||||||
2345 Camino Vida Roble | Carlsbad, CA | 560 | 562 | 456 | 151 | 565 | 604 | 1,169 | 315 | 2006 | ||||||||||||||||||
2355 Camino Vida Roble | Carlsbad, CA | 432 | 481 | 365 | 56 | 483 | 419 | 902 | 204 | 2006 | ||||||||||||||||||
2365 Camino Vida Roble | Carlsbad, CA | 855 | 1,098 | 630 | 55 | 1,102 | 681 | 1,783 | 364 | 2006 | ||||||||||||||||||
2375 Camino Vida Roble | Carlsbad, CA | 1,066 | 1,210 | 874 | 140 | 1,214 | 1,010 | 2,224 | 503 | 2006 | ||||||||||||||||||
6451 El Camino Real | Carlsbad, CA | — | 2,885 | 1,931 | 719 | 2,895 | 2,640 | 5,535 | 1,179 | 2006 | ||||||||||||||||||
13100 Gregg Street | Poway, CA | 2,835 | 1,040 | 4,160 | 887 | 1,073 | 5,014 | 6,087 | 2,540 | 2007 | ||||||||||||||||||
21730-21748 Marilla St. | Chatsworth, CA | — | 2,585 | 3,210 | 281 | 2,608 | 3,468 | 6,076 | 1,505 | 2007 | ||||||||||||||||||
8015 Paramount | Pico Rivera, CA | — | 3,616 | 3,902 | (510 | ) | 3,657 | 3,351 | 7,008 | 1,566 | 2007 | |||||||||||||||||
3365 E. Slauson | Vernon, CA | — | 2,367 | 3,243 | (559 | ) | 2,396 | 2,655 | 5,051 | 1,241 | 2007 | |||||||||||||||||
3015 East Ana | Rancho Dominguez, CA | — | 19,678 | 9,321 | 6,239 | 20,144 | 15,094 | 35,238 | 5,854 | 2007 | ||||||||||||||||||
1250 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,435 | 779 | 45 | 1,441 | 818 | 2,259 | 401 | 2007 | ||||||||||||||||||
1260 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,353 | 722 | (722 | ) | 675 | 678 | 1,353 | 308 | 2007 | |||||||||||||||||
1270 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,224 | 716 | (2 | ) | 1,229 | 709 | 1,938 | 347 | 2007 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
100 West Sinclair Street | Perris, CA | — | 4,894 | 3,481 | (5,233 | ) | 1,819 | 1,323 | 3,142 | 766 | 2007 | |||||||||||||||||
14050 Day Street | Moreno Valley, CA | — | 2,538 | 2,538 | 545 | 2,565 | 3,056 | 5,621 | 1,369 | 2008 | ||||||||||||||||||
12925 Marlay Avenue | Fontana, CA | — | 6,072 | 7,891 | 309 | 6,090 | 8,182 | 14,272 | 4,707 | 2008 | ||||||||||||||||||
18201-18291 Santa Fe | Rancho Dominguez, CA | — | 6,720 | — | 9,457 | 6,897 | 9,280 | 16,177 | 2,887 | 2008 | ||||||||||||||||||
1011 Rancho Conejo | Thousand Oaks, CA | — | 7,717 | 2,518 | (170 | ) | 7,752 | 2,313 | 10,065 | 1,230 | 2008 | |||||||||||||||||
20700 Denker Avenue | Torrance, CA | 4,143 | 5,767 | 2,538 | 341 | 5,964 | 2,682 | 8,646 | 1,532 | 2008 | ||||||||||||||||||
18408 Laurel Park Road | Rancho Dominguez, CA | — | 2,850 | 2,850 | 907 | 2,874 | 3,733 | 6,607 | 1,577 | 2008 | ||||||||||||||||||
19021 S. Reyes Ave. | Rancho Dominguez, CA | — | 8,183 | 7,501 | 390 | 8,545 | 7,528 | 16,073 | 1,918 | 2008 | ||||||||||||||||||
24870 Nandina Avenue | Moreno Valley, CA | — | 13,543 | — | 21,278 | 6,482 | 28,339 | 34,821 | 5,577 | 2012 | ||||||||||||||||||
6185 Kimball Ave | Chino, CA | — | 6,385 | — | 10,994 | 6,382 | 10,997 | 17,379 | 1,834 | 2013 | ||||||||||||||||||
5553 Bandini Blvd | Bell, CA | — | 32,536 | — | 21,622 | 32,540 | 21,617 | 54,157 | 3,505 | 2013 | ||||||||||||||||||
16875 Heacock Street | Moreno Valley, CA | — | — | 6,831 | (750 | ) | — | 6,082 | 6,082 | 1,065 | 2014 | |||||||||||||||||
4710 Guasti Road | Ontario, CA | 4,889 | 2,846 | 6,564 | 213 | 2,846 | 6,777 | 9,623 | 1,284 | 2014 | ||||||||||||||||||
17100 Perris Blvd | Moreno Valley, CA | — | 6,388 | — | 25,801 | 6,395 | 25,794 | 32,189 | 4,219 | 2014 | ||||||||||||||||||
13414 S. Figueroa | Los Angeles, CA | 3,857 | 1,701 | — | 6,580 | 1,887 | 6,394 | 8,281 | 887 | 2014 | ||||||||||||||||||
3841 Ocean Ranch Boulevard | Oceanside, CA | — | 4,400 | — | 8,039 | 4,400 | 8,039 | 12,439 | 1,346 | 2015 | ||||||||||||||||||
3831 Ocean Ranch Boulevard | Oceanside, CA | — | 2,693 | — | 4,584 | 2,694 | 4,583 | 7,277 | 744 | 2015 | ||||||||||||||||||
3821 Ocean Ranch Boulevard | Oceanside, CA | — | 2,792 | — | 4,469 | 2,792 | 4,469 | 7,261 | 719 | 2015 | ||||||||||||||||||
145 West 134th Street | Los Angeles, CA | — | 2,901 | 2,285 | 173 | 2,901 | 2,458 | 5,359 | 519 | 2015 | ||||||||||||||||||
6150 Sycamore Canyon Boulevard | Riverside, CA | — | 3,182 | 10,643 | 1 | 3,182 | 10,644 | 13,826 | 1,608 | 2015 | ||||||||||||||||||
17825 Indian Street | Moreno Valley, CA | — | 5,034 | 22,095 | 55 | 5,034 | 22,150 | 27,184 | 3,171 | 2015 | ||||||||||||||||||
24901 San Michele Road | Moreno Valley, CA | — | 1,274 | — | 11,546 | 1,274 | 11,546 | 12,820 | 1,147 | 2016 | ||||||||||||||||||
1445 Engineer Street | Vista, CA | — | 6,816 | 4,417 | 55 | 6,816 | 4,472 | 11,288 | 843 | 2016 | ||||||||||||||||||
19067 Reyes Ave | Rancho Dominguez, CA | — | 9,281 | 3,920 | 3,476 | 9,381 | 7,296 | 16,677 | 652 | 2016 | ||||||||||||||||||
10586 Tamarind Avenue | Fontana, CA | — | 4,275 | 8,275 | 298 | 4,275 | 8,573 | 12,848 | 720 | 2017 | ||||||||||||||||||
2777 Loker Ave West | Carlsbad, CA | 10,729 | 7,599 | 13,267 | 422 | 7,599 | 13,689 | 21,288 | 1,326 | 2017 | ||||||||||||||||||
7105 Old 215 Frontage Road | Riverside, CA | — | 4,900 | — | 12,731 | 4,900 | 12,731 | 17,631 | 998 | 2017 | ||||||||||||||||||
28545 Livingston Avenue | Valencia, CA | — | 9,813 | 10,954 | 2,207 | 9,813 | 13,161 | 22,974 | 854 | 2018 | ||||||||||||||||||
3801 Ocean Ranch Blvd | Oceanside, CA | 2,964 | 2,907 | 6,151 | (11 | ) | 2,909 | 6,138 | 9,047 | 357 | 2018 | |||||||||||||||||
3809 Ocean Ranch Blvd | Oceanside, CA | 3,240 | 3,140 | 6,964 | 45 | 3,141 | 7,008 | 10,149 | 397 | 2018 | ||||||||||||||||||
3817 Ocean Ranch Blvd | Oceanside, CA | 4,981 | 5,438 | 10,278 | (2 | ) | 5,442 | 10,272 | 15,714 | 607 | 2018 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
24385 Nandina Avenue | Moreno Valley, CA | — | 17,023 | — | 62,788 | 17,066 | 62,745 | 79,811 | 2,107 | 2018 | ||||||||||||||||||
14999 Summit Drive | Eastvale, CA | — | 1,508 | — | 3,129 | 1,508 | 3,129 | 4,637 | 139 | 2018 | ||||||||||||||||||
14969 Summit Drive | Eastvale, CA | — | 3,847 | — | 11,217 | 3,847 | 11,217 | 15,064 | 927 | 2018 | ||||||||||||||||||
14939 Summit Drive | Eastvale, CA | — | 3,107 | — | 8,409 | 3,107 | 8,409 | 11,516 | 352 | 2018 | ||||||||||||||||||
14909 Summit Drive | Eastvale, CA | — | 7,099 | — | 19,242 | 7,099 | 19,242 | 26,341 | 983 | 2018 | ||||||||||||||||||
14940 Summit Drive | Eastvale, CA | — | 5,423 | — | 13,973 | 5,423 | 13,973 | 19,396 | 564 | 2018 | ||||||||||||||||||
14910 Summit Drive | Eastvale, CA | — | 1,873 | — | 5,388 | 1,873 | 5,388 | 7,261 | 292 | 2018 | ||||||||||||||||||
930 Columbia Avenue | Riverside, CA | — | 1,813 | 3,840 | 52 | 1,813 | 3,892 | 5,705 | 57 | 2019 | ||||||||||||||||||
305 Sequoia Avenue | Ontario, CA | — | 6,641 | 8,155 | 15 | 6,641 | 8,170 | 14,811 | 144 | 2019 | ||||||||||||||||||
3051 E. Maria Street | Rancho Dominguez, CA | — | 1,392 | 1,532 | 3 | 1,392 | 1,535 | 2,927 | 49 | 2019 | ||||||||||||||||||
1709-1811 W. Mahalo Place | Compton, CA | — | 2,132 | 1,961 | 2 | 2,130 | 1,965 | 4,095 | 57 | 2019 | ||||||||||||||||||
1964 Kellogg Avenue | Carlsbad, CA | — | 3,836 | 3,524 | 25 | 3,836 | 3,549 | 7,385 | 54 | 2019 | ||||||||||||||||||
353 Perry Street | Perris, CA | — | 1,780 | — | 18,871 | 1,788 | 18,863 | 20,651 | 117 | 2019 | ||||||||||||||||||
8572 Spectrum Lane | San Diego, CA | — | 806 | 3,225 | 1,054 | 806 | 4,279 | 5,085 | 90 | 2019 | ||||||||||||||||||
Tampa | ||||||||||||||||||||||||||||
5455 W Waters Avenue | Tampa, FL | — | 307 | 1,742 | 353 | 326 | 2,076 | 2,402 | 1,096 | 1997 | ||||||||||||||||||
5553 W Waters Avenue | Tampa, FL | — | 307 | 1,742 | 321 | 326 | 2,044 | 2,370 | 1,090 | 1997 | ||||||||||||||||||
5501 W Waters Avenue | Tampa, FL | — | 215 | 871 | 410 | 242 | 1,254 | 1,496 | 640 | 1997 | ||||||||||||||||||
5503 W Waters Avenue | Tampa, FL | — | 98 | 402 | 170 | 110 | 560 | 670 | 287 | 1997 | ||||||||||||||||||
5555 W Waters Avenue | Tampa, FL | — | 213 | 1,206 | 593 | 221 | 1,791 | 2,012 | 869 | 1997 | ||||||||||||||||||
5557 W Waters Avenue | Tampa, FL | — | 59 | 335 | 76 | 62 | 408 | 470 | 208 | 1997 | ||||||||||||||||||
5463 W Waters Avenue | Tampa, FL | — | 497 | 2,751 | 1,501 | 560 | 4,189 | 4,749 | 2,100 | 1998 | ||||||||||||||||||
5461 W Waters Avenue | Tampa, FL | — | 261 | — | 1,336 | 265 | 1,332 | 1,597 | 672 | 1998 | ||||||||||||||||||
5481 W Waters Avenue | Tampa, FL | — | 558 | — | 3,680 | 561 | 3,677 | 4,238 | 1,354 | 1999 | ||||||||||||||||||
Other | ||||||||||||||||||||||||||||
600 Greene Drive | Greenville, KY | — | 294 | 8,570 | (727 | ) | 296 | 7,841 | 8,137 | 7,044 | 2008 | |||||||||||||||||
1335 Sadlier Circle East | Indianapolis, IN | — | 81 | 460 | 244 | 86 | 699 | 785 | 369 | 1996 | ||||||||||||||||||
7501 NW 106th Terrace | Kansas City, MO | — | 4,152 | — | 13,697 | 4,228 | 13,621 | 17,849 | 3,825 | 2008 | ||||||||||||||||||
1908-2000 Innerbelt | Overland, MO | 5,832 | 1,590 | 9,026 | 1,554 | 1,591 | 10,579 | 12,170 | 5,698 | 2004 | ||||||||||||||||||
1500 Peebles Drive | Richland Center, WI | — | 1,577 | 1,018 | (441 | ) | 1,528 | 626 | 2,154 | 569 | 2005 | |||||||||||||||||
1815-1957 South 4650 West | Salt Lake City, UT | — | 1,707 | 10,873 | 62 | 1,713 | 10,929 | 12,642 | 4,343 | 2006 |
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P. SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 | ||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/19 | Year Acquired/ Constructed | |||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2019 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Developments in Process | ||||||||||||||||||||||||||||
First Sawgrass Commerce Center | Coconut Creek, FL | — | 5,703 | — | 949 | 5,703 | 949 | 6,652 | — | 2019 | ||||||||||||||||||
First Redwood Logistics Center I Buildings A & B | Fontana, CA | — | 15,156 | — | 20,152 | 15,154 | 20,154 | 35,308 | — | 2017 | ||||||||||||||||||
First Redwood II Logistics Center Building C | Fontana, CA | — | 3,333 | — | 740 | 3,333 | 740 | 4,073 | — | 2018 | ||||||||||||||||||
First Cypress Creek Commerce Center Building B | Fort Lauderdale, FL | — | — | — | 487 | — | 487 | 487 | — | 2019 | ||||||||||||||||||
First Cypress Creek Commerce Center Building C | Fort Lauderdale, FL | — | — | — | 778 | — | 778 | 778 | — | 2019 | ||||||||||||||||||
First Cypress Creek Commerce Center Building D | Fort Lauderdale, FL | — | — | — | 711 | — | 711 | 711 | — | 2019 | ||||||||||||||||||
Ferrero BTS @ PV303 | Goodyear, AZ | — | 5,660 | — | 35,644 | 5,658 | 35,646 | 41,304 | — | 2019 | ||||||||||||||||||
First Independence Logistics Center | Philadelphia, PA | — | 2,059 | — | 4,657 | 2,087 | 4,629 | 6,716 | — | 2019 | ||||||||||||||||||
First Park 121 Building E | Lewisville, TX | — | 7,519 | — | 1,649 | 7,520 | 1,648 | 9,168 | — | 2019 | ||||||||||||||||||
Land Parcels | ||||||||||||||||||||||||||||
Land Parcels | 196,219 | 966 | 31,460 | 191,465 | 37,181 | 228,646 | 4,452 | |||||||||||||||||||||
Total | 174,360 | 968,404 | 1,443,723 | 1,418,082 | 957,478 | 2,872,731 | 3,830,209 | 804,780 |
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/16 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2016 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
Atlanta | ||||||||||||||||||||||||||||||
1650 Highway 155 | McDonough, GA | — | 779 | 4,544 | (897 | ) | 356 | 4,070 | 4,426 | 2,362 | 1994 | (i) | ||||||||||||||||||
1665 Dogwood | Conyers, GA | — | 635 | 3,662 | 676 | 635 | 4,338 | 4,973 | 2,255 | 1994 | (i) | |||||||||||||||||||
1715 Dogwood | Conyers, GA | — | 288 | 1,675 | 833 | 228 | 2,568 | 2,796 | 1,154 | 1994 | (i) | |||||||||||||||||||
11235 Harland Drive | Covington, GA | — | 125 | 739 | 218 | 125 | 957 | 1,082 | 510 | 1994 | (i) | |||||||||||||||||||
4051 Southmeadow Parkway | Atlanta, GA | — | 726 | 4,130 | 1,590 | 726 | 5,720 | 6,446 | 2,691 | 1994 | (i) | |||||||||||||||||||
4071 Southmeadow Parkway | Atlanta, GA | — | 750 | 4,460 | 1,766 | 828 | 6,148 | 6,976 | 3,132 | 1994 | (i) | |||||||||||||||||||
4081 Southmeadow Parkway | Atlanta, GA | — | 1,012 | 5,918 | 2,059 | 1,157 | 7,832 | 8,989 | 3,836 | 1994 | (i) | |||||||||||||||||||
5570 Tulane Drive | (d) | Atlanta, GA | 2,235 | 527 | 2,984 | 1,340 | 546 | 4,305 | 4,851 | 1,996 | 1996 | (i) | ||||||||||||||||||
955 Cobb Place | Kennesaw, GA | 2,822 | 780 | 4,420 | 924 | 804 | 5,320 | 6,124 | 2,439 | 1997 | (i) | |||||||||||||||||||
1005 Sigman Road | Conyers, GA | 1,896 | 566 | 3,134 | 413 | 574 | 3,539 | 4,113 | 1,476 | 1999 | (i) | |||||||||||||||||||
2050 East Park Drive | Conyers, GA | — | 452 | 2,504 | 861 | 459 | 3,358 | 3,817 | 1,217 | 1999 | (i) | |||||||||||||||||||
3060 South Park Blvd | Ellenwood, GA | — | 1,600 | 12,464 | 3,037 | 1,604 | 15,497 | 17,101 | 4,966 | 2003 | (i) | |||||||||||||||||||
175 Greenwood Industrial Parkway | McDonough, GA | 4,231 | 1,550 | — | 7,632 | 1,550 | 7,632 | 9,182 | 2,383 | 2004 | (i) | |||||||||||||||||||
46 Kent Drive | Cartersville GA | — | 794 | 2,252 | 125 | 798 | 2,373 | 3,171 | 942 | 2005 | (i) | |||||||||||||||||||
5095 Phillip Lee Drive | Atlanta, GA | 3,729 | 735 | 3,627 | 493 | 740 | 4,115 | 4,855 | 2,907 | 2005 | (i) | |||||||||||||||||||
6514 Warren Drive | Norcross, GA | — | 510 | 1,250 | 118 | 513 | 1,365 | 1,878 | 502 | 2005 | (i) | |||||||||||||||||||
6544 Warren Drive | Norcross, GA | — | 711 | 2,310 | 329 | 715 | 2,635 | 3,350 | 1,059 | 2005 | (i) | |||||||||||||||||||
5356 E. Ponce De Leon | Stone Mountain, GA | — | 604 | 3,888 | 135 | 610 | 4,017 | 4,627 | 2,307 | 2005 | (i) | |||||||||||||||||||
5390 E. Ponce De Leon | Stone Mountain, GA | — | 397 | 1,791 | 147 | 402 | 1,933 | 2,335 | 866 | 2005 | (i) | |||||||||||||||||||
195 & 197 Collins Boulevard | Athens, GA | — | 1,410 | 5,344 | 539 | 989 | 6,304 | 7,293 | 3,945 | 2005 | (i) | |||||||||||||||||||
1755 Enterprise Drive | Buford, GA | 1,210 | 712 | 2,118 | (204 | ) | 716 | 1,910 | 2,626 | 743 | 2006 | (i) | ||||||||||||||||||
4555 Atwater Court | Buford, GA | 2,098 | 881 | 3,550 | 121 | 885 | 3,667 | 4,552 | 1,269 | 2006 | (i) | |||||||||||||||||||
80 Liberty Industrial Parkway | McDonough, GA | — | 756 | 3,695 | (1,336 | ) | 467 | 2,648 | 3,115 | 1,059 | 2007 | (i) | ||||||||||||||||||
596 Bonnie Valentine | Pendergrass, GA | — | 2,580 | 21,730 | 2,370 | 2,594 | 24,086 | 26,680 | 6,250 | 2007 | (i) | |||||||||||||||||||
11415 Old Roswell Road | Alpharetta, GA | 3,308 | 2,403 | 1,912 | 1,019 | 2,428 | 2,906 | 5,334 | 892 | 2008 | (i) | |||||||||||||||||||
1281 Highway 155 S. | McDonough, GA | — | 2,501 | — | 16,422 | 2,501 | 16,422 | 18,923 | — | 2016 | (i) | |||||||||||||||||||
Baltimore | ||||||||||||||||||||||||||||||
9700 Martin Luther King Hwy | Lanham, MD | — | 700 | 1,920 | 563 | 700 | 2,483 | 3,183 | 976 | 2003 | (i) | |||||||||||||||||||
9730 Martin Luther King Hwy | Lanham, MD | — | 500 | 955 | 494 | 500 | 1,449 | 1,949 | 619 | 2003 | (i) | |||||||||||||||||||
4621 Boston Way | Lanham, MD | — | 1,100 | 3,070 | 860 | 1,100 | 3,930 | 5,030 | 1,652 | 2003 | (i) | |||||||||||||||||||
4720 Boston Way | Lanham, MD | — | 1,200 | 2,174 | 830 | 1,200 | 3,004 | 4,204 | 1,308 | 2003 | (i) | |||||||||||||||||||
22520 Randolph Drive | Dulles, VA | — | 3,200 | 8,187 | (172 | ) | 3,208 | 8,007 | 11,215 | 2,035 | 2004 | (i) |
22630 Dulles Summit Court | Dulles, VA | — | 2,200 | 9,346 | (903 | ) | 2,206 | 8,437 | 10,643 | 2,339 | 2004 | (i) | ||||||||||||||||||
4370-4383 Lottsford Vista Road | Lanham, MD | — | 279 | 1,358 | 89 | 296 | 1,430 | 1,726 | 443 | 2005 | (i) | |||||||||||||||||||
4400 Lottsford Vista Road | Lanham, MD | — | 351 | 1,955 | 241 | 372 | 2,175 | 2,547 | 788 | 2005 | (i) | |||||||||||||||||||
4420 Lottsford Vista Road | Lanham, MD | — | 539 | 2,196 | 271 | 568 | 2,438 | 3,006 | 735 | 2005 | (i) | |||||||||||||||||||
11204 McCormick Road | Hunt Valley, MD | — | 1,017 | 3,132 | 170 | 1,038 | 3,281 | 4,319 | 1,483 | 2005 | (i) | |||||||||||||||||||
11110 Pepper Road | Hunt Valley, MD | — | 918 | 2,529 | 316 | 938 | 2,825 | 3,763 | 1,250 | 2005 | (i) | |||||||||||||||||||
11100-11120 Gilroy Road | Hunt Valley, MD | — | 901 | 1,455 | 51 | 919 | 1,488 | 2,407 | 629 | 2005 | (i) | |||||||||||||||||||
10709 Gilroy Road | Hunt Valley, MD | 1,975 | 913 | 2,705 | (103 | ) | 913 | 2,602 | 3,515 | 1,452 | 2005 | (i) | ||||||||||||||||||
10707 Gilroy Road | Hunt Valley, MD | — | 1,111 | 3,819 | 564 | 1,136 | 4,358 | 5,494 | 1,941 | 2005 | (i) | |||||||||||||||||||
38 Loveton Circle | Sparks, MD | — | 1,648 | 2,151 | (192 | ) | 1,690 | 1,917 | 3,607 | 884 | 2005 | (i) | ||||||||||||||||||
1225 Bengies Road | Baltimore, MD | — | 2,640 | 270 | 14,057 | 2,823 | 14,144 | 16,967 | 4,381 | 2008 | (i) | |||||||||||||||||||
400 Old Post Road | Aberdeen, MD | — | 3,411 | 17,144 | 162 | 3,411 | 17,306 | 20,717 | 865 | 2015 | (i) | |||||||||||||||||||
500 Old Post Road | Aberdeen, MD | — | 5,959 | 30,533 | 146 | 5,959 | 30,679 | 36,638 | 1,500 | 2015 | (i) | |||||||||||||||||||
Central/Eastern Pennsylvania | ||||||||||||||||||||||||||||||
1214-B Freedom Road | Cranberry Township, PA | 1,036 | 31 | 994 | 613 | 200 | 1,438 | 1,638 | 1,288 | 1994 | (i) | |||||||||||||||||||
401 Russell Drive | Middletown, PA | — | 262 | 857 | 1,705 | 287 | 2,537 | 2,824 | 2,080 | 1994 | (i) | |||||||||||||||||||
2700 Commerce Drive | Middletown, PA | — | 196 | 997 | 935 | 206 | 1,922 | 2,128 | 1,592 | 1994 | (i) | |||||||||||||||||||
2701 Commerce Drive | Middletown, PA | 1,518 | 141 | 859 | 1,399 | 164 | 2,235 | 2,399 | 1,545 | 1994 | (i) | |||||||||||||||||||
2780 Commerce Drive | Middletown, PA | 1,269 | 113 | 743 | 1,150 | 209 | 1,797 | 2,006 | 1,472 | 1994 | (i) | |||||||||||||||||||
350 Old Silver Spring Road | Mechanicsburg, PA | — | 510 | 2,890 | 6,447 | 541 | 9,306 | 9,847 | 4,114 | 1997 | (i) | |||||||||||||||||||
230-240 Welsh Pool Road | Exton, PA | — | 154 | 851 | 355 | 170 | 1,190 | 1,360 | 499 | 1998 | (i) | |||||||||||||||||||
254 Welsh Pool Road | Exton, PA | — | 75 | 418 | 206 | 91 | 608 | 699 | 285 | 1998 | (i) | |||||||||||||||||||
151-161 Philips Road | Exton, PA | — | 191 | 1,059 | 388 | 229 | 1,409 | 1,638 | 642 | 1998 | (i) | |||||||||||||||||||
216 Philips Road | Exton, PA | — | 199 | 1,100 | 327 | 220 | 1,406 | 1,626 | 624 | 1998 | (i) | |||||||||||||||||||
16522 Hunters Green Parkway | Hagerstown, MD | 12,201 | 1,390 | 13,104 | 4,790 | 1,863 | 17,421 | 19,284 | 5,036 | 2003 | (i) | |||||||||||||||||||
18212 Shawley Drive | Hagerstown, MD | 5,157 | 1,000 | 5,847 | 1,304 | 1,016 | 7,135 | 8,151 | 2,107 | 2004 | (i) | |||||||||||||||||||
37 Valley View Drive | Jessup, PA | 2,297 | 542 | — | 3,088 | 532 | 3,098 | 3,630 | 916 | 2004 | (i) | |||||||||||||||||||
14 McFadden Road | Palmer, PA | — | 600 | 1,349 | (274 | ) | 625 | 1,050 | 1,675 | 333 | 2004 | (i) | ||||||||||||||||||
301 Railroad Avenue | Shiremanstown, PA | — | 1,181 | 4,447 | 3,179 | 1,328 | 7,479 | 8,807 | 3,870 | 2005 | (i) | |||||||||||||||||||
431 Railroad Avenue | Shiremanstown, PA | 6,466 | 1,293 | 7,164 | 1,968 | 1,341 | 9,084 | 10,425 | 4,398 | 2005 | (i) | |||||||||||||||||||
6951 Allentown Blvd | Harrisburg, PA | — | 585 | 3,176 | 349 | 601 | 3,509 | 4,110 | 1,526 | 2005 | (i) | |||||||||||||||||||
320 Reliance Road | Washington, PA | — | 201 | 1,819 | (348 | ) | 178 | 1,494 | 1,672 | 808 | 2005 | (i) | ||||||||||||||||||
2801 Red Lion Road | Philadelphia, PA | — | 950 | 5,916 | 7 | 964 | 5,909 | 6,873 | 2,688 | 2005 | (i) | |||||||||||||||||||
3240 South 78th Street | Philadelphia, PA | — | 515 | 1,245 | (514 | ) | 423 | 823 | 1,246 | 274 | 2005 | (i) | ||||||||||||||||||
1351 Eisenhower Blvd., Bldg. 1 | Harrisburg, PA | — | 382 | 2,343 | (55 | ) | 387 | 2,283 | 2,670 | 912 | 2006 | (i) | ||||||||||||||||||
1351 Eisenhower Blvd., Bldg. 2 | Harrisburg, PA | — | 436 | 1,587 | 75 | 443 | 1,655 | 2,098 | 753 | 2006 | (i) | |||||||||||||||||||
200 Cascade Drive, Bldg. 1 | Allentown, PA | 13,125 | 2,133 | 17,562 | 692 | 2,769 | 17,618 | 20,387 | 6,579 | 2007 | (i) | |||||||||||||||||||
200 Cascade Drive, Bldg. 2 | Allentown, PA | 1,684 | 310 | 2,268 | 84 | 316 | 2,346 | 2,662 | 779 | 2007 | (i) | |||||||||||||||||||
1490 Dennison Circle | Carlisle, PA | — | 1,500 | — | 13,881 | 2,341 | 13,040 | 15,381 | 3,611 | 2008 | (i) | |||||||||||||||||||
298 First Avenue | Covington Twp, PA | — | 7,022 | — | 57,325 | 7,019 | 57,328 | 64,347 | 12,062 | 2008 | (i) | |||||||||||||||||||
225 Cross Farm Lane | York, PA | 17,641 | 4,718 | — | 23,163 | 4,715 | 23,166 | 27,881 | 5,362 | 2008 | (i) | |||||||||||||||||||
6300 Bristol Pike | Levittown, PA | — | 1,074 | 2,642 | (194 | ) | 964 | 2,558 | 3,522 | 2,056 | 2008 | (i) | ||||||||||||||||||
2455 Boulevard of Generals | Norristown, PA | 2,923 | 1,200 | 4,800 | 344 | 1,226 | 5,118 | 6,344 | 1,804 | 2008 | (i) |
105 Steamboat Blvd | Manchester, PA | — | 4,085 | 14,464 | 1 | 4,070 | 14,480 | 18,550 | 2,867 | 2012 | (i) | |||||||||||||||||||
20 Leo Lane | York County, PA | — | 6,884 | — | 27,336 | 6,889 | 27,331 | 34,220 | 2,040 | 2013 | (i) | |||||||||||||||||||
3895 Eastgate Blvd, Bldg. A | Easton, PA | — | 4,855 | — | 17,672 | 4,388 | 18,139 | 22,527 | 558 | 2015 | (i) | |||||||||||||||||||
3895 Eastgate Blvd, Bldg. B | Easton, PA | — | 3,459 | — | 13,716 | 3,128 | 14,047 | 17,175 | 446 | 2015 | (i) | |||||||||||||||||||
Chicago | ||||||||||||||||||||||||||||||
720-730 Landwehr Drive | Northbrook, IL | — | 521 | 2,982 | 826 | 521 | 3,808 | 4,329 | 1,978 | 1994 | (i) | |||||||||||||||||||
1385 101st Street | Lemont, IL | 3,746 | 967 | 5,554 | 1,612 | 968 | 7,165 | 8,133 | 3,661 | 1994 | (i) | |||||||||||||||||||
585 Slawin Court | Mount Prospect, IL | — | 611 | 3,505 | (50 | ) | 525 | 3,541 | 4,066 | 1,812 | 1994 | (i) | ||||||||||||||||||
2300 Windsor Court | Addison, IL | 3,493 | 688 | 3,943 | 889 | 696 | 4,824 | 5,520 | 2,705 | 1994 | (i) | |||||||||||||||||||
305-311 Era Drive | Northbrook, IL | — | 200 | 1,154 | 1,352 | 205 | 2,501 | 2,706 | 1,047 | 1994 | (i) | |||||||||||||||||||
800 Business Drive | Mount Prospect, IL | — | 631 | 3,493 | 328 | 666 | 3,786 | 4,452 | 1,524 | 2000 | (i) | |||||||||||||||||||
580 Slawin Court | Mount Prospect, IL | 750 | 233 | 1,292 | (37 | ) | 162 | 1,326 | 1,488 | 643 | 2000 | (i) | ||||||||||||||||||
1005 101st Street | Lemont, IL | 5,587 | 1,200 | 6,643 | 2,102 | 1,220 | 8,725 | 9,945 | 3,263 | 2001 | (i) | |||||||||||||||||||
175 Wall Street | Glendale Heights, IL | 1,385 | 427 | 2,363 | 215 | 433 | 2,572 | 3,005 | 903 | 2002 | (i) | |||||||||||||||||||
251 Airport Road | North Aurora, IL | 3,962 | 983 | — | 6,927 | 983 | 6,927 | 7,910 | 2,661 | 2002 | (i) | |||||||||||||||||||
1661 Feehanville Drive | Mount Prospect, IL | — | 985 | 5,455 | 3,627 | 1,044 | 9,023 | 10,067 | 3,820 | 2004 | (i) | |||||||||||||||||||
400 Crossroads Pkwy | Bolingbrook, IL | 5,397 | 1,178 | 9,453 | 1,081 | 1,181 | 10,531 | 11,712 | 3,777 | 2005 | (i) | |||||||||||||||||||
7801 W. Industrial Drive | Forest Park, IL | — | 1,215 | 3,020 | 1,307 | 1,220 | 4,322 | 5,542 | 1,600 | 2005 | (i) | |||||||||||||||||||
725 Kimberly Drive | Carol Stream, IL | — | 793 | 1,395 | 231 | 801 | 1,618 | 2,419 | 736 | 2005 | (i) | |||||||||||||||||||
17001 S. Vincennes | Thornton, IL | — | 497 | 504 | 3 | 513 | 491 | 1,004 | 412 | 2005 | (i) | |||||||||||||||||||
2900 W. 166th Street | Markham, IL | — | 1,132 | 4,293 | (881 | ) | 1,134 | 3,410 | 4,544 | 1,041 | 2007 | (i) | ||||||||||||||||||
555 W. Algonquin Road | Arlington Heights, IL | 1,942 | 574 | 741 | 1,936 | 579 | 2,672 | 3,251 | 895 | 2007 | (i) | |||||||||||||||||||
1501 Oakton Street | Elk Grove Village, IL | 5,947 | 3,369 | 6,121 | 80 | 3,482 | 6,088 | 9,570 | 1,678 | 2008 | (i) | |||||||||||||||||||
16500 W. 103rd Street | Woodridge, IL | 2,455 | 744 | 2,458 | 420 | 762 | 2,860 | 3,622 | 1,159 | 2008 | (i) | |||||||||||||||||||
8505 50th Street | Kenosha, WI | — | 3,212 | — | 32,956 | 3,212 | 32,956 | 36,168 | 6,968 | 2008 | (i) | |||||||||||||||||||
4100 Rock Creek Blvd | Joliet, IL | — | 4,476 | 16,061 | 818 | 4,476 | 16,879 | 21,355 | 2,705 | 2013 | (i) | |||||||||||||||||||
10100 58th Place | Kenosha, WI | — | 4,201 | 17,604 | 1,446 | 4,201 | 19,050 | 23,251 | 3,769 | 2013 | (i) | |||||||||||||||||||
401 Airport Road | North Aurora, IL | — | 534 | 1,957 | 12 | 534 | 1,969 | 2,503 | 216 | 2014 | (i) | |||||||||||||||||||
3737 84th Avenue | Somers, WI | — | 1,943 | — | 24,156 | 1,943 | 24,156 | 26,099 | 345 | 2016 | (i) | |||||||||||||||||||
81 Paragon Drive | Romeoville, IL | — | 1,787 | 7,252 | 222 | 1,787 | 7,474 | 9,261 | 62 | 2016 | (i) | |||||||||||||||||||
Cincinnati | ||||||||||||||||||||||||||||||
9900-9970 Princeton | Cincinnati, OH | — | 545 | 3,088 | 1,797 | 566 | 4,864 | 5,430 | 2,401 | 1996 | (i) | |||||||||||||||||||
4700-4750 Creek Road | Blue Ash, OH | — | 1,080 | 6,118 | 1,509 | 1,109 | 7,598 | 8,707 | 3,530 | 1996 | (i) | |||||||||||||||||||
4436 Muhlhauser Road | Hamilton, OH | 3,738 | 630 | — | 5,278 | 630 | 5,278 | 5,908 | 1,848 | 2002 | (i) | |||||||||||||||||||
4438 Muhlhauser Road | Hamilton, OH | 4,467 | 779 | — | 6,424 | 779 | 6,424 | 7,203 | 2,338 | 2002 | (i) | |||||||||||||||||||
420 Wards Corner Road | Loveland, OH | — | 600 | 1,083 | 825 | 606 | 1,902 | 2,508 | 740 | 2003 | (i) | |||||||||||||||||||
422 Wards Corner Road | Loveland, OH | — | 600 | 1,811 | 207 | 592 | 2,026 | 2,618 | 751 | 2003 | (i) | |||||||||||||||||||
4663 Dues Drive | Westchester, OH | — | 858 | 2,273 | 982 | 875 | 3,238 | 4,113 | 2,616 | 2005 | (i) | |||||||||||||||||||
9345 Princeton-Glendale Road | Westchester, OH | 1,312 | 818 | 1,648 | 380 | 840 | 2,006 | 2,846 | 1,388 | 2006 | (i) | |||||||||||||||||||
9525 Glades Drive | Westchester, OH | — | 347 | 1,323 | 112 | 355 | 1,427 | 1,782 | 536 | 2007 | (i) | |||||||||||||||||||
9774-9792 Windisch Road | Westchester, OH | — | 392 | 1,744 | 152 | 394 | 1,894 | 2,288 | 688 | 2007 | (i) | |||||||||||||||||||
9808-9830 Windisch Road | Westchester, OH | — | 395 | 2,541 | 202 | 397 | 2,741 | 3,138 | 824 | 2007 | (i) | |||||||||||||||||||
9842-9862 Windisch Road | Westchester, OH | — | 506 | 3,148 | 153 | 508 | 3,299 | 3,807 | 924 | 2007 | (i) |
9872-9898 Windisch Road | Westchester, OH | — | 546 | 3,039 | 150 | 548 | 3,187 | 3,735 | 1,003 | 2007 | (i) | |||||||||||||||||||
9902-9922 Windisch Road | Westchester, OH | — | 623 | 4,003 | 1,094 | 627 | 5,093 | 5,720 | 1,929 | 2007 | (i) | |||||||||||||||||||
Cleveland | ||||||||||||||||||||||||||||||
30311 Emerald Valley Parkway | Glenwillow, OH | 6,769 | 681 | 11,838 | 993 | 691 | 12,821 | 13,512 | 4,818 | 2006 | (i) | |||||||||||||||||||
30333 Emerald Valley Parkway | Glenwillow, OH | 3,466 | 466 | 5,447 | (615 | ) | 475 | 4,823 | 5,298 | 1,571 | 2006 | (i) | ||||||||||||||||||
7800 Cochran Road | Glenwillow, OH | 3,801 | 972 | 7,033 | 243 | 991 | 7,257 | 8,248 | 2,714 | 2006 | (i) | |||||||||||||||||||
7900 Cochran Road | Glenwillow, OH | 3,645 | 775 | 6,244 | 259 | 792 | 6,486 | 7,278 | 2,407 | 2006 | (i) | |||||||||||||||||||
7905 Cochran Road | Glenwillow, OH | 4,009 | 920 | 6,174 | 42 | 922 | 6,214 | 7,136 | 2,072 | 2006 | (i) | |||||||||||||||||||
30600 Carter Street | Solon, OH | — | 989 | 3,042 | 1,406 | 1,022 | 4,415 | 5,437 | 3,158 | 2006 | (i) | |||||||||||||||||||
8181 Darrow Road | Twinsburg, OH | 7,171 | 2,478 | 6,791 | 2,064 | 2,496 | 8,837 | 11,333 | 4,448 | 2008 | (i) | |||||||||||||||||||
Dallas/Ft. Worth | ||||||||||||||||||||||||||||||
2406-2416 Walnut Ridge | Dallas, TX | — | 178 | 1,006 | 592 | 172 | 1,604 | 1,776 | 631 | 1997 | (i) | |||||||||||||||||||
2401-2419 Walnut Ridge | Dallas, TX | — | 148 | 839 | 416 | 142 | 1,261 | 1,403 | 528 | 1997 | (i) | |||||||||||||||||||
900-906 Great Southwest Pkwy | Arlington, TX | — | 237 | 1,342 | 625 | 270 | 1,934 | 2,204 | 972 | 1997 | (i) | |||||||||||||||||||
3000 West Commerce | Dallas, TX | — | 456 | 2,584 | 1,208 | 469 | 3,779 | 4,248 | 1,721 | 1997 | (i) | |||||||||||||||||||
405-407 113th | Arlington, TX | — | 181 | 1,026 | 463 | 185 | 1,485 | 1,670 | 628 | 1997 | (i) | |||||||||||||||||||
816 111th Street | Arlington, TX | — | 251 | 1,421 | 139 | 258 | 1,553 | 1,811 | 714 | 1997 | (i) | |||||||||||||||||||
7427 Dogwood Park | Richland Hills, TX | — | 96 | 532 | 322 | 102 | 848 | 950 | 351 | 1998 | (i) | |||||||||||||||||||
7348-54 Tower Street | Richland Hills, TX | — | 88 | 489 | 237 | 94 | 720 | 814 | 315 | 1998 | (i) | |||||||||||||||||||
7339-41 Tower Street | Richland Hills, TX | — | 98 | 541 | 180 | 104 | 715 | 819 | 302 | 1998 | (i) | |||||||||||||||||||
7437-45 Tower Street | Richland Hills, TX | — | 102 | 563 | 283 | 108 | 840 | 948 | 356 | 1998 | (i) | |||||||||||||||||||
7331-59 Airport Freeway | Richland Hills, TX | 1,844 | 354 | 1,958 | 603 | 372 | 2,543 | 2,915 | 1,054 | 1998 | (i) | |||||||||||||||||||
7338-60 Dogwood Park | Richland Hills, TX | — | 106 | 587 | 257 | 112 | 838 | 950 | 337 | 1998 | (i) | |||||||||||||||||||
7450-70 Dogwood Park | Richland Hills, TX | — | 106 | 584 | 156 | 112 | 734 | 846 | 316 | 1998 | (i) | |||||||||||||||||||
7423-49 Airport Freeway | Richland Hills, TX | 1,562 | 293 | 1,621 | 554 | 308 | 2,160 | 2,468 | 882 | 1998 | (i) | |||||||||||||||||||
7400 Whitehall Street | Richland Hills, TX | — | 109 | 603 | 95 | 115 | 692 | 807 | 302 | 1998 | (i) | |||||||||||||||||||
1602-1654 Terre Colony | Dallas, TX | — | 458 | 2,596 | 859 | 468 | 3,445 | 3,913 | 1,356 | 2000 | (i) | |||||||||||||||||||
2220 Merritt Drive | Garland, TX | — | 352 | 1,993 | 326 | 316 | 2,355 | 2,671 | 807 | 2000 | (i) | |||||||||||||||||||
2485-2505 Merritt Drive | Garland, TX | — | 431 | 2,440 | 529 | 443 | 2,957 | 3,400 | 1,105 | 2000 | (i) | |||||||||||||||||||
2110 Hutton Drive | Carrolton, TX | — | 374 | 2,117 | 106 | 255 | 2,342 | 2,597 | 1,072 | 2001 | (i) | |||||||||||||||||||
2025 McKenzie Drive | Carrolton, TX | — | 437 | 2,478 | 459 | 442 | 2,932 | 3,374 | 1,059 | 2001 | (i) | |||||||||||||||||||
2019 McKenzie Drive | Carrolton, TX | — | 502 | 2,843 | 283 | 507 | 3,121 | 3,628 | 1,202 | 2001 | (i) | |||||||||||||||||||
2029-2035 McKenzie Drive | Carrolton, TX | 1,495 | 306 | 1,870 | 234 | 306 | 2,104 | 2,410 | 849 | 2001 | (i) | |||||||||||||||||||
2015 McKenzie Drive | Carrolton, TX | 1,949 | 510 | 2,891 | 491 | 516 | 3,376 | 3,892 | 1,309 | 2001 | (i) | |||||||||||||||||||
2009 McKenzie Drive | Carrolton, TX | 1,853 | 476 | 2,699 | 524 | 481 | 3,218 | 3,699 | 1,307 | 2001 | (i) | |||||||||||||||||||
900-1100 Avenue S | Grand Prairie, TX | — | 623 | 3,528 | 994 | 629 | 4,516 | 5,145 | 1,530 | 2002 | (i) | |||||||||||||||||||
Plano Crossing Bus. Park | (f) | Plano, TX | 7,121 | 1,961 | 11,112 | 1,143 | 1,981 | 12,235 | 14,216 | 4,292 | 2002 | (i) | ||||||||||||||||||
7413A-C Dogwood Park | Richland Hills, TX | — | 110 | 623 | 245 | 111 | 867 | 978 | 338 | 2002 | (i) | |||||||||||||||||||
7450 Tower Street | Richland Hills, TX | — | 36 | 204 | 196 | 36 | 400 | 436 | 130 | 2002 | (i) | |||||||||||||||||||
7436 Tower Street | Richland Hills, TX | — | 57 | 324 | 192 | 58 | 515 | 573 | 146 | 2002 | (i) | |||||||||||||||||||
7426 Tower Street | Richland Hills, TX | — | 76 | 429 | 186 | 76 | 615 | 691 | 200 | 2002 | (i) | |||||||||||||||||||
7427-7429 Tower Street | Richland Hills, TX | — | 75 | 427 | 146 | 76 | 572 | 648 | 265 | 2002 | (i) | |||||||||||||||||||
2840-2842 Handley Ederville Road | Richland Hills, TX | — | 112 | 635 | 77 | 113 | 711 | 824 | 247 | 2002 | (i) |
7451-7477 Airport Freeway | Richland Hills, TX | 1,344 | 256 | 1,453 | 415 | 259 | 1,865 | 2,124 | 658 | 2002 | (i) | |||||||||||||||||||
7450 Whitehall Street | Richland Hills, TX | — | 104 | 591 | 339 | 105 | 929 | 1,034 | 303 | 2002 | (i) | |||||||||||||||||||
3000 Wesley Way | Richland Hills, TX | — | 208 | 1,181 | 47 | 211 | 1,225 | 1,436 | 428 | 2002 | (i) | |||||||||||||||||||
7451 Dogwood Park | Richland Hills, TX | 654 | 133 | 753 | 168 | 134 | 920 | 1,054 | 300 | 2002 | (i) | |||||||||||||||||||
825-827 Avenue H | (d) | Arlington, TX | 2,076 | 600 | 3,006 | 90 | 604 | 3,092 | 3,696 | 1,491 | 2004 | (i) | ||||||||||||||||||
1013-31 Avenue M | Grand Prairie, TX | — | 300 | 1,504 | 301 | 302 | 1,803 | 2,105 | 721 | 2004 | (i) | |||||||||||||||||||
1172-84 113th Street | (d) | Grand Prairie, TX | — | 700 | 3,509 | (12 | ) | 704 | 3,493 | 4,197 | 1,185 | 2004 | (i) | |||||||||||||||||
1200-16 Avenue H | (d) | Arlington, TX | — | 600 | 2,846 | 364 | 604 | 3,206 | 3,810 | 1,157 | 2004 | (i) | ||||||||||||||||||
1322-66 W. North Carrier Parkway | (e) | Grand Prairie, TX | 3,970 | 1,000 | 5,012 | 1,055 | 1,006 | 6,061 | 7,067 | 2,203 | 2004 | (i) | ||||||||||||||||||
2401-2407 Centennial Drive | Arlington, TX | 1,949 | 600 | 2,534 | 548 | 604 | 3,078 | 3,682 | 1,219 | 2004 | (i) | |||||||||||||||||||
3111 West Commerce Street | Dallas, TX | 3,463 | 1,000 | 3,364 | 1,801 | 1,011 | 5,154 | 6,165 | 1,930 | 2004 | (i) | |||||||||||||||||||
13800 Senlac Drive | Farmers Branch, TX | 2,686 | 823 | 4,042 | (83 | ) | 825 | 3,957 | 4,782 | 1,648 | 2005 | (i) | ||||||||||||||||||
801-831 S Great Southwest Pkwy | (g) | Grand Prairie, TX | — | 2,581 | 16,556 | 343 | 2,586 | 16,894 | 19,480 | 9,495 | 2005 | (i) | ||||||||||||||||||
801 Heinz Way | Grand Prairie, TX | 2,709 | 599 | 3,327 | 355 | 601 | 3,680 | 4,281 | 1,682 | 2005 | (i) | |||||||||||||||||||
901-937 Heinz Way | Grand Prairie, TX | 2,088 | 493 | 2,758 | 48 | 481 | 2,818 | 3,299 | 1,365 | 2005 | (i) | |||||||||||||||||||
3301 Century Circle | Irving, TX | — | 760 | 3,856 | 53 | 771 | 3,898 | 4,669 | 1,114 | 2007 | (i) | |||||||||||||||||||
3901 W Miller Road | Garland, TX | — | 1,912 | — | 15,493 | 1,947 | 15,458 | 17,405 | 4,226 | 2008 | (i) | |||||||||||||||||||
1251 North Cockrell Hill Road | Dallas, TX | — | 2,064 | — | 13,532 | 1,073 | 14,523 | 15,596 | 715 | 2015 | (i) | |||||||||||||||||||
1171 North Cockrell Hill Road | Dallas, TX | — | 1,215 | — | 10,968 | 632 | 11,551 | 12,183 | 472 | 2015 | (i) | |||||||||||||||||||
3996 Scientific Drive | Arlington, TX | — | 1,301 | — | 8,073 | 1,349 | 8,025 | 9,374 | 412 | 2015 | (i) | |||||||||||||||||||
750 Gateway Blvd | Coppell, TX | — | 1,452 | 4,679 | 80 | 1,452 | 4,759 | 6,211 | 210 | 2015 | (i) | |||||||||||||||||||
2250 East Bardin Road | Arlington, TX | — | 1,603 | — | 10,284 | 1,603 | 10,284 | 11,887 | 180 | 2016 | (i) | |||||||||||||||||||
Denver | ||||||||||||||||||||||||||||||
4785 Elati | Denver, CO | — | 173 | 981 | 374 | 175 | 1,353 | 1,528 | 552 | 1997 | (i) | |||||||||||||||||||
4770 Fox Street | Denver, CO | — | 132 | 750 | 259 | 134 | 1,007 | 1,141 | 423 | 1997 | (i) | |||||||||||||||||||
3851-3871 Revere | Denver, CO | — | 361 | 2,047 | 538 | 368 | 2,578 | 2,946 | 1,165 | 1997 | (i) | |||||||||||||||||||
4570 Ivy Street | Denver, CO | — | 219 | 1,239 | 265 | 220 | 1,503 | 1,723 | 763 | 1997 | (i) | |||||||||||||||||||
5855 Stapleton Drive North | Denver, CO | — | 288 | 1,630 | 219 | 290 | 1,847 | 2,137 | 873 | 1997 | (i) | |||||||||||||||||||
5885 Stapleton Drive North | Denver, CO | — | 376 | 2,129 | 320 | 380 | 2,445 | 2,825 | 1,151 | 1997 | (i) | |||||||||||||||||||
5977 North Broadway | Denver, CO | 1,493 | 268 | 1,518 | 573 | 271 | 2,088 | 2,359 | 935 | 1997 | (i) | |||||||||||||||||||
5952-5978 North Broadway | Denver, CO | 2,221 | 414 | 2,346 | 750 | 422 | 3,088 | 3,510 | 1,441 | 1997 | (i) | |||||||||||||||||||
4721 Ironton Street | Denver, CO | — | 232 | 1,313 | 325 | 236 | 1,634 | 1,870 | 744 | 1997 | (i) | |||||||||||||||||||
7003 E 47th Ave Drive | Denver, CO | — | 441 | 2,689 | 45 | 441 | 2,734 | 3,175 | 1,321 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - A | Wheatridge, CO | 1,019 | 283 | 1,625 | 126 | 287 | 1,747 | 2,034 | 888 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - B | Wheatridge, CO | 852 | 225 | 1,272 | 205 | 227 | 1,475 | 1,702 | 705 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - C | Wheatridge, CO | 2,198 | 600 | 3,409 | 378 | 601 | 3,786 | 4,387 | 1,725 | 1997 | (i) | |||||||||||||||||||
9500 West 49th Street - D | Wheatridge, CO | 1,102 | 246 | 1,537 | 417 | 247 | 1,953 | 2,200 | 1,050 | 1997 | (i) | |||||||||||||||||||
451-591 East 124th Avenue | Thornton, CO | — | 383 | 2,145 | 498 | 383 | 2,643 | 3,026 | 1,301 | 1997 | (i) | |||||||||||||||||||
6547 South Racine Circle | Centennial, CO | 2,652 | 739 | 4,241 | 278 | 739 | 4,519 | 5,258 | 2,102 | 1997 | (i) | |||||||||||||||||||
11701 East 53rd Avenue | Denver, CO | — | 416 | 2,355 | 350 | 422 | 2,699 | 3,121 | 1,269 | 1997 | (i) | |||||||||||||||||||
5401 Oswego | Denver, CO | — | 273 | 1,547 | 224 | 278 | 1,766 | 2,044 | 825 | 1997 | (i) | |||||||||||||||||||
445 Bryant Street | Denver, CO | — | 1,829 | 10,219 | 2,707 | 1,829 | 12,926 | 14,755 | 5,406 | 1998 | (i) | |||||||||||||||||||
12055 E 49th Ave/4955 Peoria | Denver, CO | — | 298 | 1,688 | 469 | 305 | 2,150 | 2,455 | 1,001 | 1998 | (i) |
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/16 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2016 | ||||||||||||||||||||||
4940-4950 Paris | Denver, CO | — | 152 | 861 | 287 | 156 | 1,144 | 1,300 | 554 | 1998 | (i) | |||||||||||||||||||
4970 Paris | Denver, CO | — | 95 | 537 | 103 | 97 | 638 | 735 | 289 | 1998 | (i) | |||||||||||||||||||
7367 South Revere Parkway | Centennial, CO | — | 926 | 5,124 | 1,065 | 934 | 6,181 | 7,115 | 2,819 | 1998 | (i) | |||||||||||||||||||
8200 East Park Meadows Drive | (d) | Lone Tree, CO | 5,470 | 1,297 | 7,348 | 1,092 | 1,304 | 8,433 | 9,737 | 3,499 | 2000 | (i) | ||||||||||||||||||
3250 Quentin Street | (d) | Aurora, CO | 4,987 | 1,220 | 6,911 | 747 | 1,230 | 7,648 | 8,878 | 3,136 | 2000 | (i) | ||||||||||||||||||
8020 Southpark Circle | Littleton, CO | — | 739 | — | 3,308 | 781 | 3,266 | 4,047 | 1,199 | 2000 | (i) | |||||||||||||||||||
1130 W. 124th Avenue | Westminster, CO | — | 441 | — | 3,586 | 441 | 3,586 | 4,027 | 1,195 | 2000 | (i) | |||||||||||||||||||
1070 W. 124th Avenue | Westminster, CO | — | 374 | — | 2,723 | 374 | 2,723 | 3,097 | 1,026 | 2000 | (i) | |||||||||||||||||||
1020 W. 124th Avenue | Westminster, CO | — | 374 | — | 2,734 | 374 | 2,734 | 3,108 | 1,072 | 2000 | (i) | |||||||||||||||||||
8810 W. 116th Circle | Broomfield, CO | — | 312 | — | 1,856 | 370 | 1,798 | 2,168 | 600 | 2001 | (i) | |||||||||||||||||||
960 W. 124th Avenue | Westminster, CO | — | 441 | — | 3,652 | 442 | 3,651 | 4,093 | 1,484 | 2001 | (i) | |||||||||||||||||||
8820 W. 116th Circle | Broomfield, CO | — | 338 | 1,918 | 386 | 372 | 2,270 | 2,642 | 811 | 2003 | (i) | |||||||||||||||||||
8835 W. 116th Circle | Broomfield, CO | — | 1,151 | 6,523 | 1,095 | 1,304 | 7,465 | 8,769 | 2,646 | 2003 | (i) | |||||||||||||||||||
18150 E. 32nd Place | Aurora, CO | — | 563 | 3,188 | 174 | 572 | 3,353 | 3,925 | 1,254 | 2004 | (i) | |||||||||||||||||||
3400 Fraser Street | Aurora, CO | 2,051 | 616 | 3,593 | (142 | ) | 620 | 3,447 | 4,067 | 1,246 | 2005 | (i) | ||||||||||||||||||
7005 E. 46th Avenue Drive | Denver, CO | 1,218 | 512 | 2,025 | (121 | ) | 517 | 1,899 | 2,416 | 670 | 2005 | (i) | ||||||||||||||||||
4001 Salazar Way | Frederick, CO | 3,539 | 1,271 | 6,508 | (713 | ) | 1,276 | 5,790 | 7,066 | 1,670 | 2006 | (i) | ||||||||||||||||||
5909-5915 N. Broadway | Denver, CO | — | 495 | 1,268 | 107 | 500 | 1,370 | 1,870 | 711 | 2006 | (i) | |||||||||||||||||||
Detroit | ||||||||||||||||||||||||||||||
47461 Clipper | Plymouth Township, MI | — | 122 | 723 | 103 | 122 | 826 | 948 | 448 | 1994 | (i) | |||||||||||||||||||
449 Executive Drive | Troy, MI | — | 125 | 425 | 974 | 218 | 1,306 | 1,524 | 1,207 | 1994 | (i) | |||||||||||||||||||
1416 Meijer Drive | Troy, MI | — | 94 | 394 | 399 | 121 | 766 | 887 | 714 | 1994 | (i) | |||||||||||||||||||
1624 Meijer Drive | Troy, MI | — | 236 | 1,406 | 1,093 | 373 | 2,362 | 2,735 | 2,138 | 1994 | (i) | |||||||||||||||||||
1972 Meijer Drive | Troy, MI | — | 315 | 1,301 | 787 | 372 | 2,031 | 2,403 | 1,698 | 1994 | (i) | |||||||||||||||||||
1707 Northwood Drive | Troy, MI | — | 95 | 262 | 1,724 | 239 | 1,842 | 2,081 | 1,617 | 1994 | (i) | |||||||||||||||||||
1788 Northwood Drive | Troy, MI | — | 50 | 196 | 486 | 103 | 629 | 732 | 571 | 1994 | (i) | |||||||||||||||||||
1826 Northwood Drive | Troy, MI | — | 55 | 208 | 472 | 103 | 632 | 735 | 561 | 1994 | (i) | |||||||||||||||||||
1864 Northwood Drive | Troy, MI | — | 57 | 190 | 489 | 107 | 629 | 736 | 576 | 1994 | (i) | |||||||||||||||||||
2730 Research Drive | Rochester Hills, MI | — | 903 | 4,215 | 829 | 903 | 5,044 | 5,947 | 4,400 | 1994 | (i) | |||||||||||||||||||
2791 Research Drive | Rochester Hills, MI | — | 557 | 2,731 | 1,020 | 560 | 3,748 | 4,308 | 2,892 | 1994 | (i) | |||||||||||||||||||
2871 Research Drive | Rochester Hills, MI | — | 324 | 1,487 | 412 | 327 | 1,896 | 2,223 | 1,503 | 1994 | (i) | |||||||||||||||||||
2870 Technology Drive | Rochester Hills, MI | — | 275 | 1,262 | 356 | 279 | 1,614 | 1,893 | 1,383 | 1994 | (i) | |||||||||||||||||||
2900 Technology Drive | Rochester Hills, MI | — | 214 | 977 | 513 | 219 | 1,485 | 1,704 | 1,051 | 1994 | (i) | |||||||||||||||||||
2930 Technology Drive | Rochester Hills, MI | — | 131 | 594 | 452 | 138 | 1,039 | 1,177 | 762 | 1994 | (i) |
2950 Technology Drive | Rochester Hills, MI | — | 178 | 819 | 368 | 185 | 1,180 | 1,365 | 894 | 1994 | (i) | |||||||||||||||||||
23014 Commerce Drive | Farmington Hills, MI | — | 39 | 203 | 191 | 56 | 377 | 433 | 340 | 1994 | (i) | |||||||||||||||||||
23028 Commerce Drive | Farmington Hills, MI | — | 98 | 507 | 262 | 125 | 742 | 867 | 696 | 1994 | (i) | |||||||||||||||||||
23035 Commerce Drive | Farmington Hills, MI | — | 71 | 355 | 290 | 93 | 623 | 716 | 536 | 1994 | (i) | |||||||||||||||||||
23065 Commerce Drive | Farmington Hills, MI | — | 71 | 408 | 254 | 93 | 640 | 733 | 554 | 1994 | (i) | |||||||||||||||||||
23093 Commerce Drive | Farmington Hills, MI | — | 211 | 1,024 | 1,337 | 295 | 2,277 | 2,572 | 1,866 | 1994 | (i) | |||||||||||||||||||
23135 Commerce Drive | Farmington Hills, MI | — | 146 | 701 | 310 | 158 | 999 | 1,157 | 895 | 1994 | (i) | |||||||||||||||||||
23163 Commerce Drive | Farmington Hills, MI | — | 111 | 513 | 393 | 138 | 879 | 1,017 | 769 | 1994 | (i) | |||||||||||||||||||
23177 Commerce Drive | Farmington Hills, MI | — | 175 | 1,007 | 689 | 254 | 1,617 | 1,871 | 1,409 | 1994 | (i) | |||||||||||||||||||
23206 Commerce Drive | Farmington Hills, MI | — | 125 | 531 | 371 | 137 | 890 | 1,027 | 795 | 1994 | (i) | |||||||||||||||||||
23370 Commerce Drive | Farmington Hills, MI | — | 59 | 233 | 209 | 66 | 435 | 501 | 379 | 1994 | (i) | |||||||||||||||||||
1451 East Lincoln Avenue | Madison Heights, MI | — | 299 | 1,703 | (179 | ) | 148 | 1,675 | 1,823 | 949 | 1995 | (i) | ||||||||||||||||||
4400 Purks Drive | Auburn Hills, MI | — | 602 | 3,410 | 3,982 | 612 | 7,382 | 7,994 | 3,447 | 1995 | (i) | |||||||||||||||||||
12707 Eckles Road | Plymouth Township, MI | — | 255 | 1,445 | 235 | 267 | 1,668 | 1,935 | 812 | 1996 | (i) | |||||||||||||||||||
32975 Capitol Avenue | Livonia, MI | — | 135 | 748 | (188 | ) | 77 | 618 | 695 | 331 | 1998 | (i) | ||||||||||||||||||
32920 Capitol Avenue | Livonia, MI | — | 76 | 422 | (62 | ) | 27 | 409 | 436 | 257 | 1998 | (i) | ||||||||||||||||||
11923 Brookfield Avenue | Livonia, MI | — | 120 | 665 | (314 | ) | 32 | 439 | 471 | 288 | 1998 | (i) | ||||||||||||||||||
12886 Westmore Avenue | Livonia, MI | — | 190 | 1,050 | (351 | ) | 86 | 803 | 889 | 478 | 1998 | (i) | ||||||||||||||||||
47711 Clipper Street | Plymouth Township, MI | — | 539 | 2,983 | 540 | 575 | 3,487 | 4,062 | 1,517 | 1998 | (i) | |||||||||||||||||||
32975 Industrial Road | Livonia, MI | — | 160 | 887 | (175 | ) | 92 | 780 | 872 | 424 | 1998 | (i) | ||||||||||||||||||
12874 Westmore Avenue | Livonia, MI | — | 137 | 761 | (241 | ) | 58 | 599 | 657 | 324 | 1998 | (i) | ||||||||||||||||||
1775 Bellingham | Troy, MI | — | 344 | 1,902 | 329 | 367 | 2,208 | 2,575 | 1,008 | 1998 | (i) | |||||||||||||||||||
1785 East Maple | Troy, MI | — | 92 | 507 | 200 | 98 | 701 | 799 | 298 | 1998 | (i) | |||||||||||||||||||
980 Chicago | Troy, MI | — | 206 | 1,141 | 333 | 220 | 1,460 | 1,680 | 621 | 1998 | (i) | |||||||||||||||||||
1885 Enterprise Drive | Rochester Hills, MI | — | 209 | 1,158 | 589 | 223 | 1,733 | 1,956 | 752 | 1998 | (i) | |||||||||||||||||||
1935-55 Enterprise Drive | Rochester Hills, MI | — | 1,285 | 7,144 | 1,322 | 1,371 | 8,380 | 9,751 | 3,712 | 1998 | (i) | |||||||||||||||||||
5500 Enterprise Court | Warren, MI | — | 675 | 3,737 | 750 | 721 | 4,441 | 5,162 | 1,987 | 1998 | (i) | |||||||||||||||||||
750 Chicago Road | Troy, MI | — | 323 | 1,790 | 392 | 345 | 2,160 | 2,505 | 993 | 1998 | (i) | |||||||||||||||||||
800 Chicago Road | Troy, MI | — | 283 | 1,567 | 380 | 302 | 1,928 | 2,230 | 863 | 1998 | (i) | |||||||||||||||||||
850 Chicago Road | Troy, MI | — | 183 | 1,016 | 218 | 196 | 1,221 | 1,417 | 555 | 1998 | (i) | |||||||||||||||||||
1100 East Mandoline Road | Madison Heights, MI | — | 888 | 4,915 | (1,257 | ) | 332 | 4,214 | 4,546 | 2,703 | 1998 | (i) | ||||||||||||||||||
4872 S. Lapeer Road | Lake Orion Twsp, MI | — | 1,342 | 5,441 | 1,214 | 1,412 | 6,585 | 7,997 | 3,129 | 1999 | (i) | |||||||||||||||||||
1400 Allen Drive | Troy, MI | — | 209 | 1,154 | 380 | 212 | 1,531 | 1,743 | 552 | 2000 | (i) | |||||||||||||||||||
1408 Allen Drive | Troy, MI | — | 151 | 834 | 121 | 153 | 953 | 1,106 | 375 | 2000 | (i) | |||||||||||||||||||
28435 Automation Blvd | Wixom, MI | — | 621 | — | 3,664 | 628 | 3,657 | 4,285 | 1,103 | 2004 | (i) | |||||||||||||||||||
32200 North Avis Drive | Madison Heights, MI | — | 503 | 3,367 | (1,452 | ) | 195 | 2,223 | 2,418 | 802 | 2005 | (i) | ||||||||||||||||||
100 Kay Industrial Drive | Orion Township, MI | — | 677 | 2,018 | 156 | 685 | 2,166 | 2,851 | 1,032 | 2005 | (i) | |||||||||||||||||||
11800 Sears Drive | Livonia, MI | — | 693 | 1,507 | 1,212 | 476 | 2,936 | 3,412 | 1,723 | 2005 | (i) | |||||||||||||||||||
1099 Chicago Road | Troy, MI | — | 1,277 | 1,332 | (1,134 | ) | 303 | 1,172 | 1,475 | 618 | 2005 | (i) | ||||||||||||||||||
42555 Merrill Road | Sterling Heights, MI | — | 1,080 | �� | 2,300 | 3,487 | 1,090 | 5,777 | 6,867 | 2,456 | 2006 | (i) | ||||||||||||||||||
200 Northpointe Drive | Orion Township, MI | — | 723 | 2,063 | (95 | ) | 734 | 1,957 | 2,691 | 962 | 2006 | (i) | ||||||||||||||||||
Houston | ||||||||||||||||||||||||||||||
3351 Rauch Street | Houston, TX | — | 272 | 1,541 | 576 | 278 | 2,111 | 2,389 | 882 | 1997 | (i) |
3801-3851 Yale Street | Houston, TX | 2,510 | 413 | 2,343 | 1,292 | 425 | 3,623 | 4,048 | 1,353 | 1997 | (i) | |||||||||||||||||||
3337-3347 Rauch Street | Houston, TX | — | 227 | 1,287 | 433 | 233 | 1,714 | 1,947 | 730 | 1997 | (i) | |||||||||||||||||||
8505 North Loop East | Houston, TX | — | 439 | 2,489 | 575 | 449 | 3,054 | 3,503 | 1,381 | 1997 | (i) | |||||||||||||||||||
4749-4799 Eastpark Drive | Houston, TX | — | 594 | 3,368 | 1,208 | 611 | 4,559 | 5,170 | 2,062 | 1997 | (i) | |||||||||||||||||||
4851 Homestead Road | Houston, TX | 2,384 | 491 | 2,782 | 1,485 | 504 | 4,254 | 4,758 | 1,940 | 1997 | (i) | |||||||||||||||||||
3365-3385 Rauch Street | Houston, TX | 1,477 | 284 | 1,611 | 487 | 290 | 2,092 | 2,382 | 884 | 1997 | (i) | |||||||||||||||||||
5050 Campbell Road | Houston, TX | — | 461 | 2,610 | 1,045 | 470 | 3,646 | 4,116 | 1,551 | 1997 | (i) | |||||||||||||||||||
4300 Pine Timbers | Houston, TX | 2,218 | 489 | 2,769 | 690 | 499 | 3,449 | 3,948 | 1,619 | 1997 | (i) | |||||||||||||||||||
2500-2530 Fairway Park Drive | Houston, TX | — | 766 | 4,342 | 1,925 | 792 | 6,241 | 7,033 | 2,640 | 1997 | (i) | |||||||||||||||||||
6550 Longpointe | Houston, TX | — | 362 | 2,050 | 994 | 370 | 3,036 | 3,406 | 1,319 | 1997 | (i) | |||||||||||||||||||
1815 Turning Basin Drive | Houston, TX | — | 487 | 2,761 | 1,626 | 531 | 4,343 | 4,874 | 1,722 | 1997 | (i) | |||||||||||||||||||
1819 Turning Basin Drive | Houston, TX | — | 231 | 1,308 | 854 | 251 | 2,142 | 2,393 | 881 | 1997 | (i) | |||||||||||||||||||
1805 Turning Basin Drive | Houston, TX | — | 564 | 3,197 | 2,428 | 616 | 5,573 | 6,189 | 2,170 | 1997 | (i) | |||||||||||||||||||
9835A Genard Road | Houston, TX | — | 1,505 | 8,333 | 4,795 | 1,581 | 13,052 | 14,633 | 4,654 | 1999 | (i) | |||||||||||||||||||
9835B Genard Road | Houston, TX | — | 245 | 1,357 | 644 | 256 | 1,990 | 2,246 | 793 | 1999 | (i) | |||||||||||||||||||
11505 State Highway 225 | La Porte, TX | — | 940 | 4,675 | 63 | 940 | 4,738 | 5,678 | 1,640 | 2005 | (i) | |||||||||||||||||||
1500 East Main Street | La Porte, TX | — | 201 | 1,328 | (91 | ) | 204 | 1,234 | 1,438 | 973 | 2005 | (i) | ||||||||||||||||||
7230-7238 Wynnwood | Houston, TX | — | 254 | 764 | 200 | 259 | 959 | 1,218 | 468 | 2007 | (i) | |||||||||||||||||||
7240-7248 Wynnwood | Houston, TX | — | 271 | 726 | 320 | 276 | 1,041 | 1,317 | 436 | 2007 | (i) | |||||||||||||||||||
7250-7260 Wynnwood | Houston, TX | — | 200 | 481 | 1,471 | 203 | 1,949 | 2,152 | 368 | 2007 | (i) | |||||||||||||||||||
6400 Long Point | Houston, TX | — | 188 | 898 | 226 | 188 | 1,124 | 1,312 | 410 | 2007 | (i) | |||||||||||||||||||
7967 Blankenship | Houston, TX | — | 307 | 1,166 | 337 | 307 | 1,503 | 1,810 | 535 | 2010 | (i) | |||||||||||||||||||
8800 City Park Loop East | Houston, TX | — | 3,717 | 19,237 | (784 | ) | 3,717 | 18,453 | 22,170 | 4,022 | 2011 | (i) | ||||||||||||||||||
4800 West Greens Road | Houston, TX | — | 3,350 | — | 17,763 | 3,312 | 17,801 | 21,113 | 1,166 | 2014 | (i) | |||||||||||||||||||
611 East Sam Houston Parkway S | Pasadena, TX | — | 1,970 | 7,431 | 439 | 2,011 | 7,829 | 9,840 | 210 | 2015 | (i) | |||||||||||||||||||
619 East Sam Houston Parkway S | Pasadena, TX | — | 2,879 | 11,713 | 138 | 2,872 | 11,858 | 14,730 | 349 | 2015 | (i) | |||||||||||||||||||
Indianapolis | ||||||||||||||||||||||||||||||
2900 North Shadeland Avenue | Indianapolis, IN | — | 2,057 | 13,565 | 6,118 | 2,057 | 19,683 | 21,740 | 8,743 | 1996 | (i) | |||||||||||||||||||
1445 Brookville Way | Indianapolis, IN | — | 459 | 2,603 | 1,350 | 476 | 3,936 | 4,412 | 1,709 | 1996 | (i) | |||||||||||||||||||
1440 Brookville Way | Indianapolis, IN | 3,035 | 665 | 3,770 | 968 | 685 | 4,718 | 5,403 | 2,306 | 1996 | (i) | |||||||||||||||||||
1240 Brookville Way | Indianapolis, IN | — | 247 | 1,402 | 360 | 258 | 1,751 | 2,009 | 870 | 1996 | (i) | |||||||||||||||||||
1345 Brookville Way | Indianapolis, IN | — | 586 | 3,321 | 1,512 | 601 | 4,818 | 5,419 | 2,258 | 1996 | (i) | |||||||||||||||||||
1350 Brookville Way | Indianapolis, IN | — | 205 | 1,161 | 222 | 212 | 1,376 | 1,588 | 690 | 1996 | (i) | |||||||||||||||||||
1341 Sadlier Circle South | Indianapolis, IN | — | 131 | 743 | 229 | 136 | 967 | 1,103 | 470 | 1996 | (i) | |||||||||||||||||||
1322-1438 Sadlier Circle East | Indianapolis, IN | — | 145 | 822 | 341 | 152 | 1,156 | 1,308 | 557 | 1996 | (i) | |||||||||||||||||||
1327-1441 Sadlier Circle West | Indianapolis, IN | — | 218 | 1,234 | 876 | 225 | 2,103 | 2,328 | 852 | 1996 | (i) | |||||||||||||||||||
1402-1430 Sadlier Circle West | Indianapolis, IN | — | 165 | 934 | 397 | 171 | 1,325 | 1,496 | 623 | 1996 | (i) | |||||||||||||||||||
1504 Sadlier Circle South | Indianapolis, IN | — | 219 | 1,238 | 58 | 115 | 1,400 | 1,515 | 662 | 1996 | (i) | |||||||||||||||||||
1365-1367 Sadlier Way Circle East | Indianapolis, IN | — | 121 | 688 | 208 | 91 | 926 | 1,017 | 476 | 1996 | (i) | |||||||||||||||||||
1352-1354 Sadlier Circle West | Indianapolis, IN | — | 178 | 1,008 | 236 | 166 | 1,256 | 1,422 | 610 | 1996 | (i) | |||||||||||||||||||
1335 Sadlier Circle East | Indianapolis, IN | — | 81 | 460 | 206 | 85 | 662 | 747 | 340 | 1996 | (i) | |||||||||||||||||||
1425 Sadlier Circle West | Indianapolis, IN | — | 21 | 117 | 57 | 23 | 172 | 195 | 77 | 1996 | (i) | |||||||||||||||||||
6951 East 30th Street | Indianapolis, IN | 2,510 | 256 | 1,449 | 258 | 265 | 1,698 | 1,963 | 847 | 1996 | (i) |
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/16 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2016 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||
6701 East 30th Street | Indianapolis, IN | — | 78 | 443 | 91 | 82 | 530 | 612 | 269 | 1996 | (i) | |||||||||||||||||||
6737 East 30th Street | Indianapolis, IN | 2,029 | 385 | 2,181 | 641 | 398 | 2,809 | 3,207 | 1,249 | 1996 | (i) | |||||||||||||||||||
6555 East 30th Street | Indianapolis, IN | — | 484 | 4,760 | 2,248 | 484 | 7,008 | 7,492 | 3,094 | 1996 | (i) | |||||||||||||||||||
7901 West 21st Street | Indianapolis, IN | — | 1,048 | 6,027 | 340 | 1,048 | 6,367 | 7,415 | 2,989 | 1997 | (i) | |||||||||||||||||||
1225 Brookville Way | Indianapolis, IN | — | 60 | — | 420 | 68 | 412 | 480 | 195 | 1997 | (i) | |||||||||||||||||||
6751 East 30th Street | Indianapolis, IN | — | 728 | 2,837 | 401 | 741 | 3,225 | 3,966 | 1,497 | 1997 | (i) | |||||||||||||||||||
6575 East 30th Street | Indianapolis, IN | 1,337 | 118 | — | 1,994 | 128 | 1,984 | 2,112 | 875 | 1998 | (i) | |||||||||||||||||||
6585 East 30th Street | Indianapolis, IN | 2,172 | 196 | — | 3,236 | 196 | 3,236 | 3,432 | 1,454 | 1998 | (i) | |||||||||||||||||||
1133 Northwest L Street | Richmond, IN | — | 201 | 1,358 | (128 | ) | 208 | 1,223 | 1,431 | 788 | 2006 | (i) | ||||||||||||||||||
14425 Bergen Blvd | Noblesville, IN | — | 647 | — | 3,693 | 743 | 3,597 | 4,340 | 917 | 2007 | (i) | |||||||||||||||||||
6635 East 30th Street | Indianapolis, IN | — | 466 | 3,093 | — | 466 | 3,093 | 3,559 | 16 | 2016 | ||||||||||||||||||||
Miami | ||||||||||||||||||||||||||||||
4700 NW 15th Avenue | Ft. Lauderdale, FL | — | 908 | 1,883 | 21 | 912 | 1,900 | 2,812 | 687 | 2007 | (i) | |||||||||||||||||||
4710 NW 15th Avenue | Ft. Lauderdale, FL | — | 830 | 2,722 | 73 | 834 | 2,791 | 3,625 | 773 | 2007 | (i) | |||||||||||||||||||
4720 NW 15th Avenue | Ft. Lauderdale, FL | — | 937 | 2,455 | 340 | 942 | 2,790 | 3,732 | 929 | 2007 | (i) | |||||||||||||||||||
4740 NW 15th Avenue | Ft. Lauderdale, FL | — | 1,107 | 3,111 | 16 | 1,112 | 3,122 | 4,234 | 869 | 2007 | (i) | |||||||||||||||||||
4750 NW 15th Avenue | Ft. Lauderdale, FL | — | 947 | 3,079 | 353 | 951 | 3,428 | 4,379 | 900 | 2007 | (i) | |||||||||||||||||||
4800 NW 15th Avenue | Ft. Lauderdale, FL | — | 1,092 | 3,308 | 179 | 1,097 | 3,482 | 4,579 | 1,006 | 2007 | (i) | |||||||||||||||||||
6891 NW 74th Street | Medley, FL | — | 857 | 3,428 | 4,288 | 864 | 7,709 | 8,573 | 2,427 | 2007 | (i) | |||||||||||||||||||
12601 &12605 NW 115th Avenue | Medley, FL | — | 2,316 | — | 434 | 762 | 1,988 | 2,750 | 369 | 2008 | (i) | |||||||||||||||||||
1351 NW 78th Avenue | Doral, FL | — | 3,111 | 4,634 | 13 | 3,111 | 4,647 | 7,758 | 51 | 2016 | (i) | |||||||||||||||||||
Milwaukee | ||||||||||||||||||||||||||||||
5355 South Westridge Drive | New Berlin, WI | 4,328 | 1,630 | 7,058 | (105 | ) | 1,646 | 6,937 | 8,583 | 1,967 | 2004 | (i) | ||||||||||||||||||
17005 West Ryerson Road | New Berlin, WI | 2,454 | 403 | 3,647 | 317 | 405 | 3,962 | 4,367 | 1,958 | 2005 | (i) | |||||||||||||||||||
W140 N9059 Lilly Road | Menomonee Falls, WI | — | 343 | 1,153 | 106 | 366 | 1,236 | 1,602 | 507 | 2005 | (i) | |||||||||||||||||||
1500 Peebles Drive | Richland Center, WI | — | 1,577 | 1,018 | (441 | ) | 1,528 | 626 | 2,154 | 563 | 2005 | (i) | ||||||||||||||||||
16600 West Glendale Avenue | New Berlin, WI | 1,782 | 704 | 1,923 | 932 | 715 | 2,844 | 3,559 | 1,911 | 2006 | (i) | |||||||||||||||||||
N58W15380 Shawn Circle | Menomonee Falls, WI | — | 1,188 | — | 16,931 | 1,204 | 16,915 | 18,119 | 4,098 | 2008 | (i) | |||||||||||||||||||
Minneapolis/St. Paul | ||||||||||||||||||||||||||||||
6201 West 111th Street | Bloomington, MN | 2,537 | 1,358 | 8,622 | 13,466 | 1,519 | 21,927 | 23,446 | 12,616 | 1994 | (i) | |||||||||||||||||||
7101 Winnetka Avenue South | Brooklyn Park, MN | — | 2,195 | 6,084 | 4,322 | 2,228 | 10,373 | 12,601 | 7,693 | 1994 | (i) | |||||||||||||||||||
9901 West 74th Street | Eden Prairie, MN | — | 621 | 3,289 | 3,603 | 639 | 6,874 | 7,513 | 5,736 | 1994 | (i) | |||||||||||||||||||
1030 Lone Oak Road | Eagan, MN | 1,966 | 456 | 2,703 | 767 | 456 | 3,470 | 3,926 | 1,797 | 1994 | (i) |
1060 Lone Oak Road | Eagan, MN | 2,490 | 624 | 3,700 | 645 | 624 | 4,345 | 4,969 | 2,292 | 1994 | (i) | |||||||||||||||||||
5400 Nathan Lane | Plymouth, MN | — | 749 | 4,461 | 835 | 757 | 5,288 | 6,045 | 2,822 | 1994 | (i) | |||||||||||||||||||
6655 Wedgewood Road | Maple Grove, MN | — | 1,466 | 8,342 | 5,615 | 1,466 | 13,957 | 15,423 | 6,432 | 1994 | (i) | |||||||||||||||||||
10120 West 76th Street | Eden Prairie, MN | — | 315 | 1,804 | 917 | 315 | 2,721 | 3,036 | 1,375 | 1995 | (i) | |||||||||||||||||||
12155 Nicollet Avenue | Burnsville, MN | — | 286 | — | 1,957 | 288 | 1,955 | 2,243 | 924 | 1995 | (i) | |||||||||||||||||||
4100 Peavey Road | Chaska, MN | — | 277 | 2,261 | 832 | 277 | 3,093 | 3,370 | 1,477 | 1996 | (i) | |||||||||||||||||||
7100-7198 Shady Oak Road | Eden Prairie, MN | — | 715 | 4,054 | 2,177 | 736 | 6,210 | 6,946 | 2,799 | 1996 | (i) | |||||||||||||||||||
5240-5300 Valley Industrial Blvd | Shakopee, MN | 2,057 | 362 | 2,049 | 1,249 | 371 | 3,289 | 3,660 | 1,459 | 1996 | (i) | |||||||||||||||||||
5775 12th Avenue | Shakopee, MN | 3,084 | 590 | — | 4,900 | 590 | 4,900 | 5,490 | 1,736 | 1998 | (i) | |||||||||||||||||||
1157 Valley Park Drive | Shakopee, MN | 4,055 | 760 | — | 7,281 | 888 | 7,153 | 8,041 | 2,797 | 1999 | (i) | |||||||||||||||||||
9600 West 76th Street | Eden Prairie, MN | 2,061 | 1,000 | 2,450 | 181 | 1,034 | 2,597 | 3,631 | 776 | 2004 | (i) | |||||||||||||||||||
9700 West 76th Street | Eden Prairie, MN | 2,768 | 1,000 | 2,709 | 553 | 1,038 | 3,224 | 4,262 | 1,029 | 2004 | (i) | |||||||||||||||||||
7600 69th Avenue | Greenfield, MN | — | 1,500 | 8,328 | (468 | ) | 1,510 | 7,850 | 9,360 | 1,976 | 2004 | (i) | ||||||||||||||||||
5017 Boone Avenue North | New Hope, MN | — | 1,000 | 1,599 | 547 | 1,009 | 2,137 | 3,146 | 1,058 | 2005 | (i) | |||||||||||||||||||
2300 West Highway 13 | Burnsville, MN | — | 2,517 | 6,069 | (1,651 | ) | 1,296 | 5,639 | 6,935 | 4,175 | 2005 | (i) | ||||||||||||||||||
1087 Park Place | Shakopee, MN | 3,281 | 1,195 | 4,891 | (246 | ) | 1,198 | 4,642 | 5,840 | 1,365 | 2005 | (i) | ||||||||||||||||||
5391 12th Avenue SE | Shakopee, MN | — | 1,392 | 8,149 | (259 | ) | 1,395 | 7,887 | 9,282 | 2,278 | 2005 | (i) | ||||||||||||||||||
4701 Valley Industrial Blvd S | Shakopee, MN | 4,652 | 1,296 | 7,157 | (172 | ) | 1,299 | 6,982 | 8,281 | 3,068 | 2005 | (i) | ||||||||||||||||||
6455 City West Parkway | Eden Prairie, MN | — | 659 | 3,189 | 1,068 | 665 | 4,251 | 4,916 | 1,524 | 2006 | (i) | |||||||||||||||||||
7035 Winnetka Avenue North | Brooklyn Park, MN | 4,329 | 1,275 | — | 7,309 | 1,343 | 7,241 | 8,584 | 1,729 | 2007 | (i) | |||||||||||||||||||
139 Eva Street | St. Paul, MN | — | 2,132 | 3,105 | (286 | ) | 2,175 | 2,776 | 4,951 | 737 | 2008 | (i) | ||||||||||||||||||
21900 Dodd Boulevard | Lakeville, MN | 9,255 | 2,289 | 7,952 | — | 2,289 | 7,952 | 10,241 | 2,377 | 2010 | (i) | |||||||||||||||||||
375 Rivertown Drive | Woodbury, MN | 7,343 | 2,635 | 8,157 | 1,161 | 2,635 | 9,318 | 11,953 | 1,245 | 2014 | (i) | |||||||||||||||||||
935 Aldrin Drive | Eagan, MN | 5,403 | 2,096 | 7,884 | 134 | 2,096 | 8,018 | 10,114 | 793 | 2014 | (i) | |||||||||||||||||||
7050 Winnetka Avenue North | Brooklyn Park, MN | 4,580 | 1,623 | — | 7,520 | 1,634 | 7,509 | 9,143 | 390 | 2014 | (i) | |||||||||||||||||||
7051 West Broadway | Brooklyn Park, MN | 3,558 | 1,275 | — | 5,828 | 1,279 | 5,824 | 7,103 | 301 | 2014 | (i) | |||||||||||||||||||
Nashville | ||||||||||||||||||||||||||||||
1931 Air Lane Drive | Nashville, TN | 1,801 | 489 | 2,785 | 322 | 493 | 3,103 | 3,596 | 1,457 | 1997 | (i) | |||||||||||||||||||
4640 Cummings Park | Nashville, TN | — | 360 | 2,040 | 583 | 365 | 2,618 | 2,983 | 1,038 | 1999 | (i) | |||||||||||||||||||
1740 River Hills Drive | Nashville, TN | 2,726 | 848 | 4,383 | 685 | 888 | 5,028 | 5,916 | 2,386 | 2005 | (i) | |||||||||||||||||||
211 Ellery Court | Nashville, TN | 1,948 | 606 | 3,192 | 90 | 616 | 3,272 | 3,888 | 1,129 | 2007 | (i) | |||||||||||||||||||
130 Maddox Road | Mount Juliet, TN | 16,236 | 1,778 | — | 23,882 | 1,778 | 23,882 | 25,660 | 4,693 | 2008 | (i) | |||||||||||||||||||
New Jersey | ||||||||||||||||||||||||||||||
14 World's Fair Drive | Franklin, NJ | — | 483 | 2,735 | 752 | 503 | 3,467 | 3,970 | 1,638 | 1997 | (i) | |||||||||||||||||||
12 World's Fair Drive | Franklin, NJ | — | 572 | 3,240 | 1,110 | 593 | 4,329 | 4,922 | 2,134 | 1997 | (i) | |||||||||||||||||||
22 World's Fair Drive | Franklin, NJ | — | 364 | 2,064 | 545 | 375 | 2,598 | 2,973 | 1,125 | 1997 | (i) | |||||||||||||||||||
26 World's Fair Drive | Franklin, NJ | — | 361 | 2,048 | 665 | 377 | 2,697 | 3,074 | 1,161 | 1997 | (i) | |||||||||||||||||||
24 World's Fair Drive | Franklin, NJ | — | 347 | 1,968 | 586 | 362 | 2,539 | 2,901 | 1,147 | 1997 | (i) | |||||||||||||||||||
2060 Springdale Road | Cherry Hill, NJ | — | 258 | 1,436 | 602 | 258 | 2,038 | 2,296 | 886 | 1998 | (i) | |||||||||||||||||||
20 World's Fair Drive Lot 13 | Somerset, NJ | — | 9 | — | 2,559 | 691 | 1,877 | 2,568 | 734 | 1999 | (i) | |||||||||||||||||||
45 Route 46 | Pine Brook, NJ | — | 969 | 5,491 | 1,005 | 978 | 6,487 | 7,465 | 2,623 | 2000 | (i) | |||||||||||||||||||
43 Route 46 | Pine Brook, NJ | — | 474 | 2,686 | 432 | 479 | 3,113 | 3,592 | 1,226 | 2000 | (i) | |||||||||||||||||||
39 Route 46 | Pine Brook, NJ | — | 260 | 1,471 | 293 | 262 | 1,762 | 2,024 | 700 | 2000 | (i) |
26 Chapin Road | Pine Brook, NJ | — | 956 | 5,415 | 653 | 965 | 6,059 | 7,024 | 2,531 | 2000 | (i) | |||||||||||||||||||
30 Chapin Road | Pine Brook, NJ | — | 960 | 5,440 | 477 | 970 | 5,907 | 6,877 | 2,385 | 2000 | (i) | |||||||||||||||||||
20 Hook Mountain Road | Pine Brook, NJ | — | 1,507 | 8,542 | 3,214 | 1,534 | 11,729 | 13,263 | 5,524 | 2000 | (i) | |||||||||||||||||||
30 Hook Mountain Road | Pine Brook, NJ | — | 389 | 2,206 | 526 | 396 | 2,725 | 3,121 | 1,152 | 2000 | (i) | |||||||||||||||||||
16 Chapin Road | Pine Brook, NJ | — | 885 | 5,015 | 623 | 901 | 5,622 | 6,523 | 2,175 | 2000 | (i) | |||||||||||||||||||
20 Chapin Road | Pine Brook, NJ | — | 1,134 | 6,426 | 606 | 1,154 | 7,012 | 8,166 | 2,778 | 2000 | (i) | |||||||||||||||||||
2500 Main Street | Sayreville, NJ | — | 944 | — | 4,576 | 944 | 4,576 | 5,520 | 1,597 | 2002 | (i) | |||||||||||||||||||
2400 Main Street | Sayreville, NJ | — | 996 | — | 5,539 | 996 | 5,539 | 6,535 | 1,789 | 2003 | (i) | |||||||||||||||||||
7851 Airport Highway | Pennsauken, NJ | — | 160 | 508 | 328 | 162 | 834 | 996 | 369 | 2003 | (i) | |||||||||||||||||||
103 Central Avenue | Mt. Laurel, NJ | — | 610 | 1,847 | 1,617 | 619 | 3,455 | 4,074 | 1,444 | 2003 | (i) | |||||||||||||||||||
309-313 Pierce Street | Somerset, NJ | 2,868 | 1,300 | 4,628 | 296 | 1,309 | 4,915 | 6,224 | 1,656 | 2004 | (i) | |||||||||||||||||||
7890 Airport Hwy/7015 Central | Pennsauken, NJ | — | 300 | 989 | 495 | 425 | 1,359 | 1,784 | 1,013 | 2006 | (i) | |||||||||||||||||||
400 Cedar Lane | Florence Township, NJ | — | 9,730 | — | 21,394 | 9,730 | 21,394 | 31,124 | — | 2016 | (i) | |||||||||||||||||||
Orlando | ||||||||||||||||||||||||||||||
6301 Hazeltine National Drive | Orlando, FL | — | 909 | 4,613 | 113 | 920 | 4,715 | 5,635 | 1,432 | 2005 | (i) | |||||||||||||||||||
8751 Skinner Court | Orlando, FL | 4,784 | 1,691 | 7,249 | 1 | 1,692 | 7,249 | 8,941 | 242 | 2016 | (i) | |||||||||||||||||||
4473 Shader Road | Orlando, FL | — | 2,094 | 10,444 | 49 | 2,094 | 10,493 | 12,587 | 250 | 2016 | (i) | |||||||||||||||||||
Phoenix | ||||||||||||||||||||||||||||||
1045 South Edward Drive | Tempe, AZ | — | 390 | 2,160 | 363 | 396 | 2,517 | 2,913 | 1,061 | 1999 | (i) | |||||||||||||||||||
50 South 56th Street | Chandler, AZ | 2,906 | 1,206 | 3,218 | 1,379 | 1,252 | 4,551 | 5,803 | 1,667 | 2004 | (i) | |||||||||||||||||||
4701 West Jefferson | Phoenix, AZ | 2,390 | 926 | 2,195 | 243 | 929 | 2,435 | 3,364 | 1,492 | 2005 | (i) | |||||||||||||||||||
7102 West Roosevelt | Phoenix, AZ | 4,779 | 1,613 | 6,451 | 444 | 1,620 | 6,888 | 8,508 | 2,770 | 2006 | (i) | |||||||||||||||||||
4137 West Adams Street | Phoenix, AZ | 1,949 | 990 | 2,661 | 239 | 1,038 | 2,852 | 3,890 | 1,092 | 2006 | (i) | |||||||||||||||||||
245 West Lodge | Tempe, AZ | — | 898 | 3,066 | (2,252 | ) | 362 | 1,350 | 1,712 | 465 | 2007 | (i) | ||||||||||||||||||
1590 East Riverview Dr. | Phoenix, AZ | 4,632 | 1,293 | 5,950 | 77 | 1,292 | 6,028 | 7,320 | 1,474 | 2008 | (i) | |||||||||||||||||||
14131 N. Rio Vista Blvd | Peoria, AZ | — | 2,563 | 9,388 | 165 | 2,563 | 9,553 | 12,116 | 2,465 | 2008 | (i) | |||||||||||||||||||
8716 W. Ludlow Drive | Peoria, AZ | — | 2,709 | 10,970 | 770 | 2,709 | 11,740 | 14,449 | 3,020 | 2008 | (i) | |||||||||||||||||||
3815 W. Washington Street | Phoenix, AZ | 3,294 | 1,675 | 4,514 | 149 | 1,719 | 4,619 | 6,338 | 1,251 | 2008 | (i) | |||||||||||||||||||
9180 W. Buckeye Road | Tolleson, AZ | 6,907 | 1,904 | 6,805 | 2,428 | 1,923 | 9,214 | 11,137 | 2,197 | 2008 | (i) | |||||||||||||||||||
8644 West Ludlow Drive | Peoria, AZ | — | 1,726 | 7,216 | — | 1,726 | 7,216 | 8,942 | 557 | 2014 | (i) | |||||||||||||||||||
8606 West Ludlow Drive | Peoria, AZ | — | 956 | 2,668 | 123 | 956 | 2,791 | 3,747 | 221 | 2014 | (i) | |||||||||||||||||||
8679 West Ludlow Drive | Peoria, AZ | — | 672 | 2,791 | — | 672 | 2,791 | 3,463 | 220 | 2014 | (i) | |||||||||||||||||||
94th Avenue & Buckeye Road | Tolleson, AZ | — | 4,315 | — | 15,698 | 4,315 | 15,698 | 20,013 | 420 | 2015 | (i) | |||||||||||||||||||
Salt Lake City | ||||||||||||||||||||||||||||||
1270 West 2320 South | West Valley, UT | — | 138 | 784 | 193 | 143 | 972 | 1,115 | 424 | 1998 | (i) | |||||||||||||||||||
1275 West 2240 South | West Valley, UT | — | 395 | 2,241 | 352 | 408 | 2,580 | 2,988 | 1,172 | 1998 | (i) | |||||||||||||||||||
1288 West 2240 South | West Valley, UT | — | 119 | 672 | 138 | 123 | 806 | 929 | 373 | 1998 | (i) | |||||||||||||||||||
2235 South 1300 West | West Valley, UT | — | 198 | 1,120 | 249 | 204 | 1,363 | 1,567 | 589 | 1998 | (i) | |||||||||||||||||||
1293 West 2200 South | West Valley, UT | — | 158 | 896 | 224 | 163 | 1,115 | 1,278 | 491 | 1998 | (i) | |||||||||||||||||||
1279 West 2200 South | West Valley, UT | — | 198 | 1,120 | 172 | 204 | 1,286 | 1,490 | 601 | 1998 | (i) | |||||||||||||||||||
1272 West 2240 South | West Valley, UT | — | 336 | 1,905 | 428 | 347 | 2,322 | 2,669 | 1,006 | 1998 | (i) | |||||||||||||||||||
1149 West 2240 South | West Valley, UT | — | 217 | 1,232 | 284 | 225 | 1,508 | 1,733 | 716 | 1998 | (i) | |||||||||||||||||||
1142 West 2320 South | West Valley, UT | — | 217 | 1,232 | 372 | 225 | 1,596 | 1,821 | 695 | 1998 | (i) |
2323 South 900 W | Salt Lake City, UT | — | 886 | 2,995 | (84 | ) | 898 | 2,899 | 3,797 | 1,665 | 2006 | (i) | ||||||||||||||||||
1815-1957 South 4650 West | Salt Lake City, UT | 6,460 | 1,707 | 10,873 | 46 | 1,713 | 10,913 | 12,626 | 3,268 | 2006 | (i) | |||||||||||||||||||
2100 Alexander Street | West Valley, UT | — | 376 | 1,670 | 390 | 376 | 2,060 | 2,436 | 732 | 2007 | (i) | |||||||||||||||||||
2064 Alexander Street | West Valley, UT | — | 864 | 2,771 | (33 | ) | 869 | 2,733 | 3,602 | 899 | 2007 | (i) | ||||||||||||||||||
Seattle | ||||||||||||||||||||||||||||||
1901 Raymond Ave SW | Renton, WA | 520 | 4,458 | 2,659 | 480 | 4,594 | 3,003 | 7,597 | 815 | 2008 | (i) | |||||||||||||||||||
19014 64th Avenue South | Kent, WA | 2,968 | 1,990 | 3,979 | 471 | 2,042 | 4,398 | 6,440 | 1,484 | 2008 | (i) | |||||||||||||||||||
18640 68th Avenue South | Kent, WA | 208 | 1,218 | 1,950 | 310 | 1,258 | 2,220 | 3,478 | 772 | 2008 | (i) | |||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||
1944 Vista Bella Way | Rancho Dominguez, CA | 3,010 | 1,746 | 3,148 | 465 | 1,822 | 3,537 | 5,359 | 1,579 | 2005 | (i) | |||||||||||||||||||
2000 Vista Bella Way | Rancho Dominguez, CA | 1,282 | 817 | 1,673 | 292 | 853 | 1,929 | 2,782 | 904 | 2005 | (i) | |||||||||||||||||||
2835 East Ana Street | Rancho Dominguez, CA | 2,425 | 1,682 | 2,750 | 409 | 1,772 | 3,069 | 4,841 | 1,318 | 2005 | (i) | |||||||||||||||||||
16275 Technology Drive | San Diego, CA | — | 2,848 | 8,641 | (40 | ) | 2,859 | 8,590 | 11,449 | 2,724 | 2005 | (i) | ||||||||||||||||||
665 N. Baldwin Park Blvd. | City of Industry, CA | 4,127 | 2,124 | 5,219 | 1,614 | 2,143 | 6,814 | 8,957 | 3,143 | 2006 | (i) | |||||||||||||||||||
27801 Avenue Scott | Santa Clarita, CA | 6,010 | 2,890 | 7,020 | 788 | 2,902 | 7,796 | 10,698 | 2,963 | 2006 | (i) | |||||||||||||||||||
2610 & 2660 Columbia Street | Torrance, CA | 4,331 | 3,008 | 5,826 | 565 | 3,031 | 6,368 | 9,399 | 2,167 | 2006 | (i) | |||||||||||||||||||
433 Alaska Avenue | Torrance, CA | — | 681 | 168 | 3 | 684 | 168 | 852 | 107 | 2006 | (i) | |||||||||||||||||||
4020 S. Compton Avenue | Los Angeles, CA | — | 3,800 | 7,330 | (473 | ) | 3,825 | 6,832 | 10,657 | 1,840 | 2006 | (i) | ||||||||||||||||||
6305 El Camino Real | Carlsbad, CA | — | 1,590 | 6,360 | 7,730 | 1,590 | 14,090 | 15,680 | 4,329 | 2006 | (i) | |||||||||||||||||||
2325 Camino Vida Roble | Carlsbad, CA | 1,890 | 1,441 | 1,239 | 650 | 1,446 | 1,884 | 3,330 | 614 | 2006 | (i) | |||||||||||||||||||
2335 Camino Vida Roble | Carlsbad, CA | 965 | 817 | 762 | 121 | 821 | 879 | 1,700 | 356 | 2006 | (i) | |||||||||||||||||||
2345 Camino Vida Roble | Carlsbad, CA | 631 | 562 | 456 | 94 | 565 | 547 | 1,112 | 185 | 2006 | (i) | |||||||||||||||||||
2355 Camino Vida Roble | Carlsbad, CA | 616 | 481 | 365 | 239 | 483 | 602 | 1,085 | 273 | 2006 | (i) | |||||||||||||||||||
2365 Camino Vida Roble | Carlsbad, CA | 1,171 | 1,098 | 630 | 336 | 1,102 | 962 | 2,064 | 450 | 2006 | (i) | |||||||||||||||||||
2375 Camino Vida Roble | Carlsbad, CA | 1,283 | 1,210 | 874 | 113 | 1,214 | 983 | 2,197 | 402 | 2006 | (i) | |||||||||||||||||||
6451 El Camino Real | Carlsbad, CA | — | 2,885 | 1,931 | 766 | 2,895 | 2,687 | 5,582 | 913 | 2006 | (i) | |||||||||||||||||||
13100 Gregg Street | Poway, CA | 2,977 | 1,040 | 4,160 | 744 | 1,073 | 4,871 | 5,944 | 1,840 | 2007 | (i) | |||||||||||||||||||
21730-21748 Marilla Street | Chatsworth, CA | 2,738 | 2,585 | 3,210 | 146 | 2,608 | 3,333 | 5,941 | 1,210 | 2007 | (i) | |||||||||||||||||||
8015 Paramount | Pico Rivera, CA | — | 3,616 | 3,902 | 61 | 3,657 | 3,922 | 7,579 | 1,755 | 2007 | (i) | |||||||||||||||||||
3365 E. Slauson | Vernon, CA | — | 2,367 | 3,243 | 40 | 2,396 | 3,254 | 5,650 | 1,534 | 2007 | (i) | |||||||||||||||||||
3015 East Ana | Rancho Dominguez, CA | — | 19,678 | 9,321 | 6,305 | 20,144 | 15,160 | 35,304 | 4,504 | 2007 | (i) | |||||||||||||||||||
1250 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,435 | 779 | 46 | 1,441 | 819 | 2,260 | 289 | 2007 | (i) | |||||||||||||||||||
1260 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,353 | 722 | (724 | ) | 675 | 676 | 1,351 | 199 | 2007 | (i) | ||||||||||||||||||
1270 Rancho Conejo Blvd. | Thousand Oaks, CA | — | 1,224 | 716 | (107 | ) | 1,229 | 604 | 1,833 | 253 | 2007 | (i) | ||||||||||||||||||
1280 Rancho Conejo Blvd. | Thousand Oaks, CA | 2,396 | 2,043 | 3,408 | (252 | ) | 2,051 | 3,148 | 5,199 | 723 | 2007 | (i) | ||||||||||||||||||
1290 Rancho Conejo Blvd. | Thousand Oaks, CA | 2,015 | 1,754 | 2,949 | (332 | ) | 1,761 | 2,610 | 4,371 | 610 | 2007 | (i) | ||||||||||||||||||
100 West Sinclair Street | Perris, CA | — | 4,894 | 3,481 | (5,233 | ) | 1,819 | 1,323 | 3,142 | 630 | 2007 | (i) | ||||||||||||||||||
14050 Day Street | Moreno Valley, CA | 3,395 | 2,538 | 2,538 | 291 | 2,565 | 2,801 | 5,366 | 1,002 | 2008 | (i) | |||||||||||||||||||
12925 Marlay Avenue | Fontana, CA | 8,984 | 6,072 | 7,891 | 235 | 6,090 | 8,108 | 14,198 | 3,482 | 2008 | (i) | |||||||||||||||||||
18201-18291 Santa Fe | Rancho Dominguez, CA | 9,949 | 6,720 | — | 9,004 | 6,897 | 8,827 | 15,724 | 2,148 | 2008 | (i) | |||||||||||||||||||
1011 Rancho Conejo | Thousand Oaks, CA | 4,638 | 7,717 | 2,518 | (168 | ) | 7,752 | 2,314 | 10,066 | 866 | 2008 | (i) | ||||||||||||||||||
20700 Denker Avenue | Torrance, CA | 5,445 | 5,767 | 2,538 | 1,289 | 5,964 | 3,631 | 9,595 | 1,902 | 2008 | (i) | |||||||||||||||||||
18408 Laurel Park Road | Rancho Dominguez, CA | — | 2,850 | 2,850 | 659 | 2,874 | 3,485 | 6,359 | 1,115 | 2008 | (i) |
19021 S. Reyes Avenue | Rancho Dominguez, CA | — | 8,183 | 7,501 | 233 | 8,545 | 7,372 | 15,917 | 1,399 | 2008 | (i) | |||||||||||||||||||
24870 Nandina Avenue | Moreno Valley, CA | — | 13,543 | — | 21,146 | 6,482 | 28,207 | 34,689 | 3,196 | 2012 | (i) | |||||||||||||||||||
6185 Kimball Avenue | Chino, CA | — | 6,385 | — | 12,343 | 6,382 | 12,346 | 18,728 | 1,792 | 2013 | (i) | |||||||||||||||||||
5553 Bandini Blvd. | Bell, CA | — | 32,536 | — | 21,620 | 32,540 | 21,616 | 54,156 | 1,764 | 2013 | (i) | |||||||||||||||||||
16875 Heacock Street | Moreno Valley, CA | — | — | 6,831 | 72 | — | 6,903 | 6,903 | 1,006 | 2014 | (i) | |||||||||||||||||||
4710 Guasti Road | Ontario, CA | 5,662 | 2,846 | 6,564 | 212 | 2,846 | 6,776 | 9,622 | 494 | 2014 | (i) | |||||||||||||||||||
17100 Perris Blvd | Moreno Valley, CA | — | 6,388 | — | 25,843 | 6,395 | 25,836 | 32,231 | 1,697 | 2014 | (i) | |||||||||||||||||||
13414 S. Figueroa | Los Angeles, CA | 4,148 | 1,701 | — | 6,580 | 1,887 | 6,394 | 8,281 | 408 | 2014 | (i) | |||||||||||||||||||
3841 Ocean Ranch Boulevard | Oceanside, CA | — | 4,400 | — | 8,034 | 4,400 | 8,034 | 12,434 | 349 | 2015 | (i) | |||||||||||||||||||
3831 Ocean Ranch Boulevard | Oceanside, CA | — | 2,693 | — | 4,584 | 2,694 | 4,583 | 7,277 | 193 | 2015 | (i) | |||||||||||||||||||
3821 Ocean Ranch Boulevard | Oceanside, CA | — | 2,792 | — | 4,470 | 2,792 | 4,470 | 7,262 | 147 | 2015 | (i) | |||||||||||||||||||
145 West 134th Street | Los Angeles, CA | — | 2,901 | 2,285 | 173 | 2,901 | 2,458 | 5,359 | 162 | 2015 | (i) | |||||||||||||||||||
6150 Sycamore Canyon Blvd. | Riverside, CA | — | 3,182 | 10,643 | — | 3,182 | 10,643 | 13,825 | 556 | 2015 | (i) | |||||||||||||||||||
17825 Indian Street | Moreno Valley, CA | — | 5,034 | 22,095 | — | 5,034 | 22,095 | 27,129 | 1,029 | 2015 | (i) | |||||||||||||||||||
24901 San Michele Road | Moreno Valley, CA | — | 1,274 | — | 11,482 | 1,274 | 11,482 | 12,756 | 184 | 2016 | (i) | |||||||||||||||||||
1445 Engineer Street | Vista, CA | — | 6,816 | 4,417 | 1 | 6,816 | 4,418 | 11,234 | 129 | 2016 | (i) | |||||||||||||||||||
19067 Reyes Ave | Rancho Dominguez, CA | — | 9,281 | 3,920 | 3,542 | 9,381 | 7,362 | 16,743 | 34 | 2016 | (i) | |||||||||||||||||||
St. Louis | ||||||||||||||||||||||||||||||
1067-1083 Warson-Bldg A | St. Louis, MO | 1,429 | 246 | 1,359 | 939 | 251 | 2,293 | 2,544 | 710 | 2002 | (i) | |||||||||||||||||||
1093-1107 Warson-Bldg B | St. Louis, MO | 2,461 | 380 | 2,103 | 1,898 | 388 | 3,993 | 4,381 | 1,304 | 2002 | (i) | |||||||||||||||||||
1113-1129 Warson-Bldg C | St. Louis, MO | 1,661 | 303 | 1,680 | 975 | 310 | 2,648 | 2,958 | 862 | 2002 | (i) | |||||||||||||||||||
1131-1151 Warson-Bldg D | St. Louis, MO | 1,990 | 353 | 1,952 | 1,237 | 360 | 3,182 | 3,542 | 954 | 2002 | (i) | |||||||||||||||||||
6821-6857 Hazelwood Avenue | Berkeley, MO | 4,640 | 985 | 6,205 | 1,069 | 985 | 7,274 | 8,259 | 2,558 | 2003 | (i) | |||||||||||||||||||
13701 Rider Trail North | Earth City, MO | — | 800 | 2,099 | 610 | 804 | 2,705 | 3,509 | 1,201 | 2003 | (i) | |||||||||||||||||||
1908-2000 Innerbelt | (d) | Overland, MO | 6,781 | 1,590 | 9,026 | 1,235 | 1,591 | 10,260 | 11,851 | 4,432 | 2004 | (i) | ||||||||||||||||||
21-25 Gateway Commerce Center | Edwardsville, IL | — | 1,874 | 31,958 | (38 | ) | 1,902 | 31,892 | 33,794 | 9,064 | 2006 | (i) | ||||||||||||||||||
6647 Romiss Court | St. Louis, MO | — | 230 | 681 | (8 | ) | 241 | 662 | 903 | 318 | 2008 | (i) | ||||||||||||||||||
Tampa | ||||||||||||||||||||||||||||||
5525 Johns Road | Tampa, FL | — | 192 | 1,086 | 280 | 200 | 1,358 | 1,558 | 638 | 1997 | (i) | |||||||||||||||||||
5709 Johns Road | Tampa, FL | — | 192 | 1,086 | 196 | 200 | 1,274 | 1,474 | 600 | 1997 | (i) | |||||||||||||||||||
5711 Johns Road | Tampa, FL | — | 243 | 1,376 | 171 | 255 | 1,535 | 1,790 | 716 | 1997 | (i) | |||||||||||||||||||
5455 W Waters Avenue | Tampa, FL | — | 307 | 1,742 | 769 | 326 | 2,492 | 2,818 | 1,278 | 1997 | (i) | |||||||||||||||||||
5553 W Waters Avenue | Tampa, FL | — | 307 | 1,742 | 427 | 326 | 2,150 | 2,476 | 1,059 | 1997 | (i) | |||||||||||||||||||
5501 W Waters Avenue | Tampa, FL | — | 215 | 871 | 291 | 242 | 1,135 | 1,377 | 506 | 1997 | (i) | |||||||||||||||||||
5503 W Waters Avenue | Tampa, FL | — | 98 | 402 | 150 | 110 | 540 | 650 | 245 | 1997 | (i) | |||||||||||||||||||
5555 W Waters Avenue | Tampa, FL | — | 213 | 1,206 | 222 | 221 | 1,420 | 1,641 | 648 | 1997 | (i) | |||||||||||||||||||
5557 W Waters Avenue | Tampa, FL | — | 59 | 335 | 60 | 62 | 392 | 454 | 183 | 1997 | (i) | |||||||||||||||||||
5463 W Waters Avenue | Tampa, FL | — | 497 | 2,751 | 1,261 | 560 | 3,949 | 4,509 | 1,589 | 1998 | (i) | |||||||||||||||||||
5461 W Waters Avenue | Tampa, FL | — | 261 | — | 1,311 | 265 | 1,307 | 1,572 | 584 | 1998 | (i) | |||||||||||||||||||
5481 W Waters Avenue | Tampa, FL | — | 558 | — | 2,288 | 561 | 2,285 | 2,846 | 946 | 1999 | (i) | |||||||||||||||||||
4515-4519 George Road | Tampa, FL | — | 633 | 3,587 | 861 | 640 | 4,441 | 5,081 | 1,710 | 2001 | (i) | |||||||||||||||||||
6089 Johns Road | Tampa, FL | — | 180 | 987 | 134 | 186 | 1,115 | 1,301 | 402 | 2004 | (i) | |||||||||||||||||||
6091 Johns Road | Tampa, FL | — | 140 | 730 | 45 | 144 | 771 | 915 | 269 | 2004 | (i) |
(b) Initial Cost | (c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision | Gross Amount Carried At Close of Period 12/31/16 | Year Acquired/ Constructed | Depreciable Lives (Years) | ||||||||||||||||||||||||||||||||||
Building Address | Location (City/State) | (a) Encumbrances | Land | Buildings and Improvements | Land | Buildings and Improvements | Total | Accumulated Depreciation 12/31/2016 | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
6103 Johns Road | Tampa, FL | — | 220 | 1,160 | 38 | 226 | 1,192 | 1,418 | 434 | 2004 | (i) | |||||||||||||||||||||||||||
6201 Johns Road | Tampa, FL | — | 200 | 1,107 | 34 | 205 | 1,136 | 1,341 | 497 | 2004 | (i) | |||||||||||||||||||||||||||
6203 Johns Road | Tampa, FL | — | 300 | 1,460 | (287 | ) | 311 | 1,162 | 1,473 | 426 | 2004 | (i) | ||||||||||||||||||||||||||
6205 Johns Road | Tampa, FL | — | 270 | 1,363 | 36 | 278 | 1,391 | 1,669 | 385 | 2004 | (i) | |||||||||||||||||||||||||||
6101 Johns Road | Tampa, FL | — | 210 | 833 | 93 | 216 | 920 | 1,136 | 385 | 2004 | (i) | |||||||||||||||||||||||||||
4908 Tampa West Blvd | Tampa, FL | — | 2,622 | 8,643 | (820 | ) | 2,635 | 7,810 | 10,445 | 3,322 | 2005 | (i) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
12626 Silicon Drive | San Antonio, TX | — | 768 | 3,448 | (329 | ) | 779 | 3,108 | 3,887 | 1,149 | 2005 | (i) | ||||||||||||||||||||||||||
3100 Pinson Valley Parkway | Birmingham, AL | — | 303 | 742 | (304 | ) | 225 | 516 | 741 | 230 | 2005 | (i) | ||||||||||||||||||||||||||
3730 Wheeler Avenue | Fort Smith, AR | — | 720 | 2,800 | (589 | ) | 583 | 2,348 | 2,931 | 1,008 | 2006 | (i) | ||||||||||||||||||||||||||
3200 Pond Station | Jefferson County, KY | — | 2,074 | — | 9,681 | 2,120 | 9,635 | 11,755 | 2,340 | 2007 | (i) | |||||||||||||||||||||||||||
581 Welltown Road/Tyson Blvd | Winchester, VA | — | 2,320 | — | 10,972 | 2,401 | 10,891 | 13,292 | 2,589 | 2007 | (i) | |||||||||||||||||||||||||||
7501 NW 106th Terrace | Kansas City, MO | 11,285 | 4,152 | — | 13,684 | 4,228 | 13,608 | 17,836 | 2,793 | 2008 | (i) | |||||||||||||||||||||||||||
600 Greene Drive | Greenville, KY | — | 294 | 8,570 | (727 | ) | 296 | 7,841 | 8,137 | 5,270 | 2008 | (i) | ||||||||||||||||||||||||||
Developments in Process | ||||||||||||||||||||||||||||||||||||||
First Park 94 - Building II | Somers, WI | — | 2,133 | — | 19,846 | 2,134 | 19,845 | 21,979 | — | 2015 | (i) | |||||||||||||||||||||||||||
The Ranch By First Industrial | Eastvale, CA | — | 22,857 | — | 5,895 | 22,857 | 5,895 | 28,752 | — | 2016 | (i) | |||||||||||||||||||||||||||
First Park @ PV303 | Goodyear, AZ | — | 6,998 | — | 14,740 | 6,998 | 14,740 | 21,738 | — | 2016 | (i) | |||||||||||||||||||||||||||
First Sycamore 215 Logistics Center | Riverside, CA | — | 4,900 | — | 6,579 | 4,900 | 6,579 | 11,479 | — | 2016 | (i) | |||||||||||||||||||||||||||
Land Parcels | ||||||||||||||||||||||||||||||||||||||
Land Parcels | (h) | 2,067 | 159,066 | 3,227 | 27,207 | 154,345 | 35,155 | 189,500 | 3,146 | |||||||||||||||||||||||||||||
Total | $ | 498,861 | $ | 809,774 | $ | 1,569,543 | $ | 1,009,294 | $ | 795,311 | $ | 2,593,300 | $ | 3,388,611 | $ | 797,919 |
(a) | See description of encumbrances in Note 4 of the Notes to Consolidated Financial Statements. For purposes of this schedule the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance. |
(b) |
Depreciation is computed based upon the following estimated lives: |
Buildings and Improvements | 7 to 50 years |
Land Improvements | |
Tenant Improvements, Leasehold Improvements | Lease Term |
2016 | 2015 | 2014 | 2019 | 2018 | 2017 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Balance, Beginning of Year | $ | 3,297,649 | $ | 3,183,369 | $ | 3,119,547 | $ | 3,673,644 | $ | 3,495,745 | $ | 3,388,611 | ||||||||||
Acquisition of Real Estate Assets | 108,538 | 161,074 | 84,526 | 148,660 | 162,769 | 168,517 | ||||||||||||||||
Construction Costs and Improvements | 167,342 | 142,535 | 104,782 | 289,877 | 190,383 | 137,361 | ||||||||||||||||
Disposition of Real Estate Assets | (153,364 | ) | (162,636 | ) | (98,378 | ) | (258,639 | ) | (148,408 | ) | (170,928 | ) | ||||||||||
Impairment of Real Estate | — | (626 | ) | — | — | (2,756 | ) | — | ||||||||||||||
Write-off of Fully Depreciated and Other Assets | (31,554 | ) | (26,067 | ) | (27,108 | ) | (23,333 | ) | (24,089 | ) | (27,816 | ) | ||||||||||
Balance, End of Year Including Real Estate Held for Sale | $ | 3,388,611 | $ | 3,297,649 | $ | 3,183,369 | ||||||||||||||||
Real Estate Held for Sale (A) | (3,697 | ) | (3,681 | ) | — | |||||||||||||||||
Balance, End of Year Excluding Real Estate Held for Sale | $ | 3,384,914 | $ | 3,293,968 | $ | 3,183,369 | ||||||||||||||||
Balance, End of Year | $ | 3,830,209 | $ | 3,673,644 | $ | 3,495,745 |
2019 | 2018 | 2017 | |||||||||
(In thousands) | |||||||||||
Balance, Beginning of Year | $ | 811,784 | $ | 789,919 | $ | 797,919 | |||||
Depreciation for Year | 98,333 | 94,626 | 94,078 | ||||||||
Disposition of Real Estate Assets | (82,919 | ) | (49,144 | ) | (78,844 | ) | |||||
Write-off of Fully Depreciated and Other Assets | (22,418 | ) | (23,617 | ) | (23,234 | ) | |||||
Balance, End of Year | $ | 804,780 | $ | 811,784 | $ | 789,919 |
2016 | 2015 | 2014 | |||||||||
(In thousands) | |||||||||||
Balance, Beginning of Year | $ | 792,501 | $ | 786,978 | $ | 748,044 | |||||
Depreciation for Year | 95,514 | 92,955 | 93,457 | ||||||||
Disposition of Real Estate Assets | (62,634 | ) | (61,365 | ) | (27,415 | ) | |||||
Write-off of Fully Depreciated and Other Assets | (27,462 | ) | (26,067 | ) | (27,108 | ) | |||||
Balance, End of Year Including Real Estate Held for Sale | $ | 797,919 | $ | 792,501 | $ | 786,978 | |||||
Real Estate Held for Sale (B) | (1,427 | ) | (1,171 | ) | — | ||||||
Balance, End of Year Excluding Real Estate Held for Sale | $ | 796,492 | $ | 791,330 | $ | 786,978 |
FIRST INDUSTRIAL REALTY TRUST, INC. | ||
By: | / | |
Peter E. Baccile President, Chief Executive Officer and Director (Principal Executive Officer) |
By: | /S/ SCOTT A. MUSIL | |
Scott A. Musil Chief Financial Officer (Principal Financial |
By: | /S/ SARA E. NIEMIEC | |
Sara E. Niemiec Chief Accounting Officer (Principal Accounting Officer) |
Signature | Title | Date | ||
/ | Chairman of the Board of Directors | February 13, 2020 | ||
Bruce W. Duncan | ||||
/ | President, Chief Executive Officer and Director | February 13, 2020 | ||
Peter E. Baccile | ||||
/ | Lead Independent Director | February 13, 2020 | ||
John | ||||
/ | Director | February 13, 2020 | ||
Matthew S. Dominski | ||||
/ | Director | February 13, 2020 | ||
H. Patrick Hackett, Jr. | ||||
/ | Director | February | ||
Denise A. Olsen | ||||
/S/ L. PETER SHARPE | Director | February 13, 2020 | ||
L. Peter Sharpe | ||||
/ | Director | February 13, 2020 | ||
W. Edwin Tyler |
FIRST INDUSTRIAL, L.P. | ||
By: | FIRST INDUSTRIAL REALTY TRUST, INC. | |
as general partner | ||
By: | /S/ | |
Peter E. Baccile President, Chief Executive Officer and Director (Principal Executive Officer) |
By: | /S/ SCOTT A. MUSIL | |
Scott A. Musil Chief Financial Officer (Principal Financial |
By: | /S/ SARA E. NIEMIEC | |
Sara E. Niemiec Chief Accounting Officer (Principal Accounting Officer) |
Signature | Title | Date | ||
/S/ BRUCE W. DUNCAN | Chairman of the Board of Directors | February 13, 2020 | ||
Bruce W. Duncan | ||||
/ | President, Chief Executive Officer and Director | |||
Peter E. Baccile | ||||
/S/ JOHN | Lead Independent Director | |||
John | ||||
/S/ MATTHEW S. DOMINSKI | Director | |||
Matthew S. Dominski | ||||
/S/ H. PATRICK HACKETT, JR. | Director | February 13, 2020 | ||
H. Patrick Hackett, Jr. | ||||
/S/ | Director | February | ||
Denise A. Olsen | ||||
/S/ L. PETER SHARPE | Director | February 13, 2020 | ||
L. Peter Sharpe | ||||
/ | Director | |||
W. Edwin Tyler |