Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FR | |
Entity Registrant Name | FIRST INDUSTRIAL REALTY TRUST INC | |
Entity Central Index Key | 921,825 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 110,744,317 | |
First Industrial, L.P. | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FRFI | |
Entity Registrant Name | FIRST INDUSTRIAL LP | |
Entity Central Index Key | 1,033,128 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment in Real Estate: | ||
Land | $ 740,989 | $ 718,188 |
Buildings and Improvements | 2,467,125 | 2,439,887 |
Construction in Progress | 60,306 | 25,294 |
Less: Accumulated Depreciation | (820,322) | (786,978) |
Net Investment in Real Estate | 2,448,098 | 2,396,391 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $3,463 and $0 | 7,460 | 0 |
Cash and Cash Equivalents | 66,939 | 9,500 |
Restricted Cash | 0 | 1,829 |
Tenant Accounts Receivable, Net | 5,935 | 7,356 |
Investment in Joint Venture | 0 | 71 |
Deferred Rent Receivable, Net | 62,918 | 58,130 |
Deferred Financing Costs, Net | 13,039 | 10,448 |
Deferred Leasing Intangibles, Net | 31,173 | 33,526 |
Prepaid Expenses and Other Assets, Net | 71,118 | 64,744 |
Total Assets | 2,706,680 | 2,581,995 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 590,912 | 599,985 |
Senior Unsecured Notes, Net | 364,932 | 364,861 |
Unsecured Term Loans | 460,000 | 200,000 |
Unsecured Credit Facility | 55,000 | 185,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 89,639 | 79,733 |
Deferred Leasing Intangibles, Net | 12,045 | 12,726 |
Rents Received in Advance and Security Deposits | 39,322 | 36,914 |
Dividend Payable | 15,096 | 11,949 |
Total Liabilities | 1,626,946 | 1,491,168 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital: | ||
Common Stock ($0.01 par value, 150,000,000 shares authorized, 115,069,179 and 114,924,980 shares issued and 110,745,065 and 110,600,866 shares outstanding) | 1,151 | 1,149 |
Additional Paid-in-Capital | 1,876,258 | 1,872,336 |
Distributions in Excess of Accumulated Earnings | (683,413) | (670,650) |
Accumulated Other Comprehensive Loss | (15,585) | (13,867) |
Treasury Shares at Cost (4,324,114 shares) | (140,018) | (140,018) |
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity | 1,038,393 | 1,048,950 |
Noncontrolling Interest | 41,341 | 41,877 |
Total Equity | 1,079,734 | 1,090,827 |
Total Liabilities and Equity | 2,706,680 | 2,581,995 |
First Industrial, L.P. | ||
Investment in Real Estate: | ||
Land | 740,989 | 718,188 |
Buildings and Improvements | 2,467,125 | 2,439,887 |
Construction in Progress | 60,306 | 25,294 |
Less: Accumulated Depreciation | (820,322) | (786,978) |
Net Investment in Real Estate | 2,448,098 | 2,396,391 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $3,463 and $0 | 7,460 | 0 |
Cash and Cash Equivalents | 66,939 | 9,485 |
Restricted Cash | 0 | 1,829 |
Tenant Accounts Receivable, Net | 5,935 | 7,356 |
Investment in Joint Venture | 0 | 71 |
Deferred Rent Receivable, Net | 62,918 | 58,130 |
Deferred Financing Costs, Net | 13,039 | 10,448 |
Deferred Leasing Intangibles, Net | 31,173 | 33,526 |
Prepaid Expenses and Other Assets, Net | 81,931 | 75,472 |
Total Assets | 2,717,493 | 2,592,708 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 590,912 | 599,985 |
Senior Unsecured Notes, Net | 364,932 | 364,861 |
Unsecured Term Loans | 460,000 | 200,000 |
Unsecured Credit Facility | 55,000 | 185,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 89,639 | 79,683 |
Deferred Leasing Intangibles, Net | 12,045 | 12,726 |
Rents Received in Advance and Security Deposits | 39,322 | 36,914 |
Dividend Payable | 15,096 | 11,949 |
Total Liabilities | 1,626,946 | 1,491,118 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital: | ||
General Partner Units (110,745,065 and 110,600,866 units outstanding) | 1,025,437 | 1,034,129 |
Limited Partners Units (4,363,625 and 4,374,637 units outstanding) | 80,179 | 80,757 |
Accumulated Other Comprehensive Loss | (16,200) | (14,376) |
Total First Industrial L.P.'s Partners’ Capital | 1,089,416 | 1,100,510 |
Noncontrolling Interest | 1,131 | 1,080 |
Total Partners’ Capital | 1,090,547 | 1,101,590 |
Total Liabilities and Equity | $ 2,717,493 | $ 2,592,708 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $ 3,463 | $ 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 150,000,000 | 150,000,000 |
Common Stock, shares issued | 115,069,179 | 114,924,980 |
Common Stock, shares outstanding | 110,745,065 | 110,600,866 |
Treasury Shares at Cost, shares | 4,324,114 | 4,324,114 |
First Industrial, L.P. | ||
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | $ 3,463 | $ 0 |
General Partner Units, outstanding | 110,745,065 | 110,600,866 |
Limited Partner Units, outstanding | 4,363,625 | 4,374,637 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Rental Income | $ 71,148 | $ 66,276 | $ 209,244 | $ 191,866 |
Tenant Recoveries and Other Income | 21,009 | 20,085 | 63,311 | 62,400 |
Total Revenues | 92,157 | 86,361 | 272,555 | 254,266 |
Expenses: | ||||
Property Expenses | 28,044 | 27,262 | 85,662 | 84,499 |
General and Administrative | 5,900 | 5,389 | 19,026 | 17,942 |
Acquisition Costs | 45 | 0 | 364 | 111 |
Impairment of Real Estate | 626 | 0 | 626 | 0 |
Depreciation and Other Amortization | 28,589 | 27,904 | 84,939 | 83,436 |
Total Expenses | 63,204 | 60,555 | 190,617 | 185,988 |
Other Income (Expense): | ||||
Gain on Sale of Real Estate | 2,957 | 0 | 13,084 | 0 |
Interest Income | 2 | 681 | 59 | 2,054 |
Interest Expense | (16,674) | (17,322) | (49,679) | (55,292) |
Amortization of Deferred Financing Costs | (781) | (753) | (2,291) | (2,360) |
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | 0 | 0 | (11,546) | 0 |
Loss from Retirement of Debt | 0 | (32) | 0 | (655) |
Total Other Income (Expense) | (14,496) | (17,426) | (50,373) | (56,253) |
Income from Continuing Operations Before Equity in (Loss) Income of Joint Ventures and Income Tax Benefit (Provision) | 14,457 | 8,380 | 31,565 | 12,025 |
Equity in (Loss) Income of Joint Ventures | (6) | (14) | 61 | 3,508 |
Income Tax Benefit (Provision) | 14 | (103) | (127) | (192) |
Income from Continuing Operations | 14,465 | 8,263 | 31,499 | 15,341 |
Discontinued Operations: | ||||
Income Attributable to Discontinued Operations | 0 | 504 | 0 | 1,642 |
Gain on Sale of Real Estate | 0 | 13,428 | 0 | 14,483 |
Income from Discontinued Operations | 0 | 13,932 | 0 | 16,125 |
Net Income | 14,465 | 22,195 | 31,499 | 31,466 |
Less: Net Income Attributable to the Noncontrolling Interest | (548) | (868) | (1,197) | (1,137) |
Net Income Attributable to Common Stockholders / Unitholders | 13,917 | 21,327 | 30,302 | 30,329 |
Less: Preferred Dividends / Unit Distributions | 0 | 0 | 0 | (1,019) |
Less: Redemption of Preferred Stock / Units | 0 | 0 | 0 | (1,462) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 13,917 | $ 21,327 | $ 30,302 | $ 27,848 |
Basic Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | $ 0.13 | $ 0.07 | $ 0.27 | $ 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | 0.13 | 0.19 | 0.27 | 0.25 |
Diluted Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | 0.13 | 0.07 | 0.27 | 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | 0.13 | 0.19 | 0.27 | 0.25 |
Distributions Per Share / Unit | $ 0.1275 | $ 0.1025 | $ 0.3825 | $ 0.3075 |
Weighted Average Shares / Units Outstanding - Basic | 110,356 | 110,072 | 110,338 | 109,856 |
Weighted Average Shares / Units Outstanding - Diluted | 110,848 | 110,271 | 110,735 | 110,298 |
First Industrial, L.P. | ||||
Revenues: | ||||
Rental Income | $ 71,148 | $ 66,276 | $ 209,244 | $ 191,866 |
Tenant Recoveries and Other Income | 21,009 | 20,085 | 63,311 | 62,400 |
Total Revenues | 92,157 | 86,361 | 272,555 | 254,266 |
Expenses: | ||||
Property Expenses | 28,044 | 27,262 | 85,662 | 84,499 |
General and Administrative | 5,900 | 5,345 | 18,911 | 17,835 |
Acquisition Costs | 45 | 0 | 364 | 111 |
Impairment of Real Estate | 626 | 0 | 626 | 0 |
Depreciation and Other Amortization | 28,589 | 27,904 | 84,939 | 83,436 |
Total Expenses | 63,204 | 60,511 | 190,502 | 185,881 |
Other Income (Expense): | ||||
Gain on Sale of Real Estate | 2,957 | 0 | 13,084 | 0 |
Interest Income | 2 | 681 | 59 | 2,054 |
Interest Expense | (16,674) | (17,322) | (49,679) | (55,292) |
Amortization of Deferred Financing Costs | (781) | (753) | (2,291) | (2,360) |
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | 0 | 0 | (11,546) | 0 |
Loss from Retirement of Debt | 0 | (32) | 0 | (655) |
Total Other Income (Expense) | (14,496) | (17,426) | (50,373) | (56,253) |
Income from Continuing Operations Before Equity in (Loss) Income of Joint Ventures and Income Tax Benefit (Provision) | 14,457 | 8,424 | 31,680 | 12,132 |
Equity in (Loss) Income of Joint Ventures | (6) | (14) | 61 | 3,508 |
Income Tax Benefit (Provision) | 14 | (103) | (127) | (192) |
Income from Continuing Operations | 14,465 | 8,307 | 31,614 | 15,448 |
Discontinued Operations: | ||||
Income Attributable to Discontinued Operations | 0 | 504 | 0 | 1,642 |
Gain on Sale of Real Estate | 0 | 13,428 | 0 | 14,483 |
Income from Discontinued Operations | 0 | 13,932 | 0 | 16,125 |
Net Income | 14,465 | 22,239 | 31,614 | 31,573 |
Less: Net Income Attributable to the Noncontrolling Interest | (27) | (21) | (75) | (50) |
Net Income Attributable to Common Stockholders / Unitholders | 14,438 | 22,218 | 31,539 | 31,523 |
Less: Preferred Dividends / Unit Distributions | 0 | 0 | 0 | (1,019) |
Less: Redemption of Preferred Stock / Units | 0 | 0 | 0 | (1,462) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 14,438 | $ 22,218 | $ 31,539 | $ 29,042 |
Basic Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | $ 0.13 | $ 0.07 | $ 0.27 | $ 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | 0.13 | 0.19 | 0.27 | 0.25 |
Diluted Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | 0.12 | 0.07 | 0.27 | 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | 0.12 | 0.19 | 0.27 | 0.25 |
Distributions Per Share / Unit | $ 0.1275 | $ 0.1025 | $ 0.3825 | $ 0.3075 |
Weighted Average Shares / Units Outstanding - Basic | 114,720 | 114,512 | 114,705 | 114,346 |
Weighted Average Shares / Units Outstanding - Diluted | 115,212 | 114,711 | 115,102 | 114,788 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net Income | $ 14,465 | $ 22,195 | $ 31,499 | $ 31,466 |
Net Income Attributable to Unitholders | 13,917 | 21,327 | 30,302 | 30,329 |
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements | (8,393) | 3,592 | (15,181) | (905) |
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 9) | 0 | 0 | 12,990 | 0 |
Amortization of Interest Rate Protection Agreements | 131 | 131 | 393 | 1,227 |
Foreign Currency Translation Adjustment | 0 | (71) | 15 | (76) |
Comprehensive Income | 6,203 | 25,847 | 29,716 | 31,712 |
Comprehensive Income Attributable to Noncontrolling Interest | (234) | (1,012) | (1,129) | (1,147) |
Comprehensive Income Attributable to Common Stockholders / Unitholders | 5,969 | 24,835 | 28,587 | 30,565 |
First Industrial, L.P. | ||||
Net Income | 14,465 | 22,239 | 31,614 | 31,573 |
Net Income Attributable to Unitholders | 14,438 | 22,218 | 31,539 | 31,523 |
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements | (8,393) | 3,592 | (15,181) | (905) |
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 9) | 0 | 0 | 12,990 | 0 |
Amortization of Interest Rate Protection Agreements | 131 | 131 | 393 | 1,227 |
Foreign Currency Translation Adjustment | 0 | (71) | (26) | (76) |
Comprehensive Income Attributable to Common Stockholders / Unitholders | $ 6,176 | $ 25,870 | $ 29,715 | $ 31,769 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/PARTNERS' CAPITAL - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in-Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Shares At Cost | Noncontrolling Interest | First Industrial, L.P. | First Industrial, L.P.General Partner Units | First Industrial, L.P.Limited Partner Units | First Industrial, L.P.Accumulated Other Comprehensive Loss | First Industrial, L.P.Noncontrolling Interest |
Beginning Balance at Dec. 31, 2013 | $ 1,095 | |||||||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | ||||||||||||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | $ 0 | $ 2 | $ 1,695 | $ (1,697) | $ 0 | $ 1,697 | $ (1,697) | |||||
Reallocation - Additional Paid-in-Capital | (48) | |||||||||||
Contributions from Noncontrolling Interest | 57 | |||||||||||
Distributions to Noncontrolling Interest | (1,368) | (388) | ||||||||||
Net Income | 31,466 | 31,573 | ||||||||||
Other Comprehensive Loss | 16 | |||||||||||
Ending Balance at Sep. 30, 2014 | 814 | |||||||||||
Beginning Balance at Dec. 31, 2014 | 1,090,827 | 1,149 | 1,872,336 | $ (670,650) | $ (13,867) | $ (140,018) | 41,877 | |||||
Beginning Balance at Dec. 31, 2014 | 1,101,590 | 1,034,129 | 80,757 | $ (14,376) | 1,080 | |||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | ||||||||||||
Stock Based Compensation Activity | 3,474 | 2 | 3,923 | (451) | ||||||||
Stock Based Compensation Activity | 3,474 | 3,474 | ||||||||||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | 106 | (106) | 0 | 106 | (106) | |||||
Reallocation - Additional Paid-in-Capital | 0 | (107) | 107 | |||||||||
Common Stock and Unit Distributions | (44,283) | (42,614) | (1,669) | |||||||||
Common Unit Distributions | (44,283) | (42,614) | (1,669) | |||||||||
Contributions from Noncontrolling Interest | 61 | 61 | ||||||||||
Distributions to Noncontrolling Interest | (1,669) | (85) | (85) | |||||||||
Net Income | 31,499 | 30,302 | 1,197 | 31,614 | 30,342 | 1,197 | 75 | |||||
Other Comprehensive Loss | (1,783) | (1,718) | (65) | (1,824) | (1,824) | |||||||
Ending Balance at Sep. 30, 2015 | $ 1,079,734 | $ 1,151 | $ 1,876,258 | $ (683,413) | $ (15,585) | $ (140,018) | $ 41,341 | |||||
Ending Balance at Sep. 30, 2015 | $ 1,090,547 | $ 1,025,437 | $ 80,179 | $ (16,200) | $ 1,131 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 31,499 | $ 31,466 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 69,592 | 70,109 |
Amortization of Deferred Financing Costs | 2,291 | 2,360 |
Other Amortization | 21,205 | 23,476 |
Impairment of Real Estate | 626 | 0 |
Provision for Bad Debt | 748 | 1,069 |
Equity in Income of Joint Ventures | (61) | (3,508) |
Distributions from Joint Ventures | 0 | 1,881 |
Gain on Sale of Real Estate | (13,084) | (14,483) |
Loss from Retirement of Debt | 0 | 655 |
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | 11,546 | 0 |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (3,897) | (4,369) |
Increase in Deferred Rent Receivable | (5,325) | (1,224) |
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 5,550 | (919) |
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | 0 | (10,650) |
Net Cash Provided by Operating Activities | 120,690 | 95,863 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | (73,179) | (53,211) |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (100,799) | (83,818) |
Net Proceeds from Sales of Investments in Real Estate | 48,393 | 56,622 |
Contributions to and Investments in Joint Ventures | (200) | (28) |
Distributions from Joint Ventures | 126 | 2,469 |
Settlement of Interest Rate Protection Agreements | (11,546) | 0 |
Repayments of Notes Receivable | 2,760 | 49,761 |
Increase in Escrows | (1,619) | (515) |
Net Cash Used in Investing Activities | (136,064) | (28,720) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt and Equity Issuance and Redemption Costs | (4,882) | (2,411) |
Repurchase and Retirement of Restricted Stock / Units | (2,101) | (4,667) |
Common Stock and Unit Distributions Paid | (41,136) | (33,367) |
Preferred Dividends Paid | 0 | (1,471) |
Redemption of Preferred Stock / Units | 0 | (75,000) |
Repayments on Mortgage Loans Payable | (9,054) | (74,944) |
Repayments of Senior Unsecured Notes | 0 | (71,578) |
Proceeds from Unsecured Term Loans | 260,000 | 200,000 |
Proceeds from Unsecured Credit Facility | 210,000 | 307,000 |
Repayments on Unsecured Credit Facility | (340,000) | (304,000) |
Net Cash Provided by (Used in) Financing Activities | 72,827 | (60,438) |
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | (14) | (23) |
Net Increase in Cash and Cash Equivalents | 57,453 | 6,705 |
Cash and Cash Equivalents, Beginning of Year | 9,500 | 7,577 |
Cash and Cash Equivalents, End of Year | 66,939 | 14,259 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Expense Capitalized in Connection with Development Activity | 1,685 | 1,030 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Distribution Payable | 15,096 | 11,886 |
Exchange Of Operating Partnership / Limited Partnership Units For Common Stock / General Partnership Units [Abstract] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | 0 | 0 |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 608 | 294 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 20,355 | 23,785 |
Write-off of Fully Depreciated Assets | (28,609) | (29,090) |
Noncontrolling Interest | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 1,197 | |
Exchange Of Operating Partnership / Limited Partnership Units For Common Stock / General Partnership Units [Abstract] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | (106) | (1,697) |
Common Stock | ||
Exchange Of Operating Partnership / Limited Partnership Units For Common Stock / General Partnership Units [Abstract] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | 0 | 2 |
Additional Paid-in-Capital | ||
Exchange Of Operating Partnership / Limited Partnership Units For Common Stock / General Partnership Units [Abstract] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | 106 | 1,695 |
First Industrial, L.P. | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 31,614 | 31,573 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 69,592 | 70,109 |
Amortization of Deferred Financing Costs | 2,291 | 2,360 |
Other Amortization | 21,205 | 23,476 |
Impairment of Real Estate | 626 | 0 |
Provision for Bad Debt | 748 | 1,069 |
Equity in Income of Joint Ventures | (61) | (3,508) |
Distributions from Joint Ventures | 0 | 1,881 |
Gain on Sale of Real Estate | (13,084) | (14,483) |
Loss from Retirement of Debt | 0 | 655 |
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | 11,546 | 0 |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (3,982) | (3,894) |
Increase in Deferred Rent Receivable | (5,325) | (1,224) |
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | 5,559 | (915) |
Payments of Discounts and Prepayment Penalties Associated with Retirement of Debt | 0 | (10,650) |
Net Cash Provided by Operating Activities | 120,729 | 96,449 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | (73,179) | (53,211) |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (100,799) | (83,818) |
Net Proceeds from Sales of Investments in Real Estate | 48,393 | 56,622 |
Contributions to and Investments in Joint Ventures | (200) | (28) |
Distributions from Joint Ventures | 126 | 2,469 |
Settlement of Interest Rate Protection Agreements | (11,546) | 0 |
Repayments of Notes Receivable | 2,760 | 49,761 |
Increase in Escrows | (1,619) | (770) |
Net Cash Used in Investing Activities | (136,064) | (28,975) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt and Equity Issuance and Redemption Costs | (4,882) | (2,411) |
Repurchase and Retirement of Restricted Stock / Units | (2,101) | (4,667) |
Common Stock and Unit Distributions Paid | (41,136) | (33,367) |
Preferred Dividends Paid | 0 | (1,471) |
Redemption of Preferred Stock / Units | 0 | (75,000) |
Contributions from Noncontrolling Interests | 61 | 57 |
Distributions to Noncontrolling Interests | (85) | (388) |
Repayments on Mortgage Loans Payable | (9,054) | (74,944) |
Repayments of Senior Unsecured Notes | 0 | (71,578) |
Proceeds from Unsecured Term Loans | 260,000 | 200,000 |
Proceeds from Unsecured Credit Facility | 210,000 | 307,000 |
Repayments on Unsecured Credit Facility | (340,000) | (304,000) |
Net Cash Provided by (Used in) Financing Activities | 72,803 | (60,769) |
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | (14) | (23) |
Net Increase in Cash and Cash Equivalents | 57,468 | 6,705 |
Cash and Cash Equivalents, Beginning of Year | 9,485 | 7,562 |
Cash and Cash Equivalents, End of Year | 66,939 | 14,244 |
Supplemental Cash Flow Information [Abstract] | ||
Interest Expense Capitalized in Connection with Development Activity | 1,685 | 1,030 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Distribution Payable | 15,096 | 11,886 |
Exchange Of Operating Partnership / Limited Partnership Units For Common Stock / General Partnership Units [Abstract] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | 0 | 0 |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 608 | 294 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 20,355 | 23,785 |
Write-off of Fully Depreciated Assets | (28,609) | (29,090) |
First Industrial, L.P. | Noncontrolling Interest | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 75 | |
First Industrial, L.P. | Limited Partner Units | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 1,197 | |
Exchange Of Operating Partnership / Limited Partnership Units For Common Stock / General Partnership Units [Abstract] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | (106) | (1,697) |
First Industrial, L.P. | General Partner Units | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 30,342 | |
Exchange Of Operating Partnership / Limited Partnership Units For Common Stock / General Partnership Units [Abstract] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | $ 106 | $ 1,697 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986. Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner, with an approximate 96.2% ownership interest at September 30, 2015, and through its taxable REIT subsidiaries. We also conduct operations through eight other limited partnerships (the "Other Real Estate Partnerships") and limited liability companies ("LLCs"), the operating data of which, together with that of the Operating Partnership and the taxable REIT subsidiaries, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Other Real Estate Partnerships' operating data is presented herein on a consolidated basis. See Note 2 to the Consolidated Financial Statements. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest of approximately 3.8% at September 30, 2015 represents the aggregate partnership interest in the Operating Partnership held by the limited partners thereof. Profits, losses and distributions of the Operating Partnership, the LLCs and the Other Real Estate Partnerships are allocated to the general partner and the limited partners or the members, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture," collectively the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture and 2007 Europe Joint Venture are 15% and 10% , respectively. During the nine months ended September 30, 2015, the 2003 Net Lease Joint Venture sold its last remaining industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA"). At September 30, 2015, the 2007 Europe Joint Venture did not own any properties. The Joint Ventures are accounted for under the equity method of accounting. As of September 30, 2015, we owned 629 industrial properties located in 25 states, containing an aggregate of approximately 63.9 million square feet of GLA. Of the 629 properties owned on a consolidated basis, none of them are directly owned by the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in the Company's and the Operating Partnership's respective annual reports on Form 10-K for the year ended December 31, 2014 ("2014 Forms 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2014 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our respective 2014 Forms 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The Operating Partnership's 2014 year end consolidated balance data has also been adjusted as a result of the adoption of the recent consolidation accounting pronouncement (discussed hereafter). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2014 audited consolidated financial statements included in our respective 2014 Forms 10-K and present interim disclosures as required by the Securities and Exchange Commission. In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2015 and December 31, 2014, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2015 and 2014. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2015 and December 31, 2014, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2015 and 2014, and our cash flows for each of the nine months ended September 30, 2015 and 2014; all adjustments are of a normal recurring nature. Reclassifications Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 presentation. Discontinued Operations Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities ("VIE") or voting interest entities ("VOE") and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Since formation of each Other Real Estate Partnership, the Company, which wholly-owns the corporations that act as general partner of each Other Real Estate Partnership and is also the general partner of the Operating Partnership, which holds at least a 99% limited partnership interest in each of the Other Real Estate Partnership, has fully consolidated the financial information of the Other Real Estate Partnerships within its financial statements. The Operating Partnership has in the past accounted for each of the Other Real Estate Partnerships under the equity method of accounting based on the VOE classification and the presumption that the corporations owned by the Company that act as the general partners of the Other Real Estate Partnerships controlled the partnerships. However, under ASU 2015-02, the Operating Partnership determined that each Other Real Estate Partnership meets the criteria of a VIE and that it is the primary beneficiary for each Other Real Estate Partnership. As a result, the Operating Partnership has concluded that it should cease accounting for the Other Real Estate Partnerships under the equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within its financial statements. During the three and nine months ended September 30, 2015, the Operating Partnership elected early adoption of ASU 2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on the Operating Partnership's previously reported periods is as follows: Balance Sheet as Previously Filed as of December 31, 2014 Impact of the Adoption of ASU 2015-02 Balance Sheet as Adjusted as of December 31, 2014 Total Assets $ 2,514,246 $ 78,462 $ 2,592,708 Total Liabilities $ 1,413,736 $ 77,382 $ 1,491,118 Total Noncontrolling Interest $ — $ 1,080 $ 1,080 The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: September 30, 2015 December 31, 2014 ASSETS Assets: Net Investment in Real Estate $ 299,533 $ 278,720 Other Assets, Net 20,433 21,078 Total Assets $ 319,966 $ 299,798 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable $ 80,023 $ 81,231 Other Liabilities, Net 26,171 10,656 Partners’ Capital 213,772 207,911 Total Liabilities and Partners’ Capital $ 319,966 $ 299,798 In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. |
Investment in Real Estate
Investment in Real Estate | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate Acquisitions During the nine months ended September 30, 2015, we acquired three industrial properties comprising approximately 0.6 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $72,961 , excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels. The purchase price of the industrial properties and land parcels acquired was allocated as follows: Nine Months Ended September 30, 2015 Land $ 34,950 Building and Improvements 35,023 Other Assets 440 Deferred Leasing Intangibles, Net 2,548 Total Purchase Price $ 72,961 Intangible Assets (Liabilities) Subject To Amortization in the Period of Acquisition The fair value at the date of acquisition of in-place leases and below market leases recorded due to the real estate properties acquired for the nine months September 30, 2015, which are recorded as deferred leasing intangibles, is as follows: Nine Months Ended September 30, 2015 In-Place Leases $ 2,914 Below Market Leases $ (366 ) The weighted average life, in months, of in-place leases and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the nine months ended September 30, 2015 is as follows: Nine Months Ended September 30, 2015 In-Place Leases 36 Below Market Leases 37 Real Estate Held for Sale At September 30, 2015, we had seven industrial properties comprising approximately 0.3 million square feet of GLA held for sale. There can be no assurance that the industrial properties held for sale will be sold. Sales and Discontinued Operations During the nine months ended September 30, 2015, we sold 15 industrial properties comprising approximately 1.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and several land parcels were approximately $50,060 . The gain on sale of real estate was approximately $13,084 . The industrial properties sold prior to January 1, 2015 that met the criteria to be classified as discontinued operations are presented as discontinued operations in the Consolidated Statements of Operations. Income from discontinued operations for the nine months ended September 30, 2014 reflects the results of opera tions of the 29 industrial properties that were sold during the year ended December 31, 2014 and the gain on sale of real estate relating to 20 industrial properties that were sold during the nine months ended September 30, 2014. The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and nine months ended September 30, 2014: Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Total Revenues $ 1,560 $ 6,316 Property Expenses (652 ) (2,444 ) Depreciation and Amortization (404 ) (2,230 ) Gain on Sale of Real Estate 13,428 14,483 Income from Discontinued Operations $ 13,932 $ 16,125 Impairment Charges The impairment charges of $626 recorded during the nine months ended September 30, 2015 were due to marketing certain properties for sale and our assessment of the likelihood and timing of a potential sale transaction. The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis and for which impairment charges were recorded during the nine months ended September 30, 2015. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value. Fair Value Measurements on a Non-Recurring Basis Using: Description At September 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Impairment for the Nine Months Ended Operating Properties Not Held for Sale $ 17,850 — — $ 17,850 $ (626 ) The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2015. Quantitative Information about Level 3 Fair Value Measurements: Description Fair Value Valuation Technique Unobservable Inputs Range 23 industrial properties comprising approximately 0.7 million square feet of GLA $ 17,850 Contracted Price (A) N/A (A) The fair value for the properties were based upon the value of a third party purchase contract, which was subject to our corroboration for reasonableness. |
Indebtedness
Indebtedness | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at September 30, 2015 Effective Interest Rate at Issuance Maturity Date September 30, 2015 December 31,2014 Mortgage Loans Payable, Net $ 590,912 $ 599,985 4.03% – 8.26% 4.03% – 8.26% February 2016 –September 2022 Unamortized Premiums (71 ) (90 ) Mortgage Loans Payable, Gross $ 590,841 $ 599,895 Senior Unsecured Notes, Net 2016 Notes $ 159,663 $ 159,621 5.75% 5.91% 1/15/2016 2017 Notes 54,969 54,966 7.50% 7.52% 12/1/2017 2027 Notes 6,067 6,066 7.15% 7.11% 5/15/2027 2028 Notes 31,885 31,884 7.60% 8.13% 7/15/2028 2032 Notes 10,522 10,518 7.75% 7.87% 4/15/2032 2017 II Notes 101,826 101,806 5.95% 6.37% 5/15/2017 Subtotal $ 364,932 $ 364,861 Unamortized Discounts 170 241 Senior Unsecured Notes, Gross $ 365,102 $ 365,102 Unsecured Term Loans Unsecured Term Loan I * $ 200,000 $ 200,000 1.90% N/A 1/29/2021 Unsecured Term Loan II * 260,000 — 1.80% N/A 9/12/2022 Total of Unsecured Term Loans $ 460,000 $ 200,000 Unsecured Credit Facility** $ 55,000 $ 185,000 1.34% N/A 3/11/2019 * We entered into interest rate protection agreements, with an aggregate notional value of $460,000 , to effectively convert the variable rate to a fixed rate. See Note 9. ** The maturity date may be extended an additional year at our election, subject to certain restrictions. Mortgage Loans Payable, Net As of September 30, 2015, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $722,430 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of September 30, 2015. Unsecured Term Loans On September 11, 2015, we entered into a seven -year, $260,000 unsecured loan (the "Unsecured Term Loan II"; together with the Unsecured Term Loan I (as described in Note 9), the "Unsecured Term Loans") with a syndicate of financial institutions. The Unsecured Term Loan II requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings. We also entered into interest rate protection agreements, with an aggregate notional value of $260,000 , to effectively convert the variable rate to a fixed rate. See Note 9 for more information on the interest rate protection agreements. Unsecured Credit Facility On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $ 625,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We have the right to request that the borrowing capacity under the Unsecured Credit Facility be increased to $900,000 , subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At September 30, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis points . The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of September 30, and thereafter: Amount Remainder of 2015 $ 3,104 2016 251,870 2017 168,723 2018 168,341 2019 131,423 Thereafter 747,482 Total $ 1,470,943 The Unsecured Credit Facility, the Unsecured Term Loans and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loans and indentures governing our senior unsecured notes as of September 30, 2015. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At September 30, 2015 and December 31, 2014, the fair value of our indebtedness was as follows: September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage Loans Payable, Net $ 590,912 $ 632,104 $ 599,985 $ 640,818 Senior Unsecured Notes, Net 364,932 386,086 364,861 395,320 Unsecured Term Loans 460,000 461,016 200,000 200,575 Unsecured Credit Facility 55,000 55,000 185,000 185,747 Total $ 1,470,844 $ 1,534,206 $ 1,349,846 $ 1,422,460 The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, Unsecured Term Loans and Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Stockholders_ Equity of the Com
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership | Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership Conversion of Limited Partnership Interests into Shares of Common Stock During the nine months ended September 30, 2015 and 2014, 11,012 and 175,333 limited partnership interests in the Operating Partnership ("Units"), respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $106 and $1,697 , respectively, of noncontrolling interest to the Company's stockholders’ equity. Noncontrolling Interest of the Company The following table summarizes the changes in noncontrolling interest for the Company for the nine months ended September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Noncontrolling Interest, Beginning of Period $ 41,877 $ 44,369 Net Income 1,197 1,137 Unit Distributions (1,669 ) (1,368 ) Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $6) (65 ) 16 Conversion of Units to Common Stock (106 ) (1,697 ) Reallocation - Additional Paid-in-Capital 107 (48 ) Noncontrolling Interest, End of Period $ 41,341 $ 42,409 Noncontrolling Interest of the Operating Partnership The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the nine months ended September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Noncontrolling Interest, Beginning of Period $ 1,080 $ 1,095 Net Income 75 50 Contributions 61 57 Distributions (85 ) (388 ) Noncontrolling Interest, End of Period $ 1,131 $ 814 Dividends/Distributions During the nine months ended September 30, 2015, we accrued $44,283 common stock dividends and Unit distributions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss by component for the Company for the nine months ended September 30, 2015: Interest Rate Protection Agreements Foreign Currency Translation Adjustment Comprehensive Income (Loss) Attributable to Noncontrolling Interest Total Balance as of December 31, 2014 $ (14,402 ) $ (15 ) $ 550 $ (13,867 ) Other Comprehensive (Loss) Income Before Reclassifications (18,601 ) 15 65 (18,521 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 16,803 — — 16,803 Net Current Period Other Comprehensive (Loss) Income (1,798 ) 15 65 (1,718 ) Balance as of September 30, 2015 $ (16,200 ) $ — $ 615 $ (15,585 ) The following table summarizes the changes in accumulated other comprehensive loss by component for the Operating Partnership for the nine months ended September 30, 2015: 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 (18,601 ) (26 ) (18,627 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 16,803 — 16,803 Net Current Period Other Comprehensive Loss (1,798 ) (26 ) (1,824 ) Balance as of September 30, 2015 $ (16,200 ) $ — $ (16,200 ) The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the three and nine months ended September 30, 2015 and 2014: Amount Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Affected Line Item in the Consolidated Statements of Operations Interest Rate Protection Agreements: Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 9) $ — $ — $ 12,990 $ — Mark-to-Market Loss on Interest Rate Protection Agreements Amortization of Interest Rate Protection Agreements (Previously Settled) 131 131 393 1,227 Interest Expense Settlement Payments to our Counterparties 1,299 1,090 3,420 2,902 Interest Expense $ 1,430 $ 1,221 $ 16,803 $ 4,129 Total The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $425 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the Group I Swaps and Group II Swaps, as defined in Note 9, will also be reclassified to net income. See Note 9 for more information about our derivatives. |
Earnings Per Share_Unit (EPS_EP
Earnings Per Share/Unit (EPS/EPU) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share/Unit (EPS/EPU) | Earnings Per Share/Unit ("EPS"/"EPU") The computation of basic and diluted EPS of the Company is presented below: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Numerator: Income from Continuing Operations $ 14,465 $ 8,263 $ 31,499 $ 15,341 Noncontrolling Interest Allocable to Continuing Operations (548 ) (325 ) (1,197 ) (507 ) Income from Continuing Operations Allocable to Participating Securities (50 ) (33 ) (141 ) (55 ) Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc. 13,867 7,905 30,161 14,779 Preferred Dividends — — — (1,019 ) Redemption of Preferred Stock — — — (1,462 ) Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 13,867 $ 7,905 $ 30,161 $ 12,298 Income from Discontinued Operations $ — $ 13,932 $ — $ 16,125 Noncontrolling Interest Allocable to Discontinued Operations — (543 ) — (630 ) Income from Discontinued Operations Allocable to Participating Securities — (57 ) — (68 ) Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. $ — $ 13,332 $ — $ 15,427 Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 13,917 $ 21,327 $ 30,302 $ 27,848 Net Income Allocable to Participating Securities (50 ) (90 ) (141 ) (123 ) Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 13,867 $ 21,237 $ 30,161 $ 27,725 Denominator (In Thousands): Weighted Average Shares - Basic 110,356 110,072 110,338 109,856 Effect of Dilutive Securities: LTIP performance units 492 199 397 442 Weighted Average Shares - Diluted 110,848 110,271 110,735 110,298 Basic EPS: Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ — $ 0.12 $ — $ 0.14 Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.19 $ 0.27 $ 0.25 Diluted EPS: Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ — $ 0.12 $ — $ 0.14 Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.19 $ 0.27 $ 0.25 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended September 30, 2015 (As Adjusted) Three Months Ended September 30, 2014 (As Adjusted) Nine Months Ended September 30, 2015 (As Adjusted) Nine Months Ended September 30, 2014 Numerator: Income from Continuing Operations $ 14,465 $ 8,307 $ 31,614 $ 15,448 Noncontrolling Interest Allocable to Continuing Operations (27 ) (13 ) (75 ) (40 ) Income from Continuing Operations Allocable to Participating Securities (50 ) (33 ) (141 ) (55 ) Income from Continuing Operations Attributable to Unitholders 14,388 8,261 31,398 15,353 Preferred Unit Distributions — — — (1,019 ) Redemption of Preferred Units — — — (1,462 ) Income from Continuing Operations Available to Unitholders $ 14,388 $ 8,261 $ 31,398 $ 12,872 Income from Discontinued Operations $ — $ 13,932 $ — $ 16,125 Noncontrolling Interest Allocable to Discontinued Operations — (8 ) — (10 ) Income from Discontinued Operations Allocable to Participating Securities — (57 ) — (68 ) Income from Discontinued Operations Attributable to Unitholders $ — $ 13,867 $ — $ 16,047 Net Income Available to Unitholders and Participating Securities $ 14,438 $ 22,218 $ 31,539 $ 29,042 Net Income Allocable to Participating Securities (50 ) (90 ) (141 ) (123 ) Net Income Available to Unitholders $ 14,388 $ 22,128 $ 31,398 $ 28,919 Denominator (In Thousands): Weighted Average Units—Basic 114,720 114,512 114,705 114,346 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP performance units 492 199 397 442 Weighted Average Units - Diluted 115,212 114,711 115,102 114,788 Basic EPU: Income from Continuing Operations Available to Unitholders $ 0.13 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to Unitholders $ — $ 0.12 $ — $ 0.14 Net Income Available to Unitholders $ 0.13 $ 0.19 $ 0.27 $ 0.25 Diluted EPU: Income from Continuing Operations Available to Unitholders $ 0.12 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to Unitholders $ — $ 0.12 $ — $ 0.14 Net Income Available to Unitholders $ 0.12 $ 0.19 $ 0.27 $ 0.25 Participating securities include 388,695 and 463,774 of unvested restricted stock/Unit awards outstanding at September 30, 2015 and 2014, respectively, which participate in our non-forfeitable dividends/distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares/Units outstanding, based upon the greater of net income (after reduction for preferred dividends/Unit distributions and redemption of preferred stock/Units) or common dividends/distributions declared. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation | Stock Based Compensation During the nine months ended September 30, 2015, the Company awarded 216,975 shares of restricted stock awards to certain employees, which had a fair value of $4,708 on the date of approval by the Compensation Committee of the Board of Directors. These restricted stock awards were issued based upon the achievement of certain corporate performance goals for the calendar year 2014 and generally vest over a period of three years. Additionally, during the nine months ended September 30, 2015, the Company awarded 17,385 shares of restricted stock to non-employee members of the Board of Directors, which had a fair value of $350 on the date of approval. These restricted stock awards vest over a one -year period. The Operating Partnership issued Units to the Company in the same amounts for both award issuances. Compensation expense is charged to earnings over the vesting periods for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of such shares. If vesting of a recipient's restricted stock award is not contingent upon future service, the expense is recognized immediately at the date of grant. During the nine months ended September 30, 2015 and 2014, we recognized $1,250 and $1,451 , respectively, of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required. Additionally, during the nine months ended September 30, 2015, the Company granted 264,432 Long-Term Incentive Program ("LTIP") performance units ("2015 LTIP Unit Awards") to certain employees. The Operating Partnership issued Units to the Company in the same amounts. The 2015 LTIP Unit Awards had a fair value of $2,531 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The 2015 LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for the granted units is calculated based upon the performance from January 1, 2015 through December 31, 2017. Compensation expense is charged to earnings on a straight-line basis over the performance period. At the end of the performance period each participant will be issued shares of the Company's common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100% , based on the Company's TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested 2015 LTIP Unit Awards. The dividend equivalents represent any common dividends that would have been paid with respect to such issued shares after the grant of the 2015 LTIP Unit Awards and prior to the date of settlement. We recognized $1,507 and $1,351 for the three months ended September 30, 2015 and 2014, and $5,574 and $6,248 for the nine months ended September 30, 2015 and 2014, respectively, in amortization related to restricted stock/Unit awards and LTIP performance units. Restricted stock/Unit award and LTIP performance unit amortization capitalized in connection with development activities was not significant. At September 30, 2015, we had $7,047 in unrecognized compensation related to unvested restricted stock/Unit awards and LTIP performance units, which is expected to be recognized over a weighted average 0.94 year term. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In connection with the origination of the seven -year, $200,000 unsecured loan (the "Unsecured Term Loan I") (see Note 4), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000 , to manage our exposure to changes in the one month LIBOR rate (the “Group I Swaps”). The Group I Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021. We designated the Group I Swaps as cash flow hedges. In connection with origination of the Unsecured Term Loan II (see Note 4), during September 2015, we entered into six interest rate protection agreements, with an aggregate notional value of $260,000 , to manage our exposure to changes in the one month LIBOR rate (the “Group II Swaps”). The Group II Swaps fix the LIBOR rate at a weighted average rate of 1.79% and mature on September 12, 2022. We designated the Group II Swaps as cash flow hedges. In order to maintain our flexibility to pursue an offering of unsecured debt, during August 2014, we entered into three interest rate protection agreements, with an aggregate notional value of $220,000 , to manage our exposure to changes in the three month LIBOR rate (the "Group III Swaps"). The Group III Swaps fixed the LIBOR rate at a weighted average rate of 2.5795% and were effective from December 1, 2014 through December 1, 2024. At origination, we designated the Group III Swaps as cash flow hedges but, during the first quarter of 2015, the Group III Swaps were de-designated and the fair market value loss of $12,990 was reclassified to earnings from other comprehensive income since we determined the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the respective designation memos. During the nine months ended September 30, 2015, we settled the Group III Swaps for a payment of $11,546 made to our derivative counterparties. For the nine months ended September 30, 2015, $11,546 is recognized as mark-to-market and settlement loss on interest rate protection agreements. Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of September 30, 2015, we had not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial liabilities related to the Group I and Group II Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of September 30, 2015: 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) Liabilities: Derivatives designated as a hedging instrument: Group I Swaps $ (10,148 ) — $ (10,148 ) — Group II Swaps $ (4,322 ) — $ (4,322 ) — There was no ineffectiveness recorded on the Group I Swaps and Group II swaps during the three and nine months ended September 30, 2015. See Note 6 for more information. The estimated fair value of the Group I Swaps and Group II Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the Group I Swaps and Group II Swaps fell within Level 2 of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At September 30, 2015, we had nine industrial buildings totaling approximately 2.2 million square feet of GLA under construction. The estimated total investment as of September 30, 2015 is approximately $148,200 . Of this amount, approximately $73,100 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment stated above. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events From October 1, 2015 to October 30, 2015, we acquired three industrial properties and two land parcels for a purchase price of approximately $71,177 , excluding costs incurred in conjunction with the acquisitions and sold 29 industrial properties for approximately $28,225 . From October 1, 2015 to October 30, 2015, we paid off prior to maturity a mortgage loan payable in the aggregate amount of $22,910 . |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 presentation. |
Discontinued Operations | Discontinued Operations Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities ("VIE") or voting interest entities ("VOE") and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Since formation of each Other Real Estate Partnership, the Company, which wholly-owns the corporations that act as general partner of each Other Real Estate Partnership and is also the general partner of the Operating Partnership, which holds at least a 99% limited partnership interest in each of the Other Real Estate Partnership, has fully consolidated the financial information of the Other Real Estate Partnerships within its financial statements. The Operating Partnership has in the past accounted for each of the Other Real Estate Partnerships under the equity method of accounting based on the VOE classification and the presumption that the corporations owned by the Company that act as the general partners of the Other Real Estate Partnerships controlled the partnerships. However, under ASU 2015-02, the Operating Partnership determined that each Other Real Estate Partnership meets the criteria of a VIE and that it is the primary beneficiary for each Other Real Estate Partnership. As a result, the Operating Partnership has concluded that it should cease accounting for the Other Real Estate Partnerships under the equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within its financial statements. During the three and nine months ended September 30, 2015, the Operating Partnership elected early adoption of ASU 2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on the Operating Partnership's previously reported periods is as follows: Balance Sheet as Previously Filed as of December 31, 2014 Impact of the Adoption of ASU 2015-02 Balance Sheet as Adjusted as of December 31, 2014 Total Assets $ 2,514,246 $ 78,462 $ 2,592,708 Total Liabilities $ 1,413,736 $ 77,382 $ 1,491,118 Total Noncontrolling Interest $ — $ 1,080 $ 1,080 The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: September 30, 2015 December 31, 2014 ASSETS Assets: Net Investment in Real Estate $ 299,533 $ 278,720 Other Assets, Net 20,433 21,078 Total Assets $ 319,966 $ 299,798 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable $ 80,023 $ 81,231 Other Liabilities, Net 26,171 10,656 Partners’ Capital 213,772 207,911 Total Liabilities and Partners’ Capital $ 319,966 $ 299,798 In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 is not expected to have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. Most significantly for the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of New Accounting Pronouncement | During the three and nine months ended September 30, 2015, the Operating Partnership elected early adoption of ASU 2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on the Operating Partnership's previously reported periods is as follows: Balance Sheet as Previously Filed as of December 31, 2014 Impact of the Adoption of ASU 2015-02 Balance Sheet as Adjusted as of December 31, 2014 Total Assets $ 2,514,246 $ 78,462 $ 2,592,708 Total Liabilities $ 1,413,736 $ 77,382 $ 1,491,118 Total Noncontrolling Interest $ — $ 1,080 $ 1,080 |
Condensed Balance Sheet | The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: September 30, 2015 December 31, 2014 ASSETS Assets: Net Investment in Real Estate $ 299,533 $ 278,720 Other Assets, Net 20,433 21,078 Total Assets $ 319,966 $ 299,798 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable $ 80,023 $ 81,231 Other Liabilities, Net 26,171 10,656 Partners’ Capital 213,772 207,911 Total Liabilities and Partners’ Capital $ 319,966 $ 299,798 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Real Estate [Abstract] | |
Summary of Acquisition Purchase Price Allocation | The purchase price of the industrial properties and land parcels acquired was allocated as follows: Nine Months Ended September 30, 2015 Land $ 34,950 Building and Improvements 35,023 Other Assets 440 Deferred Leasing Intangibles, Net 2,548 Total Purchase Price $ 72,961 |
Summary of Intangible Assets (Liabilities) Subject to Amortization in Period of Acquisition | The fair value at the date of acquisition of in-place leases and below market leases recorded due to the real estate properties acquired for the nine months September 30, 2015, which are recorded as deferred leasing intangibles, is as follows: Nine Months Ended September 30, 2015 In-Place Leases $ 2,914 Below Market Leases $ (366 ) The weighted average life, in months, of in-place leases and below market leases recorded at the time of acquisition as a result of the real estate properties acquired for the nine months ended September 30, 2015 is as follows: Nine Months Ended September 30, 2015 In-Place Leases 36 Below Market Leases 37 |
Summary Regarding Industrial Properties Included in Discontinued Operations | The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three and nine months ended September 30, 2014: Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Total Revenues $ 1,560 $ 6,316 Property Expenses (652 ) (2,444 ) Depreciation and Amortization (404 ) (2,230 ) Gain on Sale of Real Estate 13,428 14,483 Income from Discontinued Operations $ 13,932 $ 16,125 |
Fair Value Measurements, Nonrecurring Basis | The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis and for which impairment charges were recorded during the nine months ended September 30, 2015. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value. Fair Value Measurements on a Non-Recurring Basis Using: Description At September 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Impairment for the Nine Months Ended Operating Properties Not Held for Sale $ 17,850 — — $ 17,850 $ (626 ) |
Quantitative Information about Level 3 Fair Value Measurements | The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2015. Quantitative Information about Level 3 Fair Value Measurements: Description Fair Value Valuation Technique Unobservable Inputs Range 23 industrial properties comprising approximately 0.7 million square feet of GLA $ 17,850 Contracted Price (A) N/A (A) The fair value for the properties were based upon the value of a third party purchase contract, which was subject to our corroboration for reasonableness. |
Indebtedness (Tables)
Indebtedness (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Information Regarding Indebtedness | The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at September 30, 2015 Effective Interest Rate at Issuance Maturity Date September 30, 2015 December 31,2014 Mortgage Loans Payable, Net $ 590,912 $ 599,985 4.03% – 8.26% 4.03% – 8.26% February 2016 –September 2022 Unamortized Premiums (71 ) (90 ) Mortgage Loans Payable, Gross $ 590,841 $ 599,895 Senior Unsecured Notes, Net 2016 Notes $ 159,663 $ 159,621 5.75% 5.91% 1/15/2016 2017 Notes 54,969 54,966 7.50% 7.52% 12/1/2017 2027 Notes 6,067 6,066 7.15% 7.11% 5/15/2027 2028 Notes 31,885 31,884 7.60% 8.13% 7/15/2028 2032 Notes 10,522 10,518 7.75% 7.87% 4/15/2032 2017 II Notes 101,826 101,806 5.95% 6.37% 5/15/2017 Subtotal $ 364,932 $ 364,861 Unamortized Discounts 170 241 Senior Unsecured Notes, Gross $ 365,102 $ 365,102 Unsecured Term Loans Unsecured Term Loan I * $ 200,000 $ 200,000 1.90% N/A 1/29/2021 Unsecured Term Loan II * 260,000 — 1.80% N/A 9/12/2022 Total of Unsecured Term Loans $ 460,000 $ 200,000 Unsecured Credit Facility** $ 55,000 $ 185,000 1.34% N/A 3/11/2019 * We entered into interest rate protection agreements, with an aggregate notional value of $460,000 , to effectively convert the variable rate to a fixed rate. See Note 9. ** The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Schedule of Maturities of Long-Term Debt | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of September 30, and thereafter: Amount Remainder of 2015 $ 3,104 2016 251,870 2017 168,723 2018 168,341 2019 131,423 Thereafter 747,482 Total $ 1,470,943 |
Summary of Indebtedness at Estimated Fair Value | At September 30, 2015 and December 31, 2014, the fair value of our indebtedness was as follows: September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Mortgage Loans Payable, Net $ 590,912 $ 632,104 $ 599,985 $ 640,818 Senior Unsecured Notes, Net 364,932 386,086 364,861 395,320 Unsecured Term Loans 460,000 461,016 200,000 200,575 Unsecured Credit Facility 55,000 55,000 185,000 185,747 Total $ 1,470,844 $ 1,534,206 $ 1,349,846 $ 1,422,460 |
Stockholders_ Equity of the C23
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest Rollforward [Table Text Block] | The following table summarizes the changes in noncontrolling interest for the Company for the nine months ended September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Noncontrolling Interest, Beginning of Period $ 41,877 $ 44,369 Net Income 1,197 1,137 Unit Distributions (1,669 ) (1,368 ) Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $6) (65 ) 16 Conversion of Units to Common Stock (106 ) (1,697 ) Reallocation - Additional Paid-in-Capital 107 (48 ) Noncontrolling Interest, End of Period $ 41,341 $ 42,409 |
First Industrial, L.P. | |
Noncontrolling Interest Rollforward [Table Text Block] | The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the nine months ended September 30, 2015 and 2014: September 30, 2015 September 30, 2014 Noncontrolling Interest, Beginning of Period $ 1,080 $ 1,095 Net Income 75 50 Contributions 61 57 Distributions (85 ) (388 ) Noncontrolling Interest, End of Period $ 1,131 $ 814 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss by component for the Company for the nine months ended September 30, 2015: Interest Rate Protection Agreements Foreign Currency Translation Adjustment Comprehensive Income (Loss) Attributable to Noncontrolling Interest Total Balance as of December 31, 2014 $ (14,402 ) $ (15 ) $ 550 $ (13,867 ) Other Comprehensive (Loss) Income Before Reclassifications (18,601 ) 15 65 (18,521 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 16,803 — — 16,803 Net Current Period Other Comprehensive (Loss) Income (1,798 ) 15 65 (1,718 ) Balance as of September 30, 2015 $ (16,200 ) $ — $ 615 $ (15,585 ) |
Reclassification Out of Accumulated Other Comprehensive Loss | The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the three and nine months ended September 30, 2015 and 2014: Amount Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Affected Line Item in the Consolidated Statements of Operations Interest Rate Protection Agreements: Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 9) $ — $ — $ 12,990 $ — Mark-to-Market Loss on Interest Rate Protection Agreements Amortization of Interest Rate Protection Agreements (Previously Settled) 131 131 393 1,227 Interest Expense Settlement Payments to our Counterparties 1,299 1,090 3,420 2,902 Interest Expense $ 1,430 $ 1,221 $ 16,803 $ 4,129 Total |
First Industrial, L.P. | |
Schedule of Accumulated Other Comprehensive Loss | The following table summarizes the changes in accumulated other comprehensive loss by component for the Operating Partnership for the nine months ended September 30, 2015: 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 (18,601 ) (26 ) (18,627 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 16,803 — 16,803 Net Current Period Other Comprehensive Loss (1,798 ) (26 ) (1,824 ) Balance as of September 30, 2015 $ (16,200 ) $ — $ (16,200 ) |
Earnings Per Share_Unit (EPS_25
Earnings Per Share/Unit (EPS/EPU) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPS of the Company is presented below: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Numerator: Income from Continuing Operations $ 14,465 $ 8,263 $ 31,499 $ 15,341 Noncontrolling Interest Allocable to Continuing Operations (548 ) (325 ) (1,197 ) (507 ) Income from Continuing Operations Allocable to Participating Securities (50 ) (33 ) (141 ) (55 ) Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc. 13,867 7,905 30,161 14,779 Preferred Dividends — — — (1,019 ) Redemption of Preferred Stock — — — (1,462 ) Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 13,867 $ 7,905 $ 30,161 $ 12,298 Income from Discontinued Operations $ — $ 13,932 $ — $ 16,125 Noncontrolling Interest Allocable to Discontinued Operations — (543 ) — (630 ) Income from Discontinued Operations Allocable to Participating Securities — (57 ) — (68 ) Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. $ — $ 13,332 $ — $ 15,427 Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 13,917 $ 21,327 $ 30,302 $ 27,848 Net Income Allocable to Participating Securities (50 ) (90 ) (141 ) (123 ) Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 13,867 $ 21,237 $ 30,161 $ 27,725 Denominator (In Thousands): Weighted Average Shares - Basic 110,356 110,072 110,338 109,856 Effect of Dilutive Securities: LTIP performance units 492 199 397 442 Weighted Average Shares - Diluted 110,848 110,271 110,735 110,298 Basic EPS: Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ — $ 0.12 $ — $ 0.14 Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.19 $ 0.27 $ 0.25 Diluted EPS: Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders $ — $ 0.12 $ — $ 0.14 Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.13 $ 0.19 $ 0.27 $ 0.25 |
First Industrial, L.P. | |
Computation of Basic and Diluted Earnings Per Share / Unit | The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended September 30, 2015 (As Adjusted) Three Months Ended September 30, 2014 (As Adjusted) Nine Months Ended September 30, 2015 (As Adjusted) Nine Months Ended September 30, 2014 Numerator: Income from Continuing Operations $ 14,465 $ 8,307 $ 31,614 $ 15,448 Noncontrolling Interest Allocable to Continuing Operations (27 ) (13 ) (75 ) (40 ) Income from Continuing Operations Allocable to Participating Securities (50 ) (33 ) (141 ) (55 ) Income from Continuing Operations Attributable to Unitholders 14,388 8,261 31,398 15,353 Preferred Unit Distributions — — — (1,019 ) Redemption of Preferred Units — — — (1,462 ) Income from Continuing Operations Available to Unitholders $ 14,388 $ 8,261 $ 31,398 $ 12,872 Income from Discontinued Operations $ — $ 13,932 $ — $ 16,125 Noncontrolling Interest Allocable to Discontinued Operations — (8 ) — (10 ) Income from Discontinued Operations Allocable to Participating Securities — (57 ) — (68 ) Income from Discontinued Operations Attributable to Unitholders $ — $ 13,867 $ — $ 16,047 Net Income Available to Unitholders and Participating Securities $ 14,438 $ 22,218 $ 31,539 $ 29,042 Net Income Allocable to Participating Securities (50 ) (90 ) (141 ) (123 ) Net Income Available to Unitholders $ 14,388 $ 22,128 $ 31,398 $ 28,919 Denominator (In Thousands): Weighted Average Units—Basic 114,720 114,512 114,705 114,346 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP performance units 492 199 397 442 Weighted Average Units - Diluted 115,212 114,711 115,102 114,788 Basic EPU: Income from Continuing Operations Available to Unitholders $ 0.13 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to Unitholders $ — $ 0.12 $ — $ 0.14 Net Income Available to Unitholders $ 0.13 $ 0.19 $ 0.27 $ 0.25 Diluted EPU: Income from Continuing Operations Available to Unitholders $ 0.12 $ 0.07 $ 0.27 $ 0.11 Income from Discontinued Operations Attributable to Unitholders $ — $ 0.12 $ — $ 0.14 Net Income Available to Unitholders $ 0.12 $ 0.19 $ 0.27 $ 0.25 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements on Recurring Basis | The following table sets forth our financial liabilities related to the Group I and Group II Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of September 30, 2015: 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) Liabilities: Derivatives designated as a hedging instrument: Group I Swaps $ (10,148 ) — $ (10,148 ) — Group II Swaps $ (4,322 ) — $ (4,322 ) — |
Organization - Additional Infor
Organization - Additional Information (Detail) ft² in Millions | 9 Months Ended |
Sep. 30, 2015ft²PropertyJoint_VenturesState | |
Organization and Formation of Company [Line Items] | |
Company's ownership interest in the Operating Partnership | 96.20% |
Operating Partnership's minimum ownership interest in the limited partnerships | 99.00% |
Company's ownership interest in the General Partners | 100.00% |
Limited partners' ownership interest in the Operating Partnership | 3.80% |
Number of joint ventures | Joint_Ventures | 2 |
Number of industrial properties sold | 15 |
Gross leasable area (GLA) of industrial properties sold | ft² | 1 |
Number of industrial properties owned | 629 |
Number of states in which industrial properties are located | State | 25 |
Gross leasable area (GLA) of industrial properties owned | ft² | 63.9 |
2003 Net Lease Joint Venture | |
Organization and Formation of Company [Line Items] | |
Noncontrolling equity ownership interest | 15.00% |
Number of industrial properties sold | 1 |
Gross leasable area (GLA) of industrial properties sold | ft² | 0.8 |
2007 Europe Joint Venture | |
Organization and Formation of Company [Line Items] | |
Noncontrolling equity ownership interest | 10.00% |
Number of industrial properties owned | 0 |
Other Real Estate Partnership | |
Organization and Formation of Company [Line Items] | |
Number of limited partnerships | 8 |
Operating Partnership's minimum ownership interest in the limited partnerships | 99.00% |
General Partners' minimum ownership interest in the limited partnerships | 0.01% |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Operating Partnership's minimum ownership interest in the limited partnerships | 99.00% |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Summary of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Summary of New Accounting Pronouncement [Line Items] | ||
Total Assets | $ 2,706,680 | $ 2,581,995 |
Total Liabilities | 1,626,946 | 1,491,168 |
First Industrial, L.P. | ||
Summary of New Accounting Pronouncement [Line Items] | ||
Total Assets | 2,717,493 | 2,592,708 |
Total Liabilities | 1,626,946 | 1,491,118 |
Noncontrolling Interest | $ 1,131 | 1,080 |
Previously Reported | First Industrial, L.P. | ||
Summary of New Accounting Pronouncement [Line Items] | ||
Total Assets | 2,514,246 | |
Total Liabilities | 1,413,736 | |
Noncontrolling Interest | 0 | |
Restatement Adjustment | First Industrial, L.P. | ||
Summary of New Accounting Pronouncement [Line Items] | ||
Total Assets | 78,462 | |
Total Liabilities | 77,382 | |
Noncontrolling Interest | $ 1,080 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Net Investment in Real Estate | $ 2,448,098 | $ 2,396,391 |
Total Assets | 2,706,680 | 2,581,995 |
LIABILITIES AND EQUITY | ||
Mortgage Loans Payable, Net | 590,912 | 599,985 |
Total Liabilities and Equity | 2,706,680 | 2,581,995 |
Other Real Estate Partnership | ||
Assets: | ||
Net Investment in Real Estate | 299,533 | 278,720 |
Other Assets, Net | 20,433 | 21,078 |
Total Assets | 319,966 | 299,798 |
LIABILITIES AND EQUITY | ||
Mortgage Loans Payable, Net | 80,023 | 81,231 |
Other Liabilities, Net | 26,171 | 10,656 |
Partners’ Capital | 213,772 | 207,911 |
Total Liabilities and Equity | $ 319,966 | $ 299,798 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Detail) $ in Thousands, ft² in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)ft²Property | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)ft²Property | Sep. 30, 2014USD ($)Property | Dec. 31, 2014Property | |
Real Estate [Abstract] | |||||
Number of industrial properties acquired | 3 | ||||
Gross leasable area (GLA) of industrial properties acquired | ft² | 0.6 | ||||
Purchase price of acquisitions | $ | $ 72,961 | $ 72,961 | |||
Number of industrial properties held for sale | 7 | 7 | |||
Gross leasable area (GLA) of industrial properties held for sale | ft² | 0.3 | 0.3 | |||
Number of industrial properties sold | 15 | ||||
Gross leasable area (GLA) of industrial properties sold | ft² | 1 | ||||
Proceeds from the sale of industrial properties | $ | $ 50,060 | ||||
Gain on sale of real estate | $ | 13,084 | $ 14,483 | |||
Number of sold industrial properties included in discontinued operations | 20 | 29 | |||
Impairment of Real Estate | $ | $ 626 | $ 0 | $ 626 | $ 0 |
Investment in Real Estate - Sum
Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Real Estate [Abstract] | |
Land | $ 34,950 |
Building and Improvements | 35,023 |
Other Assets | 440 |
Deferred Leasing Intangibles, Net | 2,548 |
Total Purchase Price | $ 72,961 |
Investment in Real Estate - S33
Investment in Real Estate - Summary of Intangible Assets (Liabilities) Subject to Amortization in the Period of Acquisition (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
In-Place Leases | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired finite lived intangible assets, fair value | $ 2,914 |
Acquired finite lived intangible assets, weighted average life | 36 months |
Below Market Leases | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired finite lived intangible assets, fair value | $ (366) |
Acquired finite lived intangible assets, weighted average life | 37 months |
Investment in Real Estate - S34
Investment in Real Estate - Summary Regarding Industrial Properties Included in Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Real Estate [Abstract] | ||||
Total Revenues | $ 1,560 | $ 6,316 | ||
Property Expenses | (652) | (2,444) | ||
Depreciation and Amortization | (404) | (2,230) | ||
Gain on Sale of Real Estate | $ 0 | 13,428 | $ 0 | 14,483 |
Income from Discontinued Operations | $ 0 | $ 13,932 | $ 0 | $ 16,125 |
Investment in Real Estate - Fai
Investment in Real Estate - Fair Value Measurement on Non-Recurring Basis (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Impairment | $ (626) |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Operating Property Not Held for Sale | 17,850 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Operating Property Not Held for Sale | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Operating Property Not Held for Sale | 0 |
Fair Value, Measurements, Nonrecurring | Unobservable Inputs (Level 3) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Operating Property Not Held for Sale | $ 17,850 |
Investment in Real Estate - Qua
Investment in Real Estate - Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands, ft² in Millions | Sep. 30, 2015USD ($)ft²Property |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Number of industrial properties | 629 |
Gross leasable area (GLA) of industrial properties owned | ft² | 63.9 |
Unobservable Inputs (Level 3) | Contracted Price | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value of industrial property | $ | $ 17,850 |
Number of industrial properties | 23 |
Gross leasable area (GLA) of industrial properties owned | ft² | 0.7 |
Indebtedness - Information Rega
Indebtedness - Information Regarding Indebtedness (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | $ 590,912 | $ 599,985 | |
Senior Unsecured Notes, Net | 364,932 | 364,861 | |
Unsecured Term Loans | 460,000 | 200,000 | |
Unsecured Credit Facility | 55,000 | 185,000 | |
2016 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 159,663 | 159,621 | |
Interest Rate | 5.75% | ||
Effective Interest Rate | 5.91% | ||
Maturity Date | Jan. 15, 2016 | ||
2017 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 54,969 | 54,966 | |
Interest Rate | 7.50% | ||
Effective Interest Rate | 7.52% | ||
Maturity Date | Dec. 1, 2017 | ||
2027 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 6,067 | 6,066 | |
Interest Rate | 7.15% | ||
Effective Interest Rate | 7.11% | ||
Maturity Date | May 15, 2027 | ||
2028 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 31,885 | 31,884 | |
Interest Rate | 7.60% | ||
Effective Interest Rate | 8.13% | ||
Maturity Date | Jul. 15, 2028 | ||
2032 Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 10,522 | 10,518 | |
Interest Rate | 7.75% | ||
Effective Interest Rate | 7.87% | ||
Maturity Date | Apr. 15, 2032 | ||
2017 II Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 101,826 | 101,806 | |
Interest Rate | 5.95% | ||
Effective Interest Rate | 6.37% | ||
Maturity Date | May 15, 2017 | ||
Unsecured Term Loan I | |||
Debt Instrument [Line Items] | |||
Unsecured Term Loans | [1] | $ 200,000 | 200,000 |
Interest Rate | [1] | 1.90% | |
Maturity Date | [1] | Jan. 29, 2021 | |
Unsecured Term Loan II | |||
Debt Instrument [Line Items] | |||
Unsecured Term Loans | [1] | $ 260,000 | 0 |
Interest Rate | [1] | 1.80% | |
Maturity Date | [1] | Sep. 12, 2022 | |
Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | $ 590,912 | 599,985 | |
Unamortized Premiums | (71) | (90) | |
Mortgage Loans Payable, Gross | $ 590,841 | 599,895 | |
Interest Rate, Minimum | 4.03% | ||
Interest Rate, Maximum | 8.26% | ||
Effective Interest Rate, Minimum | 4.03% | ||
Effective Interest Rate, Maximum | 8.26% | ||
Maturity Date Range, Start | Feb. 1, 2016 | ||
Maturity Date Range, End | Sep. 1, 2022 | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes, Net | $ 364,932 | 364,861 | |
Unamortized Discounts | 170 | 241 | |
Senior Unsecured Notes, Gross | 365,102 | 365,102 | |
Unsecured Term Loans | |||
Debt Instrument [Line Items] | |||
Unsecured Term Loans | 460,000 | 200,000 | |
Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Unsecured Credit Facility | [2] | $ 55,000 | $ 185,000 |
Interest Rate | [2] | 1.34% | |
Maturity Date | [2] | Mar. 11, 2019 | |
[1] | We entered into interest rate protection agreements, with an aggregate notional value of $460,000, to effectively convert the variable rate to a fixed rate. See Note 9. | ||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 11, 2015 | Sep. 30, 2015 | Mar. 10, 2015 | Jul. 19, 2013 |
Debt Disclosure [Line Items] | ||||
Interest rate protection agreement, notional amount | $ 260,000 | |||
Unsecured Term Loan, term | 7 years | |||
Unsecured Term Loan, face amount | $ 260,000 | |||
Unsecured Credit Facility, current borrowing capacity | $ 625,000 | |||
Mortgage Loans Payable | ||||
Debt Disclosure [Line Items] | ||||
Carrying value of industrial properties held under mortgages | $ 722,430 | |||
Unsecured Credit Facility | ||||
Debt Disclosure [Line Items] | ||||
Unsecured Credit Facility, current borrowing capacity | $ 625,000 | |||
Unsecured Credit Facility, additional borrowing capacity | $ 900,000 | |||
Number of years Unsecured Credit Facility may be extended | 1 year | |||
Unsecured Credit Facility, interest rate description | LIBOR plus 115 basis points | |||
Interest Rate Protection Agreement | ||||
Debt Disclosure [Line Items] | ||||
Interest rate protection agreement, notional amount | $ 460,000 |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2015 | $ 3,104 |
2,016 | 251,870 |
2,017 | 168,723 |
2,018 | 168,341 |
2,019 | 131,423 |
Thereafter | 747,482 |
Total | $ 1,470,943 |
Indebtedness - Summary of Indeb
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Line Items] | |||
Mortgage Loans Payable, Net, Carrying Amount | $ 590,912 | $ 599,985 | |
Senior Unsecured Notes, Net, Carrying Amount | 364,932 | 364,861 | |
Unsecured Term Loan, Carrying Amount | 460,000 | 200,000 | |
Unsecured Credit Facility, Carrying Amount | 55,000 | 185,000 | |
Total, Carrying Amount | 1,470,844 | 1,349,846 | |
Total, Fair Value | 1,534,206 | 1,422,460 | |
Mortgage Loans Payable, Net | |||
Debt Disclosure [Line Items] | |||
Mortgage Loans Payable, Net, Carrying Amount | 590,912 | 599,985 | |
Mortgage Loans Payable, Net, Fair Value | 632,104 | 640,818 | |
Senior Unsecured Notes, Net | |||
Debt Disclosure [Line Items] | |||
Senior Unsecured Notes, Net, Carrying Amount | 364,932 | 364,861 | |
Senior Unsecured Notes, Net, Fair Value | 386,086 | 395,320 | |
Unsecured Term Loans | |||
Debt Disclosure [Line Items] | |||
Unsecured Term Loan, Carrying Amount | 460,000 | 200,000 | |
Unsecured Term Loan, Fair Value | 461,016 | 200,575 | |
Unsecured Credit Facility | |||
Debt Disclosure [Line Items] | |||
Unsecured Credit Facility, Carrying Amount | [1] | 55,000 | 185,000 |
Unsecured Credit Facility, Fair Value | $ 55,000 | $ 185,747 | |
[1] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Stockholders_ Equity of the C41
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Class of Stock [Line Items] | ||
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | $ 0 | $ 0 |
Common stock dividends and Unit distributions | $ 44,283 | |
Convertible Common Stock | ||
Class of Stock [Line Items] | ||
Conversion of Units to Common Stock | 11,012 | 175,333 |
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units | $ 106 | $ 1,697 |
Common Stock and Operating Partnership Units | ||
Class of Stock [Line Items] | ||
Common stock dividends and Unit distributions | $ 44,283 |
Stockholders_ Equity of the C42
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Summary of Changes in Noncontrolling Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | $ 41,877 | |||
Net Income | $ 548 | $ 868 | 1,197 | $ 1,137 |
Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $6) | (1,783) | |||
Conversion of Units to Common Stock | 0 | 0 | ||
Reallocation - Additional Paid-in-Capital | 0 | |||
Ending Balance | 41,341 | 41,341 | ||
Noncontrolling Interest | ||||
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | 41,877 | 44,369 | ||
Net Income | 1,197 | 1,137 | ||
Distributions | (1,669) | (1,368) | ||
Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $6) | (65) | 16 | ||
Conversion of Units to Common Stock | (106) | (1,697) | ||
Reallocation - Additional Paid-in-Capital | 107 | (48) | ||
Ending Balance | 41,341 | 42,409 | 41,341 | 42,409 |
Reallocation - Other Comprehensive Income (Loss) | 3 | 6 | ||
First Industrial, L.P. | ||||
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | 1,101,590 | |||
Net Income | 27 | 21 | 75 | 50 |
Contributions | 61 | |||
Distributions | (85) | |||
Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $6) | (1,824) | |||
Conversion of Units to Common Stock | 0 | 0 | ||
Ending Balance | 1,090,547 | 1,090,547 | ||
First Industrial, L.P. | Noncontrolling Interest | ||||
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | 1,080 | 1,095 | ||
Net Income | 75 | 50 | ||
Contributions | 61 | 57 | ||
Distributions | (85) | (388) | ||
Ending Balance | $ 1,131 | $ 814 | $ 1,131 | $ 814 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Loss - Changes in AOCI (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | $ (13,867) |
Other Comprehensive (Loss) Income Before Reclassifications | (18,521) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 16,803 |
Net Current Period Other Comprehensive (Loss) Income | (1,718) |
Balance | (15,585) |
Interest Rate Protection Agreements | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | (14,402) |
Other Comprehensive (Loss) Income Before Reclassifications | (18,601) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 16,803 |
Net Current Period Other Comprehensive (Loss) Income | (1,798) |
Balance | (16,200) |
Foreign Currency Translation Adjustment | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | (15) |
Other Comprehensive (Loss) Income Before Reclassifications | 15 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive (Loss) Income | 15 |
Balance | 0 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | 550 |
Other Comprehensive (Loss) Income Before Reclassifications | 65 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive (Loss) Income | 65 |
Balance | 615 |
First Industrial, L.P. | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | (14,376) |
Other Comprehensive (Loss) Income Before Reclassifications | (18,627) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 16,803 |
Net Current Period Other Comprehensive (Loss) Income | (1,824) |
Balance | (16,200) |
First Industrial, L.P. | Interest Rate Protection Agreements | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | (14,402) |
Other Comprehensive (Loss) Income Before Reclassifications | (18,601) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 16,803 |
Net Current Period Other Comprehensive (Loss) Income | (1,798) |
Balance | (16,200) |
First Industrial, L.P. | Foreign Currency Translation Adjustment | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance | 26 |
Other Comprehensive (Loss) Income Before Reclassifications | (26) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive (Loss) Income | (26) |
Balance | $ 0 |
Accumulated Other Comprehensi44
Accumulated Other Comprehensive Loss - Amounts Reclassified from AOCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Mark-to-Market Loss on Interest Rate Protection Agreements | $ 0 | $ 0 | $ (11,546) | $ 0 |
Interest Expense | 16,674 | 17,322 | 49,679 | 55,292 |
Total | (14,496) | (17,426) | (50,373) | (56,253) |
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total | 1,430 | 1,221 | 16,803 | 4,129 |
Interest Rate Contract | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest Expense | 131 | 131 | 393 | 1,227 |
Interest Rate Swap | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Mark-to-Market Loss on Interest Rate Protection Agreements | 0 | 0 | 12,990 | 0 |
Interest Expense | $ 1,299 | $ 1,090 | $ 3,420 | $ 2,902 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Loss - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Accumulated Other Comprehensive Loss [Abstract] | |
Amortization to be reclassified from OCI into income | $ 425 |
Earnings Per Share_Unit (EPS_46
Earnings Per Share/Unit (EPS/EPU) - Computation of Basic and Diluted EPS/EPU (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Income from Continuing Operations | $ 14,465 | $ 8,263 | $ 31,499 | $ 15,341 |
Noncontrolling Interest Allocable to Continuing Operations | (548) | (325) | (1,197) | (507) |
Income from Continuing Operations Allocable to Participating Securities | (50) | (33) | (141) | (55) |
Income from Continuing Operations Attributable to Common Stockholders / Unitholders | 13,867 | 7,905 | 30,161 | 14,779 |
Preferred Dividends / Unit Distributions | 0 | 0 | 0 | (1,019) |
Redemption of Preferred Stock / Units | 0 | 0 | 0 | (1,462) |
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | 13,867 | 7,905 | 30,161 | 12,298 |
Income from Discontinued Operations | 0 | 13,932 | 0 | 16,125 |
Noncontrolling Interest Allocable to Discontinued Operations | 0 | (543) | 0 | (630) |
Income from Discontinued Operations Allocable to Participating Securities | 0 | (57) | 0 | (68) |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 13,332 | 0 | 15,427 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 13,917 | 21,327 | 30,302 | 27,848 |
Net Income Allocable to Participating Securities | (50) | (90) | (141) | (123) |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ 13,867 | $ 21,237 | $ 30,161 | $ 27,725 |
Denominator: | ||||
Weighted Average Shares / Units - Basic | 110,356 | 110,072 | 110,338 | 109,856 |
LTIP performance units | 492 | 199 | 397 | 442 |
Weighted Average Shares / Units - Diluted | 110,848 | 110,271 | 110,735 | 110,298 |
Basic Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | $ 0.13 | $ 0.07 | $ 0.27 | $ 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | 0.13 | 0.19 | 0.27 | 0.25 |
Diluted Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | 0.13 | 0.07 | 0.27 | 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | $ 0.13 | $ 0.19 | $ 0.27 | $ 0.25 |
First Industrial, L.P. | ||||
Numerator: | ||||
Income from Continuing Operations | $ 14,465 | $ 8,307 | $ 31,614 | $ 15,448 |
Noncontrolling Interest Allocable to Continuing Operations | (27) | (13) | (75) | (40) |
Income from Continuing Operations Allocable to Participating Securities | (50) | (33) | (141) | (55) |
Income from Continuing Operations Attributable to Common Stockholders / Unitholders | 14,388 | 8,261 | 31,398 | 15,353 |
Preferred Dividends / Unit Distributions | 0 | 0 | 0 | (1,019) |
Redemption of Preferred Stock / Units | 0 | 0 | 0 | (1,462) |
Income from Continuing Operations Available to Unitholders | 14,388 | 8,261 | 31,398 | 12,872 |
Income from Discontinued Operations | 0 | 13,932 | 0 | 16,125 |
Noncontrolling Interest Allocable to Discontinued Operations | 0 | (8) | 0 | (10) |
Income from Discontinued Operations Allocable to Participating Securities | 0 | (57) | 0 | (68) |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 13,867 | 0 | 16,047 |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | 14,438 | 22,218 | 31,539 | 29,042 |
Net Income Allocable to Participating Securities | (50) | (90) | (141) | (123) |
Net Income Available to Unitholders | $ 14,388 | $ 22,128 | $ 31,398 | $ 28,919 |
Denominator: | ||||
Weighted Average Shares / Units - Basic | 114,720 | 114,512 | 114,705 | 114,346 |
LTIP performance units | 492 | 199 | 397 | 442 |
Weighted Average Shares / Units - Diluted | 115,212 | 114,711 | 115,102 | 114,788 |
Basic Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | $ 0.13 | $ 0.07 | $ 0.27 | $ 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | 0.13 | 0.19 | 0.27 | 0.25 |
Diluted Earnings Per Share / Unit: | ||||
Income from Continuing Operations Available to Common Stockholders / Unitholders | 0.12 | 0.07 | 0.27 | 0.11 |
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders | 0 | 0.12 | 0 | 0.14 |
Net Income Available to Common Stockholders / Unitholders | $ 0.12 | $ 0.19 | $ 0.27 | $ 0.25 |
Earnings Per Share_Unit (EPS_47
Earnings Per Share/Unit (EPS/EPU) - Additional Information (Detail) - shares | Sep. 30, 2015 | Sep. 30, 2014 |
Earnings Per Share [Abstract] | ||
Unvested restricted stock / Unit awards | 388,695 | 463,774 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amortization related to restricted stock awards and LTIP unit awards | $ 1,507 | $ 1,351 | $ 5,574 | $ 6,248 |
Unrecognized compensation related to unvested restricted stock and unit awards | $ 7,047 | $ 7,047 | ||
Weighted average period of unrecognized compensation expected to be recognized | 343 days | |||
Long-Term Incentive Program | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 0.00% | |||
Long-Term Incentive Program | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100.00% | |||
Management | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and unit awards to employees | 216,975 | |||
Fair value of restricted stock and unit awards | $ 4,708 | |||
Vesting period of restricted stock | 3 years | |||
Compensation expense recognized at date of grant | $ 1,250 | $ 1,451 | ||
Management | Long-Term Incentive Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and unit awards to employees | 264,432 | |||
Fair value of restricted stock and unit awards | $ 2,531 | |||
Director | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock and unit awards to employees | 17,385 | |||
Fair value of restricted stock and unit awards | $ 350 | |||
Vesting period of restricted stock | 1 year |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Thousands | Sep. 11, 2015USD ($)agreement | Aug. 31, 2014USD ($)agreement | Jan. 31, 2014USD ($)agreement | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) |
Derivative [Line Items] | |||||||
Debt Instrument, Term | 7 years | ||||||
Unsecured Term Loan, face amount | $ 260,000 | ||||||
Swaps, notional amount | $ 260,000 | ||||||
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | $ 0 | $ 0 | $ (11,546) | $ 0 | |||
Group I Swaps | |||||||
Derivative [Line Items] | |||||||
Debt Instrument, Term | 7 years | ||||||
Unsecured Term Loan, face amount | $ 200,000 | ||||||
Swaps, number of instruments held | agreement | 4 | ||||||
Swaps, notional amount | $ 200,000 | ||||||
Swaps, variable rate | one month LIBOR | ||||||
Swaps, weighted average fixed rate | 2.29% | ||||||
Group II Swaps | |||||||
Derivative [Line Items] | |||||||
Swaps, number of instruments held | agreement | 6 | ||||||
Swaps, notional amount | $ 260,000 | ||||||
Swaps, variable rate | one month LIBOR | ||||||
Swaps, weighted average fixed rate | 1.79% | ||||||
Group III Swaps | |||||||
Derivative [Line Items] | |||||||
Swaps, number of instruments held | agreement | 3 | ||||||
Swaps, notional amount | $ 220,000 | ||||||
Swaps, variable rate | three month LIBOR | ||||||
Swaps, weighted average fixed rate | 2.5795% | ||||||
Reclassification of fair value of interest rate protection agreements | 12,990 | ||||||
Settlement payment on Swaps | 11,546 | ||||||
Mark-to-Market and Settlement Loss on Interest Rate Protection Agreements | $ 11,546 |
Derivatives - Fair Value Measur
Derivatives - Fair Value Measurements on Recurring Basis (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Group I Swaps | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | $ (10,148) |
Group I Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | 0 |
Group I Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | (10,148) |
Group I Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | 0 |
Group II Swaps | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | (4,322) |
Group II Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | 0 |
Group II Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | (4,322) |
Group II Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value on Recurring Basis [Line Items] | |
Swaps | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands, ft² in Millions | Sep. 30, 2015USD ($)ft²Property |
Commitments and Contingencies Disclosure [Abstract] | |
Number of industrial properties under construction | Property | 9 |
Gross leasable area (GLA) of industrial properties under construction | ft² | 2.2 |
Estimated total investment | $ 148,200 |
Estimated total investment remaining to be funded | $ 73,100 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Thousands | 1 Months Ended | 9 Months Ended | |
Oct. 30, 2015USD ($)Property | Sep. 30, 2015USD ($)Property | Sep. 30, 2014USD ($) | |
Subsequent Event [Line Items] | |||
Number of industrial properties acquired | 3 | ||
Purchase price of acquisitions | $ | $ 73,179 | $ 53,211 | |
Number of industrial properties sold | 15 | ||
Proceeds from the sale of industrial properties | $ | $ 50,060 | ||
Subsequent Events | |||
Subsequent Event [Line Items] | |||
Number of industrial properties acquired | 3 | ||
Number of land parcels acquired | 2 | ||
Purchase price of acquisitions | $ | $ 71,177 | ||
Number of industrial properties sold | 29 | ||
Proceeds from the sale of industrial properties | $ | $ 28,225 | ||
Extinguishment of mortgage debt | $ | $ 22,910 |