First Industrial 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		116,847,508
First Industrial, L.P.
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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	Mar. 31, 2016	Dec. 31, 2015
Investment in Real Estate:
Land	$ 788,401	$ 745,912
Buildings and Improvements	2,506,453	2,511,737
Construction in Progress	50,543	36,319
Less: Accumulated Depreciation	(802,166)	(791,330)
Net Investment in Real Estate	2,543,231	2,502,638
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,194 and $1,171	2,370	2,510
Cash and Cash Equivalents	3,180	3,987
Restricted Cash	4,272	23,005
Tenant Accounts Receivable, Net	5,720	5,612
Deferred Rent Receivable, Net	64,062	62,335
Deferred Leasing Intangibles, Net	32,392	33,326
Prepaid Expenses and Other Assets, Net	77,192	76,395
Total Assets	2,732,419	2,709,808
Indebtedness:
Mortgage Loans Payable, Net	505,451	561,241
Senior Unsecured Notes, Net	204,839	364,457
Unsecured Term Loans, Net	456,137	455,970
Unsecured Credit Facility	313,500	52,500
Accounts Payable, Accrued Expenses and Other Liabilities	79,952	93,699
Deferred Leasing Intangibles, Net	11,462	11,841
Rents Received in Advance and Security Deposits	41,029	40,153
Dividends and Distributions Payable	22,112	14,812
Total Liabilities	1,634,482	1,594,673
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 and 111,247,508 and 111,027,225 shares issued and outstanding)	1,113	1,111
Additional Paid-in-Capital	1,757,677	1,756,415
Distributions in Excess of Accumulated Earnings	(680,473)	(674,759)
Accumulated Other Comprehensive Loss	(21,602)	(9,667)
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity	1,056,715	1,073,100
Noncontrolling Interest	41,222	42,035
Total Equity	1,097,937	1,115,135
Total Liabilities and Equity/Partners' Capital	2,732,419	2,709,808
First Industrial, L.P.
Investment in Real Estate:
Land	788,401	745,912
Buildings and Improvements	2,506,453	2,511,737
Construction in Progress	50,543	36,319
Less: Accumulated Depreciation	(802,166)	(791,330)
Net Investment in Real Estate	2,543,231	2,502,638
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,194 and $1,171	2,370	2,510
Cash and Cash Equivalents	3,180	3,987
Restricted Cash	4,272	23,005
Tenant Accounts Receivable, Net	5,720	5,612
Deferred Rent Receivable, Net	64,062	62,335
Deferred Leasing Intangibles, Net	32,392	33,326
Prepaid Expenses and Other Assets, Net	87,877	87,110
Total Assets	2,743,104	2,720,523
Indebtedness:
Mortgage Loans Payable, Net	505,451	561,241
Senior Unsecured Notes, Net	204,839	364,457
Unsecured Term Loans, Net	456,137	455,970
Unsecured Credit Facility	313,500	52,500
Accounts Payable, Accrued Expenses and Other Liabilities	79,952	93,699
Deferred Leasing Intangibles, Net	11,462	11,841
Rents Received in Advance and Security Deposits	41,029	40,153
Dividends and Distributions Payable	22,112	14,812
Total Liabilities	1,634,482	1,594,673
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
General Partner Units (111,247,508 and 111,027,225 units outstanding)	1,049,517	1,054,028
Limited Partners Units (4,295,884 and 4,305,707 units outstanding)	80,462	80,769
Accumulated Other Comprehensive Loss	(22,437)	(10,043)
Total First Industrial L.P.'s Partners’ Capital	1,107,542	1,124,754
Noncontrolling Interest	1,080	1,096
Total Partners’ Capital	1,108,622	1,125,850
Total Liabilities and Equity/Partners' Capital	$ 2,743,104	$ 2,720,523

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real Estate Held for Sale, Accumulated Depreciation	$ 1,194	$ 1,171
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	150,000,000	150,000,000
Common Stock, shares issued	111,247,508	111,027,225
Common Stock, shares outstanding	111,247,508	111,027,225
First Industrial, L.P.
Real Estate Held for Sale, Accumulated Depreciation	$ 1,194	$ 1,171
General Partner Units, units outstanding	111,247,508	111,027,225
Limited Partner Units, units outstanding	4,295,884	4,305,707

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental Income	$ 71,752	$ 68,210
Tenant Recoveries and Other Income	21,715	21,756
Total Revenues	93,467	89,966
Expenses:
Property Expenses	28,367	29,791
General and Administrative	7,674	6,966
Acquisition Costs	64	0
Depreciation and Other Amortization	31,128	28,306
Total Expenses	67,233	65,063
Other Income (Expense):
Gain on Sale of Real Estate	7,251	7,930
Interest Expense	(16,259)	(16,642)
Amortization of Deferred Financing Costs	(873)	(746)
Mark-to-Market Loss on Interest Rate Protection Agreements	0	(12,990)
Total Other Income (Expense)	(9,881)	(22,448)
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax Provision	16,353	2,455
Equity in Income of Joint Ventures	0	71
Income Tax Provision	(58)	(60)
Net Income	16,295	2,466
Less: Net Income Attributable to the Noncontrolling Interest	(607)	(93)
Net Income Available to Common Stockholders/Unitholders and Participating Securities	$ 15,688	$ 2,373
Basic and Diluted Earnings Per Share/Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.14	$ 0.02
Dividends/Distributions Per Share/Unit	$ 0.19	$ 0.1275
Weighted Average Shares/Units Outstanding - Basic	110,793	110,310
Weighted Average Shares/Units Outstanding - Diluted	110,985	110,675
First Industrial, L.P.
Revenues:
Rental Income	$ 71,752	$ 68,210
Tenant Recoveries and Other Income	21,715	21,756
Total Revenues	93,467	89,966
Expenses:
Property Expenses	28,367	29,791
General and Administrative	7,674	6,949
Acquisition Costs	64	0
Depreciation and Other Amortization	31,128	28,306
Total Expenses	67,233	65,046
Other Income (Expense):
Gain on Sale of Real Estate	7,251	7,930
Interest Expense	(16,259)	(16,642)
Amortization of Deferred Financing Costs	(873)	(746)
Mark-to-Market Loss on Interest Rate Protection Agreements	0	(12,990)
Total Other Income (Expense)	(9,881)	(22,448)
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax Provision	16,353	2,472
Equity in Income of Joint Ventures	0	71
Income Tax Provision	(58)	(60)
Net Income	16,295	2,483
Less: Net Income Attributable to the Noncontrolling Interest	(14)	(26)
Net Income Available to Common Stockholders/Unitholders and Participating Securities	$ 16,281	$ 2,457
Basic and Diluted Earnings Per Share/Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.14	$ 0.02
Dividends/Distributions Per Share/Unit	$ 0.19	$ 0.1275
Weighted Average Shares/Units Outstanding - Basic	115,096	114,681
Weighted Average Shares/Units Outstanding - Diluted	115,288	115,046

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income	$ 16,295	$ 2,466
Mark-to-Market Loss on Interest Rate Protection Agreements	(12,496)	(9,446)
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10)	0	12,990
Amortization of Interest Rate Protection Agreements	102	131
Foreign Currency Translation Adjustment	0	15
Comprehensive Income	3,901	6,156
Comprehensive Income Attributable to Noncontrolling Interest	(145)	(233)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc. / Unitholders	3,756	5,923
First Industrial, L.P.
Net Income	16,295	2,483
Mark-to-Market Loss on Interest Rate Protection Agreements	(12,496)	(9,446)
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10)	0	12,990
Amortization of Interest Rate Protection Agreements	102	131
Foreign Currency Translation Adjustment	0	(26)
Comprehensive Income	3,901	6,132
Comprehensive Income Attributable to Noncontrolling Interest	(14)	(26)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc. / Unitholders	$ 3,887	$ 6,106

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/ PARTNER'S CAPITAL - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Loss	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, 2015	$ 1,115,135	$ 1,111	$ 1,756,415	$ (674,759)	$ (9,667)	$ 42,035
Beginning Balance at Dec. 31, 2015							$ 1,125,850	$ 1,054,028	$ 80,769	$ (10,043)	$ 1,096
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward]
Stock Based Compensation Activity	906	2	1,117	(213)
Stock Based Compensation Activity							906	906
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	0	98			(98)	0	98	(98)
Reallocation—Additional Paid in Capital	0		47			(47)
Common Stock Dividends and Unit Distributions	(22,005)			(21,189)		(816)
Unit Distributions							(22,005)	(21,189)	(816)
Contributions from Noncontrolling Interest							3				3
Distributions to Noncontrolling Interest						(816)	(33)				(33)
Net Income	16,295			15,688		607	16,295	15,674	607		14
Other Comprehensive Loss	(12,394)				(11,935)	(459)	(12,394)			(12,394)
Ending Balance at Mar. 31, 2016	$ 1,097,937	$ 1,113	$ 1,757,677	$ (680,473)	$ (21,602)	$ 41,222
Ending Balance at Mar. 31, 2016							$ 1,108,622	$ 1,049,517	$ 80,462	$ (22,437)	$ 1,080

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 16,295	$ 2,466
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	25,829	23,258
Amortization of Deferred Financing Costs	873	746
Other Amortization	8,104	7,741
Provision for Bad Debt	265	498
Equity in Income of Joint Ventures	0	(71)
Gain on Sale of Real Estate	(7,251)	(7,930)
Mark-to-Market Loss on Interest Rate Protection Agreements	0	12,990
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(2,453)	(3,425)
Increase in Deferred Rent Receivable	(1,839)	(2,272)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(12,460)	(6,476)
Payments of Discounts Associated with Retirement of Debt	(554)	0
Cash Book Overdraft	0	429
Net Cash Provided by Operating Activities	26,809	27,954
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(47,406)	0
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(35,905)	(25,556)
Net Proceeds from Sales of Investments in Real Estate	15,393	25,573
Contributions to and Investments in Joint Ventures	0	(9)
Distributions from Joint Ventures	0	126
Repayments of Notes Receivable	0	2,720
Decrease (Increase) in Escrows	19,477	(756)
Net Cash (Used in) Provided by Investing Activities	(48,441)	2,098
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Costs	(236)	(2,114)
Repurchase and Retirement of Restricted Stock/Units	(5,230)	(2,101)
Common Stock Dividends and Unit Distributions Paid	(14,705)	(11,786)
Repayments on Mortgage Loans Payable	(60,879)	(2,980)
Repayments of Senior Unsecured Notes	(159,125)	0
Proceeds from Unsecured Credit Facility	298,000	32,000
Repayments on Unsecured Credit Facility	(37,000)	(49,000)
Net Cash Provided by (Used in) Financing Activities	20,825	(35,981)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	0	(14)
Net Decrease in Cash and Cash Equivalents	(807)	(5,929)
Cash and Cash Equivalents, Beginning of Year	3,987	9,500
Cash and Cash Equivalents, End of Year	3,180	3,557
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity	449	459
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	22,112
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	5,082	0
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	16,151	8,881
Write-off of Fully Depreciated Assets	(14,457)	(9,849)
Noncontrolling Interest
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	607
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	(98)	(95)
Common Stock
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0
Additional Paid-in- Capital
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	98	95
Common Stock
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	22,112	14,912
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	16,295	2,483
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	25,829	23,258
Amortization of Deferred Financing Costs	873	746
Other Amortization	8,104	7,741
Provision for Bad Debt	265	498
Equity in Income of Joint Ventures	0	(71)
Gain on Sale of Real Estate	(7,251)	(7,930)
Mark-to-Market Loss on Interest Rate Protection Agreements	0	12,990
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(2,423)	(3,952)
Increase in Deferred Rent Receivable	(1,839)	(2,272)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(12,460)	(6,469)
Payments of Discounts Associated with Retirement of Debt	(554)	0
Cash Book Overdraft	0	429
Net Cash Provided by Operating Activities	26,839	27,451
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(47,406)	0
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(35,905)	(25,556)
Net Proceeds from Sales of Investments in Real Estate	15,393	25,573
Contributions to and Investments in Joint Ventures	0	(9)
Distributions from Joint Ventures	0	126
Repayments of Notes Receivable	0	2,720
Decrease (Increase) in Escrows	19,477	(256)
Net Cash (Used in) Provided by Investing Activities	(48,441)	2,598
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Costs	(236)	(2,114)
Repurchase and Retirement of Restricted Stock/Units	(5,230)	(2,101)
Common Stock Dividends and Unit Distributions Paid	(14,705)	(11,786)
Contributions from Noncontrolling Interests	3	2
Distributions to Noncontrolling Interests	(33)	0
Repayments on Mortgage Loans Payable	(60,879)	(2,980)
Repayments of Senior Unsecured Notes	(159,125)	0
Proceeds from Unsecured Credit Facility	298,000	32,000
Repayments on Unsecured Credit Facility	(37,000)	(49,000)
Net Cash Provided by (Used in) Financing Activities	20,795	(35,979)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	0	(14)
Net Decrease in Cash and Cash Equivalents	(807)	(5,930)
Cash and Cash Equivalents, Beginning of Year	3,987	9,485
Cash and Cash Equivalents, End of Year	3,180	3,541
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity	449	459
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	22,112
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	5,082	0
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	16,151	8,881
Write-off of Fully Depreciated Assets	(14,457)	(9,849)
First Industrial, L.P. | Noncontrolling Interest
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	14
First Industrial, L.P. | Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	607
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	(98)	(95)
First Industrial, L.P. | General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	15,674
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	98	95
First Industrial, L.P. | Common Stock
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	$ 22,112	$ 14,912

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.3% ownership interest ("General Partner Units") at March 31, 2016. The Operating Partnership also conducts operations through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 3.7% ("Limited Partner Units" and together with the General Partner Units, the "Units") at March 31, 2016 represents the aggregate partnership interest held by the limited partners thereof. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships and the TRSs 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 provided 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 the 2007 Europe Joint Venture were 15% and 10% , respectively. The Joint Ventures were accounted for under the equity method of accounting. As of March 31, 2016, we owned 584 industrial properties located in 24 states, containing an aggregate of approximately 63.2 million square feet of gross leasable area ("GLA"). Of the 584 properties owned on a consolidated basis, none of them are directly owned by the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2015 ("2015 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2015 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2015 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2015 audited consolidated financial statements included in our 2015 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission ("SEC"). Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2016 and December 31, 2015, and the reported amounts of revenues and expenses for the three months ended March 31, 2016 and 2015. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2016 and December 31, 2015, the results of our operations and comprehensive income for each of the three months ended March 31, 2016 and 2015, and our cash flows for each of the three months ended March 31, 2016 and 2015; all adjustments are of a normal recurring nature. Reclassifications Interest income which was included in other income and expense on the consolidated statement of operations for the three months ended March 31, 2015 has been reclassified to be included in tenant recoveries and other income to conform to the 2016 presentation. Deferred Financing Costs Effective January 1, 2016, we adopted Accounting Standards Update ("ASU") No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amended the presentation of debt issuance costs on a consolidated balance sheet. 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 recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving credit agreements are not within the scope of this new guidance. The Financial Accounting Standards Board ("FASB") issued ASU No. 2015-15,"Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" ("ASU 2015-15"), which expanded upon ASU 2015-03. ASU 2015-15 stated that given the absence of authoritative guidance within 2015-03, the SEC staff would not object to deferring and presenting debt issuance costs as an asset for revolving credit agreements and subsequently amortizing the deferred issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the revolving credit agreement. The adoption of ASU 2015-03 was applied retrospectively. See Note 4 for more information about the reclassification of our debt issuance costs. The debt issuance costs related to our unsecured credit facility (the "Unsecured Credit Facility") remain classified as an asset and are included in prepaid expenses and other assets, net on the consolidated balance sheets. Recent Accounting Pronouncements 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. 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. In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within that reporting period. Early application is permitted. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 intends to simplify several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, the classification of certain items on the statement of cash flows, statutory tax withholding requirements and the accounting for forfeitures. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is permitted. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements.

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions During the three months ended March 31, 2016, we acquired one industrial property comprising approximately 0.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $51,489 , excluding costs incurred in conjunction with the acquisition of the industrial property and land parcels. The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial property and land parcels acquired during the three months ended March 31, 2016: Purchase Price Weighted Average Life (in Months) Land (A) $ 43,848 N/A Building and Improvements 7,249 (B) Other Assets 61 (C) In-Place Leases 663 32 Above Market Leases 197 32 Assumed Mortgage Loan Premium (See Note 4) (529 ) 44 Total Purchase Price $ 51,489 Assumed Mortgage Loan (See Note 4) (4,513 ) Total Net Assets Acquired $ 46,976 (A) Included in the purchase price for the three months ended March 31, 2016, is $12,864 relating to a land parcel that we acquired and transferred to a special purpose entity to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged land parcel within 180 days of the acquisition date. We determined that this special purpose entity is a variable interest entity ("VIE"), and we are the primary beneficiary. Therefore, we consolidate this entity. As of March 31, 2016, this VIE has no significant liabilities or significant cash flows. (B) See Note 2 to the consolidated financial statements in our 2015 Form 10-K for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy. (C) Represents a leasing commission, which is included in prepaid expenses and other assets, net on the consolidated balance sheets and amortized over the remaining term of the lease. Real Estate and Other Assets Held for Sale As of March 31, 2016, we had two industrial properties comprising approximately 0.1 million square feet of GLA held for sale. See Note 12. Sales During the three months ended March 31, 2016, we sold five industrial properties comprising approximately 0.4 million square feet of GLA. Gross proceeds from the sales of the industrial properties were approximately $16,319 . The gain on sale of real estate was approximately $7,251 .

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at March 31, 2016 Effective Interest Rate at Issuance Maturity Date March 31, 2016 December 31, 2015 Mortgage Loans Payable, Gross $ 508,525 $ 564,891 4.03% – 8.26% 3.82% – 8.26% June 2018 – September 2022 Unamortized Deferred Financing Costs (3,625 ) (3,714 ) Unamortized Premiums 551 64 Mortgage Loans Payable, Net $ 505,451 $ 561,241 Senior Unsecured Notes, Gross 2016 Notes $ — $ 159,679 N/A N/A 1/15/2016 2017 Notes 54,981 54,981 7.50% 7.52% 12/1/2017 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2017 II Notes 101,871 101,871 5.95% 6.37% 5/15/2017 Subtotal $ 205,423 $ 365,102 Unamortized Deferred Financing Costs (450 ) (499 ) Unamortized Discounts (134 ) (146 ) Senior Unsecured Notes, Net $ 204,839 $ 364,457 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.99% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 3.39% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Deferred Financing Costs (3,863 ) (4,030 ) Unsecured Term Loans, Net $ 456,137 $ 455,970 Unsecured Credit Facility (B) $ 313,500 $ 52,500 1.58% N/A 3/11/2019 (A) The interest rate at March 31, 2016 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized deferred financing costs of $3,872 and $4,204 as of March 31, 2016 and December 31, 2015, respectively, which are included in prepaid expenses and other assets, net on the consolidated balance sheets. Mortgage Loans Payable, Net During the three months ended March 31, 2016, we assumed a mortgage loan in the amount of $4,513 in conjunction with the acquisition of one industrial property, totaling approximately 0.1 million square feet of GLA. The mortgage loan bears interest at a fixed rate of 7.35% , principal payments are amortized over 25 years and the loan matures in September 2019. In conjunction with the assumption of the mortgage loan, we recorded a premium in the amount of $529 , which will be amortized as an adjustment to interest expense through maturity. Additionally, during the three months ended March 31, 2016, we paid off a mortgage loan in the amount of $57,901 . As of March 31, 2016, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $676,569 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2016. Senior Unsecured Notes, Net During the three months ended March 31, 2016, we paid off and retired our 2016 Notes, at maturity, in the amount of $159,679 . Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and deferred financing costs, for the next five years as of March 31, and thereafter: Amount Remainder of 2016 $ 8,571 2017 168,849 2018 168,477 2019 394,061 2020 90,857 Thereafter 656,633 Total $ 1,487,448 The Unsecured Credit Facility, the Unsecured Term Loans (as defined in Note 10) and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans and indentures governing our senior unsecured notes as of March 31, 2016. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At March 31, 2016 and December 31, 2015, the fair value of our indebtedness was as follows: March 31, 2016 December 31, 2015 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 509,076 $ 537,245 $ 564,955 $ 595,964 Senior Unsecured Notes, Net 205,289 227,684 364,956 386,253 Unsecured Term Loans 460,000 460,920 460,000 460,970 Unsecured Credit Facility 313,500 313,500 52,500 52,500 Total $ 1,487,865 $ 1,539,349 $ 1,442,411 $ 1,495,687 (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs. 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 the 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, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities During the year ended December 31, 2015, the Operating Partnership adopted ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis,” which modified the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Other Real Estate Partnerships are variable interest entities of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company under the revised guidance and the Company is the primary beneficiary. Because the Operating Partnership was already consolidated in the balance sheets of the Company, the revised guidance has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no voting interest entities under prior existing guidance determined to be VIEs under the revised guidance. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: March 31, 2016 December 31, 2015 ASSETS Assets: Net Investment in Real Estate $ 304,246 $ 306,866 Other Assets, Net 20,524 20,104 Total Assets $ 324,770 $ 326,970 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable, Net $ 71,415 $ 77,071 Other Liabilities, Net 38,404 43,103 Partners’ Capital 214,951 206,796 Total Liabilities and Partners’ Capital $ 324,770 $ 326,970

Stockholders_ Equity of the Com

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership	3 Months Ended
	Mar. 31, 2016
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 Partner Units into Shares of Common Stock For the three months ended March 31, 2016 and 2015, 9,823 and 9,825 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $98 and $95 , 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 three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended Balance as of December 31, 2015 $ 42,035 $ 41,877 Net Income 607 93 Unit Distributions (816 ) (557 ) Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $2) (459 ) 142 Conversion of Limited Partner Units to Common Stock (98 ) (95 ) Reallocation - Additional Paid-in-Capital (47 ) (34 ) Balance as of March 31, 2016 $ 41,222 $ 41,426 Noncontrolling Interest of the Operating Partnership The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended Balance as of December 31, 2015 $ 1,096 $ 1,080 Net Income 14 26 Contributions 3 2 Distributions (33 ) — Balance as of March 31, 2016 $ 1,080 $ 1,108 Dividends/Distributions During the three months ended March 31, 2016, we accrued $22,005 common stock dividends and Unit distributions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
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 and the Operating Partnership for the three months ended March 31, 2016: Interest Rate Protection Agreements Accumulated Other Comprehensive Loss of the Operating Partnership Comprehensive Loss Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Loss of the Company Balance as of December 31, 2015 $ (10,043 ) $ (10,043 ) $ 376 $ (9,667 ) Other Comprehensive Loss Before Reclassifications (14,332 ) (14,332 ) 459 (13,873 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 1,938 1,938 — 1,938 Net Current Period Other Comprehensive Loss (12,394 ) (12,394 ) 459 (11,935 ) Balance as of March 31, 2016 $ (22,437 ) $ (22,437 ) $ 835 $ (21,602 ) The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the three months ended March 31, 2016 and 2015: Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Affected Line Items in the Consolidated Statements of Operations Interest Rate Protection Agreements: Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) $ — $ 12,990 Mark-to-Market Loss on Interest Rate Protection Agreements Amortization of Interest Rate Protection Agreements (Previously Settled) 102 131 Interest Expense Settlement Payments to our Counterparties 1,836 1,057 Interest Expense $ 1,938 $ 14,178 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 $385 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the 2014 and 2015 Swaps (as defined in Note 10) will also be reclassified to net income. See Note 10 for more information about our derivatives.

Earnings Per Share _ Unit (EPS

Earnings Per Share / Unit (EPS / EPU)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share / Unit (EPS / EPU)	Earnings Per Share and Earnings Per Unit ("EPS"/"EPU") The computation of basic and diluted EPS of the Company is presented below: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Numerator: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 15,688 $ 2,373 Net Income Allocable to Participating Securities (63 ) (41 ) Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 15,625 $ 2,332 Denominator (In Thousands): Weighted Average Shares - Basic 110,793 110,310 Effect of Dilutive Securities: LTIP Unit Awards (As Defined in Note 9) 192 365 Weighted Average Shares - Diluted 110,985 110,675 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.14 $ 0.02 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Numerator: Net Income Available to Unitholders and Participating Securities $ 16,281 $ 2,457 Net Income Allocable to Participating Securities (63 ) (41 ) Net Income Available to Unitholders $ 16,218 $ 2,416 Denominator (In Thousands): Weighted Average Units - Basic 115,096 114,681 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP Unit Awards (As Defined in Note 9) 192 365 Weighted Average Units - Diluted 115,288 115,046 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.14 $ 0.02 Participating securities include 421,291 and 391,721 of unvested restricted stock or restricted Unit awards outstanding at March 31, 2016 and 2015, respectively, which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2016
Share-based Compensation [Abstract]
Benefit Plans	Benefit Plans Restricted Stock or Restricted Unit Awards For the three months ended March 31, 2016, the Company awarded 308,373 shares of restricted stock awards to certain employees, which had a fair value of $6,047 on the date such awards were approved by the Compensation Committee of the Board of Directors. These restricted stock awards were issued based upon the achievement of certain corporate performance goals and generally vest over a period of three years. The Operating Partnership issued restricted Unit awards to the Company in the same amount for this award issuance. Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted Unit awards expected to vest except if the recipient is not required to provide future service in exchange for vesting of such restricted stock or restricted Unit awards. If vesting of a recipient's restricted stock or restricted Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During the three months ended March 31, 2016 and 2015, we recognized $1,590 and $1,250 , respectively, of compensation expense related to restricted stock or restricted Unit awards granted to our Chief Executive Officer for which future service was not required. LTIP Unit Awards For the three months ended March 31, 2016, the Company granted 254,524 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards") to certain employees, which had a fair value of $2,561 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The 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 LTIP Unit Awards is calculated based on the performance period from January 1, 2016 through December 31, 2018. 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 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 LTIP Unit Awards and prior to the date of settlement. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested LTIP Unit Awards. Outstanding Restricted Stock or Restricted Unit Awards and LTIP Unit Awards For the three months ended March 31, 2016 and 2015, we recognized $2,963 and $2,561 , respectively, in amortization related to restricted stock or restricted Unit awards and LTIP Unit Awards. Restricted stock or restricted Unit award and LTIP Unit Award amortization capitalized in connection with development activities was not significant. At March 31, 2016, we had $11,077 in unrecognized compensation related to unvested restricted stock or restricted Unit awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.75 years.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2016
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 originations of the seven -year, $200,000 unsecured loan (the "2014 Unsecured Term Loan") and the seven -year, $260,000 unsecured loan (the "2015 Unsecured Term Loan" and together with the 2014 Unsecured Term Loan, the "Unsecured Term Loans") (See Note 4) , we entered into interest rate protection agreements to manage our exposure to changes in the one month LIBOR rate. The four interest rate protection agreements, which fix the variable rate of the 2014 Unsecured Term Loan, have an aggregate notional value of $200,000 , mature on January 29, 2021 and fix the LIBOR rate at a weighted average rate of 2.29% (the "2014 Swaps"). The six interest rate protection agreements, which fix the variable rate of the 2015 Unsecured Term Loan, have an aggregate notional value of $260,000 , mature on September 12, 2022 and fix the LIBOR rate at a weighted average rate of 1.79% (the "2015 Swaps"). We designated the 2014 and 2015 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 "Settled Swaps"). At origination, we designated the Settled Swaps as cash flow hedges but, during the three months ended March 31, 2015, the Settled 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 year ended December 31, 2015, we made a settlement payment of $11,546 to our derivative counterparties. 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 March 31, 2016, 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 2014 and 2015 Swaps, which are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of March 31, 2016: 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: 2014 Swaps $ (11,808 ) — $ (11,808 ) — 2015 Swaps $ (9,131 ) — $ (9,131 ) — There was no ineffectiveness recorded on the 2014 and 2015 Swaps during the three months ended March 31, 2016. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 and 2015 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 2014 and 2015 Swaps fell within Level 2 of the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 properties. At March 31, 2016, we had five industrial properties totaling approximately 1.5 million square feet of GLA under construction. The estimated total investment as of March 31, 2016 is approximately $94,100 . Of this amount, approximately $50,300 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events From April 1, 2016 to April 28, 2016, we acquired one industrial property and one land parcel for a purchase price of approximately $23,266 , excluding costs incurred in conjunction with such acquisitions. During the same period, we sold five industrial properties for approximately $15,418 . Additionally, on April 5, 2016, the Company issued 5,600,000 shares of the Company's common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $124,936 . The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and will be reflected in the financial statements as a general partner contribution.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2015 ("2015 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2015 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2015 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2015 audited consolidated financial statements included in our 2015 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission ("SEC").
Use of Estimates	Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2016 and December 31, 2015, and the reported amounts of revenues and expenses for the three months ended March 31, 2016 and 2015. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2016 and December 31, 2015, the results of our operations and comprehensive income for each of the three months ended March 31, 2016 and 2015, and our cash flows for each of the three months ended March 31, 2016 and 2015; all adjustments are of a normal recurring nature.
Reclassifications	Reclassifications Interest income which was included in other income and expense on the consolidated statement of operations for the three months ended March 31, 2015 has been reclassified to be included in tenant recoveries and other income to conform to the 2016 presentation.
Deferred Financing Costs	Deferred Financing Costs Effective January 1, 2016, we adopted Accounting Standards Update ("ASU") No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amended the presentation of debt issuance costs on a consolidated balance sheet. 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 recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving credit agreements are not within the scope of this new guidance. The Financial Accounting Standards Board ("FASB") issued ASU No. 2015-15,"Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" ("ASU 2015-15"), which expanded upon ASU 2015-03. ASU 2015-15 stated that given the absence of authoritative guidance within 2015-03, the SEC staff would not object to deferring and presenting debt issuance costs as an asset for revolving credit agreements and subsequently amortizing the deferred issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the revolving credit agreement. The adoption of ASU 2015-03 was applied retrospectively. See Note 4 for more information about the reclassification of our debt issuance costs. The debt issuance costs related to our unsecured credit facility (the "Unsecured Credit Facility") remain classified as an asset and are included in prepaid expenses and other assets, net on the consolidated balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. 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. In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within that reporting period. Early application is permitted. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 intends to simplify several aspects of the accounting for share-based payment transactions, including the accounting for income taxes, the classification of certain items on the statement of cash flows, statutory tax withholding requirements and the accounting for forfeitures. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is permitted. We are currently evaluating the impact of the adoption of ASU 2016-09 on our consolidated financial statements.

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Summary of the Fair Value of Assets and Liabilities Acquired	The following table summarizes the fair value of amounts recognized for each major class of asset and liability for the industrial property and land parcels acquired during the three months ended March 31, 2016: Purchase Price Weighted Average Life (in Months) Land (A) $ 43,848 N/A Building and Improvements 7,249 (B) Other Assets 61 (C) In-Place Leases 663 32 Above Market Leases 197 32 Assumed Mortgage Loan Premium (See Note 4) (529 ) 44 Total Purchase Price $ 51,489 Assumed Mortgage Loan (See Note 4) (4,513 ) Total Net Assets Acquired $ 46,976 (A) Included in the purchase price for the three months ended March 31, 2016, is $12,864 relating to a land parcel that we acquired and transferred to a special purpose entity to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged land parcel within 180 days of the acquisition date. We determined that this special purpose entity is a variable interest entity ("VIE"), and we are the primary beneficiary. Therefore, we consolidate this entity. As of March 31, 2016, this VIE has no significant liabilities or significant cash flows. (B) See Note 2 to the consolidated financial statements in our 2015 Form 10-K for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy. (C) Represents a leasing commission, which is included in prepaid expenses and other assets, net on the consolidated balance sheets and amortized over the remaining term of the lease.

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of Indebtedness	The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at March 31, 2016 Effective Interest Rate at Issuance Maturity Date March 31, 2016 December 31, 2015 Mortgage Loans Payable, Gross $ 508,525 $ 564,891 4.03% – 8.26% 3.82% – 8.26% June 2018 – September 2022 Unamortized Deferred Financing Costs (3,625 ) (3,714 ) Unamortized Premiums 551 64 Mortgage Loans Payable, Net $ 505,451 $ 561,241 Senior Unsecured Notes, Gross 2016 Notes $ — $ 159,679 N/A N/A 1/15/2016 2017 Notes 54,981 54,981 7.50% 7.52% 12/1/2017 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2017 II Notes 101,871 101,871 5.95% 6.37% 5/15/2017 Subtotal $ 205,423 $ 365,102 Unamortized Deferred Financing Costs (450 ) (499 ) Unamortized Discounts (134 ) (146 ) Senior Unsecured Notes, Net $ 204,839 $ 364,457 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.99% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 3.39% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Deferred Financing Costs (3,863 ) (4,030 ) Unsecured Term Loans, Net $ 456,137 $ 455,970 Unsecured Credit Facility (B) $ 313,500 $ 52,500 1.58% N/A 3/11/2019 (A) The interest rate at March 31, 2016 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized deferred financing costs of $3,872 and $4,204 as of March 31, 2016 and December 31, 2015, respectively, which are included in prepaid expenses and other assets, net on the consolidated balance sheets.
Schedule of Maturities	The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and deferred financing costs, for the next five years as of March 31, and thereafter: Amount Remainder of 2016 $ 8,571 2017 168,849 2018 168,477 2019 394,061 2020 90,857 Thereafter 656,633 Total $ 1,487,448
Summary of Indebtedness at Estimated Fair Value	At March 31, 2016 and December 31, 2015, the fair value of our indebtedness was as follows: March 31, 2016 December 31, 2015 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 509,076 $ 537,245 $ 564,955 $ 595,964 Senior Unsecured Notes, Net 205,289 227,684 364,956 386,253 Unsecured Term Loans 460,000 460,920 460,000 460,970 Unsecured Credit Facility 313,500 313,500 52,500 52,500 Total $ 1,487,865 $ 1,539,349 $ 1,442,411 $ 1,495,687 (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities [Abstract]
Condensed Balance Sheet	The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets: March 31, 2016 December 31, 2015 ASSETS Assets: Net Investment in Real Estate $ 304,246 $ 306,866 Other Assets, Net 20,524 20,104 Total Assets $ 324,770 $ 326,970 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable, Net $ 71,415 $ 77,071 Other Liabilities, Net 38,404 43,103 Partners’ Capital 214,951 206,796 Total Liabilities and Partners’ Capital $ 324,770 $ 326,970

Stockholders_ Equity of the C24

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest Rollforward	The following table summarizes the changes in noncontrolling interest for the Company for the three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended Balance as of December 31, 2015 $ 42,035 $ 41,877 Net Income 607 93 Unit Distributions (816 ) (557 ) Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $2) (459 ) 142 Conversion of Limited Partner Units to Common Stock (98 ) (95 ) Reallocation - Additional Paid-in-Capital (47 ) (34 ) Balance as of March 31, 2016 $ 41,222 $ 41,426
First Industrial, L.P.
Noncontrolling Interest Rollforward	The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended Balance as of December 31, 2015 $ 1,096 $ 1,080 Net Income 14 26 Contributions 3 2 Distributions (33 ) — Balance as of March 31, 2016 $ 1,080 $ 1,108

Accumulated Other Comprehensi25

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Loss [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the changes in accumulated other comprehensive loss by component for the Company and the Operating Partnership for the three months ended March 31, 2016: Interest Rate Protection Agreements Accumulated Other Comprehensive Loss of the Operating Partnership Comprehensive Loss Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Loss of the Company Balance as of December 31, 2015 $ (10,043 ) $ (10,043 ) $ 376 $ (9,667 ) Other Comprehensive Loss Before Reclassifications (14,332 ) (14,332 ) 459 (13,873 ) Amounts Reclassified from Accumulated Other Comprehensive Loss 1,938 1,938 — 1,938 Net Current Period Other Comprehensive Loss (12,394 ) (12,394 ) 459 (11,935 ) Balance as of March 31, 2016 $ (22,437 ) $ (22,437 ) $ 835 $ (21,602 )
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 months ended March 31, 2016 and 2015: Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Affected Line Items in the Consolidated Statements of Operations Interest Rate Protection Agreements: Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) $ — $ 12,990 Mark-to-Market Loss on Interest Rate Protection Agreements Amortization of Interest Rate Protection Agreements (Previously Settled) 102 131 Interest Expense Settlement Payments to our Counterparties 1,836 1,057 Interest Expense $ 1,938 $ 14,178 Total

Earnings Per Share _ Unit (EP26

Earnings Per Share / Unit (EPS / EPU) (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Three Months Ended March 31, 2015 Numerator: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 15,688 $ 2,373 Net Income Allocable to Participating Securities (63 ) (41 ) Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 15,625 $ 2,332 Denominator (In Thousands): Weighted Average Shares - Basic 110,793 110,310 Effect of Dilutive Securities: LTIP Unit Awards (As Defined in Note 9) 192 365 Weighted Average Shares - Diluted 110,985 110,675 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.14 $ 0.02
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 March 31, 2016 Three Months Ended March 31, 2015 Numerator: Net Income Available to Unitholders and Participating Securities $ 16,281 $ 2,457 Net Income Allocable to Participating Securities (63 ) (41 ) Net Income Available to Unitholders $ 16,218 $ 2,416 Denominator (In Thousands): Weighted Average Units - Basic 115,096 114,681 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP Unit Awards (As Defined in Note 9) 192 365 Weighted Average Units - Diluted 115,288 115,046 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.14 $ 0.02

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurements on Recurring Basis	The following table sets forth our financial liabilities related to the 2014 and 2015 Swaps, which are included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of March 31, 2016: 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: 2014 Swaps $ (11,808 ) — $ (11,808 ) — 2015 Swaps $ (9,131 ) — $ (9,131 ) —

Organization - Additional Infor

Organization - Additional Information (Detail) ft² in Millions	3 Months Ended
	Mar. 31, 2016ft²PropertyJoint_VenturesState
Organization [Line Items]
Company's ownership interest	96.30%
Limited partners' ownership interest in the Operating Partnership	3.70%
Number of Joint Ventures | Joint_Ventures	2
Number of industrial properties owned | Property	584
Number of states in which industrial properties are located | State	24
Gross leasable area (GLA) of industrial properties owned | ft²	63.2
2003 Net Lease Joint Venture
Organization [Line Items]
Noncontrolling equity ownership interest in joint venture	15.00%
2007 Europe Joint Venture
Organization [Line Items]
Noncontrolling equity ownership interest in joint venture	10.00%
Other Real Estate Partnerships
Organization [Line Items]
Company's ownership interest	100.00%
Number of Other Real Estate Partnerships	8
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships	99.00%
General Partners' minimum ownership interest in the Other Real Estate Partnerships	0.01%

Investment in Real Estate - Add

Investment in Real Estate - Additional Information (Detail) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2016USD ($)ft²Property
Real Estate [Line Items]
Number of industrial properties acquired | Property	1
Gross leasable area (GLA) of industrial properties acquired | ft²	0.1
Purchase price of industrial properties acquired	$ 51,489
Number of land parcels acquired | Property	0
Land (A)	$ 43,848	[1]
Number of days to realize tax deferrals after the acquisition date - 1031 Exchange	180 days
Number of industrial properties held for sale | Property	2
Gross leasable area (GLA) of industrial properties held for sale | ft²	0.1
Number of industrial properties sold | Property	5
Gross leasable area (GLA) of industrial properties sold | ft²	0.4
Proceeds from sale of industrial properties	$ 16,319
Gain on sale of real estate	7,251
Land Parcel
Real Estate [Line Items]
Land (A)	$ 12,864
[1]	Included in the purchase price for the three months ended March 31, 2016, is $12,864 relating to a land parcel that we acquired and transferred to a special purpose entity to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged land parcel within 180 days of the acquisition date. We determined that this special purpose entity is a variable interest entity ("VIE"), and we are the primary beneficiary. Therefore, we consolidate this entity. As of March 31, 2016, this VIE has no significant liabilities or significant cash flows.

Investment in Real Estate - Sum

Investment in Real Estate - Summary of the Fair Value of Assets and Liabilities Acquired (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Real Estate [Abstract]
Land (A)	$ 43,848	[1]
Building and Improvements	7,249	[2]
Other Assets	61	[3]
Acquired Finite-Lived Intangible Assets [Line Items]
Assumed Mortgage Loan Premium (See Note 4)	(529)
Total Purchase Price	51,489
Assumed Mortgage Loan (See Note 4)	(4,513)
Total Net Assets Acquired	$ 46,976
Assumed mortgage loan premium, weighted average life	44 months
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	$ 663
Acquired finite lived intangible assets, weighted average life	32 months
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	$ 197
Acquired finite lived intangible assets, weighted average life	32 months
[1]	Included in the purchase price for the three months ended March 31, 2016, is $12,864 relating to a land parcel that we acquired and transferred to a special purpose entity to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged land parcel within 180 days of the acquisition date. We determined that this special purpose entity is a variable interest entity ("VIE"), and we are the primary beneficiary. Therefore, we consolidate this entity. As of March 31, 2016, this VIE has no significant liabilities or significant cash flows.
[2]	See Note 2 to the consolidated financial statements in our 2015 Form 10-K for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy.
[3]	Represents a leasing commission, which is included in prepaid expenses and other assets, net on the consolidated balance sheets and amortized over the remaining term of the lease.

Indebtedness - Information Rega

Indebtedness - Information Regarding Indebtedness (Detail) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage Loans Payable, Net		$ 505,451	$ 561,241
Senior Unsecured Notes, Net		204,839	364,457
Unsecured Term Loans, Net		456,137	455,970
Unsecured Credit Facility		313,500	52,500
2016 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 0	159,679
Maturity Date		Jan. 15, 2016
2017 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 54,981	54,981
Interest Rate		7.50%
Effective Interest Rate		7.52%
Maturity Date		Dec. 1, 2017
2027 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 6,070	6,070
Interest Rate		7.15%
Effective Interest Rate		7.11%
Maturity Date		May 15, 2027
2028 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 31,901	31,901
Interest Rate		7.60%
Effective Interest Rate		8.13%
Maturity Date		Jul. 15, 2028
2032 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 10,600	10,600
Interest Rate		7.75%
Effective Interest Rate		7.87%
Maturity Date		Apr. 15, 2032
2017 II Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 101,871	101,871
Interest Rate		5.95%
Effective Interest Rate		6.37%
Maturity Date		May 15, 2017
2014 Unsecured Term Loan (A)
Debt Instrument [Line Items]
Unsecured Term Loans, Gross	[1]	$ 200,000	200,000
Interest Rate	[1]	3.99%
Maturity Date	[1]	Jan. 29, 2021
2015 Unsecured Term Loan (A)
Debt Instrument [Line Items]
Unsecured Term Loans, Gross	[1]	$ 260,000	260,000
Interest Rate	[1]	3.39%
Maturity Date	[1]	Sep. 12, 2022
Mortgages
Debt Instrument [Line Items]
Mortgage Loans Payable, Gross		$ 508,525	564,891
Unamortized Deferred Financing Costs		3,625	3,714
Unamortized Premiums		551	64
Mortgage Loans Payable, Net		$ 505,451	561,241
Interest Rate, Minimum		4.03%
Interest Rate, Maximum		8.26%
Interest Rate		7.35%
Effective Interest Rate, Minimum		3.82%
Effective Interest Rate, Maximum		8.26%
Maturity Date Range, Start		Jun. 1, 2018
Maturity Date Range, End		Sep. 1, 2022
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs		$ 450	499
Senior Unsecured Notes, Gross		205,423	365,102
Unamortized Discounts		(134)	(146)
Senior Unsecured Notes, Net		204,839	364,457
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs		3,863	4,030
Unsecured Term Loans, Gross		460,000	460,000
Unsecured Term Loans, Net		(456,137)	(455,970)
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs		(3,872)	(4,204)
Unsecured Credit Facility	[2]	$ 313,500	$ 52,500
Interest Rate	[2]	1.58%
Maturity Date	[2]	Mar. 11, 2019
[1]	The interest rate at March 31, 2016 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10.
[2]	The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized deferred financing costs of $3,872 and $4,204 as of March 31, 2016 and December 31, 2015, respectively, which are included in prepaid expenses and other assets, net on the consolidated balance sheets.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2016USD ($)ft²Property	Dec. 31, 2015USD ($)
Debt Disclosure [Line Items]
Assumed mortgage loan	$ (4,513)
Number of industrial properties acquired | Property	1
Gross leasable area (GLA) of industrial properties acquired | ft²	0.1
Assumed mortgage, premium	$ (529)
2016 Notes
Debt Disclosure [Line Items]
Extinguishment of debt, amount	159,679
Mortgages
Debt Disclosure [Line Items]
Unamortized deferred financing costs	3,625	$ 3,714
Assumed mortgage loan	$ 4,513
Number of industrial properties acquired | Property	1
Gross leasable area (GLA) of industrial properties acquired | ft²	0.1
Assumed mortgage, fixed interest rate	7.35%
Assumed mortgage, term	25 years
Assumed mortgage, premium	$ (529)
Assumed mortgage, premium	(551)	(64)
Extinguishment of debt, amount	57,901
Net carrying value of industrial properties collateralized by mortgage loans	676,569
Senior Unsecured Notes
Debt Disclosure [Line Items]
Unamortized deferred financing costs	450	499
Unsecured Term Loan
Debt Disclosure [Line Items]
Unamortized deferred financing costs	3,863	4,030
Unsecured Credit Facility
Debt Disclosure [Line Items]
Unamortized deferred financing costs	$ (3,872)	$ (4,204)

Indebtedness - Schedule of Matu

Indebtedness - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Debt Disclosure [Abstract]
Remainder of 2016	$ 8,571
2,017	168,849
2,018	168,477
2,019	394,061
2,020	90,857
Thereafter	656,633
Total	$ 1,487,448

Indebtedness - Summary of Indeb

Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Line Items]
Total, Carrying Amount	[1]	$ 1,487,865	$ 1,442,411
Total, Fair Value		1,539,349	1,495,687
Mortgages
Debt Disclosure [Line Items]
Total, Carrying Amount	[1]	509,076	564,955
Mortgage Loans Payable, Net, Fair Value		537,245	595,964
Senior Unsecured Notes
Debt Disclosure [Line Items]
Total, Carrying Amount	[1]	205,289	364,956
Senior Unsecured Debt, Net, Fair Value		227,684	386,253
Unsecured Term Loan
Debt Disclosure [Line Items]
Total, Carrying Amount	[1]	460,000	460,000
Unsecured Term Loan, Fair Value		460,920	460,970
Unsecured Credit Facility
Debt Disclosure [Line Items]
Total, Carrying Amount	[1]	313,500	52,500
Unsecured Credit Facility, Fair Value		$ 313,500	$ 52,500
[1]	The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs.

Variable Interest Entities - Co

Variable Interest Entities - Condensed Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Net Investment in Real Estate	$ 2,543,231	$ 2,502,638
Total Assets	2,732,419	2,709,808
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	505,451	561,241
Total Liabilities and Equity/Partners' Capital	2,732,419	2,709,808
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	304,246	306,866
Other Assets, Net	20,524	20,104
Total Assets	324,770	326,970
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	71,415	77,071
Other Liabilities, Net	38,404	43,103
Partners’ Capital	214,951	206,796
Total Liabilities and Equity/Partners' Capital	$ 324,770	$ 326,970

Stockholders_ Equity of the C36

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class of Stock [Line Items]
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	$ 0	$ 0
Common stock dividends and Unit distributions	$ 22,005
Common Stock
Class of Stock [Line Items]
Conversion of Limited Partner Units to Common Stock / General Partner Units, Shares	9,823	9,825
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	$ 98	$ 95
Common Stock / Operating Partnership Units
Class of Stock [Line Items]
Common stock dividends and Unit distributions	22,005
First Industrial, L.P.
Class of Stock [Line Items]
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	0	0
Noncontrolling Interest
Class of Stock [Line Items]
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	(98)	$ (95)
Common stock dividends and Unit distributions	$ 816

Stockholders' Equity of the Com

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
	Mar. 31, 2016	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Beginning Balance	$ 42,035
Net Income	607	$ 93
Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $2)	(12,394)
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	0	0
Reallocation - Additional Paid-in-Capital	0
Ending Balance	41,222
Noncontrolling Interest
Noncontrolling Interest [Line Items]
Beginning Balance	42,035	41,877
Net Income	607	93
Distributions	(816)	(557)
Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $2)	(459)	142
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	(98)	(95)
Reallocation - Additional Paid-in-Capital	(47)	(34)
Ending Balance	41,222	41,426
Reallocation - Other Comprehensive Income (Loss)	3	2
First Industrial, L.P.
Noncontrolling Interest [Line Items]
Beginning Balance	1,096
Net Income	14	26
Contributions	3
Distributions	(33)
Other Comprehensive (Loss) Income (Including a Reallocation of $3 and $2)	(12,394)
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	0	0
Ending Balance	1,080
First Industrial, L.P. | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Beginning Balance	1,096	1,080
Net Income	14	26
Contributions	3	2
Distributions	(33)	0
Ending Balance	$ 1,080	$ 1,108

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (9,667)
Other Comprehensive Loss Before Reclassifications	(13,873)
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,938
Net Current Period Other Comprehensive Loss	(11,935)
Balance	(21,602)
Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(10,043)
Other Comprehensive Loss Before Reclassifications	(14,332)
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,938
Net Current Period Other Comprehensive Loss	(12,394)
Balance	(22,437)
Comprehensive Loss Attributable to Noncontrolling Interest of the Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	376
Other Comprehensive Loss Before Reclassifications	459
Amounts Reclassified from Accumulated Other Comprehensive Loss	0
Net Current Period Other Comprehensive Loss	459
Balance	835
First Industrial, L.P.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(10,043)
Balance	(22,437)
First Industrial, L.P. | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(10,043)
Other Comprehensive Loss Before Reclassifications	(14,332)
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,938
Net Current Period Other Comprehensive Loss	(12,394)
Balance	$ (22,437)

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Mark-to-Market Loss on Interest Rate Protection Agreements	$ 0	$ (12,990)
Interest Expense	16,259	16,642
Total	(9,881)	(22,448)
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	1,938	14,178
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	12,990
Interest Expense	1,836	1,057
Interest Rate Contract | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense	$ 102	$ 131

Accumulated Other Comprehensi40

Accumulated Other Comprehensive Loss - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Accumulated Other Comprehensive Loss [Abstract]
Amortization to be reclassified from OCI into income	$ 385

Earnings Per Share _ Unit (EP41

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
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 15,688	$ 2,373
Net Income Allocable to Participating Securities	(63)	(41)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$ 15,625	$ 2,332
Denominator:
Weighted Average Shares / Units - Basic	110,793	110,310
LTIP Unit Awards (As Defined in Note 9)	192	365
Weighted Average Shares / Units - Diluted	110,985	110,675
Basic and Diluted EPS / EPU:
Net Income Available to Common Stockholders / Unitholders	$ 0.14	$ 0.02
First Industrial, L.P.
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 16,281	$ 2,457
Net Income Allocable to Participating Securities	(63)	(41)
Net Income Available to Unitholders	$ 16,218	$ 2,416
Denominator:
Weighted Average Shares / Units - Basic	115,096	114,681
LTIP Unit Awards (As Defined in Note 9)	192	365
Weighted Average Shares / Units - Diluted	115,288	115,046
Basic and Diluted EPS / EPU:
Net Income Available to Common Stockholders / Unitholders	$ 0.14	$ 0.02

Earnings Per Share _ Unit (EP42

Earnings Per Share / Unit (EPS / EPU) - Additional Information (Detail) - shares	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Unvested Restricted Stock / Unit Awards	421,291	391,721

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization related to restricted stock/Unit awards and LTIP Unit Awards	$ 2,963	$ 2,561
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards	$ 11,077
Weighted average period of unrecognized compensation expected to be recognized	9 months
LTIP Unit Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of LTIP Unit Awards	0.00%
LTIP Unit Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of LTIP Unit Awards	100.00%
Management | Restricted Stock/Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock/Unit awards and LTIP Unit Awards issued	308,373
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued	$ 6,047
Vesting period of restricted stock/Unit awards issued	3 years
Compensation expense recognized at date of grant	$ 1,590	$ 1,250
Management | LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock/Unit awards and LTIP Unit Awards issued	254,524
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued	$ 2,561

Derivatives - Additional Inform

Derivatives - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivative [Line Items]
Mark-to-Market Loss on Settled Swaps		$ 12,990
2014 Swaps
Derivative [Line Items]
Debt Instrument, Term	7 years
Debt Instrument, Face Amount	$ 200,000
Debt instrument, LIBOR Rate	one month LIBOR
Swaps, Number of Instruments Held	4
Swaps, Notional Amount	$ 200,000
Swaps, Average Fixed Interest Rate	2.29%
2015 Swaps
Derivative [Line Items]
Debt Instrument, Term	7 years
Debt Instrument, Face Amount	$ 260,000
Debt instrument, LIBOR Rate	one month LIBOR
Swaps, Number of Instruments Held	6
Swaps, Notional Amount	$ 260,000
Swaps, Average Fixed Interest Rate	1.79%
Settled Swaps
Derivative [Line Items]
Debt instrument, LIBOR Rate	three month LIBOR
Swaps, Number of Instruments Held	3
Swaps, Notional Amount	$ 220,000
Settlement Payment on Settled Swaps			$ 11,546

Derivatives - Fair Value Measur

Derivatives - Fair Value Measurements on Recurring Basis (Detail) $ in Thousands	Mar. 31, 2016USD ($)
2014 Swaps
Fair Value on Recurring Basis [Line Items]
Fair Value	$ (11,808)
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value on Recurring Basis [Line Items]
Fair Value	0
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value on Recurring Basis [Line Items]
Fair Value	(11,808)
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Fair Value on Recurring Basis [Line Items]
Fair Value	0
2015 Swaps
Fair Value on Recurring Basis [Line Items]
Fair Value	(9,131)
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value on Recurring Basis [Line Items]
Fair Value	0
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value on Recurring Basis [Line Items]
Fair Value	(9,131)
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Fair Value on Recurring Basis [Line Items]
Fair Value	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands, ft² in Millions	Mar. 31, 2016USD ($)ft²Property
Commitments and Contingencies Disclosure [Abstract]
Number of industrial properties under construction | Property	5
Gross leasable area (GLA) of industrial properties under construction | ft²	1.5
Estimated total investment	$ 94,100
Estimated total investment remaining to be funded	$ 50,300

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 28, 2016USD ($)PropertyLand_Parcelshares	Mar. 31, 2016USD ($)Property	Mar. 31, 2015USD ($)
Subsequent Event [Line Items]
Number of industrial properties acquired | Property		1
Number of land parcels acquired | Property		0
Purchase price of industrial properties acquired | $		$ 47,406	$ 0
Number of industrial properties sold | Property		5
Proceeds from sale of industrial properties | $		$ 16,319
Subsequent Events
Subsequent Event [Line Items]
Number of industrial properties acquired | Property	1
Number of land parcels acquired | Land_Parcel	1
Purchase price of industrial properties acquired | $	$ 23,266
Number of industrial properties sold | Property	5
Proceeds from sale of industrial properties | $	$ 15,418
Number of shares of common stock issued | shares	5,600,000
Proceeds from issuance of common stock | $	$ 124,936