First Industrial 10-Q 22 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	1-13102
Entity Registrant Name	FIRST INDUSTRIAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3935116
Entity Address, Address Line One	1 N. Wacker Drive, Suite 4200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	344-4300
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000921825
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		130,289,617
First Industrial, L.P.
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2021
Entity File Number	333-21873
Entity Registrant Name	FIRST INDUSTRIAL, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3924586
Trading Symbol	FRFI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001033128
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investment in Real Estate:
Land	$ 1,267,769	$ 1,087,907
Buildings and Improvements	3,000,539	2,922,152
Construction in Progress	181,607	77,574
Less: Accumulated Depreciation	(874,427)	(832,393)
Net Investment in Real Estate	3,575,488	3,255,240
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $3,791 and $7,054	1,214	15,663
Operating Lease Right-of-Use Assets	24,764	25,205
Cash and Cash Equivalents	52,268	162,090
Restricted Cash	8,752	37,568
Tenant Accounts Receivable	4,143	5,714
Investment in Joint Ventures	35,857	45,697
Deferred Rent Receivable	97,088	84,567
Deferred Leasing Intangibles, Net	22,229	25,211
Prepaid Expenses and Other Assets, Net	153,641	134,983
Total Assets	3,975,444	3,791,938
Indebtedness:
Mortgage Loans Payable, Net	82,991	143,879
Senior Unsecured Notes, Net	992,841	992,300
Unsecured Term Loans, Net	458,104	458,462
Unsecured Credit Facility	74,000	0
Accounts Payable, Accrued Expenses and Other Liabilities	146,778	120,292
Operating Lease Liabilities	22,426	22,826
Deferred Leasing Intangibles, Net	9,684	11,064
Rents Received in Advance and Security Deposits	78,337	62,092
Dividends and Distributions Payable	36,701	33,703
Total Liabilities	1,901,862	1,844,618
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, 225,000,000 shares authorized and 130,289,617 and 129,051,412 shares issued and outstanding)	1,303	1,290
Additional Paid-in Capital	2,287,232	2,224,691
Distributions in Excess of Accumulated Earnings	(257,092)	(306,294)
Accumulated Other Comprehensive Loss	(8,386)	(16,953)
Total First Industrial Realty Trust, Inc.'s Equity	2,023,057	1,902,734
Noncontrolling Interests	50,525	44,586
Total Equity	2,073,582	1,947,320
Total Liabilities and Equity/Partners' Capital	3,975,444	3,791,938
First Industrial, L.P.
Investment in Real Estate:
Land	1,267,769	1,087,907
Buildings and Improvements	3,000,539	2,922,152
Construction in Progress	181,607	77,574
Less: Accumulated Depreciation	(874,427)	(832,393)
Net Investment in Real Estate	3,575,488	3,255,240
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $3,791 and $7,054	1,214	15,663
Operating Lease Right-of-Use Assets	24,764	25,205
Cash and Cash Equivalents	52,268	162,090
Restricted Cash	8,752	37,568
Tenant Accounts Receivable	4,143	5,714
Investment in Joint Ventures	35,857	45,697
Deferred Rent Receivable	97,088	84,567
Deferred Leasing Intangibles, Net	22,229	25,211
Prepaid Expenses and Other Assets, Net	162,970	144,353
Total Assets	3,984,773	3,801,308
Indebtedness:
Mortgage Loans Payable, Net	82,991	143,879
Senior Unsecured Notes, Net	992,841	992,300
Unsecured Term Loans, Net	458,104	458,462
Unsecured Credit Facility	74,000	0
Accounts Payable, Accrued Expenses and Other Liabilities	146,778	120,292
Operating Lease Liabilities	22,426	22,826
Deferred Leasing Intangibles, Net	9,684	11,064
Rents Received in Advance and Security Deposits	78,337	62,092
Dividends and Distributions Payable	36,701	33,703
Total Liabilities	1,901,862	1,844,618
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
General Partner Units (130,289,617 and 129,051,412 units outstanding)	2,008,725	1,898,635
Limited Partners Units (2,956,508 and 2,713,142 units outstanding)	77,815	70,435
Accumulated Other Comprehensive Loss	(8,575)	(17,308)
Total First Industrial L.P.'s Partners' Capital	2,077,965	1,951,762
Noncontrolling Interests	4,946	4,928
Total Partners' Capital	2,082,911	1,956,690
Total Liabilities and Equity/Partners' Capital	$ 3,984,773	$ 3,801,308

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 3,791	$ 7,054
Net Investment in Real Estate	3,575,488	3,255,240
Mortgage Loans Payable, Net	$ 82,991	$ 143,879
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	225,000,000	225,000,000
Common Stock, shares issued	130,289,617	129,051,412
Common Stock, shares outstanding	130,289,617	129,051,412
First Industrial, L.P.
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 3,791	$ 7,054
Net Investment in Real Estate	3,575,488	3,255,240
Mortgage Loans Payable, Net	$ 82,991	$ 143,879
General Partner Units, units outstanding	130,289,617	129,051,412
Limited Partner Units, units outstanding	2,956,508	2,713,142
Other Real Estate Partnerships
Net Investment in Real Estate	$ 260,228	$ 245,396
Mortgage Loans Payable, Net	$ 2,469	$ 6,292

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Lease Revenue	$ 120,323	$ 109,657	$ 352,754	$ 326,681
Other Revenue	759	6,537	1,985	9,058
Total Revenues	121,082	116,194	354,739	335,739
Expenses:
Property Expenses	33,396	30,355	98,386	87,487
General and Administrative	8,598	7,485	25,631	24,970
Depreciation and Other Amortization	33,143	34,369	97,564	97,532
Total Expenses	75,137	72,209	221,581	209,989
Other Income (Expense):
Gain on Sale of Real Estate	8,879	6,525	66,378	29,594
Interest Expense	(9,849)	(12,775)	(34,374)	(37,864)
Amortization of Debt Issuance Costs	(782)	(905)	(2,666)	(2,477)
Total Other Income (Expense)	(1,752)	(7,155)	29,338	(10,747)
Income from Operations Before Equity in Loss of Joint Ventures and Income Tax (Provision) Benefit	44,193	36,830	162,496	115,003
Equity in Loss of Joint Ventures	(15)	(162)	(154)	(236)
Income Tax (Provision) Benefit	(759)	39	(2,179)	(105)
Net Income	43,419	36,707	160,163	114,662
Less: Net Income Attributable to the Noncontrolling Interests	(973)	(748)	(3,583)	(2,400)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 42,446	$ 35,959	$ 156,580	$ 112,262
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.33	$ 0.28	$ 1.21	$ 0.88
Weighted Average Shares/Units Outstanding - Basic	129,633	127,903	129,275	127,306
Weighted Average Shares/Units Outstanding - Diluted	129,722	128,101	129,362	127,495
First Industrial, L.P.
Revenues:
Lease Revenue	$ 120,323	$ 109,657	$ 352,754	$ 326,681
Other Revenue	759	6,537	1,985	9,058
Total Revenues	121,082	116,194	354,739	335,739
Expenses:
Property Expenses	33,396	30,355	98,386	87,487
General and Administrative	8,598	7,485	25,631	24,970
Depreciation and Other Amortization	33,143	34,369	97,564	97,532
Total Expenses	75,137	72,209	221,581	209,989
Other Income (Expense):
Gain on Sale of Real Estate	8,879	6,525	66,378	29,594
Interest Expense	(9,849)	(12,775)	(34,374)	(37,864)
Amortization of Debt Issuance Costs	(782)	(905)	(2,666)	(2,477)
Total Other Income (Expense)	(1,752)	(7,155)	29,338	(10,747)
Income from Operations Before Equity in Loss of Joint Ventures and Income Tax (Provision) Benefit	44,193	36,830	162,496	115,003
Equity in Loss of Joint Ventures	(15)	(162)	(154)	(236)
Income Tax (Provision) Benefit	(759)	39	(2,179)	(105)
Net Income	43,419	36,707	160,163	114,662
Less: Net Income Attributable to the Noncontrolling Interests	(20)	(68)	(59)	(212)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 43,399	$ 36,639	$ 160,104	$ 114,450
Basic and Diluted Earnings Per Share / Unit:
Earnings Per Share, Basic	$ 0.33	$ 0.28	$ 1.22	$ 0.88
Earnings Per Share, Diluted	$ 0.33	$ 0.28	$ 1.21	$ 0.88
Weighted Average Shares/Units Outstanding - Basic	131,668	129,914	131,345	129,357
Weighted Average Shares/Units Outstanding - Diluted	132,178	130,294	131,841	129,720

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net Income	$ 43,419	$ 36,707	$ 160,163	$ 114,662
Acceleration of Derivative Instruments	0	201	0	201
Mark-to-Market Gain (Loss) on Derivative Instruments	1,583	2,091	8,425	(13,884)
Amortization of Derivative Instruments	(103)	(103)	(308)	(308)
Comprehensive Income	45,105	39,102	168,896	101,287
Comprehensive Income Attributable to Noncontrolling Interests	(1,011)	(801)	(3,779)	(2,118)
Comprehensive Income Attributable to Common Stockholders / Unitholders	44,094	38,301	165,117	99,169
First Industrial, L.P.
Net Income	43,419	36,707	160,163	114,662
Acceleration of Derivative Instruments	0	201	0	201
Mark-to-Market Gain (Loss) on Derivative Instruments	1,583	2,091	8,425	(13,884)
Amortization of Derivative Instruments	(103)	(103)	(308)	(308)
Comprehensive Income	45,105	39,102	168,896	101,287
Comprehensive Income Attributable to Noncontrolling Interests	(20)	(68)	(59)	(212)
Comprehensive Income Attributable to Common Stockholders / Unitholders	$ 45,085	$ 39,034	$ 168,837	$ 101,075

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ PARTNER'S CAPITAL - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests	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) Income	First Industrial, L.P.Noncontrolling Interests
Beginning Balance at Dec. 31, 2019	$ 1,798,263	$ 1,270	$ 2,140,847	$ (370,835)	$ (6,883)	$ 33,864
Beginning Balance at Dec. 31, 2019							$ 1,808,284	$ 1,750,656	$ 63,618	$ (7,013)	$ 1,023
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	41,529			40,634		895	41,529	40,584	895		50
Other Comprehensive Income (Loss)	(14,488)				(14,175)	(313)	(14,488)			(14,488)
Stock Based Compensation Activity	(1,835)	0	(1,233)	(2,975)		2,373
Stock Based Compensation Activity							(1,835)	(4,208)	2,373
Common Stock Dividends and Unit Distributions	(32,488)			(31,874)		(614)
Unit Distributions							(32,488)	(31,874)	(614)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	2	2,062			(2,064)	0	2,064	(2,064)
Reallocation - Additional Paid-in Capital	0		(3,378)			3,378
Reallocation - Other Comprehensive Income	0				4	(4)
Contributions from Noncontrolling Interests							5				5
Distributions to Noncontrolling Interests							(366)				(366)
Ending Balance at Mar. 31, 2020	1,790,981	1,272	2,138,298	(365,050)	(21,054)	37,515
Ending Balance at Mar. 31, 2020							1,800,641	1,757,222	64,208	(21,501)	712
Beginning Balance at Dec. 31, 2019	1,798,263	1,270	2,140,847	(370,835)	(6,883)	33,864
Beginning Balance at Dec. 31, 2019							1,808,284	1,750,656	63,618	(7,013)	1,023
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	114,662						114,662
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	2	2,067			(2,069)	0	2,069	(2,069)
Ending Balance at Sep. 30, 2020	1,888,599	1,290	2,221,552	(357,682)	(19,969)	43,408
Ending Balance at Sep. 30, 2020							1,898,060	1,845,742	67,710	(20,388)	4,996
Beginning Balance at Mar. 31, 2020	1,790,981	1,272	2,138,298	(365,050)	(21,054)	37,515
Beginning Balance at Mar. 31, 2020							1,800,641	1,757,222	64,208	(21,501)	712
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	36,426			35,669		757	36,426	35,575	757		94
Other Comprehensive Income (Loss)	(1,282)				(1,260)	(22)	(1,282)			(1,282)
Stock Based Compensation Activity	3,108	0	1,486	0		1,622
Stock Based Compensation Activity							3,108	1,486	1,622
Common Stock Dividends and Unit Distributions	(32,560)			(31,929)		(631)
Unit Distributions							(32,560)	(31,929)	(631)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	1			(1)	0	1	(1)
Reallocation - Additional Paid-in Capital	0		1,470			(1,470)
Reallocation - Other Comprehensive Income	0				6	(6)
Contributions from Noncontrolling Interests							12				12
Distributions to Noncontrolling Interests							(65)				(65)
Ending Balance at Jun. 30, 2020	1,796,673	1,272	2,141,255	(361,310)	(22,308)	37,764
Ending Balance at Jun. 30, 2020							1,806,280	1,762,355	65,955	(22,783)	753
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	36,707			35,959		748	36,707	35,879	760		68
Other Comprehensive Income (Loss)	2,395				2,342	53	2,395			2,395
Issuance of Common Stock, Net of Issuance Costs	78,349	18	78,331				78,349	78,349
Stock Based Compensation Activity	3,079	0	1,486	0		1,593
Stock Based Compensation Activity							3,079	1,486	1,593
Common Stock Dividends and Unit Distributions	(32,925)			(32,331)		(594)
Unit Distributions							(32,925)	(32,331)	(594)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	4			(4)	0	4	(4)
Reallocation - Additional Paid-in Capital	0		476			(476)
Reallocation - Other Comprehensive Income	0				(3)	3
Contributions from Noncontrolling Interests	4,321					4,321	4,371				4,371
Distributions to Noncontrolling Interests							(196)				(196)
Ending Balance at Sep. 30, 2020	1,888,599	1,290	2,221,552	(357,682)	(19,969)	43,408
Ending Balance at Sep. 30, 2020							1,898,060	1,845,742	67,710	(20,388)	4,996
Beginning Balance at Dec. 31, 2020	1,947,320	1,290	2,224,691	(306,294)	(16,953)	44,586
Beginning Balance at Dec. 31, 2020							1,956,690	1,898,635	70,435	(17,308)	4,928
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	63,583			62,198		1,385	63,583	62,176	1,389		18
Other Comprehensive Income (Loss)	6,755				6,607	148	6,755			6,755
Stock Based Compensation Activity	(1,055)	1	(1,347)	(2,294)		2,585
Stock Based Compensation Activity							(1,055)	(3,640)	2,585
Common Stock Dividends and Unit Distributions	(35,718)			(34,933)		(785)
Unit Distributions							(35,718)	(34,933)	(785)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	22			(22)	0	22	(22)
Reallocation - Additional Paid-in Capital	0		(2,110)			2,110
Reallocation - Other Comprehensive Income	0				34	(34)
Contributions from Noncontrolling Interests							29				29
Distributions to Noncontrolling Interests							(24)				(24)
Ending Balance at Mar. 31, 2021	1,980,885	1,291	2,221,256	(281,323)	(10,312)	49,973
Ending Balance at Mar. 31, 2021							1,990,260	1,922,260	73,602	(10,553)	4,951
Beginning Balance at Dec. 31, 2020	1,947,320	1,290	2,224,691	(306,294)	(16,953)	44,586
Beginning Balance at Dec. 31, 2020							1,956,690	1,898,635	70,435	(17,308)	4,928
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	160,163						160,163
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	1	1,386			(1,387)	0	1,387	(1,387)
Ending Balance at Sep. 30, 2021	2,073,582	1,303	2,287,232	(257,092)	(8,386)	50,525
Ending Balance at Sep. 30, 2021							2,082,911	2,008,725	77,815	(8,575)	4,946
Beginning Balance at Mar. 31, 2021	1,980,885	1,291	2,221,256	(281,323)	(10,312)	49,973
Beginning Balance at Mar. 31, 2021							1,990,260	1,922,260	73,602	(10,553)	4,951
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	53,161			51,936		1,225	53,161	51,913	1,227		21
Other Comprehensive Income (Loss)	292				282	10	292			292
Stock Based Compensation Activity	3,451	0	1,023	0		2,428
Stock Based Compensation Activity							3,451	1,023	2,428
Common Stock Dividends and Unit Distributions	(35,741)			(34,930)		(811)
Unit Distributions							(35,741)	(34,930)	(811)
Reallocation - Additional Paid-in Capital	0		2,282			(2,282)
Reallocation - Other Comprehensive Income	0				4	(4)
Distributions to Noncontrolling Interests							(23)				(23)
Ending Balance at Jun. 30, 2021	2,002,048	1,291	2,224,561	(264,317)	(10,026)	50,539
Ending Balance at Jun. 30, 2021							2,011,400	1,940,266	76,446	(10,261)	4,949
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	43,419			42,446		973	43,419	42,424	975		20
Other Comprehensive Income (Loss)	1,686				1,648	38	1,686			1,686
Issuance of Common Stock, Net of Issuance Costs	58,811	11	58,800				58,811	58,811
Stock Based Compensation Activity	3,508	0	1,080	0		2,428
Stock Based Compensation Activity							3,508	1,080	2,428
Common Stock Dividends and Unit Distributions	(35,890)			(35,221)		(669)
Unit Distributions							(35,890)	(35,221)	(669)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	1	1,364			(1,365)	0	1,365	(1,365)
Reallocation - Additional Paid-in Capital	0		1,427			(1,427)
Reallocation - Other Comprehensive Income	0				(8)	8
Contributions from Noncontrolling Interests							6				6
Distributions to Noncontrolling Interests							(29)				(29)
Ending Balance at Sep. 30, 2021	$ 2,073,582	$ 1,303	$ 2,287,232	$ (257,092)	$ (8,386)	$ 50,525
Ending Balance at Sep. 30, 2021							$ 2,082,911	$ 2,008,725	$ 77,815	$ (8,575)	$ 4,946

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / PARTNERS' CAPITAL (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Dividends/Distributions Per Share/Unit	$ 0.27	$ 0.27	$ 0.27	$ 0.25	$ 0.25	$ 0.25
First Industrial, L.P.
Dividends/Distributions Per Share/Unit	$ 0.27	$ 0.27	$ 0.27	$ 0.25	$ 0.25	$ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 43,419	$ 36,707	$ 160,163	$ 114,662
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			80,309	76,580
Amortization of Debt Issuance Costs	782	905	2,666	2,477
Other Amortization, including Equity Based Compensation			23,861	26,776
Equity in Loss of Joint Ventures	15	162	154	236
Gain on Sale of Real Estate	(8,879)	(6,525)	(66,378)	(29,594)
Gain on Involuntary Conversion			0	(6,476)
Straight-line Rental Income and Expense, Net			(12,826)	(6,481)
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(5,348)	3,149
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			13,836	8,810
Net Cash Provided by Operating Activities			196,437	190,139
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(224,954)	(184,883)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(197,980)	(150,908)
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable			114,644	110,049
Contributions to and Investments in Joint Ventures			(1,321)	(42,744)
Distributions from Joint Ventures			21,407	0
Proceeds from Involuntary Conversion			0	6,476
Increase in Escrow Deposits and Other Investing Activity			(3,398)	(12,345)
Net Cash Used in Investing Activities			(291,602)	(274,355)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs			(6,365)	(3,329)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount			59,008	78,718
Tax Paid on Vested Equity Compensation			(5,126)	(5,944)
Common Stock Dividends and Unit Distributions Paid			(103,893)	(94,493)
Contributions from Noncontrolling Interests			0	4,321
Repayments on Mortgage Loans Payable			(61,097)	(18,654)
Proceeds from Senior Unsecured Notes			0	300,000
Proceeds from Unsecured Credit Facility			159,000	247,000
Repayments on Unsecured Credit Facility			(85,000)	(405,000)
Net Cash (Used in) Provided by Financing Activities			(43,473)	102,619
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash			(138,638)	18,403
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			199,658	152,718
Cash, Cash Equivalents and Restricted Cash, End of Period	61,020	171,121	61,020	171,121
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			8,150	5,029
Cash Paid for Operating Lease Liabilities			2,407	2,175
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			354	1,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	36,701	33,577	36,701	33,577
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	0	0
Assumption of Escrow in Connection with the Acquisition of Real Estate			3,611	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate			3,451	6,542
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			66,092	24,385
Tenant Improvements Funded by Tenant			16,239	0
Write-off of Fully Depreciated Assets			(25,106)	(30,935)
Noncontrolling Interests
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	973	748
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(1,365)	(4)	(1,387)	(2,069)
Common Stock
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	1	0	1	2
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	1,364	4	1,386	2,067
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	43,419	36,707	160,163	114,662
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			80,309	76,580
Amortization of Debt Issuance Costs	782	905	2,666	2,477
Other Amortization, including Equity Based Compensation			23,861	26,776
Equity in Loss of Joint Ventures	15	162	154	236
Gain on Sale of Real Estate	(8,879)	(6,525)	(66,378)	(29,594)
Gain on Involuntary Conversion			0	(6,476)
Straight-line Rental Income and Expense, Net			(12,826)	(6,481)
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(5,307)	3,709
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			13,836	8,810
Net Cash Provided by Operating Activities			196,478	190,699
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(224,954)	(184,883)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(197,980)	(150,908)
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable			114,644	110,049
Contributions to and Investments in Joint Ventures			(1,321)	(42,744)
Distributions from Joint Ventures			21,407	0
Proceeds from Involuntary Conversion			0	6,476
Increase in Escrow Deposits and Other Investing Activity			(3,398)	(12,345)
Net Cash Used in Investing Activities			(291,602)	(274,355)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs			(6,365)	(3,329)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount			59,008	(78,718)
Tax Paid on Vested Equity Compensation			(5,126)	(5,944)
Common Stock Dividends and Unit Distributions Paid			(103,893)	(94,493)
Contributions from Noncontrolling Interests			35	4,388
Distributions to Noncontrolling Interests			(76)	(627)
Repayments on Mortgage Loans Payable			(61,097)	(18,654)
Proceeds from Senior Unsecured Notes			0	300,000
Proceeds from Unsecured Credit Facility			159,000	247,000
Repayments on Unsecured Credit Facility			(85,000)	(405,000)
Net Cash (Used in) Provided by Financing Activities			(43,514)	102,059
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash			(138,638)	18,403
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			199,658	152,718
Cash, Cash Equivalents and Restricted Cash, End of Period	61,020	171,121	61,020	171,121
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			8,150	5,029
Cash Paid for Operating Lease Liabilities			2,407	2,175
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			354	1,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	36,701	33,577	36,701	33,577
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	0	0
Assumption of Escrow in Connection with the Acquisition of Real Estate			3,611	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate			3,451	6,542
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			66,092	24,385
Tenant Improvements Funded by Tenant			16,239	0
Write-off of Fully Depreciated Assets			(25,106)	(30,935)
First Industrial, L.P. | Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	975	760
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(1,365)	(4)	(1,387)	(2,069)
First Industrial, L.P. | General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	42,424	35,879
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	$ 1,365	$ 4	$ 1,387	$ 2,069

Organization

Organization	9 Months Ended
	Sep. 30, 2021
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 97.8% ownership interest ("General Partner Units") at September 30, 2021. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The Company's noncontrolling interest in the Operating Partnership of approximately 2.2% at September 30, 2021 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (see Note 6) pursuant to the Company's stock incentive plan. We also own equity interests in, and provide various services to, two joint ventures (the "Joint Ventures") through a wholly-owned TRS of the Operating Partnership. The Joint Ventures are accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company or the Operating Partnership as presented herein. One of the Joint Ventures sold its remaining acres of land during the nine months ended September 30, 2021. See Note 5 for more information related to the Joint Ventures. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Ventures are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of September 30, 2021, we owned 423 industrial properties located in 20 states, containing an aggregate of approximately 62.1 million square feet of gross leasable area ("GLA"). Of the 423 properties owned on a consolidated basis, none of them are directly owned by the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2020 ("2020 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2020 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2020 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, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2021 and December 31, 2020, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2021 and 2020. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2021 and December 31, 2020, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2021 and 2020, and our cash flows for each of the nine months ended September 30, 2021 and 2020. All adjustments are of a normal recurring nature. Recent Accounting Pronouncements

Investment in Real Estate

Investment in Real Estate	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions During the nine months ended September 30, 2021, we acquired four industrial properties comprised of approximately 0.2 million square feet of GLA and nine land parcels, one of which was acquired from Joint Venture I (see Note 5). We accounted for the properties and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. The following table summarizes the allocation of the aggregate purchase price to each major asset class for the industrial properties and land parcels acquired during the nine months ended September 30, 2021: Land $ 186,160 Building and Improvements/Construction in Progress 27,880 In-Place Leases 789 Other Assets 1,592 Total Purchase Price $ 216,421 The revenue and net income associated with the acquisition of the industrial properties and land parcels, since their respective acquisition dates, are not significant to the nine months ended September 30, 2021. Real Estate Held for Sale As of September 30, 2021, we had four industrial properties comprised of approximately 0.09 million square feet of GLA held for sale. Sales

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity September 30, 2021 December 31, 2020 Mortgage Loans Payable, Gross $ 83,117 $ 144,214 4.03% – 4.17% 4.03% – 4.17% September 2022 – Unamortized Debt Issuance Costs (126) (335) Mortgage Loans Payable, Net $ 82,991 $ 143,879 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 150,000 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2029 II Private Placement Notes 150,000 150,000 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 2030 II Private Placement Notes 100,000 100,000 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 200,000 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 998,571 Unamortized Debt Issuance Costs (5,670) (6,206) Unamortized Discounts (60) (65) Senior Unsecured Notes, Net $ 992,841 $ 992,300 Unsecured Term Loans, Gross 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 2020 Unsecured Term Loan — 200,000 N/A N/A N/A 2021 Unsecured Term Loan (A) 200,000 — 1.84% N/A 7/7/2026 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (1,896) (1,538) Unsecured Term Loans, Net $ 458,104 $ 458,462 Unsecured Credit Facility (B) $ 74,000 $ — 0.86% N/A 7/7/2025 _______________ (A) The interest rate at September 30, 2021 includes the impact of derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) Amounts exclude unamortized debt issuance costs of $4,897 and $1,049 as of September 30, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. Mortgage Loans Payable, Net During the nine months ended September 30, 2021, we paid off mortgage loans in the amount of $57,912. As of September 30, 2021, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $136,284. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of September 30, 2021. Unsecured Term Loans On July 7, 2021, we amended and restated our 2020 Unsecured Term Loan to, among other things, extend the maturity date of this $200,000 unsecured term loan (as amended and restated, the "2021 Unsecured Term Loan"). The 2021 Unsecured Term Loan matures on July 7, 2026. We may request the borrowing capacity under the 2021 Unsecured Term Loan to be increased to $460,000, subject to certain restrictions. Also on July 7, 2021, in connection with the execution of the 2021 Unsecured Term Loan, we amended our 2015 Unsecured Term Loan to make certain changes to the covenants and other provisions of the 2015 Unsecured Term Loan to conform those covenants and other provisions to the terms of the 2021 Unsecured Term Loan. This amendment did not increase our borrowing capacity under, extend the maturity date of or modify the pricing of the 2015 Unsecured Term Loan. Subject to certain restrictions, we may request the borrowing capacity under the 2015 Unsecured Term Loan be increased to $360,000. Unsecured Credit Facility On July 7, 2021, we amended and restated our $725,000 revolving credit agreement with a new $750,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $1,000,000, subject to certain restrictions. The Unsecured Credit Facility matures on July 7, 2025, unless extended at our option pursuant to two six-month extension options, subject to certain conditions. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of September 30, and thereafter: Amount Remainder of 2021 $ 793 2022 332,024 2023 321 2024 335 2025 74,349 Thereafter 1,207,866 Total $ 1,615,688 The Unsecured Credit Facility, our unsecured term loans (the "Unsecured Term Loans"), our senior notes issued in private placements ("Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of September 30, 2021; however, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At September 30, 2021 and December 31, 2020, the fair value of our indebtedness was as follows: September 30, 2021 December 31, 2020 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable $ 83,117 $ 85,452 $ 144,214 $ 148,770 Senior Unsecured Notes, Net 998,511 1,085,573 998,506 1,096,262 Unsecured Term Loans 460,000 460,647 460,000 458,207 Unsecured Credit Facility 74,000 74,000 — — Total $ 1,615,628 $ 1,705,672 $ 1,602,720 $ 1,703,239 _______________ (A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance 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 and the Unsecured Term Loans was primarily based upon Level 3 inputs.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Other Real Estate Partnerships The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts: September 30, 2021 December 31, 2020 ASSETS Assets: Net Investment in Real Estate $ 260,228 $ 245,396 Operating Lease Right-of-Use Assets 13,109 13,173 Cash and Cash Equivalents 3,343 4,090 Deferred Rent Receivable 11,068 9,219 Prepaid Expenses and Other Assets, Net 10,602 8,077 Total Assets $ 298,350 $ 279,955 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 2,469 $ 6,292 Accounts Payable, Accrued Expenses and Other Liabilities 10,884 10,067 Operating Lease Liabilities 10,284 10,304 Rents Received in Advance and Security Deposits 3,875 4,130 Partners' Capital 270,838 249,162 Total Liabilities and Partners' Capital $ 298,350 $ 279,955 Joint Ventures Through a wholly-owned TRS of the Operating Partnership, we own a 49% interest in a joint venture ("Joint Venture I") and a 43% interest in another joint venture ("Joint Venture II", together with Joint Venture I, the "Joint Ventures"). The Joint Ventures were both formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. During the nine months ended September 30, 2021, Joint Venture I sold its remaining acres of land. Under the operating agreements for each of the Joint Ventures, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, both of the Joint Ventures' operating agreements provide us the ability to earn incentive fees based on the ultimate financial performance of each of the Joint Ventures. During the nine months ended September 30, 2021 and 2020, we earned fees of $341 and $616, respectively, from the Joint Ventures related to asset management and development services we provided to the Joint Ventures, of which we deferred recognition of $51 and $263, respectively, due to our economic interest in the Joint Ventures. At September 30, 2021, we had an aggregate receivable from the Joint Ventures of $60. For the nine months ended September 30, 2021, net income of the Joint Ventures was $14,873. For the nine months ended September 30, 2020, net loss of the Joint Ventures was $531. Included in net income during the nine months ended September 30, 2021 is gain on sale of real estate of $15,028 related to the sale of 138 net developable acres of land for which our economic share of the gain on sale, inclusive of incentive fees, is $10,166. However, since the Company was the purchaser of the 138 net developable acres from Joint Venture I, we netted our portion of gain on sale and incentive fees against the basis of the land acquired.

Equity of the Company and Partn

Equity of the Company and Partners' Capital of the Operating Partnership	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Equity of the Company and Partners' Capital of the Operating Partnership	Equity of the Company and Partners' Capital of the Operating Partnership Noncontrolling Interest of the Company The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes and is an award that is granted under our stock incentive plan (see Note 9). Generally, RLP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, on a per-unit basis, the book capital account balance associated with a "common" Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder to one share of Common Stock or a cash equivalent, at the Company's option. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period. Noncontrolling Interest - Joint Venture II Our ownership interest in Joint Venture II is held through a partnership with a third party. We concluded that we hold the power to direct the activities that most significantly impact the economic performance of the partnership. As a result, we consolidate the partnership and reflect the third party's interest in the partnership that invests in Joint Venture II as a Noncontrolling Interest. ATM Program On February 14, 2020, we entered into three-year distribution agreements with certain sales agents to sell up to 14,000,000 shares of the Company's common stock, for up to $500,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "ATM"). Under the terms of the ATM, sales are to be made through transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange, sales made through a market maker other than on an exchange or sales made through privately negotiated transactions. During the three months ended September 30, 2021, we issued 1,076,955 shares of the Company's common stock under the ATM which resulted in $59,008 of net proceeds and, payment of compensation to certain sales agents of $596.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the nine months ended September 30, 2021: Derivative Instruments 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, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) Other Comprehensive Gain Before Reclassifications 3,593 3,593 (166) 3,427 Amounts Reclassified from Accumulated Other Comprehensive Loss 5,140 5,140 — 5,140 Net Current Period Other Comprehensive Gain 8,733 8,733 (166) 8,567 Balance as of September 30, 2021 $ (8,575) $ (8,575) $ 189 $ (8,386) The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and nine months ended September 30, 2021 and 2020: Amounts Reclassified from Accumulated Details about Accumulated Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments $ 103 $ 103 $ 308 $ 308 Interest Expense Net Settlement Payments to our Counterparties 1,583 2,250 4,832 4,338 Interest Expense Acceleration of 2020 Swap (as defined in Note 10) — 201 — 201 General & Administrative Total $ 1,686 $ 2,554 $ 5,140 $ 4,847

Earnings Per Share _ Unit (EPS

Earnings Per Share / Unit (EPS / EPU)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 42,446 $ 35,959 $ 156,580 $ 112,262 Net Income Allocable to Participating Securities (48) (59) (170) (177) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 42,398 $ 35,900 $ 156,410 $ 112,085 Denominator (In Thousands): Weighted Average Shares - Basic 129,633 127,903 129,275 127,306 Effect of Dilutive Securities: Performance Units (See Note 9) 89 198 87 189 Weighted Average Shares - Diluted 129,722 128,101 129,362 127,495 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.33 $ 0.28 $ 1.21 $ 0.88 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Numerator: Net Income Available to Unitholders and Participating Securities $ 43,399 $ 36,639 $ 160,104 $ 114,450 Net Income Allocable to Participating Securities (126) (125) (441) (374) Net Income Available to Unitholders $ 43,273 $ 36,514 $ 159,663 $ 114,076 Denominator (In Thousands): Weighted Average Units - Basic 131,668 129,914 131,345 129,357 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 9) 510 380 496 363 Weighted Average Units - Diluted 132,178 130,294 131,841 129,720 Basic EPU: Net Income Available to Unitholders $ 0.33 $ 0.28 $ 1.22 $ 0.88 Diluted EPU: Net Income Available to Unitholders $ 0.33 $ 0.28 $ 1.21 $ 0.88 At September 30, 2021 and 2020, participating securities for the Company include 147,937 and 211,920, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2021 and 2020, participating securities for the Operating Partnership include 378,548 and 444,407, respectively, of Service Awards and certain Performance Awards (see Note 9), which participate in non-forfeitable distributions. Under the two-class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.

Long-Term Compensation

Long-Term Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Long-Term Compensation	Long-Term Compensation Awards with Performance Measures During the nine months ended September 30, 2021, 58,568 performance units ("Performance Units") and 263,621 RLP Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") were granted to certain employees based on performance-based criteria, which had a fair value of approximately $7,162 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. A portion of each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to nine other peer industrial real estate companies. The performance period for these Performance Awards is three years. Compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock. Service Based Awards For the nine months ended September 30, 2021, 67,127 shares of restricted stock units ("Service Units") and 51,525 RLP Units ("Service RLP Units" and together with the Service Units, collectively the "Service Awards") were granted to certain employees and outside directors based on service-based criteria, which had an aggregate fair value of approximately $5,195 on the grant date. The Service Awards granted to employees generally vest ratably over three years based on continued employment. Service Awards granted to outside directors vest after one year. Compensation expense is charged to earnings over the vesting periods for the Service Awards. At the end of the service period, vested Service Units convert into shares of common stock. Retirement Eligibility Commencing January 1, 2020, all award agreements issued underlying Performance Awards and Service Awards contain a retirement benefit for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non -forfeitab le. As such, during the nine months ended September 30, 2021, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are amortized over the shorter service period. Outstanding Performance Awards and Service Awards We recognized $3,508 and $3,078 for the three months ended September 30, 2021 and 2020, respectively, and $10,572 and $9,827 for the nine months ended September 30, 2021 and 2020, respectively, in compensation expense related to the amortization of the Service Awards and the Performance Awards. Service Award and Performance Award amortization capitalized in connection with development activities was $549 and $358 for the three months ended September 30, 2021 and 2020, respectively, and $1,759 and $1,670 for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, we had $14,268 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.85 years.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2021
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 these objectives, we primarily use derivative instruments as part of our interest rate risk management strategy. Derivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We entered into interest rate swaps to manage our exposure to changes in the one-month LIBOR rate related to our Unsecured Term Loans. We have six interest rate swaps, with an aggregate notional value of $260,000, that fix the one-month LIBOR rate at a weighted average rate of 1.79% and mature on September 12, 2022 (the "2015 Swaps") and three interest rate swaps with an aggregate notional value of $200,000, that fix the one-month LIBOR rate at 0.99% and mature on February 2, 2026 (the "2021 Swaps"). We also had four interest rate swaps, with an aggregate notional value of $200,000, that fixed the one-month LIBOR rate at a weighted average rate of 2.29% and matured on January 29, 2021 (the "2014 Swaps"). We designated the 2014 Swaps, the 2015 Swaps and the 2021 Swaps as cash flow hedges. Additionally, during the nine months ended September 30, 2020, we entered into an interest rate swap to manage our exposure to changes in the one-month LIBOR rate related to our Unsecured Credit Facility (the "2020 Swap"). The 2020 Swap commenced April 1, 2020, matured on April 1, 2021, had a notional value of $150,000 and fixed the one-month LIBOR rate at 0.42%. Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of September 30, 2021, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps which are included in the line items Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020: Fair Value Measurements: Description Fair Value at September 30, 2021 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 78 — $ 78 — Liabilities: 2015 Swaps $ (4,152) — $ (4,152) — 2021 Swaps $ (1,395) — $ (1,395) — Fair Value at December 31, 2020 Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (333) — $ (333) — 2015 Swaps $ (7,317) — $ (7,317) — 2021 Swaps $ (6,244) — $ (6,244) — Derivatives not designated as a hedging instrument: Liabilities: 2020 Swap $ (106) — $ (106) — There was no ineffectiveness recorded on the 2015 Swaps or the 2021 Swaps during the nine months ended September 30, 2021. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 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 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps fell within Level 2 of the fair value hierarchy.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party TransactionsAt September 30, 2021 and December 31, 2020, the Operating Partnership had receivable balances of $9,337 and $9,380, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint ventures.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021, we had 17 industrial properties totaling approximately 5.6 million square feet of GLA under construction. The estimated total investment as of September 30, 2021 is approximately $594,700. Of this amount, approximately $355,600 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	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsFrom October 1, 2021 to October 22, 2021, we acquired three land parcels for a purchase price of $18,779, excluding transaction costs. In addition, we sold four industrial properties for $7,295, excluding transaction costs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe 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, 2020 ("2020 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2020 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2020 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, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.
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 September 30, 2021 and December 31, 2020, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2021 and 2020. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2021 and December 31, 2020, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2021 and 2020, and our cash flows for each of the nine months ended September 30, 2021 and 2020. All adjustments are of a normal recurring nature.
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Investment in Real Estate Inves

Investment in Real Estate Investment in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Summary of Acquisition Purchase Price Allocation	Land $ 186,160 Building and Improvements/Construction in Progress 27,880 In-Place Leases 789 Other Assets 1,592 Total Purchase Price $ 216,421 The revenue and net income associated with the acquisition of the industrial properties and land parcels,

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Summary of Indebtedness	The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity September 30, 2021 December 31, 2020 Mortgage Loans Payable, Gross $ 83,117 $ 144,214 4.03% – 4.17% 4.03% – 4.17% September 2022 – Unamortized Debt Issuance Costs (126) (335) Mortgage Loans Payable, Net $ 82,991 $ 143,879 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 150,000 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2029 II Private Placement Notes 150,000 150,000 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 2030 II Private Placement Notes 100,000 100,000 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 200,000 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 998,571 Unamortized Debt Issuance Costs (5,670) (6,206) Unamortized Discounts (60) (65) Senior Unsecured Notes, Net $ 992,841 $ 992,300 Unsecured Term Loans, Gross 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 2020 Unsecured Term Loan — 200,000 N/A N/A N/A 2021 Unsecured Term Loan (A) 200,000 — 1.84% N/A 7/7/2026 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (1,896) (1,538) Unsecured Term Loans, Net $ 458,104 $ 458,462 Unsecured Credit Facility (B) $ 74,000 $ — 0.86% N/A 7/7/2025 _______________ (A) The interest rate at September 30, 2021 includes the impact of derivative instruments we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) Amounts exclude unamortized debt issuance costs of $4,897 and $1,049 as of September 30, 2021 and December 31, 2020, respectively, which are included in the line item
Schedule of Maturities	The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts and debt issuance costs, for the next five years as of September 30, and thereafter: Amount Remainder of 2021 $ 793 2022 332,024 2023 321 2024 335 2025 74,349 Thereafter 1,207,866 Total $ 1,615,688
Summary of Indebtedness at Estimated Fair Value	At September 30, 2021 and December 31, 2020, the fair value of our indebtedness was as follows: September 30, 2021 December 31, 2020 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable $ 83,117 $ 85,452 $ 144,214 $ 148,770 Senior Unsecured Notes, Net 998,511 1,085,573 998,506 1,096,262 Unsecured Term Loans 460,000 460,647 460,000 458,207 Unsecured Credit Facility 74,000 74,000 — — Total $ 1,615,628 $ 1,705,672 $ 1,602,720 $ 1,703,239 _______________ (A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2021
Variable Interest Entities [Abstract]
Other Real Estate Partnerships' Summarized Balance Sheet	The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts: September 30, 2021 December 31, 2020 ASSETS Assets: Net Investment in Real Estate $ 260,228 $ 245,396 Operating Lease Right-of-Use Assets 13,109 13,173 Cash and Cash Equivalents 3,343 4,090 Deferred Rent Receivable 11,068 9,219 Prepaid Expenses and Other Assets, Net 10,602 8,077 Total Assets $ 298,350 $ 279,955 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 2,469 $ 6,292 Accounts Payable, Accrued Expenses and Other Liabilities 10,884 10,067 Operating Lease Liabilities 10,284 10,304 Rents Received in Advance and Security Deposits 3,875 4,130 Partners' Capital 270,838 249,162 Total Liabilities and Partners' Capital $ 298,350 $ 279,955

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the nine months ended September 30, 2021: Derivative Instruments 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, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) Other Comprehensive Gain Before Reclassifications 3,593 3,593 (166) 3,427 Amounts Reclassified from Accumulated Other Comprehensive Loss 5,140 5,140 — 5,140 Net Current Period Other Comprehensive Gain 8,733 8,733 (166) 8,567 Balance as of September 30, 2021 $ (8,575) $ (8,575) $ 189 $ (8,386)
Reclassification Out of Accumulated Other Comprehensive Income	The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and nine months ended September 30, 2021 and 2020: Amounts Reclassified from Accumulated Details about Accumulated Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments $ 103 $ 103 $ 308 $ 308 Interest Expense Net Settlement Payments to our Counterparties 1,583 2,250 4,832 4,338 Interest Expense Acceleration of 2020 Swap (as defined in Note 10) — 201 — 201 General & Administrative Total $ 1,686 $ 2,554 $ 5,140 $ 4,847

Earnings Per Share _ Unit (EP_2

Earnings Per Share / Unit (EPS / EPU) (Tables)	9 Months Ended
	Sep. 30, 2021
Computation of Basic and Diluted Earnings Per Share / Unit	The computation of basic and diluted EPS of the Company is presented below: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 42,446 $ 35,959 $ 156,580 $ 112,262 Net Income Allocable to Participating Securities (48) (59) (170) (177) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 42,398 $ 35,900 $ 156,410 $ 112,085 Denominator (In Thousands): Weighted Average Shares - Basic 129,633 127,903 129,275 127,306 Effect of Dilutive Securities: Performance Units (See Note 9) 89 198 87 189 Weighted Average Shares - Diluted 129,722 128,101 129,362 127,495 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.33 $ 0.28 $ 1.21 $ 0.88
First Industrial, L.P.
Computation of Basic and Diluted Earnings Per Share / Unit	The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Numerator: Net Income Available to Unitholders and Participating Securities $ 43,399 $ 36,639 $ 160,104 $ 114,450 Net Income Allocable to Participating Securities (126) (125) (441) (374) Net Income Available to Unitholders $ 43,273 $ 36,514 $ 159,663 $ 114,076 Denominator (In Thousands): Weighted Average Units - Basic 131,668 129,914 131,345 129,357 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 9) 510 380 496 363 Weighted Average Units - Diluted 132,178 130,294 131,841 129,720 Basic EPU: Net Income Available to Unitholders $ 0.33 $ 0.28 $ 1.22 $ 0.88 Diluted EPU: Net Income Available to Unitholders $ 0.33 $ 0.28 $ 1.21 $ 0.88

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2021
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 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps which are included in the line items Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of September 30, 2021 and December 31, 2020: Fair Value Measurements: Description Fair Value at September 30, 2021 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 78 — $ 78 — Liabilities: 2015 Swaps $ (4,152) — $ (4,152) — 2021 Swaps $ (1,395) — $ (1,395) — Fair Value at December 31, 2020 Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (333) — $ (333) — 2015 Swaps $ (7,317) — $ (7,317) — 2021 Swaps $ (6,244) — $ (6,244) — Derivatives not designated as a hedging instrument: Liabilities: 2020 Swap $ (106) — $ (106) —

Organization - Additional Infor

Organization - Additional Information (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2021ft²PropertyState
Organization [Line Items]
Number of industrial properties	423
Number of states in which industrial properties are located | State	20
Gross leasable area (GLA) of industrial properties owned | ft²	62.1
Joint Ventures
Organization [Line Items]
Number Of Joint Ventures	2
Ownership
Organization [Line Items]
Company's ownership interest	97.80%
Limited partners' ownership interest in the Operating Partnership	2.20%
Other Real Estate Partnerships
Organization [Line Items]
Company's ownership interest	100.00%
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 (Details) ft² in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)ft²Property
Real Estate Properties [Line Items]
Number of industrial properties	423
Gross leasable area (GLA) of industrial properties | ft²	62,100
Acquisition Activity
Real Estate Properties [Line Items]
Number of industrial properties	4
Gross leasable area (GLA) of industrial properties | ft²	200
Number of Land Parcels	9
Held for Sale Activity
Real Estate Properties [Line Items]
Number of industrial properties	4
Gross leasable area (GLA) of industrial properties | ft²	90
Disposition Activity
Real Estate Properties [Line Items]
Number of industrial properties	12
Gross leasable area (GLA) of industrial properties | ft²	1,700
Number of Land Parcels	1
Number of Condominium Units	7
Proceeds from sale of industrial properties | $	$ 118,623
Gain on sale of real estate | $	$ 66,378

Investment in Real Estate Inv_2

Investment in Real Estate Investment in Real Estate - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Real Estate [Line Items]
Land	$ 1,267,769	$ 1,087,907
Buildings and Improvements	3,000,539	$ 2,922,152
Acquisition Activity
Real Estate [Line Items]
Land	186,160
Buildings and Improvements	27,880
Other Assets	1,592
Purchase price of industrial properties acquired	216,421
Acquisition Activity | In-Place Leases
Real Estate [Line Items]
Acquired finite lived intangible assets, fair value	$ 789

Indebtedness - Summary of Indeb

Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,615,688
Unsecured Credit Facility		74,000	$ 0
2027 Notes
Debt Instrument [Line Items]
Long-term Debt, 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]
Long-term Debt, 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]
Long-term Debt, Gross		$ 10,600	10,600
Interest Rate		7.75%
Effective Interest Rate		7.87%
Maturity Date		Apr. 15, 2032
2027 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 125,000	125,000
Interest Rate		4.30%
Effective Interest Rate		4.30%
Maturity Date		Apr. 20, 2027
2028 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 150,000	150,000
Interest Rate		3.86%
Effective Interest Rate		3.86%
Maturity Date		Feb. 15, 2028
2029 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 75,000	75,000
Interest Rate		4.40%
Effective Interest Rate		4.40%
Maturity Date		Apr. 20, 2029
2029 II Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 150,000	150,000
Interest Rate		3.97%
Effective Interest Rate		4.23%
Maturity Date		Jul. 23, 2029
2030 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 150,000	150,000
Interest Rate		3.96%
Effective Interest Rate		3.96%
Maturity Date		Feb. 15, 2030
2030 II Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 100,000	100,000
Interest Rate		2.74%
Effective Interest Rate		2.74%
Maturity Date		Sep. 17, 2030
2032 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 200,000	200,000
Interest Rate		2.84%
Effective Interest Rate		2.84%
Maturity Date		Sep. 17, 2032
2015 Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 260,000	260,000
Interest Rate		2.89%
Maturity Date		Sep. 12, 2022
2020 Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 0	200,000
2021 Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 200,000	0
Interest Rate		1.84%
Maturity Date		Jul. 7, 2026
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 83,117	144,214
Unamortized Debt Issuance Costs		(126)	(335)
Long-term Debt		$ 82,991	143,879
Maturity Date Range, Start		Sep. 1, 2022
Maturity Date Range, End		Aug. 1, 2028
Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 998,571	998,571
Unamortized Debt Issuance Costs		(5,670)	(6,206)
Unamortized Discounts		(60)	(65)
Long-term Debt		992,841	992,300
Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		460,000	460,000
Unamortized Debt Issuance Costs		(1,896)	(1,538)
Long-term Debt		458,104	458,462
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs		(4,897)	(1,049)
Unsecured Credit Facility	[1]	$ 74,000	$ 0
Interest Rate		0.86%
Maturity Date	[1]	Jul. 7, 2025
Minimum | Mortgage Loans Payable
Debt Instrument [Line Items]
Interest Rate		4.03%
Effective Interest Rate		4.03%
Maximum | Mortgage Loans Payable
Debt Instrument [Line Items]
Interest Rate		4.17%
Effective Interest Rate		4.17%
[1]	Amounts exclude unamortized debt issuance costs of $4,897 and $1,049 as of September 30, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Jul. 07, 2021	Dec. 31, 2020	Oct. 31, 2017
2021 Unsecured Term Loan
Debt Instrument [Line Items]
Maturity Date		Jul. 7, 2026
2015 Unsecured Term Loan
Debt Instrument [Line Items]
Maturity Date		Sep. 12, 2022
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs		$ 4,897		$ 1,049
Line of Credit Facility, Current Borrowing Capacity			$ 750,000		$ 725,000
Line of Credit Facility, Maximum Borrowing Capacity			1,000,000
Maturity Date	[1]	Jul. 7, 2025
Mortgage Loans Payable
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs		$ 126		$ 335
Extinguishment of Debt, Amount		57,912
Net carrying value of industrial properties collateralized by mortgage loans		$ 136,284
2021 Unsecured Term Loan
Debt Instrument [Line Items]
Derivative, Notional Amount			200,000
Term Loan Borrowing Capacity			460,000
2015 Unsecured Term Loan
Debt Instrument [Line Items]
Term Loan Borrowing Capacity			$ 360,000
[1]	Amounts exclude unamortized debt issuance costs of $4,897 and $1,049 as of September 30, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Indebtedness - Schedule of Matu

Indebtedness - Schedule of Maturities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 793
2022	332,024
2023	321
2024	335
2025	74,349
Thereafter	1,207,866
Total	$ 1,615,688

Indebtedness - Summary of Ind_2

Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgage Loans Payable		$ 85,452	$ 148,770
Senior Unsecured Notes, Net		1,085,573	1,096,262
Unsecured Term Loans		460,647	458,207
Unsecured Credit Facility		74,000	0
Total		1,705,672	1,703,239
Carrying Amount (A)
Debt Instrument [Line Items]
Mortgage Loans Payable	[1]	83,117	144,214
Senior Unsecured Notes, Net	[1]	998,511	998,506
Unsecured Term Loans	[1]	460,000	460,000
Unsecured Credit Facility	[1]	74,000	0
Total	[1]	$ 1,615,628	$ 1,602,720
[1]	The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

Variable Interest Entities - Su

Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Net Investment in Real Estate	$ 3,575,488	$ 3,255,240
Operating Lease Right-of-Use Assets	24,764	25,205
Cash and Cash Equivalents	52,268	162,090
Deferred Rent Receivable	97,088	84,567
Prepaid Expenses and Other Assets, Net	153,641	134,983
Total Assets	3,975,444	3,791,938
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	82,991	143,879
Accounts Payable, Accrued Expenses and Other Liabilities	146,778	120,292
Operating Lease Liabilities	22,426	22,826
Rents Received in Advance and Security Deposits	78,337	62,092
Total Liabilities and Equity/Partners' Capital	3,975,444	3,791,938
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	260,228	245,396
Operating Lease Right-of-Use Assets	13,109	13,173
Cash and Cash Equivalents	3,343	4,090
Deferred Rent Receivable	11,068	9,219
Prepaid Expenses and Other Assets, Net	10,602	8,077
Total Assets	298,350	279,955
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	2,469	6,292
Accounts Payable, Accrued Expenses and Other Liabilities	10,884	10,067
Operating Lease Liabilities	10,284	10,304
Rents Received in Advance and Security Deposits	3,875	4,130
Partners' Capital	270,838	249,162
Total Liabilities and Equity/Partners' Capital	$ 298,350	$ 279,955

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021USD ($)Property	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)Property	Sep. 30, 2020USD ($)
Variable Interest Entity [Line Items]
Net Income	$ 43,419	$ 53,161	$ 63,583	$ 36,707	$ 36,426	$ 41,529	$ 160,163	$ 114,662
Joint Venture I
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	49.00%						49.00%
Joint Venture II
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	43.00%						43.00%
Joint Ventures
Variable Interest Entity [Line Items]
Asset Management Fees							$ 341	616
Asset Management Fees Deferred							51	263
Receivable balance due from joint venture	$ 60						60
Net Income							14,873	$ 531
Equity Method Investment, Realized Gain (Loss) on Disposal							$ 15,028
Number of Acres | Property	138						138
Incentive Fees							$ 10,166

Stockholders_ Equity of the Com

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Feb. 14, 2020
Class of Stock [Line Items]
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount		$ 59,008	$ 78,718
ATM [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	1,076,955
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount	$ 59,008
Commission To Sales Agent	$ 596
ATM [Member]
Class of Stock [Line Items]
Shares of company stock issuable under an at-the-market offering				14,000,000
Aggregate Gross Sale Proceeds				$ 500,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Changes in AOCI) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	$ 1,947,320
Ending Balance	2,073,582
Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(17,308)
Other Comprehensive Gain Before Reclassifications	3,593
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,140
Net Current Period Other Comprehensive Gain	8,733
Ending Balance	(8,575)
Comprehensive Loss Attributable to Noncontrolling Interest of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	355
Other Comprehensive Gain Before Reclassifications	(166)
Amounts Reclassified from Accumulated Other Comprehensive Loss	0
Net Current Period Other Comprehensive Gain	(166)
Ending Balance	189
Accumulated Other Comprehensive Loss of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(16,953)
Other Comprehensive Gain Before Reclassifications	3,427
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,140
Net Current Period Other Comprehensive Gain	8,567
Ending Balance	(8,386)
First Industrial, L.P. | Accumulated Other Comprehensive Loss of the Operating Partnership
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(17,308)
Other Comprehensive Gain Before Reclassifications	3,593
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,140
Net Current Period Other Comprehensive Gain	8,733
Ending Balance	$ (8,575)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income [Line Items]
Acceleration of 2020 Swap	$ 8,598	$ 7,485	$ 25,631	$ 24,970
Total	(1,752)	(7,155)	29,338	(10,747)
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Interest Expense - Amortization of Derivative Instruments	103	103	308	308
Interest Expense - Settlement Payments	1,583	2,250	4,832	4,338
Acceleration of 2020 Swap	0	201	0	201
Total	$ 1,686	$ 2,554	$ 5,140	$ 4,847

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amortization to be reclassified from OCI into income	$ 410

Earnings Per Share _ Unit (EP_3

Earnings Per Share / Unit (EPS / EPU) - Computation of Basic and Diluted EPS / EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 42,446	$ 35,959	$ 156,580	$ 112,262
Net Income Allocable to Participating Securities	(48)	(59)	(170)	(177)
Net Income Available to Common Stockholders / Unitholders	$ 42,398	$ 35,900	$ 156,410	$ 112,085
Denominator:
Weighted Average Shares / Units - Basic	129,633	127,903	129,275	127,306
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	89	198	87	189
Weighted Average Shares / Units - Diluted	129,722	128,101	129,362	127,495
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.33	$ 0.28	$ 1.21	$ 0.88
First Industrial, L.P.
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 43,399	$ 36,639	$ 160,104	$ 114,450
Net Income Allocable to Participating Securities	(126)	(125)	(441)	(374)
Net Income Available to Common Stockholders / Unitholders	$ 43,273	$ 36,514	$ 159,663	$ 114,076
Denominator:
Weighted Average Shares / Units - Basic	131,668	129,914	131,345	129,357
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	510	380	496	363
Weighted Average Shares / Units - Diluted	132,178	130,294	131,841	129,720
Basic and Diluted Earnings Per Share / Unit:
Earnings Per Share, Basic	$ 0.33	$ 0.28	$ 1.22	$ 0.88
Earnings Per Share, Diluted	$ 0.33	$ 0.28	$ 1.21	$ 0.88

Earnings Per Share _ Unit (EP_4

Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	147,937	211,920
First Industrial, L.P.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	378,548	444,407

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization related to Service Awards and Performance Awards	$ 3,508	$ 3,078	$ 10,572	$ 9,827
Share-based Payment Arrangement, Amount Capitalized	549	$ 358	1,759	$ 1,670
Unrecognized compensation related to unvested Service Awards and Performance Awards	14,268		$ 14,268
Weighted average period of unrecognized compensation expected to be recognized			10 months 6 days
Management | Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			58,568
Fair Value of Performance Awards and Service Awards Issued	7,162		$ 7,162
Vesting period of Performance Awards and Service Awards issued			3 years
Management | Performance RLP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			263,621
Management | Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			67,127
Fair Value of Performance Awards and Service Awards Issued	$ 5,195		$ 5,195
Vesting period of Performance Awards and Service Awards issued			3 years
Management | Service RLP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			51,525
Director | Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of Performance Awards and Service Awards issued			1 year

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
2015 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	6
Derivative, Notional Amount	$ 260,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	1.79%
2021 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	3
Derivative, Notional Amount	$ 200,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	0.99%
2014 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	4
Derivative, Notional Amount	$ 200,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	2.29%
2020 Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	0.42%

Derivatives - Fair Value Measur

Derivatives - Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
2021 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	$ 78
Hedging Instrument, Liability, Fair Value	(1,395)	$ (6,244)
2021 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0
Hedging Instrument, Liability, Fair Value	0	0
2021 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	78
Hedging Instrument, Liability, Fair Value	(1,395)	(6,244)
2021 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0
Hedging Instrument, Liability, Fair Value	0	0
2015 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(4,152)	(7,317)
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	0	0
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(4,152)	(7,317)
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	$ 0	0
2014 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		(333)
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		0
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		(333)
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		0
2020 Swap
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		(106)
2020 Swap | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		0
2020 Swap | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		(106)
2020 Swap | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		$ 0

Related Party Transactions Rela

Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Receivable balance due from a direct wholly-owned subsidiary	$ 9,337	$ 9,380

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions	Sep. 30, 2021USD ($)ft²Property
Other Commitments [Line Items]
Number of industrial properties | Property	423
Gross leasable area (GLA) of industrial properties | ft²	62.1
Development Activity
Other Commitments [Line Items]
Number of industrial properties | Property	17
Gross leasable area (GLA) of industrial properties | ft²	5.6
Estimated total investment | $	$ 594,700
Estimated total investment remaining to be funded | $	$ 355,600

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	1 Months Ended
	Oct. 22, 2021USD ($)Property	Sep. 30, 2021Property
Subsequent Event [Line Items]
Number of Real Estate Properties		423
Subsequent Event
Subsequent Event [Line Items]
Number of Land Parcels	3
Purchase price of industrial properties acquired | $	$ 18,779
Number of Real Estate Properties	4
Proceeds from sale of industrial properties | $	$ 7,295