First Industrial 10-Q 18 Oct 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	One North 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	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000921825
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		132,348,500
First Industrial, L.P.
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
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	2024
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, 2024	Dec. 31, 2023
Investment in Real Estate:
Land	$ 1,761,864	$ 1,756,971
Buildings and Improvements	3,887,377	3,711,718
Construction in Progress	118,597	245,391
Less: Accumulated Depreciation	(1,062,272)	(1,009,335)
Net Investment in Real Estate	4,705,566	4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Operating Lease Right-of-Use Assets	19,896	24,211
Cash and Cash Equivalents	47,123	43,844
Restricted Cash	8,066	0
Tenant Accounts Receivable	5,526	10,993
Investment in Joint Venture	49,104	44,663
Deferred Rent Receivable	154,485	144,033
Prepaid Expenses and Other Assets, Net	206,328	203,276
Total Assets	5,200,520	5,175,765
Indebtedness:
Mortgage Loan Payable	9,728	9,978
Senior Unsecured Notes, Net	995,004	994,463
Unsecured Term Loans, Net	922,073	920,863
Unsecured Credit Facility	248,000	299,000
Accounts Payable, Accrued Expenses and Other Liabilities	142,875	143,429
Operating Lease Liabilities	17,652	21,992
Rents Received in Advance and Security Deposits	102,428	106,734
Dividends and Distributions Payable	50,970	44,201
Total Liabilities	2,488,730	2,540,660
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 132,348,500 and 132,289,039 shares issued and outstanding)	1,323	1,323
Additional Paid-in Capital	2,421,738	2,411,673
Retained Earnings	199,713	127,707
Accumulated Other Comprehensive Income	9,633	22,272
Total First Industrial Realty Trust, Inc.'s Equity	2,632,407	2,562,975
Noncontrolling Interests	79,383	72,130
Total Equity	2,711,790	2,635,105
Total Liabilities and Equity/Partners' Capital	5,200,520	5,175,765
First Industrial, L.P.
Investment in Real Estate:
Land	1,761,864	1,756,971
Buildings and Improvements	3,887,377	3,711,718
Construction in Progress	118,597	245,391
Less: Accumulated Depreciation	(1,062,272)	(1,009,335)
Net Investment in Real Estate	4,705,566	4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Operating Lease Right-of-Use Assets	19,896	24,211
Cash and Cash Equivalents	47,123	43,844
Restricted Cash	8,066	0
Tenant Accounts Receivable	5,526	10,993
Investment in Joint Venture	49,104	44,663
Deferred Rent Receivable	154,485	144,033
Prepaid Expenses and Other Assets, Net	215,574	212,559
Total Assets	5,209,766	5,185,048
Indebtedness:
Mortgage Loan Payable	9,728	9,978
Senior Unsecured Notes, Net	995,004	994,463
Unsecured Term Loans, Net	922,073	920,863
Unsecured Credit Facility	248,000	299,000
Accounts Payable, Accrued Expenses and Other Liabilities	142,875	143,429
Operating Lease Liabilities	17,652	21,992
Rents Received in Advance and Security Deposits	102,428	106,734
Dividends and Distributions Payable	50,970	44,201
Total Liabilities	2,488,730	2,540,660
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
General Partner Units (132,348,500 and 132,289,039 units outstanding)	2,578,826	2,505,150
Limited Partners Units (3,641,548 and 3,378,165 units outstanding)	124,596	109,003
Accumulated Other Comprehensive Income	9,899	22,842
Total First Industrial L.P.'s Partners' Capital	2,713,321	2,636,995
Noncontrolling Interests	7,715	7,393
Total Partners' Capital	2,721,036	2,644,388
Total Liabilities and Equity/Partners' Capital	$ 5,209,766	$ 5,185,048

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Net Investment in Real Estate	$ 4,705,566	$ 4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 4,020	$ 0
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	225,000,000	225,000,000
Common Stock, shares issued	132,348,500	132,289,039
Common Stock, shares outstanding	132,348,500	132,289,039
First Industrial, L.P.
Net Investment in Real Estate	$ 4,705,566	$ 4,704,745
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,020 and $—	4,426	0
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 4,020	$ 0
General Partner Units, units outstanding	132,348,500	132,289,039
Limited Partner Units, units outstanding	3,641,548	3,378,165
Other Real Estate Partnerships
Net Investment in Real Estate	$ 296,549	$ 302,869

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Lease Revenue	$ 165,909	$ 152,517	$ 487,719	$ 448,073
Joint Venture Fees	413	822	1,686	3,738
Other Revenue	1,323	1,766	4,648	4,940
Total Revenues	167,645	155,105	494,053	456,751
Expenses:
Property Expenses	44,884	42,559	134,949	124,498
General and Administrative	9,230	8,456	30,632	27,330
Joint Venture Development Services Expense	208	559	1,005	2,690
Depreciation and Other Amortization	43,515	41,146	128,382	121,508
Total Expenses	97,837	92,720	294,968	276,026
Other Income (Expense):
Gain on Sale of Real Estate	56,814	34,368	93,801	47,421
Interest Expense	(20,836)	(19,906)	(62,859)	(53,923)
Amortization of Debt Issuance Costs	(911)	(905)	(2,735)	(2,714)
Total Other Income (Expense)	35,067	13,557	28,207	(9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision	104,875	75,942	227,292	171,509
Equity in Income of Joint Venture	599	1,530	3,161	30,598
Income Tax Provision	(3,301)	(333)	(4,906)	(7,959)
Net Income	102,173	77,139	225,547	194,148
Less: Net Income Attributable to the Noncontrolling Interests	(2,810)	(2,127)	(6,414)	(8,533)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	99,363	75,012	219,133	185,615
Net Income Allocable to Participating Securities	(76)	(74)	(162)	(174)
Net Income Available to Common Stockholders / Unitholders	$ 99,287	$ 74,938	$ 218,971	$ 185,441
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.65	$ 1.40
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.65	$ 1.40
Weighted Average Shares/Units Outstanding - Basic	132,370	132,264	132,366	132,241
Weighted Average Shares/Units Outstanding - Diluted	132,421	132,339	132,409	132,325
First Industrial, L.P.
Revenues:
Lease Revenue	$ 165,909	$ 152,517	$ 487,719	$ 448,073
Joint Venture Fees	413	822	1,686	3,738
Other Revenue	1,323	1,766	4,648	4,940
Total Revenues	167,645	155,105	494,053	456,751
Expenses:
Property Expenses	44,884	42,559	134,949	124,498
General and Administrative	9,230	8,456	30,632	27,330
Joint Venture Development Services Expense	208	559	1,005	2,690
Depreciation and Other Amortization	43,515	41,146	128,382	121,508
Total Expenses	97,837	92,720	294,968	276,026
Other Income (Expense):
Gain on Sale of Real Estate	56,814	34,368	93,801	47,421
Interest Expense	(20,836)	(19,906)	(62,859)	(53,923)
Amortization of Debt Issuance Costs	(911)	(905)	(2,735)	(2,714)
Total Other Income (Expense)	35,067	13,557	28,207	(9,216)
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision	104,875	75,942	227,292	171,509
Equity in Income of Joint Venture	599	1,530	3,161	30,598
Income Tax Provision	(3,301)	(333)	(4,906)	(7,959)
Net Income	102,173	77,139	225,547	194,148
Less: Net Income Attributable to the Noncontrolling Interests	(108)	(222)	(502)	(3,814)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	102,065	76,917	225,045	190,334
Net Income Allocable to Participating Securities	(201)	(199)	(439)	(478)
Net Income Available to Common Stockholders / Unitholders	$ 101,864	$ 76,718	$ 224,606	$ 189,856
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.66	$ 1.41
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.66	$ 1.40
Weighted Average Shares/Units Outstanding - Basic	135,099	134,704	135,088	134,697
Weighted Average Shares/Units Outstanding - Diluted	135,474	135,166	135,391	135,214

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income	$ 102,173	$ 77,139	$ 225,547	$ 194,148
Mark-to-Market (Loss) Gain on Derivative Instruments	(22,731)	7,536	(13,251)	12,352
Amortization of Derivative Instruments	103	103	308	308
Comprehensive Income	79,545	84,778	212,604	206,808
Comprehensive Income Attributable to Noncontrolling Interests	(2,205)	(2,319)	(6,068)	(8,851)
Comprehensive Income Attributable to Common Stockholders / Unitholders	77,340	82,459	206,536	197,957
First Industrial, L.P.
Net Income	102,173	77,139	225,547	194,148
Mark-to-Market (Loss) Gain on Derivative Instruments	(22,731)	7,536	(13,251)	12,352
Amortization of Derivative Instruments	103	103	308	308
Comprehensive Income	79,545	84,778	212,604	206,808
Comprehensive Income Attributable to Noncontrolling Interests	(108)	(222)	(502)	(3,814)
Comprehensive Income Attributable to Common Stockholders / Unitholders	$ 79,437	$ 84,556	$ 212,102	$ 202,994

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	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 Income (Loss)	First Industrial, L.P. Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ 2,530,299	$ 1,321	$ 2,401,334	$ 23,131	$ 33,412	$ 71,101
Beginning Balance at Dec. 31, 2022							$ 2,539,580	$ 2,395,601	$ 95,015	$ 34,186	$ 14,778
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	60,775			55,967		4,808	60,775	55,947	1,447		3,381
Other Comprehensive Income (Loss)	(12,918)				(12,592)	(326)	(12,918)			(12,918)
Stock Based Compensation Activity	4,627	1	(412)	(710)		5,748
Stock Based Compensation Activity							4,627	(1,121)	5,748
Common Stock Dividends and Unit Distributions	(43,460)			(42,401)		(1,059)
Unit Distributions							(43,460)	(42,401)	(1,059)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		513			(513)	0	513	(513)
Reallocation - Additional Paid-in Capital	0		(1,166)			1,166
Reallocation - Other Comprehensive Income	0				(88)	88
Contributions from Noncontrolling Interests							1				1
Distributions to Noncontrolling Interests	(11,358)					(11,358)	(11,359)				(11,359)
Ending Balance at Mar. 31, 2023	2,527,965	1,322	2,400,269	35,987	20,732	69,655
Ending Balance at Mar. 31, 2023							2,537,246	2,408,539	100,638	21,268	6,801
Beginning Balance at Dec. 31, 2022	2,530,299	1,321	2,401,334	23,131	33,412	71,101
Beginning Balance at Dec. 31, 2022							2,539,580	2,395,601	95,015	34,186	14,778
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	194,148						194,148
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	1,060			(1,060)	0	1,060	(1,060)
Ending Balance at Sep. 30, 2023	2,606,703	1,323	2,407,348	80,856	45,674	71,502
Ending Balance at Sep. 30, 2023							2,616,000	2,456,472	105,597	46,846	7,085
Beginning Balance at Mar. 31, 2023	2,527,965	1,322	2,400,269	35,987	20,732	69,655
Beginning Balance at Mar. 31, 2023							2,537,246	2,408,539	100,638	21,268	6,801
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	56,234			54,636		1,598	56,234	54,613	1,410		211
Other Comprehensive Income (Loss)	17,939				17,487	452	17,939			17,939
Stock Based Compensation Activity	3,218	1	1,288	(2)		1,931
Stock Based Compensation Activity							3,218	1,287	1,931
Common Stock Dividends and Unit Distributions	(43,453)			(42,404)		(1,049)
Unit Distributions							(43,453)	(42,404)	(1,049)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		151			(151)	0	151	(151)
Reallocation - Additional Paid-in Capital	0		1,689			(1,689)
Contributions from Noncontrolling Interests							2				2
Distributions to Noncontrolling Interests	(64)					(64)	(69)				(69)
Ending Balance at Jun. 30, 2023	2,561,839	1,323	2,403,397	48,217	38,219	70,683
Ending Balance at Jun. 30, 2023							2,571,117	2,422,186	102,779	39,207	6,945
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	77,139			75,012		2,127	77,139	74,986	1,931		222
Other Comprehensive Income (Loss)	7,639				7,447	192	7,639			7,639
Stock Based Compensation Activity	3,437		1,277	0		2,160
Stock Based Compensation Activity							3,437	1,277	2,160
Common Stock Dividends and Unit Distributions	(43,250)			(42,373)		(877)
Unit Distributions							(43,250)	(42,373)	(877)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		396			(396)	0	396	(396)
Reallocation - Additional Paid-in Capital	0		2,278			(2,278)
Reallocation - Other Comprehensive Income	0				8	(8)
Contributions from Noncontrolling Interests							24				24
Distributions to Noncontrolling Interests	(101)					(101)	(106)				(106)
Ending Balance at Sep. 30, 2023	2,606,703	1,323	2,407,348	80,856	45,674	71,502
Ending Balance at Sep. 30, 2023							2,616,000	2,456,472	105,597	46,846	7,085
Beginning Balance at Dec. 31, 2023	2,635,105	1,323	2,411,673	127,707	22,272	72,130
Beginning Balance at Dec. 31, 2023							2,644,388	2,505,150	109,003	22,842	7,393
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	70,498			68,452		2,046	70,498	68,404	1,871		223
Other Comprehensive Income (Loss)	10,423				10,146	277	10,423			10,423
Stock Based Compensation Activity	7,674	0	(323)	(6)		8,003
Stock Based Compensation Activity							7,674	(329)	8,003
Common Stock Dividends and Unit Distributions	(50,309)			(49,049)		(1,260)
Unit Distributions							(50,309)	(49,049)	(1,260)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	7			(7)	0	7	(7)
Retirement of Limited Partner Units	(25)					(25)	(25)		(25)
Reallocation - Additional Paid-in Capital	0		3,007			(3,007)
Reallocation - Other Comprehensive Income	0				(44)	44
Contributions from Noncontrolling Interests							5				5
Distributions to Noncontrolling Interests	(98)					(98)	(113)				(113)
Ending Balance at Mar. 31, 2024	2,673,268	1,323	2,414,364	147,104	32,374	78,103
Ending Balance at Mar. 31, 2024							2,682,541	2,524,183	117,585	33,265	7,508
Beginning Balance at Dec. 31, 2023	2,635,105	1,323	2,411,673	127,707	22,272	72,130
Beginning Balance at Dec. 31, 2023							2,644,388	2,505,150	109,003	22,842	7,393
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	225,547						225,547
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	62			(62)	0	62	(62)
Ending Balance at Sep. 30, 2024	2,711,790	1,323	2,421,738	199,713	9,633	79,383
Ending Balance at Sep. 30, 2024							2,721,036	2,578,826	124,596	9,899	7,715
Beginning Balance at Mar. 31, 2024	2,673,268	1,323	2,414,364	147,104	32,374	78,103
Beginning Balance at Mar. 31, 2024							2,682,541	2,524,183	117,585	33,265	7,508
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	52,876			51,318		1,558	52,876	51,291	1,414		171
Other Comprehensive Income (Loss)	(738)				(720)	(18)	(738)			(738)
Stock Based Compensation Activity	3,866		1,131	0		2,735
Stock Based Compensation Activity							3,866	1,131	2,735
Common Stock Dividends and Unit Distributions	(50,048)			(49,009)		(1,039)
Unit Distributions							(50,048)	(49,009)	(1,039)
Reallocation - Additional Paid-in Capital	0		2,737			(2,737)
Reallocation - Other Comprehensive Income	0				(1)	1
Contributions from Noncontrolling Interests							9				9
Distributions to Noncontrolling Interests	(45)					(45)	(68)				(68)
Ending Balance at Jun. 30, 2024	2,679,179	1,323	2,418,232	149,413	31,653	78,558
Ending Balance at Jun. 30, 2024							2,688,438	2,527,596	120,695	32,527	7,620
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	102,173			99,363		2,810	102,173	99,332	2,733		108
Other Comprehensive Income (Loss)	(22,628)				(22,023)	(605)	(22,628)			(22,628)
Stock Based Compensation Activity	3,547		906	0		2,641
Stock Based Compensation Activity							3,547	906	2,641
Common Stock Dividends and Unit Distributions	(50,402)			(49,063)		(1,339)
Unit Distributions							(50,402)	(49,063)	(1,339)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0		55			(55)	0	55	(55)
Retirement of Limited Partner Units	(79)					(79)	(79)		(79)
Reallocation - Additional Paid-in Capital	0		2,545			(2,545)
Reallocation - Other Comprehensive Income	0				3	(3)
Contributions from Noncontrolling Interests							17				17
Distributions to Noncontrolling Interests							(30)				(30)
Ending Balance at Sep. 30, 2024	$ 2,711,790	$ 1,323	$ 2,421,738	$ 199,713	$ 9,633	$ 79,383
Ending Balance at Sep. 30, 2024							$ 2,721,036	$ 2,578,826	$ 124,596	$ 9,899	$ 7,715

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY / PARTNERS' CAPITAL (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Dividends/Distributions Per Share/Unit	$ 0.37	$ 0.37	$ 0.37	$ 0.32	$ 0.32	$ 0.32
First Industrial, L.P.
Dividends/Distributions Per Share/Unit	$ 0.37	$ 0.37	$ 0.37	$ 0.32	$ 0.32	$ 0.32

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 102,173	$ 77,139	$ 225,547	$ 194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			104,077	96,808
Amortization of Debt Issuance Costs	911	905	2,735	2,714
Other Amortization, Including Equity Based Compensation			27,404	25,136
Equity in Income of Joint Venture	(599)	(1,530)	(3,161)	(30,598)
Distributions from the Joint Venture			2,236	6,584
Gain on Sale of Real Estate	(56,814)	(34,368)	(93,801)	(47,421)
Straight-line Rental Income and Expense, Net			(12,151)	(15,891)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(5,013)	(3,835)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			27,835	12,799
Net Cash Provided by Operating Activities			275,708	240,444
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(44,384)	(93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(159,040)	(280,536)
Net Proceeds from Sales of Investments in Real Estate			135,544	58,440
Contributions to and Investments in Joint Venture			(3,942)	(10,060)
Other Investing Activity			4,317	2,780
Net Cash Used in Investing Activities			(67,505)	(322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs			0	(9)
Income Taxes Paid on Vested Equity Compensation			(2,070)	(2,510)
Common Stock Dividends and Unit Distributions Paid			(143,395)	(126,148)
Repayments on Mortgage Loan Payable			(250)	(240)
Proceeds from Unsecured Credit Facility			236,000	278,000
Repayments on Unsecured Credit Facility			(287,000)	(146,000)
Distributions to Noncontrolling Interests			(143)	(11,523)
Net Cash Used in Financing Activities			(196,858)	(8,430)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			11,345	(90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			43,844	145,118
Cash, Cash Equivalents and Restricted Cash, End of Period	55,189	54,252	55,189	54,252
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			6,327	11,013
Cash Paid for Operating Lease Liabilities			2,608	2,501
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			354	661
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	50,970	44,329	50,970	44,329
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 Liabilities in Connection with the Acquisition of Real Estate			688	351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			34,310	66,855
Improvements Funded by Tenant			0	3,366
Write-off of Fully Depreciated Assets			(26,543)	(21,557)
Noncontrolling Interests
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2,810	2,127
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(55)	(396)	(62)	(1,060)
Common Stock
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units			0	0
Additional Paid-in Capital
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	55	396	62	1,060
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	102,173	77,139	225,547	194,148
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation			104,077	96,808
Amortization of Debt Issuance Costs	911	905	2,735	2,714
Other Amortization, Including Equity Based Compensation			27,404	25,136
Equity in Income of Joint Venture	(599)	(1,530)	(3,161)	(30,598)
Distributions from the Joint Venture			2,236	6,584
Gain on Sale of Real Estate	(56,814)	(34,368)	(93,801)	(47,421)
Straight-line Rental Income and Expense, Net			(12,151)	(15,891)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net			(4,976)	(3,851)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits			27,835	12,799
Net Cash Provided by Operating Activities			275,745	240,428
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate			(44,384)	(93,504)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs			(159,040)	(280,536)
Net Proceeds from Sales of Investments in Real Estate			135,544	58,440
Contributions to and Investments in Joint Venture			(3,942)	(10,060)
Other Investing Activity			4,317	2,780
Net Cash Used in Investing Activities			(67,505)	(322,880)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs			0	(9)
Income Taxes Paid on Vested Equity Compensation			(2,070)	(2,510)
Common Stock Dividends and Unit Distributions Paid			(143,395)	(126,148)
Contributions from Noncontrolling Interests			31	27
Repayments on Mortgage Loan Payable			(250)	(240)
Proceeds from Unsecured Credit Facility			236,000	278,000
Repayments on Unsecured Credit Facility			(287,000)	(146,000)
Distributions to Noncontrolling Interests			(211)	(11,534)
Net Cash Used in Financing Activities			(196,895)	(8,414)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			11,345	(90,866)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year			43,844	145,118
Cash, Cash Equivalents and Restricted Cash, End of Period	55,189	54,252	55,189	54,252
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity			6,327	11,013
Cash Paid for Operating Lease Liabilities			2,608	2,501
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets			354	661
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	50,970	44,329	50,970	44,329
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 Liabilities in Connection with the Acquisition of Real Estate			688	351
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate			34,310	66,855
Improvements Funded by Tenant			0	3,366
Write-off of Fully Depreciated Assets			(26,543)	(21,557)
First Industrial, L.P. | Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2,733	1,931
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(55)	(396)	(62)	(1,060)
First Industrial, L.P. | General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	99,332	74,986
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	$ 55	$ 396	$ 62	$ 1,060

Organization

Organization	9 Months Ended
	Sep. 30, 2024
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 97.3% ownership interest ("General Partner Units") at September 30, 2024. 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 2.7% at September 30, 2024 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. Through a wholly-owned TRS of the Operating Partnership, we own an equity interest in a joint venture (the "Joint Venture"). We also provide various services to the Joint Venture. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Venture. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Venture 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, 2024, we owned 421 industrial properties located in 19 states, containing an aggregate of approximately 67.7 million square feet of gross leasable area ("GLA"). Of the 421 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, 2024
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, 2023 ("2023 Form 10-K") and should be read in conjunction with such Consolidated Financial Statements and related notes. The 2023 year end Consolidated Balance Sheet data included in this Form 10-Q filing was derived from the audited Consolidated Financial Statements in our 2023 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, 2023 audited Consolidated Financial Statements included in our 2023 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, 2024 and December 31, 2023, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2024 and 2023. 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, 2024 and December 31, 2023, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2024 and 2023, and our cash flows for each of the nine months ended September 30, 2024 and 2023. All adjustments are of a normal recurring nature. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods in fiscal years beginning after December 15, 2025, and should be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our disclosures.

Investment in Real Estate

Investment in Real Estate	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions During the nine months ended September 30, 2024, we acquired five industrial properties totaling approximately 0.3 million square feet of GLA. We accounted for the properties as asset acquisitions and capitalized transaction costs to the basis of the acquired assets. The following table summarizes the allocation of the aggregate purchase price, excluding transaction costs, to each major asset class for the industrial properties acquired during the nine months ended September 30, 2024: Land $ 16,475 Building and Improvements 24,635 In-Place Leases 3,209 Above Market Leases 333 Below Market Leases (818) Other Assets 931 Total Purchase Price $ 44,765 Sales During the nine months ended September 30, 2024, we sold 17 industrial properties totaling approximately 1.0 million square feet of GLA. Gross proceeds from the sales were $138,257 and the gain on sale of real estate attributable to these sales was $93,801. Real Estate Held for Sale

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at September 30, 2024 Effective Maturity September 30, 2024 December 31, 2023 Mortgage Loan Payable $ 9,728 $ 9,978 4.17% 4.17% 8/1/2028 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 (3,526) (4,062) Unamortized Discounts (41) (46) Senior Unsecured Notes, Net $ 995,004 $ 994,463 Unsecured Term Loans, Gross 2021 Unsecured Term Loan (A) 200,000 200,000 1.85% N/A 7/7/2026 2022 Unsecured Term Loan (A) 425,000 425,000 3.64% N/A 10/18/2027 2022 Unsecured Term Loan II (A)(B) 300,000 300,000 4.88% N/A 8/12/2025 Subtotal $ 925,000 $ 925,000 Unamortized Debt Issuance Costs (2,927) (4,137) Unsecured Term Loans, Net $ 922,073 $ 920,863 Unsecured Credit Facility (C) $ 248,000 $ 299,000 5.71% N/A 7/7/2025 _______________ (A) The interest rate at September 30, 2024 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10. (B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions. (C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,043 and $2,036 as of September 30, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. Mortgage Loan Payable As of September 30, 2024, the mortgage loan payable is collateralized by industrial properties with a net carrying value of $30,442. We believe the Operating Partnership and the Company were in compliance with all covenants relating to our mortgage loan as of September 30, 2024. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of discounts, debt issuance costs and the impact of extension options, for the next five years as of September 30, and thereafter: Amount Remainder of 2024 $ 84 2025 548,349 2026 200,364 2027 556,449 2028 190,453 Thereafter 685,600 Total $ 2,181,299 Our Unsecured Credit Facility, our 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, 2024; 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, 2024 and December 31, 2023, the fair value of our indebtedness was as follows: September 30, 2024 December 31, 2023 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loan Payable $ 9,728 $ 9,545 $ 9,978 $ 9,666 Senior Unsecured Notes, Net 998,530 933,230 998,525 902,042 Unsecured Term Loans 925,000 925,000 925,000 925,000 Unsecured Credit Facility 248,000 248,000 299,000 299,000 Total $ 2,181,258 $ 2,115,775 $ 2,232,503 $ 2,135,708 _______________ (A) The carrying amounts include unamortized discounts and exclude unamortized debt issuance costs.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 ASSETS Assets: Net Investment in Real Estate $ 296,549 $ 302,869 Operating Lease Right-of-Use Assets 12,842 12,910 Cash and Cash Equivalents 2,499 2,221 Deferred Rent Receivable 16,047 15,601 Prepaid Expenses and Other Assets, Net 15,764 12,945 Total Assets $ 343,701 $ 346,546 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Accounts Payable, Accrued Expenses and Other Liabilities $ 10,410 $ 9,698 Operating Lease Liabilities 10,194 10,219 Rents Received in Advance and Security Deposits 7,633 8,368 Partners' Capital 315,464 318,261 Total Liabilities and Partners' Capital $ 343,701 $ 346,546 Joint Venture The Joint Venture was formed for the purpose of developing, leasing, operating and selling land located in the Phoenix, Arizona metropolitan area. We hold our Joint Venture interest through a consolidated partnership (the "Joint Venture Partnership") in which we hold an 88% interest and in which a third-party partner holds the remaining 12% interest. As we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership, we consolidate the Joint Venture Partnership and reflect our partner's share as Noncontrolling Interest (see Note 6). The Joint Venture Partnership holds a 49% interest in the unconsolidated Joint Venture, which we account for under the equity method of accounting. Excluding the minority interest holder's share, we own a 43% interest in the Joint Venture. The Joint Venture Partnership is held through a wholly-owned TRS of the Operating Partnership. Under the operating agreement for the Joint Venture, 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, the Joint Venture's operating agreement provides us the ability to earn incentive fees based on the ultimate financial performance of the Joint Venture. During the nine months ended September 30, 2024 and 2023, we earned fees of $2,113 and $4,693, respectively, from the Joint Venture, related to asset management, property management, leasing and development services we provided to the Joint Venture, of which we deferred recognition of $427 and $955, respectively, due to our economic interest in the Joint Venture. During the nine months ended September 30, 2024 and 2023, we incurred fees of $1,005 and $2,690, respectively, related to third-party development, property management and leasing services associated with the Joint Venture. At September 30, 2024 and December 31, 2023, we had a receivable from the Joint Venture of $190 and $138, respectively. Net income of the Joint Venture for the nine months ended September 30, 2024 and 2023 was $4,581 and $44,334, respectively. Included in net income during the nine months ended September 30, 2024 was gain on sale of real estate of $495. The gain on sale of real estate recognized by the Joint Venture during the nine months ended September 30, 2024 relates to gain that was deferred on land sales during the years ended December 31, 2023 and 2022. The gain on sale was deferred because the Joint Venture was required to complete infrastructure work for the purchasers of the land. The deferred gain is being recognized under the percentage of completion method. Our economic share of the Joint Venture's gain on sale was $243. Included in net income of the Joint Venture during the nine months ended September 30, 2023 is gain on sale of real estate of $40,283 related to the sale of approximately 31 acres of land for which our economic share was $19,739. For the nine months ended September 30, 2024 and 2023, we earned incentive fees of $916 and $8,903, respectively, from the Joint Venture, which is reflected in the Equity In Income of Joint Venture line item in the Consolidated Statements of Operations. During the nine months ended September 30, 2024, the Joint Venture substantially completed development of three buildings totaling an aggregate 1.8 million square feet of GLA (the "Project"). During the year ended December 31, 2022, in connection with the Project, the Joint Venture entered into a construction loan with a capacity of $149,514 with a third-party lender (the "Joint Venture Loan"). As of September 30, 2024 and December 31, 2023, the balance of the Joint Venture Loan is $125,807 and $95,711, respectively, excluding $384 and $730, respectively, of unamortized debt issuance costs. With respect to the Joint Venture Loan, we provided a completion guarantee to the lender and our third-party joint venture partner that requires the Company to timely complete construction of the Project. Total estimated investment for the Project is approximately $224,020 and the Joint Venture is using a third-party general contractor to develop the buildings pursuant to a guaranteed maximum price contract. We also provided a guarantee to the lender related to typical non-recourse exceptions and an environmental indemnity. It is not possible to estimate the amount of additional costs, if any, that we may incur in connection with our completion guarantees to the third-party lender and/or our joint venture partner as well as the non-recourse exception and environmental indemnity guarantees; however, we do not expect that we will be required to make any significant payments in satisfaction of these guarantees.

Equity of the Company and Partn

Equity of the Company and Partners' Capital of the Operating Partnership	9 Months Ended
	Sep. 30, 2024
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 Our ownership interest in the Joint Venture is held through the Joint Venture Partnership with a third-party partner and we concluded that we hold the power to direct the activities that most significantly impact the economic performance of the Joint Venture Partnership. As a result, we consolidate the Joint Venture Partnership and reflect our partner's interest in the Joint Venture Partnership that invests in the Joint Venture as a Noncontrolling Interest. Our partner's share of the Joint Venture Partnership's income was $77 and $196 for the three months ended September 30, 2024 and 2023, respectively, and $397 and $3,746 for the nine months ended September 30, 2024 and 2023, respectively, and was reflected in the Equity in Income of Joint Venture and the Noncontrolling Interests line items in the Consolidated Statements of Operations. The Noncontrolling Interests line item in the Consolidated Balance Sheets includes our third-party partner's interest of $6,698 and $6,444 at September 30, 2024 and December 31, 2023, respectively. ATM Program On February 24, 2023, we entered into distribution agreements with a three-year term with certain sales agents to sell up to 16,000,000 shares of the Company's common stock, for up to $800,000 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 nine months ended September 30, 2024, we did not issue any shares of the Company's common stock under the ATM.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2024
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, 2024: Derivative Instruments Accumulated Other Comprehensive Income of the Operating Partnership Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Income of the Company Balance as of December 31, 2023 $ 22,842 $ 22,842 $ (570) $ 22,272 Other Comprehensive Income Before Reclassifications 5,196 5,196 304 5,500 Amounts Reclassified from Accumulated Other Comprehensive Income (18,139) (18,139) — (18,139) Net Current Period Other Comprehensive Loss (12,943) (12,943) 304 (12,639) Balance as of September 30, 2024 $ 9,899 $ 9,899 $ (266) $ 9,633 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, 2024 and 2023: Amounts Reclassified from Accumulated Details about Accumulated Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 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 Receipts from our Counterparties (6,162) (6,003) (18,447) (15,376) Interest Expense Total $ (6,059) $ (5,900) $ (18,139) $ (15,068)

Earnings Per Share _ Unit (EPS

Earnings Per Share / Unit (EPS / EPU)	9 Months Ended
	Sep. 30, 2024
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, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 99,287 $ 74,938 $ 218,971 $ 185,441 Denominator (In Thousands): Weighted Average Shares - Basic 132,370 132,264 132,366 132,241 Effect of Dilutive Securities: Performance Units (See Note 9) 51 75 43 84 Weighted Average Shares - Diluted 132,421 132,339 132,409 132,325 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.75 $ 0.57 $ 1.65 $ 1.40 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Numerator: Net Income Available to Unitholders $ 101,864 $ 76,718 $ 224,606 $ 189,856 Denominator (In Thousands): Weighted Average Units - Basic 135,099 134,704 135,088 134,697 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 9) 375 462 303 517 Weighted Average Units - Diluted 135,474 135,166 135,391 135,214 Basic EPU: Net Income Available to Unitholders $ 0.75 $ 0.57 $ 1.66 $ 1.41 Diluted EPU: Net Income Available to Unitholders $ 0.75 $ 0.57 $ 1.66 $ 1.40 At September 30, 2024 and 2023, participating securities for the Company included 93,952 and 129,019, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At September 30, 2024 and 2023, participating securities for the Operating Partnership included 261,246 and 351,796, 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, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Long-Term Compensation	Long-Term Compensation Awards with Performance Measures During the nine months ended September 30, 2024, 46,947 performance units ("Performance Units") and 263,159 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 $9,281 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 a specified group of 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, 2024, 61,168 shares of restricted stock units ("Service Units") and 102,548 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 $8,408 on the grant date. The fair value of the Service Awards is based on the Company's stock price on the date such awards were approved by the Compensation Committee of the Board of Directors. The Service Awards awarded to employees were based on the prior achievement of certain corporate performance goals and 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 All award agreements issued underlying Performance Awards and Service Awards contain a retirement eligibility policy 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-forfeitable. As such, during the nine months ended September 30, 2024, 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. Additionally, our Chief Executive Officer's employment agreement contains a retirement provision, which provides for all of his outstanding Performance Awards and Service Awards to be non-forfeitable effective December 31, 2024. As such, his Performance Awards and Service Awards granted during the nine months ended September 30, 2024 are amortized over one year versus three years. Outstanding Performance Awards and Service Awards We recognized $3,581 and $3,437 for the three months ended September 30, 2024 and 2023, respectively, and $16,563 and $12,846 for the nine months ended September 30, 2024 and 2023, 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 $235 and $456 for the three months ended September 30, 2024 and 2023, respectively, and $2,328 and $2,592 for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, we had $11,066 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period over which the unrecognized compensation is expected to be recognized is 0.79 years.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivative Instruments 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 have interest rate swaps to manage our exposure to changes in SOFR related to our Unsecured Term Loans. We have three interest rate swaps with an aggregate notional value of $200,000, that fixed the SOFR rate component at 0.90% at September 30, 2024 and mature on February 2, 2026 (the "2021 Swaps"). We have eight interest rate swaps with an aggregate notional value of $425,000 that fix the SOFR rate component at 2.69% and mature on September 30, 2027 (the "2022 Swaps"). We have seven interest rate swaps, with an aggregate notional value of $300,000 that fix the SOFR rate component at 3.93% (the "2022 II Swaps"). $150,000 of the 2022 II Swaps' aggregate notional value matures on December 1, 2025 and the remaining $150,000 of the 2022 II Swaps' aggregate notional value matures on August 1, 2027. We have designated the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps as cash flow hedges. 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, 2024, 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 assets and liabilities related to the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023: Fair Value Measurements: Description Fair Value at September 30, 2024 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 7,207 — $ 7,207 — 2022 Swaps $ 7,107 — $ 7,107 — Liabilities: 2022 II Swaps $ (2,539) — $ (2,539) — Fair Value at December 31, 2023 Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 12,517 — $ 12,517 — 2022 Swaps $ 13,285 — $ 13,285 — Liabilities: 2022 II Swaps $ (776) — $ (776) — There was no ineffectiveness recorded on the 2021 Swaps, the 2022 Swaps or the 2022 II Swaps during the nine months ended September 30, 2024. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps fell within Level 2 of the fair value hierarchy.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions At September 30, 2024 and December 31, 2023, the Operating Partnership had receivable balances of $9,242 and $9,288, respectively, from a direct wholly-owned subsidiary of the Company. Additionally, see Note 5 for transactions with our joint venture.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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, 2024, we had five development projects totaling approximately 1.3 million square feet of GLA under construction. The estimated total investment as of September 30, 2024 is approximately $183,400. Of this amount, approximately $129,200 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, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to September 30, 2024, we sold three industrial properties for an aggregate sales price of $19,000, excluding transaction costs.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 99,363	$ 75,012	$ 219,133	$ 185,615

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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, 2024 and December 31, 2023, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2024 and 2023. 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, 2024 and December 31, 2023, the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2024 and 2023, and our cash flows for each of the nine months ended September 30, 2024 and 2023. All adjustments are of a normal recurring nature.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within the segment measure of profit or loss. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. We are currently evaluating ASU 2023-07 to determine its impact on our disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods in fiscal years beginning after December 15, 2025, and should be applied either prospectively or retrospectively. We are currently evaluating ASU 2023-09 to determine its impact on our disclosures.

Investment in Real Estate Inves

Investment in Real Estate Investment in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Summary of Acquisition Purchase Price Allocation	Land $ 16,475 Building and Improvements 24,635 In-Place Leases 3,209 Above Market Leases 333 Below Market Leases (818) Other Assets 931 Total Purchase Price $ 44,765

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Indebtedness	The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at September 30, 2024 Effective Maturity September 30, 2024 December 31, 2023 Mortgage Loan Payable $ 9,728 $ 9,978 4.17% 4.17% 8/1/2028 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 (3,526) (4,062) Unamortized Discounts (41) (46) Senior Unsecured Notes, Net $ 995,004 $ 994,463 Unsecured Term Loans, Gross 2021 Unsecured Term Loan (A) 200,000 200,000 1.85% N/A 7/7/2026 2022 Unsecured Term Loan (A) 425,000 425,000 3.64% N/A 10/18/2027 2022 Unsecured Term Loan II (A)(B) 300,000 300,000 4.88% N/A 8/12/2025 Subtotal $ 925,000 $ 925,000 Unamortized Debt Issuance Costs (2,927) (4,137) Unsecured Term Loans, Net $ 922,073 $ 920,863 Unsecured Credit Facility (C) $ 248,000 $ 299,000 5.71% N/A 7/7/2025 _______________ (A) The interest rate at September 30, 2024 includes the impact of derivative instruments which effectively convert the variable rate of the debt to a fixed rate. See Note 10. (B) At our option, we may extend the maturity pursuant to two, one-year extension options, subject to certain conditions. (C) At our option, we may extend the maturity pursuant to two, six-month extension options, subject to certain conditions. Amounts exclude unamortized debt issuance costs of $1,043 and $2,036 as of September 30, 2024 and December 31, 2023, 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, debt issuance costs and the impact of extension options, for the next five years as of September 30, and thereafter: Amount Remainder of 2024 $ 84 2025 548,349 2026 200,364 2027 556,449 2028 190,453 Thereafter 685,600 Total $ 2,181,299
Summary of Indebtedness at Estimated Fair Value	At September 30, 2024 and December 31, 2023, the fair value of our indebtedness was as follows: September 30, 2024 December 31, 2023 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loan Payable $ 9,728 $ 9,545 $ 9,978 $ 9,666 Senior Unsecured Notes, Net 998,530 933,230 998,525 902,042 Unsecured Term Loans 925,000 925,000 925,000 925,000 Unsecured Credit Facility 248,000 248,000 299,000 299,000 Total $ 2,181,258 $ 2,115,775 $ 2,232,503 $ 2,135,708 _______________ (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, 2024
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, 2024 December 31, 2023 ASSETS Assets: Net Investment in Real Estate $ 296,549 $ 302,869 Operating Lease Right-of-Use Assets 12,842 12,910 Cash and Cash Equivalents 2,499 2,221 Deferred Rent Receivable 16,047 15,601 Prepaid Expenses and Other Assets, Net 15,764 12,945 Total Assets $ 343,701 $ 346,546 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Accounts Payable, Accrued Expenses and Other Liabilities $ 10,410 $ 9,698 Operating Lease Liabilities 10,194 10,219 Rents Received in Advance and Security Deposits 7,633 8,368 Partners' Capital 315,464 318,261 Total Liabilities and Partners' Capital $ 343,701 $ 346,546

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024: Derivative Instruments Accumulated Other Comprehensive Income of the Operating Partnership Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Income of the Company Balance as of December 31, 2023 $ 22,842 $ 22,842 $ (570) $ 22,272 Other Comprehensive Income Before Reclassifications 5,196 5,196 304 5,500 Amounts Reclassified from Accumulated Other Comprehensive Income (18,139) (18,139) — (18,139) Net Current Period Other Comprehensive Loss (12,943) (12,943) 304 (12,639) Balance as of September 30, 2024 $ 9,899 $ 9,899 $ (266) $ 9,633
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, 2024 and 2023: Amounts Reclassified from Accumulated Details about Accumulated Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 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 Receipts from our Counterparties (6,162) (6,003) (18,447) (15,376) Interest Expense Total $ (6,059) $ (5,900) $ (18,139) $ (15,068)

Earnings Per Share _ Unit (EP_2

Earnings Per Share / Unit (EPS / EPU) (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 99,287 $ 74,938 $ 218,971 $ 185,441 Denominator (In Thousands): Weighted Average Shares - Basic 132,370 132,264 132,366 132,241 Effect of Dilutive Securities: Performance Units (See Note 9) 51 75 43 84 Weighted Average Shares - Diluted 132,421 132,339 132,409 132,325 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.75 $ 0.57 $ 1.65 $ 1.40
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, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Numerator: Net Income Available to Unitholders $ 101,864 $ 76,718 $ 224,606 $ 189,856 Denominator (In Thousands): Weighted Average Units - Basic 135,099 134,704 135,088 134,697 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 9) 375 462 303 517 Weighted Average Units - Diluted 135,474 135,166 135,391 135,214 Basic EPU: Net Income Available to Unitholders $ 0.75 $ 0.57 $ 1.66 $ 1.41 Diluted EPU: Net Income Available to Unitholders $ 0.75 $ 0.57 $ 1.66 $ 1.40

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurements on Recurring Basis	The following table sets forth our financial assets and liabilities related to the 2021 Swaps, the 2022 Swaps and the 2022 II Swaps, which are included in the line items Prepaid Expenses and Other Assets, Net or Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets and are accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023: Fair Value Measurements: Description Fair Value at September 30, 2024 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 7,207 — $ 7,207 — 2022 Swaps $ 7,107 — $ 7,107 — Liabilities: 2022 II Swaps $ (2,539) — $ (2,539) — Fair Value at December 31, 2023 Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 12,517 — $ 12,517 — 2022 Swaps $ 13,285 — $ 13,285 — Liabilities: 2022 II Swaps $ (776) — $ (776) —

Organization - Additional Infor

Organization - Additional Information (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2024 ft² Property State
Organization [Line Items]
Number of industrial properties | Property	421
Number of states in which industrial properties are located | State	19
Gross leasable area (GLA) of industrial properties owned | ft²	67.7
Ownership
Organization [Line Items]
Company's ownership interest	97.30%
Limited partners' ownership interest in the Operating Partnership	2.70%
Other Real Estate Partnerships
Organization [Line Items]
Company's ownership interest	100%
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships	99%
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) $ in Thousands, ft² in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) ft² Property
Real Estate Properties [Line Items]
Number of industrial properties | Property	421
Gross leasable area (GLA) of industrial properties | ft²	67.7
Acquisition Activity
Real Estate Properties [Line Items]
Number of industrial properties | Property	5
Gross leasable area (GLA) of industrial properties | ft²	0.3
Acquisition Activity | Above Market Leases [Member]
Real Estate Properties [Line Items]
Acquired finite lived intangible assets, fair value | $	$ (333)
Disposition Activity
Real Estate Properties [Line Items]
Number of industrial properties | Property	17
Gross leasable area (GLA) of industrial properties | ft²	1
Proceeds from Sale of Real Estate | $	$ 138,257
Gain on sale of real estate | $	$ 93,801
Held for Sale Activity
Real Estate Properties [Line Items]
Number of industrial properties | Property	3
Gross leasable area (GLA) of industrial properties | ft²	0.2

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, 2024	Dec. 31, 2023
Real Estate [Line Items]
Land	$ 1,761,864	$ 1,756,971
Buildings and Improvements	3,887,377	$ 3,711,718
Acquisition Activity
Real Estate [Line Items]
Land	16,475
Buildings and Improvements	24,635
Other Assets	931
Purchase price of industrial properties	44,765
Acquisition Activity | In-Place Leases
Real Estate [Line Items]
Acquired finite lived intangible assets, fair value	3,209
Acquisition Activity | Above Market Leases [Member]
Real Estate [Line Items]
Acquired finite lived intangible assets, fair value	333
Acquisition Activity | Below Market Leases
Real Estate [Line Items]
Acquired finite lived intangible liabilities, fair value	$ (818)

Indebtedness - Summary of Indeb

Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 2,181,299
Unsecured Credit Facility		248,000	$ 299,000
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
2021 Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 200,000	200,000
Interest Rate		1.85%
Maturity Date		Jul. 07, 2026
2022 Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 425,000	425,000
Interest Rate		3.64%
Maturity Date		Oct. 18, 2027
2022 Unsecured Term Loan II
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 300,000	300,000
Interest Rate		4.88%
Maturity Date		Aug. 12, 2025
Mortgage Loan Payable
Debt Instrument [Line Items]
Long-term Debt		$ 9,728	9,978
Interest Rate		4.17%
Effective Interest Rate		4.17%
Maturity Date		Aug. 01, 2028
Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 998,571	998,571
Unamortized Debt Issuance Costs		(3,526)	(4,062)
Unamortized Discounts		(41)	(46)
Long-term Debt		995,004	994,463
Unsecured Term Loans
Debt Instrument [Line Items]
Long-term Debt, Gross		925,000	925,000
Unamortized Debt Issuance Costs		(2,927)	(4,137)
Long-term Debt		922,073	920,863
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs		(1,043)	(2,036)
Unsecured Credit Facility	[1]	$ 248,000	$ 299,000
Interest Rate		5.71%
Maturity Date	[1]	Jul. 07, 2025
[1]Amounts exclude unamortized debt issuance costs of $1,043 and $2,036 as of September 30, 2024 and December 31, 2023, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ 1,043	$ 2,036
Mortgage Loan Payable
Debt Instrument [Line Items]
Net carrying value of industrial properties collateralized by mortgage loan	$ 30,442

Indebtedness - Schedule of Matu

Indebtedness - Schedule of Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 84
2025	548,349
2026	200,364
2027	556,449
2028	190,453
Thereafter	685,600
Total	$ 2,181,299

Indebtedness - Summary of Ind_2

Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage Loan Payable		$ 9,545	$ 9,666
Senior Unsecured Notes, Net		933,230	902,042
Unsecured Term Loans		925,000	925,000
Unsecured Credit Facility		248,000	299,000
Total		2,115,775	2,135,708
Carrying Amount (A)
Debt Instrument [Line Items]
Mortgage Loan Payable	[1]	9,728	9,978
Senior Unsecured Notes, Net	[1]	998,530	998,525
Unsecured Term Loans	[1]	925,000	925,000
Unsecured Credit Facility	[1]	248,000	299,000
Total	[1]	$ 2,181,258	$ 2,232,503
[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, 2024	Dec. 31, 2023
Assets:
Net Investment in Real Estate	$ 4,705,566	$ 4,704,745
Operating Lease Right-of-Use Assets	19,896	24,211
Cash and Cash Equivalents	47,123	43,844
Deferred Rent Receivable	154,485	144,033
Prepaid Expenses and Other Assets, Net	206,328	203,276
Total Assets	5,200,520	5,175,765
Liabilities and Partners' Capital:
Accounts Payable, Accrued Expenses and Other Liabilities	142,875	143,429
Operating Lease Liabilities	17,652	21,992
Rents Received in Advance and Security Deposits	102,428	106,734
Total Liabilities and Equity/Partners' Capital	5,200,520	5,175,765
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	296,549	302,869
Operating Lease Right-of-Use Assets	12,842	12,910
Cash and Cash Equivalents	2,499	2,221
Deferred Rent Receivable	16,047	15,601
Prepaid Expenses and Other Assets, Net	15,764	12,945
Total Assets	343,701	346,546
Liabilities and Partners' Capital:
Accounts Payable, Accrued Expenses and Other Liabilities	10,410	9,698
Operating Lease Liabilities	10,194	10,219
Rents Received in Advance and Security Deposits	7,633	8,368
Partners' Capital	315,464	318,261
Total Liabilities and Equity/Partners' Capital	$ 343,701	$ 346,546

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² Property	Sep. 30, 2023 USD ($) Property	Sep. 30, 2024 USD ($) ft² Property	Sep. 30, 2023 USD ($) Property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Joint Venture Development Services Expense	$ 208	$ 559	$ 1,005	$ 2,690
Number of Real Estate Properties | Property	421		421
Gross leasable area (GLA) of industrial properties owned | ft²	67.7		67.7
Net Investment in Real Estate	$ 4,705,566		$ 4,705,566		$ 4,704,745
Joint Venture
Variable Interest Entity [Line Items]
Consolidated Joint Venture Partnership, Interest Percentage	88%		88%
Consolidated Joint Venture Partnership, Partner Interest Percentage	12%		12%
Equity Method Investment, Joint Venture Partnership Ownership	49%		49%
Equity Method Investment, Ownership Percentage	43%		43%
Asset Management Fees			$ 2,113	4,693
Asset Management Fees Deferred			427	955
Joint Venture Development Services Expense			1,005	2,690
Receivable Balance Due From The Joint Venture	$ 190		190		138
Net Income of the Joint Venture			4,581	44,334
Equity Method Investment, Realized Gain (Loss) on Disposal			495	$ 40,283
Number of Acres | Property		31		31
Economic Share of Gain (Loss) on Joint Venture Sale			243	$ 19,739
Incentive Fees			916	$ 8,903
Construction Loan						$ 149,514
Construction Loan Outstanding Balance	125,807		125,807		95,711
Unamortized Debt Issuance Expense	384		384		$ 730
Net Investment in Real Estate	$ 224,020		$ 224,020
Joint Venture Completed Developments
Variable Interest Entity [Line Items]
Number of Real Estate Properties | Property	3		3
Gross leasable area (GLA) of industrial properties owned | ft²	1.8		1.8

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 24, 2023
Class of Stock [Line Items]
Equity in Income of Joint Venture	$ 599	$ 1,530	$ 3,161	$ 30,598
Joint Venture
Class of Stock [Line Items]
Equity in Income of Joint Venture	77	$ 196	397	$ 3,746
Noncontrolling Interest in Joint Ventures	$ 6,698		$ 6,698		$ 6,444
ATM [Member]
Class of Stock [Line Items]
Shares of company stock issuable under an at-the-market offering						16,000,000
Aggregate Gross Sale Proceeds						$ 800,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Changes in AOCI) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	$ 2,635,105
Ending Balance	2,711,790
Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	22,842
Other Comprehensive Income Before Reclassifications	5,196
Amounts Reclassified from Accumulated Other Comprehensive Income	(18,139)
Net Current Period Other Comprehensive Loss	(12,943)
Ending Balance	9,899
Comprehensive (Loss) Income Attributable to Noncontrolling Interest of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(570)
Other Comprehensive Income Before Reclassifications	304
Amounts Reclassified from Accumulated Other Comprehensive Income	0
Net Current Period Other Comprehensive Loss	304
Ending Balance	(266)
Accumulated Other Comprehensive Income of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	22,272
Other Comprehensive Income Before Reclassifications	5,500
Amounts Reclassified from Accumulated Other Comprehensive Income	(18,139)
Net Current Period Other Comprehensive Loss	(12,639)
Ending Balance	9,633
First Industrial, L.P. | Accumulated Other Comprehensive Income of the Operating Partnership
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	22,842
Other Comprehensive Income Before Reclassifications	5,196
Amounts Reclassified from Accumulated Other Comprehensive Income	(18,139)
Net Current Period Other Comprehensive Loss	(12,943)
Ending Balance	$ 9,899

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income [Line Items]
Total	$ 35,067	$ 13,557	$ 28,207	$ (9,216)
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 (Receipts)	(6,162)	(6,003)	(18,447)	(15,376)
Total	$ (6,059)	$ (5,900)	$ (18,139)	$ (15,068)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net Income Available to Common Stockholders / Unitholders	$ 99,287	$ 74,938	$ 218,971	$ 185,441
Denominator:
Weighted Average Shares / Units - Basic	132,370	132,264	132,366	132,241
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	51	75	43	84
Weighted Average Shares / Units - Diluted	132,421	132,339	132,409	132,325
Earnings Per Share/Unit, Basic [Abstract]
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.65	$ 1.40
Earnings Per Share/Unit, Diluted [Abstract]
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.65	$ 1.40
First Industrial, L.P.
Numerator:
Net Income Available to Common Stockholders / Unitholders	$ 101,864	$ 76,718	$ 224,606	$ 189,856
Denominator:
Weighted Average Shares / Units - Basic	135,099	134,704	135,088	134,697
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	375	462	303	517
Weighted Average Shares / Units - Diluted	135,474	135,166	135,391	135,214
Earnings Per Share/Unit, Basic [Abstract]
Net Income Available to Common Stockholders / Unitholders - Basic	$ 0.75	$ 0.57	$ 1.66	$ 1.41
Earnings Per Share/Unit, Diluted [Abstract]
Net Income Available to Common Stockholders / Unitholders - Diluted	$ 0.75	$ 0.57	$ 1.66	$ 1.40

Earnings Per Share _ Unit (EP_4

Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	93,952	129,019
First Industrial, L.P.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	261,246	351,796

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization related to Service Awards and Performance Awards	$ 3,581	$ 3,437	$ 16,563	$ 12,846
Share-based Payment Arrangement, Amount Capitalized	235	$ 456	2,328	$ 2,592
Unrecognized compensation related to unvested Service Awards and Performance Awards	11,066		$ 11,066
Weighted average period of unrecognized compensation expected to be recognized			9 months 14 days
Management | Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			46,947
Fair Value of Performance Awards and Service Awards Issued	9,281		$ 9,281
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			263,159
Management | Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued			61,168
Fair Value of Performance Awards and Service Awards Issued	$ 8,408		$ 8,408
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			102,548

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2021 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	3
Derivative, Notional Amount	$ 200,000
Swaps, Average Fixed Interest Rate	0.90%
2022 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	8
Derivative, Notional Amount	$ 425,000
Swaps, Average Fixed Interest Rate	2.69%
2022 Swaps II
Derivative [Line Items]
Swaps, Number of Instruments Held	7
Derivative, Notional Amount	$ 300,000
Swaps, Average Fixed Interest Rate	3.93%
2022 Swaps II Due December 2025
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000
2022 Swaps II Due August 2027
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000

Derivatives - Fair Value Measur

Derivatives - Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
2021 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	$ 7,207	$ 12,517
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	0
2021 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	7,207	12,517
2021 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0	0
2022 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	7,107	13,285
2022 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	0
2022 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	7,107	13,285
2022 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0	0
2022 Swaps II
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(2,539)	(776)
2022 Swaps II | 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
2022 Swaps II | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(2,539)	(776)
2022 Swaps II | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	$ 0	$ 0

Related Party Transactions Rela

Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transactions [Abstract]
Receivable balance due from a direct wholly-owned subsidiary	$ 9,242	$ 9,288

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions	Sep. 30, 2024 USD ($) ft² Property
Other Commitments [Line Items]
Number of industrial properties | Property	421
Gross leasable area (GLA) of industrial properties | ft²	67.7
Development Activity
Other Commitments [Line Items]
Number of industrial properties | Property	5
Gross leasable area (GLA) of industrial properties | ft²	1.3
Estimated total investment | $	$ 183,400
Estimated total investment remaining to be funded | $	$ 129,200

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Thousands	1 Months Ended
	Oct. 18, 2024 USD ($) Property	Sep. 30, 2024 Property
Subsequent Event [Line Items]
Number of Real Estate Properties		421
Subsequent Event
Subsequent Event [Line Items]
Number of Real Estate Properties	3
Proceeds from sale of industrial properties | $	$ 19,000