Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 29, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FR | |
Entity Registrant Name | FIRST INDUSTRIAL REALTY TRUST INC | |
Entity Central Index Key | 921825 | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 110,727,654 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in Real Estate: | ||
Land | $710,664 | $718,188 |
Buildings and Improvements | 2,415,620 | 2,439,887 |
Construction in Progress | 36,756 | 25,294 |
Less: Accumulated Depreciation | -794,379 | -786,978 |
Net Investment in Real Estate | 2,368,661 | 2,396,391 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $796 and $0 | 4,915 | 0 |
Cash and Cash Equivalents | 3,557 | 9,500 |
Restricted Cash | 1,829 | 1,829 |
Tenant Accounts Receivable, Net | 8,176 | 7,356 |
Investment in Joint Venture | 0 | 71 |
Deferred Rent Receivable, Net | 59,989 | 58,130 |
Deferred Financing Costs, Net | 11,816 | 10,448 |
Deferred Leasing Intangibles, Net | 31,816 | 33,526 |
Prepaid Expenses and Other Assets, Net | 62,999 | 64,744 |
Total Assets | 2,553,758 | 2,581,995 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 596,998 | 599,985 |
Senior Unsecured Notes, Net | 364,885 | 364,861 |
Unsecured Term Loan | 200,000 | 200,000 |
Unsecured Credit Facility | 168,000 | 185,000 |
Accounts Payable, Accrued Expenses and Other Liabilities | 75,266 | 79,733 |
Deferred Leasing Intangibles, Net | 12,383 | 12,726 |
Rents Received in Advance and Security Deposits | 38,620 | 36,914 |
Dividend Payable | 14,912 | 11,949 |
Total Liabilities | 1,471,064 | 1,491,168 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity: | ||
Common Stock ($0.01 par value, 150,000,000 shares authorized, 115,051,768 and 114,924,980 shares issued and 110,727,654 and 110,600,866 shares outstanding) | 1,151 | 1,149 |
Additional Paid-in-Capital | 1,873,374 | 1,872,336 |
Distributions in Excess of Accumulated Earnings | -682,920 | -670,650 |
Accumulated Other Comprehensive Loss | -10,319 | -13,867 |
Treasury Shares at Cost (4,324,114 shares) | -140,018 | -140,018 |
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity | 1,041,268 | 1,048,950 |
Noncontrolling Interest | 41,426 | 41,877 |
Total Equity | 1,082,694 | 1,090,827 |
Total Liabilities and Equity | $2,553,758 | $2,581,995 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Real Estate and Other Assets Held for Sale Accumulated Depreciation and Amortization | $796 | $0 |
Common Stock, Par Value | $0.01 | $0.01 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares Issued | 115,051,768 | 114,924,980 |
Common Stock, Shares Outstanding | 110,727,654 | 110,600,866 |
Treasury Shares at Cost | 4,324,114 | 4,324,114 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rental Income | $68,210 | $62,048 |
Tenant Recoveries and Other Income | 21,732 | 21,813 |
Total Revenues | 89,942 | 83,861 |
Expenses: | ||
Property Expenses | 29,791 | 30,316 |
General and Administrative | 6,966 | 5,521 |
Acquisition Costs | 0 | 35 |
Depreciation and Other Amortization | 28,306 | 27,871 |
Total Expenses | 65,063 | 63,743 |
Other Income (Expense): | ||
Gain on Sale of Real Estate | 7,930 | 0 |
Interest Income | 24 | 702 |
Interest Expense | -16,642 | -19,046 |
Amortization of Deferred Financing Costs | -746 | -804 |
Mark-to-Market Loss on Interest Rate Protection Agreements | -12,990 | 0 |
Total Other Income (Expense) | -22,424 | -19,148 |
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax Provision | 2,455 | 970 |
Equity in Income of Joint Ventures | 71 | 2,966 |
Income Tax Provision | -60 | -10 |
Income from Continuing Operations | 2,466 | 3,926 |
Discontinued Operations: | ||
Income Attributable to Discontinued Operations | 0 | 406 |
Gain on Sale of Real Estate | 0 | 735 |
Income from Discontinued Operations | 0 | 1,141 |
Net Income | 2,466 | 5,067 |
Less: Net Income Attributable to the Noncontrolling Interest | -93 | -104 |
Net Income Attributable to First Industrial Realty Trust, Inc. | 2,373 | 4,963 |
Less: Preferred Dividends | 0 | -1,019 |
Less: Redemption of Preferred Stock | 0 | -1,462 |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $2,373 | $2,482 |
Basic and Diluted Earnings Per Share: | ||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $0.02 | $0.01 |
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $0 | $0.01 |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $0.02 | $0.02 |
Distributions Per Share | $0.13 | $0.10 |
Weighted Average Shares Outstanding - Basic | 110,310 | 109,676 |
Weighted Average Shares Outstanding - Diluted | 110,675 | 110,215 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net Income | $2,466 | $5,067 |
Mark-to-Market Loss on Interest Rate Protection Agreements | -9,446 | -1,604 |
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) | 12,990 | 0 |
Amortization of Interest Rate Protection Agreements | 131 | 628 |
Foreign Currency Translation Adjustment | 15 | -50 |
Comprehensive Income | 6,156 | 4,041 |
Comprehensive Income Attributable to Noncontrolling Interest | -233 | -63 |
Comprehensive Income Attributable to First Industrial Realty Trust, Inc. | $5,923 | $3,978 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (USD $) | Total | Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Loss | Treasury Shares At Cost | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2014 | $1,090,827 | $1,149 | $1,872,336 | ($670,650) | ($13,867) | ($140,018) | $41,877 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Based Compensation Activity | 460 | 2 | 909 | -451 | |||
Conversion of Units to Common Stock | 0 | 0 | 95 | -95 | |||
Reallocation - Additional Paid-in-Capital | 0 | 34 | -34 | ||||
Common Stock and Unit Distributions | -14,749 | -14,192 | -557 | ||||
Net Income | 2,466 | 2,373 | 93 | ||||
Other Comprehensive Income (Loss) (Including a Reallocation of $2 and $5) | 3,690 | 3,548 | 142 | ||||
Balance at Mar. 31, 2015 | $1,082,694 | $1,151 | $1,873,374 | ($682,920) | ($10,319) | ($140,018) | $41,426 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $2,466 | $5,067 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 23,258 | 23,059 |
Amortization of Deferred Financing Costs | 746 | 804 |
Other Amortization | 7,741 | 7,997 |
Provision for Bad Debt | 498 | 663 |
Equity in Income of Joint Ventures | -71 | -2,966 |
Distributions from Joint Ventures | 0 | 962 |
Gain on Sale of Real Estate | -7,930 | -735 |
Mark-to-Market Loss on Interest Rate Protection Agreements | 12,990 | 0 |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | -3,425 | -3,878 |
(Increase) Decrease in Deferred Rent Receivable | -2,272 | 404 |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | -6,476 | -8,324 |
Cash Book Overdraft | 429 | 1,082 |
Net Cash Provided by Operating Activities | 27,954 | 24,135 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | 0 | -13,262 |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | -25,556 | -22,869 |
Net Proceeds from Sales of Investments in Real Estate | 25,573 | 3,244 |
Contributions to and Investments in Joint Ventures | -9 | 0 |
Distributions from Joint Ventures | 126 | 2,074 |
Repayments of Notes Receivable | 2,720 | 17,080 |
Increase in Escrows | -756 | -123 |
Net Cash Provided by (Used in) Investing Activities | 2,098 | -13,856 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Debt and Equity Issuance and Redemption Costs | -2,114 | -2,035 |
Repurchase and Retirement of Restricted Stock | -2,101 | -1,475 |
Common Stock and Unit Distributions Paid | -11,786 | -9,740 |
Preferred Dividends Paid | 0 | -1,471 |
Redemption of Preferred Stock | 0 | -75,000 |
Repayments on Mortgage Loans Payable | -2,980 | -3,197 |
Proceeds from Unsecured Term Loan | 0 | 200,000 |
Proceeds from Unsecured Credit Facility | 32,000 | 105,000 |
Repayments on Unsecured Credit Facility | -49,000 | -226,000 |
Net Cash Used in Financing Activities | -35,981 | -13,918 |
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents | -14 | -30 |
Net Decrease in Cash and Cash Equivalents | -5,929 | -3,639 |
Cash and Cash Equivalents, Beginning of Year | 9,500 | 7,577 |
Cash and Cash Equivalents, End of Year | $3,557 | $3,908 |
Organization_and_Formation_of_
Organization and Formation of Company | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Formation of Company | 1. Organization and Formation of Company |
First Industrial Realty Trust, Inc. (the "Company") was organized in the state of Maryland on August 10, 1993. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986. Unless the context otherwise requires, the terms "Company," "we," "us" and "our" refer to First Industrial Realty Trust, Inc., First Industrial, L.P. and their respective controlled subsidiaries. We refer to our operating partnership, First Industrial, L.P., as the "Operating Partnership." | |
We began operations on July 1, 1994. Our operations are conducted primarily through the Operating Partnership, of which First Industrial Realty Trust, Inc. is the sole general partner with an approximate 96.2% ownership interest at March 31, 2015, and through its taxable REIT subsidiaries. We also conduct operations through other partnerships (the "Other Real Estate Partnerships") and limited liability companies, the operating data of which, together with that of the Operating Partnership and the taxable REIT subsidiaries, is consolidated with that of the Company as presented herein. First Industrial Realty Trust, Inc. does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest of approximately 3.8% at March 31, 2015 represents the aggregate partnership interest in the Operating Partnership held by the limited partners thereof. | |
We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint | |
Venture"; collectively, the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture | |
and 2007 Europe Joint Venture are 15% and 10%, respectively. During the three months ended March 31, 2015, the 2003 Net Lease Joint Venture sold its last remaining industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA"). At March 31, 2015, the 2007 Europe Joint Venture did not own any properties. The Joint Ventures are | |
accounted for under the equity method of accounting. Accordingly, the operating data of our Joint Ventures is not consolidated | |
with that of the Company as presented herein. | |
As of March 31, 2015, we owned 629 industrial properties located in 25 states, containing an aggregate of approximately 63.0 million square feet of GLA. Of the 629 properties owned by the Company on a consolidated basis, none of them are directly owned by First Industrial Realty Trust, Inc. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 ("2014 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2014 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2014 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, 2014 audited consolidated financial statements included in our 2014 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2015 and December 31, 2014, and the reported amounts of revenues and expenses for the three months ended March 31, 2015 and 2014. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2015 and December 31, 2014, the results of our operations and comprehensive income for each of the three months ended March 31, 2015 and 2014, and our cash flows for each of the three months ended March 31, 2015 and 2014; all adjustments are of a normal recurring nature. | |
Reclassifications | |
Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 presentation. | |
Discontinued Operations | |
Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including gain on sale of real estate, will be presented in Income from Continuing Operations. | |
Recent Accounting Pronouncements | |
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities and adds requirements that limited partnerships must meet to qualify as voting interest entities. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-02 is not expected to have an impact on our consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of the new guidance is not expected to have a material impact on our consolidated financial statements. |
Investment_in_Real_Estate
Investment in Real Estate | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Real Estate [Abstract] | ||||
Investment in Real Estate | 3. Investment in Real Estate | |||
Real Estate Held for Sale | ||||
At March 31, 2015, we had one industrial property comprising approximately 0.2 million square feet of GLA and one land parcel held for sale. There can be no assurance that the industrial property and land parcel held for sale will be sold. | ||||
Sales and Discontinued Operations | ||||
During the three months ended March 31, 2015, we sold nine industrial properties comprising approximately 0.5 million square feet of GLA. Gross proceeds from the sales of the industrial properties were approximately $26,626. The gain on sale of real estate was approximately $7,930. | ||||
The industrial properties sold prior to January 1, 2015 that met the criteria to be classified as discontinued operations are presented as discontinued operations in the Consolidated Statements of Operations. Income from discontinued operations for the three months ended March 31, 2014 reflects the results of operations of the 29 industrial properties that were sold during the year ended December 31, 2014 and the gain on sale of real estate relating to three industrial properties that were sold during the three months ended March 31, 2014. | ||||
The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three months ended March 31, 2014: | ||||
Three Months Ended March 31, 2014 | ||||
Total Revenues | $ | 2,360 | ||
Property Expenses | (1,038 | ) | ||
Depreciation and Amortization | (916 | ) | ||
Gain on Sale of Real Estate | 735 | |||
Income from Discontinued Operations | $ | 1,141 | ||
Indebtedness
Indebtedness | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Indebtedness | 4. Indebtedness | |||||||||||||||
The following table discloses certain information regarding our indebtedness: | ||||||||||||||||
Outstanding Balance at | Interest | Effective | Maturity | |||||||||||||
Rate at | Interest | Date | ||||||||||||||
March 31, | Rate at | |||||||||||||||
March 31, | December 31, | 2015 | Issuance | |||||||||||||
2015 | 2014 | |||||||||||||||
Mortgage Loans Payable, Net | $ | 596,998 | $ | 599,985 | 4.03% – 8.26% | 4.03% – 8.26% | February 2016 – | |||||||||
Sep-22 | ||||||||||||||||
Unamortized Premiums | (83 | ) | (90 | ) | ||||||||||||
Mortgage Loans Payable, Gross | $ | 596,915 | $ | 599,895 | ||||||||||||
Senior Unsecured Notes, Net | ||||||||||||||||
2016 Notes | $ | 159,635 | $ | 159,621 | 5.75% | 5.91% | 1/15/16 | |||||||||
2017 Notes | 54,967 | 54,966 | 7.50% | 7.52% | 12/1/17 | |||||||||||
2027 Notes | 6,067 | 6,066 | 7.15% | 7.11% | 5/15/27 | |||||||||||
2028 Notes | 31,884 | 31,884 | 7.60% | 8.13% | 7/15/28 | |||||||||||
2032 Notes | 10,519 | 10,518 | 7.75% | 7.87% | 4/15/32 | |||||||||||
2017 II Notes | 101,813 | 101,806 | 5.95% | 6.37% | 5/15/17 | |||||||||||
Subtotal | $ | 364,885 | $ | 364,861 | ||||||||||||
Unamortized Discounts | 217 | 241 | ||||||||||||||
Senior Unsecured Notes, Gross | $ | 365,102 | $ | 365,102 | ||||||||||||
Unsecured Term Loan* | $ | 200,000 | $ | 200,000 | 1.92% | 1.92% | 1/29/21 | |||||||||
Unsecured Credit Facility** | $ | 168,000 | $ | 185,000 | 1.32% | 1.32% | 3/11/19 | |||||||||
* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 10. | ||||||||||||||||
** The maturity date may be extended an additional year at our election, subject to certain restrictions. | ||||||||||||||||
Mortgage Loans Payable, Net | ||||||||||||||||
As of March 31, 2015, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $733,270. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of March 31, 2015. | ||||||||||||||||
Unsecured Credit Facility | ||||||||||||||||
On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $625,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $900,000, subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At March 31, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis points. The interest rate on the Unsecured Credit Facility varies based on our leverage ratio. | ||||||||||||||||
Indebtedness | ||||||||||||||||
The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of March 31, and thereafter: | ||||||||||||||||
Amount | ||||||||||||||||
Remainder of 2015 | $ | 9,178 | ||||||||||||||
2016 | 251,870 | |||||||||||||||
2017 | 168,723 | |||||||||||||||
2018 | 168,341 | |||||||||||||||
2019 | 244,423 | |||||||||||||||
Thereafter | 487,482 | |||||||||||||||
Total | $ | 1,330,017 | ||||||||||||||
The Unsecured Credit Facility, our $200,000 unsecured loan (the "Unsecured Term Loan") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and Unsecured Term Loan, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, Unsecured Term Loan and indentures governing our senior unsecured notes as of March 31, 2015. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. | ||||||||||||||||
Fair Value | ||||||||||||||||
At March 31, 2015 and December 31, 2014, the fair value of our indebtedness was as follows: | ||||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage Loans Payable, Net | $ | 596,998 | $ | 641,253 | $ | 599,985 | $ | 640,818 | ||||||||
Senior Unsecured Notes, Net | 364,885 | 393,061 | 364,861 | 395,320 | ||||||||||||
Unsecured Term Loan | 200,000 | 200,552 | 200,000 | 200,575 | ||||||||||||
Unsecured Credit Facility | 168,000 | 168,000 | 185,000 | 185,747 | ||||||||||||
Total | $ | 1,329,883 | $ | 1,402,866 | $ | 1,349,846 | $ | 1,422,460 | ||||||||
The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and Unsecured Term Loan was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, Unsecured Term Loan and Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Stockholders' Equity | 5. Stockholders’ Equity | |||||||
Shares of Common Stock and Noncontrolling Interest | ||||||||
During the three months ended March 31, 2015 and 2014, 9,825 and 131,844 limited partnership interests in the Operating Partnership ("Units"), respectively, were converted into an equivalent number of shares of common stock, resulting in a reclassification of $95 and $1,279, respectively, of noncontrolling interest to First Industrial Realty Trust Inc.’s stockholders’ equity. | ||||||||
The following table summarizes the changes in noncontrolling interest for the three months ended March 31, 2015 and 2014: | ||||||||
31-Mar-15 | 31-Mar-14 | |||||||
Noncontrolling Interest, Beginning of Period | $ | 41,877 | $ | 44,369 | ||||
Net Income | 93 | 104 | ||||||
Unit Distributions | (557 | ) | (458 | ) | ||||
Other Comprehensive Income (Loss) (Including a Reallocation of $2 and $5) | 142 | (36 | ) | |||||
Conversion of Units to Common Stock | (95 | ) | (1,279 | ) | ||||
Reallocation - Additional Paid-in-Capital | (34 | ) | 48 | |||||
Noncontrolling Interest, End of Period | $ | 41,426 | $ | 42,748 | ||||
Dividends/Distributions | ||||||||
During the three months ended March 31, 2015, we accrued $14,749 common stock dividends and operating partnership unit distributions. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Loss | 6. Accumulated Other Comprehensive Loss | |||||||||||||||
The following tables summarize the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2015 and the reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014: | ||||||||||||||||
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Comprehensive Income (Loss) Attributable to Noncontrolling Interest | Total | |||||||||||||
Balance as of December 31, 2014 | $ | (14,402 | ) | $ | (15 | ) | $ | 550 | $ | (13,867 | ) | |||||
Other Comprehensive (Loss) Income Before Reclassifications | (10,503 | ) | 15 | (142 | ) | (10,630 | ) | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 14,178 | — | — | 14,178 | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 3,675 | 15 | (142 | ) | 3,548 | |||||||||||
Balance as of March 31, 2015 | $ | (10,727 | ) | $ | — | $ | 408 | $ | (10,319 | ) | ||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||
Interest Rate Protection Agreements: | ||||||||||||||||
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) | $ | 12,990 | $ | — | Mark-to-Market Loss on Interest Rate Protection Agreements | |||||||||||
Amortization of Interest Rate Protection Agreements (Previously Settled) | 131 | 628 | Interest Expense | |||||||||||||
Settlement Payments to our Counterparties | 1,057 | 733 | Interest Expense | |||||||||||||
$ | 14,178 | $ | 1,361 | Total | ||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $494 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the Group I Swaps, as defined in Note 10, will also be reclassified to net income. See Note 10 for more information about our derivatives. |
Supplemental_Information_to_St
Supplemental Information to Statements of Cash Flows | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental Information to Statements of Cash Flows | 7. Supplemental Information to Statements of Cash Flows | |||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 459 | $ | 380 | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||
Distribution Payable on Common Stock/Operating Partnership Units | $ | 14,912 | $ | 11,921 | ||||
Exchange of Operating Partnership Units for Common Stock: | ||||||||
Noncontrolling Interest | $ | (95 | ) | $ | (1,279 | ) | ||
Common Stock | — | 1 | ||||||
Additional Paid-in-Capital | 95 | 1,278 | ||||||
Total | $ | — | $ | — | ||||
Assumption of Liabilities in Connection with the Acquisition of Real Estate | $ | — | $ | 138 | ||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 8,881 | $ | 12,650 | ||||
Write-off of Fully Depreciated Assets | $ | (9,849 | ) | $ | (9,863 | ) |
Earnings_Per_Share_EPS
Earnings Per Share (EPS) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share (EPS) | 8. Earnings Per Share ("EPS") | |||||||
The computation of basic and diluted EPS is presented below: | ||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||
Numerator: | ||||||||
Income from Continuing Operations | $ | 2,466 | $ | 3,926 | ||||
Noncontrolling Interest Allocable to Continuing Operations | (93 | ) | (58 | ) | ||||
Income from Continuing Operations Allocable to Participating Securities | (41 | ) | (18 | ) | ||||
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc. | 2,332 | 3,850 | ||||||
Preferred Dividends | — | (1,019 | ) | |||||
Redemption of Preferred Stock | — | (1,462 | ) | |||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 2,332 | $ | 1,369 | ||||
Income from Discontinued Operations | $ | — | $ | 1,141 | ||||
Noncontrolling Interest Allocable to Discontinued Operations | — | (46 | ) | |||||
Income from Discontinued Operations Allocable to Participating Securities | — | (14 | ) | |||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. | $ | — | $ | 1,081 | ||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 2,373 | $ | 2,482 | ||||
Net Income Allocable to Participating Securities | (41 | ) | (32 | ) | ||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 2,332 | $ | 2,450 | ||||
Denominator (In Thousands): | ||||||||
Weighted Average Shares - Basic | 110,310 | 109,676 | ||||||
Effect of Dilutive Securities: | ||||||||
LTIP Unit Awards (as defined in Note 9) | 365 | 539 | ||||||
Weighted Average Shares - Diluted | 110,675 | 110,215 | ||||||
Basic and Diluted EPS: | ||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.02 | $ | 0.01 | ||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | — | $ | 0.01 | ||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.02 | $ | 0.02 | ||||
Participating securities include 391,721 and 349,331 of unvested restricted stock awards outstanding at March 31, 2015 and 2014, respectively, which participate in non-forfeitable dividends of the Company. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares outstanding, based upon the greater of net income (after reduction for preferred dividends and redemption of preferred stock) or common dividends declared. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock Based Compensation | 9. Stock Based Compensation |
During the three months ended March 31, 2015, we awarded 216,975 shares of restricted stock awards to certain employees, which had a fair value of $4,708 on the date of approval by the Compensation Committee of the Board of Directors. These restricted stock awards were issued based upon the achievement of certain corporate performance goals for the calendar year 2014 and generally vest over a period of three years. | |
Compensation expense is charged to earnings over the vesting periods for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of such shares. If vesting of a recipient's restricted stock award is not contingent upon future service, the expense is recognized immediately at the date of grant. During the three months ended March 31, 2015, we recognized $1,250 of compensation expense related to restricted stock awards granted to our Chief Executive Officer for which future service was not required. | |
Additionally, during the three months ended March 31, 2015, 264,432 Long-Term Incentive Program performance units ("LTIP Unit Awards") were granted to certain employees. The LTIP Unit Awards had a fair value of $2,531 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of our common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for the granted units is calculated based upon the performance from January 1, 2015 through December 31, 2017. Compensation expense is charged to earnings on a straight-line basis over the performance period. At the end of the performance period each participant will be issued shares of our common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on our TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards, which dividend equivalents represent any common dividends that would have been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement. | |
During the three months ended March 31, 2015 and 2014, we recognized $2,561 and $1,575, respectively, in amortization related to restricted stock awards and LTIP Unit Awards. Restricted stock award and LTIP Unit Award amortization capitalized in connection with development activities was not significant. At March 31, 2015, we had $9,757 in unrecognized compensation related to unvested restricted stock awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 1.12 years. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Derivatives | 10. Derivatives | ||||||||||||||
Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||||
In connection with the origination of the Unsecured Term Loan (see Note 4), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000, to manage our exposure to changes in the one month LIBOR rate (the “Group I Swaps”). The Group I Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021. We designated the Group I Swaps as cash flow hedges. | |||||||||||||||
In order to maintain our flexibility to pursue an offering of unsecured debt in the future, during August 2014 we entered into three interest rate protection agreements, with an aggregate notional value of $220,000, to manage our exposure to changes in the three month LIBOR rate (the "Group II Swaps"; together with the Group I Swaps, the "Swaps"). The Group II Swaps fix the LIBOR rate at a rate of 2.5795% and are effective from December 1, 2014 through December 1, 2024. At origination, we designated the Group II Swaps as cash flow hedges. During the three months ended March 31, 2015, the Company reclassified the fair market value loss recorded in other comprehensive income relating to the Group II Swaps to earnings as a result of the Company determining that the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the respective designation memos. For the three months ended March 31, 2015, the reclassified amount was a loss of $12,990 recorded as mark-to-market loss on interest rate protection agreements. As a result of the forecasted transaction becoming not probable to occur within the stated timeframe, the Group II Swaps were de-designated and future changes in fair value will be recorded directly in earnings. See Subsequent Events. | |||||||||||||||
Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of March 31, 2015, we had not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value. | |||||||||||||||
The following table sets forth our financial liabilities related to the Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of March 31, 2015: | |||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
Description | Fair Value | Quoted Prices in | Significant Other | Unobservable | |||||||||||
Active Markets for | Observable Inputs | Inputs | |||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||
(Level 1) | |||||||||||||||
Liabilities: | |||||||||||||||
Derivatives designated as a hedging instrument: | |||||||||||||||
Group I Swaps | $ | (8,735 | ) | — | $ | (8,735 | ) | — | |||||||
Derivatives not designated as a hedging instrument: | |||||||||||||||
Group II Swaps | $ | (12,990 | ) | — | $ | (12,990 | ) | — | |||||||
There was no ineffectiveness recorded on the Group I Swaps during the three months ended March 31, 2015. See Note 6 for more information. | |||||||||||||||
The estimated fair value of the 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 Swaps fell within Level 2 of the fair value hierarchy. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies |
In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. | |
In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At March 31, 2015, we had eight industrial buildings totaling approximately 1.6 million square feet of GLA under construction. The estimated total investment as of March 31, 2015 is approximately $106,500. Of this amount, approximately $59,700 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment stated above. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events |
From April 1, 2015 to April 29, 2015, we acquired one land parcel for a purchase price of approximately $4,142, excluding costs incurred in conjunction with the acquisition and we sold one industrial property and one land parcel for approximately $6,435. | |
On April 29, 2015, we settled the Group II Swaps for $11,546 of a payment to be made to the counterparties. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications |
Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 presentation. | |
Discontinued Operations | Discontinued Operations |
Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including gain on sale of real estate, will be presented in Income from Continuing Operations. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities or voting interest entities and adds requirements that limited partnerships must meet to qualify as voting interest entities. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-02 is not expected to have an impact on our consolidated financial statements. | |
In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of the new guidance is not expected to have a material impact on our consolidated financial statements. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Real Estate [Abstract] | ||||
Summary Regarding Industrial Properties Included in Discontinued Operations | The following table discloses certain information regarding the industrial properties included in our discontinued operations for the three months ended March 31, 2014: | |||
Three Months Ended March 31, 2014 | ||||
Total Revenues | $ | 2,360 | ||
Property Expenses | (1,038 | ) | ||
Depreciation and Amortization | (916 | ) | ||
Gain on Sale of Real Estate | 735 | |||
Income from Discontinued Operations | $ | 1,141 | ||
Indebtedness_Tables
Indebtedness (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Information Regarding Indebtedness | The following table discloses certain information regarding our indebtedness: | |||||||||||||||
Outstanding Balance at | Interest | Effective | Maturity | |||||||||||||
Rate at | Interest | Date | ||||||||||||||
March 31, | Rate at | |||||||||||||||
March 31, | December 31, | 2015 | Issuance | |||||||||||||
2015 | 2014 | |||||||||||||||
Mortgage Loans Payable, Net | $ | 596,998 | $ | 599,985 | 4.03% – 8.26% | 4.03% – 8.26% | February 2016 – | |||||||||
Sep-22 | ||||||||||||||||
Unamortized Premiums | (83 | ) | (90 | ) | ||||||||||||
Mortgage Loans Payable, Gross | $ | 596,915 | $ | 599,895 | ||||||||||||
Senior Unsecured Notes, Net | ||||||||||||||||
2016 Notes | $ | 159,635 | $ | 159,621 | 5.75% | 5.91% | 1/15/16 | |||||||||
2017 Notes | 54,967 | 54,966 | 7.50% | 7.52% | 12/1/17 | |||||||||||
2027 Notes | 6,067 | 6,066 | 7.15% | 7.11% | 5/15/27 | |||||||||||
2028 Notes | 31,884 | 31,884 | 7.60% | 8.13% | 7/15/28 | |||||||||||
2032 Notes | 10,519 | 10,518 | 7.75% | 7.87% | 4/15/32 | |||||||||||
2017 II Notes | 101,813 | 101,806 | 5.95% | 6.37% | 5/15/17 | |||||||||||
Subtotal | $ | 364,885 | $ | 364,861 | ||||||||||||
Unamortized Discounts | 217 | 241 | ||||||||||||||
Senior Unsecured Notes, Gross | $ | 365,102 | $ | 365,102 | ||||||||||||
Unsecured Term Loan* | $ | 200,000 | $ | 200,000 | 1.92% | 1.92% | 1/29/21 | |||||||||
Unsecured Credit Facility** | $ | 168,000 | $ | 185,000 | 1.32% | 1.32% | 3/11/19 | |||||||||
* We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 10. | ||||||||||||||||
** The maturity date may be extended an additional year at our election, subject to certain restrictions. | ||||||||||||||||
Schedule of Maturities of Long-Term Debt | The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums and discounts, for the next five years as of March 31, and thereafter: | |||||||||||||||
Amount | ||||||||||||||||
Remainder of 2015 | $ | 9,178 | ||||||||||||||
2016 | 251,870 | |||||||||||||||
2017 | 168,723 | |||||||||||||||
2018 | 168,341 | |||||||||||||||
2019 | 244,423 | |||||||||||||||
Thereafter | 487,482 | |||||||||||||||
Total | $ | 1,330,017 | ||||||||||||||
Summary of Indebtedness at Estimated Fair Value | At March 31, 2015 and December 31, 2014, the fair value of our indebtedness was as follows: | |||||||||||||||
31-Mar-15 | December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Mortgage Loans Payable, Net | $ | 596,998 | $ | 641,253 | $ | 599,985 | $ | 640,818 | ||||||||
Senior Unsecured Notes, Net | 364,885 | 393,061 | 364,861 | 395,320 | ||||||||||||
Unsecured Term Loan | 200,000 | 200,552 | 200,000 | 200,575 | ||||||||||||
Unsecured Credit Facility | 168,000 | 168,000 | 185,000 | 185,747 | ||||||||||||
Total | $ | 1,329,883 | $ | 1,402,866 | $ | 1,349,846 | $ | 1,422,460 | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stockholders' Equity Note [Abstract] | ||||||||
Noncontrolling Interest Rollforward [Table Text Block] | The following table summarizes the changes in noncontrolling interest for the three months ended March 31, 2015 and 2014: | |||||||
31-Mar-15 | 31-Mar-14 | |||||||
Noncontrolling Interest, Beginning of Period | $ | 41,877 | $ | 44,369 | ||||
Net Income | 93 | 104 | ||||||
Unit Distributions | (557 | ) | (458 | ) | ||||
Other Comprehensive Income (Loss) (Including a Reallocation of $2 and $5) | 142 | (36 | ) | |||||
Conversion of Units to Common Stock | (95 | ) | (1,279 | ) | ||||
Reallocation - Additional Paid-in-Capital | (34 | ) | 48 | |||||
Noncontrolling Interest, End of Period | $ | 41,426 | $ | 42,748 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following tables summarize the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2015 and the reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014: | |||||||||||||||
Interest Rate Protection Agreements | Foreign Currency Translation Adjustment | Comprehensive Income (Loss) Attributable to Noncontrolling Interest | Total | |||||||||||||
Balance as of December 31, 2014 | $ | (14,402 | ) | $ | (15 | ) | $ | 550 | $ | (13,867 | ) | |||||
Other Comprehensive (Loss) Income Before Reclassifications | (10,503 | ) | 15 | (142 | ) | (10,630 | ) | |||||||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 14,178 | — | — | 14,178 | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 3,675 | 15 | (142 | ) | 3,548 | |||||||||||
Balance as of March 31, 2015 | $ | (10,727 | ) | $ | — | $ | 408 | $ | (10,319 | ) | ||||||
Reclassification Out of Accumulated Other Comprehensive Loss | ||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||
Interest Rate Protection Agreements: | ||||||||||||||||
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 10) | $ | 12,990 | $ | — | Mark-to-Market Loss on Interest Rate Protection Agreements | |||||||||||
Amortization of Interest Rate Protection Agreements (Previously Settled) | 131 | 628 | Interest Expense | |||||||||||||
Settlement Payments to our Counterparties | 1,057 | 733 | Interest Expense | |||||||||||||
$ | 14,178 | $ | 1,361 | Total | ||||||||||||
Supplemental_Information_to_St1
Supplemental Information to Statements of Cash Flows (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Cash Flow Information | ||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||
Interest Expense Capitalized in Connection with Development Activity | $ | 459 | $ | 380 | ||||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||||||||
Distribution Payable on Common Stock/Operating Partnership Units | $ | 14,912 | $ | 11,921 | ||||
Exchange of Operating Partnership Units for Common Stock: | ||||||||
Noncontrolling Interest | $ | (95 | ) | $ | (1,279 | ) | ||
Common Stock | — | 1 | ||||||
Additional Paid-in-Capital | 95 | 1,278 | ||||||
Total | $ | — | $ | — | ||||
Assumption of Liabilities in Connection with the Acquisition of Real Estate | $ | — | $ | 138 | ||||
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | $ | 8,881 | $ | 12,650 | ||||
Write-off of Fully Depreciated Assets | $ | (9,849 | ) | $ | (9,863 | ) |
Earnings_Per_Share_EPS_Tables
Earnings Per Share (EPS) (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of Basic and Diluted Earnings Per Share | The computation of basic and diluted EPS is presented below: | |||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||
Numerator: | ||||||||
Income from Continuing Operations | $ | 2,466 | $ | 3,926 | ||||
Noncontrolling Interest Allocable to Continuing Operations | (93 | ) | (58 | ) | ||||
Income from Continuing Operations Allocable to Participating Securities | (41 | ) | (18 | ) | ||||
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc. | 2,332 | 3,850 | ||||||
Preferred Dividends | — | (1,019 | ) | |||||
Redemption of Preferred Stock | — | (1,462 | ) | |||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 2,332 | $ | 1,369 | ||||
Income from Discontinued Operations | $ | — | $ | 1,141 | ||||
Noncontrolling Interest Allocable to Discontinued Operations | — | (46 | ) | |||||
Income from Discontinued Operations Allocable to Participating Securities | — | (14 | ) | |||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. | $ | — | $ | 1,081 | ||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | $ | 2,373 | $ | 2,482 | ||||
Net Income Allocable to Participating Securities | (41 | ) | (32 | ) | ||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 2,332 | $ | 2,450 | ||||
Denominator (In Thousands): | ||||||||
Weighted Average Shares - Basic | 110,310 | 109,676 | ||||||
Effect of Dilutive Securities: | ||||||||
LTIP Unit Awards (as defined in Note 9) | 365 | 539 | ||||||
Weighted Average Shares - Diluted | 110,675 | 110,215 | ||||||
Basic and Diluted EPS: | ||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.02 | $ | 0.01 | ||||
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | — | $ | 0.01 | ||||
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $ | 0.02 | $ | 0.02 | ||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Fair Value Measurements on Recurring Basis | The following table sets forth our financial liabilities related to the Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheet and are accounted for at fair value on a recurring basis as of March 31, 2015: | ||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
Description | Fair Value | Quoted Prices in | Significant Other | Unobservable | |||||||||||
Active Markets for | Observable Inputs | Inputs | |||||||||||||
Identical Assets | (Level 2) | (Level 3) | |||||||||||||
(Level 1) | |||||||||||||||
Liabilities: | |||||||||||||||
Derivatives designated as a hedging instrument: | |||||||||||||||
Group I Swaps | $ | (8,735 | ) | — | $ | (8,735 | ) | — | |||||||
Derivatives not designated as a hedging instrument: | |||||||||||||||
Group II Swaps | $ | (12,990 | ) | — | $ | (12,990 | ) | — | |||||||
Organization_and_Formation_of_1
Organization and Formation of Company - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Property | |
sqft | |
State | |
Joint_Ventures | |
Organization and Formation of Company [Line Items] | |
Ownership interest of sole general partner | 96.20% |
Company's ownership interest in the general partners | 100.00% |
Ownership interest of limited partner | 3.80% |
Number of joint ventures | 2 |
Number of industrial properties sold | 9 |
Gross leasable area (GLA) of industrial properties sold | 500,000 |
Number of industrial properties owned | 629 |
Number of states in which industrial properties are located | 25 |
Gross leasable area (GLA) of industrial properties owned | 63,000,000 |
2003 Net Lease Joint Venture | |
Organization and Formation of Company [Line Items] | |
Noncontrolling equity ownership interest | 15.00% |
Number of industrial properties sold | 1 |
Gross leasable area (GLA) of industrial properties sold | 800,000 |
2007 Europe Joint Venture | |
Organization and Formation of Company [Line Items] | |
Noncontrolling equity ownership interest | 10.00% |
Number of industrial properties owned | 0 |
Investment_in_Real_Estate_Addi
Investment in Real Estate - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property | Property | Property | |
sqft | |||
Land_Parcel | |||
Real Estate [Abstract] | |||
Number of industrial properties held for sale | 1 | ||
Gross leasable area (GLA) of industrial properties held for sale | 200,000 | ||
Number of land parcels held for sale | 1 | ||
Number of industrial properties sold | 9 | ||
Gross leasable area (GLA) of industrial properties sold | 500,000 | ||
Proceeds from the sale of industrial properties | $26,626 | ||
Gain on sale of real estate | $7,930 | $735 | |
Number of sold industrial properties included in discontinued operations | 3 | 29 |
Investment_in_Real_Estate_Summ
Investment in Real Estate - Summary Regarding Industrial Properties Included in Discontinued Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Real Estate [Abstract] | ||
Total Revenues | $2,360 | |
Property Expenses | -1,038 | |
Depreciation and Amortization | -916 | |
Gain on Sale of Real Estate | 0 | 735 |
Income from Discontinued Operations | $0 | $1,141 |
Indebtedness_Information_Regar
Indebtedness - Information Regarding Indebtedness (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Mortgage Loans Payable, Net | $596,998 | $599,985 | ||
Senior Unsecured Notes, Net | 364,885 | 364,861 | ||
Unsecured Term Loan | 200,000 | 200,000 | ||
Unsecured Credit Facility | 168,000 | 185,000 | ||
2016 Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes, Net | 159,635 | 159,621 | ||
Unsecured Term Loan Interest Rate | 5.75% | |||
Effective Interest Rate | 5.91% | |||
Maturity Date | 15-Jan-16 | |||
2017 Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes, Net | 54,967 | 54,966 | ||
Unsecured Term Loan Interest Rate | 7.50% | |||
Effective Interest Rate | 7.52% | |||
Maturity Date | 1-Dec-17 | |||
2027 Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes, Net | 6,067 | 6,066 | ||
Unsecured Term Loan Interest Rate | 7.15% | |||
Effective Interest Rate | 7.11% | |||
Maturity Date | 15-May-27 | |||
2028 Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes, Net | 31,884 | 31,884 | ||
Unsecured Term Loan Interest Rate | 7.60% | |||
Effective Interest Rate | 8.13% | |||
Maturity Date | 15-Jul-28 | |||
2032 Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes, Net | 10,519 | 10,518 | ||
Unsecured Term Loan Interest Rate | 7.75% | |||
Effective Interest Rate | 7.87% | |||
Maturity Date | 15-Apr-32 | |||
2017 II Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes, Net | 101,813 | 101,806 | ||
Unsecured Term Loan Interest Rate | 5.95% | |||
Effective Interest Rate | 6.37% | |||
Maturity Date | 15-May-17 | |||
Mortgage Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Mortgage Loans Payable, Net | 596,998 | 599,985 | ||
Unamortized Premiums | -83 | -90 | ||
Mortgage Loans Payable, Gross | 596,915 | 599,895 | ||
Interest Rate, Minimum | 4.03% | |||
Interest Rate, Maximum | 8.26% | |||
Effective Interest Rate, Minimum | 4.03% | |||
Effective Interest Rate, Maximum | 8.26% | |||
Maturity Date Range, Start | 1-Feb-16 | |||
Maturity Date Range, End | 1-Sep-22 | |||
Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes, Net | 364,885 | 364,861 | ||
Unamortized Discounts | 217 | 241 | ||
Senior Unsecured Notes, Gross | 365,102 | 365,102 | ||
Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Unsecured Term Loan | 200,000 | [1] | 200,000 | [1] |
Unsecured Term Loan Interest Rate | 1.92% | [1] | ||
Effective Interest Rate | 1.92% | [1] | ||
Maturity Date | 29-Jan-21 | [1] | ||
Unsecured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Unsecured Credit Facility | $168,000 | [2] | $185,000 | [2] |
Unsecured Credit Facility Interest Rate | 1.32% | [2] | ||
Effective Interest Rate | 1.32% | [2] | ||
Maturity Date | 11-Mar-19 | [2] | ||
[1] | We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 10. | |||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jul. 19, 2013 | Mar. 10, 2015 |
Debt Disclosure [Line Items] | |||
Unsecured Credit Facility, current borrowing capacity | $625,000 | ||
Mortgage Loans Payable | |||
Debt Disclosure [Line Items] | |||
Carrying value of industrial properties held under mortgages | 733,270 | ||
Unsecured Credit Facility | |||
Debt Disclosure [Line Items] | |||
Unsecured Credit Facility, current borrowing capacity | 625,000 | ||
Unsecured Credit Facility, additional borrowing capacity | 900,000 | ||
Number of years Unsecured Credit Facility may be extended | 1 year | ||
Unsecured Credit Facility, interest rate description | 115 | ||
Unsecured Term Loan | |||
Debt Disclosure [Line Items] | |||
Unsecured Term Loan, face amount | 200,000 | ||
Interest Rate Protection Agreement | |||
Debt Disclosure [Line Items] | |||
Interest rate protection agreement, notional amount | $200,000 |
Indebtedness_Schedule_of_Matur
Indebtedness - Schedule of Maturities of Long-Term Debt (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | |
Remainder of 2015 | $9,178 |
2016 | 251,870 |
2017 | 168,723 |
2018 | 168,341 |
2019 | 244,423 |
Thereafter | 487,482 |
Total | $1,330,017 |
Indebtedness_Summary_of_Indebt
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Debt Disclosure [Line Items] | ||||
Mortgage Loans Payable, Net, Carrying Amount | $596,998 | $599,985 | ||
Senior Unsecured Notes, Net, Carrying Amount | 364,885 | 364,861 | ||
Unsecured Term Loan, Carrying Amount | 200,000 | 200,000 | ||
Unsecured Credit Facility, Carrying Amount | 168,000 | 185,000 | ||
Total, Carrying Amount | 1,329,883 | 1,349,846 | ||
Total, Fair Value | 1,402,866 | 1,422,460 | ||
Mortgage Loans Payable, Net | ||||
Debt Disclosure [Line Items] | ||||
Mortgage Loans Payable, Net, Carrying Amount | 596,998 | 599,985 | ||
Mortgage Loans Payable, Net, Fair Value | 641,253 | 640,818 | ||
Senior Unsecured Notes, Net | ||||
Debt Disclosure [Line Items] | ||||
Senior Unsecured Notes, Net, Carrying Amount | 364,885 | 364,861 | ||
Senior Unsecured Notes, Net, Fair Value | 393,061 | 395,320 | ||
Unsecured Term Loan | ||||
Debt Disclosure [Line Items] | ||||
Unsecured Term Loan, Carrying Amount | 200,000 | [1] | 200,000 | [1] |
Unsecured Term Loan, Fair Value | 200,552 | 200,575 | ||
Unsecured Credit Facility | ||||
Debt Disclosure [Line Items] | ||||
Unsecured Credit Facility, Carrying Amount | 168,000 | [2] | 185,000 | [2] |
Unsecured Credit Facility, Fair Value | $168,000 | $185,747 | ||
[1] | We entered into interest rate protection agreements, with an aggregate notional value of $200,000, to effectively convert the variable rate to a fixed rate. See Note 10. | |||
[2] | The maturity date may be extended an additional year at our election, subject to certain restrictions. |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Class of Stock [Line Items] | ||
Noncontrolling interest reclassified to equity | $0 | $0 |
Common stock dividends and operating partnership unit distributions | 14,749 | |
Convertible Common Stock | ||
Class of Stock [Line Items] | ||
Units converted to common stock | 9,825 | 131,844 |
Noncontrolling interest reclassified to equity | 95 | 1,279 |
Common Stock and Operating Partnership Units | ||
Class of Stock [Line Items] | ||
Common stock dividends and operating partnership unit distributions | $14,749 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Changes in Noncontrolling Interest (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Beginning of Period | $41,877 | |
Net Income | 93 | 104 |
Other Comprehensive Income (Loss) (Including a Reallocation of $2 and $5) | 3,690 | |
Conversion of Units to Common Stock | 0 | 0 |
Reallocation - Additional Paid-in-Capital | 0 | |
Noncontrolling Interest, End of Period | 41,426 | |
Noncontrolling Interest | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Beginning of Period | 41,877 | 44,369 |
Net Income | 93 | 104 |
Unit Distributions | -557 | -458 |
Other Comprehensive Income (Loss) (Including a Reallocation of $2 and $5) | 142 | -36 |
Conversion of Units to Common Stock | -95 | -1,279 |
Reallocation - Additional Paid-in-Capital | -34 | 48 |
Noncontrolling Interest, End of Period | $41,426 | $42,748 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Changes in Noncontrolling Interest (Parenthetical) (Details) (Noncontrolling Interest, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Noncontrolling Interest | ||
Noncontrolling Interest [Line Items] | ||
Reallocation - Other Comprehensive Income (Loss) | $2 | $5 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance | ($13,867) |
Other Comprehensive (Loss) Income Before Reclassifications | -10,630 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 14,178 |
Net Current Period Other Comprehensive Income (Loss) | 3,548 |
Balance | -10,319 |
Interest Rate Protection Agreements | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance | -14,402 |
Other Comprehensive (Loss) Income Before Reclassifications | -10,503 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 14,178 |
Net Current Period Other Comprehensive Income (Loss) | 3,675 |
Balance | -10,727 |
Foreign Currency Translation Adjustment | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance | -15 |
Other Comprehensive (Loss) Income Before Reclassifications | 15 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive Income (Loss) | 15 |
Balance | 0 |
Comprehensive Income (Loss) Attributable to Noncontrolling Interest | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | |
Balance | 550 |
Other Comprehensive (Loss) Income Before Reclassifications | -142 |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 |
Net Current Period Other Comprehensive Income (Loss) | -142 |
Balance | $408 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Mark-to-Market Loss on Interest Rate Protection Agreements | ($12,990) | $0 |
Interest Expense | 16,642 | 19,046 |
Total | -22,424 | -19,148 |
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total | 14,178 | 1,361 |
Interest Rate Contract | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest Expense | 131 | 628 |
Interest Rate Swap | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Mark-to-Market Loss on Interest Rate Protection Agreements | 12,990 | 0 |
Interest Expense | $1,057 | $733 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss - Additional Information (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Accumulated Other Comprehensive Loss [Abstract] | |
Amortization to be reclassified from OCI into income | $494 |
Supplemental_Information_to_St2
Supplemental Information to Statements of Cash Flows - Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Line Items] | ||
Interest Expense Capitalized in Connection with Development Activity | $459 | $380 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
Distribution Payable on Common Stock/Operating Partnership Units | 14,912 | |
Exchange of Operating Partnership Units for Common Stock: | ||
Conversion of Units to Common Stock | 0 | 0 |
Assumption of Liabilities in Connection with the Acquisition of Real Estate | 0 | 138 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 8,881 | 12,650 |
Write-off of Fully Depreciated Assets | -9,849 | -9,863 |
Noncontrolling Interest | ||
Exchange of Operating Partnership Units for Common Stock: | ||
Conversion of Units to Common Stock | -95 | -1,279 |
Common Stock | ||
Exchange of Operating Partnership Units for Common Stock: | ||
Conversion of Units to Common Stock | 0 | 1 |
Additional Paid-in- Capital | ||
Exchange of Operating Partnership Units for Common Stock: | ||
Conversion of Units to Common Stock | 95 | 1,278 |
Common Stock/Operating Partnership Units | ||
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
Distribution Payable on Common Stock/Operating Partnership Units | $14,912 | $11,921 |
Earnings_Per_Share_EPS_Computa
Earnings Per Share (EPS) - Computation of Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Income from Continuing Operations | $2,466 | $3,926 |
Noncontrolling Interest Allocable to Continuing Operations | -93 | -58 |
Income from Continuing Operations Allocable to Participating Securities | -41 | -18 |
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc. | 2,332 | 3,850 |
Preferred Dividends | 0 | -1,019 |
Redemption of Preferred Stock | 0 | -1,462 |
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | 2,332 | 1,369 |
Income from Discontinued Operations | 0 | 1,141 |
Noncontrolling Interest Allocable to Discontinued Operations | 0 | -46 |
Income from Discontinued Operations Allocable to Participating Securities | 0 | -14 |
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc. | 0 | 1,081 |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities | 2,373 | 2,482 |
Net Income Allocable to Participating Securities | -41 | -32 |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $2,332 | $2,450 |
Denominator: | ||
Weighted Average Shares - Basic | 110,310 | 109,676 |
LTIP Unit Awards (as defined in Note 9) | 365 | 539 |
Weighted Average Shares - Diluted | 110,675 | 110,215 |
Basic and Diluted EPS: | ||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $0.02 | $0.01 |
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders | $0 | $0.01 |
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders | $0.02 | $0.02 |
Earnings_Per_Share_EPS_Additio
Earnings Per Share (EPS) - Additional Information (Detail) | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Unvested restricted stock awards | 391,721 | 349,331 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amortization related to restricted stock awards and LTIP Unit Awards | $2,561 | $1,575 |
Unrecognized compensation related to unvested restricted stock and unit awards | 9,757 | |
Weighted average period of unrecognized compensation expected to be recognized | 1 year 1 month 15 days | |
Long-Term Incentive Program | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 0.00% | |
Long-Term Incentive Program | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentage | 100.00% | |
Management | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock and unit awards to employees | 216,975 | |
Fair value of restricted stock and unit awards | 4,708 | |
Vesting period of restricted stock | 3 years | |
Compensation expense recognized at date of grant | 1,250 | |
Management | Long-Term Incentive Program | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock and unit awards to employees | 264,432 | |
Fair value of restricted stock and unit awards | $2,531 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 29, 2014 | Aug. 01, 2014 |
Derivative [Line Items] | ||||
Mark-to-Market Loss on Interest Rate Protection Agreements | $12,990 | $0 | ||
Group I Swaps | ||||
Derivative [Line Items] | ||||
Swaps, number of instruments held | 4 | |||
Swaps, notional amount | 200,000 | |||
Swaps, variable rate | one month LIBOR | |||
Swaps, weighted average fixed rate | 2.29% | |||
Group II Swaps | ||||
Derivative [Line Items] | ||||
Swaps, number of instruments held | 3 | |||
Swaps, notional amount | $220,000 | |||
Swaps, variable rate | three month LIBOR | |||
Swaps, weighted average fixed rate | 2.58% |
Derivatives_Fair_Value_Measure
Derivatives - Fair Value Measurements on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | ($8,735) |
Group II Swaps | -12,990 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | 0 |
Group II Swaps | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | -8,735 |
Group II Swaps | -12,990 |
Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Fair Value on Recurring Basis [Line Items] | |
Group I Swaps | 0 |
Group II Swaps | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | sqft |
Property | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of industrial properties under construction | 8 |
Gross leasable area (GLA) of industrial properties under construction | 1,600,000 |
Estimated total investment | $106,500 |
Estimated total investment remaining to be funded | $59,700 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 29, 2015 |
Property | Land_Parcel | ||
Property | |||
Subsequent Event [Line Items] | |||
Purchase price of land parcels acquired | $0 | $13,262 | |
Number of industrial properties sold | 9 | ||
Proceeds from the sale of industrial properties and land parcels | 26,626 | ||
Subsequent Events | |||
Subsequent Event [Line Items] | |||
Number of land parcels acquired | 1 | ||
Purchase price of land parcels acquired | 4,142 | ||
Number of industrial properties sold | 1 | ||
Number of land parcels sold | 1 | ||
Proceeds from the sale of industrial properties and land parcels | 6,435 | ||
Settlement payment on Group II Swaps | $11,546 |