First Industrial Realty Trust (FR) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	FR
Entity Registrant Name	FIRST INDUSTRIAL REALTY TRUST INC
Entity Central Index Key	921,825
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		117,272,946
First Industrial, L.P.
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	FRFI
Entity Registrant Name	FIRST INDUSTRIAL LP
Entity Central Index Key	1,033,128
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	0

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investment in Real Estate:
Land	$ 806,722	$ 794,821
Buildings and Improvements	2,526,629	2,523,015
Construction in Progress	62,651	67,078
Less: Accumulated Depreciation	(806,925)	(796,492)
Net Investment in Real Estate	2,589,077	2,588,422
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,719 and $1,471	4,471	2,354
Cash and Cash Equivalents	18,998	9,859
Restricted Cash	7,503	11,602
Tenant Accounts Receivable, Net	4,355	4,757
Deferred Rent Receivable, Net	68,768	67,382
Deferred Leasing Intangibles, Net	27,909	29,499
Prepaid Expenses and Other Assets, Net	83,977	79,388
Total Assets	2,805,058	2,793,263
Indebtedness:
Mortgage Loans Payable, Net	457,442	495,956
Senior Unsecured Notes, Net	205,051	204,998
Unsecured Term Loans, Net	456,804	456,638
Unsecured Credit Facility	252,000	189,500
Accounts Payable, Accrued Expenses and Other Liabilities	66,440	84,412
Deferred Leasing Intangibles, Net	10,057	10,400
Rents Received in Advance and Security Deposits	45,757	43,300
Dividends and Distributions Payable	25,977	23,434
Total Liabilities	1,519,528	1,508,638
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
Common Stock ($0.01 par value, 150,000,000 shares authorized and 117,272,946 and 117,107,746 shares issued and outstanding)	1,174	1,172
Additional Paid-in-Capital	1,888,231	1,886,771
Distributions in Excess of Accumulated Earnings	(644,586)	(641,859)
Accumulated Other Comprehensive Loss	(2,445)	(4,643)
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity	1,242,374	1,241,441
Noncontrolling Interest	43,156	43,184
Total Equity	1,285,530	1,284,625
Total Liabilities and Equity/Partners' Capital	2,805,058	2,793,263
First Industrial, L.P.
Investment in Real Estate:
Land	806,722	794,821
Buildings and Improvements	2,526,629	2,523,015
Construction in Progress	62,651	67,078
Less: Accumulated Depreciation	(806,925)	(796,492)
Net Investment in Real Estate	2,589,077	2,588,422
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,719 and $1,471	4,471	2,354
Cash and Cash Equivalents	18,998	9,859
Restricted Cash	7,503	11,602
Tenant Accounts Receivable, Net	4,355	4,757
Deferred Rent Receivable, Net	68,768	67,382
Deferred Leasing Intangibles, Net	27,909	29,499
Prepaid Expenses and Other Assets, Net	94,405	89,826
Total Assets	2,815,486	2,803,701
Indebtedness:
Mortgage Loans Payable, Net	457,442	495,956
Senior Unsecured Notes, Net	205,051	204,998
Unsecured Term Loans, Net	456,804	456,638
Unsecured Credit Facility	252,000	189,500
Accounts Payable, Accrued Expenses and Other Liabilities	66,440	84,412
Deferred Leasing Intangibles, Net	10,057	10,400
Rents Received in Advance and Security Deposits	45,757	43,300
Dividends and Distributions Payable	25,977	23,434
Total Liabilities	1,519,528	1,508,638
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
General Partner Units (117,272,946 and 117,107,746 units outstanding)	1,218,425	1,219,755
Limited Partners Units (4,039,375 and 4,039,375 units outstanding)	79,090	79,156
Accumulated Other Comprehensive Loss	(2,530)	(4,804)
Total First Industrial L.P.'s Partners’ Capital	1,294,985	1,294,107
Noncontrolling Interest	973	956
Total Partners’ Capital	1,295,958	1,295,063
Total Liabilities and Equity/Partners' Capital	$ 2,815,486	$ 2,803,701

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Net Investment in Real Estate	$ 2,589,077	$ 2,588,422
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	1,719	1,471
Mortgage Loans Payable, Net	$ 457,442	$ 495,956
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	150,000,000	150,000,000
Common Stock, shares issued	117,272,946	117,107,746
Common Stock, shares outstanding	117,272,946	117,107,746
First Industrial, L.P.
Net Investment in Real Estate	$ 2,589,077	$ 2,588,422
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	1,719	1,471
Mortgage Loans Payable, Net	$ 457,442	$ 495,956
General Partner Units, units outstanding	117,272,946	117,107,746
Limited Partner Units, units outstanding	4,039,375	4,039,375
Other Real Estate Partnerships
Net Investment in Real Estate	$ 276,672	$ 278,398
Mortgage Loans Payable, Net	$ 62,229	$ 70,366

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental Income	$ 74,918	$ 71,752
Tenant Recoveries and Other Income	22,465	21,715
Total Revenues	97,383	93,467
Expenses:
Property Expenses	28,486	28,367
General and Administrative	8,033	7,674
Acquisition Costs	0	64
Depreciation and Other Amortization	28,494	31,128
Total Expenses	65,013	67,233
Other Income (Expense):
Gain on Sale of Real Estate	8,009	7,251
Interest Expense	(14,369)	(16,259)
Amortization of Deferred Financing Costs	(778)	(873)
Loss from Retirement of Debt	(1,653)	0
Total Other Income (Expense)	(8,791)	(9,881)
Income from Operations Before Income Tax Provision	23,579	16,353
Income Tax Provision	(88)	(58)
Net Income	23,491	16,295
Less: Net Income Attributable to the Noncontrolling Interest	(782)	(607)
Net Income Available to Common Stockholders/Unitholders and Participating Securities	$ 22,709	$ 15,688
Basic and Diluted EPS / EPU
Net Income Available to Common Stockholders/Unitholders	$ 0.19	$ 0.14
Dividends/Distributions Per Share/Unit	$ 0.21	$ 0.19
Weighted Average Shares/Units Outstanding - Basic	116,837	110,793
Weighted Average Shares/Units Outstanding - Diluted	117,261	110,985
First Industrial, L.P.
Revenues:
Rental Income	$ 74,918	$ 71,752
Tenant Recoveries and Other Income	22,465	21,715
Total Revenues	97,383	93,467
Expenses:
Property Expenses	28,486	28,367
General and Administrative	8,033	7,674
Acquisition Costs	0	64
Depreciation and Other Amortization	28,494	31,128
Total Expenses	65,013	67,233
Other Income (Expense):
Gain on Sale of Real Estate	8,009	7,251
Interest Expense	(14,369)	(16,259)
Amortization of Deferred Financing Costs	(778)	(873)
Loss from Retirement of Debt	(1,653)	0
Total Other Income (Expense)	(8,791)	(9,881)
Income from Operations Before Income Tax Provision	23,579	16,353
Income Tax Provision	(88)	(58)
Net Income	23,491	16,295
Less: Net Income Attributable to the Noncontrolling Interest	(27)	(14)
Net Income Available to Common Stockholders/Unitholders and Participating Securities	$ 23,464	$ 16,281
Basic and Diluted EPS / EPU
Net Income Available to Common Stockholders/Unitholders	$ 0.19	$ 0.14
Dividends/Distributions Per Share/Unit	$ 0.21	$ 0.1900
Weighted Average Shares/Units Outstanding - Basic	120,877	115,096
Weighted Average Shares/Units Outstanding - Diluted	121,301	115,288

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Income	$ 23,491	$ 16,295
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements	2,178	(12,496)
Amortization of Interest Rate Protection Agreements	96	102
Comprehensive Income	25,765	3,901
Comprehensive Income Attributable to Noncontrolling Interest	(858)	(145)
Comprehensive Income Attributable to Common Stockholders / Unitholders	24,907	3,756
First Industrial, L.P.
Net Income	23,491	16,295
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements	2,178	(12,496)
Amortization of Interest Rate Protection Agreements	96	102
Comprehensive Income	25,765	3,901
Comprehensive Income Attributable to Noncontrolling Interest	(27)	(14)
Comprehensive Income Attributable to Common Stockholders / Unitholders	$ 25,738	$ 3,887

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/ PARTNER'S CAPITAL - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	First Industrial, L.P.	First Industrial, L.P.General Partner Units	First Industrial, L.P.Limited Partner Units	First Industrial, L.P.Accumulated Other Comprehensive Loss	First Industrial, L.P.Noncontrolling Interest
Beginning Balance at Dec. 31, 2016	$ 1,284,625	$ 1,172	$ 1,886,771	$ (641,859)	$ (4,643)	$ 43,184
Beginning Balance at Dec. 31, 2016							$ 1,295,063	$ 1,219,755	$ 79,156	$ (4,804)	$ 956
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward]
Stock Based Compensation Activity	700	2	1,422	(724)
Stock Based Compensation Activity							700	700
Reallocation - Additional Paid-in-Capital	0		38			(38)
Common Stock Dividends and Unit Distributions	(25,560)			(24,712)		(848)
Unit Distributions							(25,560)	(24,712)	(848)
Contributions from Noncontrolling Interest							7				7
Distributions to Noncontrolling Interest							(17)				(17)
Net Income	23,491			22,709		782	23,491	22,682	782		27
Other Comprehensive Income	2,274				2,198	76	2,274			2,274
Ending Balance at Mar. 31, 2017	$ 1,285,530	$ 1,174	$ 1,888,231	$ (644,586)	$ (2,445)	$ 43,156
Ending Balance at Mar. 31, 2017							$ 1,295,958	$ 1,218,425	$ 79,090	$ (2,530)	$ 973

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 23,491	$ 16,295
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	23,200	25,829
Amortization of Deferred Financing Costs	778	873
Other Amortization, including Stock Based Compensation	8,112	8,104
Provision for Bad Debt	75	265
Gain on Sale of Real Estate	(8,009)	(7,251)
Loss from Retirement of Debt	1,653	0
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(4,147)	(2,453)
Increase in Deferred Rent Receivable, Net	(1,494)	(1,839)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(3,571)	(12,460)
Payments of Prepayment Penalties and Discounts Associated with Retirement of Debt	(1,453)	(554)
Net Cash Provided by Operating Activities	38,635	26,809
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(15,074)	(47,406)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(34,910)	(35,905)
Net Proceeds from Sales of Investments in Real Estate	19,916	15,393
Decrease in Escrows	2,399	19,477
Net Cash Used in Investing Activities	(27,669)	(48,441)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Costs	(13)	(236)
Repurchase and Retirement of Restricted Stock/Units	(2,401)	(5,230)
Common Stock Dividends and Unit Distributions Paid	(23,017)	(14,705)
Repayments on Mortgage Loans Payable	(38,896)	(60,879)
Repayments of Senior Unsecured Notes	0	(159,125)
Proceeds from Unsecured Credit Facility	85,000	298,000
Repayments on Unsecured Credit Facility	(22,500)	(37,000)
Net Cash (Used in) Provided by Financing Activities	(1,827)	20,825
Net Increase (Decrease) in Cash and Cash Equivalents	9,139	(807)
Cash and Cash Equivalents, Beginning of Year	9,859	3,987
Cash and Cash Equivalents, End of Period	18,998	3,180
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity	1,027	449
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	25,977
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	0	5,082
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	22,186	16,151
Write-off of Fully Depreciated Assets	(7,023)	(14,457)
Noncontrolling Interest
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	782
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	(98)
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	0	98
Common Stock
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	25,977	22,112
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units		98
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	23,491	16,295
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	23,200	25,829
Amortization of Deferred Financing Costs	778	873
Other Amortization, including Stock Based Compensation	8,112	8,104
Provision for Bad Debt	75	265
Gain on Sale of Real Estate	(8,009)	(7,251)
Loss from Retirement of Debt	1,653	0
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(4,137)	(2,423)
Increase in Deferred Rent Receivable, Net	(1,494)	(1,839)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(3,571)	(12,460)
Payments of Prepayment Penalties and Discounts Associated with Retirement of Debt	(1,453)	(554)
Net Cash Provided by Operating Activities	38,645	26,839
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(15,074)	(47,406)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(34,910)	(35,905)
Net Proceeds from Sales of Investments in Real Estate	19,916	15,393
Decrease in Escrows	2,399	19,477
Net Cash Used in Investing Activities	(27,669)	(48,441)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Costs	(13)	(236)
Repurchase and Retirement of Restricted Stock/Units	(2,401)	(5,230)
Common Stock Dividends and Unit Distributions Paid	(23,017)	(14,705)
Contributions from Noncontrolling Interests	7	3
Distributions to Noncontrolling Interests	(17)	(33)
Repayments on Mortgage Loans Payable	(38,896)	(60,879)
Repayments of Senior Unsecured Notes	0	(159,125)
Proceeds from Unsecured Credit Facility	85,000	298,000
Repayments on Unsecured Credit Facility	(22,500)	(37,000)
Net Cash (Used in) Provided by Financing Activities	(1,837)	20,795
Net Increase (Decrease) in Cash and Cash Equivalents	9,139	(807)
Cash and Cash Equivalents, Beginning of Year	9,859	3,987
Cash and Cash Equivalents, End of Period	18,998	3,180
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity	1,027	449
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	25,977
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	0
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate	0	5,082
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	22,186	16,151
Write-off of Fully Depreciated Assets	(7,023)	(14,457)
First Industrial, L.P. | Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	782
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	(98)
First Industrial, L.P. | General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	22,682
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	98
First Industrial, L.P. | Common Stock
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	$ 25,977	$ 22,112

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986. Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.7% ownership interest ("General Partner Units") at March 31, 2017. The Operating Partnership also conducts operations through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 3.3% at March 31, 2017 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships and the TRSs are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of March 31, 2017, we owned 526 industrial properties located in 23 states, containing an aggregate of approximately 62.7 million square feet of gross leasable area ("GLA"). Of the 526 properties owned on a consolidated basis, none of them are directly owned by the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016 ("2016 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2016 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2016 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, 2016 audited consolidated financial statements included in our 2016 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 March 31, 2017 and December 31, 2016, and the reported amounts of revenues and expenses for the three months ended March 31, 2017 and 2016. 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, 2017 and December 31, 2016, the results of our operations and comprehensive income for each of the three months ended March 31, 2017 and 2016, and our cash flows for each of the three months ended March 31, 2017 and 2016. All adjustments are of a normal recurring nature. Investment in Real Estate and Depreciation Effective January 1, 2017, we adopted Accounting Standards Update ("ASU") No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. We applied ASU 2017-01 prospectively. We anticipate that our acquisitions of real estate in the future will generally not meet the definition of a business combination and, accordingly, transaction costs which have historically been expensed will be capitalized as part of the basis of the real estate assets acquired. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting and sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. Under ASU 2016-02, we will be required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. We are a lessee on certain ground and operating leases as disclosed in Note 14 to the consolidated financial statements in our 2016 Form 10-K. Due to the length of the lease terms of some of these ground and operating leases, we expect to record a right-of-use asset and lease liability with respect to certain of our ground and operating leases upon adoption of this standard. ASU 2016-02 also requires that lessors expense certain initial direct costs that are not incremental in negotiating a lease as incurred. Under existing standards, certain of these initial direct costs are capitalizable. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. We are continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures. We will adopt ASU 2016-02 on January 1, 2019. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue when they transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. While lease contracts with customers, which constitute a vast majority of our revenues, are a specific scope exception, certain of our revenue streams may be impacted by the new guidance. Once the new guidance setting forth principles for the recognition, measurement, presentation and disclosure of leases (ASU 2016-02, as discussed above) goes into effect, the new revenue standard may apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (such as common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. ASU 2014-09 provides the option of using a full retrospective or a modified retrospective approach. We have not decided which method of adoption we will use. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. We are currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on our financial position or results of operations and we will adopt ASU 2014-09 on January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires, among other things, the use of a new current expected credit loss ("CECL") model in determining our allowances for doubtful accounts with respect to accounts receivable, accrued straight-line rents receivable and notes receivable. The CECL model requires that we estimate our lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. We will also be required to disclose information about how we developed the allowances, including changes in the factors that influenced our estimate of expected credit losses and the reasons for those changes. ASU 2016-13 is effective for annual periods beginning after December 15, 2019. We are in the process of evaluating ASU 2016-13. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017 with retrospective application required. We expect ASU 2016-15 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-15 on January 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning- of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017. We expect ASU 2016-18 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-18 on January 1, 2018.

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions During the three months ended March 31, 2017, we acquired one land parcel. The purchase price of this acquisition totaled approximately $14,975 , excluding costs incurred in conjunction with the acquisition. Real Estate Held for Sale As of March 31, 2017, we had two industrial properties comprising approximately 0.1 million square feet of GLA held for sale. Sales During the three months ended March 31, 2017, we sold 12 industrial properties comprising approximately 0.3 million square feet of GLA. Gross proceeds from the sales of these industrial properties were approximately $20,500 . The gain on sale of real estate was approximately $8,009 .

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at March 31, 2017 Effective Interest Rate at Issuance Maturity Date March 31, 2017 December 31, 2016 Mortgage Loans Payable, Gross $ 459,539 $ 498,435 4.03% – 8.26% 3.82% – 8.26% June 2018 – September 2022 Unamortized Deferred Financing Costs (2,481 ) (2,905 ) Unamortized Premiums 384 426 Mortgage Loans Payable, Net $ 457,442 $ 495,956 Senior Unsecured Notes, Gross 2017 Notes 54,981 54,981 7.50% 7.52% 12/1/2017 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2017 II Notes 101,871 101,871 5.95% 6.37% 5/15/2017 Subtotal $ 205,423 $ 205,423 Unamortized Deferred Financing Costs (277 ) (320 ) Unamortized Discounts (95 ) (105 ) Senior Unsecured Notes, Net $ 205,051 $ 204,998 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.99% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 3.39% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Deferred Financing Costs (3,196 ) (3,362 ) Unsecured Term Loans, Net $ 456,804 $ 456,638 Unsecured Credit Facility (B) $ 252,000 $ 189,500 1.99% N/A 3/11/2019 (A) The interest rate at March 31, 2017 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized deferred financing costs of $2,544 and $2,876 as of March 31, 2017 and December 31, 2016, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets. Mortgage Loans Payable, Net During the three months ended March 31, 2017, we paid off mortgage loans in the amount of $36,108 . In connection with the mortgage loans paid off during the three months ended March 31, 2017, we recognized $1,653 as loss from retirement of debt representing prepayment penalties and the write-off of unamortized deferred financing costs. As of March 31, 2017, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $594,627 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2017. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and deferred financing costs, for the next five years as of March 31, and thereafter: Amount Remainder of 2017 $ 164,789 2018 165,449 2019 331,329 2020 58,762 2021 266,818 Thereafter 389,815 Total $ 1,376,962 Our unsecured credit facility (the "Unsecured Credit Facility"), the Unsecured Term Loans (as defined in Note 10) and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans and indentures governing our senior unsecured notes as of March 31, 2017. 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, 2017 and December 31, 2016, the fair value of our indebtedness was as follows: March 31, 2017 December 31, 2016 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 459,923 $ 474,283 $ 498,861 $ 513,540 Senior Unsecured Notes, Net 205,328 221,162 205,318 222,469 Unsecured Term Loans 460,000 458,665 460,000 458,602 Unsecured Credit Facility 252,000 252,000 189,500 189,500 Total $ 1,377,251 $ 1,406,110 $ 1,353,679 $ 1,384,111 (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs. The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities 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: March 31, 2017 December 31, 2016 ASSETS Assets: Net Investment in Real Estate $ 276,672 $ 278,398 Other Assets, Net 26,312 24,401 Total Assets $ 302,984 $ 302,799 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable, Net $ 62,229 $ 70,366 Other Liabilities, Net 9,138 9,138 Partners’ Capital 231,617 223,295 Total Liabilities and Partners’ Capital $ 302,984 $ 302,799

Stockholders_ Equity of the Com

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership	Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership Noncontrolling Interest of the Company The following table summarizes the changes in noncontrolling interest for the Company for the three months ended March 31, 2017 and 2016: 2017 2016 Balance as of December 31 $ 43,184 $ 42,035 Net Income 782 607 Unit Distributions (848 ) (816 ) Other Comprehensive Income (Loss) (Including a Reallocation of $0 and $3) 76 (459 ) Conversion of Limited Partner Units to Common Stock (A) — (98 ) Reallocation - Additional Paid-in-Capital (38 ) (47 ) Balance as of March 31 $ 43,156 $ 41,222 (A) For the three months ended March 31, 2016, 9,823 Limited Partner Units were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $98 of noncontrolling interest to the Company’s stockholders’ equity. Noncontrolling Interest of the Operating Partnership The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the three months ended March 31, 2017 and 2016: 2017 2016 Balance as of December 31 $ 956 $ 1,096 Net Income 27 14 Contributions 7 3 Distributions (17 ) (33 ) Balance as of March 31 $ 973 $ 1,080 Dividends/Distributions During the three months ended March 31, 2017, we declared $25,560 common stock dividends and Unit distributions.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss by component for the Company and the Operating Partnership for the three months ended March 31, 2017: Interest Rate Protection Agreements Accumulated Other Comprehensive Loss of the Operating Partnership Comprehensive Loss Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Loss of the Company Balance as of December 31, 2016 $ (4,804 ) $ (4,804 ) $ 161 (4,643 ) Other Comprehensive Income Before Reclassifications 765 765 (76 ) 689 Amounts Reclassified from Accumulated Other Comprehensive Loss 1,509 1,509 — 1,509 Net Current Period Other Comprehensive Income 2,274 2,274 (76 ) 2,198 Balance as of March 31, 2017 $ (2,530 ) $ (2,530 ) $ 85 $ (2,445 ) The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the three months ended March 31, 2017 and 2016: Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Affected Line Items in the Consolidated Statements of Operations Interest Rate Protection Agreements: Amortization of Interest Rate Protection Agreements (Previously Settled) 96 102 Interest Expense Settlement Payments to our Counterparties 1,413 1,836 Interest Expense Total $ 1,509 $ 1,938 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 $132 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the 2014 Swaps and 2015 Swaps (as defined in Note 10) will also be reclassified to net income. See Note 10 for more information about our derivatives.

Earnings Per Share _ Unit (EPS

Earnings Per Share / Unit (EPS / EPU)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share / Unit (EPS / EPU)	Earnings Per Share and Earnings Per Unit ("EPS"/"EPU") The computation of basic and diluted EPS of the Company is presented below: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Numerator: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 22,709 $ 15,688 Net Income Allocable to Participating Securities (67 ) (63 ) Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 22,642 $ 15,625 Denominator (In Thousands): Weighted Average Shares - Basic 116,837 110,793 Effect of Dilutive Securities: LTIP Unit Awards (As Defined in Note 9) 424 192 Weighted Average Shares - Diluted 117,261 110,985 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.19 $ 0.14 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Numerator: Net Income Available to Unitholders and Participating Securities $ 23,464 $ 16,281 Net Income Allocable to Participating Securities (66 ) (63 ) Net Income Available to Unitholders $ 23,398 $ 16,218 Denominator (In Thousands): Weighted Average Units - Basic 120,877 115,096 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP Unit Awards (As Defined in Note 9) 424 192 Weighted Average Units - Diluted 121,301 115,288 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.19 $ 0.14 Participating securities include 403,628 and 421,291 of unvested restricted stock or restricted Unit awards outstanding at March 31, 2017 and 2016, respectively, which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.

Benefit Plans

Benefit Plans	3 Months Ended
	Mar. 31, 2017
Share-based Compensation [Abstract]
Benefit Plans	Benefit Plans Restricted Stock or Restricted Unit Awards For the three months ended March 31, 2017, the Company awarded 252,213 shares of restricted stock awards to certain employees, which had a fair value of $6,631 on the date such awards were approved by the Compensation Committee of the Board of Directors. These restricted stock awards were granted based upon the achievement of certain corporate performance goals and generally vest over a period of three years. The Operating Partnership issued restricted Unit awards to the Company in the same amount for this restricted stock award. Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted Unit awards expected to vest except if the recipient is not required to provide future service in exchange for vesting of such restricted stock or restricted Unit awards. If vesting of a recipient's restricted stock or restricted Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During both the three months ended March 31, 2017 and 2016, we recognized $1,590 of compensation expense related to restricted stock or restricted Unit awards granted to our former Chief Executive Officer for which future service was not required. LTIP Unit Awards For the three months ended March 31, 2017, the Company granted to certain employees 195,951 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards"), which had a fair value of $2,473 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of the Company's common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index over a performance period of three years. Compensation expense is charged to earnings on a straight-line basis over the performance period. At the end of the performance period each participant will be issued shares of the Company's common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100% , based on the Company's TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The Operating Partnership issues General Partner Units to the Company in the same amounts for vested LTIP Unit Awards. Outstanding Restricted Stock or Restricted Unit Awards and LTIP Unit Awards We recognized $3,101 and $2,963 for the three months ended March 31, 2017 and 2016, respectively, in amortization related to restricted stock or restricted Unit awards and LTIP Unit Awards. Restricted stock or restricted Unit award and LTIP Unit Award amortization capitalized in connection with development activities was not significant. At March 31, 2017, we had $12,705 in unrecognized compensation related to unvested restricted stock or restricted Unit awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 1.14 years.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In connection with the originations of the seven -year, $200,000 unsecured loan (the "2014 Unsecured Term Loan") and the seven -year, $260,000 unsecured loan (the "2015 Unsecured Term Loan" and together with the 2014 Unsecured Term Loan, the "Unsecured Term Loans") (See Note 4) , we entered into interest rate protection agreements to manage our exposure to changes in the one month LIBOR rate. The four interest rate protection agreements, which fix the variable rate of the 2014 Unsecured Term Loan, have an aggregate notional value of $200,000 , mature on January 29, 2021 and fix the LIBOR rate at a weighted average rate of 2.29% (the "2014 Swaps"). The six interest rate protection agreements, which fix the variable rate of the 2015 Unsecured Term Loan, have an aggregate notional value of $260,000 , mature on September 12, 2022 and fix the LIBOR rate at a weighted average rate of 1.79% (the "2015 Swaps"). We designated the 2014 Swaps and 2015 Swaps as cash flow hedges. 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, 2017, 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 2014 Swaps and 2015 Swaps, which are included in prepaid expenses and other assets and accounts payable, accrued expenses and other liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of March 31, 2017: Fair Value Measurements at Reporting Date Using: Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Derivatives designated as a hedging instrument: Assets: 2015 Swaps $ 2,349 — $ 2,349 — Liabilities: 2014 Swaps $ (3,766 ) — $ (3,766 ) — There was no ineffectiveness recorded on the 2014 Swaps and 2015 Swaps during the three months ended March 31, 2017. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 Swaps and 2015 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the 2014 Swaps and 2015 Swaps fell within Level 2 of the fair value hierarchy.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At March 31, 2017, we had eight industrial properties totaling approximately 1.8 million square feet of GLA under construction. The estimated total investment as of March 31, 2017 is approximately $135,700 . Of this amount, approximately $71,700 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment. During the year ended December 31, 2016, a 0.03 million square foot industrial property in San Diego, California was significantly destroyed by a fire (the “2016 Fire”) and accordingly, during that same period we wrote off the unamortized net book value of the building improvements amounting to approximately $2,824 . We recorded a receivable from our insurance company for the amount of the write off, less our $25 deductible. In a separate event, on April 3, 2017, a fire caused significant damage to a 0.08 million square foot industrial property located in Los Angeles, California (the “2017 Fire”) (see subsequent events). During the three months ended June 30, 2017, we will write off the net unamortized building improvements for the damaged portions of the industrial property. Similar to the accounting for the 2016 Fire, we will record a receivable from our insurance company for the amount of the write off, less our $25 deductible. While we believe that the damages incurred due to the 2016 Fire and 2017 Fire are fully insured and reimbursable in accordance with our insurance policies, subject to the deductibles discussed, there can be no assurance that the cost to repair the damages will be collected.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events From April 1, 2017 to April 27, 2017, we acquired one industrial property for a purchase price of approximately $11,150 , excluding costs incurred in conjunction with the acquisition of the industrial property. On April 3, 2017, a fire damaged a 0.08 million square foot building located in Los Angeles, California. See Note 11 for further information. On April 20, 2017, the Operating Partnership issued $125,000 of 4.30% Series A Guaranteed Senior Notes due April 20, 2027 (the “2027 Private Placement Notes”) and $75,000 of 4.40% Series B Guaranteed Senior Notes due April 20, 2029 (the “2029 Private Placement Notes”) in a private placement pursuant to a Note and Guaranty Agreement dated February 21, 2017. The 2027 Private Placement Notes and the 2029 Private Placement Notes are unsecured obligations of the Operating Partnership that are fully and unconditionally guaranteed by the Company and require semi-annual interest payments.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2016 ("2016 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2016 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2016 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, 2016 audited consolidated financial statements included in our 2016 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.
Use of Estimates	Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2017 and December 31, 2016, and the reported amounts of revenues and expenses for the three months ended March 31, 2017 and 2016. 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, 2017 and December 31, 2016, the results of our operations and comprehensive income for each of the three months ended March 31, 2017 and 2016, and our cash flows for each of the three months ended March 31, 2017 and 2016. All adjustments are of a normal recurring nature.
Investment in Real Estate and Depreciation	Investment in Real Estate and Depreciation Effective January 1, 2017, we adopted Accounting Standards Update ("ASU") No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 clarifies the framework for determining whether an integrated set of assets and activities meets the definition of a business. The revised framework establishes a screen for determining whether an integrated set of assets and activities is a business and narrows the definition of a business, which is expected to result in fewer transactions being accounted for as business combinations. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. We applied ASU 2017-01 prospectively. We anticipate that our acquisitions of real estate in the future will generally not meet the definition of a business combination and, accordingly, transaction costs which have historically been expensed will be capitalized as part of the basis of the real estate assets acquired.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting and sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract. Under ASU 2016-02, we will be required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. We are a lessee on certain ground and operating leases as disclosed in Note 14 to the consolidated financial statements in our 2016 Form 10-K. Due to the length of the lease terms of some of these ground and operating leases, we expect to record a right-of-use asset and lease liability with respect to certain of our ground and operating leases upon adoption of this standard. ASU 2016-02 also requires that lessors expense certain initial direct costs that are not incremental in negotiating a lease as incurred. Under existing standards, certain of these initial direct costs are capitalizable. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. We are continuing the process of evaluating and quantifying the effect that ASU 2016-02 will have on our consolidated financial statements and related disclosures. We will adopt ASU 2016-02 on January 1, 2019. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 requires entities to recognize revenue when they transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. While lease contracts with customers, which constitute a vast majority of our revenues, are a specific scope exception, certain of our revenue streams may be impacted by the new guidance. Once the new guidance setting forth principles for the recognition, measurement, presentation and disclosure of leases (ASU 2016-02, as discussed above) goes into effect, the new revenue standard may apply to executory costs and other components of revenue due under leases that are deemed to be non-lease components (such as common area maintenance and provision of utilities), even when the revenue for such activities is not separately stipulated in the lease. ASU 2014-09 provides the option of using a full retrospective or a modified retrospective approach. We have not decided which method of adoption we will use. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. We are currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on our financial position or results of operations and we will adopt ASU 2014-09 on January 1, 2018. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"). ASU 2016-13 requires, among other things, the use of a new current expected credit loss ("CECL") model in determining our allowances for doubtful accounts with respect to accounts receivable, accrued straight-line rents receivable and notes receivable. The CECL model requires that we estimate our lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. We will also be required to disclose information about how we developed the allowances, including changes in the factors that influenced our estimate of expected credit losses and the reasons for those changes. ASU 2016-13 is effective for annual periods beginning after December 15, 2019. We are in the process of evaluating ASU 2016-13. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” ("ASU 2016-15"). ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning after December 15, 2017 with retrospective application required. We expect ASU 2016-15 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-15 on January 1, 2018. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents when reconciling the beginning- of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017. We expect ASU 2016-18 to impact the presentation of our consolidated statement of cash flows and we will adopt ASU 2016-18 on January 1, 2018.

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Indebtedness	The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Rate at March 31, 2017 Effective Interest Rate at Issuance Maturity Date March 31, 2017 December 31, 2016 Mortgage Loans Payable, Gross $ 459,539 $ 498,435 4.03% – 8.26% 3.82% – 8.26% June 2018 – September 2022 Unamortized Deferred Financing Costs (2,481 ) (2,905 ) Unamortized Premiums 384 426 Mortgage Loans Payable, Net $ 457,442 $ 495,956 Senior Unsecured Notes, Gross 2017 Notes 54,981 54,981 7.50% 7.52% 12/1/2017 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2017 II Notes 101,871 101,871 5.95% 6.37% 5/15/2017 Subtotal $ 205,423 $ 205,423 Unamortized Deferred Financing Costs (277 ) (320 ) Unamortized Discounts (95 ) (105 ) Senior Unsecured Notes, Net $ 205,051 $ 204,998 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.99% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 3.39% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Deferred Financing Costs (3,196 ) (3,362 ) Unsecured Term Loans, Net $ 456,804 $ 456,638 Unsecured Credit Facility (B) $ 252,000 $ 189,500 1.99% N/A 3/11/2019 (A) The interest rate at March 31, 2017 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10. (B) The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized deferred financing costs of $2,544 and $2,876 as of March 31, 2017 and December 31, 2016, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets.
Schedule of Maturities	The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and deferred financing costs, for the next five years as of March 31, and thereafter: Amount Remainder of 2017 $ 164,789 2018 165,449 2019 331,329 2020 58,762 2021 266,818 Thereafter 389,815 Total $ 1,376,962
Summary of Indebtedness at Estimated Fair Value	At March 31, 2017 and December 31, 2016, the fair value of our indebtedness was as follows: March 31, 2017 December 31, 2016 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 459,923 $ 474,283 $ 498,861 $ 513,540 Senior Unsecured Notes, Net 205,328 221,162 205,318 222,469 Unsecured Term Loans 460,000 458,665 460,000 458,602 Unsecured Credit Facility 252,000 252,000 189,500 189,500 Total $ 1,377,251 $ 1,406,110 $ 1,353,679 $ 1,384,111 (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 ASSETS Assets: Net Investment in Real Estate $ 276,672 $ 278,398 Other Assets, Net 26,312 24,401 Total Assets $ 302,984 $ 302,799 LIABILITIES AND PARTNERS’ CAPITAL Liabilities: Mortgage Loans Payable, Net $ 62,229 $ 70,366 Other Liabilities, Net 9,138 9,138 Partners’ Capital 231,617 223,295 Total Liabilities and Partners’ Capital $ 302,984 $ 302,799

Stockholders_ Equity of the C23

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables)	3 Months Ended
	Mar. 31, 2017
Noncontrolling Interest Rollforward	The following table summarizes the changes in noncontrolling interest for the Company for the three months ended March 31, 2017 and 2016: 2017 2016 Balance as of December 31 $ 43,184 $ 42,035 Net Income 782 607 Unit Distributions (848 ) (816 ) Other Comprehensive Income (Loss) (Including a Reallocation of $0 and $3) 76 (459 ) Conversion of Limited Partner Units to Common Stock (A) — (98 ) Reallocation - Additional Paid-in-Capital (38 ) (47 ) Balance as of March 31 $ 43,156 $ 41,222 (A) For the three months ended March 31, 2016, 9,823 Limited Partner Units were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $98 of noncontrolling interest to the Company’s stockholders’ equity.
First Industrial, L.P.
Noncontrolling Interest Rollforward	The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the three months ended March 31, 2017 and 2016: 2017 2016 Balance as of December 31 $ 956 $ 1,096 Net Income 27 14 Contributions 7 3 Distributions (17 ) (33 ) Balance as of March 31 $ 973 $ 1,080

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2017
Accumulated Other Comprehensive Loss [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the changes in accumulated other comprehensive loss by component for the Company and the Operating Partnership for the three months ended March 31, 2017: Interest Rate Protection Agreements Accumulated Other Comprehensive Loss of the Operating Partnership Comprehensive Loss Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Loss of the Company Balance as of December 31, 2016 $ (4,804 ) $ (4,804 ) $ 161 (4,643 ) Other Comprehensive Income Before Reclassifications 765 765 (76 ) 689 Amounts Reclassified from Accumulated Other Comprehensive Loss 1,509 1,509 — 1,509 Net Current Period Other Comprehensive Income 2,274 2,274 (76 ) 2,198 Balance as of March 31, 2017 $ (2,530 ) $ (2,530 ) $ 85 $ (2,445 )
Reclassification Out of Accumulated Other Comprehensive Loss	The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the three months ended March 31, 2017 and 2016: Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Affected Line Items in the Consolidated Statements of Operations Interest Rate Protection Agreements: Amortization of Interest Rate Protection Agreements (Previously Settled) 96 102 Interest Expense Settlement Payments to our Counterparties 1,413 1,836 Interest Expense Total $ 1,509 $ 1,938

Earnings Per Share _ Unit (EP25

Earnings Per Share / Unit (EPS / EPU) (Tables)	3 Months Ended
	Mar. 31, 2017
Computation of Basic and Diluted Earnings Per Share / Unit	The computation of basic and diluted EPS of the Company is presented below: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Numerator: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities $ 22,709 $ 15,688 Net Income Allocable to Participating Securities (67 ) (63 ) Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 22,642 $ 15,625 Denominator (In Thousands): Weighted Average Shares - Basic 116,837 110,793 Effect of Dilutive Securities: LTIP Unit Awards (As Defined in Note 9) 424 192 Weighted Average Shares - Diluted 117,261 110,985 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders $ 0.19 $ 0.14
First Industrial, L.P.
Computation of Basic and Diluted Earnings Per Share / Unit	The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Numerator: Net Income Available to Unitholders and Participating Securities $ 23,464 $ 16,281 Net Income Allocable to Participating Securities (66 ) (63 ) Net Income Available to Unitholders $ 23,398 $ 16,218 Denominator (In Thousands): Weighted Average Units - Basic 120,877 115,096 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP Unit Awards (As Defined in Note 9) 424 192 Weighted Average Units - Diluted 121,301 115,288 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.19 $ 0.14

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2017
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 2014 Swaps and 2015 Swaps, which are included in prepaid expenses and other assets and accounts payable, accrued expenses and other liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of March 31, 2017: Fair Value Measurements at Reporting Date Using: Description Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Derivatives designated as a hedging instrument: Assets: 2015 Swaps $ 2,349 — $ 2,349 — Liabilities: 2014 Swaps $ (3,766 ) — $ (3,766 ) —

Organization - Additional Infor

Organization - Additional Information (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2017ft²PropertyState
Organization [Line Items]
Company's ownership interest	96.70%
Limited partners' ownership interest in the Operating Partnership	3.30%
Number of industrial properties owned | Property	526
Number of states in which industrial properties are located | State	23
Gross leasable area (GLA) of industrial properties owned | ft²	62.7
Other Real Estate Partnerships
Organization [Line Items]
Company's ownership interest	100.00%
Number of Other Real Estate Partnerships	8
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships	99.00%
General partners' minimum ownership interest in the Other Real Estate Partnerships	0.01%

Investment in Real Estate - Add

Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2017USD ($)ft²Property
Real Estate [Abstract]
Number of land parcels acquired | Property	1
Purchase price of land parcels acquired | $	$ 14,975
Number of industrial properties held for sale | Property	2
Gross leasable area (GLA) of industrial properties held for sale | ft²	0.1
Number of industrial properties sold | Property	12
Gross leasable area (GLA) of industrial properties sold | ft²	0.3
Proceeds from sale of industrial properties | $	$ 20,500
Gain on sale of real estate | $	$ 8,009

Indebtedness - Summary of Indeb

Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgage Loans Payable, Net		$ 457,442	$ 495,956
Senior Unsecured Notes, Net		205,051	204,998
Unsecured Term Loans, Net		456,804	456,638
Unsecured Credit Facility		252,000	189,500
2017 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 54,981	54,981
Interest Rate		7.50%
Effective Interest Rate		7.52%
Maturity Date		Dec. 1, 2017
2027 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 6,070	6,070
Interest Rate		7.15%
Effective Interest Rate		7.11%
Maturity Date		May 15, 2027
2028 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 31,901	31,901
Interest Rate		7.60%
Effective Interest Rate		8.13%
Maturity Date		Jul. 15, 2028
2032 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 10,600	10,600
Interest Rate		7.75%
Effective Interest Rate		7.87%
Maturity Date		Apr. 15, 2032
2017 II Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Gross		$ 101,871	101,871
Interest Rate		5.95%
Effective Interest Rate		6.37%
Maturity Date		May 15, 2017
2014 Unsecured Term Loan (A)
Debt Instrument [Line Items]
Unsecured Term Loans, Gross	[1]	$ 200,000	200,000
Interest Rate	[1]	3.99%
Maturity Date	[1]	Jan. 29, 2021
2015 Unsecured Term Loan (A)
Debt Instrument [Line Items]
Unsecured Term Loans, Gross	[1]	$ 260,000	260,000
Interest Rate	[1]	3.39%
Maturity Date	[1]	Sep. 12, 2022
Mortgage Loans Payable
Debt Instrument [Line Items]
Mortgage Loans Payable, Gross		$ 459,539	498,435
Unamortized Deferred Financing Costs		(2,481)	(2,905)
Unamortized Premiums		384	426
Mortgage Loans Payable, Net		$ 457,442	495,956
Maturity Date Range, Start		Jun. 1, 2018
Maturity Date Range, End		Sep. 1, 2022
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs		$ (277)	(320)
Senior Unsecured Notes, Gross		205,423	205,423
Unamortized Discounts		(95)	(105)
Senior Unsecured Notes, Net		205,051	204,998
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs		(3,196)	(3,362)
Unsecured Term Loans, Gross		460,000	460,000
Unsecured Term Loans, Net		456,804	456,638
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Deferred Financing Costs		(2,544)	(2,876)
Unsecured Credit Facility	[2]	$ 252,000	$ 189,500
Interest Rate	[2]	1.99%
Maturity Date	[2]	Mar. 11, 2019
Minimum | Mortgage Loans Payable
Debt Instrument [Line Items]
Interest Rate		4.03%
Effective Interest Rate		3.82%
Maximum | Mortgage Loans Payable
Debt Instrument [Line Items]
Interest Rate		8.26%
Effective Interest Rate		8.26%
[1]	The interest rate at March 31, 2017 reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10.
[2]	The maturity date may be extended an additional year at our election, subject to certain restrictions. Amounts exclude unamortized deferred financing costs of $2,544 and $2,876 as of March 31, 2017 and December 31, 2016, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Loss from Retirement of Debt	$ (1,653)	$ 0
Mortgage Loans Payable
Debt Instrument [Line Items]
Unamortized deferred financing costs	2,481		$ 2,905
Extinguishment of debt, amount	36,108
Loss from Retirement of Debt	1,653
Net carrying value of industrial properties collateralized by mortgage loans	594,627
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs	277		320
Unsecured Term Loan
Debt Instrument [Line Items]
Unamortized deferred financing costs	3,196		3,362
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 2,544		$ 2,876

Indebtedness - Schedule of Matu

Indebtedness - Schedule of Maturities (Details) $ in Thousands	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
Remainder of 2017	$ 164,789
2,018	165,449
2,019	331,329
2,020	58,762
2,021	266,818
Thereafter	389,815
Total	$ 1,376,962

Indebtedness - Summary of Ind32

Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Carrying Amount	[1]	$ 1,377,251	$ 1,353,679
Fair Value		1,406,110	1,384,111
Mortgage Loans Payable
Debt Instrument [Line Items]
Carrying Amount	[1]	459,923	498,861
Fair Value		474,283	513,540
Senior Unsecured Notes
Debt Instrument [Line Items]
Carrying Amount	[1]	205,328	205,318
Fair Value		221,162	222,469
Unsecured Term Loan
Debt Instrument [Line Items]
Carrying Amount	[1]	460,000	460,000
Fair Value		458,665	458,602
Unsecured Credit Facility
Debt Instrument [Line Items]
Carrying Amount	[1]	252,000	189,500
Fair Value		$ 252,000	$ 189,500
[1]	The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred financing costs.

Variable Interest Entities - Su

Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Net Investment in Real Estate	$ 2,589,077	$ 2,588,422
Total Assets	2,805,058	2,793,263
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	457,442	495,956
Total Liabilities and Equity/Partners' Capital	2,805,058	2,793,263
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	276,672	278,398
Other Assets, Net	26,312	24,401
Total Assets	302,984	302,799
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	62,229	70,366
Other Liabilities, Net	9,138	9,138
Partners’ Capital	231,617	223,295
Total Liabilities and Equity/Partners' Capital	$ 302,984	$ 302,799

Stockholders_ Equity of the C34

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	$ 0	$ 0
Common stock dividends and Unit distributions	25,560
Common Stock / Operating Partnership Units
Class of Stock [Line Items]
Conversion of Limited Partner Units to Common Stock / General Partner Units, Shares		9,823
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value		$ 98
Common stock dividends and Unit distributions	25,560
First Industrial, L.P.
Class of Stock [Line Items]
Conversion of Limited Partner Units to Common Stock / General Partner Units, Value	$ 0	$ 0

Stockholders' Equity of the Com

Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership - Summary of Changes in Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Noncontrolling Interest [Line Items]
Beginning Balance	$ 43,184
Net Income	782	$ 607
Unit Distributions	(25,560)
Other Comprehensive Income (Loss) (Including a Reallocation of $0 and $3)	2,274
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	0
Reallocation - Additional Paid-in-Capital	0
Ending Balance	43,156
Noncontrolling Interest
Noncontrolling Interest [Line Items]
Beginning Balance	43,184	42,035
Net Income	782	607
Unit Distributions	(848)	(816)
Other Comprehensive Income (Loss) (Including a Reallocation of $0 and $3)	76	(459)
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	(98)
Reallocation - Additional Paid-in-Capital	(38)	(47)
Ending Balance	43,156	41,222
Reallocation - Other Comprehensive Income (Loss)	0	3
First Industrial, L.P.
Noncontrolling Interest [Line Items]
Beginning Balance	956
Net Income	27	14
Contributions	7
Distributions	(17)
Other Comprehensive Income (Loss) (Including a Reallocation of $0 and $3)	2,274
Conversion of Limited Partner Units to Common Stock/General Partner Units	0	0
Ending Balance	973
First Industrial, L.P. | Noncontrolling Interest
Noncontrolling Interest [Line Items]
Beginning Balance	956	1,096
Net Income	27	14
Contributions	7	3
Distributions	(17)	(33)
Ending Balance	$ 973	$ 1,080

Accumulated Other Comprehensi36

Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (4,643)
Other Comprehensive Income Before Reclassifications	689
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,509
Net Current Period Other Comprehensive Income	2,198
Balance	(2,445)
Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(4,804)
Other Comprehensive Income Before Reclassifications	765
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,509
Net Current Period Other Comprehensive Income	2,274
Balance	(2,530)
Comprehensive Loss Attributable to Noncontrolling Interest of the Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	161
Other Comprehensive Income Before Reclassifications	(76)
Amounts Reclassified from Accumulated Other Comprehensive Loss	0
Net Current Period Other Comprehensive Income	(76)
Balance	85
First Industrial, L.P.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(4,804)
Balance	(2,530)
First Industrial, L.P. | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(4,804)
Other Comprehensive Income Before Reclassifications	765
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,509
Net Current Period Other Comprehensive Income	2,274
Balance	$ (2,530)

Accumulated Other Comprehensi37

Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense - Amortization of IRPAs	$ 14,369	$ 16,259
Total	(8,791)	(9,881)
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense - Amortization of IRPAs	96	102
Interest Expense - Settlement Payments	1,413	1,836
Total	$ 1,509	$ 1,938

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Loss - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Accumulated Other Comprehensive Loss [Abstract]
Amortization to be reclassified from OCI into income	$ 132

Earnings Per Share _ Unit (EP39

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
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net Income Available to Common Stockholders/Unitholders and Participating Securities	$ 22,709	$ 15,688
Net Income Allocable to Participating Securities	(67)	(63)
Net Income Available to Common Stockholders / Unitholders	$ 22,642	$ 15,625
Denominator:
Weighted Average Shares / Units - Basic	116,837	110,793
LTIP Unit Awards (As Defined in Note 9)	424	192
Weighted Average Shares / Units - Diluted	117,261	110,985
Basic and Diluted EPS / EPU
Net Income Available to Common Stockholders/Unitholders	$ 0.19	$ 0.14
First Industrial, L.P.
Numerator:
Net Income Available to Common Stockholders/Unitholders and Participating Securities	$ 23,464	$ 16,281
Net Income Allocable to Participating Securities	(66)	(63)
Net Income Available to Common Stockholders / Unitholders	$ 23,398	$ 16,218
Denominator:
Weighted Average Shares / Units - Basic	120,877	115,096
LTIP Unit Awards (As Defined in Note 9)	424	192
Weighted Average Shares / Units - Diluted	121,301	115,288
Basic and Diluted EPS / EPU
Net Income Available to Common Stockholders/Unitholders	$ 0.19	$ 0.14

Earnings Per Share _ Unit (EP40

Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Unvested Restricted Stock / Unit Awards	403,628	421,291

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization related to restricted stock/Unit awards and LTIP Unit Awards	$ 3,101	$ 2,963
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards	$ 12,705
Weighted average period of unrecognized compensation expected to be recognized	1 year 1 month 21 days
LTIP Unit Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of LTIP Unit Awards	0.00%
LTIP Unit Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of LTIP Unit Awards	100.00%
Management | Restricted Stock/Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock/Unit awards and LTIP Unit Awards issued	252,213
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued	$ 6,631
Vesting period of restricted stock/Unit awards issued	3 years
Compensation expense recognized at date of grant	$ 1,590	$ 1,590
Management | LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock/Unit awards and LTIP Unit Awards issued	195,951
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued	$ 2,473
Vesting period of restricted stock/Unit awards issued	3 years

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
2014 Swaps
Derivative [Line Items]
Debt Instrument, Term	7 years
Debt Instrument, Face Amount	$ 200,000
Debt instrument, LIBOR Rate	one month LIBOR
Swaps, Number of Instruments Held	4
Swaps, Notional Amount	$ 200,000
Swaps, Average Fixed Interest Rate	2.29%
2015 Swaps
Derivative [Line Items]
Debt Instrument, Term	7 years
Debt Instrument, Face Amount	$ 260,000
Debt instrument, LIBOR Rate	one month LIBOR
Swaps, Number of Instruments Held	6
Swaps, Notional Amount	$ 260,000
Swaps, Average Fixed Interest Rate	1.79%

Derivatives - Fair Value Measur

Derivatives - Fair Value Measurements on Recurring Basis (Details) $ in Thousands	Mar. 31, 2017USD ($)
2015 Swaps
Derivatives, Fair Value [Line Items]
Asset Fair Value	$ 2,349
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Asset Fair Value	0
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Asset Fair Value	2,349
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Asset Fair Value	0
2014 Swaps
Derivatives, Fair Value [Line Items]
Liability Fair Value	(3,766)
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Liability Fair Value	0
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Liability Fair Value	(3,766)
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Liability Fair Value	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) ft² in Thousands, $ in Thousands	Apr. 03, 2017USD ($)ft²	Mar. 31, 2017USD ($)ft²Property	Dec. 31, 2016USD ($)ft²
Other Commitments [Line Items]
Number of industrial properties under construction | Property		8
Gross leasable area (GLA) of industrial properties under construction | ft²		1,800
Estimated total investment		$ 135,700
Estimated total investment remaining to be funded		$ 71,700
Gross leasable area (GLA) of industrial properties destroyed by fires | ft²		62,700
2016 Fire
Other Commitments [Line Items]
Gross leasable area (GLA) of industrial properties destroyed by fires | ft²			30
Write off of unamortized net book value of building improvements			$ 2,824
Insurance deductible			$ 25
Subsequent Events | 2017 Fire
Other Commitments [Line Items]
Gross leasable area (GLA) of industrial properties destroyed by fires | ft²	80
Insurance deductible	$ 25

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 27, 2017USD ($)Property	Mar. 31, 2017USD ($)ft²	Mar. 31, 2016USD ($)	Apr. 20, 2017USD ($)	Apr. 03, 2017ft²
Subsequent Event [Line Items]
Purchase price of industrial properties acquired		$ 15,074	$ 47,406
Gross leasable area (GLA) of industrial properties destroyed by fires | ft²		62,700
Subsequent Events
Subsequent Event [Line Items]
Number of industrial properties acquired | Property	1
Purchase price of industrial properties acquired	$ 11,150
Private Placement Notes 2027 | Subsequent Events
Subsequent Event [Line Items]
Private Placement Notes, Face Amount				$ 125,000
Private Placement Notes, Interest Rate				4.30%
Private Placement Notes 2029 | Subsequent Events
Subsequent Event [Line Items]
Private Placement Notes, Face Amount				$ 75,000
Private Placement Notes, Interest Rate				4.40%
2017 Fire | Subsequent Events
Subsequent Event [Line Items]
Gross leasable area (GLA) of industrial properties destroyed by fires | ft²					80