Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 26, 2018 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 | 125,984,144 | |
First Industrial, L.P. | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
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 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment in Real Estate: | ||
Land | $ 888,466 | $ 864,813 |
Buildings and Improvements | 2,579,886 | 2,521,457 |
Construction in Progress | 118,793 | 109,475 |
Less: Accumulated Depreciation | (794,477) | (789,919) |
Net Investment in Real Estate | 2,792,668 | 2,705,826 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $6,056 and $0 | 16,304 | 0 |
Cash and Cash Equivalents | 61,834 | 21,146 |
Restricted Cash | 15,679 | 25,336 |
Tenant Accounts Receivable, Net | 5,714 | 4,873 |
Investment in Joint Venture | 23,599 | 0 |
Deferred Rent Receivable, Net | 70,490 | 70,254 |
Deferred Leasing Intangibles, Net | 29,581 | 30,481 |
Prepaid Expenses and Other Assets, Net | 94,485 | 83,146 |
Total Assets | 3,110,354 | 2,941,062 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 299,978 | 450,056 |
Senior Unsecured Notes, Net | 544,293 | 246,673 |
Unsecured Term Loans, Net | 456,281 | 455,768 |
Unsecured Credit Facility | 0 | 144,500 |
Accounts Payable, Accrued Expenses and Other Liabilities | 71,600 | 86,532 |
Deferred Leasing Intangibles, Net | 10,330 | 10,355 |
Rents Received in Advance and Security Deposits | 43,289 | 44,285 |
Dividends and Distributions Payable | 28,771 | 27,016 |
Total Liabilities | 1,454,542 | 1,465,185 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital: | ||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 125,984,144 and 119,883,180 shares issued and outstanding) | 1,260 | 1,199 |
Additional Paid-in-Capital | 2,123,460 | 1,967,110 |
Distributions in Excess of Accumulated Earnings | (517,526) | (541,847) |
Accumulated Other Comprehensive Income | 10,435 | 1,338 |
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity | 1,617,629 | 1,427,800 |
Noncontrolling Interest | 38,183 | 48,077 |
Total Equity | 1,655,812 | 1,475,877 |
Total Liabilities and Equity/Partners' Capital | 3,110,354 | 2,941,062 |
First Industrial, L.P. | ||
Investment in Real Estate: | ||
Land | 888,466 | 864,813 |
Buildings and Improvements | 2,579,886 | 2,521,457 |
Construction in Progress | 118,793 | 109,475 |
Less: Accumulated Depreciation | (794,477) | (789,919) |
Net Investment in Real Estate | 2,792,668 | 2,705,826 |
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $6,056 and $0 | 16,304 | 0 |
Cash and Cash Equivalents | 61,834 | 21,146 |
Restricted Cash | 15,679 | 25,336 |
Tenant Accounts Receivable, Net | 5,714 | 4,873 |
Investment in Joint Venture | 23,599 | 0 |
Deferred Rent Receivable, Net | 70,490 | 70,254 |
Deferred Leasing Intangibles, Net | 29,581 | 30,481 |
Prepaid Expenses and Other Assets, Net | 104,660 | 93,264 |
Total Assets | 3,120,529 | 2,951,180 |
Indebtedness: | ||
Mortgage Loans Payable, Net | 299,978 | 450,056 |
Senior Unsecured Notes, Net | 544,293 | 246,673 |
Unsecured Term Loans, Net | 456,281 | 455,768 |
Unsecured Credit Facility | 0 | 144,500 |
Accounts Payable, Accrued Expenses and Other Liabilities | 71,600 | 86,532 |
Deferred Leasing Intangibles, Net | 10,330 | 10,355 |
Rents Received in Advance and Security Deposits | 43,289 | 44,285 |
Dividends and Distributions Payable | 28,771 | 27,016 |
Total Liabilities | 1,454,542 | 1,465,185 |
Commitments and Contingencies | 0 | 0 |
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital: | ||
General Partner Units (125,984,144 and 119,883,180 units outstanding) | 1,584,490 | 1,401,583 |
Limited Partners Units (2,955,211 and 4,008,221 units outstanding) | 69,939 | 82,251 |
Accumulated Other Comprehensive Income | 10,679 | 1,382 |
Total First Industrial L.P.'s Partners' Capital | 1,665,108 | 1,485,216 |
Noncontrolling Interest | 879 | 779 |
Total Partners' Capital | 1,665,987 | 1,485,995 |
Total Liabilities and Equity/Partners' Capital | $ 3,120,529 | $ 2,951,180 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Net Investment in Real Estate | $ 2,792,668 | $ 2,705,826 |
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | 6,056 | 0 |
Mortgage Loans Payable, Net | $ 299,978 | $ 450,056 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 225,000,000 | 225,000,000 |
Common Stock, shares issued | 125,984,144 | 119,883,180 |
Common Stock, shares outstanding | 125,984,144 | 119,883,180 |
First Industrial, L.P. | ||
Net Investment in Real Estate | $ 2,792,668 | $ 2,705,826 |
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization | 6,056 | 0 |
Mortgage Loans Payable, Net | $ 299,978 | $ 450,056 |
General Partner Units, units outstanding | 125,984,144 | 119,883,180 |
Limited Partner Units, units outstanding | 2,955,211 | 4,008,221 |
Other Real Estate Partnerships | ||
Net Investment in Real Estate | $ 266,260 | $ 270,708 |
Mortgage Loans Payable, Net | $ 20,723 | $ 61,256 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Rental Income | $ 75,680 | $ 75,802 | $ 150,860 | $ 150,720 |
Tenant Recoveries and Other Income | 23,165 | 21,777 | 47,756 | 44,242 |
Total Revenues | 98,845 | 97,579 | 198,616 | 194,962 |
Expenses: | ||||
Property Expenses | 28,553 | 26,897 | 57,964 | 55,383 |
General and Administrative | 6,746 | 6,785 | 14,889 | 14,818 |
Impairment of Real Estate | 0 | 0 | 2,756 | 0 |
Depreciation and Other Amortization | 28,636 | 29,040 | 56,951 | 57,534 |
Total Expenses | 63,935 | 62,722 | 132,560 | 127,735 |
Other Income (Expense): | ||||
Gain on Sale of Real Estate | 25,067 | 20,860 | 45,156 | 28,869 |
Interest Expense | (12,603) | (14,915) | (25,394) | (29,284) |
Amortization of Debt Issuance Costs | (845) | (780) | (1,700) | (1,558) |
Loss from Retirement of Debt | 0 | 0 | (39) | (1,653) |
Total Other Income (Expense) | 11,619 | 5,165 | 18,023 | (3,626) |
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Provision | 46,529 | 40,022 | 84,079 | 63,601 |
Equity in Loss of Joint Venture | (2) | 0 | (2) | 0 |
Income Tax Provision | (123) | (1,169) | (209) | (1,257) |
Net Income | 46,404 | 38,853 | 83,868 | 62,344 |
Less: Net Income Attributable to the Noncontrolling Interest | (1,195) | (1,291) | (2,367) | (2,073) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 45,209 | $ 37,562 | $ 81,501 | $ 60,271 |
Basic and Diluted Earnings Per Share / Unit: | ||||
Net Income Available to Common Stockholders / Unitholders | $ 0.36 | $ 0.32 | $ 0.67 | $ 0.51 |
Dividends/Distributions Per Share/Unit | $ 0.2175 | $ 0.2100 | $ 0.4350 | $ 0.4200 |
Weighted Average Shares/Units Outstanding - Basic | 123,616 | 117,299 | 121,741 | 117,070 |
Weighted Average Shares/Units Outstanding - Diluted | 124,085 | 117,779 | 122,158 | 117,522 |
First Industrial, L.P. | ||||
Revenues: | ||||
Rental Income | $ 75,680 | $ 75,802 | $ 150,860 | $ 150,720 |
Tenant Recoveries and Other Income | 23,165 | 21,777 | 47,756 | 44,242 |
Total Revenues | 98,845 | 97,579 | 198,616 | 194,962 |
Expenses: | ||||
Property Expenses | 28,553 | 26,897 | 57,964 | 55,383 |
General and Administrative | 6,746 | 6,785 | 14,889 | 14,818 |
Impairment of Real Estate | 0 | 0 | 2,756 | 0 |
Depreciation and Other Amortization | 28,636 | 29,040 | 56,951 | 57,534 |
Total Expenses | 63,935 | 62,722 | 132,560 | 127,735 |
Other Income (Expense): | ||||
Gain on Sale of Real Estate | 25,067 | 20,860 | 45,156 | 28,869 |
Interest Expense | (12,603) | (14,915) | (25,394) | (29,284) |
Amortization of Debt Issuance Costs | (845) | (780) | (1,700) | (1,558) |
Loss from Retirement of Debt | 0 | 0 | (39) | (1,653) |
Total Other Income (Expense) | 11,619 | 5,165 | 18,023 | (3,626) |
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Provision | 46,529 | 40,022 | 84,079 | 63,601 |
Equity in Loss of Joint Venture | (2) | 0 | (2) | 0 |
Income Tax Provision | (123) | (1,169) | (209) | (1,257) |
Net Income | 46,404 | 38,853 | 83,868 | 62,344 |
Less: Net Income Attributable to the Noncontrolling Interest | (22) | (26) | (43) | (53) |
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 46,382 | $ 38,827 | $ 83,825 | $ 62,291 |
Basic and Diluted Earnings Per Share / Unit: | ||||
Net Income Available to Common Stockholders / Unitholders | $ 0.36 | $ 0.32 | $ 0.67 | $ 0.51 |
Dividends/Distributions Per Share/Unit | $ 0.2175 | $ 0.2100 | $ 0.4350 | $ 0.4200 |
Weighted Average Shares/Units Outstanding - Basic | 126,832 | 121,339 | 125,289 | 121,109 |
Weighted Average Shares/Units Outstanding - Diluted | 127,301 | 121,819 | 125,706 | 121,561 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Income | $ 46,404 | $ 38,853 | $ 83,868 | $ 62,344 |
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 2,725 | (1,435) | 9,250 | 743 |
Amortization of Interest Rate Protection Agreements | 23 | 60 | 47 | 156 |
Comprehensive Income | 49,152 | 37,478 | 93,165 | 63,243 |
Comprehensive Income Attributable to Noncontrolling Interest | (1,252) | (1,245) | (2,630) | (2,103) |
Comprehensive Income Attributable to Common Stockholders / Unitholders | 47,900 | 36,233 | 90,535 | 61,140 |
First Industrial, L.P. | ||||
Net Income | 46,404 | 38,853 | 83,868 | 62,344 |
Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements | 2,725 | (1,435) | 9,250 | 743 |
Amortization of Interest Rate Protection Agreements | 23 | 60 | 47 | 156 |
Comprehensive Income | 49,152 | 37,478 | 93,165 | 63,243 |
Comprehensive Income Attributable to Noncontrolling Interest | (22) | (26) | (43) | (53) |
Comprehensive Income Attributable to Common Stockholders / Unitholders | $ 49,130 | $ 37,452 | $ 93,122 | $ 63,190 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/ PARTNER'S CAPITAL - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in- Capital | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income | 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 Income | First Industrial, L.P.Noncontrolling Interest |
Beginning Balance at Dec. 31, 2017 | $ 1,475,877 | $ 1,199 | $ 1,967,110 | $ (541,847) | $ 1,338 | $ 48,077 | |||||
Beginning Balance at Dec. 31, 2017 | $ 1,485,995 | $ 1,401,583 | $ 82,251 | $ 1,382 | $ 779 | ||||||
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward] | |||||||||||
Net Income | 83,868 | 81,501 | 2,367 | 83,868 | 81,458 | 2,367 | 43 | ||||
Other Comprehensive Income | 9,297 | 9,097 | 200 | 9,297 | 9,297 | ||||||
Issuance of Common Stock / Contribution of General Partner Units, Net of Issuance Costs | 145,408 | 48 | 145,360 | 145,408 | 145,408 | ||||||
Stock Based Compensation Activity | (2,388) | 3 | 891 | (3,282) | |||||||
Stock Based Compensation Activity | (2,388) | (2,388) | |||||||||
Common Stock Dividends and Unit Distributions | (55,316) | (53,898) | (1,418) | ||||||||
Unit Distributions | (55,316) | (53,898) | (1,418) | ||||||||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 10 | 12,317 | (12,327) | 0 | 12,327 | (12,327) | ||||
Retirement of Limited Partner Units | (934) | (934) | (934) | (934) | |||||||
Reallocation - Additional Paid-in-Capital | 0 | (2,218) | 2,218 | ||||||||
Contributions from Noncontrolling Interest | 121 | 121 | |||||||||
Distributions to Noncontrolling Interest | (64) | (64) | |||||||||
Ending Balance at Jun. 30, 2018 | $ 1,655,812 | $ 1,260 | $ 2,123,460 | $ (517,526) | $ 10,435 | $ 38,183 | |||||
Ending Balance at Jun. 30, 2018 | $ 1,665,987 | $ 1,584,490 | $ 69,939 | $ 10,679 | $ 879 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 83,868 | $ 62,344 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 46,160 | 46,751 |
Amortization of Debt Issuance Costs | 1,700 | 1,558 |
Other Amortization, including Stock Based Compensation | 13,638 | 14,939 |
Impairment of Real Estate | 2,756 | 0 |
Provision for Bad Debt | 165 | 127 |
Equity in Loss of Joint Venture | 2 | 0 |
Gain on Sale of Real Estate | (45,156) | (28,869) |
Loss from Retirement of Debt | 39 | 1,653 |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (3,169) | (938) |
Increase in Deferred Rent Receivable, Net | (1,016) | (2,936) |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (5,170) | (729) |
Net Cash Provided by Operating Activities | 93,817 | 93,900 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | (87,733) | (96,492) |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (121,169) | (72,125) |
Net Proceeds from Sales of Investments in Real Estate | 95,603 | 56,773 |
Contributions to and Investments in Joint Venture | (25,190) | 0 |
Distributions from Joint Venture | 1,829 | 0 |
Other Investing Activity | (2,823) | (1,117) |
Net Cash Used in Investing Activities | (139,483) | (112,961) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Financing and Equity Issuance Costs | (2,842) | (1,829) |
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | 145,584 | 74,880 |
Repurchase and Retirement of Restricted Stock | (6,020) | (2,401) |
Common Stock Dividends and Unit Distributions Paid | (53,561) | (48,493) |
Repayments on Mortgage Loans Payable | (161,964) | (41,507) |
Prepayments of Penalties Associated with Retirement of Debt | 0 | (1,453) |
Proceeds from Senior Unsecured Notes | 300,000 | 200,000 |
Repayments of Senior Unsecured Notes | 0 | (101,871) |
Proceeds from Unsecured Credit Facility | 217,000 | 262,000 |
Repayments on Unsecured Credit Facility | (361,500) | (324,500) |
Net Cash Provided by Financing Activities | 76,697 | 14,826 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 31,031 | (4,235) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 46,482 | 21,461 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 77,513 | 17,226 |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||
Interest Expense Capitalized in Connection with Development Activity | 3,317 | 1,907 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
Dividends and Distributions Payable | 28,771 | 26,715 |
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 | 11,705 | 305 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 27,797 | 19,786 |
Write-off of Fully Depreciated Assets | (22,936) | (15,295) |
Noncontrolling Interest | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 2,367 | |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (12,327) | 0 |
Common Stock | ||
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 10 | 0 |
Additional Paid-in- Capital | ||
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 12,317 | 0 |
Common Stock | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | 145,584 | |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 12,327 | |
First Industrial, L.P. | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 83,868 | 62,344 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation | 46,160 | 46,751 |
Amortization of Debt Issuance Costs | 1,700 | 1,558 |
Other Amortization, including Stock Based Compensation | 13,638 | 14,939 |
Impairment of Real Estate | 2,756 | 0 |
Provision for Bad Debt | 165 | 127 |
Equity in Loss of Joint Venture | 2 | 0 |
Gain on Sale of Real Estate | (45,156) | (28,869) |
Loss from Retirement of Debt | 39 | 1,653 |
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net | (3,226) | (876) |
Increase in Deferred Rent Receivable, Net | (1,016) | (2,936) |
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits | (5,170) | (729) |
Net Cash Provided by Operating Activities | 93,760 | 93,962 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of Real Estate | (87,733) | (96,492) |
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs | (121,169) | (72,125) |
Net Proceeds from Sales of Investments in Real Estate | 95,603 | 56,773 |
Contributions to and Investments in Joint Venture | (25,190) | 0 |
Distributions from Joint Venture | 1,829 | 0 |
Other Investing Activity | (2,823) | (1,117) |
Net Cash Used in Investing Activities | (139,483) | (112,961) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Financing and Equity Issuance Costs | (2,842) | (1,829) |
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | 145,584 | 74,880 |
Repurchase and Retirement of Restricted Stock | (6,020) | (2,401) |
Common Stock Dividends and Unit Distributions Paid | (53,561) | (48,493) |
Contributions from Noncontrolling Interests | 121 | 20 |
Distributions to Noncontrolling Interests | (64) | (82) |
Repayments on Mortgage Loans Payable | (161,964) | (41,507) |
Prepayments of Penalties Associated with Retirement of Debt | 0 | (1,453) |
Proceeds from Senior Unsecured Notes | 300,000 | 200,000 |
Repayments of Senior Unsecured Notes | 0 | (101,871) |
Proceeds from Unsecured Credit Facility | 217,000 | 262,000 |
Repayments on Unsecured Credit Facility | (361,500) | (324,500) |
Net Cash Provided by Financing Activities | 76,754 | 14,764 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 31,031 | (4,235) |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | 46,482 | 21,461 |
Cash, Cash Equivalents and Restricted Cash, End of Period | 77,513 | 17,226 |
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS: | ||
Interest Expense Capitalized in Connection with Development Activity | 3,317 | 1,907 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ||
Dividends and Distributions Payable | 28,771 | 26,715 |
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 | 11,705 | 305 |
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate | 27,797 | 19,786 |
Write-off of Fully Depreciated Assets | (22,935) | (15,295) |
First Industrial, L.P. | Limited Partner Units | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 2,367 | |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (12,327) | 0 |
First Industrial, L.P. | General Partner Units | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 81,458 | |
Exchange of Limited Partnership Units for Common Stock/General Partnership Units: | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 12,327 | $ 0 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.7% ownership interest ("General Partner Units") at June 30, 2018. 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 2.3% at June 30, 2018 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). We also own a 49% equity interest in, and provide various services to, a joint venture (the "Joint Venture") through a wholly- owned subsidiary of the Operating Partnership. The Joint Venture is accounted for under the equity method of accounting. The operating data of the Joint Venture is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Venture. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Venture are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of June 30, 2018, we owned 471 industrial properties located in 21 states, containing an aggregate of approximately 61.1 million square feet of gross leasable area ("GLA"). Of the 471 properties owned on a consolidated basis, none of them are directly owned by the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 ("2017 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2017 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2017 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, 2017 audited consolidated financial statements included in our 2017 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 June 30, 2018 and December 31, 2017, and the reported amounts of revenues and expenses for the three and six months ended June 30, 2018 and 2017. 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 June 30, 2018 and December 31, 2017, the results of our operations and comprehensive income for each of the three and six months ended June 30, 2018 and 2017, and our cash flows for each of the six months ended June 30, 2018 and 2017. All adjustments are of a normal recurring nature. Recent Accounting Pronouncements Recent Accounting Standards Adopted In May 2014, the Financial Accounting Standards Board ("the FASB") issued Accounting Standards Updates ("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. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. We adopted the new standard effective January 1, 2018. The adoption of the standard did not impact our financial position or results of operations. In August 2016 and November 2016, the FASB issued new ASUs impacting the statement of cash flows. ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" 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 No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" 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. We adopted both standards on January 1, 2018. The adoption of ASU Nos. 2016-15 and 2016-18 modified our presentation of certain activities within the Consolidated Statements of Cash Flows. Restricted cash is comprised of gross proceeds from the sales of certain industrial properties that are held by intermediary agents to be used for tax-deferred, like-kind exchange transactions under Section 1031 of the Code. For the six months ended June 30, 2018 and 2017, $15,679 and $5,619 of restricted cash was included in "Cash, Cash Equivalents and Restricted Cash" in our Consolidated Statements of Cash Flows. Additionally, as a result of the adoption of these standards we reclassified $1,453 of prepayment penalties in connection with the payoff of certain mortgage loans from operating activities to financing activities for the six months ended June 30, 2017. The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within our Consolidated Balance Sheets to amounts reported within our Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017: 2018 2017 Cash and Cash Equivalents $ 61,834 $ 11,607 Restricted Cash 15,679 5,619 Total Cash, Cash Equivalents and Restricted Cash $ 77,513 $ 17,226 Recent Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting. ASU 2016-02 will require lessees, at lease commencement to record a right-of-use asset and lease liability for all leases with terms longer than twelve months. We are a lessee on a limited number of ground and office leases and expect to record a right-of-use asset and lease liability for these leases upon adoption of this standard. The expense pattern for these leases will be consistent with that of our historical recognition. The accounting for lessors will remain largely unchanged from existing GAAP standards with the underlying leased asset being reported and recognized as a real estate asset and rental income being recognized on a straight line basis over the lease term. This standard may also impact the timing, recognition, presentation and disclosures related to our rental recoveries from tenants earned from leasing our operating properties, although we do not expect a significant impact. Additionally, ASU 2016-02 requires that lessors expense certain initial direct costs that are not incremental in negotiating a lease as incurred. Based on our results for the year ended December 31, 2017, we anticipate this change will reduce our EPS/EPU by approximately $0.01 in the year of adoption. ASU 2016-02 will become effective for us on January 1, 2019. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we would not be required to reassess (1) whether an expired or existing contract meets the definition of a lease; (2) the lease classification for expired or existing leases; or (3) whether costs previously capitalized as initial direct costs would continue to be amortized. While we are well into our analysis of the adoption, we will continue to evaluate and assess the impact the adoption of ASU 2016-02 will have on the Consolidated Financial Statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeting Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). ASU 2017-12 is intended to better align financial reporting for hedging activities with the economic objectives of those activities. As a result of the transition guidance, cumulative ineffectiveness that has been previously recognized on cash flow and net investment hedges that are still outstanding and designated as of the date of adoption will be adjusted and removed from beginning retained earnings and placed in accumulated other comprehensive income. ASU 2017-12 is effective for annual periods beginning after December 15, 2018. We continue to assess all the potential impacts of ASU 2017-12; however, we do not expect the adoption to have an impact on our financial condition or results of operations. |
Investment in Real Estate
Investment in Real Estate | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate Acquisitions During the six months ended June 30, 2018, we acquired six industrial properties comprised of approximately 0.5 million square feet of GLA and five land parcels. We considered these properties asset acquisitions and therefore capitalized acquisition costs to the basis of the acquired assets. The following table summarizes the amounts recognized for each major class of asset and liability for the industrial properties and land parcels acquired during the six months ended June 30, 2018: Purchase Price Land $ 50,262 Building and Improvements 45,393 Other Assets (leasing commissions) 526 In-Place Leases 2,483 Above Market Leases 73 Below Market Leases (737 ) Total Purchase Price $ 98,000 Assumed Mortgage Loan (Note 4) (11,654 ) Total Net Assets Acquired $ 86,346 The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for the six months ended June 30, 2018. Real Estate Held for Sale As of June 30, 2018, we had two industrial properties comprised of approximately 0.4 million square feet of GLA and four land parcels held for sale. Sales During the six months ended June 30, 2018, we sold 30 industrial properties comprised of approximately 1.3 million square feet of GLA and one land parcel. Gross proceeds from the sales of these industrial properties were $97,979 . The gain on sale of real estate was $45,156 . Impairment Charges The impairment charges of $2,756 recorded during the six months ended June 30, 2018 were due to marketing one industrial property and one land parcel for sale and our assessment of the likelihood and timing of a potential sale transaction. During the three months ended June 30, 2018, the one industrial property was sold. The following table presents information about the one land parcel that was measured at fair value on a non-recurring basis and also indicates the fair value hierarchy of the valuation techniques we used to determine such fair value. Fair Value Measurements on a Non-Recurring Basis Using: Description At June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Impairment for the Six Months Ended One land parcel $ 1,889 — — $ 1,889 $ 471 The following table presents quantitative information about the significant unobservable inputs we used to determine fair value of non-recurring items at June 30, 2018. Quantitative Information about Level 3 Fair Value Measurements: Description Fair Value Valuation Technique Unobservable Inputs Range Impairment of one land parcel $ 1,889 Contracted Price (A) N/A _______________ (A) The fair value for the land parcel was based upon the value included in a third party purchase contract, which was subject to our corroboration for reasonableness. |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Interest Rate at Issuance Maturity Date June 30, 2018 December 31, 2017 Mortgage Loans Payable, Gross $ 301,292 $ 451,602 4.03% – 8.26% 3.82% – 8.26% July 2019 – August 2028 Unamortized Debt Issuance Costs (1,490 ) (1,806 ) Unamortized Premiums 176 260 Mortgage Loans Payable, Net $ 299,978 $ 450,056 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 — 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2030 Private Placement Notes 150,000 — 3.96% 3.96% 2/15/2030 Subtotal $ 548,571 $ 248,571 Unamortized Debt Issuance Costs (4,197 ) (1,814 ) Unamortized Discounts (81 ) (84 ) Senior Unsecured Notes, Net $ 544,293 $ 246,673 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.39% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (3,719 ) (4,232 ) Unsecured Term Loans, Net $ 456,281 $ 455,768 Unsecured Credit Facility (B) $ — $ 144,500 N/A N/A 10/29/2021 _______________ (A) During the six months ended June 30, 2018, pursuant to the agreements for our unsecured term loans entered into in 2014 and 2015 (collectively, the "Unsecured Term Loans"), we elected to have the interest spread calculated based on our investment grade rating resulting in a 10 basis point reduction in the credit spread compared to the prior rate. The interest rate at June 30, 2018 also 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 debt issuance costs of $4,182 and $4,781 as of June 30, 2018 and December 31, 2017, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets. Mortgage Loans Payable, Net During the six months ended June 30, 2018, we assumed a mortgage loan in the amount of $11,654 in conjunction with the acquisition of three industrial properties, totaling approximately 0.2 million square feet of GLA. The mortgage loan bears interest at a fixed rate of 4.17% , principal payments are amortized over 30 years and the loan matures in August 2028. During the six months ended June 30, 2018, we paid off mortgage loans in the amount of $157,782 . In connection with the mortgage loans paid off during the six months ended June 30, 2018, we recognized $39 as loss from retirement of debt representing the write-off of unamortized debt issuance costs offset by the write off of an unamortized premium. As of June 30, 2018, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $450,187 . We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of June 30, 2018. Senior Unsecured Notes, Net During the six months ended June 30, 2018, the Operating Partnership issued $150,000 of 3.86% Series C Guaranteed Senior Notes due February 15, 2028 (the "2028 Private Placement Notes") and $150,000 of 3.96% Series D Guaranteed Senior Notes due February 15, 2030 (the "2030 Private Placement Notes") (together with the 2027 Private Placement Notes and the 2029 Private Placement Notes (each as described in Note 4), collectively, the "Private Placement Notes") in a private placement pursuant to a Note and Guaranty Agreement dated December 12, 2017. The 2028 Private Placement Notes and the 2030 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. Indebtedness The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness, exclusive of premiums, discounts and debt issuance costs, for the next five years as of June 30, and thereafter: Amount Remainder of 2018 $ 3,682 2019 79,600 2020 59,046 2021 267,113 2022 341,552 Thereafter 558,870 Total $ 1,309,863 Our unsecured credit facility (the "Unsecured Credit Facility"), the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and indentures governing our senior unsecured notes as of June 30, 2018. 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 June 30, 2018 and December 31, 2017, the fair value of our indebtedness was as follows: June 30, 2018 December 31, 2017 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 301,468 $ 309,610 $ 451,862 $ 467,303 Senior Unsecured Notes, Net 548,490 549,593 248,487 269,731 Unsecured Term Loans 460,000 461,533 460,000 460,000 Unsecured Credit Facility — — 144,500 144,500 Total $ 1,309,958 $ 1,320,736 $ 1,304,849 $ 1,341,534 _______________ (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit Facility was primarily based upon Level 3 inputs. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Other Real Estate Partnerships The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts: June 30, 2018 December 31, 2017 ASSETS Assets: Net Investment in Real Estate $ 266,260 $ 270,708 Other Assets, Net 23,652 23,530 Total Assets $ 289,912 $ 294,238 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 20,723 $ 61,256 Other Liabilities, Net 8,425 9,283 Partners' Capital 260,764 223,699 Total Liabilities and Partners' Capital $ 289,912 $ 294,238 Joint Venture During the six months ended June 30, 2018, we entered into the Joint Venture with a third party partner for the purpose of developing, selling, leasing and operating approximately 532 net developable acres of land located in the Phoenix, Arizona metropolitan area. The purchase price of the land was $49,000 and was acquired by the Joint Venture via cash equity contributions from us and our joint venture partner. Through a wholly-owned subsidiary of the Operating Partnership, we own a 49% interest in the Joint Venture. Under the Joint Venture's operating agreement, we act as the managing member of the Joint Venture and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services to the Joint Venture. In addition, the Joint Venture's operating agreement provides us the ability to earn an incentive fee based on the ultimate financial performance of the Joint Venture. As part of our assessment of the appropriate accounting treatment for the Joint Venture, we reviewed the operating agreement of the Joint Venture in order to determine our rights and the rights of our joint venture partner, including whether those rights are protective or participating. We found that the operating agreement contains certain protective rights, such as the requirement of member approval to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. However, we also found that we and our Joint Venture partner jointly (i) approve the annual budget, (ii) approve certain expenditures, (iii) review and approve the Joint Venture's tax return before filing and (iv) approve each lease at a developed property. We consider the latter rights substantive participation rights that result in shared, joint power over the activities that most significantly impact the performance of the Joint Venture. As such, we concluded to account for our investment in the Joint Venture under the equity method of accounting. |
Stockholders_ Equity of the Com
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership | 6 Months Ended |
Jun. 30, 2018 | |
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 Issuance of Shares of Common Stock During the six months ended June 30, 2018, the Company issued 4,800,000 shares of the Company's common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $145,584 . The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and are reflected in the financial statements as a general partner contribution. Noncontrolling Interest of the Company The following table summarizes the changes in noncontrolling interest for the Company for the six months ended June 30, 2018 and 2017: 2018 2017 Balance as of December 31 $ 48,077 $ 43,184 Net Income 2,367 2,073 Other Comprehensive Income (Including a Reallocation of ($63) and $3) 200 30 Common Stock Dividends and Unit Distributions (1,418 ) (1,696 ) Conversion of Limited Partner Units to Common Stock (A) (12,327 ) — Retirement of Limited Partner Units (B) (934 ) — Reallocation - Additional Paid-in-Capital 2,218 1,525 Balance as of June 30 $ 38,183 $ 45,116 _______________ (A) For the six months ended June 30, 2018, 1,019,677 Limited Partner Units were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $12,327 of noncontrolling interest to the Company's stockholders' equity. (B) During the six months ended June 30, 2018, 33,333 Limited Partner Units were forfeited by a unitholder and were retired by the Operating Partnership. Noncontrolling Interest of the Operating Partnership The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the six months ended June 30, 2018 and 2017: 2018 2017 Balance as of December 31 $ 779 $ 956 Net Income 43 53 Contributions 121 20 Distributions (64 ) (82 ) Balance as of June 30 $ 879 $ 947 Dividends/Distributions During the six months ended June 30, 2018, we declared $55,316 common stock dividends and Unit distributions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the six months ended June 30, 2018: Interest Rate Protection Agreements Accumulated Other Comprehensive Income of the Operating Partnership Comprehensive Income Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Income of the Company Balance as of December 31, 2017 1,382 1,382 (44 ) 1,338 Other Comprehensive Income Before Reclassifications 8,690 8,690 (200 ) 8,490 Amounts Reclassified from Accumulated Other Comprehensive Income 607 607 — 607 Net Current Period Other Comprehensive Income 9,297 9,297 (200 ) 9,097 Balance as of June 30, 2018 10,679 10,679 (244 ) 10,435 The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and six months ended June 30, 2018 and 2017: Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Affected Line Items in the Consolidated Statements of Operations Interest Rate Protection Agreements: Amortization of Previously Settled Interest Rate Protection Agreements $ 23 $ 60 $ 47 $ 156 Interest Expense Settlement Payments to our Counterparties 97 1,161 560 2,574 Interest Expense Total $ 120 $ 1,221 $ 607 $ 2,730 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 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 $95 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) | 6 Months Ended |
Jun. 30, 2018 | |
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 Three Months Ended Six Months Ended Six Months Ended Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 45,209 $ 37,562 $ 81,501 $ 60,271 Net Income Allocable to Participating Securities (151 ) (129 ) (248 ) (196 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 45,058 $ 37,433 $ 81,253 $ 60,075 Denominator (In Thousands): Weighted Average Shares - Basic 123,616 117,299 121,741 117,070 Effect of Dilutive Securities: LTIP Unit Awards (As Defined in Note 9) 469 480 417 452 Weighted Average Shares - Diluted 124,085 117,779 122,158 117,522 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.36 $ 0.32 $ 0.67 $ 0.51 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended Three Months Ended Six Months Ended Six Months Ended Numerator: Net Income Available to Unitholders and Participating Securities $ 46,382 $ 38,827 $ 83,825 $ 62,291 Net Income Allocable to Participating Securities (151 ) (129 ) (248 ) (196 ) Net Income Available to Unitholders $ 46,231 $ 38,698 $ 83,577 $ 62,095 Denominator (In Thousands): Weighted Average Units - Basic 126,832 121,339 125,289 121,109 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP Unit Awards (As Defined in Note 9) 469 480 417 452 Weighted Average Units - Diluted 127,301 121,819 125,706 121,561 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.36 $ 0.32 $ 0.67 $ 0.51 Participating securities include 413,193 and 404,276 of unvested restricted stock or restricted Unit awards outstanding at June 30, 2018 and 2017, 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 | 6 Months Ended |
Jun. 30, 2018 | |
Share-based Compensation [Abstract] | |
Benefit Plans | Benefit Plans Restricted Stock or Restricted Unit Awards For the six months ended June 30, 2018, the Company awarded 211,890 shares of restricted stock awards to certain employees, which had an aggregate fair value of $6,068 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. Additionally, during the six months ended June 30, 2018, the Company awarded 15,169 shares of restricted stock to non-employee members of the Board of Directors, which had an aggregate fair value of $490 on the date of approval. These restricted stock awards vest over a one -year period. The Operating Partnership issued restricted Unit awards to the Company in the same amount for both restricted stock awards. Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted Unit awards expected to vest except if the recipient is not required to provide future service in exchange for vesting of such restricted stock or restricted Unit awards. If vesting of a recipient's restricted stock or restricted Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During the six months ended June 30, 2017, 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 six months ended June 30, 2018, the Company granted to certain employees 179,288 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards"), which had a fair value of $2,381 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 weighted average 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. 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 $1,997 and $1,822 for the three months ended June 30, 2018 and 2017, respectively and $3,686 and $4,923 for the six months ended June 30, 2018 and 2017 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 June 30, 2018, we had $12,453 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 1.03 years. Severance Expense During the six months ended June 30, 2018, we incurred $1,298 of severance costs related to a reduction in personnel as a result of changes in our real estate portfolio. The severance costs are included in general and administrative expense. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2018 | |
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. Fair Value Hedges In connection with the originations of 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 June 30, 2018, 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 related to the 2015 Swaps and the 2014 Swaps which are included in prepaid expenses and other assets on the consolidated balance sheets and which are accounted for at fair value on a recurring basis as of June 30, 2018: Fair Value Measurements: 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: 2014 Swaps $ 1,862 — $ 1,862 — 2015 Swaps $ 9,774 — $ 9,774 — There was no ineffectiveness recorded on the 2014 Swaps and 2015 Swaps during the six months ended June 30, 2018. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 Swaps and the 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 the 2015 Swaps fell within Level 2 of the fair value hierarchy. |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions During the three months ended June 30, 2018, we recognized fees of $36 from the Joint Venture related to asset management services provided to the Joint Venture. At June 30, 2018, we had a receivable from the Joint Venture of $36 related to this asset management fee. See Note 5 for more information on the Joint Venture. At June 30, 2018 and December 31, 2017, the Operating Partnership had receivable balances of $10,183 and $10,129 , respectively, from a direct wholly-owned subsidiary of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
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 June 30, 2018, we had five industrial properties totaling approximately 2.9 million square feet of GLA under construction. The estimated total investment as of June 30, 2018 is approximately $186,000 . Of this amount, approximately $79,100 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events From July 1, 2018 to July 26, 2018 , we sold one building and one parcel of land for approximately $3,359 . |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 ("2017 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2017 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2017 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, 2017 audited consolidated financial statements included in our 2017 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 June 30, 2018 and December 31, 2017, and the reported amounts of revenues and expenses for the three and six months ended June 30, 2018 and 2017. 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 June 30, 2018 and December 31, 2017, the results of our operations and comprehensive income for each of the three and six months ended June 30, 2018 and 2017, and our cash flows for each of the six months ended June 30, 2018 and 2017. All adjustments are of a normal recurring nature. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recent Accounting Standards Adopted In May 2014, the Financial Accounting Standards Board ("the FASB") issued Accounting Standards Updates ("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. ASU 2014-09 is effective for annual periods beginning after December 15, 2017. We adopted the new standard effective January 1, 2018. The adoption of the standard did not impact our financial position or results of operations. In August 2016 and November 2016, the FASB issued new ASUs impacting the statement of cash flows. ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" 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 No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" 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. We adopted both standards on January 1, 2018. The adoption of ASU Nos. 2016-15 and 2016-18 modified our presentation of certain activities within the Consolidated Statements of Cash Flows. Restricted cash is comprised of gross proceeds from the sales of certain industrial properties that are held by intermediary agents to be used for tax-deferred, like-kind exchange transactions under Section 1031 of the Code. For the six months ended June 30, 2018 and 2017, $15,679 and $5,619 of restricted cash was included in "Cash, Cash Equivalents and Restricted Cash" in our Consolidated Statements of Cash Flows. Additionally, as a result of the adoption of these standards we reclassified $1,453 of prepayment penalties in connection with the payoff of certain mortgage loans from operating activities to financing activities for the six months ended June 30, 2017. The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within our Consolidated Balance Sheets to amounts reported within our Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017: 2018 2017 Cash and Cash Equivalents $ 61,834 $ 11,607 Restricted Cash 15,679 5,619 Total Cash, Cash Equivalents and Restricted Cash $ 77,513 $ 17,226 Recent Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU 2016-02"), which amends the existing accounting standards for lease accounting. ASU 2016-02 will require lessees, at lease commencement to record a right-of-use asset and lease liability for all leases with terms longer than twelve months. We are a lessee on a limited number of ground and office leases and expect to record a right-of-use asset and lease liability for these leases upon adoption of this standard. The expense pattern for these leases will be consistent with that of our historical recognition. The accounting for lessors will remain largely unchanged from existing GAAP standards with the underlying leased asset being reported and recognized as a real estate asset and rental income being recognized on a straight line basis over the lease term. This standard may also impact the timing, recognition, presentation and disclosures related to our rental recoveries from tenants earned from leasing our operating properties, although we do not expect a significant impact. Additionally, ASU 2016-02 requires that lessors expense certain initial direct costs that are not incremental in negotiating a lease as incurred. Based on our results for the year ended December 31, 2017, we anticipate this change will reduce our EPS/EPU by approximately $0.01 in the year of adoption. ASU 2016-02 will become effective for us on January 1, 2019. We expect to adopt the practical expedients available for implementation under the standard. By adopting these practical expedients, we would not be required to reassess (1) whether an expired or existing contract meets the definition of a lease; (2) the lease classification for expired or existing leases; or (3) whether costs previously capitalized as initial direct costs would continue to be amortized. While we are well into our analysis of the adoption, we will continue to evaluate and assess the impact the adoption of ASU 2016-02 will have on the Consolidated Financial Statements and related disclosures. In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic 815): Targeting Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). ASU 2017-12 is intended to better align financial reporting for hedging activities with the economic objectives of those activities. As a result of the transition guidance, cumulative ineffectiveness that has been previously recognized on cash flow and net investment hedges that are still outstanding and designated as of the date of adoption will be adjusted and removed from beginning retained earnings and placed in accumulated other comprehensive income. ASU 2017-12 is effective for annual periods beginning after December 15, 2018. We continue to assess all the potential impacts of ASU 2017-12; however, we do not expect the adoption to have an impact on our financial condition or results of operations. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within our Consolidated Balance Sheets to amounts reported within our Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017: 2018 2017 Cash and Cash Equivalents $ 61,834 $ 11,607 Restricted Cash 15,679 5,619 Total Cash, Cash Equivalents and Restricted Cash $ 77,513 $ 17,226 |
Investment in Real Estate Inves
Investment in Real Estate Investment in Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Abstract] | |
Summary of Acquisition Purchase Price Allocation | Purchase Price Land $ 50,262 Building and Improvements 45,393 Other Assets (leasing commissions) 526 In-Place Leases 2,483 Above Market Leases 73 Below Market Leases (737 ) Total Purchase Price $ 98,000 Assumed Mortgage Loan (Note 4) (11,654 ) Total Net Assets Acquired $ 86,346 The revenue and net income associated with the acquisition of the industrial properties, since their respective acquisition dates, are not significant for the six months ended June 30, 2018. |
Fair Value Measurements, Nonrecurring | The following table presents information about the one land parcel that was measured at fair value on a non-recurring basis and also indicates the fair value hierarchy of the valuation techniques we used to determine such fair value. Fair Value Measurements on a Non-Recurring Basis Using: Description At June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Impairment for the Six Months Ended One land parcel $ 1,889 — — $ 1,889 $ 471 |
Fair Value Inputs, Assets, Quantitative Information | The following table presents quantitative information about the significant unobservable inputs we used to determine fair value of non-recurring items at June 30, 2018. Quantitative Information about Level 3 Fair Value Measurements: Description Fair Value Valuation Technique Unobservable Inputs Range Impairment of one land parcel $ 1,889 Contracted Price (A) N/A _______________ (A) The fair value for the land parcel was based upon the value included in a third party purchase contract, which was subject to our corroboration for reasonableness. |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Indebtedness | The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Interest Rate at Issuance Maturity Date June 30, 2018 December 31, 2017 Mortgage Loans Payable, Gross $ 301,292 $ 451,602 4.03% – 8.26% 3.82% – 8.26% July 2019 – August 2028 Unamortized Debt Issuance Costs (1,490 ) (1,806 ) Unamortized Premiums 176 260 Mortgage Loans Payable, Net $ 299,978 $ 450,056 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 — 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2030 Private Placement Notes 150,000 — 3.96% 3.96% 2/15/2030 Subtotal $ 548,571 $ 248,571 Unamortized Debt Issuance Costs (4,197 ) (1,814 ) Unamortized Discounts (81 ) (84 ) Senior Unsecured Notes, Net $ 544,293 $ 246,673 Unsecured Term Loans, Gross 2014 Unsecured Term Loan (A) $ 200,000 $ 200,000 3.39% N/A 1/29/2021 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (3,719 ) (4,232 ) Unsecured Term Loans, Net $ 456,281 $ 455,768 Unsecured Credit Facility (B) $ — $ 144,500 N/A N/A 10/29/2021 _______________ (A) During the six months ended June 30, 2018, pursuant to the agreements for our unsecured term loans entered into in 2014 and 2015 (collectively, the "Unsecured Term Loans"), we elected to have the interest spread calculated based on our investment grade rating resulting in a 10 basis point reduction in the credit spread compared to the prior rate. The interest rate at June 30, 2018 also 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 debt issuance costs of $4,182 and $4,781 as of June 30, 2018 and December 31, 2017, 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 debt issuance costs, for the next five years as of June 30, and thereafter: Amount Remainder of 2018 $ 3,682 2019 79,600 2020 59,046 2021 267,113 2022 341,552 Thereafter 558,870 Total $ 1,309,863 |
Summary of Indebtedness at Estimated Fair Value | At June 30, 2018 and December 31, 2017, the fair value of our indebtedness was as follows: June 30, 2018 December 31, 2017 Carrying Amount (A) Fair Value Carrying Amount (A) Fair Value Mortgage Loans Payable, Net $ 301,468 $ 309,610 $ 451,862 $ 467,303 Senior Unsecured Notes, Net 548,490 549,593 248,487 269,731 Unsecured Term Loans 460,000 461,533 460,000 460,000 Unsecured Credit Facility — — 144,500 144,500 Total $ 1,309,958 $ 1,320,736 $ 1,304,849 $ 1,341,534 _______________ (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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: June 30, 2018 December 31, 2017 ASSETS Assets: Net Investment in Real Estate $ 266,260 $ 270,708 Other Assets, Net 23,652 23,530 Total Assets $ 289,912 $ 294,238 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 20,723 $ 61,256 Other Liabilities, Net 8,425 9,283 Partners' Capital 260,764 223,699 Total Liabilities and Partners' Capital $ 289,912 $ 294,238 |
Stockholders_ Equity of the C26
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Noncontrolling Interest Rollforward | The following table summarizes the changes in noncontrolling interest for the Company for the six months ended June 30, 2018 and 2017: 2018 2017 Balance as of December 31 $ 48,077 $ 43,184 Net Income 2,367 2,073 Other Comprehensive Income (Including a Reallocation of ($63) and $3) 200 30 Common Stock Dividends and Unit Distributions (1,418 ) (1,696 ) Conversion of Limited Partner Units to Common Stock (A) (12,327 ) — Retirement of Limited Partner Units (B) (934 ) — Reallocation - Additional Paid-in-Capital 2,218 1,525 Balance as of June 30 $ 38,183 $ 45,116 _______________ (A) For the six months ended June 30, 2018, 1,019,677 Limited Partner Units were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $12,327 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 six months ended June 30, 2018 and 2017: 2018 2017 Balance as of December 31 $ 779 $ 956 Net Income 43 53 Contributions 121 20 Distributions (64 ) (82 ) Balance as of June 30 $ 879 $ 947 |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the six months ended June 30, 2018: Interest Rate Protection Agreements Accumulated Other Comprehensive Income of the Operating Partnership Comprehensive Income Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Income of the Company Balance as of December 31, 2017 1,382 1,382 (44 ) 1,338 Other Comprehensive Income Before Reclassifications 8,690 8,690 (200 ) 8,490 Amounts Reclassified from Accumulated Other Comprehensive Income 607 607 — 607 Net Current Period Other Comprehensive Income 9,297 9,297 (200 ) 9,097 Balance as of June 30, 2018 10,679 10,679 (244 ) 10,435 |
Reclassification Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three and six months ended June 30, 2018 and 2017: Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Affected Line Items in the Consolidated Statements of Operations Interest Rate Protection Agreements: Amortization of Previously Settled Interest Rate Protection Agreements $ 23 $ 60 $ 47 $ 156 Interest Expense Settlement Payments to our Counterparties 97 1,161 560 2,574 Interest Expense Total $ 120 $ 1,221 $ 607 $ 2,730 |
Earnings Per Share _ Unit (EP28
Earnings Per Share / Unit (EPS / EPU) (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 Three Months Ended Six Months Ended Six Months Ended Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 45,209 $ 37,562 $ 81,501 $ 60,271 Net Income Allocable to Participating Securities (151 ) (129 ) (248 ) (196 ) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 45,058 $ 37,433 $ 81,253 $ 60,075 Denominator (In Thousands): Weighted Average Shares - Basic 123,616 117,299 121,741 117,070 Effect of Dilutive Securities: LTIP Unit Awards (As Defined in Note 9) 469 480 417 452 Weighted Average Shares - Diluted 124,085 117,779 122,158 117,522 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.36 $ 0.32 $ 0.67 $ 0.51 |
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 Three Months Ended Six Months Ended Six Months Ended Numerator: Net Income Available to Unitholders and Participating Securities $ 46,382 $ 38,827 $ 83,825 $ 62,291 Net Income Allocable to Participating Securities (151 ) (129 ) (248 ) (196 ) Net Income Available to Unitholders $ 46,231 $ 38,698 $ 83,577 $ 62,095 Denominator (In Thousands): Weighted Average Units - Basic 126,832 121,339 125,289 121,109 Effect of Dilutive Securities that Result in the Issuance of General Partner Units: LTIP Unit Awards (As Defined in Note 9) 469 480 417 452 Weighted Average Units - Diluted 127,301 121,819 125,706 121,561 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.36 $ 0.32 $ 0.67 $ 0.51 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements on Recurring Basis | The following table sets forth our financial assets related to the 2015 Swaps and the 2014 Swaps which are included in prepaid expenses and other assets on the consolidated balance sheets and which are accounted for at fair value on a recurring basis as of June 30, 2018: Fair Value Measurements: 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: 2014 Swaps $ 1,862 — $ 1,862 — 2015 Swaps $ 9,774 — $ 9,774 — |
Organization - Additional Infor
Organization - Additional Information (Details) ft² in Millions | 6 Months Ended |
Jun. 30, 2018ft²PropertyState | |
Organization [Line Items] | |
Company's ownership interest | 97.70% |
Limited partners' ownership interest in the Operating Partnership | 2.30% |
Number of industrial properties owned | Property | 471 |
Number of states in which industrial properties are located | State | 21 |
Gross leasable area (GLA) of industrial properties owned | ft² | 61.1 |
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% |
Joint Venture | |
Organization [Line Items] | |
Equity Method Investment, Ownership Percentage | 49.00% |
Summary of Significant Accoun31
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Restricted Cash | $ 15,679 | $ 5,619 | $ 25,336 |
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 0 | $ 1,453 | |
Capitalized Initial Direct Costs | $ 0.01 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents | $ 61,834 | $ 21,146 | $ 11,607 | |
Restricted Cash | 15,679 | 25,336 | 5,619 | |
Total Cash, Cash Equivalents and Restricted Cash | $ 77,513 | $ 46,482 | $ 17,226 | $ 21,461 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)ft²Property | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)ft²Property | Jun. 30, 2017USD ($) | |
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 471 | 471 | ||
Gross leasable area (GLA) of industrial properties | ft² | 61.1 | 61.1 | ||
Impairment of Real Estate | $ | $ 0 | $ 0 | $ 2,756 | $ 0 |
Acquisition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 6 | 6 | ||
Gross leasable area (GLA) of industrial properties | ft² | 0.5 | 0.5 | ||
Number of Land Parcels | 5 | 5 | ||
Held For Sale Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 2 | 2 | ||
Gross leasable area (GLA) of industrial properties | ft² | 0.4 | 0.4 | ||
Number of Land Parcels | 4 | 4 | ||
Disposition Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 30 | 30 | ||
Gross leasable area (GLA) of industrial properties | ft² | 1.3 | 1.3 | ||
Number of Land Parcels | 1 | 1 | ||
Proceeds from sale of industrial properties | $ | $ 97,979 | |||
Gain on sale of real estate | $ | $ 45,156 | |||
Impairment Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 1 | 1 | ||
Number of Land Parcels | 1 | 1 | ||
Impairment of Real Estate | $ | $ 2,756 | |||
Disposition with Impairment Activity | ||||
Real Estate Properties [Line Items] | ||||
Number of industrial properties | 1 | 1 |
Investment in Real Estate Inv34
Investment in Real Estate Investment in Real Estate - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Real Estate [Line Items] | ||
Land | $ 888,466 | $ 864,813 |
Buildings and Improvements | 2,579,886 | $ 2,521,457 |
Acquisition Activity | ||
Real Estate [Line Items] | ||
Land | 50,262 | |
Buildings and Improvements | 45,393 | |
Other Assets | 526 | |
Purchase price of industrial properties acquired | 98,000 | |
Assumed Mortgage Loan (Note 4) | 11,654 | |
Purchase Price, Net | 86,346 | |
Acquisition Activity | In-Place Leases | ||
Real Estate [Line Items] | ||
Acquired finite lived intangible assets, fair value | (2,483) | |
Acquisition Activity | Above Market Leases | ||
Real Estate [Line Items] | ||
Acquired finite lived intangible assets, fair value | (73) | |
Acquisition Activity | Below Market Leases | ||
Real Estate [Line Items] | ||
Acquired finite lived intangible liabilities, fair value | $ (737) |
Investment in Real Estate Fair
Investment in Real Estate Fair Value Measurement on Non-Recurring Basis (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)Property | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Impairment | $ (471) |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Land Parcel Held For Sale | 1,889 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Land Parcel Held For Sale | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Land Parcel Held For Sale | 0 |
Fair Value, Measurements, Nonrecurring | Unobservable Inputs (Level 3) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Land Parcel Held For Sale | $ 1,889 |
Impairment Activity | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Number of Land Parcels | Property | 1 |
Investment in Real Estate Quant
Investment in Real Estate Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands | Jun. 30, 2018USD ($)Property |
Unobservable Inputs (Level 3) | ContractedPrice | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair Value of Industrial Property | $ | $ 1,889 |
Impairment Activity | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Number of Land Parcels | Property | 1 |
Indebtedness - Summary of Indeb
Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 1,309,863 | ||
Unsecured Credit Facility | 0 | $ 144,500 | |
2027 Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 6,070 | 6,070 | |
Interest Rate | 7.15% | ||
Effective Interest Rate | 7.11% | ||
Maturity Date | May 15, 2027 | ||
2028 Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 31,901 | 31,901 | |
Interest Rate | 7.60% | ||
Effective Interest Rate | 8.13% | ||
Maturity Date | Jul. 15, 2028 | ||
2032 Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 10,600 | 10,600 | |
Interest Rate | 7.75% | ||
Effective Interest Rate | 7.87% | ||
Maturity Date | Apr. 15, 2032 | ||
2027 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 125,000 | 125,000 | |
Interest Rate | 4.30% | ||
Effective Interest Rate | 4.30% | ||
Maturity Date | Apr. 20, 2027 | ||
2028 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 0 | |
Interest Rate | 3.86% | ||
Effective Interest Rate | 3.86% | ||
Maturity Date | Feb. 15, 2028 | ||
2029 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 75,000 | 75,000 | |
Interest Rate | 4.40% | ||
Effective Interest Rate | 4.40% | ||
Maturity Date | Apr. 20, 2029 | ||
2030 Private Placement Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 150,000 | 0 | |
Interest Rate | 3.96% | ||
Effective Interest Rate | 3.96% | ||
Maturity Date | Feb. 15, 2030 | ||
2014 Unsecured Term Loan (A) | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 200,000 | 200,000 | |
Interest Rate | [1] | 3.39% | |
Maturity Date | [1] | Jan. 29, 2021 | |
2015 Unsecured Term Loan (A) | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 260,000 | 260,000 | |
Interest Rate | [1] | 2.89% | |
Maturity Date | [1] | Sep. 12, 2022 | |
Mortgage Loans Payable | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 301,292 | 451,602 | |
Unamortized Debt Issuance Costs | (1,490) | (1,806) | |
Unamortized Premiums | 176 | 260 | |
Long-term Debt | $ 299,978 | 450,056 | |
Maturity Date Range, Start | Jul. 1, 2019 | ||
Maturity Date Range, End | Aug. 1, 2028 | ||
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 548,571 | 248,571 | |
Unamortized Debt Issuance Costs | (4,197) | (1,814) | |
Unamortized Discounts | 81 | 84 | |
Long-term Debt | 544,293 | 246,673 | |
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | 460,000 | 460,000 | |
Unamortized Debt Issuance Costs | (3,719) | (4,232) | |
Long-term Debt | 456,281 | 455,768 | |
Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Costs | (4,182) | (4,781) | |
Unsecured Credit Facility | [2] | $ 0 | $ 144,500 |
Maturity Date | [2] | Oct. 29, 2021 | |
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 June 30, 2018 also 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 debt issuance costs of $4,182 and $4,781 as of June 30, 2018 and December 31, 2017, respectively, which are included in prepaid expenses and other assets on the consolidated balance sheets. |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018USD ($)ft²Property | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)ft²Property | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | ||
Debt Instrument [Line Items] | ||||||
Number of industrial properties | Property | 471 | 471 | ||||
Gross leasable area (GLA) of industrial properties | ft² | 61.1 | 61.1 | ||||
Loss from Retirement of Debt | $ 0 | $ 0 | $ (39) | $ (1,653) | ||
Long-term Debt, Gross | 1,309,863 | 1,309,863 | ||||
Unsecured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized Debt Issuance Costs | 4,182 | 4,182 | $ 4,781 | |||
Mortgage Loans Payable | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized Debt Issuance Costs | 1,490 | 1,490 | 1,806 | |||
Extinguishment of debt, amount | 157,782 | |||||
Loss from Retirement of Debt | 39 | |||||
Net carrying value of industrial properties collateralized by mortgage loans | 450,187 | 450,187 | ||||
Long-term Debt, Gross | $ 301,292 | $ 301,292 | 451,602 | |||
2014 Unsecured Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Interest Rate Change Due to Investment Grade Rating | 10 basis point | |||||
Interest Rate | [1] | 3.39% | 3.39% | |||
Long-term Debt, Gross | $ 200,000 | $ 200,000 | 200,000 | |||
2015 Unsecured Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Interest Rate Change Due to Investment Grade Rating | 10 basis point | |||||
Interest Rate | [1] | 2.89% | 2.89% | |||
Long-term Debt, Gross | $ 260,000 | $ 260,000 | 260,000 | |||
Assumed Mortgage | Mortgage Loans Payable | ||||||
Debt Instrument [Line Items] | ||||||
Assumed Mortgage Loan | $ 11,654 | |||||
Number of industrial properties | Property | 3 | 3 | ||||
Gross leasable area (GLA) of industrial properties | ft² | 0.2 | 0.2 | ||||
Interest Rate | 4.17% | 4.17% | ||||
2028 Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.86% | 3.86% | ||||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | 0 | |||
Effective Interest Rate | 3.86% | 3.86% | ||||
2030 Private Placement Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.96% | 3.96% | ||||
Long-term Debt, Gross | $ 150,000 | $ 150,000 | $ 0 | |||
Effective Interest Rate | 3.96% | 3.96% | ||||
[1] | The interest rate at June 30, 2018 also reflects the interest rate protection agreements we entered into to effectively convert the variable rate to a fixed rate. See Note 10. |
Indebtedness - Schedule of Matu
Indebtedness - Schedule of Maturities (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2018 | $ 3,682 |
2,019 | 79,600 |
2,020 | 59,046 |
2,021 | 267,113 |
2,022 | 341,552 |
Thereafter | 558,870 |
Total | $ 1,309,863 |
Indebtedness - Summary of Ind40
Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | $ 309,610 | $ 467,303 | |
Senior Unsecured Notes, Net | 549,593 | 269,731 | |
Unsecured Term Loans | 461,533 | 460,000 | |
Unsecured Credit Facility | 0 | 144,500 | |
Total | 1,320,736 | 1,341,534 | |
Carrying Amount (A) | |||
Debt Instrument [Line Items] | |||
Mortgage Loans Payable, Net | [1] | 301,468 | 451,862 |
Senior Unsecured Notes, Net | [1] | 548,490 | 248,487 |
Unsecured Term Loans | [1] | 460,000 | 460,000 |
Unsecured Credit Facility | [1] | 0 | 144,500 |
Total | [1] | $ 1,309,958 | $ 1,304,849 |
[1] | The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs. |
Variable Interest Entities - Su
Variable Interest Entities - Summarized Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Net Investment in Real Estate | $ 2,792,668 | $ 2,705,826 |
Total Assets | 3,110,354 | 2,941,062 |
Liabilities and Partners' Capital: | ||
Mortgage Loans Payable, Net | 299,978 | 450,056 |
Total Liabilities and Equity/Partners' Capital | 3,110,354 | 2,941,062 |
Other Real Estate Partnerships | ||
Assets: | ||
Net Investment in Real Estate | 266,260 | 270,708 |
Other Assets, Net | 23,652 | 23,530 |
Total Assets | 289,912 | 294,238 |
Liabilities and Partners' Capital: | ||
Mortgage Loans Payable, Net | 20,723 | 61,256 |
Other Liabilities, Net | 8,425 | 9,283 |
Partners' Capital | 260,764 | 223,699 |
Total Liabilities and Equity/Partners' Capital | $ 289,912 | $ 294,238 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Joint Venture $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)Property | |
Variable Interest Entity [Line Items] | |
Number of Acres | Property | 532 |
Purchase Price | $ | $ 49,000 |
Equity Method Investment, Ownership Percentage | 49.00% |
Stockholders_ Equity of the C43
Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Class of Stock [Line Items] | ||
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | $ 145,584 | $ 74,880 |
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 0 | 0 |
Limited Partners' Capital Account, Units Retired | 33,333 | |
Common Stock Dividends and Unit Distributions | $ 55,316 | |
Common Stock / Operating Partnership Units | ||
Class of Stock [Line Items] | ||
Shares of Common Stock Issued | 4,800,000 | |
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | $ 145,584 | |
Conversion of Limited Partner Units to Common Stock / General Partner Units, Shares | 1,019,677 | |
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 12,327 | |
Common Stock Dividends and Unit Distributions | 55,316 | |
First Industrial, L.P. | ||
Class of Stock [Line Items] | ||
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount | 145,584 | 74,880 |
Conversion of Limited Partner Units to Common Stock / General Partner Units | $ 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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | $ 48,077 | |||
Net Income | $ 1,195 | $ 1,291 | 2,367 | $ 2,073 |
Other Comprehensive Income | 9,297 | |||
Common Stock Dividends and Unit Distributions | (55,316) | |||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | ||
Retirement of Limited Partner Units | (934) | |||
Reallocation - Additional Paid-in-Capital | 0 | |||
Ending Balance | 38,183 | 38,183 | ||
Noncontrolling Interest | ||||
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | 48,077 | 43,184 | ||
Net Income | 2,367 | 2,073 | ||
Other Comprehensive Income | 200 | 30 | ||
Common Stock Dividends and Unit Distributions | (1,418) | (1,696) | ||
Conversion of Limited Partner Units to Common Stock / General Partner Units | (12,327) | 0 | ||
Retirement of Limited Partner Units | (934) | 0 | ||
Reallocation - Additional Paid-in-Capital | 2,218 | 1,525 | ||
Ending Balance | 38,183 | 45,116 | 38,183 | 45,116 |
Reallocation of OCI | (63) | 3 | ||
First Industrial, L.P. | ||||
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | 779 | |||
Net Income | 22 | 26 | 43 | 53 |
Other Comprehensive Income | 9,297 | |||
Contributions | 121 | |||
Distributions | (64) | |||
Conversion of Limited Partner Units to Common Stock / General Partner Units | 0 | 0 | ||
Retirement of Limited Partner Units | (934) | |||
Ending Balance | 879 | 879 | ||
First Industrial, L.P. | Noncontrolling Interest | ||||
Noncontrolling Interest [Line Items] | ||||
Beginning Balance | 779 | 956 | ||
Net Income | 43 | 53 | ||
Contributions | 121 | 20 | ||
Distributions | (64) | (82) | ||
Ending Balance | $ 879 | $ 947 | $ 879 | $ 947 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Changes in AOCI) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | $ 1,475,877 |
Net Current Period Other Comprehensive Income | 9,297 |
Ending Balance | 1,655,812 |
Interest Rate Protection Agreements | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | 1,382 |
Other Comprehensive Income Before Reclassifications | 8,690 |
Amounts Reclassified from Accumulated Other Comprehensive Income | 607 |
Net Current Period Other Comprehensive Income | 9,297 |
Ending Balance | 10,679 |
Comprehensive Income Attributable to Noncontrolling Interest of the Company | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | (44) |
Other Comprehensive Income Before Reclassifications | (200) |
Amounts Reclassified from Accumulated Other Comprehensive Income | 0 |
Net Current Period Other Comprehensive Income | (200) |
Ending Balance | (244) |
Accumulated Other Comprehensive Income of the Company | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | 1,338 |
Other Comprehensive Income Before Reclassifications | 8,490 |
Amounts Reclassified from Accumulated Other Comprehensive Income | 607 |
Net Current Period Other Comprehensive Income | 9,097 |
Ending Balance | 10,435 |
First Industrial, L.P. | |
Accumulated Other Comprehensive Income [Line Items] | |
Net Current Period Other Comprehensive Income | 9,297 |
First Industrial, L.P. | Accumulated Other Comprehensive Income of the Operating Partnership | |
Accumulated Other Comprehensive Income [Line Items] | |
Beginning Balance | 1,382 |
Other Comprehensive Income Before Reclassifications | 8,690 |
Amounts Reclassified from Accumulated Other Comprehensive Income | 607 |
Net Current Period Other Comprehensive Income | 9,297 |
Ending Balance | $ 10,679 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income [Line Items] | ||||
Interest Expense - Amortization of IRPAs | $ 12,603 | $ 14,915 | $ 25,394 | $ 29,284 |
Total | 11,619 | 5,165 | 18,023 | (3,626) |
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements | ||||
Accumulated Other Comprehensive Income [Line Items] | ||||
Interest Expense - Amortization of IRPAs | 23 | 60 | 47 | 156 |
Interest Expense - Settlement Payments | 97 | 1,161 | 560 | 2,574 |
Total | $ 120 | $ 1,221 | $ 607 | $ 2,730 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Amortization to be reclassified from OCI into income | $ 95 |
Earnings Per Share _ Unit (EP48
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 | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Numerator: | ||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 45,209 | $ 37,562 | $ 81,501 | $ 60,271 |
Net Income Allocable to Participating Securities | (151) | (129) | (248) | (196) |
Net Income Available to Common Stockholders / Unitholders | $ 45,058 | $ 37,433 | $ 81,253 | $ 60,075 |
Denominator: | ||||
Weighted Average Shares / Units - Basic | 123,616 | 117,299 | 121,741 | 117,070 |
LTIP Unit Awards (As Defined in Note 9) | 469 | 480 | 417 | 452 |
Weighted Average Shares / Units - Diluted | 124,085 | 117,779 | 122,158 | 117,522 |
Basic and Diluted Earnings Per Share / Unit: | ||||
Net Income Available to Common Stockholders / Unitholders | $ 0.36 | $ 0.32 | $ 0.67 | $ 0.51 |
First Industrial, L.P. | ||||
Numerator: | ||||
Net Income Available to Common Stockholders / Unitholders and Participating Securities | $ 46,382 | $ 38,827 | $ 83,825 | $ 62,291 |
Net Income Allocable to Participating Securities | (151) | (129) | (248) | (196) |
Net Income Available to Common Stockholders / Unitholders | $ 46,231 | $ 38,698 | $ 83,577 | $ 62,095 |
Denominator: | ||||
Weighted Average Shares / Units - Basic | 126,832 | 121,339 | 125,289 | 121,109 |
LTIP Unit Awards (As Defined in Note 9) | 469 | 480 | 417 | 452 |
Weighted Average Shares / Units - Diluted | 127,301 | 121,819 | 125,706 | 121,561 |
Basic and Diluted Earnings Per Share / Unit: | ||||
Net Income Available to Common Stockholders / Unitholders | $ 0.36 | $ 0.32 | $ 0.67 | $ 0.51 |
Earnings Per Share _ Unit (EP49
Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares | Jun. 30, 2018 | Jun. 30, 2017 |
Earnings Per Share [Abstract] | ||
Unvested Restricted Stock / Unit Awards | 413,193 | 404,276 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Amortization related to restricted stock/Unit awards and LTIP Unit Awards | $ 1,997 | $ 1,822 | $ 3,686 | $ 4,923 |
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards | 12,453 | $ 12,453 | ||
Weighted average period of unrecognized compensation expected to be recognized | 1 year 10 days | |||
Severance Costs | $ 1,298 | |||
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 | 211,890 | |||
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued | 6,068 | $ 6,068 | ||
Vesting period of restricted stock/Unit awards issued | 3 years | |||
Compensation expense recognized at date of grant | $ 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 | 179,288 | |||
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued | 2,381 | $ 2,381 | ||
Vesting period of restricted stock/Unit awards issued | 3 years | |||
Director | Restricted Stock/Unit Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock/Unit awards and LTIP Unit Awards issued | 15,169 | |||
Fair value of restricted stock/Unit awards and LTIP Unit Awards issued | $ 490 | $ 490 | ||
Vesting period of restricted stock/Unit awards issued | 1 year |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
2014 Swaps | |
Derivative [Line Items] | |
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, 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 | Jun. 30, 2018USD ($) |
2014 Swaps | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | $ 1,862 |
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | 0 |
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | 1,862 |
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | 0 |
2015 Swaps | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | 9,774 |
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | 0 |
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | 9,774 |
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3) | |
Derivatives, Fair Value [Line Items] | |
Hedging Instrument, Asset, Fair Value | $ 0 |
Related Party Transactions Re53
Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Receivable balance due from a direct wholly-owned subsidiary | $ 10,183 | $ 10,129 |
Joint Venture | ||
Related Party Transaction [Line Items] | ||
Asset Management Fees | 36 | |
Receivable balance due from joint venture | $ 36 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions | Jun. 30, 2018USD ($)ft²Property |
Other Commitments [Line Items] | |
Number of industrial properties | Property | 471 |
Gross leasable area (GLA) of industrial properties | ft² | 61.1 |
Development Activity | |
Other Commitments [Line Items] | |
Number of industrial properties | Property | 5 |
Gross leasable area (GLA) of industrial properties | ft² | 2.9 |
Estimated total investment | $ | $ 186,000 |
Estimated total investment remaining to be funded | $ | $ 79,100 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | 1 Months Ended | 6 Months Ended |
Jul. 26, 2018USD ($)Property | Jun. 30, 2018USD ($)Property | |
Subsequent Event [Line Items] | ||
Number of industrial properties owned | 471 | |
Disposition Activity | ||
Subsequent Event [Line Items] | ||
Number of industrial properties owned | 30 | |
Number of Land Parcels | 1 | |
Proceeds from sale of industrial properties | $ | $ 97,979 | |
Subsequent Event | Disposition Activity | ||
Subsequent Event [Line Items] | ||
Number of industrial properties owned | 1 | |
Number of Land Parcels | 1 | |
Proceeds from sale of industrial properties | $ | $ 3,359 |