First Industrial Realty Trust (FR) 10-Q 23 Apr 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 21, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-13102
Entity Registrant Name	FIRST INDUSTRIAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	36-3935116
Entity Address, Address Line One	1 N. Wacker Drive, Suite 4200
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	344-4300
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	FR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000921825
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		129,127,510
First Industrial, L.P.
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity File Number	333-21873
Entity Registrant Name	FIRST INDUSTRIAL, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3924586
Trading Symbol	FRFI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001033128
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment in Real Estate:
Land	$ 1,100,268	$ 1,087,907
Buildings and Improvements	2,968,490	2,922,152
Construction in Progress	77,418	77,574
Less: Accumulated Depreciation	(846,942)	(832,393)
Net Investment in Real Estate	3,299,234	3,255,240
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $0 and $7,054	4,147	15,663
Operating Lease Right-of-Use Assets	24,953	25,205
Cash and Cash Equivalents	97,723	162,090
Restricted Cash	81,975	37,568
Tenant Accounts Receivable	8,914	5,714
Investment in Joint Ventures	46,424	45,697
Deferred Rent Receivable	89,985	84,567
Deferred Leasing Intangibles, Net	23,884	25,211
Prepaid Expenses and Other Assets, Net	139,614	134,983
Total Assets	3,816,853	3,791,938
Indebtedness:
Mortgage Loans Payable, Net	142,676	143,879
Senior Unsecured Notes, Net	992,481	992,300
Unsecured Term Loans, Net	458,785	458,462
Accounts Payable, Accrued Expenses and Other Liabilities	94,110	120,292
Operating Lease Liabilities	22,608	22,826
Deferred Leasing Intangibles, Net	10,577	11,064
Rents Received in Advance and Security Deposits	78,613	62,092
Dividends and Distributions Payable	36,118	33,703
Total Liabilities	1,835,968	1,844,618
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 129,127,858 and 129,051,412 shares issued and outstanding)	1,291	1,290
Additional Paid-in Capital	2,221,256	2,224,691
Distributions in Excess of Accumulated Earnings	(281,323)	(306,294)
Accumulated Other Comprehensive Loss	(10,312)	(16,953)
Total First Industrial Realty Trust, Inc.'s Equity	1,930,912	1,902,734
Noncontrolling Interests	49,973	44,586
Total Equity	1,980,885	1,947,320
Total Liabilities and Equity/Partners' Capital	3,816,853	3,791,938
First Industrial, L.P.
Investment in Real Estate:
Land	1,100,268	1,087,907
Buildings and Improvements	2,968,490	2,922,152
Construction in Progress	77,418	77,574
Less: Accumulated Depreciation	(846,942)	(832,393)
Net Investment in Real Estate	3,299,234	3,255,240
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $0 and $7,054	4,147	15,663
Operating Lease Right-of-Use Assets	24,953	25,205
Cash and Cash Equivalents	97,723	162,090
Restricted Cash	81,975	37,568
Tenant Accounts Receivable	8,914	5,714
Investment in Joint Ventures	46,424	45,697
Deferred Rent Receivable	89,985	84,567
Deferred Leasing Intangibles, Net	23,884	25,211
Prepaid Expenses and Other Assets, Net	148,989	144,353
Total Assets	3,826,228	3,801,308
Indebtedness:
Mortgage Loans Payable, Net	142,676	143,879
Senior Unsecured Notes, Net	992,481	992,300
Unsecured Term Loans, Net	458,785	458,462
Accounts Payable, Accrued Expenses and Other Liabilities	94,110	120,292
Operating Lease Liabilities	22,608	22,826
Deferred Leasing Intangibles, Net	10,577	11,064
Rents Received in Advance and Security Deposits	78,613	62,092
Dividends and Distributions Payable	36,118	33,703
Total Liabilities	1,835,968	1,844,618
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial, L.P.'s Partners' Capital:
General Partner Units (129,127,858 and 129,051,412 units outstanding)	1,922,260	1,898,635
Limited Partners Units (3,031,930 and 2,713,142 units outstanding)	73,602	70,435
Accumulated Other Comprehensive Loss	(10,553)	(17,308)
Total First Industrial L.P.'s Partners' Capital	1,985,309	1,951,762
Noncontrolling Interests	4,951	4,928
Total Partners' Capital	1,990,260	1,956,690
Total Liabilities and Equity/Partners' Capital	$ 3,826,228	$ 3,801,308

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 0	$ 7,054
Net Investment in Real Estate	3,299,234	3,255,240
Mortgage Loans Payable, Net	$ 142,676	$ 143,879
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	225,000,000	225,000,000
Common Stock, shares issued	129,127,858	129,051,412
Common Stock, shares outstanding	129,127,858	129,051,412
First Industrial, L.P.
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 0	$ 7,054
Net Investment in Real Estate	3,299,234	3,255,240
Mortgage Loans Payable, Net	$ 142,676	$ 143,879
General Partner Units, units outstanding	129,127,858	129,051,412
Limited Partner Units, units outstanding	3,031,930	2,713,142
Other Real Estate Partnerships
Net Investment in Real Estate	$ 255,897	$ 245,396
Mortgage Loans Payable, Net	$ 6,250	$ 6,292

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Lease Revenue	$ 115,667	$ 108,375
Other Revenue	592	1,968
Total Revenues	116,259	110,343
Expenses:
Property Expenses	33,242	29,081
General and Administrative Expense	8,564	9,251
Depreciation and Other Amortization	31,975	30,931
Total Expenses	73,781	69,263
Other Income (Expense):
Gain on Sale of Real Estate	34,645	13,993
Interest Expense, Debt, Excluding Amortization	12,673	12,804
Amortization of Debt Issuance Costs	(949)	(788)
Total Other Income (Expense)	21,023	401
Income from Operations Before Equity in Loss of Joint Ventures and Income Tax Benefit	63,501	41,481
Equity in Loss of Joint Ventures	(73)	(29)
Income Tax Benefit	155	77
Net Income	63,583	41,529
Less: Net Income Attributable to the Noncontrolling Interests	(1,385)	(895)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 62,198	$ 40,634
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.48	$ 0.32
Weighted Average Shares/Units Outstanding - Basic	129,088	126,934
Weighted Average Shares/Units Outstanding - Diluted	129,172	127,111
First Industrial, L.P.
Revenues:
Lease Revenue	$ 115,667	$ 108,375
Other Revenue	592	1,968
Total Revenues	116,259	110,343
Expenses:
Property Expenses	33,242	29,081
General and Administrative Expense	8,564	9,251
Depreciation and Other Amortization	31,975	30,931
Total Expenses	73,781	69,263
Other Income (Expense):
Gain on Sale of Real Estate	34,645	13,993
Interest Expense, Debt, Excluding Amortization	12,673	12,804
Amortization of Debt Issuance Costs	(949)	(788)
Total Other Income (Expense)	21,023	401
Income from Operations Before Equity in Loss of Joint Ventures and Income Tax Benefit	63,501	41,481
Equity in Loss of Joint Ventures	(73)	(29)
Income Tax Benefit	155	77
Net Income	63,583	41,529
Less: Net Income Attributable to the Noncontrolling Interests	(18)	(50)
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 63,565	$ 41,479
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.48	$ 0.32
Weighted Average Shares/Units Outstanding - Basic	131,172	129,070
Weighted Average Shares/Units Outstanding - Diluted	131,634	129,400

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net Income	$ 63,583	$ 41,529
Mark-to-Market Gain (Loss) on Derivative Instruments	6,653	(14,590)
Amortization of Derivative Instruments	102	102
Comprehensive Income	70,338	27,041
Comprehensive Income Attributable to Noncontrolling Interests	(1,533)	(582)
Comprehensive Income Attributable to Common Stockholders / Unitholders	68,805	26,459
First Industrial, L.P.
Net Income	63,583	41,529
Mark-to-Market Gain (Loss) on Derivative Instruments	6,653	(14,590)
Amortization of Derivative Instruments	102	102
Comprehensive Income	70,338	27,041
Comprehensive Income Attributable to Noncontrolling Interests	(18)	(50)
Comprehensive Income Attributable to Common Stockholders / Unitholders	$ 70,320	$ 26,991

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY/ PARTNER'S CAPITAL - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests	First Industrial, L.P.	First Industrial, L.P.General Partner Units	First Industrial, L.P.Limited Partner Units	First Industrial, L.P.Accumulated Other Comprehensive (Loss) Income	First Industrial, L.P.Noncontrolling Interests
Beginning Balance at Dec. 31, 2019	$ 1,798,263	$ 1,270	$ 2,140,847	$ (370,835)	$ (6,883)	$ 33,864
Beginning Balance at Dec. 31, 2019							$ 1,808,284	$ 1,750,656	$ 63,618	$ (7,013)	$ 1,023
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	41,529			40,634		895	41,529	40,584	895		50
Other Comprehensive Income (Loss)	(14,488)				(14,175)	(313)	(14,488)			(14,488)
Stock Based Compensation Activity	(1,835)	0	(1,233)	(2,975)		2,373
Stock Based Compensation Activity							(1,835)	(4,208)	2,373
Common Stock Dividends and Unit Distributions	(32,488)			(31,874)		(614)
Unit Distributions							(32,488)	(31,874)	(614)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	2	2,062			(2,064)	0	2,064	(2,064)
Reallocation - Additional Paid-in Capital	0		(3,378)			3,378
Reallocation - Other Comprehensive Income	0				4	(4)
Contributions from Noncontrolling Interests							5				5
Distributions to Noncontrolling Interests							(366)				(366)
Ending Balance at Mar. 31, 2020	1,790,981	1,272	2,138,298	(365,050)	(21,054)	37,515
Ending Balance at Mar. 31, 2020							1,800,641	1,757,222	64,208	(21,501)	712
Beginning Balance at Dec. 31, 2020	1,947,320	1,290	2,224,691	(306,294)	(16,953)	44,586
Beginning Balance at Dec. 31, 2020							1,956,690	1,898,635	70,435	(17,308)	4,928
Increase (Decrease) in Equity / Partners' Capital [Roll Forward]
Net Income	63,583			62,198		1,385	63,583	62,176	1,389		18
Other Comprehensive Income (Loss)	6,755				6,607	148	6,755			6,755
Stock Based Compensation Activity	(1,055)	1	(1,347)	(2,294)		2,585
Stock Based Compensation Activity							(1,055)	(3,640)	2,585
Common Stock Dividends and Unit Distributions	(35,718)			(34,933)		(785)
Unit Distributions							(35,718)	(34,933)	(785)
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	0	22			(22)	0	22	(22)
Reallocation - Additional Paid-in Capital	0		(2,110)			2,110
Reallocation - Other Comprehensive Income	0				34	(34)
Contributions from Noncontrolling Interests							29				29
Distributions to Noncontrolling Interests							(24)				(24)
Ending Balance at Mar. 31, 2021	$ 1,980,885	$ 1,291	$ 2,221,256	$ (281,323)	$ (10,312)	$ 49,973
Ending Balance at Mar. 31, 2021							$ 1,990,260	$ 1,922,260	$ 73,602	$ (10,553)	$ 4,951

CONSOLIDATED STATEMENT OF CHA_2

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 63,583	$ 41,529
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	26,254	24,906
Amortization of Debt Issuance Costs	949	788
Other Amortization, including Stock Based Compensation	7,985	7,920
Equity in Loss of Joint Ventures	73	29
Gain on Sale of Real Estate	(34,645)	(13,993)
Straight-line Rental Income and Expense, Net	(5,482)	(2,898)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(7,617)	(4,452)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(9,695)	(13,560)
Net Cash Provided by Operating Activities	41,405	40,269
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(23,877)	(142,380)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(62,136)	(55,813)
Net Proceeds from Sales of Investments in Real Estate	65,535	26,030
Contributions to and Investments in Joint Ventures	(741)	(339)
Increase in Escrow Deposits	(843)	(10,550)
Net Cash Used in Investing Activities	(22,062)	(183,052)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs	(60)	0
Tax Paid on Shares Withheld	(5,126)	(5,944)
Common Stock Dividends and Unit Distributions Paid	(32,844)	(29,730)
Repayments on Mortgage Loans Payable	(1,273)	(1,257)
Proceeds from Unsecured Credit Facility	0	232,000
Repayments on Unsecured Credit Facility	0	(70,000)
Net Cash (Used in) Provided by Financing Activities	(39,303)	125,069
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(19,960)	(17,714)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	199,658	152,718
Cash, Cash Equivalents and Restricted Cash, End of Period	179,698	135,004
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity	1,923	1,558
Cash Paid for Operating Lease Liabilities	798	727
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets	0	1,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	36,118	32,857
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 Liabilities in Connection with the Acquisition of Real Estate	669	3,385
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	32,472	34,307
Tenant Improvements Funded by Tenant	15,992	0
Write-off of Fully Depreciated Assets	(5,283)	(6,195)
Noncontrolling Interests
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	1,385	895
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(22)	(2,064)
Common Stock
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	0	2
Additional Paid-in Capital
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	22	2,062
First Industrial, L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	63,583	41,529
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	26,254	24,906
Amortization of Debt Issuance Costs	949	788
Other Amortization, including Stock Based Compensation	7,985	7,920
Equity in Loss of Joint Ventures	73	29
Gain on Sale of Real Estate	(34,645)	(13,993)
Straight-line Rental Income and Expense, Net	(5,482)	(2,898)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(7,622)	(4,091)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(9,695)	(13,560)
Net Cash Provided by Operating Activities	41,400	40,630
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(23,877)	(142,380)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(62,136)	(55,813)
Net Proceeds from Sales of Investments in Real Estate	65,535	26,030
Contributions to and Investments in Joint Ventures	(741)	(339)
Increase in Escrow Deposits	(843)	(10,550)
Net Cash Used in Investing Activities	(22,062)	(183,052)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing Issuance Costs	(60)	0
Tax Paid on Shares Withheld	(5,126)	(5,944)
Common Stock Dividends and Unit Distributions Paid	(32,844)	(29,730)
Contributions from Noncontrolling Interests	29	5
Distributions to Noncontrolling Interests	(24)	(366)
Repayments on Mortgage Loans Payable	(1,273)	(1,257)
Proceeds from Unsecured Credit Facility	0	232,000
Repayments on Unsecured Credit Facility	0	(70,000)
Net Cash (Used in) Provided by Financing Activities	(39,298)	124,708
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(19,960)	(17,714)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	199,658	152,718
Cash, Cash Equivalents and Restricted Cash, End of Period	179,698	135,004
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity	1,923	1,558
Cash Paid for Operating Lease Liabilities	798	727
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets	0	1,208
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends and Distributions Payable	36,118	32,857
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 Liabilities in Connection with the Acquisition of Real Estate	669	3,385
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	32,472	34,307
Tenant Improvements Funded by Tenant	15,992	0
Write-off of Fully Depreciated Assets	(5,283)	(6,195)
First Industrial, L.P. | Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	1,389	895
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	(22)	(2,064)
First Industrial, L.P. | General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	62,176	40,584
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:
Conversion of Limited Partner Units to Common Stock / General Partner Units	$ 22	$ 2,064

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries. We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 97.7% ownership interest ("General Partner Units") at March 31, 2021. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The Company's noncontrolling interest in the Operating Partnership of approximately 2.3% at March 31, 2021 represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units"). The limited partners of the Operating Partnership are persons or entities who contributed their direct or indirect interests in properties to the Operating Partnership in exchange for common Limited Partner Units of the Operating Partnership and/or recipients of RLP Units of the Operating Partnership (see Note 6) pursuant to the Company's stock incentive plan. We also own equity interests in, and provide various services to, two joint ventures (the "Joint Ventures") through a wholly-owned TRS of the Operating Partnership. The Joint Ventures are accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company or the Operating Partnership as presented herein. See Note 5 for more information related to the Joint Ventures. Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships, the TRSs and the Joint Ventures are allocated to the general partner and the limited partners, the members or the shareholders, as applicable, of such entities in accordance with the provisions contained within their respective organizational documents. As of March 31, 2021, we owned 428 industrial properties located in 20 states, containing an aggregate of approximately 62.1 million square feet of gross leasable area ("GLA"). Of the 428 properties owned on a consolidated basis, none of them are directly owned by the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2020 ("2020 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2020 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2020 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2021 and December 31, 2020, and the reported amounts of revenues and expenses for the three months ended March 31, 2021 and 2020. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2021 and December 31, 2020, the results of our operations and comprehensive income for each of the three months ended March 31, 2021 and 2020, and our cash flows for each of the three months ended March 31, 2021 and 2020. All adjustments are of a normal recurring nature. Recent Accounting Pronouncements

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Acquisitions During the three months ended March 31, 2021, we acquired one industrial property comprised of approximately 0.1 million square feet of GLA and three land parcels. We accounted for the property and land parcels as asset acquisitions and therefore capitalized transaction costs to the basis of the acquired assets. The following table summarizes the allocation of the aggregate purchase price to each major asset class for the industrial property and land parcels acquired during the three months ended March 31, 2021: Land $ 17,049 Building and Improvements 7,036 Total Purchase Price $ 24,085 The revenue and net income associated with the acquisition of the industrial property and land parcels, since their respective acquisition dates, are not significant to the three months ended March 31, 2021. Real Estate Held for Sale As of March 31, 2021, we had one land parcel held for sale. Sales

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	Indebtedness The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity March 31, 2021 December 31, 2020 Mortgage Loans Payable, Gross $ 142,941 $ 144,214 4.03% – 4.85% 4.03% – 4.85% October 2021 – Unamortized Debt Issuance Costs (265) (335) Mortgage Loans Payable, Net $ 142,676 $ 143,879 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 150,000 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2029 II Private Placement Notes 150,000 150,000 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 2030 II Private Placement Notes 100,000 100,000 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 200,000 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 998,571 Unamortized Debt Issuance Costs (6,027) (6,206) Unamortized Discounts (63) (65) Senior Unsecured Notes, Net $ 992,481 $ 992,300 Unsecured Term Loans, Gross 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 2020 Unsecured Term Loan (A) (C) 200,000 200,000 2.49% N/A 7/15/2021 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (1,215) (1,538) Unsecured Term Loans, Net $ 458,785 $ 458,462 Unsecured Credit Facility (B) $ — $ — N/A N/A 10/29/2021 _______________ (A) The interest rate at March 31, 2021 includes the impact of derivative instruments 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. We intend to refinance the Unsecured Credit Facility prior to its maturity or exercise the one-year extension. Amounts exclude unamortized debt issuance costs of $732 and $1,049 as of March 31, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. (C) We have two, one-year extension options at our election. We intend to refinance prior to its maturity or exercise the one-year extension. Mortgage Loans Payable, Net As of March 31, 2021, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $224,023. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of March 31, 2021. 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 March 31, and thereafter: Amount Remainder of 2021 $ 260,618 2022 332,024 2023 321 2024 335 2025 349 Thereafter 1,007,865 Total $ 1,601,512 Our unsecured credit facility (the "Unsecured Credit Facility"), our unsecured term loans (the "Unsecured Term Loans"), our senior notes issued in private placements ("Private Placement Notes") and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans, the Private Placement Notes and the indentures governing our senior unsecured notes as of March 31, 2021; however, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs. Fair Value At March 31, 2021 and December 31, 2020, the fair value of our indebtedness was as follows: March 31, 2021 December 31, 2020 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable, Net $ 142,941 $ 146,770 $ 144,214 $ 148,770 Senior Unsecured Notes, Net 998,508 1,069,826 998,506 1,096,262 Unsecured Term Loans 460,000 460,946 460,000 458,207 Total $ 1,601,449 $ 1,677,542 $ 1,602,720 $ 1,703,239 _______________ (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 Term Loans was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for each of our mortgage loans payable, senior unsecured notes and the Unsecured Term Loans was primarily based upon Level 3 inputs.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Other Real Estate Partnerships The Other Real Estate Partnerships are variable interest entities ("VIEs") of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary beneficiary. The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts: March 31, 2021 December 31, 2020 ASSETS Assets: Net Investment in Real Estate $ 255,897 $ 245,396 Operating Lease Right-of-Use Assets 13,152 13,173 Cash and Cash Equivalents 3,955 4,090 Deferred Rent Receivable 9,695 9,219 Prepaid Expenses and Other Assets, Net 9,800 8,077 Total Assets $ 292,499 $ 279,955 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 6,250 $ 6,292 Accounts Payable, Accrued Expenses and Other Liabilities 7,654 10,067 Operating Lease Liabilities 10,297 10,304 Rents Received in Advance and Security Deposits 4,128 4,130 Partners' Capital 264,170 249,162 Total Liabilities and Partners' Capital $ 292,499 $ 279,955 Joint Ventures Through a wholly-owned TRS of the Operating Partnership, we own a 49% interest in a joint venture ("Joint Venture I") and a 43% interest in another joint venture ("Joint Venture II", together with Joint Venture I, the "Joint Ventures"). The Joint Ventures were both formed for the purpose of developing, leasing, operating and potentially selling land located in the Phoenix, Arizona metropolitan area. Under the operating agreements for each of the Joint Ventures, we act as the managing member and are entitled to receive fees for providing management, leasing, development, construction supervision, disposition and asset management services. In addition, both of the Joint Ventures' operating agreements provide us the ability to earn incentive fees based on the ultimate financial performance of each of the Joint Ventures. During the three months ended March 31, 2021 and 2020, we recognized fees of $125 and $60 from the Joint Ventures related to asset management and development services we provided to the Joint Ventures. At March 31, 2021, we had an aggregate receivable from the Joint Ventures of $77. As part of our assessment of the appropriate accounting treatment for the Joint Ventures, we reviewed the operating agreements of each Joint Venture in order to determine our rights and the rights of our joint venture partners, including whether those rights are protective or participating. Each operating agreement contains certain protective rights, such as the requirement of both members' approvals to sell, finance or refinance the property and to pay capital expenditures and operating expenditures outside of the approved budget. Also, we and our Joint Venture partners 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 each Joint Venture. As such, we concluded to account for our investments in each Joint Venture under the equity method of accounting.

Equity of the Company and Partn

Equity of the Company and Partners' Capital of the Operating Partnership	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership	Equity of the Company and Partners' Capital of the Operating Partnership Noncontrolling Interest of the Company The equity positions of various individuals and entities that contributed their properties to the Operating Partnership in exchange for Limited Partner Units, as well as the equity positions of the holders of Limited Partner Units issued in connection with the grant of restricted limited partner Units ("RLP Units") pursuant to the Company's stock incentive plan, are collectively referred to as the “Noncontrolling Interests.” An RLP Unit is a class of limited partnership interest of the Operating Partnership that is structured as a “profits interest” for U.S. federal income tax purposes and is an award that is granted under our stock incentive plan (see Note 9). Generally, RLP Units entitle the holder to receive distributions from the Operating Partnership that are equivalent to the dividends and distributions that would be made with respect to the number of shares of Common Stock underlying such RLP Units, though receipt of such distributions may be delayed or made contingent on vesting. Once an RLP Unit has vested and received allocations of book income sufficient to increase the book capital account balance associated with such RLP Unit (which will initially be zero) equal to, on a per-unit basis, the book capital account balance associated with a "common" Limited Partner Unit of the Operating Partnership, it automatically becomes a common Limited Partner Unit that is convertible by the holder to one share of Common Stock or a cash equivalent, at the Company's option. Net income is allocated to the Noncontrolling Interests based on the weighted average ownership percentage during the period. Noncontrolling Interest - Joint Venture II

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the three months ended March 31, 2021: Derivative Instruments Accumulated Other Comprehensive Loss of the Operating Partnership Comprehensive Loss Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Loss of the Company Balance as of December 31, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) Other Comprehensive Gain Before Reclassifications 4,956 4,956 (114) 4,842 Amounts Reclassified from Accumulated Other Comprehensive Loss 1,799 1,799 — 1,799 Net Current Period Other Comprehensive Gain 6,755 6,755 (114) 6,641 Balance as of March 31, 2021 $ (10,553) $ (10,553) $ 241 $ (10,312) The following table summarizes the reclassifications out of accumulated other comprehensive income for both the Company and the Operating Partnership for the three months ended March 31, 2021 and 2020: Amounts Reclassified from Accumulated Details about Accumulated Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments $ 102 $ 102 Interest Expense Net Settlement Payments to our Counterparties 1,697 382 Interest Expense Total $ 1,799 $ 484

Earnings Per Share _ Unit (EPS

Earnings Per Share / Unit (EPS / EPU)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share / Unit (EPS / EPU)	Earnings Per Share and Earnings Per Unit ("EPS"/"EPU") The computation of basic and diluted EPS of the Company is presented below: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 62,198 $ 40,634 Net Income Allocable to Participating Securities (61) (59) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 62,137 $ 40,575 Denominator (In Thousands): Weighted Average Shares - Basic 129,088 126,934 Effect of Dilutive Securities: Performance Units (See Note 9) 84 177 Weighted Average Shares - Diluted 129,172 127,111 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.48 $ 0.32 The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net Income Available to Unitholders and Participating Securities $ 63,565 $ 41,479 Net Income Allocable to Participating Securities (160) (123) Net Income Available to Unitholders $ 63,405 $ 41,356 Denominator (In Thousands): Weighted Average Units - Basic 131,172 129,070 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 9) 462 330 Weighted Average Units - Diluted 131,634 129,400 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.48 $ 0.32 At March 31, 2021 and 2020, participating securities for the Company include 150,637 and 210,886, respectively, of Service Awards (see Note 9), which participate in non-forfeitable distributions. At March 31, 2021 and 2020, participating securities for the Operating Partnership include 383,320 and 445,735, respectively, of Service Awards and certain Performance Awards (see Note 9), which participate in non-forfeitable distributions. Under the two-class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income or common stock dividends or Unit distributions declared.

Long-Term Compensation

Long-Term Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Long-Term Compensation	Long-Term Compensation Awards with Performance Measures During the three months ended March 31, 2021, 58,568 performance units ("Performance Units") and 263,621 RLP Units ("Performance RLP Units" and, together with the Performance Units, collectively the "Performance Awards") were granted to certain employees based on performance-based criteria, which had a fair value of approximately $7,162 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. A portion of each Performance Award vests based upon the total shareholder return ("TSR") of the Company's common stock compared to the TSR of the FTSE Nareit All Equity Index and the remainder vests based upon the TSR of the Company’s common stock compared to nine other peer industrial real estate companies. The performance period for these Performance Awards is three years. Compensation expense is charged to earnings over the applicable vesting period for the Performance Awards. At the end of the measuring period, vested Performance Units convert into shares of common stock. Service Based Awards For the three months ended March 31, 2021, 63,951 shares of restricted stock units ("Service Units") and 45,729 RLP Units ("Service RLP Units" and together with the Service Units, collectively the "Service Awards") were granted to certain employees based on service-based criteria, which had an aggregate fair value of approximately $4,761 on the grant date. The Service Awards granted to employees generally vest ratably over three years based on continued employment. Compensation expense is charged to earnings over the vesting periods for the Service Awards. At the end of the service period, vested Service Units convert into shares of common stock. Retirement Eligibility Commencing January 1, 2020, all award agreements issued underlying Performance Awards and Service Awards contain a retirement benefit for employees with at least 10 years of continuous service and are at least 60 years old. For employees that meet the age and service eligibility requirements, their awards are non -forfeitab le. As such, during the three months ended March 31, 2021, we expensed 100% of the awards granted to retirement-eligible employees at the grant date as if fully vested. For employees who will meet the age and service eligibility requirements during the normal vesting periods, the grants are amortized over the shorter service period. Outstanding Performance Awards and Service Awards We recognized $3,613 and $3,641 for the three months ended March 31, 2021 and 2020, respectively, in compensation expense related to the amortization of the Service Awards and the Performance Awards. Service Award and Performance Award amortization capitalized in connection with development activities was $703 and $982 for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021, we had $21,029 in unrecognized compensation related to unvested Service Awards and Performance Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 1.01 years.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow volatility and exposure to interest rate movements. To accomplish these objectives, we primarily use derivative instruments as part of our interest rate risk management strategy. Derivative instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In connection with the origination of each Unsecured Term Loan (see Note 4), we entered into interest rate swaps to manage our exposure to changes in the one-month LIBOR rate. We have six interest rate swaps, with an aggregate notional value of $260,000, that fix the one-month LIBOR rate at a weighted average rate of 1.79% and mature on September 12, 2022 (the "2015 Swaps") and three interest rate swaps with an aggregate notional value of $200,000, that fix the one-month LIBOR rate at 0.99% that commenced February 1, 2021 and mature on February 2, 2026 (the "2021 Swaps"). We also had four interest rate swaps, with an aggregate notional value of $200,000, that fixed the one-month LIBOR rate at a weighted average rate of 2.29% and matured on January 29, 2021 (the "2014 Swaps"). We designated the 2014 Swaps, the 2015 Swaps and the 2021 Swaps as cash flow hedges. Additionally, during the three months ended March 31, 2020, we entered into an interest rate swap to manage our exposure to changes in the one-month LIBOR rate related to our Unsecured Credit Facility (the "2020 Swap"). The 2020 Swap commenced April 1, 2020, matured on April 1, 2021, had a notional value of $150,000 and fixed the one-month LIBOR rate at 0.42%. Our agreements with our derivative counterparties contain certain cross-default provisions that may be triggered in the event that our other indebtedness is in default, subject to certain thresholds. As of March 31, 2021, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If we had breached these agreements, we could have been required to settle our obligations under the agreements at their termination value. The following table sets forth our financial assets and liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps which are included in the line items Prepaid Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of March 31, 2021 and 2020: Fair Value Measurements: Description Fair Value at March 31, 2021 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 188 — $ 188 — Liabilities: 2015 Swaps $ (6,172) — $ (6,172) — 2021 Swaps $ (1,257) — $ (1,257) — Fair Value at December 31, 2020 Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (333) — $ (333) — 2015 Swaps $ (7,317) — $ (7,317) — 2021 Swaps $ (6,244) — $ (6,244) — Derivatives not designated as a hedging instrument: Liabilities: 2020 Swap $ (106) — $ (106) — There was no ineffectiveness recorded on the 2014 Swaps, 2015 Swaps or the 2021 Swaps during the three months ended March 31, 2021. See Note 7 for more information regarding our derivatives. The estimated fair value of the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty's non-performance risk. We determined that the significant inputs used to value the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps fell within Level 2 of the fair value hierarchy.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party TransactionsAt March 31, 2021 and December 31, 2020, the Operating Partnership had receivable balances of $9,385 and $9,380, respectively, from a direct wholly-owned subsidiary of the Company.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, we are involved in legal actions arising from the ownership of our industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity. In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At March 31, 2021, we had eight industrial properties totaling approximately 2.3 million square feet of GLA under construction. The estimated total investment as of March 31, 2021 is approximately $234,900. Of this amount, approximately $141,900 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	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsFrom April 1, 2021 to April 22, 2021, we sold one land parcel for gross proceeds of $11,000, excluding transaction costs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our annual report on Form 10-K for the year ended December 31, 2020 ("2020 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2020 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2020 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2020 audited consolidated financial statements included in our 2020 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission.
Use of Estimates	Use of Estimates In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of March 31, 2021 and December 31, 2020, and the reported amounts of revenues and expenses for the three months ended March 31, 2021 and 2020. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of March 31, 2021 and December 31, 2020, the results of our operations and comprehensive income for each of the three months ended March 31, 2021 and 2020, and our cash flows for each of the three months ended March 31, 2021 and 2020. All adjustments are of a normal recurring nature.
Recent Accounting Pronouncements	Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Investment in Real Estate Inves

Investment in Real Estate Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Summary of Acquisition Purchase Price Allocation	Land $ 17,049 Building and Improvements 7,036 Total Purchase Price $ 24,085 The revenue and net income associated with the acquisition of the industrial property and land parcels,

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Indebtedness	The following table discloses certain information regarding our indebtedness: Outstanding Balance at Interest Effective Maturity March 31, 2021 December 31, 2020 Mortgage Loans Payable, Gross $ 142,941 $ 144,214 4.03% – 4.85% 4.03% – 4.85% October 2021 – Unamortized Debt Issuance Costs (265) (335) Mortgage Loans Payable, Net $ 142,676 $ 143,879 Senior Unsecured Notes, Gross 2027 Notes 6,070 6,070 7.15% 7.11% 5/15/2027 2028 Notes 31,901 31,901 7.60% 8.13% 7/15/2028 2032 Notes 10,600 10,600 7.75% 7.87% 4/15/2032 2027 Private Placement Notes 125,000 125,000 4.30% 4.30% 4/20/2027 2028 Private Placement Notes 150,000 150,000 3.86% 3.86% 2/15/2028 2029 Private Placement Notes 75,000 75,000 4.40% 4.40% 4/20/2029 2029 II Private Placement Notes 150,000 150,000 3.97% 4.23% 7/23/2029 2030 Private Placement Notes 150,000 150,000 3.96% 3.96% 2/15/2030 2030 II Private Placement Notes 100,000 100,000 2.74% 2.74% 9/17/2030 2032 Private Placement Notes 200,000 200,000 2.84% 2.84% 9/17/2032 Subtotal $ 998,571 $ 998,571 Unamortized Debt Issuance Costs (6,027) (6,206) Unamortized Discounts (63) (65) Senior Unsecured Notes, Net $ 992,481 $ 992,300 Unsecured Term Loans, Gross 2015 Unsecured Term Loan (A) 260,000 260,000 2.89% N/A 9/12/2022 2020 Unsecured Term Loan (A) (C) 200,000 200,000 2.49% N/A 7/15/2021 Subtotal $ 460,000 $ 460,000 Unamortized Debt Issuance Costs (1,215) (1,538) Unsecured Term Loans, Net $ 458,785 $ 458,462 Unsecured Credit Facility (B) $ — $ — N/A N/A 10/29/2021 _______________ (A) The interest rate at March 31, 2021 includes the impact of derivative instruments 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. We intend to refinance the Unsecured Credit Facility prior to its maturity or exercise the one-year extension. Amounts exclude unamortized debt issuance costs of $732 and $1,049 as of March 31, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. (C) We have two, one-year extension options at our election. We intend to refinance prior to its maturity or exercise the one-year extension.
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 March 31, and thereafter: Amount Remainder of 2021 $ 260,618 2022 332,024 2023 321 2024 335 2025 349 Thereafter 1,007,865 Total $ 1,601,512
Summary of Indebtedness at Estimated Fair Value	At March 31, 2021 and December 31, 2020, the fair value of our indebtedness was as follows: March 31, 2021 December 31, 2020 Carrying Amount (A) Fair Carrying Amount (A) Fair Mortgage Loans Payable, Net $ 142,941 $ 146,770 $ 144,214 $ 148,770 Senior Unsecured Notes, Net 998,508 1,069,826 998,506 1,096,262 Unsecured Term Loans 460,000 460,946 460,000 458,207 Total $ 1,601,449 $ 1,677,542 $ 1,602,720 $ 1,703,239 _______________ (A) The carrying amounts include unamortized premiums and discounts and exclude unamortized debt issuance costs.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Variable Interest Entities [Abstract]
Other Real Estate Partnerships' Summarized Balance Sheet	The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets, net of intercompany amounts: March 31, 2021 December 31, 2020 ASSETS Assets: Net Investment in Real Estate $ 255,897 $ 245,396 Operating Lease Right-of-Use Assets 13,152 13,173 Cash and Cash Equivalents 3,955 4,090 Deferred Rent Receivable 9,695 9,219 Prepaid Expenses and Other Assets, Net 9,800 8,077 Total Assets $ 292,499 $ 279,955 LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net $ 6,250 $ 6,292 Accounts Payable, Accrued Expenses and Other Liabilities 7,654 10,067 Operating Lease Liabilities 10,297 10,304 Rents Received in Advance and Security Deposits 4,128 4,130 Partners' Capital 264,170 249,162 Total Liabilities and Partners' Capital $ 292,499 $ 279,955

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table summarizes the changes in accumulated other comprehensive income by component for the Company and the Operating Partnership for the three months ended March 31, 2021: Derivative Instruments Accumulated Other Comprehensive Loss of the Operating Partnership Comprehensive Loss Attributable to Noncontrolling Interest of the Company Accumulated Other Comprehensive Loss of the Company Balance as of December 31, 2020 $ (17,308) $ (17,308) $ 355 $ (16,953) Other Comprehensive Gain Before Reclassifications 4,956 4,956 (114) 4,842 Amounts Reclassified from Accumulated Other Comprehensive Loss 1,799 1,799 — 1,799 Net Current Period Other Comprehensive Gain 6,755 6,755 (114) 6,641 Balance as of March 31, 2021 $ (10,553) $ (10,553) $ 241 $ (10,312)
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 months ended March 31, 2021 and 2020: Amounts Reclassified from Accumulated Details about Accumulated Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Affected Line Items in the Consolidated Statements of Operations Derivative Instruments: Amortization of Previously Settled Derivative Instruments $ 102 $ 102 Interest Expense Net Settlement Payments to our Counterparties 1,697 382 Interest Expense Total $ 1,799 $ 484

Earnings Per Share _ Unit (EP_2

Earnings Per Share / Unit (EPS / EPU) (Tables)	3 Months Ended
	Mar. 31, 2021
Computation of Basic and Diluted Earnings Per Share / Unit	The computation of basic and diluted EPS of the Company is presented below: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities $ 62,198 $ 40,634 Net Income Allocable to Participating Securities (61) (59) Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 62,137 $ 40,575 Denominator (In Thousands): Weighted Average Shares - Basic 129,088 126,934 Effect of Dilutive Securities: Performance Units (See Note 9) 84 177 Weighted Average Shares - Diluted 129,172 127,111 Basic and Diluted EPS: Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders $ 0.48 $ 0.32
First Industrial, L.P.
Computation of Basic and Diluted Earnings Per Share / Unit	The computation of basic and diluted EPU of the Operating Partnership is presented below: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net Income Available to Unitholders and Participating Securities $ 63,565 $ 41,479 Net Income Allocable to Participating Securities (160) (123) Net Income Available to Unitholders $ 63,405 $ 41,356 Denominator (In Thousands): Weighted Average Units - Basic 131,172 129,070 Effect of Dilutive Securities: Performance Units and certain Performance RLP Units (See Note 9) 462 330 Weighted Average Units - Diluted 131,634 129,400 Basic and Diluted EPU: Net Income Available to Unitholders $ 0.48 $ 0.32

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurements on Recurring Basis	The following table sets forth our financial assets and liabilities related to the 2014 Swaps, the 2015 Swaps, the 2020 Swap and the 2021 Swaps which are included in the line items Prepaid Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities and are accounted for at fair value on a recurring basis as of March 31, 2021 and 2020: Fair Value Measurements: Description Fair Value at March 31, 2021 Quoted Prices in Significant Other Unobservable Derivatives designated as a hedging instrument: Assets: 2021 Swaps $ 188 — $ 188 — Liabilities: 2015 Swaps $ (6,172) — $ (6,172) — 2021 Swaps $ (1,257) — $ (1,257) — Fair Value at December 31, 2020 Derivatives designated as a hedging instrument: Liabilities: 2014 Swaps $ (333) — $ (333) — 2015 Swaps $ (7,317) — $ (7,317) — 2021 Swaps $ (6,244) — $ (6,244) — Derivatives not designated as a hedging instrument: Liabilities: 2020 Swap $ (106) — $ (106) —

Organization - Additional Infor

Organization - Additional Information (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2021ft²PropertyState
Organization [Line Items]
Number of industrial properties	428
Number of states in which industrial properties are located | State	20
Gross leasable area (GLA) of industrial properties owned | ft²	62.1
Joint Ventures
Organization [Line Items]
Number Of Joint Ventures	2
Ownership
Organization [Line Items]
Company's ownership interest	97.70%
Limited partners' ownership interest in the Operating Partnership	2.30%
Other Real Estate Partnerships
Organization [Line Items]
Company's ownership interest	100.00%
Operating Partnership's minimum ownership interest in the Other Real Estate Partnerships	99.00%
General partners' minimum ownership interest in the Other Real Estate Partnerships	0.01%

Investment in Real Estate - Add

Investment in Real Estate - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2021USD ($)ft²Property
Real Estate Properties [Line Items]
Number of industrial properties	428
Gross leasable area (GLA) of industrial properties | ft²	62.1
Acquisition Activity
Real Estate Properties [Line Items]
Number of industrial properties	1
Gross leasable area (GLA) of industrial properties | ft²	0.1
Number of Land Parcels	3
Held for Sale Activity
Real Estate Properties [Line Items]
Number of industrial properties	1
Disposition Activity
Real Estate Properties [Line Items]
Number of industrial properties	3
Number of Condominium Units	2
Gross leasable area (GLA) of industrial properties | ft²	1.1
Proceeds from sale of industrial properties | $	$ 67,212
Gain on sale of real estate | $	$ 34,645

Investment in Real Estate Inv_2

Investment in Real Estate Investment in Real Estate - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Land	$ 1,100,268	$ 1,087,907
Buildings and Improvements	2,968,490	$ 2,922,152
Acquisition Activity
Real Estate [Line Items]
Land	17,049
Buildings and Improvements	7,036
Purchase price of industrial properties acquired	$ 24,085

Indebtedness - Summary of Indeb

Indebtedness - Summary of Indebtedness (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,601,512
2027 Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 6,070	$ 6,070
Interest Rate		7.15%
Effective Interest Rate		7.11%
Maturity Date		May 15, 2027
2028 Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 31,901	31,901
Interest Rate		7.60%
Effective Interest Rate		8.13%
Maturity Date		Jul. 15, 2028
2032 Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 10,600	10,600
Interest Rate		7.75%
Effective Interest Rate		7.87%
Maturity Date		Apr. 15, 2032
2027 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 125,000	125,000
Interest Rate		4.30%
Effective Interest Rate		4.30%
Maturity Date		Apr. 20, 2027
2028 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 150,000	150,000
Interest Rate		3.86%
Effective Interest Rate		3.86%
Maturity Date		Feb. 15, 2028
2029 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 75,000	75,000
Interest Rate		4.40%
Effective Interest Rate		4.40%
Maturity Date		Apr. 20, 2029
2029 II Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 150,000	150,000
Interest Rate		3.97%
Effective Interest Rate		4.23%
Maturity Date		Jul. 23, 2029
2030 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 150,000	150,000
Interest Rate		3.96%
Effective Interest Rate		3.96%
Maturity Date		Feb. 15, 2030
2030 II Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 100,000	100,000
Interest Rate		2.74%
Effective Interest Rate		2.74%
Maturity Date		Sep. 17, 2030
2032 Private Placement Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 200,000	200,000
Interest Rate		2.84%
Effective Interest Rate		2.84%
Maturity Date		Sep. 17, 2032
2015 Unsecured Term Loan (A)
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 260,000	260,000
Interest Rate		2.89%
Maturity Date		Sep. 12, 2022
2020 Unsecured Term Loan (A) (C)
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 200,000	200,000
Interest Rate		2.49%
Maturity Date		Jul. 15, 2021
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 142,941	144,214
Unamortized Debt Issuance Costs		(265)	(335)
Long-term Debt		$ 142,676	143,879
Maturity Date Range, Start		Oct. 1, 2021
Maturity Date Range, End		Aug. 1, 2028
Senior Unsecured Notes
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 998,571	998,571
Unamortized Debt Issuance Costs		(6,027)	(6,206)
Unamortized Discounts		(63)	(65)
Long-term Debt		992,481	992,300
Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross		460,000	460,000
Unamortized Debt Issuance Costs		(1,215)	(1,538)
Long-term Debt		458,785	458,462
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs		(732)	(1,049)
Unsecured Credit Facility	[1]	$ 0	$ 0
Maturity Date	[1]	Oct. 29, 2021
Minimum | Mortgage Loans Payable
Debt Instrument [Line Items]
Interest Rate		4.03%
Effective Interest Rate		4.03%
Maximum | Mortgage Loans Payable
Debt Instrument [Line Items]
Interest Rate		4.85%
Effective Interest Rate		4.85%
[1]	The maturity date may be extended an additional year at our election, subject to certain restrictions. We intend to refinance the Unsecured Credit Facility prior to its maturity or exercise the one-year extension. Amounts exclude unamortized debt issuance costs of $732 and $1,049 as of March 31, 2021 and December 31, 2020, respectively, which are included in the line item Prepaid Expenses and Other Assets, Net. (C) We have two, one-year extension options at our election. We intend to refinance prior to its maturity or exercise the one-year extension.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Unsecured Credit Facility
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ 732	$ 1,049
Mortgage Loans Payable
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	265	$ 335
Net carrying value of industrial properties collateralized by mortgage loans	$ 224,023

Indebtedness - Schedule of Matu

Indebtedness - Schedule of Maturities (Details) $ in Thousands	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 260,618
2022	332,024
2023	321
2024	335
2025	349
Thereafter	1,007,865
Total	$ 1,601,512

Indebtedness - Summary of Ind_2

Indebtedness - Summary of Indebtedness at Estimated Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Mortgage Loans Payable, Net		$ 146,770	$ 148,770
Senior Unsecured Notes, Net		1,069,826	1,096,262
Unsecured Term Loans		460,946	458,207
Total		1,677,542	1,703,239
Carrying Amount (A)
Debt Instrument [Line Items]
Mortgage Loans Payable, Net	[1]	142,941	144,214
Senior Unsecured Notes, Net	[1]	998,508	998,506
Unsecured Term Loans	[1]	460,000	460,000
Total	[1]	$ 1,601,449	$ 1,602,720
[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	Mar. 31, 2021	Dec. 31, 2020
Assets:
Net Investment in Real Estate	$ 3,299,234	$ 3,255,240
Operating Lease Right-of-Use Assets	24,953	25,205
Cash and Cash Equivalents	97,723	162,090
Deferred Rent Receivable	89,985	84,567
Prepaid Expenses and Other Assets, Net	139,614	134,983
Total Assets	3,816,853	3,791,938
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	142,676	143,879
Accounts Payable, Accrued Expenses and Other Liabilities	94,110	120,292
Operating Lease Liabilities	22,608	22,826
Rents Received in Advance and Security Deposits	78,613	62,092
Total Liabilities and Equity/Partners' Capital	3,816,853	3,791,938
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	255,897	245,396
Operating Lease Right-of-Use Assets	13,152	13,173
Cash and Cash Equivalents	3,955	4,090
Deferred Rent Receivable	9,695	9,219
Prepaid Expenses and Other Assets, Net	9,800	8,077
Total Assets	292,499	279,955
Liabilities and Partners' Capital:
Mortgage Loans Payable, Net	6,250	6,292
Accounts Payable, Accrued Expenses and Other Liabilities	7,654	10,067
Operating Lease Liabilities	10,297	10,304
Rents Received in Advance and Security Deposits	4,128	4,130
Partners' Capital	264,170	249,162
Total Liabilities and Equity/Partners' Capital	$ 292,499	$ 279,955

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Joint Venture I
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	49.00%
Joint Venture II
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	43.00%
Joint Ventures
Variable Interest Entity [Line Items]
Asset Management Fees	$ 125	$ 60
Receivable balance due from joint venture	$ 77

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Changes in AOCI) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	$ 1,947,320
Ending Balance	1,980,885
Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(17,308)
Other Comprehensive Gain Before Reclassifications	4,956
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,799
Net Current Period Other Comprehensive Gain	6,755
Ending Balance	(10,553)
Comprehensive Loss Attributable to Noncontrolling Interest of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	355
Other Comprehensive Gain Before Reclassifications	(114)
Amounts Reclassified from Accumulated Other Comprehensive Loss	0
Net Current Period Other Comprehensive Gain	(114)
Ending Balance	241
Accumulated Other Comprehensive Loss of the Company
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(16,953)
Other Comprehensive Gain Before Reclassifications	4,842
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,799
Net Current Period Other Comprehensive Gain	6,641
Ending Balance	(10,312)
First Industrial, L.P. | Accumulated Other Comprehensive Loss of the Operating Partnership
Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(17,308)
Other Comprehensive Gain Before Reclassifications	4,956
Amounts Reclassified from Accumulated Other Comprehensive Loss	1,799
Net Current Period Other Comprehensive Gain	6,755
Ending Balance	$ (10,553)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income [Line Items]
Total	$ 21,023	$ 401
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Derivative Instruments
Accumulated Other Comprehensive Income [Line Items]
Interest Expense - Amortization of Derivative Instruments	102	102
Interest Expense - Settlement Payments	1,697	382
Total	$ 1,799	$ 484

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amortization to be reclassified from OCI into income	$ 410

Earnings Per Share _ Unit (EP_3

Earnings Per Share / Unit (EPS / EPU) - Computation of Basic and Diluted EPS / EPU (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 62,198	$ 40,634
Net Income Allocable to Participating Securities	(61)	(59)
Net Income Available to Common Stockholders / Unitholders	$ 62,137	$ 40,575
Denominator:
Weighted Average Shares / Units - Basic	129,088	126,934
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	84	177
Weighted Average Shares / Units - Diluted	129,172	127,111
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.48	$ 0.32
First Industrial, L.P.
Numerator:
Net Income Available to Common Stockholders / Unitholders and Participating Securities	$ 63,565	$ 41,479
Net Income Allocable to Participating Securities	(160)	(123)
Net Income Available to Common Stockholders / Unitholders	$ 63,405	$ 41,356
Denominator:
Weighted Average Shares / Units - Basic	131,172	129,070
Performance Units (See Note 9) / Performance Units and certain Performance RLP Units (See Note 6)	462	330
Weighted Average Shares / Units - Diluted	131,634	129,400
Basic and Diluted Earnings Per Share / Unit:
Net Income Available to Common Stockholders / Unitholders	$ 0.48	$ 0.32

Earnings Per Share _ Unit (EP_4

Earnings Per Share / Unit (EPS / EPU) - Additional Information (Details) - shares	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	150,637	210,886
First Industrial, L.P.
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Unvested Restricted Stock / Unit Awards	383,320	445,735

Long-Term Compensation - Additi

Long-Term Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization related to Service Awards and Performance Awards	$ 3,613	$ 3,641
Share-based Payment Arrangement, Amount Capitalized	703	$ 982
Unrecognized compensation related to unvested Service Awards and Performance Awards	$ 21,029
Weighted average period of unrecognized compensation expected to be recognized	1 year 3 days
Management | Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued	58,568
Fair Value of Performance Awards and Service Awards Issued	$ 7,162
Vesting period of Performance Awards and Service Awards issued	3 years
Management | Performance RLP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued	263,621
Management | Service Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued	63,951
Fair Value of Performance Awards and Service Awards Issued	$ 4,761
Vesting period of Performance Awards and Service Awards issued	3 years
Management | Service RLP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Awards and Service Awards Issued	45,729

Derivatives - Additional Inform

Derivatives - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
2015 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	6
Derivative, Notional Amount	$ 260,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	1.79%
2021 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	3
Derivative, Notional Amount	$ 200,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	0.99%
2014 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	4
Derivative, Notional Amount	$ 200,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	2.29%
2020 Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 150,000
Debt instrument, LIBOR Rate	one-month LIBOR
Swaps, Average Fixed Interest Rate	0.42%

Derivatives - Fair Value Measur

Derivatives - Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
2021 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	$ 188
Hedging Instrument, Liability, Fair Value	(1,257)	$ (6,244)
2021 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0
Hedging Instrument, Liability, Fair Value	0	0
2021 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	188
Hedging Instrument, Liability, Fair Value	(1,257)	(6,244)
2021 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Asset, Fair Value	0
Hedging Instrument, Liability, Fair Value	0	0
2015 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(6,172)	(7,317)
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	0	0
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	(6,172)	(7,317)
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value	$ 0	0
2014 Swaps
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		(333)
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		0
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		(333)
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Hedging Instrument, Liability, Fair Value		0
2020 Swap
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		(106)
2020 Swap | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		0
2020 Swap | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		(106)
2020 Swap | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Derivatives, Fair Value [Line Items]
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value		$ 0

Related Party Transactions Rela

Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Receivable balance due from a direct wholly-owned subsidiary	$ 9,385	$ 9,380

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands, ft² in Millions	Mar. 31, 2021USD ($)ft²Property
Other Commitments [Line Items]
Number of industrial properties | Property	428
Gross leasable area (GLA) of industrial properties | ft²	62.1
Development Activity
Other Commitments [Line Items]
Number of industrial properties | Property	8
Gross leasable area (GLA) of industrial properties | ft²	2.3
Estimated total investment | $	$ 234,900
Estimated total investment remaining to be funded | $	$ 141,900

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - Disposition Activity $ in Thousands	1 Months Ended
	Apr. 22, 2021USD ($)Property
Subsequent Event [Line Items]
Number of Land Parcels | Property	1
Proceeds From Sale Of Land Parcels | $	$ 11,000