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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _______________________________
Form 10-Q
_______________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            
Commission File Number: 1-13102 (First Industrial Realty Trust, Inc.)
333-21873 (First Industrial, L.P.)
  _______________________________
fr-20200930_g1.jpg
FIRST INDUSTRIAL REALTY TRUST, INC.
FIRST INDUSTRIAL, L.P.
(Exact name of Registrant as specified in its Charter)
First Industrial Realty Trust, Inc.Maryland36-3935116
First Industrial, L.P.Delaware36-3924586
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1 N. Wacker Drive, Suite 4200
Chicago, Illinois, 60606

(Address of principal executive offices, zip code)
    
(312344-4300
(Registrant's telephone number, including area code)
 _______________________________ 
Title of each class:Trading Symbol(s):Name of each exchange on which registered:
Common Stock, par value $.01 per shareFRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
First Industrial Realty Trust, Inc.:
Large accelerated filerAccelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
First Industrial, L.P.:
Large accelerated filerAccelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
At October 23, 2020, 129,050,312 shares of First Industrial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding. 




EXPLANATORY NOTE
This report combines the Quarterly Reports on Form 10-Q for the period ended September 30, 2020 of First Industrial Realty Trust, Inc., a Maryland corporation (the "Company"), and First Industrial, L.P., a Delaware limited partnership (the "Operating Partnership"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries.
The Company is a real estate investment trust and the general partner of the Operating Partnership. At September 30, 2020, the Company owned an approximate 97.9% common general partnership interest in the Operating Partnership. The remaining approximate 2.1% common limited partnership interests in the Operating Partnership are owned by limited partners. 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 units of limited partnership interests in the Operating Partnership and recipients of RLP Units (See Note 6) of the Operating Partnership pursuant to the Company's stock incentive plan. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership's day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions and refinancings. The management of the Company consists of the same members as the management of the Operating Partnership.
The Company and the Operating Partnership are managed and operated as one enterprise. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of the Company's assets are held by, and its operations are conducted through, the Operating Partnership and its subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.
We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership are:
Stockholders' Equity, Noncontrolling Interest and Partners' Capital. The 2.1% equity interest in the Operating Partnership held by entities other than the Company is classified within partners' capital in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.
Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, although operations are also conducted through eight other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.
Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.
We believe combining the Company's and Operating Partnership's quarterly reports into this single report results in the following benefits:
enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and
eliminates duplicative disclosures and provides a more streamlined and readable presentation for our investors to review since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership.




To help investors understand the differences between the Company and the Operating Partnership, this report provides the following separate disclosures for each of the Company and the Operating Partnership:
consolidated financial statements;
a single set of consolidated notes to such financial statements that includes separate discussions of each entity's stockholders' equity or partners' capital, as applicable; and
a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.
This report also includes separate Part I, Item 4, Controls and Procedures sections and separate Exhibit 31 and 32 certifications for the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are both compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.



FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2020
INDEX
 
  Page
First Industrial Realty Trust, Inc.
First Industrial, L.P.
First Industrial Realty Trust, Inc. and First Industrial, L.P.

2


PART I: FINANCIAL INFORMATION 
Item 1.Financial Statements
FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 30, 2020December 31, 2019
(Unaudited)
ASSETS
Assets:
Investment in Real Estate:
Land$1,092,966 $957,478 
Buildings and Improvements2,914,457 2,782,430 
Construction in Progress86,364 90,301 
Less: Accumulated Depreciation(845,789)(804,780)
Net Investment in Real Estate3,247,998 3,025,429 
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,961 and $02,067  
Operating Lease Right-of-Use Assets25,363 24,877 
Cash and Cash Equivalents171,121 21,120 
Restricted Cash 131,598 
Tenant Accounts Receivable4,636 8,529 
Investment in Joint Ventures60,453 18,208 
Deferred Rent Receivable83,010 77,703 
Deferred Leasing Intangibles, Net23,162 28,533 
Prepaid Expenses and Other Assets, Net121,047 182,831 
Total Assets$3,738,857 $3,518,828 
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net$155,270 $173,685 
Senior Unsecured Notes, Net992,137 694,015 
Unsecured Term Loans, Net458,087 457,865 
Unsecured Credit Facility 158,000 
Accounts Payable, Accrued Expenses and Other Liabilities116,491 114,637 
Operating Lease Liabilities22,953 22,369 
Deferred Leasing Intangibles, Net11,638 11,893 
Rents Received in Advance and Security Deposits60,105 57,534 
Dividends and Distributions Payable33,577 30,567 
Total Liabilities1,850,258 1,720,565 
Commitments and Contingencies  
Equity:
First Industrial Realty Trust Inc.'s Stockholders' Equity:
Common Stock ($0.01 par value, 225,000,000 shares authorized and 129,050,312 and 126,994,478 shares issued and outstanding)1,290 1,270 
Additional Paid-in-Capital2,221,552 2,140,847 
Distributions in Excess of Accumulated Earnings(357,682)(370,835)
Accumulated Other Comprehensive Loss(19,969)(6,883)
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity1,845,191 1,764,399 
Noncontrolling Interests43,408 33,864 
Total Equity1,888,599 1,798,263 
Total Liabilities and Equity$3,738,857 $3,518,828 
The accompanying notes are an integral part of the consolidated financial statements.
3


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share data)
Three Months Ended September 30, 2020Three Months Ended September 30, 2019Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
Revenues:
Lease Revenue$109,657 $105,369 $326,681 $312,524 
Other Revenue6,537 1,221 9,058 2,702 
Total Revenues116,194 106,590 335,739 315,226 
Expenses:
Property Expenses30,355 28,396 87,487 85,943 
General and Administrative7,485 6,945 24,970 20,529 
Depreciation and Other Amortization34,369 30,149 97,532 89,978 
Total Expenses72,209 65,490 209,989 196,450 
Other Income (Expense):
Gain on Sale of Real Estate6,525 52,489 29,594 53,378 
Interest Expense(12,775)(12,466)(37,864)(37,565)
Amortization of Debt Issuance Costs(905)(805)(2,477)(2,430)
Total Other Income (Expense)(7,155)39,218 (10,747)13,383 
Income from Operations Before Equity in (Loss) Income of Joint Ventures and Income Tax Benefit (Provision)36,830 80,318 115,003 132,159 
Equity in (Loss) Income of Joint Ventures(162)(72)(236)16,288 
Income Tax Benefit (Provision)39 (244)(105)(3,392)
Net Income36,707 80,002 114,662 145,055 
Less: Net Income Attributable to the Noncontrolling Interests(748)(1,691)(2,400)(3,141)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
$35,959 $78,311 $112,262 $141,914 
Basic and Diluted Earnings Per Share:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
$0.28 $0.62 $0.88 $1.12 
Weighted Average Shares Outstanding - Basic127,903 126,480 127,306 126,295 
Weighted Average Shares Outstanding - Diluted128,101 126,783 127,495 126,578 
The accompanying notes are an integral part of the consolidated financial statements.

4


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)
Three Months Ended September 30, 2020Three Months Ended September 30, 2019Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
Net Income$36,707 $80,002 $114,662 $145,055 
Payments to Settle Derivative Instruments
   (3,149)
Acceleration of Derivative Instruments201  201  
Mark-to-Market Gain (Loss) on Derivative Instruments2,091 (1,469)(13,884)(9,161)
Amortization of Derivative Instruments103 83 308 131 
Comprehensive Income39,102 78,616 101,287 132,876 
Comprehensive Income Attributable to Noncontrolling Interests(801)(1,668)(2,118)(2,877)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.
$38,301 $76,948 $99,169 $129,999 
The accompanying notes are an integral part of the consolidated financial statements.

5


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(Unaudited; in thousands, except per share data)
Nine Months Ended September 30, 2020:Common
Stock
Additional
Paid-in-
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interest
Total
Balance as of December 31, 2019$1,270 $2,140,847 $(370,835)$(6,883)$33,864 $1,798,263 
Net Income— — 40,634 — 895 41,529 
Other Comprehensive Loss
— — — (14,175)(313)(14,488)
Stock Based Compensation Activity (1,233)(2,975)— 2,373 (1,835)
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit)— — (31,874)— (614)(32,488)
Conversion of Limited Partner Units to Common Stock2 2,062 — — (2,064) 
Reallocation - Additional Paid-in-Capital— (3,378)— — 3,378  
Reallocation - Other Comprehensive Income— — — 4 (4) 
Balance as of March 31, 2020$1,272 $2,138,298 $(365,050)$(21,054)$37,515 $1,790,981 
Net Income— — 35,669 — 757 36,426 
Other Comprehensive Loss
— — — (1,260)(22)(1,282)
Stock Based Compensation Activity 1,486  — 1,622 3,108 
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit)— — (31,929)— (631)(32,560)
Conversion of Limited Partner Units to Common Stock 1 — — (1) 
Reallocation - Additional Paid-in-Capital— 1,470 — — (1,470) 
Reallocation - Other Comprehensive Income— — — 6 (6) 
Balance as of June 30, 2020$1,272 $2,141,255 $(361,310)$(22,308)$37,764 $1,796,673 
Net Income— — 35,959 — 748 36,707 
Other Comprehensive Income— — — 2,342 53 2,395 
Issuance of Common Stock, Net of Issuance Costs
18 78,331 — — — 78,349 
Stock Based Compensation Activity 1,486  — 1,593 3,079 
Common Stock Dividends and Unit Distributions ($0.25 Per Share/Unit)— — (32,331)— (594)(32,925)
Conversion of Limited Partner Units to Common Stock 4 — — (4) 
Contributions from Noncontrolling Interest— — — — 4,321 4,321 
Reallocation - Additional Paid-in-Capital— 476 — — (476) 
Reallocation - Other Comprehensive Income— — — (3)3  
Balance as of September 30, 2020$1,290 $2,221,552 $(357,682)$(19,969)$43,408 $1,888,599 
6


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Continued)
(Unaudited; in thousands, except per share data)
Nine Months Ended September 30, 2019:Common
Stock
Additional
Paid-in-
Capital
Distributions
in Excess of
Accumulated
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interest
Total
Balance as of December 31, 2018$1,263 $2,131,556 $(490,807)$3,502 $34,397 $1,679,911 
Net Income— — 23,803 — 537 24,340 
Other Comprehensive Loss
— — — (6,190)(140)(6,330)
Stock Based Compensation Activity2 (611)(1,696)— 270 (2,035)
Common Stock Dividends and Unit Distributions ($0.23 Per Share/Unit)— — (29,258)— (664)(29,922)
Reallocation - Additional Paid-in-Capital— (3,238)— — 3,238  
Reallocation - Other Comprehensive Income— — — (7)7  
Balance as of March 31, 2019$1,265 $2,127,707 $(497,958)$(2,695)$37,645 $1,665,964 
Net Income— — 39,800 — 913 40,713 
Other Comprehensive Loss— — — (4,362)(101)(4,463)
Stock Based Compensation Activity 1,542  — 511 2,053 
Common Stock Dividends and Unit Distributions ($0.23 Per Share/Unit)— — (29,212)— (652)(29,864)
Reallocation - Additional Paid-in-Capital— 458 — — (458) 
Reallocation - Other Comprehensive Income— — — (1)1  
Balance as of June 30, 2019$1,265 $2,129,707 $(487,370)$(7,058)$37,859 $1,674,403 
Net Income— — 78,311 — 1,691 80,002 
Other Comprehensive Loss— — — (1,363)(23)(1,386)
Stock Based Compensation Activity 1,583  — 548 2,131 
Common Stock Dividends and Unit Distributions ($0.23 Per Share/Unit)— — (29,278)— (552)(29,830)
Conversion of Limited Partner Units to Common Stock5 6,856 — — (6,861) 
Reallocation - Additional Paid-in-Capital— (88)— — 88  
Reallocation - Other Comprehensive Income— — — (23)23  
Balance as of September 30, 2019$1,270 $2,138,058 $(438,337)$(8,444)$32,773 $1,725,320 
The accompanying notes are an integral part of the consolidated financial statements.
7


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$114,662 $145,055 
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation76,580 73,054 
Amortization of Debt Issuance Costs2,477 2,430 
Other Amortization, including Stock Based Compensation26,776 21,226 
Equity in Loss (Income) of Joint Ventures236 (16,288)
Distributions from Joint Ventures 16,012 
Gain on Sale of Real Estate(29,594)(53,378)
Gain on Involuntary Conversion(6,476) 
Payments to Settle Derivative Instruments (3,149)
Straight-line Rental Income and Expense, Net(6,481)(7,321)
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net 3,149 (8,325)
Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits 8,810 20,863 
Net Cash Provided by Operating Activities190,139 190,179 
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate(184,883)(108,468)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
(150,908)(211,424)
Net Proceeds from Sales of Investments in Real Estate, Including Sales-Type Lease Receivable110,049 102,758 
Contributions to and Investments in Joint Ventures(42,744) 
Distributions from Joint Ventures 8,658 
Proceeds from Involuntary Conversion6,476  
Deposits on Future Acquisitions and Other Investing Activity(12,345)(6,459)
Net Cash Used in Investing Activities(274,355)(214,935)
CASH FLOWS FROM FINANCING ACTIVITIES:
Financing and Equity Issuance Costs(3,329)(953)
Proceeds from the Issuance of Common Stock, Net of Underwriter's Discount
78,718  
Tax Paid on Shares Withheld(5,944)(4,384)
Common Stock Dividends and Unit Distributions Paid(94,493)(87,490)
Repayments on Mortgage Loans Payable(18,654)(116,518)
Proceeds from Senior Unsecured Notes300,000 150,000 
Proceeds from Unsecured Credit Facility247,000 295,000 
Repayments on Unsecured Credit Facility(405,000)(217,000)
Contributions from Noncontrolling Interests4,321  
Net Cash Provided by Financing Activities102,619 18,655 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash18,403 (6,101)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year152,718 50,373 
Cash, Cash Equivalents and Restricted Cash, End of Period$171,121 $44,272 
8


FIRST INDUSTRIAL REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited; in thousands)
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Expense Capitalized in Connection with Development Activity$5,029 $4,161 
Cash Paid for Operating Lease Liabilities$2,175 $1,273 
Supplemental Schedule of Non-Cash Operating Activities:
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets$1,208 $22,871 
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Common Stock Dividends and Unit Distributions Payable
$33,577 $30,386 
Exchange of Limited Partnership Units for Common Stock:
Noncontrolling Interest$(2,069)$(6,861)
Common Stock2 5 
Additional Paid-in-Capital2,067 6,856 
Total$ $ 
Lease Reclassification from Operating Lease to Sales-Type Lease:
Lease Receivable$ $54,521 
Land (24,803)
Building, Net of Accumulated Depreciation (17,845)
Deferred Rent Receivable (2,073)
Other Assets, Net of Accumulated Amortization (1,194)
Gain on Sale Recognized Due to Lease Reclassification$ 8,606 
Assumption of Liabilities in Connection with the Acquisition of Real Estate
$6,542