10-Kfalse12/31/20202020FYFRFIRST INDUSTRIAL REALTY TRUST, INC.000092182512/31Large Accelerated Filer129,126,6324,810.310-Kfalse12/31/20202020FYFRFIFIRST INDUSTRIAL, L.P.000103312812/31Accelerated Filer7,0540.010.01225,000,000225,000,000129,051,412126,994,478129,051,412126,994,4781.000.920.877,054129,051,412126,994,4782,713,1422,422,744245,396240,8476,29211,0091.000.920.877335016524,78129,54113,84913,0454.034.854.034.8510/1/20218/1/2028715.8317.871.572.0418.5319.722.452.5716.2517.561.631.6875031600009218252020-01-012020-12-310000921825fr:FirstIndustrialLPMember2020-01-012020-12-31iso4217:USD00009218252020-06-30xbrli:shares00009218252021-02-1500009218252020-12-3100009218252019-12-31iso4217:USDxbrli:shares00009218252019-01-012019-12-3100009218252018-01-012018-12-310000921825us-gaap:CommonStockMember2017-12-310000921825us-gaap:AdditionalPaidInCapitalMember2017-12-310000921825us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2017-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000921825us-gaap:NoncontrollingInterestMember2017-12-3100009218252017-12-310000921825us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2018-01-012018-12-310000921825us-gaap:NoncontrollingInterestMember2018-01-012018-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-12-310000921825us-gaap:CommonStockMember2018-01-012018-12-310000921825us-gaap:AdditionalPaidInCapitalMember2018-01-012018-12-310000921825us-gaap:CommonStockMember2018-12-310000921825us-gaap:AdditionalPaidInCapitalMember2018-12-310000921825us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2018-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000921825us-gaap:NoncontrollingInterestMember2018-12-3100009218252018-12-310000921825us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-01-012019-12-310000921825us-gaap:NoncontrollingInterestMember2019-01-012019-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000921825us-gaap:CommonStockMember2019-01-012019-12-310000921825us-gaap:AdditionalPaidInCapitalMember2019-01-012019-12-310000921825us-gaap:CommonStockMember2019-12-310000921825us-gaap:AdditionalPaidInCapitalMember2019-12-310000921825us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2019-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000921825us-gaap:NoncontrollingInterestMember2019-12-310000921825us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-01-012020-12-310000921825us-gaap:NoncontrollingInterestMember2020-01-012020-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000921825us-gaap:CommonStockMember2020-01-012020-12-310000921825us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000921825us-gaap:CommonStockMember2020-12-310000921825us-gaap:AdditionalPaidInCapitalMember2020-12-310000921825us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember2020-12-310000921825us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000921825us-gaap:NoncontrollingInterestMember2020-12-310000921825fr:SalesTypeLeaseMember2020-12-310000921825fr:SalesTypeLeaseMember2019-12-310000921825fr:SalesTypeLeaseMember2018-12-310000921825fr:SalesTypeLeaseMember2020-01-012020-12-310000921825fr:SalesTypeLeaseMember2019-01-012019-12-310000921825fr:SalesTypeLeaseMember2018-01-012018-12-310000921825fr:FirstIndustrialLPMember2020-12-310000921825fr:FirstIndustrialLPMember2019-12-310000921825fr:OtherRealEstatePartnershipMember2020-12-310000921825fr:OtherRealEstatePartnershipMember2019-12-310000921825fr:FirstIndustrialLPMember2019-01-012019-12-310000921825fr:FirstIndustrialLPMember2018-01-012018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2017-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2017-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000921825fr:FirstIndustrialLPMemberus-gaap:NoncontrollingInterestMember2017-12-310000921825fr:FirstIndustrialLPMember2017-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2018-01-012018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2018-01-012018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:NoncontrollingInterestMember2018-01-012018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:NoncontrollingInterestMember2018-12-310000921825fr:FirstIndustrialLPMember2018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2019-01-012019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2019-01-012019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:NoncontrollingInterestMember2019-01-012019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:NoncontrollingInterestMember2019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2020-01-012020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2020-01-012020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:NoncontrollingInterestMember2020-01-012020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:GeneralPartnerMember2020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:LimitedPartnerMember2020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:NoncontrollingInterestMember2020-12-310000921825fr:FirstIndustrialLPMemberfr:SalesTypeLeaseMember2020-12-310000921825fr:FirstIndustrialLPMemberfr:SalesTypeLeaseMember2019-12-310000921825fr:FirstIndustrialLPMemberfr:SalesTypeLeaseMember2018-12-310000921825fr:FirstIndustrialLPMemberfr:SalesTypeLeaseMember2020-01-012020-12-310000921825fr:FirstIndustrialLPMemberfr:SalesTypeLeaseMember2019-01-012019-12-310000921825fr:FirstIndustrialLPMemberfr:SalesTypeLeaseMember2018-01-012018-12-31xbrli:pure0000921825fr:OwnershipMember2020-12-310000921825fr:OwnershipMember2019-12-310000921825fr:OwnershipMemberfr:OtherRealEstatePartnershipMember2020-12-310000921825fr:OwnershipMemberfr:OtherRealEstatePartnershipMember2020-01-012020-12-310000921825fr:JointVenturesMember2020-12-31fr:Propertyfr:Stateutr:sqft0000921825us-gaap:LeasesAcquiredInPlaceMember2020-12-310000921825us-gaap:LeasesAcquiredInPlaceMember2019-12-310000921825us-gaap:AboveMarketLeasesMember2020-12-310000921825us-gaap:AboveMarketLeasesMember2019-12-310000921825us-gaap:LeaseAgreementsMember2020-12-310000921825us-gaap:LeaseAgreementsMember2019-12-310000921825us-gaap:CustomerRelationshipsMember2020-12-310000921825us-gaap:CustomerRelationshipsMember2019-12-310000921825us-gaap:OffMarketFavorableLeaseMember2020-12-310000921825us-gaap:OffMarketFavorableLeaseMember2019-12-310000921825fr:InPlaceLeasesandTenantRelationshipsMember2020-01-012020-12-310000921825fr:InPlaceLeasesandTenantRelationshipsMember2019-01-012019-12-310000921825fr:InPlaceLeasesandTenantRelationshipsMember2018-01-012018-12-310000921825fr:AboveAndBelowMarketLeasesMember2020-01-012020-12-310000921825fr:AboveAndBelowMarketLeasesMember2019-01-012019-12-310000921825fr:AboveAndBelowMarketLeasesMember2018-01-012018-12-310000921825fr:InPlaceLeasesandTenantRelationshipsMember2020-12-310000921825fr:AboveAndBelowMarketLeasesMember2020-12-310000921825fr:JointVentureIIMember2020-12-310000921825us-gaap:BuildingAndBuildingImprovementsMembersrt:MinimumMember2020-01-012020-12-310000921825srt:MinimumMemberus-gaap:LandImprovementsMember2020-01-012020-12-310000921825srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2020-01-012020-12-310000921825us-gaap:BuildingAndBuildingImprovementsMembersrt:MaximumMember2020-01-012020-12-310000921825srt:MaximumMemberus-gaap:LandImprovementsMember2020-01-012020-12-310000921825srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2020-01-012020-12-310000921825fr:AcquisitionActivityMember2020-12-310000921825fr:AcquisitionActivityMember2019-12-310000921825fr:AcquisitionActivityMember2018-12-310000921825fr:AcquisitionActivityMember2020-01-012020-12-310000921825fr:AcquisitionActivityMember2019-01-012019-12-310000921825fr:AcquisitionActivityMember2018-01-012018-12-310000921825us-gaap:LeasesAcquiredInPlaceMemberfr:AcquisitionActivityMember2020-01-012020-12-310000921825us-gaap:LeasesAcquiredInPlaceMemberfr:AcquisitionActivityMember2019-01-012019-12-310000921825us-gaap:AboveMarketLeasesMemberfr:AcquisitionActivityMember2020-01-012020-12-310000921825us-gaap:AboveMarketLeasesMemberfr:AcquisitionActivityMember2019-01-012019-12-310000921825us-gaap:OffMarketFavorableLeaseMemberfr:AcquisitionActivityMember2020-01-012020-12-310000921825us-gaap:OffMarketFavorableLeaseMemberfr:AcquisitionActivityMember2019-01-012019-12-310000921825fr:Fr_HeldForSaleActivityMember2020-12-310000921825fr:DispositionActivityMember2020-12-310000921825fr:DispositionActivityMember2019-12-310000921825fr:DispositionActivityMember2018-12-310000921825fr:PartialDispositionActivityMember2020-12-310000921825fr:ImpairmentActivityMember2019-01-012019-12-310000921825fr:DispositionwithImpairmentActivityMember2019-12-310000921825us-gaap:MortgagesMember2020-12-310000921825us-gaap:MortgagesMember2019-12-310000921825fr:SeniorNotesDueTwoThousandTwentySevenNotesMember2020-12-310000921825fr:SeniorNotesDueTwoThousandTwentySevenNotesMember2019-12-310000921825fr:SeniorNotesDueTwoThousandTwentySevenNotesMember2020-01-012020-12-310000921825fr:SeniorNotesDueTwoThousandTwentyEightNotesMember2020-12-310000921825fr:SeniorNotesDueTwoThousandTwentyEightNotesMember2019-12-310000921825fr:SeniorNotesDueTwoThousandTwentyEightNotesMember2020-01-012020-12-310000921825fr:SeniorNotesDueTwoThousandThirtyTwoNotesMember2020-12-310000921825fr:SeniorNotesDueTwoThousandThirtyTwoNotesMember2019-12-310000921825fr:SeniorNotesDueTwoThousandThirtyTwoNotesMember2020-01-012020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentySevenTwoNotesMember2020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentySevenTwoNotesMember2019-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentySevenTwoNotesMember2020-01-012020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyEightMember2020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyEightMember2019-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyEightMember2020-01-012020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineNotesMember2020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineNotesMember2019-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineNotesMember2020-01-012020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineIIMember2020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineIIMember2019-12-310000921825fr:PrivatePlacementNotesDueTwoThousandTwentyNineIIMember2020-01-012020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyMember2020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyMember2019-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyMember2020-01-012020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyIIMember2020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyIIMember2019-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyIIMember2020-01-012020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyTwoMember2020-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyTwoMember2019-12-310000921825fr:PrivatePlacementNotesDueTwoThousandThirtyTwoMember2020-01-012020-12-310000921825us-gaap:UnsecuredDebtMember2020-12-310000921825us-gaap:UnsecuredDebtMember2019-12-310000921825fr:UnsecuredDebtOneMember2020-12-310000921825fr:UnsecuredDebtOneMember2019-12-310000921825fr:UnsecuredDebtTwoMember2020-12-310000921825fr:UnsecuredDebtTwoMember2019-12-310000921825fr:UnsecuredDebtTwoMember2020-01-012020-12-310000921825fr:UnsecuredDebtThreeMember2020-12-310000921825fr:UnsecuredDebtThreeMember2019-12-310000921825fr:UnsecuredDebtThreeMember2020-01-012020-12-310000921825us-gaap:LongTermDebtMember2020-12-310000921825us-gaap:LongTermDebtMember2019-12-310000921825us-gaap:LineOfCreditMember2020-12-310000921825us-gaap:LineOfCreditMember2019-12-310000921825us-gaap:LineOfCreditMember2020-01-012020-12-310000921825us-gaap:MortgagesMember2020-01-012020-12-310000921825us-gaap:MortgagesMember2019-01-012019-12-310000921825us-gaap:MortgagesMember2018-01-012018-12-310000921825us-gaap:MortgagesMemberfr:AssumedMortgageMember2018-01-012018-12-310000921825us-gaap:MortgagesMemberfr:AssumedMortgageMember2018-12-310000921825fr:UnsecuredDebtThreeMember2020-07-150000921825fr:UnsecuredDebtOneMember2014-01-290000921825us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000921825us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310000921825us-gaap:MortgagesMembersrt:MinimumMember2020-12-310000921825us-gaap:MortgagesMembersrt:MaximumMember2020-12-310000921825fr:UnsecuredDebtTwoMember2015-09-112015-09-110000921825fr:JointVentureIMember2020-12-310000921825fr:JointVentureIIMember2020-01-012020-12-310000921825fr:JointVenturesMember2020-01-012020-12-310000921825fr:JointVenturesMember2019-01-012019-12-310000921825fr:DispositionActivityMemberfr:JointVenturesMember2020-01-012020-12-310000921825fr:DispositionActivityMemberfr:JointVenturesMember2019-01-012019-12-310000921825fr:JointVentureIMemberfr:AcquisitionActivityMember2020-12-310000921825fr:JointVentureIMemberfr:AcquisitionActivityMember2019-12-310000921825fr:JointVentureIMemberfr:JointVentureDispositionActivityMember2020-01-012020-12-310000921825fr:JointVentureIMemberfr:JointVentureDispositionActivityMember2019-01-012019-12-310000921825fr:JointVentureIMember2020-01-012020-12-310000921825fr:JointVentureIMember2019-01-012019-12-310000921825fr:JointVenturesMember2019-12-310000921825us-gaap:CommonClassAMember2017-12-310000921825fr:FirstIndustrialLPMemberus-gaap:CommonClassAMember2017-12-310000921825us-gaap:CommonClassAMember2018-01-012018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:CommonClassAMember2018-01-012018-12-310000921825us-gaap:CommonClassAMember2018-12-310000921825fr:FirstIndustrialLPMemberus-gaap:CommonClassAMember2018-12-310000921825us-gaap:CommonClassAMember2019-01-012019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:CommonClassAMember2019-01-012019-12-310000921825us-gaap:CommonClassAMember2019-12-310000921825fr:FirstIndustrialLPMemberus-gaap:CommonClassAMember2019-12-310000921825us-gaap:CommonClassAMember2020-01-012020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:CommonClassAMember2020-01-012020-12-310000921825us-gaap:CommonClassAMember2020-12-310000921825fr:FirstIndustrialLPMemberus-gaap:CommonClassAMember2020-12-310000921825us-gaap:CommonStockMember2018-01-012018-12-310000921825us-gaap:CommonStockMember2020-01-012020-12-310000921825us-gaap:CommonStockMember2019-01-012019-12-310000921825fr:AtmMember2020-02-140000921825fr:AtmMember2020-01-012020-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-12-310000921825us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberfr:FirstIndustrialLPMember2018-12-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2018-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-01-012019-12-310000921825us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberfr:FirstIndustrialLPMember2019-01-012019-12-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2019-01-012019-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310000921825us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberfr:FirstIndustrialLPMember2019-12-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2019-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-12-310000921825us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberfr:FirstIndustrialLPMember2020-01-012020-12-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2020-01-012020-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-12-310000921825us-gaap:AccumulatedNetGainLossFromCashFlowHedgesIncludingPortionAttributableToNoncontrollingInterestMemberfr:FirstIndustrialLPMember2020-12-310000921825us-gaap:AociAttributableToNoncontrollingInterestMember2020-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateSwapMember2020-01-012020-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateSwapMember2019-01-012019-12-310000921825us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:InterestRateSwapMember2018-01-012018-12-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2020-12-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2019-12-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2018-12-310000921825srt:MinimumMember2020-12-310000921825srt:MaximumMember2020-12-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2020-01-012020-12-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2019-01-012019-12-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2018-01-012018-12-310000921825srt:ManagementMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000921825srt:ManagementMemberus-gaap:RestrictedStockUnitsRSUMember2019-01-012019-12-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2020-12-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2019-12-310000921825us-gaap:PerformanceSharesMembersrt:ManagementMember2018-12-310000921825us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000921825us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-12-310000921825us-gaap:RestrictedStockUnitsRSUMember2018-01-012018-12-310000921825us-gaap:PerformanceSharesMember2019-12-310000921825us-gaap:RestrictedStockUnitsRSUMember2019-12-310000921825us-gaap:PerformanceSharesMember2020-01-012020-12-310000921825us-gaap:PerformanceSharesMember2020-12-310000921825us-gaap:RestrictedStockUnitsRSUMember2020-12-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2020-01-012020-12-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2019-01-012019-12-310000921825us-gaap:RestrictedStockMembersrt:ManagementMember2018-01-012018-12-310000921825fr:ServiceRLPUnitsMembersrt:ManagementMember2020-01-012020-12-310000921825fr:ServiceRLPUnitsMembersrt:ManagementMember2019-01-012019-12-310000921825srt:DirectorMemberus-gaap:RestrictedStockMember2020-01-012020-12-310000921825us-gaap:RestrictedStockMember2019-12-310000921825fr:ServiceRLPUnitsMember2019-12-310000921825us-gaap:RestrictedStockMember2020-01-012020-12-310000921825fr:ServiceRLPUnitsMember2020-01-012020-12-310000921825us-gaap:RestrictedStockMember2020-12-310000921825fr:ServiceRLPUnitsMember2020-12-310000921825srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2018-01-012018-12-310000921825srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2018-01-012018-12-310000921825srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2019-01-012019-12-310000921825srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2019-01-012019-12-310000921825srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000921825srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000921825fr:InterestRateSwapOneMember2014-01-310000921825fr:InterestRateSwapOneMember2020-01-012020-12-310000921825fr:InterestRateSwapTwoMember2015-09-300000921825fr:InterestRateSwapTwoMember2020-01-012020-12-310000921825fr:InterestRateSwapFourMember2020-12-310000921825fr:InterestRateSwapFourMember2020-01-012020-12-310000921825fr:InterestRateSwapThreeMember2020-12-310000921825fr:InterestRateSwapThreeMember2020-01-012020-12-310000921825fr:InterestRateSwapOneMember2020-12-310000921825us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberfr:InterestRateSwapOneMember2020-12-310000921825us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberfr:InterestRateSwapOneMember2020-12-310000921825us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberfr:InterestRateSwapOneMember2020-12-310000921825fr:InterestRateSwapTwoMember2020-12-310000921825fr:InterestRateSwapTwoMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000921825fr:InterestRateSwapTwoMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310000921825fr:InterestRateSwapTwoMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000921825fr:InterestRateSwapFourMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000921825fr:InterestRateSwapFourMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-12-310000921825fr:InterestRateSwapFourMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-12-310000921825us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberfr:InterestRateSwapThreeMember2020-12-310000921825us-gaap:FairValueMeasurementsRecurringMemberfr:InterestRateSwapThreeMemberus-gaap:FairValueInputsLevel2Member2020-12-310000921825us-gaap:FairValueMeasurementsRecurringMemberfr:InterestRateSwapThreeMemberus-gaap:FairValueInputsLevel3Member2020-12-310000921825fr:InterestRateSwapOneMember2019-12-310000921825us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberfr:InterestRateSwapOneMember2019-12-310000921825us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberfr:InterestRateSwapOneMember2019-12-310000921825us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberfr:InterestRateSwapOneMember2019-12-310000921825fr:InterestRateSwapTwoMember2019-12-310000921825fr:InterestRateSwapTwoMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000921825fr:InterestRateSwapTwoMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310000921825fr:InterestRateSwapTwoMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310000921825fr:DevelopmentActivityMember2020-12-310000921825fr:AcquisitionActivityMemberus-gaap:SubsequentEventMember2021-02-150000921825fr:AcquisitionActivityMemberus-gaap:SubsequentEventMember2021-01-012021-02-150000921825fr:DispositionActivityMemberus-gaap:SubsequentEventMember2021-02-150000921825fr:DispositionActivityMemberus-gaap:SubsequentEventMember2021-01-012021-02-1500009218252020-01-012020-03-3100009218252020-04-012020-06-3000009218252020-07-012020-09-3000009218252020-10-012020-12-3100009218252019-01-012019-03-3100009218252019-04-012019-06-3000009218252019-07-012019-09-3000009218252019-10-012019-12-310000921825fr:FirstIndustrialLPMember2020-01-012020-03-310000921825fr:FirstIndustrialLPMember2020-04-012020-06-300000921825fr:FirstIndustrialLPMember2020-07-012020-09-300000921825fr:FirstIndustrialLPMember2020-10-012020-12-310000921825fr:FirstIndustrialLPMember2019-01-012019-03-310000921825fr:FirstIndustrialLPMember2019-04-012019-06-300000921825fr:FirstIndustrialLPMember2019-07-012019-09-300000921825fr:FirstIndustrialLPMember2019-10-012019-12-310000921825fr:OneSixFiveZeroHighwayOneFiveFiveMember2020-12-310000921825fr:FourZeroFiveOneSouthmeadowParkwayMember2020-12-310000921825fr:FourZeroSevenOneSouthmeadowParkwayMember2020-12-310000921825fr:FourZeroEightOneSouthmeadowParkwayMember2020-12-310000921825fr:FiveFiveSevenZeroTulaneDriveDMember2020-12-310000921825fr:NineFiveFiveCobbPlaceMember2020-12-310000921825fr:OneZeroZeroFiveSigmanRoadMember2020-12-310000921825fr:TwoZeroFiveZeroEastParkDriveMember2020-12-310000921825fr:ThreeZeroSixZeroSouthParkBlvdMember2020-12-310000921825fr:OneSevenFiveGreenwoodIndustrialParkwayMember2020-12-310000921825fr:FiveZeroNineFivePhillipLeeDriveMember2020-12-310000921825fr:SixFiveOneFourWarrenDriveMember2020-12-310000921825fr:SixFiveFourFourWarrenDriveMember2020-12-310000921825fr:FiveThreeFiveSixEPonceDeLeonMember2020-12-310000921825fr:FiveThreeNineZeroEPonceDeLeonMember2020-12-310000921825fr:OneSevenFiveFiveEnterpriseDriveMember2020-12-310000921825fr:FourFiveFiveFiveAtwaterCourtMember2020-12-310000921825fr:EightZeroLibertyIndustrialParkwayMember2020-12-310000921825fr:FiveNineSixBonnieValentineMember2020-12-310000921825fr:OneOneFourOneFiveOldRoswellRoadMember2020-12-310000921825fr:OneTwoEightOneHighwayOneFiveFiveS.Member2020-12-310000921825fr:FourNineFiveFiveOakleyIndustrialBlvdMember2020-12-310000921825fr:SixteenThousandAndFiveHundredAndTwentyTwoHuntersGreenParkwayMember2020-12-310000921825fr:TwentyTwoThousandFiveHundredTwentyRandolphDriveMember2020-12-310000921825fr:TwentyTwoThousandSixHundredThirtyDullesSummitCourtMember2020-12-310000921825fr:ElevenThousandTwoHundredFourMcCormickRoadMember2020-12-310000921825fr:ElevenThousandOneHundredTenPepperRoadMember2020-12-310000921825fr:TenThousandSevenHundredNineGilroyRoadMember2020-12-310000921825fr:TenThousandSevenHundredSevenGilroyRoadMember2020-12-310000921825fr:ThirtyEightLovetonCircleMember2020-12-310000921825fr:OneThousandTwoHundredTwentyFiveBengiesRoadMember2020-12-310000921825fr:FiveEightOneWelltownRoadTysonBlvdMember2020-12-310000921825fr:FourHundredOldPostRoadMember2020-12-310000921825fr:FiveHundredOldPostRoadMember2020-12-310000921825fr:FiveThreeZeroZeroAndFiveThreeOneFiveNottinghamDriveMember2020-12-310000921825fr:FiveThreeZeroOneNottinghamDriveMember2020-12-310000921825fr:FourHundredOneRussellDriveMember2020-12-310000921825fr:TwoThousandSevenHundredCommerceDriveMember2020-12-310000921825fr:TwoThousandSevenHundredAndOneCommerceDriveMember2020-12-310000921825fr:TwoThousandSevenHundredAndEightyCommerceDriveMember2020-12-310000921825fr:ThreeHundredAndFiftyOldSilverSpringRoadMember2020-12-310000921825fr:OneFourMcfaddenRoadMember2020-12-310000921825fr:FourThirtyOneRailroadAvenueMember2020-12-310000921825fr:SixThousandNineHundredAndFiftyOneAllentownBlvdMember2020-12-310000921825fr:TwoEightZeroOneRedLionRoadMember2020-12-310000921825fr:OneThousandThreeHundredAndFiftyOneEisenhowerBlvdBldgOneMember2020-12-310000921825fr:OneThousandThreeHundredAndFiftyOneEisenhowerBlvdBldgTwoMember2020-12-310000921825fr:TwoZeroZeroCascadeDriveBldgOneMember2020-12-310000921825fr:TwoZeroZeroCascadeDriveBldgTwoMember2020-12-310000921825fr:OneThousandFourHundredNinetyDennisonCircleMember2020-12-310000921825fr:TwoNineEightFirstAvenueMember2020-12-310000921825fr:TwoHundredAndTwentyFiveCrossFarmLaneMember2020-12-310000921825fr:TwoFourFiveFiveBoulevardOfGeneralsMember2020-12-310000921825fr:OneHundredAndFiveSteamboatBlvdMember2020-12-310000921825fr:TwentyLeoLaneMember2020-12-310000921825fr:ThreeEightNineFiveEastgateBlvdBldgAMember2020-12-310000921825fr:ThreeEightNineFiveEastgateBlvdBldgBMember2020-12-310000921825fr:OneOneTwoBordnersvilleRoadMember2020-12-310000921825fr:OneTwoTwoBordnersvilleRoadMember2020-12-310000921825fr:TwoZeroTwoOneWoodhavenRoadMember2020-12-310000921825fr:SevenHundredTwentyAndSevenHundredThirtyLandwehrRoadMember2020-12-310000921825fr:ThirteenEightyFiveAndOneHundredOneStStreetMember2020-12-310000921825fr:TwoThousandThreeHundredWindsorCourtMember2020-12-310000921825fr:ThreeHundredFiveAndThreeHundredElevenEraDriveMember2020-12-310000921825fr:EightHundredBusinessCenterDriveMember2020-12-310000921825fr:FiveHundredEightySlawinCourtMember2020-12-310000921825fr:TenZeroFiveAndOneHundredOneStStreetMember2020-12-310000921825fr:OneHundredSeventyFiveWallStreetMember2020-12-310000921825fr:TwoHundredFiftyOneAirportRoadMember2020-12-310000921825fr:FourHundredCrossroadsPkwyMember2020-12-310000921825fr:SevenThousandEightHundredOneWIndustrialDriveMember2020-12-310000921825fr:SevenHundredTwentyFiveKimberlyDriveMember2020-12-310000921825fr:TwoThousandNineHundredWOneHundredSixtySixThStreetMember2020-12-310000921825fr:FiveHundredFiftyFiveWAlgonquinRdMember2020-12-310000921825fr:OneThousandFiveHundredOneOaktonStreetMember2020-12-310000921825fr:SixteenThousandFiveHundredWOneHundredThreeRdStreetMember2020-12-310000921825fr:EightFiveZeroFiveFiftyThStreetMember2020-12-310000921825fr:FourThousandOneHundredRockCreekBlvdMember2020-12-310000921825fr:TenThousandOneHundredFiftyEightThPlaceMember2020-12-310000921825fr:FourHundredOneAirportRoadMember2020-12-310000921825fr:ThreeSevenThreeSevenEightyFourthAvenueMember2020-12-310000921825fr:EightOneParagonDriveMember2020-12-310000921825fr:OneZeroSixEightZeroEightyEighthAvenueMember2020-12-310000921825fr:EightSevenTwoFiveThirtyFirstStreetMember2020-12-310000921825fr:ThreeFiveZeroZeroChannahonRoadMember2020-12-310000921825fr:OneNineNineEightMelissaLaneMember2020-12-310000921825fr:FourThousandSevenHundredAndFourThousandSevenHundredFiftyCreekRoadMember2020-12-310000921825fr:FourThousandFourHundredThirtySixMulhauserRoadMember2020-12-310000921825fr:FourThousandFourHundredThirtyEightMulhauserRoadMember2020-12-310000921825fr:FourThousandSixHundredSixtyThreeDuesDriveMember2020-12-310000921825fr:NineThousandThreeHundredFortyFivePrincetonGlendaleMember2020-12-310000921825fr:NineThousandFiveHundredTwentyFiveGladesDriveMember2020-12-310000921825fr:NineThousandSevenHundredSeventyFourAndNineThousandSevenHundredNinetyTwoWindischRoadMember2020-12-310000921825fr:NineThousandEightHundredEightAndNineThousandEightHundredThirtyWindischRoadMember2020-12-310000921825fr:NineThousandEightHundredFortyTwoAndNineThousandEightHundredSixtyTwoWindischRoadMember2020-12-310000921825fr:NineEightSevenTwoToNineEightNineEightWindischRoadMember2020-12-310000921825fr:NineNineZeroTwoToNineNineTwoTwoWindischRoadMember2020-12-310000921825fr:ThreeZeroThreeOneOneEmeraldValleyParkwayMember2020-12-310000921825fr:ThreeZeroThreeThreeThreeEmeraldValleyPkwyMember2020-12-310000921825fr:SevenEightZeroZeroCochranRoadMember2020-12-310000921825fr:SevenNineZeroZeroCochranRoadMember2020-12-310000921825fr:SevenNineZeroFiveCochranRoadMember2020-12-310000921825fr:EightOneEightOneDarrowRoadMember2020-12-310000921825fr:TwoFourZeroSixToTwoFourOneSixWalnutRidgeMember2020-12-310000921825fr:TwoFourZeroOneToTwoFourOneNineWalnutRidgeMember2020-12-310000921825fr:NineZeroZeroToNineZeroSixGreatSouthwestPkwyMember2020-12-310000921825fr:ThreeZeroZeroZeroWestCommerceMember2020-12-310000921825fr:FourZeroFiveToFourZeroSevenOneOneThreeMember2020-12-310000921825fr:EightOneSixOneOneOneStreetMember2020-12-310000921825fr:OneSixZeroTwoToOneSixFiveFourTerreColonyMember2020-12-310000921825fr:TwoTwoTwoZeroMerrittDriveMember2020-12-310000921825fr:TwoFourEightFiveToTwoFiveZeroFiveMerrittDriveMember2020-12-310000921825fr:TwoOneOneZeroHuttonDriveMember2020-12-310000921825fr:TwoZeroTwoFiveMckenzieDriveMember2020-12-310000921825fr:TwoZeroOneNineMckenzieDriveMember2020-12-310000921825fr:TwoZeroTwoNineToTwoZeroThreeFiveMckenzieDriveMember2020-12-310000921825fr:TwoZeroOneFiveMckenzieDriveMember2020-12-310000921825fr:TwoZeroZeroNineMckenzieDriveMember2020-12-310000921825fr:NineZeroZeroOneOneZeroZeroAvenueSMember2020-12-310000921825fr:PlanoCrossingBus.ParkMember2020-12-310000921825fr:EightTwoFiveEightTwoSevenAvenueHDMember2020-12-310000921825fr:OneZeroOneThreeThreeOneAvenueMMember2020-12-310000921825fr:OneOneSevenTwoEightFourOneOneThreeThStreetDMember2020-12-310000921825fr:OneTwoZeroZeroOneSixAvenueHDMember2020-12-310000921825fr:OneThreeTwoTwoSixSixNCarrierParkwayEMember2020-12-310000921825fr:TwoFourZeroOneTwoFourZeroSevenCentennialMember2020-12-310000921825fr:ThreeOneOneOneWestCommerceMember2020-12-310000921825fr:OneThreeEightZeroZeroSenlacDriveMember2020-12-310000921825fr:EightZeroOneEightThreeOneSGreatSouthwestGMember2020-12-310000921825fr:EightZeroOneHeinzWayMember2020-12-310000921825fr:NineZeroOneNineThreeSevenHeinzWayMember2020-12-310000921825fr:ThreeThreeZeroOneCenturyCircleMember2020-12-310000921825fr:ThreeNineZeroOneWestMillerRoadMember2020-12-310000921825fr:OneTwoFiveOneNorthCockrellHillRoadMember2020-12-310000921825fr:OneOneSevenOneNorthCockrellHillRoadMember2020-12-310000921825fr:ThreenineninesixScientificDriveMember2020-12-310000921825fr:SevenfivezeroGatewayBlvdMember2020-12-310000921825fr:TwoTwoFiveZeroEastBardinRoadMember2020-12-310000921825fr:TwoZeroZeroOneMidwayRoadMember2020-12-310000921825fr:TwoZeroTwoFiveMidwayRoadMember2020-12-310000921825fr:FiveThreeZeroZeroMountainCreekMember2020-12-310000921825fr:ThreeSevenZeroZeroSandshellDriveMember2020-12-310000921825fr:OneNineZeroOneMidwayRoadMember2020-12-310000921825fr:FourSevenEightFiveElatiMember2020-12-310000921825fr:FourSevenSevenZeroFoxStreetMember2020-12-310000921825fr:ThreeEightFiveOneThreeEightSevenOneRevereMember2020-12-310000921825fr:FourFiveSevenZeroIvyStreetMember2020-12-310000921825fr:FiveEightFiveFiveStapletonDriveNorthMember2020-12-310000921825fr:FiveEightEightFiveStapletonDriveNorthMember2020-12-310000921825fr:FiveNineSevenSevenNorthBroadwayMember2020-12-310000921825fr:FiveNineFiveTwoFiveNineSevenEightNorthBroadwayMember2020-12-310000921825fr:FourSevenTwoOneIrontonStreetMember2020-12-310000921825fr:SevenZeroZeroThreeEFourSeventhAveDriveMember2020-12-310000921825fr:NineFiveZeroZeroWestFourNinthStreetMember2020-12-310000921825fr:NineFiveZeroZeroWestFourNinthStreetBMember2020-12-310000921825fr:NineFiveZeroZeroWestFourNinthStreetCMember2020-12-310000921825fr:NineFiveZeroZeroWestFourNinthStreetDMember2020-12-310000921825fr:FourFiveOneFiveNineOneEastOneTwoFourThAvenueMember2020-12-310000921825fr:OneOneSevenZeroOneEastFiveThreeRdAvenueMember2020-12-310000921825fr:FiveFourOneZeroOswegoStreetMember2020-12-310000921825fr:FourHundredFortyFiveBryantStreetMember2020-12-310000921825fr:TwelveThousandFiftyFiveEFortyNineThAveByFourThousandNineHundredFiftyFivePeoriaMember2020-12-310000921825fr:FourThousandNineHundredFortyAndFourThousandNineHundredFiftyParisMember2020-12-310000921825fr:SevenThousandThreeHundredSixtySevenSouthRevereParkwayMember2020-12-310000921825fr:EightZeroTwoZeroSouthparkCircleMember2020-12-310000921825fr:EightThousandEightHundredTenWestOneHundredSixteenThStreetMember2020-12-310000921825fr:EightThousandEightHundredTwentyWOneHundredSixteenThStreetMember2020-12-310000921825fr:EightThousandEightHundredThirtyFiveWOneHundredSixteenThStreetMember2020-12-310000921825fr:EighteenThousandOneHundredFiftyEThirtyTwoNdStreetMember2020-12-310000921825fr:ThreeThousandFourHundredFraserStreetMember2020-12-310000921825fr:SevenThousandFiveEFortySixThAvenueDriveMember2020-12-310000921825fr:FourThousandOneSalazarWayMember2020-12-310000921825fr:FiveThousandNineHundredNineAndFiveThousandNineHundredFifteenBroadwayMember2020-12-310000921825fr:TwoOneThreeZeroOneEastThirtyThirdDriveMember2020-12-310000921825fr:TwoOneOneOneZeroEastThreeOneCircleMember2020-12-310000921825fr:TwoTwoThreeZeroZeroETwentysixthAvenueMember2020-12-310000921825fr:FortySevenThousandFourHundredSixtyOneClipperMember2020-12-310000921825fr:FourHundredFortyNineExecutiveDriveMember2020-12-310000921825fr:OneThousandFourHundredSixteenMeijerDriveMember2020-12-310000921825fr:OneThousandSixHundredTwentyFourMeijerDriveMember2020-12-310000921825fr:OneThousandNineHundredSeventyTwoMeijerDriveMember2020-12-310000921825fr:OneEightTwoSixNorthwoodDriveMember2020-12-310000921825fr:OneEightSixFourNorthwoodDriveMember2020-12-310000921825fr:TwoSevenThreeZeroResearchDriveMember2020-12-310000921825fr:TwoSevenNineOneResearchDriveMember2020-12-310000921825fr:TwoEightSevenZeroTechnologyDriveMember2020-12-310000921825fr:TwoNineZeroZeroTechnologyDriveMember2020-12-310000921825fr:TwoNineThreeZeroTechnologyDriveMember2020-12-310000921825fr:TwoNineFiveZeroTechnologyDriveMember2020-12-310000921825fr:TwoThreeZeroOneFourCommerceDriveMember2020-12-310000921825fr:TwoThreeZeroThreeFiveCommerceDriveMember2020-12-310000921825fr:TwoThreeZeroNineThreeCommerceDriveMember2020-12-310000921825fr:TwoThreeOneThreeFiveCommerceDriveMember2020-12-310000921825fr:TwoThreeOneSixThreeCommerceDriveMember2020-12-310000921825fr:TwoThreeOneSevenSevenCommerceDriveMember2020-12-310000921825fr:ThreeTwoNineSevenFiveCapitolAvenueMember2020-12-310000921825fr:FourSevenSevenOneOneClipperStreetMember2020-12-310000921825fr:OneTwoEightSevenFourWestmoreAvenueMember2020-12-310000921825fr:OneSevenSevenFiveBellinghamMember2020-12-310000921825fr:OneSevenEightFiveEastMapleMember2020-12-310000921825fr:NineEightZeroChicagoMember2020-12-310000921825fr:OneNineThreeFiveAndFiveFiveEnterpriseDriveMember2020-12-310000921825fr:FiveFiveZeroZeroEnterpriseCourtMember2020-12-310000921825fr:SevenFiveZeroChicagoRoadMember2020-12-310000921825fr:EightZeroZeroChicagoRoadMember2020-12-310000921825fr:EightFiveZeroChicagoRoadMember2020-12-310000921825fr:FourEightSevenTwoSLapeerRoadMember2020-12-310000921825fr:OneFourZeroZeroAllenDriveMember2020-12-310000921825fr:OneFourZeroEightAllenDriveMember2020-12-310000921825fr:TwoEightFourThreeFiveAutomationBlvdMember2020-12-310000921825fr:ThreeTwoTwoZeroZeroNAvisDriveMember2020-12-310000921825fr:OneZeroZeroKayIndustrialDriveMember2020-12-310000921825fr:FourTwoFiveFiveFiveMerrillRoadMember2020-12-310000921825fr:TwoZeroZeroNorthpointeDriveMember2020-12-310000921825fr:ThreeThreeFiveOneRauchStMember2020-12-310000921825fr:ThreeEightZeroOneToThreeEightFiveOneYaleStMember2020-12-310000921825fr:ThreeThreeThreeSevenAndThreeThreeFourSevenRauchStreetMember2020-12-310000921825fr:EightFiveZeroFiveNLoopEastMember2020-12-310000921825fr:FourSevenFourNinetoFourSevenNineNineEastparkDrMember2020-12-310000921825fr:FourEightFiveOneHomesteadRoadMember2020-12-310000921825fr:ThreeThreeSixFivetoThreeThreeEightFiveRauchStreetMember2020-12-310000921825fr:FiveZeroFiveZeroCampbellRoadMember2020-12-310000921825fr:FourThreeZeroZeroPineTimbersMember2020-12-310000921825fr:TwoFiveZeroZerotoTwoFiveThreeZeroFairwayParkDriveMember2020-12-310000921825fr:SixFiveFiveZeroLongpointeMember2020-12-310000921825fr:OneEightOneFiveTurningBasinDrMember2020-12-310000921825fr:OneEightOneNineTurningBasinDrMember2020-12-310000921825fr:OneEightZeroFiveTurningBasinDriveMember2020-12-310000921825fr:OneOneFiveZeroFiveStateHighwayTwoTwoFiveMember2020-12-310000921825fr:OneFiveZeroZeroEMainStreetMember2020-12-310000921825fr:SevenTwoThreeZeroToSevenTwoThreeEightWynnwoodMember2020-12-310000921825fr:SevenTwoFourZeroToSevenTwoFourEightWynnwoodMember2020-12-310000921825fr:SevenTwoFiveZeroToSevenTwoSixZeroWynnwoodMember2020-12-310000921825fr:SixFourZeroZeroLongPointMember2020-12-310000921825fr:SevenNineSixSevenBlankenshipMember2020-12-310000921825fr:EightEightZeroZeroCityParkLookEastMember2020-12-310000921825fr:FourThousandEightHundredWestGreensRoadMember2020-12-310000921825fr:SixOneOneEastSamHoustonParkwaySMember2020-12-310000921825fr:SixOneNineEastSamHoustonParkwaySMember2020-12-310000921825fr:SixNineOneThreeGuhnRoadMember2020-12-310000921825fr:SixZeroSevenEastSamHoustonParkwayMember2020-12-310000921825fr:SixOneFiveEastSamHoustonParkwayMember2020-12-310000921825fr:TwoSevenThreeSevenWGrandParkwayNMember2020-12-310000921825fr:TwoSevenFourSevenWGrandParkwayNMember2020-12-310000921825fr:FourSevenZeroZeroNwOneFiveAvenueMember2020-12-310000921825fr:FourSevenOneZeroNwOneFiveAvenueMember2020-12-310000921825fr:FourSevenTwoZeroNwOneFiveAvenueMember2020-12-310000921825fr:FourSevenFourZeroNwOneFiveAvenueMember2020-12-310000921825fr:FourSevenFiveZeroNwOneFiveAvenueMember2020-12-310000921825fr:FourEightZeroZeroNwOneFiveAvenueMember2020-12-310000921825fr:SixEightNineOneNWSevenFourTHStreetMember2020-12-310000921825fr:OneTwoSixZeroOneAndOneTwoSixZeroFiveNwOneOneFiveAvenueMember2020-12-310000921825fr:OneThreeFiveOneNWSevenEightTHAvenueMember2020-12-310000921825fr:TwoFiveZeroZeroNorthWestNineteenthStreetMember2020-12-310000921825fr:SixThreeZeroOneLyonsRoadMember2020-12-310000921825fr:FiveThreeFiveFiveSouthWestridgeDriveMember2020-12-310000921825fr:OneSevenZeroZeroFiveWRyersonRoadMember2020-12-310000921825fr:OneSixSixZeroZeroWestGlendaleAvenueMember2020-12-310000921825fr:NFiveEightWOneFiveThreeEightZeroShawnCircleMemberMember2020-12-310000921825fr:SixTwoZeroOneWestOneOneOneThStreetMember2020-12-310000921825fr:FiveFourZeroZeroNathanLaneMember2020-12-310000921825fr:OneTwoOneFiveFiveNicolletAveMember2020-12-310000921825fr:FiveSevenSevenFiveOneTwoThAvenueMember2020-12-310000921825fr:OneOneFiveSevenValleyParkDriveMember2020-12-310000921825fr:NineSixZeroZeroWestSevenSixThStreetMember2020-12-310000921825fr:OneZeroEightSevenParkPlaceMember2020-12-310000921825fr:FiveThreeNineOneOneTwoThAvenueSeMember2020-12-310000921825fr:FourSevenZeroOneValleyIndustrialBlvdSMember2020-12-310000921825fr:SixFourFiveFiveCityWestParkwayMember2020-12-310000921825fr:SevenZeroThreeFiveWinnetkaAvenueNorthMember2020-12-310000921825fr:OneThreeNineEvaStreetMember2020-12-310000921825fr:TwoOneNineZeroZeroDoddBoulevardMember2020-12-310000921825fr:ThreeSevenFiveRivertownDriveMember2020-12-310000921825fr:NineThreeFiveAldrinDriveMember2020-12-310000921825fr:SevenZeroFiveZeroWinnetkaAvenueNorthMember2020-12-310000921825fr:SevenZeroFiveOneWestBroadwayMember2020-12-310000921825fr:OneNineThreeOneAirLaneDriveMember2020-12-310000921825fr:FourSixFourZeroCummingsParkMember2020-12-310000921825fr:OneSevenFourZeroRiverHillsDriveMember2020-12-310000921825fr:TwoOneOneElleryCourtMember2020-12-310000921825fr:OneThreeZeroMaddoxRoadMember2020-12-310000921825fr:OneFourWorldsFairDriveMember2020-12-310000921825fr:OneTwoWorldsFairDriveMember2020-12-310000921825fr:TwoTwoWorldsFairDriveMember2020-12-310000921825fr:TwoSixWorldsFairDriveMember2020-12-310000921825fr:TwoFourWorldsFairDriveMember2020-12-310000921825fr:TwoZeroWorldsFairDriveLotOneThreeMember2020-12-310000921825fr:FourFiveRouteFourSixMember2020-12-310000921825fr:FourThreeRouteFourSixMember2020-12-310000921825fr:ThreeNineRouteFourSixMember2020-12-310000921825fr:TwoSixChapinRoadMember2020-12-310000921825fr:ThreeZeroChapinRoadMember2020-12-310000921825fr:TwoZeroHookMountainRoadMember2020-12-310000921825fr:ThreeZeroHookMountainRoadMember2020-12-310000921825fr:OneSixChapinRodMember2020-12-310000921825fr:TwoZeroChapinRoadMember2020-12-310000921825fr:TwoFiveZeroZeroMainStreetMember2020-12-310000921825fr:TwoFourZeroZeroMainStreetMember2020-12-310000921825fr:SevenEightFiveOneAirportHighwayMember2020-12-310000921825fr:ThreeZeroNinetoThreeOneThreePierceStreetMember2020-12-310000921825fr:FourZeroZeroCedarLaneMember2020-12-310000921825fr:ThreeZeroOneBordentownHeddingRoadMember2020-12-310000921825fr:ThreeZeroTwoBordentownHeddingRoadMember2020-12-310000921825fr:ThreeZeroFourBordentownHeddingRoadMember2020-12-310000921825fr:TwoSevenFourZeroThreeIndustrialBoulevardMember2020-12-310000921825fr:FourOneSixZeroThroughFourOneSevenZeroBusinessCenterDriveMember2020-12-310000921825fr:FourTwoZeroZeroBusinessCenterDriveMember2020-12-310000921825fr:TwoTwoNineFiveZeroClawiterRoadMember2020-12-310000921825fr:SixThreeZeroOneHazeltineNationalDriveMember2020-12-310000921825fr:EightSevenFiveOneSkinnerCourtMember2020-12-310000921825fr:FourFourSevenThreeShaderRoadMember2020-12-310000921825fr:FiveFiveZeroGillsDriveMember2020-12-310000921825fr:FourFiveZeroGillsDriveMember2020-12-310000921825fr:FourFourZeroOneShaderRoadMember2020-12-310000921825fr:SevenSevenZeroGillsDriveMember2020-12-310000921825fr:OneZeroFourFiveSouthEdwardDriveMember2020-12-310000921825fr:FiveZeroSouthFiveSixStreetMember2020-12-310000921825fr:TwoFourFiveWLodgeMember2020-12-310000921825fr:OneFiveNineZeroERiverviewDrMember2020-12-310000921825fr:OneFourOneThreeOneNRioVistaBlvdMember2020-12-310000921825fr:EightSevenOneSixWLudlowDriveMember2020-12-310000921825fr:ThreeEightOneFiveWWashingtonStreetMember2020-12-310000921825fr:NineOneEightZeroWBuckeyeRoadMember2020-12-310000921825fr:EightSixFourFourWestLudlowDriveMember2020-12-310000921825fr:EightSixZeroSixWestLudlowDriveMember2020-12-310000921825fr:EightSixSevenNineWestLudlowDriveMember2020-12-310000921825fr:NineFourAvenueandBuckeyeRoadMember2020-12-310000921825fr:OneSixFiveSixZeroWestSellsDriveMember2020-12-310000921825fr:OneSixNineFiveOneWCamelbackRoadMember2020-12-310000921825fr:ThreeSixZeroZeroNorthCottonLaneMember2020-12-310000921825fr:ThreeThreeFiveZeroNorthCottonLaneMember2020-12-310000921825fr:OneNineZeroOneRaymondAvenueSwMember2020-12-310000921825fr:OneNineZeroOneFourSixFourAvenueSouthMember2020-12-310000921825fr:OneEightSixFourZeroSixEightAvenueSouthMember2020-12-310000921825fr:SixFourZeroSevenSTwoOneZeroTHStreetMember2020-12-310000921825fr:OneFourZeroTwoPuyallupStreetMember2020-12-310000921825fr:TwoTwoSevenOneEightFiftyEighthPlaceMember2020-12-310000921825fr:OneFourThreeZeroTwoTwentyFourthStreetEastLotOneMember2020-12-310000921825fr:OneNineFourFourVistaBellaWayMember2020-12-310000921825fr:TwoZeroZeroZeroVistaBellaWayMember2020-12-310000921825fr:TwoEightThreeFiveEastAnaStreetMember2020-12-310000921825fr:SixSixFiveNBaldwinParkBlvdMember2020-12-310000921825fr:TwoSevenEightZeroOneAvenueScottMember2020-12-310000921825fr:TwoSixOneZeroAndTwoSixSixZeroColumbiaMember2020-12-310000921825fr:FourThreeThreeAlaskaAvenueMember2020-12-310000921825fr:TwoThreeTwoFiveCaminoVidaRobleMember2020-12-310000921825fr:TwoThreeThreeFiveCaminoVidaRobleMember2020-12-310000921825fr:TwoThreeFourFiveCaminoVidaRobleMember2020-12-310000921825fr:TwoThreeFiveFiveCaminoVidaRobleMember2020-12-310000921825fr:TwoThreeSixFiveCaminoVidaRobleMember2020-12-310000921825fr:TwoThreeSevenFiveCaminoVidaRobleMember2020-12-310000921825fr:SixFourFiveOneElCaminoRealMember2020-12-310000921825fr:OneThreeOneZeroZeroGreggStreetMember2020-12-310000921825fr:TwoOneSevenThreeZeroToTwoOneSevenFourEightMarillaStMember2020-12-310000921825fr:EightZeroOneFiveParamountMember2020-12-310000921825fr:ThreeThreeSixFiveESlausonMember2020-12-310000921825fr:ThreeZeroOneFiveEastAnaMember2020-12-310000921825fr:OneTwoFiveZeroRanchoConejoBlvdMember2020-12-310000921825fr:OneTwoSixZeroRanchoConejoBlvdMember2020-12-310000921825fr:OneTwoSevenZeroRanchoConejoBlvdMember2020-12-310000921825fr:OneZeroZeroWestSinclairStreetMember2020-12-310000921825fr:OneFourZeroFiveZeroDayStreetMember2020-12-310000921825fr:OneTwoNineTwoFiveMarlayAvenueMember2020-12-310000921825fr:OneEightTwoZeroOneToOneEightTwoNineOneSantaFeMember2020-12-310000921825fr:OneZeroOneOneRanchoConejoMember2020-12-310000921825fr:TwoZeroSevenZeroZeroDenkerAvenueMember2020-12-310000921825fr:OneEightFourZeroEightLaurelParkRoadMember2020-12-310000921825fr:OneNineZeroTwoOneSReyesAvenueMember2020-12-310000921825fr:TwoFourEightSevenZeroNandinaAvenueMember2020-12-310000921825fr:SixOneEightFiveKimballAveMember2020-12-310000921825fr:FiveFiveFiveThreeBandiniBlvdMember2020-12-310000921825fr:SixteenThousandEightHundredSeventyFiveHeacockStreetMember2020-12-310000921825fr:FourThousandSevenHundredTenGuastiRoadMember2020-12-310000921825fr:SeventeenThousandOneHundredPerrisBoulevardMember2020-12-310000921825fr:ThirteenThousandFourHundredFourteenSouthFigueroaMember2020-12-310000921825fr:ThreeEightFourOneOceanRanchBoulevardMember2020-12-310000921825fr:ThreeEightThreeOneOceanRanchBoulevardMember2020-12-310000921825fr:ThreeEightTwoOneOceanRanchBoulevardMember2020-12-310000921825fr:OneFourFiveW.134thStreetMember2020-12-310000921825fr:SixOneFiveZeroSycamoreCanyonBlvdMember2020-12-310000921825fr:OneSevenEightTwoFiveIndianStreetMember2020-12-310000921825fr:TwoFourNineZeroOneSanMicheleRoadMember2020-12-310000921825fr:OneFourFourFiveEngineerStreetMember2020-12-310000921825fr:OneNineZeroSixSevenReyesAvenueMember2020-12-310000921825fr:OneZeroFiveEightSixTamarindAvenueMember2020-12-310000921825fr:TwoSevenSevenSevenLokerAvenueWestMember2020-12-310000921825fr:SevenOneZeroFiveOldTwoFifteenFrontageRoadMember2020-12-310000921825fr:TwoEightFiveFourFiveLivingstonAvenueMember2020-12-310000921825fr:ThreeEightZeroOneOceanRanchBoulevardMember2020-12-310000921825fr:ThreeEightZeroNineOceanRanchBoulevardMember2020-12-310000921825fr:ThreeEightOneSevenOceanRanchBoulevardMember2020-12-310000921825fr:TwoFourThreeEightFiveNandinaAvenueMember2020-12-310000921825fr:OneFourNineNineNineSummitDriveMember2020-12-310000921825fr:OneFourNineSixNineSummitDriveMember2020-12-310000921825fr:OneFourNineThreeNineSummitDriveMember2020-12-310000921825fr:OneFourNineZeroNineSummitDriveMember2020-12-310000921825fr:OneFourNineFourZeroSummitDriveMember2020-12-310000921825fr:OneFourNineOneZeroSummitDriveMember2020-12-310000921825fr:NineThreeZeroColumbiaAvenueMember2020-12-310000921825fr:ThreeZeroFiveSequoiaAvenueMember2020-12-310000921825fr:ThreeZeroFiveOneE.MariaStreetMember2020-12-310000921825fr:OneSevenZeroNineOneEightOneOneW.MahaloPlaceMember2020-12-310000921825fr:OneNineSixFourKelloggAvenueMember2020-12-310000921825fr:ThreeFiveThreePerryStreetMember2020-12-310000921825fr:EightFiveSevenTwoSpectrumLaneMember2020-12-310000921825fr:OneZeroSevenEightZeroRedwoodAvenueMember2020-12-310000921825fr:OneFourFiveOneEightSantaAnaAvenueMember2020-12-310000921825fr:OneOneTwoFiveThreeRedwoodAvenueMember2020-12-310000921825fr:OneNineThreeZeroTwoThroughOneNineFourZeroZeroSLaurelParkMember2020-12-310000921825fr:SixHundredGreeneDriveMember2020-12-310000921825fr:SevenFiveZeroOneNwOneZeroSixthTerraceMember2020-12-310000921825fr:OneNineZeroEightToTwoZeroZeroZeroInnerbeltMember2020-12-310000921825fr:OneEightOneFiveToOneNineFiveSevenSouthFourSixFiveZeroWestMember2020-12-310000921825fr:FirstNandinaIILogisticsCenterBTSMember2020-12-310000921825fr:First95DistributionsCenterMember2020-12-310000921825fr:FirstCypressCreekCommerceCenterBuildingBMember2020-12-310000921825fr:FirstCypressCreekCommerceCenterBuildingCMember2020-12-310000921825fr:FirstCypressCreekCommerceCenterBuildingDMember2020-12-310000921825fr:FirstParkMiamiBuildingTwoMember2020-12-310000921825fr:FirstParkMiamiBuildingNineMember2020-12-310000921825fr:FirstParkMiamiBuildingElevenMember2020-12-310000921825fr:RedevelopmentsDevelopementsDevelopableLandMember2020-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 _______________________________
Form 10-K
_______________________________
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 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-20201231_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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.01 per shareFRNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:
None
 _______________________________ 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
First Industrial Realty Trust, Inc.
YesNo
First Industrial, L.P.YesNo
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
First Industrial Realty Trust, Inc.
YesoNoþ
First Industrial, L.P.YesoNoþ
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.
YesþNoo
First Industrial, L.P.YesþNoo
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.
YesþNoo
First Industrial, L.P.YesþNoo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 filerþAccelerated filero
Non-accelerated fileroSmaller reporting company
(Do not check if a smaller reporting company)Emerging growth company
First Industrial, L.P.:
Large accelerated fileroAccelerated filerþ
Non-accelerated fileroSmaller reporting company
(Do not check if a 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.
 o
First Industrial, L.P.
 o
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
First Industrial Realty Trust, Inc.
þ
First Industrial, L.P.þ
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.
YesNoþ
First Industrial, L.P.YesNoþ
The aggregate market value of the voting and non-voting stock held by non-affiliates of First Industrial Realty Trust, Inc. was approximately $4,810.3 million based on the closing price on the New York Stock Exchange for such stock on June 30, 2020.
At February 15, 2021, 129,126,632 shares of First Industrial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding.
  _______________________________
DOCUMENTS INCORPORATED BY REFERENCE
Part III incorporates certain information by reference to First Industrial Realty Trust, Inc.'s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of First Industrial Realty Trust, Inc.'s fiscal year.




EXPLANATORY NOTE
This report combines the Annual Reports on Form 10-K for the period ended December 31, 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 December 31, 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 limited partnership interests in the Operating Partnership and recipients of RLP Units (as defined in Note 6 to the Consolidated Financial Statements) of the Operating Partnership pursuant to the Company's Stock Incentive Plan (as defined in Note 11 to the Consolidated Financial Statements). 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:
Equity, Noncontrolling Interest and Partners' Capital. The 2.1% equity interest in the Operating Partnership held by entities or persons other than the Company are 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 annual 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 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 II, Item 9A, Controls and Procedures sections and separate Exhibits 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.
FIRST INDUSTRIAL, L.P.
TABLE OF CONTENTS
  Page
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
Item 15.
Item 16.
2


FORWARD-LOOKING STATEMENTS

This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ.
Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to:

changes in national, international, regional and local economic conditions generally and real estate markets specifically;
changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;
our ability to qualify and maintain our status as a real estate investment trust;
the availability and attractiveness of financing (including both public and private capital) and changes in interest rates;
the availability and attractiveness of terms of additional debt repurchases;
our ability to retain our credit agency ratings;
our ability to comply with applicable financial covenants;
our competitive environment;
changes in supply, demand and valuation of industrial properties and land in our current and potential market areas;
our ability to identify, acquire, develop and/or manage properties on favorable terms;
our ability to dispose of properties on favorable terms;
our ability to manage the integration of properties we acquire;
potential liability relating to environmental matters;
defaults on or non-renewal of leases by our tenants;
decreased rental rates or increased vacancy rates;
higher-than-expected real estate construction costs and delays in development or lease-up schedules;
the uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the recent outbreak of COVID-19;
potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;
litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;
risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and
other risks and uncertainties described in Item 1A, "Risk Factors" and elsewhere in this report as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the "SEC").
We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements.
3


PART I
THE COMPANY
Item 1.Business
Background
First Industrial Realty Trust, Inc. 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"). As of December 31, 2020, our in-service portfolio consisted of 183 bulk warehouse properties, 96 regional warehouse properties, 127 light industrial properties and 14 R&D/flex properties, containing an aggregate of approximately 62.4 million square feet of gross leasable area ("GLA") located in 20 states.
We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, a Delaware limited partnership formed on November 23, 1993 of which the Company is the sole general partner (the "General Partner"), with an approximate 97.9% ownership interest ("General Partner Units") at December 31, 2020. The Operating Partnership also conducts operations through 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 Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 2.1% at December 31, 2020, represents the aggregate partnership interest held by the limited partners thereof ("Limited Partner Units" and together with the General Partner Units, the "Units").
We also own 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.
Business Objectives and Growth Plans
Our fundamental business objective is to maximize the total return to the Company's stockholders and the Operating Partnership's partners through an increase in cash flows and increases in the value of our properties and operations. Our long-term business growth plans include the following elements:
Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) contractual rent escalations on our long-term leases; (iii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iv) controlling and minimizing property operating expenses, general and administrative expenses and releasing costs; and (v) renovating existing properties.
External Growth. We seek to grow externally through (i) the development of best-in-class industrial properties; (ii) the acquisition of portfolios of industrial properties or individual properties which meet our investment parameters within our 15 target logistics markets; (iii) the expansion of our properties; and (iv) possible additional joint venture investments.
Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth. We target new investments located in 15 logistics markets where land is more scarce. We seek to refine our portfolio over the coming years by focusing on bulk and regional warehouses properties and downsizing our percentage of light industrial and R&D/flex buildings.
Our ability to pursue our long-term growth plans is affected by market conditions and our financial condition and operating capabilities. See "Summary of Significant Transactions in 2020" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations."



4


Business Strategies
We utilize the following strategies in connection with the operation of our business:
Organizational Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.
Market Strategy. Our market strategy is to concentrate on the top 15 industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; (iii) population growth as it generally drives industrial demand; (iv) natural barriers to entry and scarcity of land which are key elements in delivering future rent growth; and (v) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.
Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants.
Acquisition/Development Strategy. Our investment strategy is primarily focused on developing and acquiring industrial properties in the top 15 key logistics markets with a coastal orientation in the United States through the deployment of experienced regional management teams. When evaluating potential industrial property acquisitions and developments, we consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, condition and design of the property; (iii) the terms of tenant leases, including the potential for rent increases; (iv) the potential for economic growth and the general business, tax and regulatory environment of the area in which the property is located; (v) the occupancy and demand by tenants for properties of a similar type in the vicinity; (vi) competition from existing properties and the potential for the construction of new properties in the area; (vii) the potential for capital appreciation of the property; (viii) the ability to improve the property's performance through renovation; and (ix) the potential for expansion of the physical layout of the property and/or the number of sites.
Disposition Strategy. We continually evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition. We look to sell lower rent growth assets and redeploy the capital into higher rent growth assets in key logistics markets. We also seek to shrink our holdings of light industrial and R&D/flex assets over time.
Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $725.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also continually evaluate joint venture arrangements as another source of capital to finance acquisitions and developments. As of February 15, 2021, we had approximately $724.6 million available for additional borrowings under the Unsecured Credit Facility.






5


Competition
In connection with the acquisition of industrial properties and land for development, we compete with other public industrial property sector REITs, income-oriented non-traded REITs, private real estate funds and other real estate investors and developers, some of which have greater financial resources than we do or other competitive advantages relative to us. Such competition may result in an increase in the amount we must pay to acquire a property or may require us to forgo an investment in a property that would otherwise meet our investment criteria. We also face significant competition in leasing available properties to prospective tenants and in re-leasing space to existing tenants. As a result, we may have to provide rent concessions, incur expenses for tenant improvements or offer other inducements to enable us to timely lease vacant space, all of which may have an adverse impact on our results of operations.
Government Regulation
We are subject to laws, rules and regulations of the United States and the states and local municipalities in which we operate, including laws and regulations relating to environmental protection and human health and safety. Compliance with these laws, rules and regulations has not had, and is not expected to have, a material effect on our capital expenditures, results of operations and competitive position as compared to prior periods.
Environmental, Social and Corporate Governance ("ESG")
We are focused on building and maintaining a socially responsible and sustainable business that succeeds by delivering long-term value for our stockholders. We continuously look for new and better ways to minimize our environmental impact as well as that of our tenants. We have an established committee (the "Corporate Responsibility Committee") consisting of members of our construction, environmental, human resources, investor relations, legal, operations and risk management teams responsible for advising senior management and our Board of Directors on various matters related to sustainability, social responsibility and other non-financial issues that are of significance to us and our stockholders.
Because we primarily net lease the properties in our portfolio to our tenants whereby each tenant is ultimately responsible for maintaining the leased property, one of our key corporate responsibility priorities is to engage with and encourage our tenants to implement environmentally sustainable practices, such as the use of energy and water efficient fixtures and recycling programs. Additionally, as we add properties to our portfolio or enhance existing facilities, environmental sustainability is a key consideration of our efforts to improve or develop such properties, and we seek to employ green building techniques and incorporate energy, water and other resource-efficient features. We extend the same commitment to environmental excellence to our own offices, promoting sustainable practices and energy efficiency that can both reduce environmental impact and achieve lower operating costs. Our headquarters office in Chicago is an energy-efficient LEED-certified building.
Social responsibility and engagement is an integral part of our business, as we are committed to developing and maintaining strong relationships with our customers, business partners, investors, and the communities in which we operate and invest. In addition, we aim to provide a positive work environment for our employees by offering proper compensation, quality benefit offerings including health and wellness and retirement plans and financial education, and career training and growth opportunities.
Our governance efforts are led by our Board of Directors, which is elected by our stockholders to oversee their interest in the long-term financial strength and overall success of the Company, exercising its members' business judgment using their collective experience, knowledge and skills. Directors must fulfill their responsibilities as members of the Board of Directors consistent with their fiduciary duty to our stockholders, in compliance with all applicable laws and regulations and our Code of Business Conduct and Ethics. The Board of Directors provides advice and counsel to the Chief Executive Officer and other senior officers of the Company. The Board of Directors ensures that the assets of the Company are properly safeguarded, that appropriate financial and other controls are maintained, and that the Company's business is conducted wisely and in compliance with applicable laws and regulations.

6


Human Capital
At December 31, 2020, we had 153 employees, 100% of whom are full-time employees.
In addition to the sustainability efforts overseen by the Corporate Responsibility Committee, the committee also advises on ways to foster a diverse and inclusive work environment, improve the health and safety of our employees and engage our surrounding communities. We are an equal opportunity employer and, as such, promote an equitable workplace that acknowledges and values differences in race, gender, age, ethnicity, sexual orientation, gender identity, national origin, abilities and religious beliefs. We apply these policies throughout our organization, including at the senior management level and in our composition of our Board of Directors. We believe such diversity of experience and background helps make us strong and achieve our mission to create long-term shareholder value by providing industrial real estate solutions that mutually benefit our customers and our stockholders.
In managing our business, we focus on attracting and retaining employees by providing compensation and benefits packages that are competitive within the applicable market, taking into account the job position’s location and responsibilities. All employees are eligible to participate in one of our incentive plans, under which payments are tied to pre-established performance goals. In addition, we believe that developing our employees’ skillsets and decision-making abilities—through challenging project assignments, formal training, mentorship, and recognition—is key not only to our employees’ job satisfaction and our retention efforts, but also to maintaining a strong leadership pipeline.
The health and safety of our employees and their families is a top priority, as well as for our customers and business partners. During 2020, in response to the COVID-19 pandemic, we implemented the following:
We established new safety protocols and procedures at all of our locations, including increasing cleaning protocols, establishing physical distancing procedures, modifying workspaces, requiring facial coverings and providing personal protective equipment and cleaning supplies for employees who needed to be onsite at our offices or operating properties;
We enhanced our IT systems and equipment so that all employees were able to work remotely; and
We maintained frequent communication with our employees regarding the impacts of the pandemic on our team members and operations, with an emphasis on safety and business continuity.

Available Information
Our principal executive offices are located at One North Wacker, 42nd Floor, Chicago, Illinois 60606. Our telephone number is (312) 344-4300.
Copies of our respective annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports that we file with the SEC are available without charge as soon as reasonably practicable on our website at www.firstindustrial.com. These documents also may be accessed through the SEC's website at www.sec.gov. In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, charters of each committee of the Board of Directors, along with supplemental financial and operating information prepared by us, are all available without charge on our website or in print upon request. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. The information found on, or otherwise accessible through, our website is not incorporated into, and does not form a part of, this report or any other report or document we file with or furnish to the SEC.
7


Item  1A.Risk Factors
Our operations involve various risks that could adversely affect our business, including our financial condition, our results of operations, our cash flow, our liquidity, our ability to make distributions to holders of the Company's common stock and the Operating Partnership's Units, the market price of the Company's common stock and the market value of the Units. These risks, among others contained in our other filings with the SEC, include:
Risks Related to our Business:
Real estate investments fluctuate in value depending on conditions in the general economy and the real estate industry. These conditions may limit our revenues and available cash.
The factors that affect the value of our real estate and the revenues we derive from our properties include, among other things:
general economic conditions;
local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties;
local conditions such as oversupply or a reduction in demand in an area;
increasing labor and material costs;
the ability to collect on a timely basis all rents from tenants;
changes in tenant operations, real estate needs and credit;
changes in interest rates and in the availability, cost and terms of mortgage funding;
zoning or other regulatory restrictions;
competition from other available real estate;
operating costs, including maintenance, insurance premiums and real estate taxes; and
other factors that are beyond our control.
Our investments in real estate assets are concentrated in the industrial sector, and the demand for industrial space in the United States is related to the level of economic output. Accordingly, reduced economic output may lead to lower occupancy rates for our properties. In addition, if any of our tenants experiences a downturn in its business that weakens its financial condition, delays lease commencement, fails to make rental payments when due, becomes insolvent or declares bankruptcy, the result could be a termination of the tenant's lease, which could adversely affect our cash flow from operations. These factors may be amplified by a disruption of financial markets or more general economic conditions.
Many real estate costs are fixed, even if income from properties decreases.
Our financial results depend on leasing space to tenants on terms favorable to us. Our income and funds available for distribution to our stockholders and unitholders will decrease if a significant number of our tenants cannot pay their rent or we are unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, we may not be able to enforce our rights as landlord without delays and we may incur substantial legal costs. Costs associated with real property, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the property.
We may be unable to renew leases or find other tenants on advantageous terms or at all.
We are subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than the expiring lease terms. If we were unable to promptly renew a significant number of expiring leases or to promptly relet the spaces covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the current rates, our financial condition, results of operation, cash flow and ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.

8


We may be unable to acquire properties on advantageous terms or acquisitions may not perform as we expect.
We have routinely acquired properties from third parties as conditions warrant and, as part of our business, we intend to continue to do so. The acquisition of properties entails various risks, including risks that our investments may not perform as expected and that our cost estimates for bringing an acquired property up to market standards, if necessary, may prove inaccurate. Further, we face significant competition for attractive investment opportunities from other well-capitalized real estate investors, including publicly-traded REITs and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, we may be unable to acquire additional properties and purchase prices may increase. In addition, we expect to finance future acquisitions through a combination of borrowings under the Unsecured Credit Facility, proceeds from equity or debt offerings and debt originations and proceeds from property sales, which may not be available. Any of the above risks could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units.
We may obtain only limited warranties when we purchase a property and would have only limited recourse in the event our due diligence did not identify any issues that lower the value of our property.
The seller of a property often sells such property in its "as is" condition on a "where is" basis and "with all faults," without any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase agreements may contain only limited warranties, representations and indemnifications that will only survive for a limited period after the closing. The purchase of properties with limited warranties increases the risk that we may lose some or all of our invested capital in the property as well as the loss of rental income from that property.
We may be unable to sell properties when appropriate or at all because real estate investments are not as liquid as certain other types of assets.
Real estate investments generally cannot be sold quickly, which could limit our ability to adjust our property portfolio in response to changes in economic conditions or in the performance of the portfolio. This could adversely affect our financial condition and our ability to service debt and make distributions to our stockholders and unitholders. In addition, like other companies qualifying as REITs under the Code, our ability to sell assets may be restricted by tax laws that potentially result in punitive taxation on asset sales that fail to meet certain safe harbor rules or other criteria established under case law.
We may be unable to sell properties on advantageous terms.
We have routinely sold properties to third parties as conditions warrant and, as part of our business, we intend to continue to do so. However, our ability to sell properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers. If we are unable to sell properties on favorable terms or to redeploy the proceeds in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected. Further, if we sell properties by providing financing to purchasers, defaults by the purchasers would adversely affect our operations and financial condition.

9


We may be unable to complete development and re-development projects on advantageous terms.
As part of our business, we develop new properties and re-develop existing properties as conditions warrant. This part of our business involves significant risks, including the following:
we may not be able to obtain financing for these projects on favorable terms;
we may not complete construction on schedule or within budget;
we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations;
contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and
properties may perform below anticipated levels, producing cash flow below budgeted amounts, which may result in us paying too much for a property, cause the property to not be profitable and limit our ability to sell such properties to third parties.
To the extent these risks result in increased debt service expense, construction costs and delays in budgeted leasing, they could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units.
We may incur unanticipated costs and liabilities due to environmental problems.
Under various federal, state and local laws, ordinances and regulations, we may, as a current or previous owner, developer or operator of real estate, be liable for the costs of clean-up of certain conditions relating to the presence of hazardous or toxic materials on, in or emanating from a property and any related damages to natural resources. Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to address those conditions properly, may adversely affect our ability to rent or sell a property or to borrow using a property as collateral. The disposal or treatment of hazardous or toxic materials, or the arrangement of such disposal or treatment, may cause us to be liable for the costs of clean-up of such materials or for related natural resource damages occurring at or emanating from an off-site disposal or treatment facility, whether or not the facility is owned or operated by us. No assurance can be given that existing environmental assessments with respect to any of our properties reveal all environmental liabilities, that any prior owner or operator of any of our properties did not create any material environmental condition not known to us or that a material environmental condition does not otherwise exist as to any of our properties. Moreover, there can be no assurance that (i) changes to existing laws, ordinances or regulations will not impose any material environmental liability or (ii) the current environmental condition of our properties will not be affected by customers, by the condition of land or operations in the vicinity of our properties (such as releases from underground storage tanks), or by third parties unrelated to us.
All of our properties were subject to a Phase I or similar environmental assessment by independent environmental consultants at the time of acquisition. Phase I assessments are intended to discover and evaluate information regarding the environmental condition of the surveyed property and surrounding properties. Phase I assessments generally include a historical review, a public records review, an investigation of the surveyed site and surrounding properties, and preparation and issuance of a written report, but do not include soil sampling or subsurface investigations and typically do not include an asbestos survey. While some of these assessments have led to further investigation and sampling, none of our environmental assessments of our properties have revealed an environmental liability that we believe would have a material adverse effect on our business, financial condition or results of operations taken as a whole. However, we cannot give any assurance that such conditions do not exist or may not arise in the future. Material environmental conditions, liabilities or compliance concerns may arise after the environmental assessment has been completed.
Environmental laws in the U.S. also require that owners or operators of buildings containing asbestos properly manage and maintain the asbestos, adequately inform or train those who may come into contact with asbestos and undertake special precautions, including removal or other abatement, in the event that asbestos is disturbed during building renovation or demolition. These laws may impose fines and penalties on building owners or operators who fail to comply with these requirements and may allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos. Some of our properties may contain asbestos-containing building materials.

10


We invest in properties historically used for industrial, manufacturing and commercial purposes. Some of these properties contain, or may have contained, underground storage tanks for the storage of petroleum products and other hazardous or toxic substances. All of these operations create a potential for the release of petroleum products or other hazardous or toxic substances. Some of our properties are adjacent to or near other properties that may have contained or currently contain underground storage tanks used to store petroleum products, or other hazardous or toxic substances. In addition, previous or current occupants of our properties and adjacent properties may have engaged, or may in the future engage, in activities that may release petroleum products or other hazardous or toxic substances.
We have a portfolio environmental insurance policy that provides coverage for potential environmental liabilities, subject to the policy's coverage conditions and limitations, for most of our properties. From time to time, we may acquire properties or interests in properties, with known adverse environmental conditions where we believe that the environmental liabilities associated with these conditions are quantifiable and that the acquisition will yield a superior risk-adjusted return. In such an instance, we underwrite the costs of environmental investigation, clean-up and monitoring into the cost. Further, in connection with property dispositions, we may agree to remain responsible for, and to bear the cost of, remediating or monitoring certain environmental conditions on the properties.
We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties and, in particular, costs associated with complying with regulations such as the Americans with Disabilities Act of 1990 (the "ADA") may result in unanticipated expenses.
We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties and, in particular, costs associated with complying with regulations such as the Americans with Disabilities Act of 1990 (the "ADA") may result in unanticipated expenses. The properties in our portfolio are subject to various covenants and U.S. federal, state and local laws and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers may restrict our use of our properties and may require us to obtain approval from local officials or restrict our use of our properties and may require us to obtain approval from local officials of community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic or hazardous material abatement requirements. There can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional regulation will not be adopted that increase such delays or result in additional costs. Our growth strategy may be affected by our ability to obtain permits, licenses and zoning relief. Our failure to obtain such permits, licenses and zoning relief or to comply with applicable laws could have an adverse effect on our financial condition, results of operations and cash flow.
In addition, under the ADA, all places of public accommodation are required to meet certain U.S. federal requirements related to access and use by disabled persons. Noncompliance with the ADA could result in an order to correct any non-complying feature, which could result in substantial capital expenditures. We do not conduct audits or investigations of all of these properties to determine their compliance and we cannot predict the ultimate cost of compliance with the ADA, or other legislation. If one or more of our properties in which we invest is not in compliance with the ADA, or other legislation, then we would be required to incur additional costs to bring the property into compliance. If we incur substantial costs to comply with the ADA or other legislation, our financial condition, results of operations, cash flow, our ability to satisfy debt service obligations and to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.
Adverse market and economic conditions could cause us to recognize impairment charges.
We regularly review our real estate assets for impairment indicators, such as a decline in a property's occupancy rate, decline in general market conditions or a change in the expected hold period of an asset. If we determine that indicators of impairment are present, we review the properties affected by these indicators to determine whether an impairment charge is required. As a result, we may be required to recognize asset impairment, which could materially and adversely affect our business, financial condition and results of operations. We use considerable judgment in making determinations about impairments, from analyzing whether there are indicators of impairment, to the assumptions used in calculating the fair value of the investment. Accordingly, our subjective estimates and evaluations may not be accurate, and such estimates and evaluations are subject to change or revision.

11


We could be subject to risks and liabilities in connection with joint venture arrangements.
Our organizational documents do not limit the amount of available funds that we may invest in joint ventures. We currently have and may in the future selectively acquire, own and/or develop properties through joint ventures with other persons or entities when we deem such transactions are warranted by the circumstances. Joint venture investments, in general, involve certain risks not present where we act alone, including:
joint venture partners may share certain approval rights over major decisions, which might (i) significantly delay or make impossible actions and decisions we believe are necessary or advisable with respect to properties owned through a joint venture, and/or (ii) adversely affect our ability to develop, finance, lease or sell properties owned through a joint venture at the most advantageous time for us, if at all;
joint venture partners might experience financial distress, become bankrupt or otherwise fail to fund their share of any required capital contributions;
joint venture partners might have economic or other business interests or goals that are competitive or inconsistent with our business interests or goals that would affect our ability to develop, finance, lease, operate, manage or sell any properties owned by the applicable joint venture;
joint venture partners may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Company's qualification as a REIT;
joint venture agreements often restrict the transfer of a member’s or joint venture’s interest or may otherwise restrict our ability to sell our interest when we would like to or on advantageous terms;
disputes between us and our joint venture partners may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and
we may in certain circumstances be liable for the actions of our joint venture partners.
The occurrence of one or more of the events described above could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units.
We own certain properties subject to ground leases that expose us to the loss of such property upon breach or termination of the ground lease.
We own the building and improvements and lease the land underlying the improvements under several long-term ground leases. We could lose our interests in the properties if the ground leases are breached by us, terminated or lapse. As we get closer to the lease termination dates, the values of the properties could decrease without an extension in place. Certain of these ground leases have payments subject to annual escalations and/or periodic fair market value adjustments which could adversely affect our financial condition or results of operations.
We are exposed to the potential impacts of future climate change.
We are exposed to potential physical risks from possible future changes in climate. Our properties may be exposed to rare catastrophic weather events, such as severe storms, floods or wildfires. If the frequency of extreme weather events increases, our exposure to these events could increase. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate for the markets where each of our properties and their business operations are located given climate change risk. We may be adversely impacted as a real estate owner, manager and developer in the future by potential impacts to the supply chain or stricter energy efficiency standards or greenhouse gas regulations for the commercial building sectors. Compliance with new laws or regulations relating to climate change, including compliance with “green” building codes, may require us to make improvements to our existing properties or result in increased operating costs that we may not be able to effectively pass on to our tenants. Any such laws or regulations could also impose substantial costs on our tenants, thereby impacting the financial condition of our tenants and their ability to meet their lease obligations and to lease or re-lease our properties. We cannot give any assurance that other such conditions do not exist or may not arise in the future. The potential impacts of future climate change on our real estate properties could adversely affect our ability to lease, develop or sell such properties or to borrow using such properties as collateral.

12


Our insurance coverage does not include all potential losses.
Real property is subject to casualty risk including damage, destruction, or loss resulting from events that are unusual, sudden and unexpected. Some of our properties are located in areas where casualty risk is higher due to earthquake, wind, wildfire and/or flood risk. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate for the markets where each of our properties and their business operations are located. Among other coverage, we carry property, boiler and machinery, general liability, cyber liability, fire, flood, terrorism, earthquake, extended coverage and rental loss insurance. Our coverage includes policy specifications and limits customarily carried for similar properties and business activities. We evaluate our level of insurance coverage and deductibles using analysis and modeling, as is customary in our industry. However, we do not insure against all types of casualty, and we may not fully insure against certain perils such as earthquake, windstorm and cyber risk, either because coverage is not available or because we do not deem it to be economically feasible or prudent to do so. As a result, we could experience a significant loss of capital or revenues, and be exposed to obligations under recourse debt associated with a property. This could occur due to an uninsured or high deductible loss, a loss in excess of insured limits, or a loss not paid due to insurer insolvency.
Financing and Capital Risks:
Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results.
A significant amount of our existing indebtedness was issued through capital markets transactions. We anticipate that the capital markets could be a source of refinancing of our existing indebtedness in the future. This source of refinancing may not be available if volatility in or disruption of the capital markets occurs. From time to time, the capital and credit markets in the United States and other countries experience significant price volatility, dislocations and liquidity disruptions, which can cause the market prices of many securities and the spreads on prospective debt financings to fluctuate substantially. These circumstances can materially impact liquidity in the financial markets, making terms for certain financings less attractive, and in some cases result in the unavailability of financing. Furthermore, we could potentially lose access to available liquidity under our Unsecured Credit Facility if one or more participating lenders were to default on their commitments. If our ability to issue additional debt or equity securities or to borrow money under our Unsecured Credit Facility were to be impaired by volatility in or disruption of the capital markets, it could have a material adverse effect on our liquidity and financial condition.
In addition, price volatility in the capital and credit markets could make the valuation of our properties more difficult. There may be significant uncertainty in the valuation, or in the stability of the value, of our properties that could result in a substantial decrease in the value of our properties. As a result, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment loss in earnings.

Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.
We use debt to increase the rate of return to our stockholders and unitholders and to allow us to make more investments than we otherwise could. Our use of leverage presents an additional element of risk in the event that the cash flow from our properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce our cash flow by increasing the amount of interest due on our floating rate debt and on our fixed rate debt as it matures and is refinanced. Our organizational documents do not contain any limitation on the amount or percentage of indebtedness we may incur.

In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, in the U.S., the Federal Reserve Board and the Federal Reserve Bank of New York identified the Secured Overnight Financing Rate as its preferred alternative rate for USD LIBOR in debt and derivative financial instruments. Our revolving credit facility, our unsecured term loans and related interest rate swaps are indexed to LIBOR. Our loan documents contain provisions that contemplate alternative methods to determine the base rate applicable to our LIBOR-indexed debt to the extent LIBOR-indexed rates are not available. Additionally, no mandatory prepayment or redemption provisions would be triggered under our loan documents in the event that the LIBOR-indexed rates are not available. If our debt agreements and derivative contracts are not transitioned to a preferred alternative rate and LIBOR-indexed rates are discontinued or if the methods of calculating the rates change, interest rates on our current or future indebtedness may be adversely affected. While we currently expect LIBOR-indexed rates to be available until the end of 2021, it is possible that they will become unavailable prior to that time. We anticipate managing the transition to a preferred alternative rate using the language set out in our agreements however future market conditions may not allow immediate implementation of desired modifications and we may incur significant associated costs in doing so. We will continue to monitor and evaluate the potential impact on our debt payments and value of our related debt, however, we are not able to predict when LIBOR-indexed rates will cease to be available.
13


Failure to comply with covenants in our debt agreements could adversely affect our financial condition.
The terms of our agreements governing our indebtedness require that we comply with a number of financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. Complying with such covenants may limit our operational flexibility. Our failure to comply with these covenants could cause a default under the applicable debt agreement even if we have satisfied our payment obligations. Consistent with our historical practice, we will continue to interpret and certify our performance under these covenants in a good faith manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by the noteholders or lenders in a manner that could impose and cause us to incur material costs. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income below, our current expectations. Under our revolving credit facility and our unsecured term loans, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred that could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement.
Upon the occurrence of an event of default, we would be subject to higher finance costs and fees, and the lenders under our Unsecured Credit Facility will not be required to lend any additional amounts to us. In addition, our indebtedness, together with accrued and unpaid interest and fees, could be accelerated and declared to be immediately due and payable. Furthermore, our Unsecured Credit Facility, our unsecured term loans and the indentures governing our senior unsecured notes contain certain cross-default provisions that may be triggered in the event that our other material indebtedness is in default. These cross-default provisions may require us to repay or restructure our Unsecured Credit Facility, our unsecured term loans or our senior unsecured notes (which includes our private placement notes), depending on which is in default, and such restructuring could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units. If repayment of any of our indebtedness is accelerated, we cannot provide assurance that we would be able to borrow sufficient funds to refinance such indebtedness or that we would be able to sell sufficient assets to repay such indebtedness. Even if we were able to obtain new financing, it may not be on commercially reasonable terms, or terms that are acceptable to us.
Adverse changes in our credit ratings could negatively affect our liquidity and business operations.
The credit ratings of our senior unsecured notes are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating analyses. Our credit ratings can affect the availability, terms and pricing of any indebtedness we may incur or preferred stock that we might issue going forward. There can be no assurance that we will be able to maintain any credit rating and, in the event any credit rating is downgraded, we could incur higher borrowing costs or may be unable to access certain or any capital markets.
We may have to make lump-sum payments on our existing indebtedness.
We are required to make lump-sum or "balloon" payments under the terms of some of our indebtedness. Our ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on our ability to refinance the applicable indebtedness or to sell properties. Currently, we have no commitments to refinance any of our indebtedness.
Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
In the normal course of business, we use derivatives to manage our exposure to interest rate volatility on debt instruments, including hedging for future debt issuances.  At other times we may utilize derivatives to increase our exposure to floating interest rates. There can be no assurance that these hedging arrangements will have the desired beneficial impact.  These arrangements, which can include a number of counterparties, may expose us to additional risks, including failure of any of our counterparties to perform under these contracts, and may involve extensive costs, such as transaction fees or breakage costs, if we terminate them. Hedging may reduce the overall returns on our investments, which could reduce our cash available for distribution to our stockholders and unitholders. Failure to hedge effectively against interest rate changes may materially adversely affect our financial condition, results of operations and cash flow.  No strategy can completely insulate us from the risks associated with interest rate fluctuations.
We have adopted a practice relating to the use of derivative financial instruments which requires the Company's Board of Directors to authorize our use of derivative financial instruments to fix the interest rate on anticipated offerings of unsecured debt and to manage the interest rates on our variable rate borrowings. Our practice is that we do not use derivatives for speculative or trading purposes and intend only to enter into contracts with major financial institutions based on their credit rating and other factors, but the Company's Board of Directors may choose to change these practices in the future.
14


Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.
Certain of our mortgages contain, and some future mortgages may contain, substantial prepayment premiums that we would have to pay upon the sale of a property, thereby reducing the net proceeds to us from the sale of any such property. As a result, our willingness to sell certain properties and the price at which we may desire to sell a property may be impacted. If we are unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.
Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock.
The market value of the Company's common stock is based in large part upon the market's perception of the growth potential of the Company's earnings and cash dividends. The market value of the Company's common stock is also based upon the value of the Company's underlying real estate assets. For this reason, shares of the Company's common stock may trade at prices that are higher or lower than the Company's net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company's underlying assets, may not correspondingly increase the market price of the Company's common stock. The Company's failure to meet the market's expectations with regard to future earnings and the payment of cash dividends/distributions likely would adversely affect the market price of the Company's common stock. Further, the distribution yield on the common stock (as a percentage of the price of the common stock) relative to market interest rates may also influence the market price of the Company's common stock. An increase in market interest rates might lead prospective purchasers of the Company's common stock to expect a higher distribution yield, which would adversely affect the market price of the Company's common stock. Any reduction in the market price of the Company's common stock would, in turn, reduce the market value of the Units.
Future sales or issuances of our common stock may cause the market price of our common stock to decline.
The sale of substantial amounts of our common stock, whether directly by us or in the secondary market, the perception that such sales could occur or the availability of future issuances of shares of our common stock, limited partnership units of the Operating Partnership or other securities convertible into or exchangeable or exercisable for our common stock, could materially and adversely affect the market price of our common stock and our ability to raise capital through future offerings of equity or equity-related securities. In addition, we may issue capital stock that is senior to our common stock in the future for a number of reasons, including to finance our operations and business strategy, to adjust our ratio of debt to equity or for other reasons.
The market price of our common stock may fluctuate significantly.
The market price of our common stock may fluctuate significantly in response to many factors, including:
actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity,
changes in our earnings estimates or those of analysts,
changes in asset valuations and related impairment charges,
changes in our dividend policy,
publication of research reports about us or the real estate industry generally,
the ability of our tenants to pay rent to us and meet their obligations to us under the current lease terms and our ability to re-lease space as leases expire,
increases in market interest rates that lead purchasers of our common stock to demand a higher dividend yield,
changes in market valuations of similar companies,
adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near- and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future,
our ability to comply with applicable financial covenants under our unsecured line of credit and the indentures under which our senior unsecured indebtedness is, or may be, issued,
15


additions or departures of key management personnel,
actions by institutional stockholders,
speculation in the press or investment community,
general market and economic conditions.
Many of the factors listed above are beyond our control. Those factors may cause the market price of our common stock to decline significantly, regardless of our financial condition, results of operations and prospects. It is impossible to provide any assurance that the market price of our common stock will not fall in the future, and it may be difficult for holders to resell shares of our common stock at prices they find attractive, or at all.
Risks Related to Our Organization and Structure:
The Company is authorized to issue preferred stock. The issuance of preferred stock could adversely affect the holders of the Company's common stock issued pursuant to its public offerings.
Our declaration of trust authorizes the Company to issue 225,000,000 common shares and 10,000,000 shares designated as preferred stock. Subject to approval by the Company's Board of Directors, the Company may issue preferred stock with rights, preferences and privileges that are more beneficial than the rights, preferences and privileges of its common stock. Holders of the Company's common stock do not have preemptive rights to acquire any shares issued by the Company in the future. If the Company ever creates and issues preferred stock with a distribution preference over common stock, payment of any distribution preferences on outstanding preferred stock would reduce the amount of funds available for the payment of distributions to our common stockholders and unitholders. In addition, holders of preferred stock are normally entitled to receive a preference payment in the event of liquidation, dissolution or winding up before any payment is made to our common stockholders, which would reduce the amount our common stockholders and unitholders, might otherwise receive upon such an occurrence. Also, under certain circumstances, the issuance of preferred stock may have the effect of delaying or preventing a change in control of the Company.
The Company's Board of Directors may change its strategies, policies or procedures without stockholder approval, which may subject us to different and more significant risks in the future.
Our investment, financing, leverage and distribution policies and our policies with respect to all other activities, including growth, debt, capitalization and operations, are determined by the Company's Board of Directors. These policies may be amended or revised at any time and from time to time at the discretion of the Company's Board of Directors without notice to or a vote of its stockholders. This could result in us conducting operational matters, making investments or pursuing different business or growth strategies. Under these circumstances, we may expose ourselves to different and more significant risks in the future, which could have a material adverse effect on our business and growth. In addition, the Company's Board of Directors may change its governance policies provided that such changes are consistent with applicable legal requirements. A change in these policies could have an adverse effect on our financial condition, results of operations, cash flow, ability to satisfy our principal and interest obligations, ability to make distributions to our stockholders and unitholders, the market price of the Company's common stock and the market value of the Units.

16


Certain provisions of our charter and bylaws could hinder, delay or prevent a change in control of our company.
Certain provisions of our charter and our bylaws could have the effect of discouraging, delaying or preventing transactions that involve an actual or threatened change in control of our company. These provisions include the following:
Removal of Directors. Under our charter, subject to the rights of one or more classes or series of preferred stock to elect one or more directors, a director may be removed only for cause and only by the affirmative vote of at least a majority of all votes entitled to be cast by our stockholders generally in the election of directors.
Preferred Stock. Under our charter, our board of directors has the power to issue preferred stock from time to time in one or more series and to establish the terms, preferences and rights of any such series of preferred stock, all without approval of our stockholders.
Advance Notice Bylaws. Our bylaws require advance notice procedures with respect to nominations of directors and shareholder proposals.
Ownership Limit. For the purpose, among others, of preserving our status as a REIT under the Internal Revenue Code of 1986, as amended, our charter generally prohibits any single stockholder, or any group of affiliated stockholders, from beneficially owning more than 9.8% of our outstanding common and preferred stock unless our board of directors waives or modifies this ownership limit.
Stockholder Action by Written Consent. Our bylaws contain a provision that permits our stockholders to take action by written consent in lieu of an annual or special meeting of stockholders only if the unanimous consent of the stockholders is obtained.
Ability of Stockholders to Call Special Meeting. Under our bylaws, we are only required to call a special meeting at the request of the stockholders if the request is made by at least a majority of all votes entitled to be cast by our stockholders generally in the election of directors.
Maryland Control Share Acquisition Act. Our bylaws contain a provision exempting acquisitions of our shares from the Maryland Control Share Acquisition Act. However, our board of directors may amend our bylaws in the future to repeal or modify this exemption, in which case any control shares of our company acquired in a control share acquisition will be subject to the Maryland Control Share Acquisition Act.
Income Tax Risks:
The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change.
The Company intends to operate so as to qualify as a REIT under the Code, and we believe that the Company is organized and will operate in a manner that allows us to continue to do so. However, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are established under highly technical and complex Code provisions. There are only limited judicial and administrative interpretations of these provisions, and they involve the determination of various factual matters and circumstances not entirely within our control.
If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to federal income tax at corporate rates. This could result in a discontinuation or substantial reduction in distributions to our stockholders and unitholders, could reduce the cash available to pay interest and principal on debt securities and make further investments in real estate. Unless entitled to relief under certain statutory provisions, the Company would be disqualified from electing treatment as a REIT for the four taxable years following the year during which the Company failed to qualify.
The IRS, the United States Treasury Department and Congress frequently review federal income tax legislation, and we cannot predict whether, when or to what extent new federal laws, regulations, interpretations or rulings will be adopted. Additional changes to tax laws are likely to continue to occur in the future and any such legislative action may prospectively or retroactively modify the Company's tax treatment and therefore, may adversely affect taxation of us and/or our stockholders and unitholders. Any such changes could have an adverse effect on an investment in shares or on the market value or the resale potential of our properties. Stockholders and unitholders are urged to consult with their own tax advisor with respect to the impact of recent legislation, the status of legislative, regulatory, or administrative developments and proposals, and their potential effect on ownership of our shares.

17


Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.
As part of our business, we sell properties to third parties as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the tax gain recognized from sales of properties that are deemed to be prohibited transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The IRS could contend that certain sales of properties by us are prohibited transactions. While we have implemented controls to avoid prohibited transactions, if a dispute were to arise that was successfully argued by the IRS, the 100% penalty tax could be assessed against the Company's profits from these transactions.
The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources.
As a REIT, the Company must distribute to its stockholders at least 90% of its taxable income (determined without regard to the dividends-paid deduction and by excluding any net capital gain) to our stockholders each year and we may be subject to tax to the extent our taxable income is not fully distributed. The Company could, in certain instances, have taxable income without sufficient cash to enable it to meet this requirement. In that situation, we could be required to borrow funds or sell properties on adverse terms in order to do so. The distribution requirement could also limit our ability to accumulate capital to provide capital resources for our ongoing business, and to satisfy our debt repayment obligations and other liquidity needs, we may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital stock, which may or may not be available on favorable terms. Additional debt financings may substantially increase our leverage and additional equity offerings may result in substantial dilution of stockholders' and unitholders' interests.
We may pay some taxes.
Even if we qualify as a REIT for U.S. federal income tax purposes, we may be subject to federal, state and local taxes on our income and property. From time to time changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability. A shortfall in tax revenues for states and municipalities in which we operate may lead to an increase in the frequency and amount of such increase. These actions could adversely affect our financial condition and results of operations. In addition, our TRSs will be subject to federal, state and local income tax for income received.
In the normal course of business, certain of our legal entities have undergone tax audits and may undergo audits in the future. There can be no assurance that future audits will not occur with increased frequency or that the ultimate result of such audits will not have a material adverse effect on our results of operations.
General Risk Factors:
The current pandemic of the novel coronavirus, or COVID-19, and the future outbreak of other highly infectious or contagious diseases, may adversely affect our business.
The COVID-19 pandemic has caused, and another pandemic in the future could cause, disruptions to regional and global economies and significant volatility and negative pressure in the financial markets. The COVID-19 pandemic, or a future pandemic, could also have a material and adverse effect on our ability to successfully operate and on our financial condition, results of operations and cash flows due to, among other factors:
• reduced economic activity may severely impact our tenants' businesses, financial condition and liquidity and may cause certain of our tenants to be unable to meet their obligations to us in full, or at all, or to otherwise seek modifications of such obligations and/or terminate their leases early or not renew;
• delays to or halting of construction activities, including permitting and obtaining approvals, related to our ongoing development and redevelopment projects as well as tenant improvements;
• difficulty in accessing the capital and lending markets (or a significant increase in the costs of doing so), impacts to our credit ratings, a severe disruption or instability in the global financial markets, or deteriorations in credit and financing conditions, may affect our access to capital necessary to fund business operations or address maturing debt obligations on a timely basis;
• our ability to meet the financial covenants of our Unsecured Credit Facility and other debt agreements and result in a default and potentially an acceleration of indebtedness, and such non-compliance could negatively impact our ability to make additional borrowings under our Unsecured Credit Facility and pay dividends;
18


• any impairment in value of our tangible or intangible assets which could be recorded as a result of weaker economic conditions;
• a general decline in business activity and demand for real estate transactions could adversely affect our ability to sell or purchase properties, at attractive pricing or at all;
• an inability to initiate or pursue litigation due to various court closures, increased case volume and/or moratoriums on certain types of activities;
• the potential negative impact on the health of our employees, particularly if a significant number of them are impacted, could result in a deterioration in our ability to ensure business continuity during this disruption, or a future disruption, and may negatively impact our disclosure controls and procedures over financial reporting; and
• an extended period of remote work arrangements for our employees could strain our business continuity plans and introduce operational risk including, but not limited to, cybersecurity risks.
We face risks relating to cybersecurity attacks that could cause loss of confidential information and other business disruptions.
We rely extensively on computer systems to manage our business, and our business is at risk from and may be impacted by cybersecurity attacks and security breaches. These could include attempts to gain unauthorized access to our data and computer systems through malware, computer viruses, attachments to e-mails, persons inside our Company or persons with access to systems inside our Company, and other significant disruptions of our information technology networks and related systems.
The risk of a cybersecurity breach or disruption, particularly through a cyber-incident, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Although we employ a number of measures to prevent, detect and mitigate these threats, which include password protection, frequent password change events, firewall detection systems, frequent backups, a redundant data system for core applications, periodic cyber dwelling reviews and annual penetration testing, even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed to not be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk.
Moreover, although we maintain some of our own critical information technology systems, we also depend on third parties to provide important information technology services relating to, for instance, payroll, electronic communications and certain finance functions. The security measures employed by such third party service providers may prove to be ineffective at preventing breaches of their systems.
A successful cybersecurity attack could, among other things:
compromise the confidential information of our employees, tenants and vendors;
disrupt the proper functioning of our networks and systems, and therefore our operations and/or those of certain of our tenants;
result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
require significant management attention and resources to remedy any damages that result;
subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
damage our reputation among our tenants, investors and associates.
19


We may become subject to litigation.
We may become subject to litigation, including claims relating to our operations, offerings, and otherwise in the ordinary course of business. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. Resolution of these types of matters could adversely impact our financial condition, results of operations and cash flow. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.
Terrorist attacks and other acts of violence or war may affect the market for the Company's common stock, the industry in which we conduct our operations and our profitability.
Acts of violence, including terrorist attacks could occur in the localities in which we conduct business. More generally, these events could cause consumer confidence and spending to decrease or result in increased volatility in the worldwide financial markets and economy. These attacks or armed conflicts may adversely impact our operations or financial condition. In addition, losses resulting from these types of events may be uninsurable.
Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.
The design and effectiveness of our disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements or misrepresentations. While management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives all of the time. Deficiencies, including any material weakness, in our internal control over financial reporting which may occur could result in misstatements of our results of operations, restatements of our financial statements, a decline in the price/value of our securities, or otherwise materially adversely affect our business, reputation, results of operations, financial condition or liquidity.
We may be unable to retain and attract key management personnel.
We may be unable to retain and attract talented executives. In the event of the loss of key management personnel or upon unexpected death, disability or retirement, we may not be able to find replacements with comparable skill, ability and industry expertise. Until suitable replacements are identified and retained, if at all, our operating results and financial condition could be materially and adversely affected.
Item  1B.Unresolved SEC Comments
None.
20


Item  2.Properties
General
At December 31, 2020, we owned 420 in-service industrial properties containing an aggregate of approximately 62.4 million square feet of GLA in 20 states, with a diverse base of more than 975 tenants engaged in a wide variety of businesses, including manufactured products, third-party logistics and transportation, retail and consumer services, food and beverage, lumber and building materials, e-commerce, wholesale goods, health services, governmental and other. Our in-service portfolio includes all properties that have reached stabilized occupancy (defined as properties that are 90% leased), (re)developed properties upon the earlier of reaching 90% occupancy or one year from the date construction is completed and acquired properties that are at least 75% occupied at acquisition, unless we anticipate tenant move-outs within two years of ownership would drop occupancy below 75%. Acquired properties that are less than 75% occupied at acquisition or with tenants that we anticipate will move out within the first two years of ownership are placed in service upon the earlier of reaching 90% occupancy or one year after move out. The average annual base rent per square foot for our in-service portfolio, calculated at December 31, 2020, was $5.65. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.
We classify our properties into four industrial categories: bulk warehouse, regional warehouse, light industrial and R&D/flex. While some properties may have characteristics which fall under more than one property type, we use what we believe is the most dominant characteristic to categorize the property. Individual properties may be reclassified over time due to changes in building characteristics such as tenant use and office space build-out.
The following describes, generally, the different industrial categories:
Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space;
Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space;
Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet and are comprised of 5%-50% of office space; and
R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet and are comprised of 50% or more of office space.

21


The following tables summarize, by market, certain information as of December 31, 2020, with respect to the in-service properties.
In-Service Property Summary Totals
 Bulk WarehouseRegional
Warehouse

Light Industrial
R&D/FlexTotal
Metropolitan AreaGLA
(in 000's)
Number of
Properties
GLA
(in 000's)
Number of
Properties
GLA
(in 000's)
Number of
Properties
GLA
(in 000's)
Number of
Properties
GLA
(in 000's)
Number of
Properties
Occupancy
at 12/31/20
Atlanta, GA4,563 14 340 347 — — 5,250 23 95.3 %
Baltimore, MD2,930 — — 268 52 3,250 13 78.6 %
Central Florida427 234 79 — — 740 100.0 %
Central/Eastern PA (A)
6,055 13 399 281 — — 6,735 23 93.8 %
Chicago, IL5,265 16 292 255 — — 5,812 26 97.8 %
Cincinnati, OH684 310 278 — — 1,272 11 98.8 %
Cleveland, OH1,229 — — — — — — 1,229 100.0 %
Dallas/Ft. Worth, TX5,622 29 483 971 17 — — 7,076 52 94.3 %
Denver, CO1,135 717 782 18 66 2,700 33 98.3 %
Detroit, MI242 460 10 546 23 136 1,384 38 100.0 %
Houston, TX3,622 19 564 85 — — 4,271 30 90.0 %
Milwaukee, WI707 90 — — — — 797 100.0 %
Minneapolis/St. Paul, MN2,564 12 145 72 142 2,923 17 99.2 %
Nashville, TN979 — — 164 — — 1,143 100.0 %
New Jersey (A)
1,359 — — 781 14 172 2,312 23 97.8 %
Northern California— — 46 23 — — 69 100.0 %
Phoenix, AZ2,866 445 39 — — 3,350 16 99.5 %
Seattle, WA101 287 23 — — 411 84.9 %
South Florida418 345 37 — — 800 11 97.0 %
Southern California (A)
7,510 26 1,425 23 719 19 — — 9,654 68 99.2 %
Other (B)
1,015 — — — — 192 1,207 96.5 %
Total49,293 183 6,582 96 5,750 127 760 14 62,385 420 95.7 %
Occupancy by Industrial Property Type95.7 %96.4 %95.8 %93.4 %
_______________
(A)Central/Eastern PA includes the markets of Central Pennsylvania and Philadelphia. New Jersey includes the markets of Northern and Central New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.
(B)Properties are located in Greenville, KY; Kansas City, MO; Overland, MO; and Salt Lake City, UT.
Indebtedness
As of December 31, 2020, 49 of our 420 in-service industrial properties, with a net carrying value of $226.2 million, are pledged as collateral under our mortgage financings, totaling $144.2 million, excluding unamortized debt issuance costs. See Note 4 to the Consolidated Financial Statements and the accompanying Schedule III beginning on page 95 for additional information.
22


Property Acquisitions
During the year ended December 31, 2020, we acquired eight industrial properties and 128.8 acres of land located in our Central Florida, Seattle, South Florida and Southern California markets for an aggregate purchase price of approximately $224.0 million. The industrial properties were acquired at an expected stabilized capitalization rate of approximately 5.9%. The capitalization rate for these industrial property acquisitions was calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments and above and below market lease amortization) and dividing it by the sum of the purchase price plus closing costs and estimated costs to stabilize the properties. The acquired industrial properties have the following characteristics: 
Metropolitan AreaNumber  of
Properties
GLAProperty TypeOccupancy
at  12/31/20
Baltimore/Washington2751,074 Bulk Warehouse93%
Northern California4125,442 Regional Warehouse, Light Industrial65%
Phoenix, AZ1643,798 Bulk Warehouse100%
Southern California123,970 Light Industrial0%
Total81,544,284 
Development Activity
During the year ended December 31, 2020, we moved 10 development properties to our in-service portfolio at a total cost of approximately $221.7 million. Included in the total cost is $7.3 million of leasing commissions. The capitalization rate for these development projects, calculated using the estimated stabilized net operating income (excluding straight-line rent adjustments) divided by the total investment in the developed property is 7.2%. The placed in-service development projects have the following characteristics:
Metropolitan AreaNumber of
Properties
GLAProperty TypeOccupancy
at  12/31/20
Dallas, TX4977,303 Bulk Warehouse74%
Houston, TX2371,950 Bulk Warehouse15%
Phoenix, AZ1643,798 Bulk Warehouse100%
South Florida1103,356 Bulk Warehouse100%
Southern California2430,196 Bulk Warehouse, Regional Warehouse100%
Total102,526,603 
As of December 31, 2020, we substantially completed two developments totaling approximately 0.1 million square feet of GLA. The estimated total investment for the two developments is approximately $19.0 million, of which $18.3 million has been incurred as of December 31, 2020. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The substantially completed developments have the following characteristics:
Metropolitan AreaNumber of
Properties
GLAProperty TypeOccupancy
at  12/31/20
Central/Eastern PA1100,272 Bulk Warehouse0%
Southern California143,996 Regional Warehouse0%
Total2144,268 
23


As of December 31, 2020, we have eight development projects that are under construction totaling approximately 1.3 million square feet of GLA. The estimated total investment for the eight development projects under construction is $172.4 million, of which $80.4 million has been incurred as of December 31, 2020. There can be no assurance that the actual completion cost for these developments will not exceed the estimated completion cost. The development projects under construction have the following characteristics:
Metropolitan AreaNumber of
Properties
GLAProperty TypeAnticipated Quarter of Building Completion
South Florida3377,060 Bulk Warehouse, Regional WarehouseQ1 2021
South Florida1140,880 Bulk WarehouseQ3 2021
Southern California1221,321 Bulk WarehouseQ3 2021
South Florida3591,940 Bulk WarehouseQ4 2021
Total81,331,201 
Property Sales
During the year ended December 31, 2020, we sold 29 industrial properties comprising approximately 1.9 million square feet of GLA, at a weighted average capitalization rate of 7.2%, for total gross sales proceeds of approximately $153.4 million. The capitalization rate for the 29 industrial property sales is calculated by taking revenues of the property (excluding straight-line rent adjustments, lease inducement amortization and above and below market lease amortization) less operating expenses of the property for a period of the last twelve full months prior to sale and dividing the sum by the sales price of the property. The sold industrial properties have the following characteristics:
Metropolitan AreaNumber of
Properties
GLAProperty Type
Baltimore/Washington1300,000 Bulk Warehouse
Central/Eastern PA298,189 Regional Warehouse, Light Industrial
Chicago, IL134,252 Regional Warehouse
Denver, CO5293,626 Light Industrial, R&D/Flex
Detroit, MI4249,993 Bulk Warehouse, Regional Warehouse, Light Industrial
Minneapolis/St. Paul, MN4506,939 Bulk Warehouse, Light Industrial, R&D/Flex
South Florida (A)
114,375 Light Industrial
Other (B)
11411,295 Bulk Warehouse, Light Industrial, R&D/Flex
Total (C)
291,908,669 

(A) Sale of three industrial condominium units within one industrial building are being counted as one property sale.
(B) Properties are located in Indianapolis, IN; Richland Center, WI; and Tampa, FL.
(C) Total excludes a property comprised of 0.6 million square feet of GLA in Phoenix, AZ that was recognized as a sale in 2019 due to the reclassification of the tenant's lease from an operating lease to a sales-type lease. The actual sale, in which title of the property transferred to the tenant, occurred in 2020 (see Note 10 to the Consolidated Financial Statements).


24


Tenant and Lease Information
We have a diverse base of more than 975 tenants engaged in a wide variety of businesses including manufactured products, third-party logistics and transportation, retail and consumer services, food and beverage, lumber and building materials, e-commerce, wholesale goods, health services, governmental and other. At December 31, 2020, our leases have a weighted average lease length of 7.2 years and the majority provide for periodic rent increases that are either fixed or based on changes in the Consumer Price Index. Industrial tenants typically have net or semi-net leases and pay as additional rent their percentage of the property's operating costs, including the costs of common area maintenance, utilities, property taxes and insurance. As of December 31, 2020, approximately 95.7% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 6.3% of our rent revenues, nor did any single tenant or group of related tenants occupy more than 5.2% of the total GLA of our in-service properties.
Leasing Activity
The following table provides a summary of our leasing activity for the year ended December 31, 2020. The table does not include month-to-month leases or leases with terms less than twelve months.  
Number of
Leases
Commenced
Square Feet
Commenced
(in 000's)
Net Rent Per
Square Foot (A)
Straight Line Basis
Rent  Growth (B)
Weighted
Average Lease
Term (C)
Lease Costs
Per Square
Foot (D)
Weighted
Average Tenant
Retention (E)
New Leases872,533$8.0232.9%5.0$5.50N/A
Renewal Leases1335,673$6.3328.0%5.9$1.8976.8%
Development / Acquisition Leases183,691$6.14N/A9.1N/AN/A
Total / Weighted Average
23811,897$6.6329.7%6.7$3.0176.8%

(A)Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease.
(B)Straight Line basis rent growth is a ratio of the change in net rent (including straight-line rent adjustments) on a new or renewal lease compared to the net rent (including straight-line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded.
(C)The lease term is expressed in years. Assumes no exercise of lease renewal options, if any.
(D)Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.
(E)Represents the weighted average square feet of tenants renewing their respective leases.
The following table provides a summary of our leases that commenced during the year ended December 31, 2020, which included rent concessions during the lease term.  
Number of
Leases
With Rent Concessions
Square Feet
(in 000's)
Rent Concessions ($)
New Leases641,631$4,250
Renewal Leases15771721
Development / Acquisition Leases173,5907,790
Total
965,992$12,761

25


Lease Expirations

Fundamentals for the United States industrial real estate market remained favorable in 2020, despite the COVID-19 pandemic that impacted general economic activity during the year. Supply chain activity drove additional demand for space, particularly in the e-commerce segment which benefited from an increase in consumer adoption. New industrial space continued to be developed throughout the year in response to this growth in demand. In 2020, new supply exceeded incremental demand for the second consecutive year. In the fourth quarter, however, incremental demand exceeded new supply. National vacancy levels remained low and overall industry conditions resulted in an environment supportive of rental rate growth in virtually all of our markets. Based on our recent experience, low levels of vacancy generally throughout our markets, and the 2021 forecast of a leading national research company, we expect our average net rental rates for renewal leases on a cash basis to be higher than the expiring rates. For 2021, net rental rates for new leases on a cash basis on average are also expected to be higher than the comparative prior leases, primarily due to continued improvement in market conditions as compared to the conditions prevailing when the comparative leases were signed. The following table shows scheduled lease expirations for all signed leases in our in-service properties as of December 31, 2020.
Year of Expiration (A)
Number of
Leases
Expiring
GLA
Expiring (B)
Percentage
of GLA
Expiring (B)
Annualized Base Rent
Under
Expiring
Leases
(In thousands) (C)
Percentage
of Total
Annualized
Base Rent
Expiring (C)
20211454,756,8558.0%$26,7948.2%
20221868,140,59213.7%45,25013.9%
20231878,660,71414.6%47,74914.6%
20241556,938,90611.7%39,73312.2%
20251336,395,89610.8%36,85911.3%
2026776,236,34910.5%31,2099.6%
2027273,936,9046.6%19,5136.0%
2028203,314,7865.6%18,2935.6%
2029213,679,8256.2%21,4676.6%
2030192,480,7854.2%14,3644.4%
Thereafter154,794,4178.1%24,7407.6%
Total98559,336,029100%$325,971100%
_______________
(A)Includes leases that expire on or after January 1, 2021 and assumes tenants do not exercise existing renewal, termination or purchase options.
(B)Does not include existing vacancies of 2,666,976 aggregate square feet and December 31, 2020 move outs of 381,964 aggregate square feet.
(C)Annualized base rent is calculated as monthly contractual base rent per the terms of the lease, as of December 31, 2020, multiplied by 12. If free rent is granted, then the first positive rent value is used.
Item  3.Legal Proceedings
We are involved in legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material impact on our results of operations, financial position or liquidity.
Item  4.Mine Safety Disclosures
None.
26


PART II
Item  5.Market for Registrant's Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities
Market Information
The following table sets forth, for the periods indicated, the high and low closing prices per share of the Company's common stock, which trades on the New York Stock Exchange under the trading symbol "FR" and the dividends declared per share for the Company's common stock and the distributions declared per Unit for the Operating Partnership's Units. There is no established public trading market for the Units.
Quarter EndedClosing HighClosing LowDividend/Distribution
Declared
December 31, 2020$44.30$39.75$0.25
September 30, 2020$44.09$37.99$0.25
June 30, 2020$40.93$30.52$0.25
March 31, 2020$46.01$27.09$0.25
December 31, 2019$43.07$39.09$0.23
September 30, 2019$40.07$36.77$0.23
June 30, 2019$37.43$34.22$0.23
March 31, 2019$35.47$28.04$0.23
As of February 15, 2021, the Company had 360 common stockholders of record. The number of holders does not include individuals or entities who beneficially own shares but whose shares are held of record by a broker or clearing agency, but does include each such broker or clearing agency as one record holder. The Operating Partnership had 134 holders of record of Units registered with our transfer agent.
In order to comply with the REIT requirements of the Code, the Company is generally required to make common share distributions and preferred share distributions (other than capital gain distributions) to its shareholders in amounts that together at least equal i) the sum of a) 90% of the Company's "REIT taxable income" computed without regard to the dividends paid deduction and net capital gains and b) 90% of net income (after tax), if any, from foreclosure property, minus ii) certain excess non-cash income.
Our dividend/distribution policy is determined by the Company's Board of Directors and is dependent on multiple factors, including cash flow and capital expenditure requirements, as well as ensuring that the Company meets the minimum distribution requirements set forth in the Code. The Company met the minimum distribution requirements with respect to 2020.
Holders of Units are entitled to receive distributions when, as and if declared by the Company's Board of Directors, after the priority distributions required under the Operating Partnership's partnership agreement have been made with respect to preferred partnership interests in the Operating Partnership out of any funds legally available for that purpose.
During the year ended December 31, 2020, the Operating Partnership issued 464,975 Limited Partner Units in connection with the issuance of equity compensation to certain employees and directors. See Note 11 to the Consolidated Financial Statements for more information.
Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder's notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2020, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $114.3 million or by issuing 2,713,142 shares of the Company's common stock.
27


Performance Graph
The following graph provides a comparison of the cumulative total stockholder return among the Company, the FTSE NAREIT Equity REIT Total Return Index (the "NAREIT Index") and the Standard & Poor's 500 Index ("S&P 500"). The NAREIT Index represents the performance of our publicly traded REIT peers. The historical information set forth below is not necessarily indicative of future performance.
fr-20201231_g2.jpg
(A)$100 invested on 12/31/15 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
 12/1512/1612/1712/1812/1912/20
FIRST INDUSTRIAL REALTY TRUST, INC.$100.00 $130.45 $150.64 $142.15 $209.47 $218.23 
S&P 500$100.00 $111.96 $136.40 $130.42 $171.49 $203.04 
FTSE NAREIT Equity REITs$100.00 $108.52 $114.19 $108.91 $137.23 $126.25 
_______________
(A)The information provided in this performance graph shall not be deemed to be “soliciting material,” to be “filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless specifically treated as such.
28


Item 6.Selected Financial Data
The following tables set forth the selected financial and operating data for the Company and the Operating Partnership on a consolidated basis. The following selected consolidated financial data should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Management's Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K.
The Company

Year Ended
12/31/20
Year Ended
12/31/19
Year Ended
12/31/18
Year Ended
12/31/17
Year Ended
12/31/16
 (In thousands, except per share data)
Statement of Operations Data:
Total Revenues$448,028 $425,984 $403,954 $396,402 $378,020 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
195,989 238,775 163,239 201,456 121,232 
Share and Per Share Data:
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders - Basic EPS1.53 1.89 1.31 1.70 1.05 
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders - Diluted EPS1.53 1.88 1.31 1.69 1.05 
Dividends/Distributions Per Share$1.00 $0.92 $0.87 $0.84 $0.76 
Basic Weighted Average Shares
127,711 126,392 123,804 118,272 115,030 
Diluted Weighted Average Shares
127,904 126,691 124,191 118,787 115,370 
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation
$4,087,633 $3,830,209 $3,673,644 $3,495,745 $3,384,914 
Total Assets3,791,938 3,518,828 3,142,691 2,941,062 2,793,263 
Indebtedness
1,594,641 1,483,565 1,297,783 1,296,997 1,347,092 
Total Equity1,947,320 1,798,263 1,679,911 1,475,877 1,284,625 
Other Data:
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities (A)
$234,964 $221,136 $199,391 $186,496 $167,811 
The Operating Partnership
Year Ended
12/31/20
Year Ended
12/31/19
Year Ended
12/31/18
Year Ended
12/31/17
Year Ended
12/31/16
 (In thousands, except per Unit data)
Statement of Operations Data:
Total Revenues$448,028 $425,984 $403,954 $396,402 $378,020 
Net Income Available to Unitholders and Participating Securities
199,934 243,628 167,246 208,158 125,547 
 Unit and Per Unit Data:
Net Income Available to Unitholders - Basic EPU1.54 1.89 1.31 1.70 1.05 
Net Income Available to Unitholders - Diluted EPU1.53 1.88 1.31 1.69 1.05 
Distributions Per Unit$1.00 $0.92 $0.87 $0.84 $0.76 
Basic Weighted Average Units
129,752 128,831 126,921 122,306 119,274 
Diluted Weighted Average Units
130,127 129,241 127,308 122,821 119,614 
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation
$4,087,633 $3,830,209 $3,673,644 $3,495,745 $3,384,914 
Total Assets3,801,308 3,528,849 3,152,799 2,951,180 2,803,701 
Indebtedness
1,594,641 1,483,565 1,297,783 1,296,997 1,347,092 
Total Partners' Capital1,956,690 1,808,284 1,690,019