FIRST INDUSTRIAL REALTY TRUST INC Files 2023 10-K

TL;DR

<b>FIRST INDUSTRIAL REALTY TRUST, INC. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

FIRST INDUSTRIAL REALTY TRUST INC (FR) filed a Annual Report (10-K) with the SEC on February 14, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company is FIRST INDUSTRIAL REALTY TRUST, INC. (CIK: 0000921825). Filing date is February 14, 2024. The filing covers the period from January 1, 2023, to December 31, 2023. Associated entity: FIRST INDUSTRIAL, L.P. (CIK: 0001033128).

Why It Matters

For investors and stakeholders tracking FIRST INDUSTRIAL REALTY TRUST INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: low — FIRST INDUSTRIAL REALTY TRUST INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or urgent disclosures.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand FIRST INDUSTRIAL REALTY TRUST INC's performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (FIRST INDUSTRIAL REALTY TRUST, INC.)
• 2024-02-14 — Filing Date (FIRST INDUSTRIAL REALTY TRUST, INC.)
• 0000921825 — Central Index Key (FIRST INDUSTRIAL REALTY TRUST, INC.)
• 0001033128 — Central Index Key (FIRST INDUSTRIAL, L.P.)
• 6798 — Standard Industrial Classification (Real Estate Investment Trusts)
• MD — State of Incorporation (FIRST INDUSTRIAL REALTY TRUST, INC.)
• 3123444300 — Business Phone (FIRST INDUSTRIAL REALTY TRUST, INC.)

Key Players & Entities

• FIRST INDUSTRIAL REALTY TRUST, INC. (company) — Filer
• FIRST INDUSTRIAL, L.P. (company) — Associated entity
• 2023-12-31 (date) — Fiscal year end
• 2024-02-14 (date) — Filing date
• 1 NORTH WACKER DRIVE (address) — Business address
• CHICAGO (location) — Business address city
• IL (location) — Business address state
• 60606 (postal_code) — Business address zip

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-14: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.01 — rial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding. _________
• $750.0 million — and line of credit borrowings under our $750.0 million unsecured revolving credit agreement (t
• $409.9 million — February 14, 2024, we had approximately $409.9 million available for additional borrowings und

Filing Documents

• fr-20231231.htm (10-K) — 5291KB
• fr-20231231xex211.htm (EX-21.1) — 148KB
• fr-20231231xex231.htm (EX-23.1) — 2KB
• fr-20231231xex232.htm (EX-23.2) — 2KB
• fr-20231231xex233.htm (EX-23.3) — 2KB
• fr-20231231xex311.htm (EX-31.1) — 11KB
• fr-20231231xex312.htm (EX-31.2) — 10KB
• fr-20231231xex313.htm (EX-31.3) — 11KB
• fr-20231231xex314.htm (EX-31.4) — 11KB
• fr-20231231xex321.htm (EX-32.1) — 9KB
• fr-20231231xex322.htm (EX-32.2) — 10KB
• fr-20231231xex971.htm (EX-97.1) — 27KB
• fr-20231231_g1.jpg (GRAPHIC) — 196KB
• fr-20231231_g2.jpg (GRAPHIC) — 119KB
• fr-20231231_g3a.jpg (GRAPHIC) — 89KB
• 0000921825-24-000018.txt (&nbsp;) — 23800KB
• fr-20231231.xsd (EX-101.SCH) — 168KB
• fr-20231231_cal.xml (EX-101.CAL) — 82KB
• fr-20231231_def.xml (EX-101.DEF) — 718KB
• fr-20231231_lab.xml (EX-101.LAB) — 1488KB
• fr-20231231_pre.xml (EX-101.PRE) — 908KB
• fr-20231231_htm.xml (XML) — 4541KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved SEC Comments

Item 1B. Unresolved SEC Comments 21

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II. 28 Item 5. Market for Registrant's Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities 28

[Reserved]

Item 6. [Reserved] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 41

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 41

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 41

Controls and Procedures

Item 9A. Controls and Procedures 42

Other Information

Item 9B. Other Information 43

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III. 44

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 44

Executive Compensation

Item 11. Executive Compensation 44

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 44

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 44 PART IV. 44

Exhibits, Financial Statements and Financial Statement Schedule

Item 15. Exhibits, Financial Statements and Financial Statement Schedule 44

Form 10-K Summary

Item 16. Form 10-K Summary 48

FORWARD-LOOKING STATEMENTS

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 that 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;

Business

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, 2023, our in-service portfolio consisted of 422 industrial properties, located in 18 states, containing an aggregate of approximately 64.9 million square feet of gross leasable area ("GLA"). 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 97.5% ownership interest ("General Partner Units") at December 31, 2023. The Operating Partnership also conducts operations through several other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries ("TRSs"), the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99% limited partnership interest in each of the Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. The noncontrolling interest in the Operating Partnership of approximately 2.5% at December 31, 2023, represents the aggregate partnership

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View this 10-K filing on SEC EDGAR