First Industrial Realty Trust Files 2024 10-K

TL;DR

FIRST INDUSTRIAL REALTY TRUST (FR) FILED 2024 10-K. FULL FINANCIALS OUT.

AI Summary

First Industrial Realty Trust, Inc. filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered at 1 North Wacker Drive, Suite 4200, Chicago, IL, operates as a Real Estate Investment Trust. The filing covers financial performance and operational details for the period.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of First Industrial Realty Trust's financial health, operational performance, and strategic outlook for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual financial filing for a publicly traded company, providing routine disclosures.

Key Numbers

• 132,393,216 — Shares Outstanding (Total shares reported for First Industrial Realty Trust, Inc.)
• 6,261.2 — Total Assets (USD) (Reported total assets in billions for the fiscal year.)

Key Players & Entities

• FIRST INDUSTRIAL REALTY TRUST INC (company) — Filer
• FIRST INDUSTRIAL, L.P. (company) — Subsidiary Filer
• 1 NORTH WACKER DRIVE, SUITE 4200, CHICAGO, IL 60606 (location) — Business and Mail Address
• 3123444300 (phone_number) — Business Phone
• 2024-12-31 (date) — Fiscal Year End
• 2025-02-14 (date) — Filing Date

FAQ

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
• $480.5 million — February 13, 2025, we had approximately $480.5 million available for additional borrowings und

Filing Documents

• fr-20241231.htm (10-K) — 5302KB
• fr-20241231xex106.htm (EX-10.6) — 206KB
• fr-20241231xex1015.htm (EX-10.15) — 80KB
• fr-20241231xex1016.htm (EX-10.16) — 45KB
• fr-20241231xex1017.htm (EX-10.17) — 136KB
• fr-20241231xex1018.htm (EX-10.18) — 81KB
• fr-20241231xex1019.htm (EX-10.19) — 131KB
• fr-20241231xex191.htm (EX-19.1) — 27KB
• fr-20241231xex211.htm (EX-21.1) — 145KB
• fr-20241231xex231.htm (EX-23.1) — 2KB
• fr-20241231xex232.htm (EX-23.2) — 2KB
• fr-20241231xex233.htm (EX-23.3) — 2KB
• fr-20241231xex311.htm (EX-31.1) — 11KB
• fr-20241231xex312.htm (EX-31.2) — 10KB
• fr-20241231xex313.htm (EX-31.3) — 11KB
• fr-20241231xex314.htm (EX-31.4) — 11KB
• fr-20241231xex321.htm (EX-32.1) — 9KB
• fr-20241231xex322.htm (EX-32.2) — 10KB
• fr-20241231_g1.jpg (GRAPHIC) — 196KB
• fr-20241231_g2.jpg (GRAPHIC) — 118KB
• image_0.jpg (GRAPHIC) — 196KB
• image_01.jpg (GRAPHIC) — 196KB
• image_0a.jpg (GRAPHIC) — 196KB
• image_0c.jpg (GRAPHIC) — 196KB
• 0000921825-25-000019.txt ( ) — 25253KB
• fr-20241231.xsd (EX-101.SCH) — 164KB
• fr-20241231_cal.xml (EX-101.CAL) — 82KB
• fr-20241231_def.xml (EX-101.DEF) — 707KB
• fr-20241231_lab.xml (EX-101.LAB) — 1342KB
• fr-20241231_pre.xml (EX-101.PRE) — 899KB
• fr-20241231_htm.xml (XML) — 4458KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved SEC Comments

Item 1B. Unresolved SEC Comments 19

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 22

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 PART II. 27 Item 5. Market for Registrant's Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities 27

[Reserved]

Item 6. [Reserved] 28

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 29

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42

Controls and Procedures

Item 9A. Controls and Procedures 43

Other Information

Item 9B. Other Information 44

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 44 PART III. 45

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 45

Executive Compensation

Item 11. Executive Compensation 45

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 45

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 45

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 45 PART IV. 45

Exhibits, Financial Statements and Financial Statement Schedule

Item 15. Exhibits, Financial Statements and Financial Statement Schedule 45

Form 10-K Summary

Item 16. Form 10-K Summary 49

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, 2024, our in-service portfolio consisted of 412 industrial properties, located in 19 states, containing an aggregate of approximately 66.7 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 97.3% ownership interest ("General Partner Units") at December 31, 2024. 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 2.7% at December 31, 2024, represents the aggregate partnership

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