First Industrial Realty Trust Q1 2024 10-Q Filed

TL;DR

**FIRST INDUSTRIAL REALTY TRUST (FR) FILED Q1 10-Q - CHECK FINANCIALS**

AI Summary

First Industrial Realty Trust, Inc. filed its 10-Q for the period ending March 31, 2024. The filing details the company's financial performance and operations during the first quarter of 2024. Key financial data and operational updates are provided for both First Industrial Realty Trust, Inc. and its subsidiary, First Industrial, L.P.

Why It Matters

This filing provides investors with an update on the financial health and operational status of First Industrial Realty Trust, Inc. during the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates and does not indicate any immediate or significant risks.

Key Numbers

• 132,341,354 — Shares Outstanding (Indicates the total number of shares for FIRST INDUSTRIAL REALTY TRUST INC as of March 31, 2024.)

Key Players & Entities

• FIRST INDUSTRIAL REALTY TRUST INC (company) — Filer
• FIRST INDUSTRIAL, L.P. (company) — Subsidiary Filer
• 0000921825 (company) — Central Index Key for FIRST INDUSTRIAL REALTY TRUST INC
• 0001033128 (company) — Central Index Key for FIRST INDUSTRIAL, L.P.
• 20240331 (date) — Period of Report
• 20240419 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — rial Realty Trust, Inc.'s Common Stock, $0.01 par value, were outstanding. EXPLANAT

Filing Documents

• fr-20240331.htm (10-Q) — 1255KB
• fr-2024331xex311.htm (EX-31.1) — 11KB
• fr-2024331xex312.htm (EX-31.2) — 10KB
• fr-2024331xex313.htm (EX-31.3) — 11KB
• fr-2024331xex314.htm (EX-31.4) — 11KB
• fr-2024331xex321.htm (EX-32.1) — 9KB
• fr-2024331xex322.htm (EX-32.2) — 10KB
• fr-20240331_g1.jpg (GRAPHIC) — 196KB
• 0000921825-24-000044.txt ( ) — 6490KB
• fr-20240331.xsd (EX-101.SCH) — 41KB
• fr-20240331_cal.xml (EX-101.CAL) — 69KB
• fr-20240331_def.xml (EX-101.DEF) — 305KB
• fr-20240331_lab.xml (EX-101.LAB) — 541KB
• fr-20240331_pre.xml (EX-101.PRE) — 403KB
• fr-20240331_htm.xml (XML) — 679KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 First Industrial Realty Trust, Inc. Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 7 First Industrial, L.P. Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 9 Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 10 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 11 Consolidated Statements of Changes in Partners' Capital for the Three Months Ended March 31, 2024 and 2023 12 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 13 First Industrial Realty Trust, Inc. and First Industrial, L.P. Notes to the Consolidated Financial Statements 15 1. Organization 15 2. Summary of Significant Accounting Policies 16 3. Investment in Real Estate 16 4. Indebtedness 17 5. Variable Interest Entities 19 6. Equity of the Company and Partners' Capital of the Operating Partnership 21 7. Accumulated Other Comprehensive Income 22 8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU") 23 9. Long-Term Compensation 24 10. Derivative Instruments 25 11. Related Party Transactions 26 12. Commitments and Contingencies 26 13. Subsequent Events 26 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41

: OTHER INFORMATION

PART II: OTHER INFORMATION 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 42 EXHIBIT INDEX 43

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Assets: Investment in Real Estate: Land $ 1,752,507 $ 1,756,971 Buildings and Improvements 3,748,360 3,711,718 Construction in Progress 217,764 245,391 Less: Accumulated Depreciation ( 1,025,594 ) ( 1,009,335 ) Net Investment in Real Estate 4,693,037 4,704,745 Operating Lease Right-of-Use Assets 24,094 24,211 Cash and Cash Equivalents 48,884 43,844 Tenant Accounts Receivable 12,463 10,993 Investment in Joint Venture 47,735 44,663 Deferred Rent Receivable 147,512 144,033 Prepaid Expenses and Other Assets, Net 226,656 203,276 Total Assets $ 5,200,381 $ 5,175,765 LIABILITIES AND EQUITY Liabilities: Indebtedness: Mortgage Loan Payable $ 9,896 $ 9,978 Senior Unsecured Notes, Net 994,644 994,463 Unsecured Term Loans, Net 921,266 920,863 Unsecured Credit Facility 306,000 299,000 Accounts Payable, Accrued Expenses and Other Liabilities 116,161 143,429 Operating Lease Liabilities 21,865 21,992 Rents Received in Advance and Security Deposits 106,586 106,734 Dividends and Distributions Payable 50,695 44,201 Total Liabilities 2,527,113 2,540,660 Commitments and Contingencies (see Note 12) Equity: First Industrial Realty Trust Inc.'s Equity: Common Stock ($ 0.01 par value, 225,000,000 shares authorized and 132,341,354 and 132,289,039 shares issued and outstanding) 1,323 1,323 Additional Paid-in Capital 2,414,364 2,411,673 Retained Earnings 147,104 127,707 Accumulated Other Comprehensive Income 32,374 22,272 Total First Industrial Realty Trust, Inc.'s Equity 2,595,165 2,562,975 Noncontrolling Interests 78,103 72,130 Total Equity 2,673,268 2,635,105 Total Liabilities and Equity $ 5,200,381 $ 5,175,765 The accompanying notes are an integral part of the consolidated financial statements. 3 FIRST INDUSTRIAL REALTY TRUST, INC. CONSOLIDATED

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