First Industrial Realty Trust Q2 2024 10-Q Filed

TL;DR

**FIRST INDUSTRIAL REALTY TRUST (FR) FILED ITS Q2 10-Q. CHECK FINANCIALS.**

AI Summary

First Industrial Realty Trust, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operations for the second quarter of 2024. Key financial data and operational metrics are presented, reflecting the company's real estate investment trust activities.

Why It Matters

This filing provides investors with crucial financial and operational updates for First Industrial Realty Trust, Inc., impacting investment decisions in the industrial real estate sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• 132,346,095 — Shares Outstanding (Indicates the total number of shares for First Industrial Realty Trust, Inc.)

Key Players & Entities

• FIRST INDUSTRIAL REALTY TRUST INC (company) — Filer
• FIRST INDUSTRIAL LP (company) — Filer
• 1 NORTH WACKER DRIVE, SUITE 4200, CHICAGO, IL 60606 (location) — Business and Mail Address
• 3123444300 (phone_number) — Business Phone
• 20240630 (date) — Reporting Period End Date

FAQ

Key Financial Figures

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

Filing Documents

• fr-20240630.htm (10-Q) — 1596KB
• fr-2024630xex311.htm (EX-31.1) — 11KB
• fr-2024630xex312.htm (EX-31.2) — 10KB
• fr-2024630xex313.htm (EX-31.3) — 11KB
• fr-2024630xex314.htm (EX-31.4) — 11KB
• fr-2024630xex321.htm (EX-32.1) — 9KB
• fr-2024630xex322.htm (EX-32.2) — 10KB
• fr-20240630_g1.jpg (GRAPHIC) — 196KB
• 0000921825-24-000082.txt ( ) — 7242KB
• fr-20240630.xsd (EX-101.SCH) — 42KB
• fr-20240630_cal.xml (EX-101.CAL) — 69KB
• fr-20240630_def.xml (EX-101.DEF) — 309KB
• fr-20240630_lab.xml (EX-101.LAB) — 564KB
• fr-20240630_pre.xml (EX-101.PRE) — 415KB
• fr-20240630_htm.xml (XML) — 807KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 First Industrial Realty Trust, Inc. Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 7 First Industrial, L.P. Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 9 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 10 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 11 Consolidated Statements of Changes in Partners' Capital for the Three and Six Months Ended June 30, 2024 and 2023 12 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 17 4. Indebtedness 18 5. Variable Interest Entities 20 6. Equity of the Company and Partners' Capital of the Operating Partnership 22 7. Accumulated Other Comprehensive Income 23 8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU") 24 9. Long-Term Compensation 25 10. Derivative Instruments 26 11. Related Party Transactions 27 12. Commitments and Contingencies 27 13. Subsequent Events 27 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44

: OTHER INFORMATION

PART II: OTHER INFORMATION 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 45 EXHIBIT INDEX 46

: 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Assets: Investment in Real Estate: Land $ 1,758,883 $ 1,756,971 Buildings and Improvements 3,854,481 3,711,718 Construction in Progress 102,311 245,391 Less: Accumulated Depreciation ( 1,034,145 ) ( 1,009,335 ) Net Investment in Real Estate 4,681,530 4,704,745 Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $ 21,861 and $ — 27,166 — Operating Lease Right-of-Use Assets 20,075 24,211 Cash and Cash Equivalents 38,545 43,844 Restricted Cash 8,003 — Tenant Accounts Receivable 5,681 10,993 Investment in Joint Venture 48,658 44,663 Deferred Rent Receivable 151,734 144,033 Prepaid Expenses and Other Assets, Net 224,570 203,276 Total Assets $ 5,205,962 $ 5,175,765 LIABILITIES AND EQUITY Liabilities: Indebtedness: Mortgage Loan Payable $ 9,812 $ 9,978 Senior Unsecured Notes, Net 994,823 994,463 Unsecured Term Loans, Net 921,670 920,863 Unsecured Credit Facility 299,000 299,000 Accounts Payable, Accrued Expenses and Other Liabilities 124,710 143,429 Operating Lease Liabilities 17,836 21,992 Rents Received in Advance and Security Deposits 103,676 106,734 Liabilities Held for Sale 4,598 — Dividends and Distributions Payable 50,658 44,201 Total Liabilities 2,526,783 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 132,343,894 and 132,289,039 shares issued and outstanding) 1,323 1,323 Additional Paid-in Capital 2,418,232 2,411,673 Retained Earnings 149,413 127,707 Accumulated Other Comprehensive Income 31,653 22,272 Total First Industrial Realty Trust, Inc.'s Equity 2,600,621 2,562,975 Noncontrolling Interests 78,558 72,130 Total Equity 2,679,179 2,635,105 Total Liabilitie

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