First Industrial Realty Trust Files Q3 2024 10-Q

TL;DR

**FIRST INDUSTRIAL REALTY TRUST (FR) files Q3 10-Q. Details on performance and operations.**

AI Summary

First Industrial Realty Trust, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations. Key financial data and operational metrics are presented for the third quarter of 2024.

Why It Matters

This filing provides investors and analysts with crucial financial and operational data for First Industrial Realty Trust, Inc. for the third quarter of 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, the company is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (This is the end date for the financial reporting period covered by the 10-Q.)
• 2024-01-01 — Reporting Period Start Date (This is the start date for the financial reporting period covered by the 10-Q.)
• 132,348,500 — Shares Outstanding (Indicates the total number of shares of common stock outstanding.)

Key Players & Entities

• FIRST INDUSTRIAL REALTY TRUST INC (company) — Filer
• FIRST INDUSTRIAL LP (company) — Filer
• 0000921825 (company) — Central Index Key for FIRST INDUSTRIAL REALTY TRUST INC
• 0001033128 (company) — Central Index Key for FIRST INDUSTRIAL LP
• 3123444300 (dollar_amount) — Business Phone Number

FAQ

Key Financial Figures

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

Filing Documents

• fr-20240930.htm (10-Q) — 1722KB
• fr-2024930xex311.htm (EX-31.1) — 11KB
• fr-2024930xex312.htm (EX-31.2) — 10KB
• fr-2024930xex313.htm (EX-31.3) — 11KB
• fr-2024930xex314.htm (EX-31.4) — 11KB
• fr-2024930xex321.htm (EX-32.1) — 9KB
• fr-2024930xex322.htm (EX-32.2) — 10KB
• fr-20240930_g1.jpg (GRAPHIC) — 196KB
• 0000921825-24-000096.txt ( ) — 7464KB
• fr-20240930.xsd (EX-101.SCH) — 42KB
• fr-20240930_cal.xml (EX-101.CAL) — 69KB
• fr-20240930_def.xml (EX-101.DEF) — 312KB
• fr-20240930_lab.xml (EX-101.LAB) — 563KB
• fr-20240930_pre.xml (EX-101.PRE) — 418KB
• fr-20240930_htm.xml (XML) — 855KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3 Item 1.

Financial Statements

Financial Statements 3 First Industrial Realty Trust, Inc. Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 5 Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 8 First Industrial, L.P. Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 10 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 11 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 12 Consolidated Statements of Changes in Partners' Capital for the Three and Nine Months Ended September 30, 2024 and 2023 13 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 15 First Industrial Realty Trust, Inc. and First Industrial, L.P. Notes to the Consolidated Financial Statements 17 1. Organization 17 2. Summary of Significant Accounting Policies 18 3. Investment in Real Estate 19 4. Indebtedness 20 5. Variable Interest Entities 22 6. Equity of the Company and Partners' Capital of the Operating Partnership 24 7. Accumulated Other Comprehensive Income 25 8. Earnings Per Share and Earnings Per Unit ("EPS"/"EPU") 26 9. Long-Term Compensation 27 10. Derivative Instruments 28 11. Related Party Transactions 29 12. Commitments and Contingencies 29 13. Subsequent Events 29 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 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46

: OTHER INFORMATION

PART II: OTHER INFORMATION 47 Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 47 EXHIBIT INDEX 48

: 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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Assets: Investment in Real Estate: Land $ 1,761,864 $ 1,756,971 Buildings and Improvements 3,887,377 3,711,718 Construction in Progress 118,597 245,391 Less: Accumulated Depreciation ( 1,062,272 ) ( 1,009,335 ) Net Investment in Real Estate 4,705,566 4,704,745 Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $ 4,020 and $ — 4,426 — Operating Lease Right-of-Use Assets 19,896 24,211 Cash and Cash Equivalents 47,123 43,844 Restricted Cash 8,066 — Tenant Accounts Receivable 5,526 10,993 Investment in Joint Venture 49,104 44,663 Deferred Rent Receivable 154,485 144,033 Prepaid Expenses and Other Assets, Net 206,328 203,276 Total Assets $ 5,200,520 $ 5,175,765 LIABILITIES AND EQUITY Liabilities: Indebtedness: Mortgage Loan Payable $ 9,728 $ 9,978 Senior Unsecured Notes, Net 995,004 994,463 Unsecured Term Loans, Net 922,073 920,863 Unsecured Credit Facility 248,000 299,000 Accounts Payable, Accrued Expenses and Other Liabilities 142,875 143,429 Operating Lease Liabilities 17,652 21,992 Rents Received in Advance and Security Deposits 102,428 106,734 Dividends and Distributions Payable 50,970 44,201 Total Liabilities 2,488,730 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 132,348,500 and 132,289,039 shares issued and outstanding) 1,323 1,323 Additional Paid-in Capital 2,421,738 2,411,673 Retained Earnings 199,713 127,707 Accumulated Other Comprehensive Income 9,633 22,272 Total First Industrial Realty Trust, Inc.'s Equity 2,632,407 2,562,975 Noncontrolling Interests 79,383 72,130 Total Equity 2,711,790 2,635,105 Total Liabilities and Equity $ 5,200,520 $ 5,175

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