v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 147,918 $ 52,884
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 40,058 35,345
Amortization of Debt Issuance Costs 1,531 963
Other Amortization, Including Equity Based Compensation 21,057 18,547
Equity in Income of Joint Venture (108) (3,477)
Gain on Sale of Real Estate (109,032) (6,844)
Straight-line Rental Income and Expense, Net (3,091) (6,063)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (5,393) (8,993)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (4,048) 6,204
Net Cash Provided by Operating Activities 88,892 88,566
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate 0 (161,791)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (71,308) (60,190)
Net Proceeds from Sales of Investments in Real Estate 0 11,464
Contributions to and Investments in Joint Venture 0 (2,491)
Other Investing Activity (1,169) (340)
Net Cash Used in Investing Activities (72,477) (213,348)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (5,285) (10,002)
Income Taxes Paid on Vested Equity Compensation (2,267) (1,315)
Common Stock Dividends and Unit Distributions Paid (60,378) (50,087)
Repayments on Mortgage Loan Payable (90) (86)
Proceeds from Unsecured Term Loans 75,000 0
Proceeds from Unsecured Credit Facility 116,000 261,000
Repayments on Unsecured Credit Facility (175,000) (89,000)
Distributions to Noncontrolling Interests (5,280) 0
Net Cash (Used in) Provided by Financing Activities (57,300) 110,510
Net Decrease in Cash, Cash Equivalents and Restricted Cash (40,885) (14,272)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 78,032 51,682
Cash, Cash Equivalents and Restricted Cash, End of Period 37,147 37,410
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,961 2,883
Cash Paid for Operating Lease Liabilities 696 706
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 67 0
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 69,349 61,467
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0
Lease Reclassification from Operating Lease to Sales Type Lease [Abstract]    
Land (1,859,707)  
Construction in Progress (207,411)  
Deferred Rent Receivable (183,625)  
Accounts Payable, Accrued Expenses and Other Liabilities (154,674)  
Assumption of Liabilities in Connection with the Acquisition of Real Estate 0 563
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 47,600 51,225
Improvements Funded by Tenant 1,898 0
Write-off of Fully Depreciated Assets (14,302) (11,365)
Sales-Type Lease    
Lease Reclassification from Operating Lease to Sales Type Lease [Abstract]    
Sales-type Lease, Lease Receivable 131,176 0
Land (12,408) 0
Construction in Progress (5,937) 0
Deferred Rent Receivable (590) 0
Other Assets, Net of Accumulated Amortization (344) 0
Accounts Payable, Accrued Expenses and Other Liabilities (2,865) 0
Sales-type Lease, Selling Profit (Loss) 109,032 0
Noncontrolling Interests    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 4,817 4,781
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (864) (27)
Common Stock    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0
Additional Paid-in Capital    
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units 864 27
First Industrial, L.P.    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 147,918 52,884
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depreciation 40,058 35,345
Amortization of Debt Issuance Costs 1,531 963
Other Amortization, Including Equity Based Compensation 21,057 18,547
Equity in Income of Joint Venture (108) (3,477)
Gain on Sale of Real Estate (109,032) (6,844)
Straight-line Rental Income and Expense, Net (3,091) (6,063)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net (5,372) (8,974)
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits (4,048) 6,204
Net Cash Provided by Operating Activities 88,913 88,585
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions of Real Estate 0 (161,791)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs (71,308) (60,190)
Net Proceeds from Sales of Investments in Real Estate 0 11,464
Contributions to and Investments in Joint Venture 0 (2,491)
Other Investing Activity (1,169) (340)
Net Cash Used in Investing Activities (72,477) (213,348)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Financing Issuance Costs (5,285) (10,002)
Income Taxes Paid on Vested Equity Compensation (2,267) (1,315)
Common Stock Dividends and Unit Distributions Paid (60,378) (50,087)
Contributions from Noncontrolling Interests 2 6
Repayments on Mortgage Loan Payable (90) (86)
Proceeds from Unsecured Term Loans 75,000 0
Proceeds from Unsecured Credit Facility 116,000 261,000
Repayments on Unsecured Credit Facility (175,000) (89,000)
Distributions to Noncontrolling Interests (5,303) (25)
Net Cash (Used in) Provided by Financing Activities (57,321) 110,491
Net Decrease in Cash, Cash Equivalents and Restricted Cash (40,885) (14,272)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year 78,032 51,682
Cash, Cash Equivalents and Restricted Cash, End of Period 37,147 37,410
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:    
Interest Expense Capitalized in Connection with Development Activity 2,961 2,883
Cash Paid for Operating Lease Liabilities 696 706
Supplemental Schedule of Non-Cash Operating Activities:    
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets 67 0
Supplemental Schedule of Non-Cash Investing and Financing Activities:    
Dividends and Distributions Payable 69,349 61,467
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units 0 0
Lease Reclassification from Operating Lease to Sales Type Lease [Abstract]    
Land (1,859,707)  
Construction in Progress (207,411)  
Deferred Rent Receivable (183,625)  
Accounts Payable, Accrued Expenses and Other Liabilities (154,674)  
Assumption of Liabilities in Connection with the Acquisition of Real Estate 0 563
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate 47,600 51,225
Improvements Funded by Tenant 1,898 0
Write-off of Fully Depreciated Assets (14,302) (11,365)
First Industrial, L.P. | Limited Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 4,803 1,475
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units (864) (27)
First Industrial, L.P. | Limited Partner Units | Sales-Type Lease    
Lease Reclassification from Operating Lease to Sales Type Lease [Abstract]    
Sales-type Lease, Lease Receivable 131,176 0
Land (12,408) 0
Construction in Progress (5,937) 0
Deferred Rent Receivable (590) 0
Other Assets, Net of Accumulated Amortization (344) 0
Accounts Payable, Accrued Expenses and Other Liabilities (2,865) 0
Sales-type Lease, Selling Profit (Loss) 109,032 0
First Industrial, L.P. | General Partner Units    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income 143,071 48,071
Exchange of Limited Partnership Units for Common Stock/General Partnership Units:    
Conversion of Limited Partner Units to Common Stock / General Partner Units $ 864 $ 27