|
ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Maryland (First Industrial Realty Trust, Inc.)
|
|
36-3935116 (First Industrial Realty Trust, Inc.)
|
Delaware (First Industrial, L.P.)
|
|
36-3924586 (First Industrial, L.P.)
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
1 N. Wacker Drive,
Suite 4200, Chicago, Illinois
|
|
60606
|
(Address of principal executive offices)
|
|
(Zip Code)
|
First Industrial Realty Trust, Inc.
|
Yes
þ
No
o
|
First Industrial, L.P.
|
Yes
þ
No
o
|
First Industrial Realty Trust, Inc.
|
Yes
o
No
þ
|
First Industrial, L.P.
|
Yes
o
No
þ
|
First Industrial Realty Trust, Inc.
|
Yes
þ
No
o
|
First Industrial, L.P.
|
Yes
þ
No
o
|
First Industrial Realty Trust, Inc.
|
Yes
þ
No
o
|
First Industrial, L.P.
|
Yes
þ
No
o
|
First Industrial Realty Trust, Inc.:
|
|
|
|
|
|
|
|
Large accelerated filer
|
|
þ
|
|
|
Accelerated filer
|
|
o
|
Non-accelerated filer
|
|
o
|
|
|
Smaller reporting company
|
|
o
|
|
|
|
|
(Do not check if a smaller reporting company)
|
Emerging growth company
|
|
o
|
First Industrial, L.P.:
|
|
|
|
|
|
|
|
Large accelerated filer
|
|
o
|
|
|
Accelerated filer
|
|
þ
|
Non-accelerated filer
|
|
o
|
|
|
Smaller reporting company
|
|
o
|
|
|
|
|
(Do not check if a smaller reporting company)
|
Emerging growth company
|
|
o
|
First Industrial Realty Trust, Inc.
|
o
|
First Industrial, L.P.
|
o
|
First Industrial Realty Trust, Inc.
|
Yes
o
No
þ
|
First Industrial, L.P.
|
Yes
o
No
þ
|
|
•
|
Stockholders' Equity, Noncontrolling Interest and Partners' Capital.
The 2.0% equity interest in the Operating Partnership held by entities other than the Company are classified within partners' capital in the Operating Partnership's financial statements and as a noncontrolling interest in the Company's financial statements.
|
•
|
Relationship to Other Real Estate Partnerships.
The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, though operations are also conducted through eight other limited partnerships, which are referred to as the "Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separate wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.
|
•
|
Relationship to Service Subsidiary.
The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership's balance sheet but is eliminated on the Company's consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.
|
•
|
enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;
|
•
|
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and
|
•
|
eliminates duplicative disclosures and provides a more streamlined and readable presentation for our investors to review since a substantial portion of the Company's disclosure applies to both the Company and the Operating Partnership.
|
•
|
consolidated financial statements;
|
•
|
a single set of consolidated notes to such financial statements that includes separate discussions of each entity's stockholders' equity or partners' capital, as applicable; and
|
•
|
a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.
|
|
|
Page
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
|
|
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
|
|
|
|
|
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
|
|
|
|
|
Item 15.
|
||
Item 16.
|
||
•
|
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;
|
•
|
changes in 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;
|
•
|
difficulties in identifying and consummating acquisitions and dispositions;
|
•
|
our ability to manage the integration of properties we acquire;
|
•
|
potential liability relating to environmental matters;
|
•
|
defaults on or non-renewal of leases by our tenants;
|
•
|
decreased rental rates or increased vacancy rates;
|
•
|
higher-than-expected real estate construction costs and delays in development or lease-up schedules;
|
•
|
changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; and
|
•
|
other risks and uncertainties described in Item 1A, "Risk Factors" and elsewhere in this report as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the "SEC").
|
Item 1.
|
Business
|
•
|
Internal Growth.
We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) contractual rent escalations on our long-term leases; (iii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iv) controlling and minimizing property operating and general and administrative expenses; and (v) renovating existing properties.
|
•
|
External Growth.
We seek to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties or individual properties which meet our investment parameters within our target markets; (iii) the expansion of our properties; and (iv) possible additional joint venture investments.
|
•
|
Portfolio Enhancement.
We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth.
|
•
|
Organizational Strategy.
We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.
|
•
|
Market Strategy.
Our market strategy is to concentrate on the top industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) warehouse distribution markets with favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; and (iii) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.
|
•
|
Leasing and Marketing Strategy.
We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants.
|
•
|
Acquisition/Development Strategy.
Our acquisition/development strategy is to invest in industrial properties in the top industrial real estate markets in the United States through the deployment of experienced regional management teams.
|
•
|
Disposition Strategy.
We continually evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition.
|
•
|
Financing Strategy.
To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $725.0 million unsecured revolving credit agreement (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. We also continually evaluate joint venture arrangements as another source of capital to finance acquisitions and developments. As of
February 15, 2019
, we had approximately $713.4 million available for additional borrowings under the Unsecured Credit Facility.
|
Item 1A.
|
Risk Factors
|
•
|
general economic conditions;
|
•
|
local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties;
|
•
|
local conditions such as oversupply or a reduction in demand in an area;
|
•
|
increasing labor and material costs;
|
•
|
the ability to collect on a timely basis all rents from tenants;
|
•
|
changes in tenant operations, real estate needs and credit;
|
•
|
changes in interest rates and in the availability, cost and terms of mortgage funding;
|
•
|
zoning or other regulatory restrictions;
|
•
|
competition from other available real estate;
|
•
|
operating costs, including maintenance, insurance premiums and real estate taxes; and
|
•
|
other factors that are beyond our control.
|
•
|
we may not be able to obtain financing for these projects on favorable terms;
|
•
|
we may not complete construction on schedule or within budget;
|
•
|
we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations;
|
•
|
contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and
|
•
|
properties may perform below anticipated levels, producing cash flow below budgeted amounts, which may result in us paying too much for a property, cause the property to not be profitable and limit our ability to sell such properties to third parties.
|
•
|
interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates;
|
•
|
available interest rate hedges may not correspond directly with the interest rate risk for which protection is sought;
|
•
|
the duration of the hedge may not match the duration of the related liability;
|
•
|
the amount of income that a REIT may earn from hedging transactions (other than through taxable REIT subsidiaries) is limited by U.S. federal tax provisions governing REITs;
|
•
|
the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction;
|
•
|
the party owing money in the hedging transaction may default on its obligation to pay;
|
•
|
we could incur significant costs associated with the settlement of the agreements;
|
•
|
the underlying transactions could fail to qualify as highly-effective cash flow hedges under generally accepted accounting practices; and
|
•
|
a court could rule that such an agreement is not legally enforceable.
|
•
|
compromise the confidential information of our employees, tenants and vendors;
|
•
|
disrupt the proper functioning of our networks and systems, and therefore our operations and/or those of certain of our tenants;
|
•
|
result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;
|
•
|
result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
|
•
|
result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
|
•
|
result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
|
•
|
require significant management attention and resources to remedy any damages that result;
|
•
|
subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
|
•
|
damage our reputation among our tenants, investors and associates.
|
•
|
joint venturers may share certain approval rights over major decisions, which might (i) significantly delay or make impossible actions and decisions we believe are necessary or advisable with respect to properties owned through a joint venture, and/or (ii) adversely affect our ability to develop, finance, lease or sell properties owned through a joint venture at the most advantageous time for us, if at all;
|
•
|
joint venturers might become bankrupt or otherwise fail to fund their share of any required capital contributions;
|
•
|
joint venturers might have economic or other business interests or goals that are competitive or inconsistent with our business interests or goals that would affect our ability to develop, finance, lease, operate, manage or sell any properties owned by the applicable joint venture;
|
•
|
joint venturers may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Company's qualification as a REIT;
|
•
|
joint venture agreements often restrict the transfer of a member’s or joint venturer’s interest or may otherwise restrict our ability to sell our interest when we would like to or on advantageous terms;
|
•
|
disputes between us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and
|
•
|
we may in certain circumstances be liable for the actions of our joint venturers.
|
Item 1B.
|
Unresolved SEC Comments
|
Item 2.
|
Properties
|
•
|
Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space;
|
•
|
Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space;
|
•
|
Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet and are comprised of 5%-50% of office space; and
|
•
|
R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet and are comprised of 50% or more of office space.
|
|
Bulk Warehouse
|
|
Regional
Warehouse
|
|
Light Industrial
|
|
R&D/Flex
|
|
Total
|
|
|
|||||||||||||||||||||
Metropolitan Area
|
GLA
(in 000's) |
|
Number of
Properties
|
|
GLA
(in 000's) |
|
Number of
Properties
|
|
GLA
(in 000's) |
|
Number of
Properties
|
|
GLA
(in 000's) |
|
Number of
Properties
|
|
GLA
(in 000's) |
|
Number of
Properties
|
|
Occupancy
at 12/31/18
|
|||||||||||
Atlanta, GA
|
3,859
|
|
|
13
|
|
|
340
|
|
|
4
|
|
|
347
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
4,546
|
|
|
22
|
|
|
94.5
|
%
|
Baltimore, MD
|
1,579
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
315
|
|
|
5
|
|
|
52
|
|
|
1
|
|
|
1,946
|
|
|
11
|
|
|
100.0
|
%
|
Central/Eastern PA
(A)
|
5,957
|
|
|
14
|
|
|
580
|
|
|
6
|
|
|
346
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
6,883
|
|
|
27
|
|
|
96.4
|
%
|
Chicago, IL
|
4,737
|
|
|
14
|
|
|
326
|
|
|
6
|
|
|
255
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5,318
|
|
|
25
|
|
|
98.9
|
%
|
Cincinnati, OH
|
683
|
|
|
3
|
|
|
311
|
|
|
3
|
|
|
278
|
|
|
5
|
|
|
100
|
|
|
2
|
|
|
1,372
|
|
|
13
|
|
|
98.0
|
%
|
Cleveland, OH
|
1,128
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,128
|
|
|
6
|
|
|
100.0
|
%
|
Dallas/Ft. Worth, TX
|
3,781
|
|
|
24
|
|
|
483
|
|
|
6
|
|
|
971
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
5,235
|
|
|
47
|
|
|
98.6
|
%
|
Denver, CO
|
579
|
|
|
4
|
|
|
632
|
|
|
6
|
|
|
986
|
|
|
21
|
|
|
156
|
|
|
5
|
|
|
2,353
|
|
|
36
|
|
|
99.4
|
%
|
Detroit, MI
|
399
|
|
|
3
|
|
|
509
|
|
|
11
|
|
|
652
|
|
|
27
|
|
|
136
|
|
|
3
|
|
|
1,696
|
|
|
44
|
|
|
100.0
|
%
|
Houston, TX
|
2,592
|
|
|
12
|
|
|
377
|
|
|
5
|
|
|
470
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
3,439
|
|
|
25
|
|
|
99.9
|
%
|
Indianapolis, IN
|
1,968
|
|
|
6
|
|
|
603
|
|
|
7
|
|
|
125
|
|
|
4
|
|
|
20
|
|
|
1
|
|
|
2,716
|
|
|
18
|
|
|
99.3
|
%
|
Miami, FL
|
315
|
|
|
2
|
|
|
345
|
|
|
7
|
|
|
72
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
732
|
|
|
10
|
|
|
96.8
|
%
|
Milwaukee, WI
|
873
|
|
|
4
|
|
|
90
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
963
|
|
|
5
|
|
|
100.0
|
%
|
Minneapolis/St. Paul, MN
|
2,779
|
|
|
13
|
|
|
145
|
|
|
2
|
|
|
322
|
|
|
4
|
|
|
406
|
|
|
5
|
|
|
3,652
|
|
|
24
|
|
|
96.9
|
%
|
Nashville, TN
|
979
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1,143
|
|
|
5
|
|
|
100.0
|
%
|
New Jersey
(A)
|
1,239
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
781
|
|
|
14
|
|
|
172
|
|
|
3
|
|
|
2,192
|
|
|
22
|
|
|
98.9
|
%
|
Orlando, FL
|
427
|
|
|
3
|
|
|
180
|
|
|
2
|
|
|
79
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
686
|
|
|
6
|
|
|
100.0
|
%
|
Phoenix, AZ
|
2,197
|
|
|
7
|
|
|
395
|
|
|
6
|
|
|
38
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2,630
|
|
|
14
|
|
|
99.9
|
%
|
Seattle, WA
|
101
|
|
|
1
|
|
|
162
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
263
|
|
|
4
|
|
|
100.0
|
%
|
Southern California
(A)
|
6,383
|
|
|
21
|
|
|
1,156
|
|
|
18
|
|
|
825
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
8,364
|
|
|
60
|
|
|
99.6
|
%
|
St. Louis, MO
|
1,238
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
1
|
|
|
192
|
|
|
2
|
|
|
1,495
|
|
|
5
|
|
|
98.9
|
%
|
Tampa, FL
|
210
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
3
|
|
|
217
|
|
|
9
|
|
|
510
|
|
|
13
|
|
|
95.1
|
%
|
Other
(B)
|
1,440
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,440
|
|
|
5
|
|
|
100.0
|
%
|
Total
|
45,443
|
|
|
171
|
|
|
6,634
|
|
|
93
|
|
|
7,174
|
|
|
152
|
|
|
1,451
|
|
|
31
|
|
|
60,702
|
|
|
447
|
|
|
98.5
|
%
|
Occupancy by Industrial Property Type
|
|
|
98.6
|
%
|
|
|
|
99.5
|
%
|
|
|
|
97.1
|
%
|
|
|
|
94.7
|
%
|
|
|
|
|
|
98.5
|
%
|
(A)
|
Central/Eastern PA includes the markets of Central Pennsylvania and Philadelphia. New Jersey includes the markets of Northern and Southern New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.
|
(B)
|
Properties are located in Kansas City, MO; Jefferson County, KY; Greenville, KY; Winchester, VA; and Salt Lake City, UT.
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Occupancy
at 12/31/18
|
|
|||
Houston, TX
|
|
2
|
|
|
334,360
|
|
|
Bulk Warehouse
|
|
10
|
%
|
(A)
|
New Jersey
|
|
1
|
|
|
119,922
|
|
|
Bulk Warehouse
|
|
100
|
%
|
|
Orlando, FL
|
|
1
|
|
|
93,608
|
|
|
Regional Warehouse
|
|
100
|
%
|
|
Seattle, WA
|
|
2
|
|
|
91,468
|
|
|
Regional Warehouse
|
|
38
|
%
|
|
Southern California
|
|
4
|
|
|
396,045
|
|
|
Bulk Warehouse, Regional Warehouse
|
|
57
|
%
|
|
Total
|
|
10
|
|
|
1,035,403
|
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Occupancy
at 12/31/18
|
|||
Chicago, IL
|
|
1
|
|
|
602,348
|
|
|
Bulk Warehouse
|
|
100
|
%
|
Phoenix, AZ
|
|
1
|
|
|
643,798
|
|
|
Bulk Warehouse
|
|
100
|
%
|
Southern California
|
|
6
|
|
|
2,208,414
|
|
|
Bulk Warehouse, Regional Warehouse
|
|
100
|
%
|
Total
|
|
8
|
|
|
3,454,560
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Occupancy
at 12/31/18
|
||
Central/Eastern PA
|
|
2
|
|
|
988,920
|
|
|
Bulk Warehouse
|
|
0%
|
Chicago, IL
|
|
1
|
|
|
355,199
|
|
|
Bulk Warehouse
|
|
0%
|
Houston, TX
|
|
1
|
|
|
126,250
|
|
|
Bulk Warehouse
|
|
0%
|
Southern California
|
|
2
|
|
|
358,065
|
|
|
Bulk Warehouse
|
|
0%
|
Total
|
|
6
|
|
|
1,828,434
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Anticipated Quarter of Building Completion
|
||
Seattle, WA
|
|
1
|
|
|
66,751
|
|
|
Regional Warehouse
|
|
Q2 2019
|
Dallas/Fort Worth, TX
|
|
2
|
|
|
345,280
|
|
|
Bulk Warehouse
|
|
Q2 2019
|
Denver, CO
|
|
1
|
|
|
555,840
|
|
|
Bulk Warehouse
|
|
Q3 2019
|
Southern California
|
|
1
|
|
|
239,950
|
|
|
Bulk Warehouse
|
|
Q3 2019
|
Atlanta, GA
|
|
1
|
|
|
703,080
|
|
|
Bulk Warehouse
|
|
Q3 2019
|
Dallas/Fort Worth, TX
|
|
1
|
|
|
863,328
|
|
|
Bulk Warehouse
|
|
Q4 2019
|
Total
|
|
7
|
|
|
2,774,229
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
||
Atlanta, GA
|
|
1
|
|
|
364,000
|
|
|
Regional Warehouse
|
Baltimore/Washington
|
|
7
|
|
|
322,239
|
|
|
R & D/Flex, Regional Warehouse, Light Industrial
|
Chicago, IL
|
|
1
|
|
|
85,955
|
|
|
R & D/Flex
|
Dallas/Ft. Worth, TX
|
|
18
|
|
|
445,559
|
|
|
R & D/Flex, Regional Warehouse, Light Industrial
|
Denver, CO
|
|
4
|
|
|
145,700
|
|
|
Light Industrial
|
Detroit, MI
|
|
2
|
|
|
29,006
|
|
|
Light Industrial
|
Indianapolis, IN
|
|
1
|
|
|
54,000
|
|
|
Light Industrial
|
Miami, FL
(A)
|
|
1
|
|
|
9,500
|
|
|
Light Industrial
|
New Jersey
|
|
2
|
|
|
196,026
|
|
|
Regional Warehouse, Light Industrial
|
Phoenix, AZ
|
|
2
|
|
|
210,417
|
|
|
Bulk Warehouse, Regional Warehouse
|
Southern California
|
|
2
|
|
|
142,241
|
|
|
Regional Warehouse, Light Industrial
|
St. Louis, MO
|
|
4
|
|
|
317,109
|
|
|
Light Industrial
|
Tampa, FL
|
|
8
|
|
|
266,362
|
|
|
R & D/Flex, Light Industrial
|
Total
|
|
53
|
|
|
2,588,114
|
|
|
|
|
Number of
Leases
Commenced
|
|
Square Feet
Commenced
(in 000's)
|
|
Net Rent Per
Square Foot
(A)
|
|
Straight Line Basis
Rent Growth
(B)
|
|
Weighted
Average Lease
Term
(C)
|
|
Lease Costs
Per Square
Foot
(D)
|
|
Weighted
Average Tenant
Retention
(E)
|
|||||||||
New Leases
|
128
|
|
|
2,342
|
|
|
$
|
5.82
|
|
|
21.1
|
%
|
|
6.2
|
|
|
$
|
5.10
|
|
|
N/A
|
|
Renewal Leases
|
187
|
|
|
7,421
|
|
|
$
|
5.11
|
|
|
20.4
|
%
|
|
4.5
|
|
|
$
|
1.43
|
|
|
82.8
|
%
|
Development / Acquisition Leases
|
18
|
|
|
3,485
|
|
|
$
|
5.39
|
|
|
N/A
|
|
|
8.8
|
|
|
N/A
|
|
|
N/A
|
|
|
Total / Weighted Average
|
333
|
|
|
13,248
|
|
|
$
|
5.31
|
|
|
20.6
|
%
|
|
5.9
|
|
|
$
|
2.31
|
|
|
82.8
|
%
|
(A)
|
Net rent is the average base rent calculated in accordance with GAAP, over the term of the lease.
|
(B)
|
Straight Line basis rent growth is a ratio of the change in net rent (including straight-line rent adjustments) on a new or renewal lease compared to the net rent (including straight-line rent adjustments) of the comparable lease. New leases where there were no prior comparable leases are excluded.
|
(C)
|
The lease term is expressed in years. Assumes no exercise of lease renewal options, if any.
|
(D)
|
Lease costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Lease costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.
|
(E)
|
Represents the weighted average square feet of tenants renewing their respective leases.
|
|
Number of
Leases
With Rent Concessions
|
|
Square Feet
(in 000's)
|
|
Rent Concessions ($)
|
||||
New Leases
|
74
|
|
|
1,601
|
|
|
$
|
2,071
|
|
Renewal Leases
|
12
|
|
|
422
|
|
|
$
|
688
|
|
Development / Acquisition Leases
|
17
|
|
|
3,467
|
|
|
$
|
7,392
|
|
Total
|
103
|
|
|
5,490
|
|
|
$
|
10,151
|
|
Year of Expiration
(A)
|
|
Number of
Leases
Expiring
|
|
GLA
Expiring
(B)
|
|
Percentage
of GLA
Expiring
(B)
|
|
Annualized Base Rent
Under
Expiring
Leases
(In thousands)
(C)
|
|
Percentage
of Total
Annualized
Base Rent
Expiring
(C)
|
||||||
2019
|
|
158
|
|
|
4,250,316
|
|
|
7
|
%
|
|
$
|
21,729
|
|
|
7
|
%
|
2020
|
|
222
|
|
|
7,290,840
|
|
|
12
|
%
|
|
38,731
|
|
|
13
|
%
|
|
2021
|
|
240
|
|
|
10,170,890
|
|
|
17
|
%
|
|
51,266
|
|
|
17
|
%
|
|
2022
|
|
163
|
|
|
6,363,198
|
|
|
11
|
%
|
|
32,996
|
|
|
11
|
%
|
|
2023
|
|
174
|
|
|
7,929,705
|
|
|
13
|
%
|
|
40,506
|
|
|
14
|
%
|
|
2024
|
|
100
|
|
|
5,973,426
|
|
|
10
|
%
|
|
29,181
|
|
|
10
|
%
|
|
2025
|
|
48
|
|
|
4,707,745
|
|
|
8
|
%
|
|
22,478
|
|
|
7
|
%
|
|
2026
|
|
38
|
|
|
4,086,190
|
|
|
7
|
%
|
|
17,432
|
|
|
6
|
%
|
|
2027
|
|
16
|
|
|
2,720,602
|
|
|
5
|
%
|
|
13,992
|
|
|
5
|
%
|
|
2028
|
|
12
|
|
|
1,765,484
|
|
|
3
|
%
|
|
8,445
|
|
|
3
|
%
|
|
Thereafter
|
|
24
|
|
|
3,894,574
|
|
|
7
|
%
|
|
20,637
|
|
|
7
|
%
|
|
Total
|
|
1,195
|
|
|
59,152,970
|
|
|
100
|
%
|
|
$
|
297,393
|
|
|
100
|
%
|
(A)
|
Includes leases that expire on or after January 1, 2019 and assumes tenants do not exercise existing renewal, termination or purchase options.
|
(B)
|
Does not include existing vacancies of 931,314 aggregate square feet and December 31, 2018 move outs of 618,032 aggregate square feet.
|
(C)
|
Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2018, multiplied by 12. If free rent is granted, then the first positive rent value is used.
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market for Registrant's Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities
|
Quarter Ended
|
|
Closing High
|
|
Closing Low
|
|
Dividend/Distribution
Declared
|
||||||
December 31, 2018
|
|
$
|
32.40
|
|
|
$
|
27.60
|
|
|
$
|
0.2175
|
|
September 30, 2018
|
|
$
|
33.87
|
|
|
$
|
30.78
|
|
|
$
|
0.2175
|
|
June 30, 2018
|
|
$
|
33.67
|
|
|
$
|
28.58
|
|
|
$
|
0.2175
|
|
March 31, 2018
|
|
$
|
31.17
|
|
|
$
|
27.75
|
|
|
$
|
0.2175
|
|
December 31, 2017
|
|
$
|
32.82
|
|
|
$
|
30.49
|
|
|
$
|
0.2100
|
|
September 30, 2017
|
|
$
|
31.74
|
|
|
$
|
28.21
|
|
|
$
|
0.2100
|
|
June 30, 2017
|
|
$
|
30.04
|
|
|
$
|
26.88
|
|
|
$
|
0.2100
|
|
March 31, 2017
|
|
$
|
28.66
|
|
|
$
|
25.35
|
|
|
$
|
0.2100
|
|
*
|
$100 invested on 12/31/13 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
|
|
12/13
|
|
12/14
|
|
12/15
|
|
12/16
|
|
12/17
|
|
12/18
|
||||||||||||
FIRST INDUSTRIAL REALTY TRUST, INC.
|
$
|
100.00
|
|
|
$
|
120.39
|
|
|
$
|
132.80
|
|
|
$
|
173.25
|
|
|
$
|
200.06
|
|
|
$
|
188.79
|
|
S&P 500
|
$
|
100.00
|
|
|
$
|
113.69
|
|
|
$
|
115.26
|
|
|
$
|
129.05
|
|
|
$
|
157.22
|
|
|
$
|
150.33
|
|
FTSE NAREIT Equity REITs
|
$
|
100.00
|
|
|
$
|
130.14
|
|
|
$
|
134.30
|
|
|
$
|
145.74
|
|
|
$
|
153.36
|
|
|
$
|
146.27
|
|
*
|
The information provided in this performance graph shall not be deemed to be “soliciting material,” to be “filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless specifically treated as such.
|
Item 6.
|
Selected Financial Data
|
|
Year Ended
12/31/18
|
|
Year Ended
12/31/17
|
|
Year Ended
12/31/16
|
|
Year Ended
12/31/15
|
|
Year Ended
12/31/14
|
||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Revenues
|
$
|
403,954
|
|
|
$
|
396,402
|
|
|
$
|
378,020
|
|
|
$
|
365,823
|
|
|
$
|
346,709
|
|
Income from Continuing Operations
|
167,334
|
|
|
208,301
|
|
|
125,684
|
|
|
76,705
|
|
|
23,182
|
|
|||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
163,239
|
|
|
201,456
|
|
|
121,232
|
|
|
73,802
|
|
|
46,629
|
|
|||||
Basic Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.31
|
|
|
$
|
1.70
|
|
|
$
|
1.05
|
|
|
$
|
0.67
|
|
|
$
|
0.18
|
|
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
1.31
|
|
|
1.70
|
|
|
1.05
|
|
|
0.67
|
|
|
0.42
|
|
|||||
Diluted Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
$
|
1.05
|
|
|
$
|
0.66
|
|
|
$
|
0.18
|
|
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
1.31
|
|
|
1.69
|
|
|
1.05
|
|
|
0.66
|
|
|
0.42
|
|
|||||
Dividends/Distributions Per Share
|
$
|
0.87
|
|
|
$
|
0.84
|
|
|
$
|
0.76
|
|
|
$
|
0.51
|
|
|
$
|
0.41
|
|
Basic Weighted Average Shares
|
123,804
|
|
|
118,272
|
|
|
115,030
|
|
|
110,352
|
|
|
109,922
|
|
|||||
Diluted Weighted Average Shares
|
124,191
|
|
|
118,787
|
|
|
115,370
|
|
|
110,781
|
|
|
110,325
|
|
|||||
Balance Sheet Data (End of Period):
|
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate, Before Accumulated Depreciation
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
$
|
3,384,914
|
|
|
$
|
3,293,968
|
|
|
$
|
3,183,369
|
|
Total Assets
|
3,142,691
|
|
|
2,941,062
|
|
|
2,793,263
|
|
|
2,709,808
|
|
|
2,574,911
|
|
|||||
Indebtedness
|
1,297,783
|
|
|
1,296,997
|
|
|
1,347,092
|
|
|
1,434,168
|
|
|
1,342,762
|
|
|||||
Total Equity
|
1,679,911
|
|
|
1,475,877
|
|
|
1,284,625
|
|
|
1,115,135
|
|
|
1,090,827
|
|
|||||
Cash Flow Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow From Operating Activities
|
$
|
210,495
|
|
|
$
|
192,562
|
|
|
$
|
173,889
|
|
|
$
|
162,149
|
|
|
$
|
137,609
|
|
Cash Flow From Investing Activities
|
(223,398
|
)
|
|
(82,495
|
)
|
|
(122,395
|
)
|
|
(175,898
|
)
|
|
(67,240
|
)
|
|||||
Cash Flow From Financing Activities
|
16,794
|
|
|
(85,046
|
)
|
|
(57,025
|
)
|
|
29,426
|
|
|
(66,599
|
)
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
(A)
|
$
|
199,391
|
|
|
$
|
186,496
|
|
|
$
|
167,811
|
|
|
$
|
140,841
|
|
|
$
|
127,890
|
|
(A)
|
Funds from operations ("FFO") is a non-GAAP measure used in the real estate industry. See definition and a complete reconciliation of FFO to Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities under the caption "Supplemental Earnings Measure" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations."
|
|
Year Ended
12/31/18
|
|
Year Ended
12/31/17
|
|
Year Ended
12/31/16
|
|
Year Ended
12/31/15
|
|
Year Ended
12/31/14
|
||||||||||
|
(In thousands, except per Unit data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Revenues
|
$
|
403,954
|
|
|
$
|
396,402
|
|
|
$
|
378,020
|
|
|
$
|
365,823
|
|
|
$
|
346,709
|
|
Income from Continuing Operations
|
167,334
|
|
|
208,301
|
|
|
125,684
|
|
|
76,820
|
|
|
23,434
|
|
|||||
Net Income Available to Unitholders and Participating Securities
|
167,246
|
|
|
208,158
|
|
|
125,547
|
|
|
76,682
|
|
|
48,704
|
|
|||||
Basic Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from Continuing Operations Available to Unitholders
|
$
|
1.31
|
|
|
$
|
1.70
|
|
|
$
|
1.05
|
|
|
$
|
0.67
|
|
|
$
|
0.18
|
|
Net Income Available to Unitholders
|
1.31
|
|
|
1.70
|
|
|
1.05
|
|
|
0.67
|
|
|
0.42
|
|
|||||
Diluted Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from Continuing Operations Available to Unitholders
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
$
|
1.05
|
|
|
$
|
0.66
|
|
|
$
|
0.18
|
|
Net Income Available to Unitholders
|
1.31
|
|
|
1.69
|
|
|
1.05
|
|
|
0.66
|
|
|
0.42
|
|
|||||
Distributions Per Unit
|
$
|
0.87
|
|
|
$
|
0.84
|
|
|
$
|
0.76
|
|
|
$
|
0.51
|
|
|
$
|
0.41
|
|
Basic Weighted Average Units
|
126,921
|
|
|
122,306
|
|
|
119,274
|
|
|
114,709
|
|
|
114,388
|
|
|||||
Diluted Weighted Average Units
|
127,308
|
|
|
122,821
|
|
|
119,614
|
|
|
115,138
|
|
|
114,791
|
|
|||||
Balance Sheet Data (End of Period):
|
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate, Before Accumulated Depreciation
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
$
|
3,384,914
|
|
|
$
|
3,293,968
|
|
|
$
|
3,183,369
|
|
Total Assets
|
3,152,799
|
|
|
2,951,180
|
|
|
2,803,701
|
|
|
2,720,523
|
|
|
2,585,624
|
|
|||||
Indebtedness
|
1,297,783
|
|
|
1,296,997
|
|
|
1,347,092
|
|
|
1,434,168
|
|
|
1,342,762
|
|
|||||
Total Partners' Capital
|
1,690,019
|
|
|
1,485,995
|
|
|
1,295,063
|
|
|
1,125,850
|
|
|
1,101,590
|
|
|||||
Cash Flow Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash Flow From Operating Activities
|
$
|
210,505
|
|
|
$
|
192,881
|
|
|
$
|
174,166
|
|
|
$
|
162,286
|
|
|
$
|
138,352
|
|
Cash Flow From Investing Activities
|
(223,398
|
)
|
|
(82,494
|
)
|
|
(122,395
|
)
|
|
(175,898
|
)
|
|
(67,895
|
)
|
|||||
Cash Flow From Financing Activities
|
16,784
|
|
|
(85,366
|
)
|
|
(57,302
|
)
|
|
29,304
|
|
|
(66,687
|
)
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
We acquired 10 industrial properties comprised of approximately 1.0 million square feet of GLA located in our Seattle, Orlando, Southern California, New Jersey and Houston markets for an aggregate purchase price of $124.9 million.
|
•
|
We acquired 271.7 acres of land for development located in our Dallas, Denver, Seattle, Southern California, New Jersey and Miami markets for an aggregate purchase price of $42.6 million.
|
•
|
We developed, placed in-service and leased at 100%, 8 industrial properties comprising approximately 3.5 million square feet of GLA located in Southern California, Chicago and Phoenix at an estimated total cost of $226.6 million.
|
•
|
We sold 53 industrial properties comprised of approximately 2.6 million square feet of GLA and several land parcels for total gross sales proceeds of $192.0 million.
|
•
|
We entered into the Joint Venture with a third party and acquired, for a purchase price of $49.0 million, approximately 532 net developable acres of land located in Phoenix for the purpose of developing, selling, leasing and operating industrial properties.
|
•
|
We issued $150.0 million of ten-year private placement notes at a rate of 3.86% and $150.0 million of twelve-year private placement notes at a rate of 3.96%.
|
•
|
We issued 4,800,000 shares of the Company's common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $145.6 million.
|
•
|
We paid off $157.8 million in mortgage loans payable.
|
•
|
We declared an annual cash dividend of $0.87 per common share or Unit, an increase of 3.6% from 2017.
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
REVENUES
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
365,873
|
|
|
$
|
349,196
|
|
|
$
|
16,677
|
|
|
4.8
|
%
|
Acquired Properties
|
12,462
|
|
|
4,243
|
|
|
8,219
|
|
|
193.7
|
%
|
|||
Sold Properties
|
11,354
|
|
|
36,484
|
|
|
(25,130
|
)
|
|
(68.9
|
)%
|
|||
(Re) Developments
|
11,393
|
|
|
4,626
|
|
|
6,767
|
|
|
146.3
|
%
|
|||
Other
|
2,872
|
|
|
1,853
|
|
|
1,019
|
|
|
55.0
|
%
|
|||
Total Revenues
|
$
|
403,954
|
|
|
$
|
396,402
|
|
|
$
|
7,552
|
|
|
1.9
|
%
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
PROPERTY EXPENSES
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
97,053
|
|
|
$
|
91,417
|
|
|
$
|
5,636
|
|
|
6.2
|
%
|
Acquired Properties
|
3,850
|
|
|
1,105
|
|
|
2,745
|
|
|
248.4
|
%
|
|||
Sold Properties
|
3,461
|
|
|
11,695
|
|
|
(8,234
|
)
|
|
(70.4
|
)%
|
|||
(Re) Developments
|
4,090
|
|
|
1,392
|
|
|
2,698
|
|
|
193.8
|
%
|
|||
Other
|
8,400
|
|
|
7,885
|
|
|
515
|
|
|
6.5
|
%
|
|||
Total Property Expenses
|
$
|
116,854
|
|
|
$
|
113,494
|
|
|
$
|
3,360
|
|
|
3.0
|
%
|
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
DEPRECIATION AND OTHER AMORTIZATION
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
100,525
|
|
|
$
|
101,770
|
|
|
$
|
(1,245
|
)
|
|
(1.2
|
)%
|
Acquired Properties
|
7,293
|
|
|
2,476
|
|
|
4,817
|
|
|
194.5
|
%
|
|||
Sold Properties
|
2,703
|
|
|
9,388
|
|
|
(6,685
|
)
|
|
(71.2
|
)%
|
|||
(Re) Developments
|
4,571
|
|
|
1,582
|
|
|
2,989
|
|
|
188.9
|
%
|
|||
Corporate Furniture, Fixtures and Equipment and Other
|
1,367
|
|
|
1,148
|
|
|
219
|
|
|
19.1
|
%
|
|||
Total Depreciation and Other Amortization
|
$
|
116,459
|
|
|
$
|
116,364
|
|
|
$
|
95
|
|
|
0.1
|
%
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
REVENUES
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
339,403
|
|
|
$
|
329,704
|
|
|
$
|
9,699
|
|
|
2.9
|
%
|
Acquired Properties
|
9,021
|
|
|
2,409
|
|
|
6,612
|
|
|
274.5
|
%
|
|||
Sold Properties
|
17,010
|
|
|
33,260
|
|
|
(16,250
|
)
|
|
(48.9
|
)%
|
|||
(Re) Developments
|
26,850
|
|
|
10,036
|
|
|
16,814
|
|
|
167.5
|
%
|
|||
Other
|
4,118
|
|
|
2,611
|
|
|
1,507
|
|
|
57.7
|
%
|
|||
Total Revenues
|
$
|
396,402
|
|
|
$
|
378,020
|
|
|
$
|
18,382
|
|
|
4.9
|
%
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
PROPERTY EXPENSES
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
90,755
|
|
|
$
|
88,218
|
|
|
$
|
2,537
|
|
|
2.9
|
%
|
Acquired Properties
|
2,462
|
|
|
600
|
|
|
1,862
|
|
|
310.3
|
%
|
|||
Sold Properties
|
5,527
|
|
|
11,684
|
|
|
(6,157
|
)
|
|
(52.7
|
)%
|
|||
(Re) Developments
|
5,797
|
|
|
2,449
|
|
|
3,348
|
|
|
136.7
|
%
|
|||
Other
|
8,953
|
|
|
9,373
|
|
|
(420
|
)
|
|
(4.5
|
)%
|
|||
Total Property Expenses
|
$
|
113,494
|
|
|
$
|
112,324
|
|
|
$
|
1,170
|
|
|
1.0
|
%
|
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
DEPRECIATION AND OTHER AMORTIZATION
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
97,516
|
|
|
$
|
98,909
|
|
|
$
|
(1,393
|
)
|
|
(1.4
|
)%
|
Acquired Properties
|
4,874
|
|
|
1,358
|
|
|
3,516
|
|
|
258.9
|
%
|
|||
Sold Properties
|
4,305
|
|
|
9,352
|
|
|
(5,047
|
)
|
|
(54.0
|
)%
|
|||
(Re) Developments
|
7,223
|
|
|
5,404
|
|
|
1,819
|
|
|
33.7
|
%
|
|||
Corporate Furniture, Fixtures and Equipment and Other
|
2,446
|
|
|
2,259
|
|
|
187
|
|
|
8.3
|
%
|
|||
Total Depreciation and Other Amortization
|
$
|
116,364
|
|
|
$
|
117,282
|
|
|
$
|
(918
|
)
|
|
(0.8
|
)%
|
•
|
Acquisitions of Real Estate Assets:
We allocate the purchase price of acquired real estate, including real estate acquired as a portfolio, to the fair value of tangible assets (land, building, and improvements) by valuing the real estate as if it were vacant. The determination of fair value includes estimates such as discount rates, terminal capitalization rates and market rent assumptions. Above-market and below-market lease and below market ground lease obligation values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. The purchase price is further allocated to leasing commissions, in-place lease and tenant relationship values based on our evaluation of the specific characteristics of each tenant's lease and our overall relationship with the respective tenant. The value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term.
|
•
|
Impairment of Real Estate Assets:
We review our real estate assets for possible impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The judgments regarding the existence of indicators of impairment are based on the operating performance, market conditions, as well as our ability to hold and our intent with regard to each property. The judgments regarding whether the carrying amounts of these assets may not be recoverable are based on estimates of future undiscounted cash flows from properties which include estimates of future operating performance and market conditions. If any real estate investment is considered impaired, a loss is recorded to reduce the carrying value of the property to its estimated fair value.
|
|
|
Year Ended December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(In thousands)
|
||||||
Net cash provided by operating activities
|
|
$
|
210,495
|
|
|
$
|
192,562
|
|
Net cash used in investing activities
|
|
(223,398
|
)
|
|
(82,495
|
)
|
||
Net cash provided by (used in) financing activities
|
|
16,794
|
|
|
(85,046
|
)
|
|
|
Year Ended December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
|
|
(In thousands)
|
||||||
Net cash provided by operating activities
|
|
$
|
210,505
|
|
|
$
|
192,881
|
|
Net cash used in investing activities
|
|
(223,398
|
)
|
|
(82,494
|
)
|
||
Net cash provided by (used in) financing activities
|
|
16,784
|
|
|
(85,366
|
)
|
•
|
Decrease in interest expense of $6.4 million;
|
•
|
Increase in cash NOI from same store properties, acquired properties, and recently developed properties offset by decreases in cash NOI due to building disposals for a net total increase of approximately $6.8 million;
|
•
|
Increase in accounts payable, accrued expenses and other liabilities as well as a decrease in other assets due to timing of cash payments and cash receipts.
|
•
|
Increase in cash used of $78.5 million related to non-acquisition additions and improvements to real estate primarily due to an increase in development expenditures in 2018;
|
•
|
Increase in cash used of $23.4 million related to our net contributions to the Joint Venture in 2018;
|
•
|
Decrease in cash received of $43.3 million related to the disposition of real estate in 2018;
|
•
|
Decrease in cash received of $9.2 million related to insurance proceeds on casualty losses;
|
•
|
Decrease in cash used to acquire real estate in 2018 of $17.5 million.
|
•
|
Increase in cash provided of $100.0 million related to the issuance of unsecured notes in a private placement in 2018;
|
•
|
Increase in cash provided of $70.7 million related to the proceeds received from the issuance of common stock in an underwritten public offering in 2018 compared to 2017;
|
•
|
The payoff of senior unsecured notes during 2017 in the amount of $156.9 million;
|
•
|
Increase in repayments of mortgage loans payable of $118.8 million;
|
•
|
Increase in net repayments of our Unsecured Credit Facility of $99.5 million; and
|
•
|
Increase in dividend and unit distributions of $9.1 million primarily due to the Company raising the dividend rate in 2018.
|
|
|
|
Payments Due by Period
(In thousands)
|
||||||||||||||||
|
Total
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
Over 5 Years
|
|||||||||||
Operating and Ground Leases
(A)
|
$
|
36,322
|
|
|
$
|
1,464
|
|
|
$
|
3,039
|
|
|
$
|
2,794
|
|
|
$
|
29,025
|
|
Real Estate Development Costs
(A)(B)
|
140,300
|
|
|
140,300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Long Term Debt
|
1,306,181
|
|
|
79,600
|
|
|
326,159
|
|
|
341,873
|
|
|
558,549
|
|
|||||
Interest Expense on Long Term Debt
(A)(C)
|
309,800
|
|
|
52,505
|
|
|
84,322
|
|
|
56,460
|
|
|
116,513
|
|
|||||
Unsecured Credit Facility
(D)
|
3,118
|
|
|
1,103
|
|
|
2,015
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
1,795,721
|
|
|
$
|
274,972
|
|
|
$
|
415,535
|
|
|
$
|
401,127
|
|
|
$
|
704,087
|
|
(A)
|
Not on balance sheet.
|
(B)
|
Represents estimated remaining costs on the completion of development projects under construction. Estimated remaining costs include costs for leasing the building and could extend beyond one year.
|
(C)
|
Includes interest expense on our unsecured term loans, inclusive of the impact of interest rate swaps which effectively swap the variable interest rate to a fixed interest rate. Excludes interest expense on our Unsecured Credit Facility.
|
(D)
|
Represents fees on our Unsecured Credit Facility which has a contractual maturity in October 2021.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net Income
Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
163,239
|
|
|
$
|
201,456
|
|
|
$
|
121,232
|
|
|
$
|
73,802
|
|
|
$
|
46,629
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and Other Amortization of Real Estate
|
115,659
|
|
|
115,617
|
|
|
116,506
|
|
|
113,126
|
|
|
111,371
|
|
|||||
Depreciation and Other Amortization of Real Estate Included in Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,388
|
|
|||||
Equity in Depreciation and Other Amortization of Joint Ventures
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
117
|
|
|||||
Impairment of Depreciable Real Estate
|
2,285
|
|
|
—
|
|
|
—
|
|
|
626
|
|
|
—
|
|
|||||
Gain on Sale of Depreciable Real Estate
|
(80,909
|
)
|
|
(131,058
|
)
|
|
(68,202
|
)
|
|
(44,022
|
)
|
|
(25,988
|
)
|
|||||
Gain on Sale of Depreciable Real Estate from Joint Ventures
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|
(3,346
|
)
|
|||||
Noncontrolling Interest Share of Adjustments
|
(883
|
)
|
|
481
|
|
|
(1,725
|
)
|
|
(2,645
|
)
|
|
(3,281
|
)
|
|||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
199,391
|
|
|
$
|
186,496
|
|
|
$
|
167,811
|
|
|
$
|
140,841
|
|
|
$
|
127,890
|
|
|
Year Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In thousands)
|
||||||
Same Store Revenues
|
$
|
365,873
|
|
|
$
|
349,196
|
|
Same Store Property Expenses
|
97,053
|
|
|
91,417
|
|
||
Same Store Net Operating Income Before Same Store Adjustments
|
$
|
268,820
|
|
|
$
|
257,779
|
|
Same Store Adjustments:
|
|
|
|
||||
Straight-line Rent
|
1,020
|
|
|
(2,971
|
)
|
||
Above / Below Market Rent Amortization
|
(817
|
)
|
|
(988
|
)
|
||
Lease Termination Fees
|
(1,213
|
)
|
|
(773
|
)
|
||
Same Store Net Operating Income
|
$
|
267,810
|
|
|
$
|
253,047
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
Item 10, 11, 12, 13 and 14.
|
Directors, Executive Officers and Corporate Governance, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Director Independence and Principal Accountant Fees and Services
|
Item 15.
|
Exhibits and Financial Statement Schedules
|
Exhibits
|
|
Description
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
10.1
|
|
Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102)
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Exhibits
|
|
Description
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Exhibits
|
|
Description
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101.1*
|
|
The following financial statements from First Industrial Realty Trust, Inc.'s and First Industrial L.P.'s Annual Report on Form 10-K for the year ended December 31, 2018, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders' Equity / Consolidated Statement of Changes in Partners' Capital (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited)
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
†
|
Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K.
|
Item 16.
|
Form 10-K Summary
|
|
Page
|
First Industrial Realty Trust, Inc. and First Industrial, L.P.
|
|
|
|
CONSOLIDATED FINANCIAL STATEMENTS
|
|
First Industrial Realty Trust, Inc.
|
|
First Industrial, L.P.
|
|
First Industrial Realty Trust, Inc. and First Industrial, L.P.
|
|
|
|
FINANCIAL STATEMENT SCHEDULE
|
|
First Industrial Realty Trust, Inc. and First Industrial, L.P.
|
|
Schedule III: Real Estate and Accumulated Depreciation
at December 31, 2018
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In thousands, except share and per share data)
|
||||||
ASSETS
|
|
|
|
||||
Assets:
|
|
|
|
||||
Investment in Real Estate:
|
|
|
|
||||
Land
|
$
|
909,318
|
|
|
$
|
864,813
|
|
Buildings and Improvements
|
2,704,850
|
|
|
2,521,457
|
|
||
Construction in Progress
|
59,476
|
|
|
109,475
|
|
||
Less: Accumulated Depreciation
|
(811,784
|
)
|
|
(789,919
|
)
|
||
Net Investment in Real Estate
|
2,861,860
|
|
|
2,705,826
|
|
||
Cash and Cash Equivalents
|
43,102
|
|
|
21,146
|
|
||
Restricted Cash
|
7,271
|
|
|
25,336
|
|
||
Tenant Accounts Receivable, Net
|
5,185
|
|
|
4,873
|
|
||
Investment in Joint Venture
|
23,326
|
|
|
—
|
|
||
Deferred Rent Receivable, Net
|
71,079
|
|
|
70,254
|
|
||
Deferred Leasing Intangibles, Net
|
29,678
|
|
|
30,481
|
|
||
Prepaid Expenses and Other Assets, Net
|
101,190
|
|
|
83,146
|
|
||
Total Assets
|
$
|
3,142,691
|
|
|
$
|
2,941,062
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Mortgage Loans Payable, Net
|
$
|
296,470
|
|
|
$
|
450,056
|
|
Senior Unsecured Notes, Net
|
544,504
|
|
|
246,673
|
|
||
Unsecured Term Loans, Net
|
456,809
|
|
|
455,768
|
|
||
Unsecured Credit Facility
|
—
|
|
|
144,500
|
|
||
Accounts Payable, Accrued Expenses and Other Liabilities
|
78,665
|
|
|
86,532
|
|
||
Deferred Leasing Intangibles, Net
|
9,560
|
|
|
10,355
|
|
||
Rents Received in Advance and Security Deposits
|
47,927
|
|
|
44,285
|
|
||
Dividends and Distributions Payable
|
28,845
|
|
|
27,016
|
|
||
Total Liabilities
|
1,462,780
|
|
|
1,465,185
|
|
||
Commitments and Contingencies
|
—
|
|
|
—
|
|
||
Equity:
|
|
|
|
||||
First Industrial Realty Trust Inc.'s Stockholders' Equity:
|
|
|
|
||||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,307,431 and 119,883,180 shares issued and outstanding)
|
1,263
|
|
|
1,199
|
|
||
Additional Paid-in-Capital
|
2,131,556
|
|
|
1,967,110
|
|
||
Distributions in Excess of Accumulated Earnings
|
(490,807
|
)
|
|
(541,847
|
)
|
||
Accumulated Other Comprehensive Income
|
3,502
|
|
|
1,338
|
|
||
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity
|
1,645,514
|
|
|
1,427,800
|
|
||
Noncontrolling Interest
|
34,397
|
|
|
48,077
|
|
||
Total Equity
|
1,679,911
|
|
|
1,475,877
|
|
||
Total Liabilities and Equity
|
$
|
3,142,691
|
|
|
$
|
2,941,062
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Rental Income
|
$
|
306,406
|
|
|
$
|
303,874
|
|
|
$
|
289,858
|
|
Tenant Recoveries and Other Income
|
97,548
|
|
|
92,528
|
|
|
88,162
|
|
|||
Total Revenues
|
403,954
|
|
|
396,402
|
|
|
378,020
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Property Expenses
|
116,854
|
|
|
113,494
|
|
|
112,324
|
|
|||
General and Administrative
|
27,749
|
|
|
28,079
|
|
|
26,703
|
|
|||
Depreciation and Other Amortization
|
116,459
|
|
|
116,364
|
|
|
117,282
|
|
|||
Impairment of Real Estate
|
2,756
|
|
|
—
|
|
|
—
|
|
|||
Acquisition Costs
|
—
|
|
|
—
|
|
|
491
|
|
|||
Total Expenses
|
263,818
|
|
|
257,937
|
|
|
256,800
|
|
|||
Other Income (Expense):
|
|
|
|
|
|
||||||
Gain on Sale of Real Estate
|
81,600
|
|
|
131,269
|
|
|
68,202
|
|
|||
Interest Expense
|
(50,775
|
)
|
|
(57,199
|
)
|
|
(59,430
|
)
|
|||
Amortization of Debt Issuance Costs
|
(3,404
|
)
|
|
(3,162
|
)
|
|
(3,219
|
)
|
|||
Settlement Gain on Derivative Instruments
|
—
|
|
|
1,896
|
|
|
—
|
|
|||
Loss from Retirement of Debt
|
(39
|
)
|
|
(1,775
|
)
|
|
—
|
|
|||
Total Other Income (Expense)
|
27,382
|
|
|
71,029
|
|
|
5,553
|
|
|||
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Provision
|
167,518
|
|
|
209,494
|
|
|
126,773
|
|
|||
Equity in Loss of Joint Venture
|
(276
|
)
|
|
—
|
|
|
—
|
|
|||
Income Tax Benefit (Provision)
|
92
|
|
|
(1,193
|
)
|
|
(1,089
|
)
|
|||
Net Income
|
167,334
|
|
|
208,301
|
|
|
125,684
|
|
|||
Less: Net Income Attributable to the Noncontrolling Interest
|
(4,095
|
)
|
|
(6,845
|
)
|
|
(4,452
|
)
|
|||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
163,239
|
|
|
201,456
|
|
|
121,232
|
|
|||
Basic Earnings Per Share:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.31
|
|
|
$
|
1.70
|
|
|
$
|
1.05
|
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Share:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
$
|
1.05
|
|
Dividends/Distributions Per Share
|
$
|
0.87
|
|
|
$
|
0.84
|
|
|
$
|
0.76
|
|
Weighted Average Shares Outstanding - Basic
|
123,804
|
|
|
118,272
|
|
|
115,030
|
|
|||
Weighted Average Shares Outstanding - Diluted
|
124,191
|
|
|
118,787
|
|
|
115,370
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(In thousands)
|
||||||||||
Net Income
|
$
|
167,334
|
|
|
$
|
208,301
|
|
|
$
|
125,684
|
|
Mark-to-Market Gain on Derivative Instruments
|
2,096
|
|
|
5,981
|
|
|
4,849
|
|
|||
Amortization of Derivative Instruments
|
96
|
|
|
205
|
|
|
390
|
|
|||
Comprehensive Income
|
169,526
|
|
|
214,487
|
|
|
130,923
|
|
|||
Comprehensive Income Attributable to Noncontrolling Interest
|
(4,149
|
)
|
|
(6,642
|
)
|
|
(4,638
|
)
|
|||
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.
|
$
|
165,377
|
|
|
$
|
207,845
|
|
|
$
|
126,285
|
|
|
Common
Stock
|
|
Additional
Paid-in-
Capital
|
|
Distributions
in Excess of
Accumulated
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Noncontrolling
Interest
|
|
Total
|
||||||||||||
|
|
||||||||||||||||||||||
Balance as of December 31, 2015
|
$
|
1,111
|
|
|
$
|
1,756,415
|
|
|
$
|
(674,759
|
)
|
|
$
|
(9,667
|
)
|
|
$
|
42,035
|
|
|
$
|
1,115,135
|
|
Net Income
|
—
|
|
|
—
|
|
|
121,232
|
|
|
—
|
|
|
4,452
|
|
|
125,684
|
|
||||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
5,053
|
|
|
186
|
|
|
5,239
|
|
||||||
Issuance of Common Stock, Net of Issuance Costs
|
56
|
|
|
124,528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124,584
|
|
||||||
Stock Based Compensation Activity
|
2
|
|
|
5,516
|
|
|
(217
|
)
|
|
—
|
|
|
—
|
|
|
5,301
|
|
||||||
Common Stock Dividends and Unit Distributions
|
—
|
|
|
—
|
|
|
(88,115
|
)
|
|
—
|
|
|
(3,203
|
)
|
|
(91,318
|
)
|
||||||
Conversion of Limited Partner Units to Common Stock
|
3
|
|
|
2,859
|
|
|
—
|
|
|
—
|
|
|
(2,862
|
)
|
|
—
|
|
||||||
Reallocation—Additional Paid-in-Capital
|
—
|
|
|
(2,547
|
)
|
|
—
|
|
|
—
|
|
|
2,547
|
|
|
—
|
|
||||||
Reallocation—Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
29
|
|
|
—
|
|
||||||
Balance as of December 31, 2016
|
$
|
1,172
|
|
|
$
|
1,886,771
|
|
|
$
|
(641,859
|
)
|
|
$
|
(4,643
|
)
|
|
$
|
43,184
|
|
|
$
|
1,284,625
|
|
Net Income
|
—
|
|
|
—
|
|
|
201,456
|
|
|
—
|
|
|
6,845
|
|
|
208,301
|
|
||||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
6,389
|
|
|
(203
|
)
|
|
6,186
|
|
||||||
Issuance of Common Stock, Net of Issuance Costs
|
25
|
|
|
74,636
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74,661
|
|
||||||
Stock Based Compensation Activity
|
2
|
|
|
6,932
|
|
|
(724
|
)
|
|
—
|
|
|
—
|
|
|
6,210
|
|
||||||
Common Stock Dividends and Unit Distributions
|
—
|
|
|
—
|
|
|
(100,720
|
)
|
|
—
|
|
|
(3,386
|
)
|
|
(104,106
|
)
|
||||||
Conversion of Limited Partner Units to Common Stock
|
—
|
|
|
364
|
|
|
—
|
|
|
—
|
|
|
(364
|
)
|
|
—
|
|
||||||
Reallocation—Additional Paid-in-Capital
|
—
|
|
|
(1,593
|
)
|
|
—
|
|
|
—
|
|
|
1,593
|
|
|
—
|
|
||||||
Reallocation—Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
(408
|
)
|
|
408
|
|
|
—
|
|
||||||
Balance as of December 31, 2017
|
$
|
1,199
|
|
|
$
|
1,967,110
|
|
|
$
|
(541,847
|
)
|
|
$
|
1,338
|
|
|
$
|
48,077
|
|
|
$
|
1,475,877
|
|
Net Income
|
—
|
|
|
—
|
|
|
163,239
|
|
|
—
|
|
|
4,095
|
|
|
167,334
|
|
||||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,138
|
|
|
54
|
|
|
2,192
|
|
||||||
Issuance of Common Stock, Net of Issuance Costs
|
48
|
|
|
145,360
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
145,408
|
|
||||||
Stock Based Compensation Activity
|
3
|
|
|
4,791
|
|
|
(3,282
|
)
|
|
—
|
|
|
—
|
|
|
1,512
|
|
||||||
Common Stock Dividends and Unit Distributions
|
—
|
|
|
—
|
|
|
(108,917
|
)
|
|
—
|
|
|
(2,561
|
)
|
|
(111,478
|
)
|
||||||
Conversion of Limited Partner Units to Common Stock
|
13
|
|
|
16,592
|
|
|
—
|
|
|
—
|
|
|
(16,605
|
)
|
|
—
|
|
||||||
Retirement of Limited Partner Units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(934
|
)
|
|
(934
|
)
|
||||||
Reallocation—Additional Paid-in-Capital
|
—
|
|
|
(2,297
|
)
|
|
—
|
|
|
—
|
|
|
2,297
|
|
|
—
|
|
||||||
Reallocation—Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
(26
|
)
|
|
—
|
|
||||||
Balance as of December 31, 2018
|
$
|
1,263
|
|
|
$
|
2,131,556
|
|
|
$
|
(490,807
|
)
|
|
$
|
3,502
|
|
|
$
|
34,397
|
|
|
$
|
1,679,911
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In thousands, except Unit data)
|
||||||
ASSETS
|
|
|
|
||||
Assets:
|
|
|
|
||||
Investment in Real Estate:
|
|
|
|
||||
Land
|
$
|
909,318
|
|
|
$
|
864,813
|
|
Buildings and Improvements
|
2,704,850
|
|
|
2,521,457
|
|
||
Construction in Progress
|
59,476
|
|
|
109,475
|
|
||
Less: Accumulated Depreciation
|
(811,784
|
)
|
|
(789,919
|
)
|
||
Net Investment in Real Estate (including $260,528 and $270,708 related to consolidated variable interest entities, see Note 5)
|
2,861,860
|
|
|
2,705,826
|
|
||
Cash and Cash Equivalents
|
43,102
|
|
|
21,146
|
|
||
Restricted Cash
|
7,271
|
|
|
25,336
|
|
||
Tenant Accounts Receivable, Net
|
5,185
|
|
|
4,873
|
|
||
Investment in Joint Venture
|
23,326
|
|
|
—
|
|
||
Deferred Rent Receivable, Net
|
71,079
|
|
|
70,254
|
|
||
Deferred Leasing Intangibles, Net
|
29,678
|
|
|
30,481
|
|
||
Prepaid Expenses and Other Assets, Net
|
111,298
|
|
|
93,264
|
|
||
Total Assets
|
$
|
3,152,799
|
|
|
$
|
2,951,180
|
|
LIABILITIES AND PARTNERS' CAPITAL
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Mortgage Loans Payable, Net (including $20,497 and $61,256 related to consolidated variable interest entities, see Note 5)
|
$
|
296,470
|
|
|
$
|
450,056
|
|
Senior Unsecured Notes, Net
|
544,504
|
|
|
246,673
|
|
||
Unsecured Term Loans, Net
|
456,809
|
|
|
455,768
|
|
||
Unsecured Credit Facility
|
—
|
|
|
144,500
|
|
||
Accounts Payable, Accrued Expenses and Other Liabilities
|
78,665
|
|
|
86,532
|
|
||
Deferred Leasing Intangibles, Net
|
9,560
|
|
|
10,355
|
|
||
Rents Received in Advance and Security Deposits
|
47,927
|
|
|
44,285
|
|
||
Distributions Payable
|
28,845
|
|
|
27,016
|
|
||
Total Liabilities
|
1,462,780
|
|
|
1,465,185
|
|
||
Commitments and Contingencies
|
—
|
|
|
—
|
|
||
Partners' Capital:
|
|
|
|
||||
First Industrial L.P.'s Partners' Capital:
|
|
|
|
||||
General Partner Units (126,307,431 and 119,883,180 units outstanding)
|
1,619,342
|
|
|
1,401,583
|
|
||
Limited Partners Units (2,624,167 and 4,008,221 units outstanding)
|
66,246
|
|
|
82,251
|
|
||
Accumulated Other Comprehensive Income
|
3,574
|
|
|
1,382
|
|
||
Total First Industrial L.P.'s Partners' Capital
|
1,689,162
|
|
|
1,485,216
|
|
||
Noncontrolling Interest
|
857
|
|
|
779
|
|
||
Total Partners' Capital
|
1,690,019
|
|
|
1,485,995
|
|
||
Total Liabilities and Partners' Capital
|
$
|
3,152,799
|
|
|
$
|
2,951,180
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(In thousands, except per Unit data)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Rental Income
|
$
|
306,406
|
|
|
$
|
303,874
|
|
|
$
|
289,858
|
|
Tenant Recoveries and Other Income
|
97,548
|
|
|
92,528
|
|
|
88,162
|
|
|||
Total Revenues
|
403,954
|
|
|
396,402
|
|
|
378,020
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Property Expenses
|
116,854
|
|
|
113,494
|
|
|
112,324
|
|
|||
General and Administrative
|
27,749
|
|
|
28,079
|
|
|
26,703
|
|
|||
Depreciation and Other Amortization
|
116,459
|
|
|
116,364
|
|
|
117,282
|
|
|||
Impairment of Real Estate
|
2,756
|
|
|
—
|
|
|
—
|
|
|||
Acquisition Costs
|
—
|
|
|
—
|
|
|
491
|
|
|||
Total Expenses
|
263,818
|
|
|
257,937
|
|
|
256,800
|
|
|||
Other Income (Expense):
|
|
|
|
|
|
||||||
Gain on Sale of Real Estate
|
81,600
|
|
|
131,269
|
|
|
68,202
|
|
|||
Interest Expense
|
(50,775
|
)
|
|
(57,199
|
)
|
|
(59,430
|
)
|
|||
Amortization of Debt Issuance Costs
|
(3,404
|
)
|
|
(3,162
|
)
|
|
(3,219
|
)
|
|||
Settlement Gain on Derivative Instruments
|
—
|
|
|
1,896
|
|
|
—
|
|
|||
Loss from Retirement of Debt
|
(39
|
)
|
|
(1,775
|
)
|
|
—
|
|
|||
Total Other Income (Expense)
|
27,382
|
|
|
71,029
|
|
|
5,553
|
|
|||
Income from Operations Before Equity in Loss of Joint Venture and Income Tax Provision
|
167,518
|
|
|
209,494
|
|
|
126,773
|
|
|||
Equity in Loss of Joint Ventures
|
(276
|
)
|
|
—
|
|
|
—
|
|
|||
Income Tax Benefit (Provision)
|
92
|
|
|
(1,193
|
)
|
|
(1,089
|
)
|
|||
Net Income
|
167,334
|
|
|
208,301
|
|
|
125,684
|
|
|||
Less: Net Income Attributable to the Noncontrolling Interest
|
(88
|
)
|
|
(143
|
)
|
|
(137
|
)
|
|||
Net Income Available to Unitholders and Participating Securities
|
$
|
167,246
|
|
|
$
|
208,158
|
|
|
$
|
125,547
|
|
Basic Earnings Per Unit:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.31
|
|
|
$
|
1.70
|
|
|
$
|
1.05
|
|
Diluted Earnings Per Unit:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
$
|
1.05
|
|
Distributions Per Unit
|
$
|
0.87
|
|
|
$
|
0.84
|
|
|
$
|
0.76
|
|
Weighted Average Units Outstanding - Basic
|
126,921
|
|
|
122,306
|
|
|
119,274
|
|
|||
Weighted Average Units Outstanding - Diluted
|
127,308
|
|
|
122,821
|
|
|
119,614
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
|
(In thousands)
|
||||||||||
Net Income
|
$
|
167,334
|
|
|
$
|
208,301
|
|
|
$
|
125,684
|
|
Mark-to-Market Gain on Derivative Instruments
|
2,096
|
|
|
5,981
|
|
|
4,849
|
|
|||
Amortization of Derivative Instruments
|
96
|
|
|
205
|
|
|
390
|
|
|||
Comprehensive Income
|
$
|
169,526
|
|
|
$
|
214,487
|
|
|
$
|
130,923
|
|
Comprehensive Income Attributable to Noncontrolling Interest
|
(88
|
)
|
|
(143
|
)
|
|
(137
|
)
|
|||
Comprehensive Income Attributable to Unitholders
|
$
|
169,438
|
|
|
$
|
214,344
|
|
|
$
|
130,786
|
|
|
General
Partner
Units
|
|
Limited
Partner
Units
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Noncontrolling Interest
|
|
Total
|
||||||||||
|
|
||||||||||||||||||
Balance as of December 31, 2015
|
$
|
1,054,028
|
|
|
$
|
80,769
|
|
|
$
|
(10,043
|
)
|
|
$
|
1,096
|
|
|
$
|
1,125,850
|
|
Net Income
|
121,095
|
|
|
4,452
|
|
|
—
|
|
|
137
|
|
|
125,684
|
|
|||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
5,239
|
|
|
—
|
|
|
5,239
|
|
|||||
Contribution of General Partner Units, Net of Issuance Costs
|
124,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124,584
|
|
|||||
Stock Based Compensation Activity
|
5,301
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,301
|
|
|||||
Unit Distributions
|
(88,115
|
)
|
|
(3,203
|
)
|
|
—
|
|
|
—
|
|
|
(91,318
|
)
|
|||||
Conversion of Limited Partner Units to General Partner Units
|
2,862
|
|
|
(2,862
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Contributions from Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
123
|
|
|||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(400
|
)
|
|
(400
|
)
|
|||||
Balance as of December 31, 2016
|
$
|
1,219,755
|
|
|
$
|
79,156
|
|
|
$
|
(4,804
|
)
|
|
$
|
956
|
|
|
$
|
1,295,063
|
|
Net Income
|
201,313
|
|
|
6,845
|
|
|
—
|
|
|
143
|
|
|
208,301
|
|
|||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
6,186
|
|
|
—
|
|
|
6,186
|
|
|||||
Contribution of General Partner Units, Net of Issuance Costs
|
74,661
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74,661
|
|
|||||
Stock Based Compensation Activity
|
6,210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,210
|
|
|||||
Unit Distributions
|
(100,720
|
)
|
|
(3,386
|
)
|
|
—
|
|
|
—
|
|
|
(104,106
|
)
|
|||||
Conversion of Limited Partner Units to General Partner Units
|
364
|
|
|
(364
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Contributions from Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
40
|
|
|||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(360
|
)
|
|
(360
|
)
|
|||||
Balance as of December 31, 2017
|
$
|
1,401,583
|
|
|
$
|
82,251
|
|
|
$
|
1,382
|
|
|
$
|
779
|
|
|
$
|
1,485,995
|
|
Net Income
|
163,151
|
|
|
4,095
|
|
|
—
|
|
|
88
|
|
|
167,334
|
|
|||||
Other Comprehensive Income
|
—
|
|
|
—
|
|
|
2,192
|
|
|
—
|
|
|
2,192
|
|
|||||
Contribution of General Partner Units, Net of Issuance Costs
|
145,408
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
145,408
|
|
|||||
Stock Based Compensation Activity
|
1,512
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,512
|
|
|||||
Unit Distributions
|
(108,917
|
)
|
|
(2,561
|
)
|
|
—
|
|
|
—
|
|
|
(111,478
|
)
|
|||||
Conversion of Limited Partner Units to General Partner Units
|
16,605
|
|
|
(16,605
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Retirement of Limited Partner Units
|
—
|
|
|
(934
|
)
|
|
—
|
|
|
—
|
|
|
(934
|
)
|
|||||
Contributions from Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
126
|
|
|
126
|
|
|||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(136
|
)
|
|
(136
|
)
|
|||||
Balance as of December 31, 2018
|
$
|
1,619,342
|
|
|
$
|
66,246
|
|
|
$
|
3,574
|
|
|
$
|
857
|
|
|
$
|
1,690,019
|
|
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended
December 31, 2016 |
||||||
|
(In thousands)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net Income
|
$
|
167,334
|
|
|
$
|
208,301
|
|
|
$
|
125,684
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
|
|
|
|
|
||||||
Depreciation
|
94,626
|
|
|
94,078
|
|
|
95,514
|
|
|||
Amortization of Debt Issuance Costs
|
3,404
|
|
|
3,162
|
|
|
3,219
|
|
|||
Other Amortization, including Stock Based Compensation
|
26,976
|
|
|
29,252
|
|
|
28,403
|
|
|||
Impairment of Real Estate
|
2,756
|
|
|
—
|
|
|
—
|
|
|||
Provision for Bad Debt
|
350
|
|
|
177
|
|
|
563
|
|
|||
Equity in Loss of Joint Venture
|
276
|
|
|
—
|
|
|
—
|
|
|||
Gain on Sale of Real Estate
|
(81,600
|
)
|
|
(131,269
|
)
|
|
(68,202
|
)
|
|||
Loss from Retirement of Debt
|
39
|
|
|
1,775
|
|
|
—
|
|
|||
Gain on Casualty and Involuntary Conversion
|
(392
|
)
|
|
(1,321
|
)
|
|
—
|
|
|||
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net
|
(4,189
|
)
|
|
(5,510
|
)
|
|
1,242
|
|
|||
Increase in Deferred Rent Receivable, Net
|
(2,165
|
)
|
|
(5,299
|
)
|
|
(6,602
|
)
|
|||
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits
|
3,090
|
|
|
(465
|
)
|
|
(5,655
|
)
|
|||
Net Cash Provided by Operating Activities
|
210,505
|
|
|
192,881
|
|
|
174,166
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Acquisitions of Real Estate
|
(157,787
|
)
|
|
(175,303
|
)
|
|
(107,484
|
)
|
|||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
|
(224,466
|
)
|
|
(146,003
|
)
|
|
(179,994
|
)
|
|||
Net Proceeds from Sales of Investments in Real Estate
|
184,783
|
|
|
228,102
|
|
|
163,435
|
|
|||
Proceeds from Casualty and Involuntary Conversion
|
906
|
|
|
10,094
|
|
|
—
|
|
|||
Contributions to and Investments in Joint Venture
|
(25,190
|
)
|
|
—
|
|
|
—
|
|
|||
Distributions from Joint Venture
|
1,829
|
|
|
—
|
|
|
—
|
|
|||
Other Investing Activity
|
(3,473
|
)
|
|
616
|
|
|
1,648
|
|
|||
Net Cash Used in Investing Activities
|
(223,398
|
)
|
|
(82,494
|
)
|
|
(122,395
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Debt and Equity Issuance Costs
|
(2,975
|
)
|
|
(6,864
|
)
|
|
(375
|
)
|
|||
Contribution of General Partner Units
|
145,584
|
|
|
74,880
|
|
|
124,936
|
|
|||
Repurchase and Retirement of Restricted Units
|
(6,020
|
)
|
|
(2,401
|
)
|
|
(5,242
|
)
|
|||
Unit Distributions Paid
|
(109,649
|
)
|
|
(100,524
|
)
|
|
(82,696
|
)
|
|||
Contributions from Noncontrolling Interests
|
126
|
|
|
40
|
|
|
123
|
|
|||
Distributions to Noncontrolling Interests
|
(136
|
)
|
|
(360
|
)
|
|
(400
|
)
|
|||
Repayments on Mortgage Loans Payable
|
(165,646
|
)
|
|
(46,832
|
)
|
|
(70,969
|
)
|
|||
Prepayments of Penalties Associated with Retirement of Debt
|
—
|
|
|
(1,453
|
)
|
|
(554
|
)
|
|||
Proceeds from Senior Unsecured Notes
|
300,000
|
|
|
200,000
|
|
|
—
|
|
|||
Repayments of Senior Unsecured Notes
|
—
|
|
|
(156,852
|
)
|
|
(159,125
|
)
|
|||
Proceeds from Unsecured Credit Facility
|
237,000
|
|
|
429,000
|
|
|
442,000
|
|
|||
Repayments on Unsecured Credit Facility
|
(381,500
|
)
|
|
(474,000
|
)
|
|
(305,000
|
)
|
|||
Net Cash Provided by (Used in) Financing Activities
|
16,784
|
|
|
(85,366
|
)
|
|
(57,302
|
)
|
|||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash
|
3,891
|
|
|
25,021
|
|
|
(5,531
|
)
|
|||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year
|
46,482
|
|
|
21,461
|
|
|
26,992
|
|
|||
Cash, Cash Equivalents and Restricted Cash, End of Year
|
$
|
50,373
|
|
|
$
|
46,482
|
|
|
$
|
21,461
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
|
|||||||||||
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended
December 31, 2016 |
||||||
|
(In thousands)
|
||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
|
|
|
|
|
|
||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity
|
$
|
47,408
|
|
|
$
|
56,844
|
|
|
$
|
63,600
|
|
Interest Expense Capitalized in Connection with Development Activity
|
$
|
5,869
|
|
|
$
|
4,353
|
|
|
$
|
3,523
|
|
Income Taxes Paid
|
$
|
457
|
|
|
$
|
769
|
|
|
$
|
1,358
|
|
Supplemental Schedule of Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
General and Limited Partner Unit Distributions Payable
|
$
|
28,845
|
|
|
$
|
27,016
|
|
|
$
|
23,434
|
|
Exchange of Limited Partner Units for General Partner Units:
|
|
|
|
|
|
||||||
Limited Partner Units
|
$
|
(16,605
|
)
|
|
$
|
(364
|
)
|
|
$
|
(2,862
|
)
|
General Partner Units
|
16,605
|
|
|
364
|
|
|
2,862
|
|
|||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate
|
$
|
11,878
|
|
|
$
|
1,269
|
|
|
$
|
5,405
|
|
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate
|
$
|
31,545
|
|
|
$
|
38,597
|
|
|
$
|
32,712
|
|
Write-off of Fully Depreciated Assets
|
$
|
(43,654
|
)
|
|
$
|
(35,560
|
)
|
|
$
|
(44,080
|
)
|
|
Years
|
Buildings and Improvements
|
7 to 50
|
Land Improvements
|
5 to 20
|
Furniture, Fixtures and Equipment
|
3 to 10
|
Tenant Improvements
|
Lease Term
|
|
December 31,
2018 |
|
December 31,
2017 |
||||
In-Place Leases
|
$
|
19,971
|
|
|
$
|
19,921
|
|
Above Market Leases
|
2,569
|
|
|
2,298
|
|
||
Below Market Ground Lease Obligation
|
1,643
|
|
|
1,688
|
|
||
Tenant Relationships
|
5,495
|
|
|
6,574
|
|
||
Total Included in Total Assets, Net of $26,337 and $29,604 of Accumulated Amortization
|
$
|
29,678
|
|
|
$
|
30,481
|
|
Below Market Leases
|
$
|
9,560
|
|
|
$
|
10,355
|
|
Total Included in Total Liabilities, Net of $11,356 and $10,578 of Accumulated Amortization
|
$
|
9,560
|
|
|
$
|
10,355
|
|
|
Estimated
Amortization
of In-Place
Leases and Tenant
Relationships
|
|
Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases
|
||||
2019
|
$
|
5,779
|
|
|
$
|
1,048
|
|
2020
|
$
|
4,988
|
|
|
$
|
943
|
|
2021
|
$
|
3,391
|
|
|
$
|
808
|
|
2022
|
$
|
3,013
|
|
|
$
|
784
|
|
2023
|
$
|
2,615
|
|
|
$
|
533
|
|
•
|
Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date;
|
•
|
Level 2 - inputs other than quoted prices within Level 1 that are either directly or indirectly observable for the asset or liability; and
|
•
|
Level 3 - unobservable inputs in which little or no market data exists for the asset or liability.
|
|
2018
|
|
2017
|
||||
Cash and Cash Equivalents
|
$
|
43,102
|
|
|
$
|
21,146
|
|
Restricted Cash
|
7,271
|
|
|
25,336
|
|
||
Total Cash, Cash Equivalents and Restricted Cash
|
$
|
50,373
|
|
|
$
|
46,482
|
|
|
Year Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Land
|
$
|
79,347
|
|
|
$
|
92,810
|
|
Building and Improvements
|
81,747
|
|
|
73,028
|
|
||
Other Assets
|
1,225
|
|
|
1,659
|
|
||
In-Place Leases
|
5,302
|
|
|
7,905
|
|
||
Above Market Leases
|
662
|
|
|
227
|
|
||
Below Market Leases
|
(737
|
)
|
|
(1,420
|
)
|
||
Total Purchase Price
|
$
|
167,546
|
|
|
$
|
174,209
|
|
Assumed Mortgage Loan (See Note 4)
|
(11,654
|
)
|
|
—
|
|
||
Total Net Assets Acquired
|
$
|
155,892
|
|
|
$
|
174,209
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Number of Industrial Properties Sold
(A)
|
53
|
|
|
60
|
|
|
63
|
|
|||
GLA (in millions)
|
2.6
|
|
|
4.6
|
|
|
3.9
|
|
|||
Gross Proceeds from the Sale of Real Estate
(B)
|
$
|
192,047
|
|
|
$
|
236,059
|
|
|
$
|
169,911
|
|
Gain on Sale of Real Estate
(B)
|
$
|
81,600
|
|
|
$
|
131,269
|
|
|
$
|
68,202
|
|
|
Outstanding Balance at
|
|
Interest
Rate at
December 31,
2018
|
|
Effective
Interest
Rate at
Issuance
|
|
Maturity
Date
|
||||||
|
December 31, 2018
|
|
December 31, 2017
|
|
|||||||||
Mortgage Loans Payable, Gross
|
$
|
297,610
|
|
|
$
|
451,602
|
|
|
4.03% – 8.26%
|
|
3.82% – 8.26%
|
|
July 2019 –
August 2028
|
Unamortized Debt Issuance Costs
|
(1,246
|
)
|
|
(1,806
|
)
|
|
|
|
|
|
|
||
Unamortized Premiums
|
106
|
|
|
260
|
|
|
|
|
|
|
|
||
Mortgage Loans Payable, Net
|
$
|
296,470
|
|
|
$
|
450,056
|
|
|
|
|
|
|
|
Senior Unsecured Notes, Gross
|
|
|
|
|
|
|
|
|
|
||||
2027 Notes
|
6,070
|
|
|
6,070
|
|
|
7.15%
|
|
7.11%
|
|
5/15/2027
|
||
2028 Notes
|
31,901
|
|
|
31,901
|
|
|
7.60%
|
|
8.13%
|
|
7/15/2028
|
||
2032 Notes
|
10,600
|
|
|
10,600
|
|
|
7.75%
|
|
7.87%
|
|
4/15/2032
|
||
2027 Private Placement Notes
|
125,000
|
|
|
125,000
|
|
|
4.30%
|
|
4.30%
|
|
4/20/2027
|
||
2028 Private Placement Notes
|
150,000
|
|
|
—
|
|
|
3.86%
|
|
3.86%
|
|
2/15/2028
|
||
2029 Private Placement Notes
|
75,000
|
|
|
75,000
|
|
|
4.40%
|
|
4.40%
|
|
4/20/2029
|
||
2030 Private Placement Notes
|
150,000
|
|
|
—
|
|
|
3.96%
|
|
3.96%
|
|
2/15/2030
|
||
Subtotal
|
$
|
548,571
|
|
|
$
|
248,571
|
|
|
|
|
|
|
|
Unamortized Debt Issuance Costs
|
(3,990
|
)
|
|
(1,814
|
)
|
|
|
|
|
|
|
||
Unamortized Discounts
|
(77
|
)
|
|
(84
|
)
|
|
|
|
|
|
|
||
Senior Unsecured Notes, Net
|
$
|
544,504
|
|
|
$
|
246,673
|
|
|
|
|
|
|
|
Unsecured Term Loans, Gross
|
|
|
|
|
|
|
|
|
|
||||
2014 Unsecured Term Loan
(A)
|
$
|
200,000
|
|
|
$
|
200,000
|
|
|
3.39%
|
|
N/A
|
|
1/29/2021
|
2015 Unsecured Term Loan
(A)
|
260,000
|
|
|
260,000
|
|
|
2.89%
|
|
N/A
|
|
9/12/2022
|
||
Subtotal
|
$
|
460,000
|
|
|
$
|
460,000
|
|
|
|
|
|
|
|
Unamortized Debt Issuance Costs
|
(3,191
|
)
|
|
(4,232
|
)
|
|
|
|
|
|
|
||
Unsecured Term Loans, Net
|
$
|
456,809
|
|
|
$
|
455,768
|
|
|
|
|
|
|
|
Unsecured Credit Facility
(B)
|
$
|
—
|
|
|
$
|
144,500
|
|
|
N/A
|
|
N/A
|
|
10/29/2021
|
|
Amount
|
||
2019
|
$
|
79,600
|
|
2020
|
59,046
|
|
|
2021
|
267,113
|
|
|
2022
|
341,552
|
|
|
2023
|
321
|
|
|
Thereafter
|
558,549
|
|
|
Total
|
$
|
1,306,181
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Carrying
Amount
(A)
|
|
Fair
Value
|
|
Carrying
Amount
(A)
|
|
Fair
Value
|
||||||||
Mortgage Loans Payable, Net
|
$
|
297,716
|
|
|
$
|
304,508
|
|
|
$
|
451,862
|
|
|
$
|
467,303
|
|
Senior Unsecured Notes, Net
|
548,494
|
|
|
546,607
|
|
|
248,487
|
|
|
269,731
|
|
||||
Unsecured Term Loans
|
460,000
|
|
|
461,317
|
|
|
460,000
|
|
|
460,000
|
|
||||
Unsecured Credit Facility
|
—
|
|
|
—
|
|
|
144,500
|
|
|
144,500
|
|
||||
Total
|
$
|
1,306,210
|
|
|
$
|
1,312,432
|
|
|
$
|
1,304,849
|
|
|
$
|
1,341,534
|
|
|
Shares of
Common Stock
Outstanding
|
|
General Partner and Limited Partner Units Outstanding
|
||
Balance at December 31, 2015
|
111,027,225
|
|
|
115,332,932
|
|
Issuance of Common Stock/Contribution of General Partner Units
(A)
|
5,600,000
|
|
|
5,600,000
|
|
Issuance of Restricted Stock/Restricted Unit Awards
|
322,833
|
|
|
322,833
|
|
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards
|
(108,644
|
)
|
|
(108,644
|
)
|
Conversion of Limited Partner Units
(B)
|
266,332
|
|
|
—
|
|
Balance at December 31, 2016
|
117,107,746
|
|
|
121,147,121
|
|
Issuance of Common Stock/Contribution of General Partner Units
(A)
|
2,560,000
|
|
|
2,560,000
|
|
Issuance of Restricted Stock/Restricted Unit Awards
|
275,793
|
|
|
275,793
|
|
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards
|
(91,513
|
)
|
|
(91,513
|
)
|
Conversion of Limited Partner Units
(B)
|
31,154
|
|
|
—
|
|
Balance at December 31, 2017
|
119,883,180
|
|
|
123,891,401
|
|
Issuance of Common Stock/Contribution of General Partner Units
(A)
|
4,800,000
|
|
|
4,800,000
|
|
Issuance of Restricted Stock/Restricted Unit Awards
|
227,059
|
|
|
227,059
|
|
Vesting of LTIP Unit Awards (as defined in Note 11)
|
150,772
|
|
|
150,772
|
|
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards
|
(104,301
|
)
|
|
(104,301
|
)
|
Conversion of Limited Partner Units
(B)
|
1,350,721
|
|
|
—
|
|
Retirement of Limited Partner Units
(C)
|
—
|
|
|
(33,333
|
)
|
Balance at December 31, 2018
|
126,307,431
|
|
|
128,931,598
|
|
|
2018 Total
Dividend/
Distribution
|
|
2017 Total
Dividend/
Distribution
|
|
2016 Total
Dividend/
Distribution
|
||||||
Common Stock/Operating Partnership Units
|
$
|
111,478
|
|
|
$
|
104,106
|
|
|
$
|
91,318
|
|
|
Derivative Instruments
|
|
Total for Operating Partnership
|
|
Comprehensive Loss (Income) Attributable to Noncontrolling Interest
|
|
Total for Company
|
||||||||
Balance as of December 31, 2016
|
$
|
(4,804
|
)
|
|
$
|
(4,804
|
)
|
|
$
|
161
|
|
|
$
|
(4,643
|
)
|
Other Comprehensive Income Before Reclassifications
|
1,645
|
|
|
1,645
|
|
|
(205
|
)
|
|
1,440
|
|
||||
Amounts Reclassified from Accumulated Other Comprehensive Income
|
4,541
|
|
|
4,541
|
|
|
—
|
|
|
4,541
|
|
||||
Net Current Period Other Comprehensive Income
|
6,186
|
|
|
6,186
|
|
|
(205
|
)
|
|
5,981
|
|
||||
Balance as of December 31, 2017
|
$
|
1,382
|
|
|
$
|
1,382
|
|
|
$
|
(44
|
)
|
|
$
|
1,338
|
|
Other Comprehensive Income Before Reclassifications
|
1,987
|
|
|
1,987
|
|
|
(28
|
)
|
|
1,959
|
|
||||
Amounts Reclassified from Accumulated Other Comprehensive Income
|
205
|
|
|
205
|
|
|
—
|
|
|
205
|
|
||||
Net Current Period Other Comprehensive Income
|
2,192
|
|
|
2,192
|
|
|
(28
|
)
|
|
2,164
|
|
||||
Balance as of December 31, 2018
|
$
|
3,574
|
|
|
$
|
3,574
|
|
|
$
|
(72
|
)
|
|
$
|
3,502
|
|
|
|
Amount Reclassified from Accumulated Other Comprehensive Loss (Income)
|
|
|
||||||||||
Accumulated Other Comprehensive Loss Components
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
|
Affected Line Items in the Consolidated Statements of Operations
|
||||||
Derivative Instruments:
|
|
|
|
|
|
|
|
|
||||||
Amortization of Previously Settled Derivative Instruments
|
|
96
|
|
|
205
|
|
|
390
|
|
|
Interest Expense
|
|||
Net Settlement Payments to our Counterparties
|
|
109
|
|
|
4,336
|
|
|
7,123
|
|
|
Interest Expense
|
|||
|
|
$
|
205
|
|
|
$
|
4,541
|
|
|
$
|
7,513
|
|
|
Total
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
163,239
|
|
|
$
|
201,456
|
|
|
$
|
121,232
|
|
Net Income Allocable to Participating Securities
|
(513
|
)
|
|
(646
|
)
|
|
(411
|
)
|
|||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
162,726
|
|
|
$
|
200,810
|
|
|
$
|
120,821
|
|
Denominator (In Thousands):
|
|
|
|
|
|
||||||
Weighted Average Shares - Basic
|
123,804
|
|
|
118,272
|
|
|
115,030
|
|
|||
Effect of Dilutive Securities:
|
|
|
|
|
|
||||||
LTIP Unit Awards (as defined in Note 11)
|
387
|
|
|
515
|
|
|
340
|
|
|||
Weighted Average Shares - Diluted
|
124,191
|
|
|
118,787
|
|
|
115,370
|
|
|||
Basic EPS:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.31
|
|
|
$
|
1.70
|
|
|
$
|
1.05
|
|
Diluted EPS:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
$
|
1.05
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders and Participating Securities
|
167,246
|
|
|
208,158
|
|
|
125,547
|
|
|||
Net Income Allocable to Participating Securities
|
(513
|
)
|
|
(646
|
)
|
|
(410
|
)
|
|||
Net Income Available to Unitholders
|
$
|
166,733
|
|
|
$
|
207,512
|
|
|
$
|
125,137
|
|
Denominator (In Thousands):
|
|
|
|
|
|
||||||
Weighted Average Units - Basic
|
126,921
|
|
|
122,306
|
|
|
119,274
|
|
|||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
|
|
|
|
|
|
||||||
LTIP Unit Awards (as defined in Note 11)
|
387
|
|
|
515
|
|
|
340
|
|
|||
Weighted Average Units - Diluted
|
127,308
|
|
|
122,821
|
|
|
119,614
|
|
|||
Basic EPS:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.31
|
|
|
$
|
1.70
|
|
|
$
|
1.05
|
|
Diluted EPU:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
$
|
1.05
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
22
|
|
|
$
|
(859
|
)
|
|
$
|
(656
|
)
|
State
|
(310
|
)
|
|
(344
|
)
|
|
(251
|
)
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
400
|
|
|
—
|
|
|
—
|
|
|||
State
|
(20
|
)
|
|
10
|
|
|
(182
|
)
|
|||
Total Income Tax Benefit (Provision)
|
$
|
92
|
|
|
$
|
(1,193
|
)
|
|
$
|
(1,089
|
)
|
|
Year Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
Impairment of Real Estate
|
$
|
1,107
|
|
|
$
|
1,267
|
|
Other - Temporary Differences
|
584
|
|
|
233
|
|
||
Valuation Allowance
|
(840
|
)
|
|
(984
|
)
|
||
Total Deferred Income Tax Assets, Net of Allowance
|
$
|
851
|
|
|
$
|
516
|
|
Straight-line Rent
|
$
|
(39
|
)
|
|
$
|
(40
|
)
|
Basis Difference - Real Estate Properties
|
(424
|
)
|
|
(488
|
)
|
||
Other - Temporary Differences
|
(192
|
)
|
|
(172
|
)
|
||
Total Deferred Income Tax Liabilities
|
$
|
(655
|
)
|
|
$
|
(700
|
)
|
Total Net Deferred Income Tax Assets (Liabilities)
|
$
|
196
|
|
|
$
|
(184
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Tax Benefit (Provision) at Federal Rate
|
$
|
436
|
|
|
$
|
(1,416
|
)
|
|
$
|
(1,764
|
)
|
Change in Federal Tax Rate
|
—
|
|
|
(609
|
)
|
|
—
|
|
|||
State Tax Provision, Net of Federal Benefit
|
(417
|
)
|
|
(376
|
)
|
|
(462
|
)
|
|||
Change in Valuation Allowance
|
144
|
|
|
1,197
|
|
|
1,256
|
|
|||
Other
|
(71
|
)
|
|
11
|
|
|
(119
|
)
|
|||
Net Income Tax Benefit (Provision)
|
$
|
92
|
|
|
$
|
(1,193
|
)
|
|
$
|
(1,089
|
)
|
|
2018
|
|
As a
Percentage
of
Distributions
|
|
2017
|
|
As a
Percentage
of
Distributions
|
|
2016
|
|
As a
Percentage
of
Distributions
|
|||||||||
Ordinary Income
(A)
|
$
|
0.6858
|
|
|
78.83
|
%
|
|
$
|
0.6552
|
|
|
74.23
|
%
|
|
$
|
0.6935
|
|
|
82.53
|
%
|
Unrecaptured Section 1250 Gain
|
0.1497
|
|
|
17.21
|
%
|
|
0.1627
|
|
|
18.43
|
%
|
|
0.1130
|
|
|
13.45
|
%
|
|||
Capital Gain
|
0.0330
|
|
|
3.79
|
%
|
|
0.0648
|
|
|
7.34
|
%
|
|
0.0066
|
|
|
0.78
|
%
|
|||
Qualified Dividend
|
0.0015
|
|
|
0.17
|
%
|
|
—
|
|
|
0.00
|
%
|
|
—
|
|
|
0.00
|
%
|
|||
Return of Capital
|
—
|
|
|
0.00
|
%
|
|
—
|
|
|
0.00
|
%
|
|
0.0272
|
|
|
3.24
|
%
|
|||
|
$
|
0.8700
|
|
|
100.00
|
%
|
|
$
|
0.8827
|
|
|
100.00
|
%
|
|
$
|
0.8403
|
|
|
100.00
|
%
|
2019
|
$
|
305,689
|
|
2020
|
288,817
|
|
|
2021
|
244,743
|
|
|
2022
|
205,097
|
|
|
2023
|
169,243
|
|
|
Thereafter
|
451,151
|
|
|
Total
|
$
|
1,664,740
|
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||
Expected dividend yield
|
2.67
|
%
|
|
2.71
|
%
|
Expected volatility - range used
|
15.83% - 17.87%
|
|
|
21.50% - 21.80%
|
|
Expected volatility - weighted average
|
17.02
|
%
|
|
21.68
|
%
|
Risk-free interest rate
|
1.57% - 2.04%
|
|
|
0.66% - 1.58%
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using:
|
||||||||||
Description
|
|
Fair Value
|
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
Unobservable
Inputs
(Level 3)
|
||||||
Derivatives designated as a hedging instrument:
|
|
|
|
|
|
|
|
|
||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||
2014 Swaps
|
|
$
|
751
|
|
|
—
|
|
|
$
|
751
|
|
|
—
|
|
2015 Swaps
|
|
$
|
5,893
|
|
|
—
|
|
|
$
|
5,893
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||
2018 Treasury Locks
|
|
$
|
(2,162
|
)
|
|
—
|
|
|
$
|
(2,162
|
)
|
|
—
|
|
2019
|
$
|
1,464
|
|
2020
|
1,536
|
|
|
2021
|
1,503
|
|
|
2022
|
1,465
|
|
|
2023
|
1,329
|
|
|
Thereafter
|
29,025
|
|
|
Total
|
$
|
36,322
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total Revenues
|
$
|
99,771
|
|
|
$
|
98,845
|
|
|
$
|
100,256
|
|
|
$
|
105,082
|
|
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
36,292
|
|
|
$
|
45,209
|
|
|
$
|
30,911
|
|
|
$
|
50,827
|
|
Net Income Allocable to Participating Securities
|
(97
|
)
|
|
(151
|
)
|
|
(101
|
)
|
|
(164
|
)
|
||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
36,195
|
|
|
$
|
45,058
|
|
|
$
|
30,810
|
|
|
$
|
50,663
|
|
Basic EPS:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
0.30
|
|
|
$
|
0.36
|
|
|
$
|
0.24
|
|
|
$
|
0.40
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
0.30
|
|
|
$
|
0.36
|
|
|
$
|
0.24
|
|
|
$
|
0.40
|
|
Weighted Average Shares Basic/Diluted (In Thousands):
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares - Basic
|
119,846
|
|
|
123,616
|
|
|
125,768
|
|
|
125,897
|
|
||||
Weighted Average Shares - Diluted
|
120,211
|
|
|
124,085
|
|
|
126,130
|
|
|
126,249
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total Revenues
|
$
|
97,383
|
|
|
$
|
97,579
|
|
|
$
|
99,310
|
|
|
$
|
102,130
|
|
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
22,709
|
|
|
$
|
37,562
|
|
|
$
|
43,198
|
|
|
$
|
97,987
|
|
Net Income Allocable to Participating Securities
|
(67
|
)
|
|
(129
|
)
|
|
(145
|
)
|
|
(331
|
)
|
||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
22,642
|
|
|
$
|
37,433
|
|
|
$
|
43,053
|
|
|
$
|
97,656
|
|
Basic EPS:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
0.19
|
|
|
$
|
0.32
|
|
|
$
|
0.36
|
|
|
$
|
0.82
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
0.19
|
|
|
$
|
0.32
|
|
|
$
|
0.36
|
|
|
$
|
0.81
|
|
Weighted Average Shares Basic/Diluted (In Thousands):
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares - Basic
|
116,837
|
|
|
117,299
|
|
|
119,446
|
|
|
119,462
|
|
||||
Weighted Average Shares - Diluted
|
117,261
|
|
|
117,779
|
|
|
119,990
|
|
|
120,076
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total Revenues
|
$
|
99,771
|
|
|
$
|
98,845
|
|
|
$
|
100,256
|
|
|
$
|
105,082
|
|
Net Income Available to Unitholders and Participating Securities
|
$
|
37,443
|
|
|
$
|
46,382
|
|
|
$
|
31,508
|
|
|
$
|
51,913
|
|
Net Income Allocable to Participating Securities
|
(97
|
)
|
|
(151
|
)
|
|
(101
|
)
|
|
(164
|
)
|
||||
Net Income Available to Unitholders
|
$
|
37,346
|
|
|
$
|
46,231
|
|
|
$
|
31,407
|
|
|
$
|
51,749
|
|
Basic EPU:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Unitholders
|
$
|
0.30
|
|
|
$
|
0.36
|
|
|
$
|
0.24
|
|
|
$
|
0.40
|
|
Diluted EPU:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Unitholders
|
$
|
0.30
|
|
|
$
|
0.36
|
|
|
$
|
0.24
|
|
|
$
|
0.40
|
|
Weighted Average Units Basic/Diluted (In Thousands):
|
|
|
|
|
|
|
|
||||||||
Weighted Average Units - Basic
|
123,729
|
|
|
126,832
|
|
|
128,526
|
|
|
128,526
|
|
||||
Weighted Average Units - Diluted
|
124,094
|
|
|
127,301
|
|
|
128,888
|
|
|
128,878
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total Revenues
|
$
|
97,383
|
|
|
$
|
97,579
|
|
|
$
|
99,310
|
|
|
$
|
102,130
|
|
Net Income Available to Unitholders and Participating Securities
|
$
|
23,464
|
|
|
$
|
38,827
|
|
|
$
|
44,613
|
|
|
$
|
101,254
|
|
Net Income Allocable to Participating Securities
|
(66
|
)
|
|
(129
|
)
|
|
(145
|
)
|
|
(331
|
)
|
||||
Net Income Available to Unitholders
|
$
|
23,398
|
|
|
$
|
38,698
|
|
|
$
|
44,468
|
|
|
$
|
100,923
|
|
Basic EPU:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Unitholders
|
$
|
0.19
|
|
|
$
|
0.32
|
|
|
$
|
0.36
|
|
|
$
|
0.82
|
|
Diluted EPU:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Unitholders
|
$
|
0.19
|
|
|
$
|
0.32
|
|
|
$
|
0.36
|
|
|
$
|
0.81
|
|
Weighted Average Units Basic/Diluted (In Thousands):
|
|
|
|
|
|
|
|
||||||||
Weighted Average Units - Basic
|
120,877
|
|
|
121,339
|
|
|
123,483
|
|
|
123,483
|
|
||||
Weighted Average Units - Diluted
|
121,301
|
|
|
121,819
|
|
|
124,027
|
|
|
124,097
|
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
||||||||||
Properties (b)
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
Atlanta
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1650 Highway 155
|
|
McDonough, GA
|
|
—
|
|
|
779
|
|
|
4,544
|
|
|
(669
|
)
|
|
345
|
|
|
4,309
|
|
|
4,654
|
|
|
2,573
|
|
|
1994
|
4051 Southmeadow Parkway
|
|
Atlanta, GA
|
|
—
|
|
|
726
|
|
|
4,130
|
|
|
1,666
|
|
|
726
|
|
|
5,796
|
|
|
6,522
|
|
|
3,072
|
|
|
1994
|
4071 Southmeadow Parkway
|
|
Atlanta, GA
|
|
—
|
|
|
750
|
|
|
4,460
|
|
|
1,929
|
|
|
828
|
|
|
6,311
|
|
|
7,139
|
|
|
3,522
|
|
|
1994
|
4081 Southmeadow Parkway
|
|
Atlanta, GA
|
|
—
|
|
|
1,012
|
|
|
5,918
|
|
|
2,088
|
|
|
1,157
|
|
|
7,861
|
|
|
9,018
|
|
|
4,320
|
|
|
1994
|
5570 Tulane Drive
|
|
Atlanta, GA
|
|
2,055
|
|
|
527
|
|
|
2,984
|
|
|
1,255
|
|
|
546
|
|
|
4,220
|
|
|
4,766
|
|
|
2,114
|
|
|
1996
|
955 Cobb Place
|
|
Kennesaw, GA
|
|
2,688
|
|
|
780
|
|
|
4,420
|
|
|
1,032
|
|
|
804
|
|
|
5,428
|
|
|
6,232
|
|
|
2,783
|
|
|
1997
|
1005 Sigman Road
|
|
Conyers, GA
|
|
2,125
|
|
|
566
|
|
|
3,134
|
|
|
1,226
|
|
|
574
|
|
|
4,352
|
|
|
4,926
|
|
|
1,804
|
|
|
1999
|
2050 East Park Drive
|
|
Conyers, GA
|
|
—
|
|
|
452
|
|
|
2,504
|
|
|
860
|
|
|
459
|
|
|
3,357
|
|
|
3,816
|
|
|
1,476
|
|
|
1999
|
3060 South Park Blvd
|
|
Ellenwood, GA
|
|
—
|
|
|
1,600
|
|
|
12,464
|
|
|
3,202
|
|
|
1,604
|
|
|
15,662
|
|
|
17,266
|
|
|
5,925
|
|
|
2003
|
175 Greenwood Industrial Parkway
|
|
McDonough, GA
|
|
3,987
|
|
|
1,550
|
|
|
—
|
|
|
7,695
|
|
|
1,550
|
|
|
7,695
|
|
|
9,245
|
|
|
2,824
|
|
|
2004
|
5095 Phillip Lee Drive
|
|
Atlanta, GA
|
|
—
|
|
|
735
|
|
|
3,627
|
|
|
447
|
|
|
740
|
|
|
4,069
|
|
|
4,809
|
|
|
3,405
|
|
|
2005
|
6514 Warren Drive
|
|
Norcross, GA
|
|
—
|
|
|
510
|
|
|
1,250
|
|
|
127
|
|
|
513
|
|
|
1,374
|
|
|
1,887
|
|
|
610
|
|
|
2005
|
6544 Warren Drive
|
|
Norcross, GA
|
|
—
|
|
|
711
|
|
|
2,310
|
|
|
332
|
|
|
715
|
|
|
2,638
|
|
|
3,353
|
|
|
1,309
|
|
|
2005
|
5356 E. Ponce De Leon
|
|
Stone Mountain, GA
|
|
—
|
|
|
604
|
|
|
3,888
|
|
|
572
|
|
|
610
|
|
|
4,454
|
|
|
5,064
|
|
|
2,515
|
|
|
2005
|
5390 E. Ponce De Leon
|
|
Stone Mountain, GA
|
|
—
|
|
|
397
|
|
|
1,791
|
|
|
529
|
|
|
402
|
|
|
2,315
|
|
|
2,717
|
|
|
1,053
|
|
|
2005
|
1755 Enterprise Drive
|
|
Buford, GA
|
|
1,127
|
|
|
712
|
|
|
2,118
|
|
|
(217
|
)
|
|
716
|
|
|
1,897
|
|
|
2,613
|
|
|
890
|
|
|
2006
|
4555 Atwater Court
|
|
Buford, GA
|
|
1,980
|
|
|
881
|
|
|
3,550
|
|
|
161
|
|
|
885
|
|
|
3,707
|
|
|
4,592
|
|
|
1,517
|
|
|
2006
|
80 Liberty Industrial Parkway
|
|
McDonough, GA
|
|
—
|
|
|
756
|
|
|
3,695
|
|
|
(1,560
|
)
|
|
467
|
|
|
2,424
|
|
|
2,891
|
|
|
1,037
|
|
|
2007
|
596 Bonnie Valentine
|
|
Pendergrass, GA
|
|
—
|
|
|
2,580
|
|
|
21,730
|
|
|
2,890
|
|
|
2,594
|
|
|
24,606
|
|
|
27,200
|
|
|
7,718
|
|
|
2007
|
11415 Old Roswell Road
|
|
Alpharetta, GA
|
|
—
|
|
|
2,403
|
|
|
1,912
|
|
|
808
|
|
|
2,428
|
|
|
2,695
|
|
|
5,123
|
|
|
1,032
|
|
|
2008
|
1281 Highway 155 S.
|
|
McDonough, GA
|
|
—
|
|
|
2,501
|
|
|
—
|
|
|
17,056
|
|
|
2,502
|
|
|
17,055
|
|
|
19,557
|
|
|
1,149
|
|
|
2016
|
Baltimore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
22520 Randolph Drive
|
|
Dulles, VA
|
|
—
|
|
|
3,200
|
|
|
8,187
|
|
|
187
|
|
|
3,208
|
|
|
8,366
|
|
|
11,574
|
|
|
2,466
|
|
|
2004
|
22630 Dulles Summit Court
|
|
Dulles, VA
|
|
—
|
|
|
2,200
|
|
|
9,346
|
|
|
(903
|
)
|
|
2,206
|
|
|
8,437
|
|
|
10,643
|
|
|
2,723
|
|
|
2004
|
11204 McCormick Road
|
|
Hunt Valley, MD
|
|
—
|
|
|
1,017
|
|
|
3,132
|
|
|
195
|
|
|
1,038
|
|
|
3,306
|
|
|
4,344
|
|
|
1,776
|
|
|
2005
|
11110 Pepper Road
|
|
Hunt Valley, MD
|
|
—
|
|
|
918
|
|
|
2,529
|
|
|
476
|
|
|
938
|
|
|
2,985
|
|
|
3,923
|
|
|
1,470
|
|
|
2005
|
11100-11120 Gilroy Road
|
|
Hunt Valley, MD
|
|
—
|
|
|
901
|
|
|
1,455
|
|
|
67
|
|
|
919
|
|
|
1,504
|
|
|
2,423
|
|
|
762
|
|
|
2005
|
10709 Gilroy Road
|
|
Hunt Valley, MD
|
|
1,777
|
|
|
913
|
|
|
2,705
|
|
|
(86
|
)
|
|
913
|
|
|
2,619
|
|
|
3,532
|
|
|
1,740
|
|
|
2005
|
10707 Gilroy Road
|
|
Hunt Valley, MD
|
|
—
|
|
|
1,111
|
|
|
3,819
|
|
|
795
|
|
|
1,136
|
|
|
4,589
|
|
|
5,725
|
|
|
2,402
|
|
|
2005
|
38 Loveton Circle
|
|
Sparks, MD
|
|
—
|
|
|
1,648
|
|
|
2,151
|
|
|
(192
|
)
|
|
1,690
|
|
|
1,917
|
|
|
3,607
|
|
|
1,051
|
|
|
2005
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
as of December 31, 2018
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
1225 Bengies Road
|
|
Baltimore, MD
|
|
—
|
|
|
2,640
|
|
|
270
|
|
|
13,331
|
|
|
2,823
|
|
|
13,418
|
|
|
16,241
|
|
|
4,486
|
|
|
2008
|
400 Old Post Road
|
|
Aberdeen, MD
|
|
—
|
|
|
3,411
|
|
|
17,144
|
|
|
1,514
|
|
|
3,411
|
|
|
18,658
|
|
|
22,069
|
|
|
2,614
|
|
|
2015
|
500 Old Post Road
|
|
Aberdeen, MD
|
|
—
|
|
|
5,959
|
|
|
30,533
|
|
|
146
|
|
|
5,959
|
|
|
30,679
|
|
|
36,638
|
|
|
3,926
|
|
|
2015
|
Central/Eastern Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1214-B Freedom Road
|
|
Cranberry Township, PA
|
|
—
|
|
|
31
|
|
|
994
|
|
|
613
|
|
|
200
|
|
|
1,438
|
|
|
1,638
|
|
|
1,385
|
|
|
1994
|
401 Russell Drive
|
|
Middletown, PA
|
|
—
|
|
|
262
|
|
|
857
|
|
|
1,829
|
|
|
287
|
|
|
2,661
|
|
|
2,948
|
|
|
2,243
|
|
|
1994
|
2700 Commerce Drive
|
|
Middletown, PA
|
|
—
|
|
|
196
|
|
|
997
|
|
|
800
|
|
|
206
|
|
|
1,787
|
|
|
1,993
|
|
|
1,587
|
|
|
1994
|
2701 Commerce Drive
|
|
Middletown, PA
|
|
—
|
|
|
141
|
|
|
859
|
|
|
1,399
|
|
|
164
|
|
|
2,235
|
|
|
2,399
|
|
|
1,692
|
|
|
1994
|
2780 Commerce Drive
|
|
Middletown, PA
|
|
—
|
|
|
113
|
|
|
743
|
|
|
1,209
|
|
|
209
|
|
|
1,856
|
|
|
2,065
|
|
|
1,604
|
|
|
1994
|
350 Old Silver Spring Road
|
|
Mechanicsburg, PA
|
|
—
|
|
|
510
|
|
|
2,890
|
|
|
5,936
|
|
|
541
|
|
|
8,795
|
|
|
9,336
|
|
|
4,223
|
|
|
1997
|
16522 Hunters Green Parkway
|
|
Hagerstown, MD
|
|
—
|
|
|
1,390
|
|
|
13,104
|
|
|
5,656
|
|
|
1,863
|
|
|
18,287
|
|
|
20,150
|
|
|
6,151
|
|
|
2003
|
18212 Shawley Drive
|
|
Hagerstown, MD
|
|
—
|
|
|
1,000
|
|
|
5,847
|
|
|
2,800
|
|
|
1,016
|
|
|
8,631
|
|
|
9,647
|
|
|
2,544
|
|
|
2004
|
37 Valley View Drive
|
|
Jessup, PA
|
|
—
|
|
|
542
|
|
|
—
|
|
|
3,205
|
|
|
532
|
|
|
3,215
|
|
|
3,747
|
|
|
1,099
|
|
|
2004
|
14 McFadden Road
|
|
Palmer, PA
|
|
—
|
|
|
600
|
|
|
1,349
|
|
|
(274
|
)
|
|
625
|
|
|
1,050
|
|
|
1,675
|
|
|
401
|
|
|
2004
|
431 Railroad Avenue
|
|
Shiremanstown, PA
|
|
—
|
|
|
1,293
|
|
|
7,164
|
|
|
2,035
|
|
|
1,341
|
|
|
9,151
|
|
|
10,492
|
|
|
5,281
|
|
|
2005
|
6951 Allentown Blvd
|
|
Harrisburg, PA
|
|
—
|
|
|
585
|
|
|
3,176
|
|
|
(27
|
)
|
|
601
|
|
|
3,133
|
|
|
3,734
|
|
|
1,324
|
|
|
2005
|
320 Reliance Road
|
|
Washington, PA
|
|
—
|
|
|
201
|
|
|
1,819
|
|
|
(348
|
)
|
|
178
|
|
|
1,494
|
|
|
1,672
|
|
|
943
|
|
|
2005
|
2801 Red Lion Road
|
|
Philadelphia, PA
|
|
—
|
|
|
950
|
|
|
5,916
|
|
|
7
|
|
|
964
|
|
|
5,909
|
|
|
6,873
|
|
|
3,168
|
|
|
2005
|
1351 Eisenhower Blvd., Bldg. 1
|
|
Harrisburg, PA
|
|
—
|
|
|
382
|
|
|
2,343
|
|
|
3
|
|
|
387
|
|
|
2,341
|
|
|
2,728
|
|
|
855
|
|
|
2006
|
1351 Eisenhower Blvd., Bldg. 2
|
|
Harrisburg, PA
|
|
—
|
|
|
436
|
|
|
1,587
|
|
|
(233
|
)
|
|
443
|
|
|
1,347
|
|
|
1,790
|
|
|
513
|
|
|
2006
|
200 Cascade Drive, Bldg. 1
|
|
Allentown, PA
|
|
—
|
|
|
2,133
|
|
|
17,562
|
|
|
338
|
|
|
2,769
|
|
|
17,264
|
|
|
20,033
|
|
|
7,704
|
|
|
2007
|
200 Cascade Drive, Bldg. 2
|
|
Allentown, PA
|
|
—
|
|
|
310
|
|
|
2,268
|
|
|
68
|
|
|
316
|
|
|
2,330
|
|
|
2,646
|
|
|
907
|
|
|
2007
|
1490 Dennison Circle
|
|
Carlisle, PA
|
|
—
|
|
|
1,500
|
|
|
—
|
|
|
13,198
|
|
|
2,341
|
|
|
12,357
|
|
|
14,698
|
|
|
3,816
|
|
|
2008
|
298 First Avenue
|
|
Covington Twp, PA
|
|
—
|
|
|
7,022
|
|
|
—
|
|
|
57,053
|
|
|
7,019
|
|
|
57,056
|
|
|
64,075
|
|
|
14,712
|
|
|
2008
|
225 Cross Farm Lane
|
|
York, PA
|
|
—
|
|
|
4,718
|
|
|
—
|
|
|
23,163
|
|
|
4,715
|
|
|
23,166
|
|
|
27,881
|
|
|
6,520
|
|
|
2008
|
6300 Bristol Pike
|
|
Levittown, PA
|
|
—
|
|
|
1,074
|
|
|
2,642
|
|
|
(110
|
)
|
|
964
|
|
|
2,642
|
|
|
3,606
|
|
|
2,276
|
|
|
2008
|
2455 Boulevard of Generals
|
|
Norristown, PA
|
|
2,997
|
|
|
1,200
|
|
|
4,800
|
|
|
950
|
|
|
1,226
|
|
|
5,724
|
|
|
6,950
|
|
|
2,370
|
|
|
2008
|
105 Steamboat Blvd
|
|
Manchester, PA
|
|
—
|
|
|
4,085
|
|
|
14,464
|
|
|
11
|
|
|
4,070
|
|
|
14,490
|
|
|
18,560
|
|
|
4,034
|
|
|
2012
|
20 Leo Lane
|
|
York County, PA
|
|
—
|
|
|
6,884
|
|
|
—
|
|
|
27,480
|
|
|
6,889
|
|
|
27,475
|
|
|
34,364
|
|
|
3,411
|
|
|
2013
|
3895 Eastgate Blvd, Bldg. A
|
|
Easton, PA
|
|
—
|
|
|
4,855
|
|
|
—
|
|
|
17,824
|
|
|
4,388
|
|
|
18,291
|
|
|
22,679
|
|
|
1,637
|
|
|
2015
|
3895 Eastgate Blvd, Bldg. B
|
|
Easton, PA
|
|
—
|
|
|
3,459
|
|
|
—
|
|
|
13,818
|
|
|
3,128
|
|
|
14,149
|
|
|
17,277
|
|
|
1,419
|
|
|
2015
|
112 Bordnersville Road
|
|
Jonestown, PA
|
|
—
|
|
|
13,702
|
|
|
—
|
|
|
30,341
|
|
|
13,724
|
|
|
30,319
|
|
|
44,043
|
|
|
179
|
|
|
2018
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2018 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
122 Bordnersville Road
|
|
Jonestown, PA
|
|
—
|
|
|
3,165
|
|
|
—
|
|
|
10,937
|
|
|
3,171
|
|
|
10,931
|
|
|
14,102
|
|
|
—
|
|
|
2018
|
Chicago
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
720-730 Landwehr Drive
|
|
Northbrook, IL
|
|
—
|
|
|
521
|
|
|
2,982
|
|
|
911
|
|
|
521
|
|
|
3,893
|
|
|
4,414
|
|
|
2,201
|
|
|
1994
|
1385 101st Street
|
|
Lemont, IL
|
|
3,465
|
|
|
967
|
|
|
5,554
|
|
|
1,513
|
|
|
968
|
|
|
7,066
|
|
|
8,034
|
|
|
3,907
|
|
|
1994
|
2300 Windsor Court
|
|
Addison, IL
|
|
—
|
|
|
688
|
|
|
3,943
|
|
|
761
|
|
|
696
|
|
|
4,696
|
|
|
5,392
|
|
|
2,660
|
|
|
1994
|
305-311 Era Drive
|
|
Northbrook, IL
|
|
—
|
|
|
200
|
|
|
1,154
|
|
|
1,299
|
|
|
205
|
|
|
2,448
|
|
|
2,653
|
|
|
1,128
|
|
|
1994
|
800 Business Drive
|
|
Mount Prospect, IL
|
|
—
|
|
|
631
|
|
|
3,493
|
|
|
328
|
|
|
666
|
|
|
3,786
|
|
|
4,452
|
|
|
1,720
|
|
|
2000
|
580 Slawin Court
|
|
Mount Prospect, IL
|
|
716
|
|
|
233
|
|
|
1,292
|
|
|
(27
|
)
|
|
162
|
|
|
1,336
|
|
|
1,498
|
|
|
735
|
|
|
2000
|
1005 101st Street
|
|
Lemont, IL
|
|
4,761
|
|
|
1,200
|
|
|
6,643
|
|
|
1,619
|
|
|
1,220
|
|
|
8,242
|
|
|
9,462
|
|
|
3,321
|
|
|
2001
|
175 Wall Street
|
|
Glendale Heights, IL
|
|
1,509
|
|
|
427
|
|
|
2,363
|
|
|
709
|
|
|
433
|
|
|
3,066
|
|
|
3,499
|
|
|
1,113
|
|
|
2002
|
251 Airport Road
|
|
North Aurora, IL
|
|
3,491
|
|
|
983
|
|
|
—
|
|
|
6,403
|
|
|
983
|
|
|
6,403
|
|
|
7,386
|
|
|
2,485
|
|
|
2002
|
400 Crossroads Pkwy
|
|
Bolingbrook, IL
|
|
5,108
|
|
|
1,178
|
|
|
9,453
|
|
|
1,212
|
|
|
1,181
|
|
|
10,662
|
|
|
11,843
|
|
|
4,568
|
|
|
2005
|
7801 W. Industrial Drive
|
|
Forest Park, IL
|
|
—
|
|
|
1,215
|
|
|
3,020
|
|
|
1,314
|
|
|
1,220
|
|
|
4,329
|
|
|
5,549
|
|
|
2,061
|
|
|
2005
|
725 Kimberly Drive
|
|
Carol Stream, IL
|
|
—
|
|
|
793
|
|
|
1,395
|
|
|
255
|
|
|
801
|
|
|
1,642
|
|
|
2,443
|
|
|
894
|
|
|
2005
|
17001 S. Vincennes
|
|
Thornton, IL
|
|
—
|
|
|
497
|
|
|
504
|
|
|
3
|
|
|
513
|
|
|
491
|
|
|
1,004
|
|
|
417
|
|
|
2005
|
2900 W. 166th Street
|
|
Markham, IL
|
|
—
|
|
|
1,132
|
|
|
4,293
|
|
|
(881
|
)
|
|
1,134
|
|
|
3,410
|
|
|
4,544
|
|
|
1,275
|
|
|
2007
|
555 W. Algonquin Road
|
|
Arlington Heights, IL
|
|
1,849
|
|
|
574
|
|
|
741
|
|
|
1,951
|
|
|
579
|
|
|
2,687
|
|
|
3,266
|
|
|
1,086
|
|
|
2007
|
1501 Oakton Street
|
|
Elk Grove Village, IL
|
|
4,843
|
|
|
3,369
|
|
|
6,121
|
|
|
134
|
|
|
3,482
|
|
|
6,142
|
|
|
9,624
|
|
|
2,128
|
|
|
2008
|
16500 W. 103rd Street
|
|
Woodridge, IL
|
|
—
|
|
|
744
|
|
|
2,458
|
|
|
487
|
|
|
762
|
|
|
2,927
|
|
|
3,689
|
|
|
1,089
|
|
|
2008
|
8505 50th Street
|
|
Kenosha, WI
|
|
—
|
|
|
3,212
|
|
|
—
|
|
|
32,956
|
|
|
3,212
|
|
|
32,956
|
|
|
36,168
|
|
|
9,086
|
|
|
2008
|
4100 Rock Creek Blvd
|
|
Joliet, IL
|
|
—
|
|
|
4,476
|
|
|
16,061
|
|
|
807
|
|
|
4,476
|
|
|
16,868
|
|
|
21,344
|
|
|
3,744
|
|
|
2013
|
10100 58th Place
|
|
Kenosha, WI
|
|
—
|
|
|
4,201
|
|
|
17,604
|
|
|
74
|
|
|
4,201
|
|
|
17,678
|
|
|
21,879
|
|
|
3,836
|
|
|
2013
|
401 Airport Road
|
|
North Aurora, IL
|
|
—
|
|
|
534
|
|
|
1,957
|
|
|
12
|
|
|
534
|
|
|
1,969
|
|
|
2,503
|
|
|
381
|
|
|
2014
|
3737 84th Avenue
|
|
Somers, WI
|
|
—
|
|
|
1,943
|
|
|
—
|
|
|
24,116
|
|
|
1,943
|
|
|
24,116
|
|
|
26,059
|
|
|
1,652
|
|
|
2016
|
81 Paragon Drive
|
|
Romeoville, IL
|
|
—
|
|
|
1,787
|
|
|
7,252
|
|
|
1,340
|
|
|
1,787
|
|
|
8,592
|
|
|
10,379
|
|
|
678
|
|
|
2016
|
10680 88th Avenue
|
|
Pleasant Prairie, WI
|
|
—
|
|
|
1,376
|
|
|
4,757
|
|
|
—
|
|
|
1,376
|
|
|
4,757
|
|
|
6,133
|
|
|
234
|
|
|
2017
|
8725 31st Street
|
|
Somers, WI
|
|
—
|
|
|
2,133
|
|
|
—
|
|
|
26,451
|
|
|
2,134
|
|
|
26,450
|
|
|
28,584
|
|
|
1,467
|
|
|
2017
|
3500 Channahon Road
|
|
Joliet, IL
|
|
—
|
|
|
2,595
|
|
|
—
|
|
|
16,729
|
|
|
2,598
|
|
|
16,726
|
|
|
19,324
|
|
|
141
|
|
|
2018
|
Cincinnati
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
4700-4750 Creek Road
|
|
Blue Ash, OH
|
|
—
|
|
|
1,080
|
|
|
6,118
|
|
|
1,508
|
|
|
1,109
|
|
|
7,597
|
|
|
8,706
|
|
|
3,954
|
|
|
1996
|
4436 Muhlhauser Road
|
|
Hamilton, OH
|
|
—
|
|
|
630
|
|
|
—
|
|
|
5,294
|
|
|
630
|
|
|
5,294
|
|
|
5,924
|
|
|
2,102
|
|
|
2002
|
4438 Muhlhauser Road
|
|
Hamilton, OH
|
|
—
|
|
|
779
|
|
|
—
|
|
|
6,407
|
|
|
779
|
|
|
6,407
|
|
|
7,186
|
|
|
2,606
|
|
|
2002
|
420 Wards Corner Road
|
|
Loveland, OH
|
|
—
|
|
|
600
|
|
|
1,083
|
|
|
1,165
|
|
|
606
|
|
|
2,242
|
|
|
2,848
|
|
|
944
|
|
|
2003
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2018 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
422 Wards Corner Road
|
|
Loveland, OH
|
|
—
|
|
|
600
|
|
|
1,811
|
|
|
443
|
|
|
592
|
|
|
2,262
|
|
|
2,854
|
|
|
878
|
|
|
2003
|
4663 Dues Drive
|
|
Westchester, OH
|
|
—
|
|
|
858
|
|
|
2,273
|
|
|
606
|
|
|
875
|
|
|
2,862
|
|
|
3,737
|
|
|
1,859
|
|
|
2005
|
9345 Princeton-Glendale Road
|
|
Westchester, OH
|
|
1,228
|
|
|
818
|
|
|
1,648
|
|
|
380
|
|
|
840
|
|
|
2,006
|
|
|
2,846
|
|
|
1,678
|
|
|
2006
|
9525 Glades Drive
|
|
Westchester, OH
|
|
—
|
|
|
347
|
|
|
1,323
|
|
|
240
|
|
|
355
|
|
|
1,555
|
|
|
1,910
|
|
|
669
|
|
|
2007
|
9774-9792 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
392
|
|
|
1,744
|
|
|
163
|
|
|
394
|
|
|
1,905
|
|
|
2,299
|
|
|
534
|
|
|
2007
|
9808-9830 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
395
|
|
|
2,541
|
|
|
447
|
|
|
397
|
|
|
2,986
|
|
|
3,383
|
|
|
1,063
|
|
|
2007
|
9842-9862 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
506
|
|
|
3,148
|
|
|
202
|
|
|
508
|
|
|
3,348
|
|
|
3,856
|
|
|
1,165
|
|
|
2007
|
9872-9898 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
546
|
|
|
3,039
|
|
|
285
|
|
|
548
|
|
|
3,322
|
|
|
3,870
|
|
|
1,254
|
|
|
2007
|
9902-9922 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
623
|
|
|
4,003
|
|
|
1,104
|
|
|
627
|
|
|
5,103
|
|
|
5,730
|
|
|
2,408
|
|
|
2007
|
Cleveland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
30311 Emerald Valley Parkway
|
|
Glenwillow, OH
|
|
6,203
|
|
|
681
|
|
|
11,838
|
|
|
603
|
|
|
691
|
|
|
12,431
|
|
|
13,122
|
|
|
5,315
|
|
|
2006
|
30333 Emerald Valley Parkway
|
|
Glenwillow, OH
|
|
—
|
|
|
466
|
|
|
5,447
|
|
|
(615
|
)
|
|
475
|
|
|
4,823
|
|
|
5,298
|
|
|
1,898
|
|
|
2006
|
7800 Cochran Road
|
|
Glenwillow, OH
|
|
3,598
|
|
|
972
|
|
|
7,033
|
|
|
338
|
|
|
991
|
|
|
7,352
|
|
|
8,343
|
|
|
3,145
|
|
|
2006
|
7900 Cochran Road
|
|
Glenwillow, OH
|
|
3,382
|
|
|
775
|
|
|
6,244
|
|
|
137
|
|
|
792
|
|
|
6,364
|
|
|
7,156
|
|
|
2,789
|
|
|
2006
|
7905 Cochran Road
|
|
Glenwillow, OH
|
|
3,627
|
|
|
920
|
|
|
6,174
|
|
|
114
|
|
|
922
|
|
|
6,286
|
|
|
7,208
|
|
|
2,464
|
|
|
2006
|
8181 Darrow Road
|
|
Twinsburg, OH
|
|
—
|
|
|
2,478
|
|
|
6,791
|
|
|
465
|
|
|
2,496
|
|
|
7,238
|
|
|
9,734
|
|
|
3,825
|
|
|
2008
|
Dallas/Ft. Worth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2406-2416 Walnut Ridge
|
|
Dallas, TX
|
|
—
|
|
|
178
|
|
|
1,006
|
|
|
1,140
|
|
|
172
|
|
|
2,152
|
|
|
2,324
|
|
|
743
|
|
|
1997
|
2401-2419 Walnut Ridge
|
|
Dallas, TX
|
|
—
|
|
|
148
|
|
|
839
|
|
|
416
|
|
|
142
|
|
|
1,261
|
|
|
1,403
|
|
|
615
|
|
|
1997
|
900-906 Great Southwest Parkway
|
|
Arlington, TX
|
|
—
|
|
|
237
|
|
|
1,342
|
|
|
479
|
|
|
270
|
|
|
1,788
|
|
|
2,058
|
|
|
893
|
|
|
1997
|
3000 West Commerce
|
|
Dallas, TX
|
|
—
|
|
|
456
|
|
|
2,584
|
|
|
1,156
|
|
|
469
|
|
|
3,727
|
|
|
4,196
|
|
|
1,959
|
|
|
1997
|
405-407 113th
|
|
Arlington, TX
|
|
—
|
|
|
181
|
|
|
1,026
|
|
|
456
|
|
|
185
|
|
|
1,478
|
|
|
1,663
|
|
|
717
|
|
|
1997
|
816 111th Street
|
|
Arlington, TX
|
|
—
|
|
|
251
|
|
|
1,421
|
|
|
172
|
|
|
258
|
|
|
1,586
|
|
|
1,844
|
|
|
796
|
|
|
1997
|
1602-1654 Terre Colony
|
|
Dallas, TX
|
|
—
|
|
|
458
|
|
|
2,596
|
|
|
864
|
|
|
468
|
|
|
3,450
|
|
|
3,918
|
|
|
1,559
|
|
|
2000
|
2220 Merritt Drive
|
|
Garland, TX
|
|
—
|
|
|
352
|
|
|
1,993
|
|
|
407
|
|
|
316
|
|
|
2,436
|
|
|
2,752
|
|
|
987
|
|
|
2000
|
2485-2505 Merritt Drive
|
|
Garland, TX
|
|
—
|
|
|
431
|
|
|
2,440
|
|
|
546
|
|
|
443
|
|
|
2,974
|
|
|
3,417
|
|
|
1,282
|
|
|
2000
|
2110 Hutton Drive
|
|
Carrolton, TX
|
|
—
|
|
|
374
|
|
|
2,117
|
|
|
404
|
|
|
255
|
|
|
2,640
|
|
|
2,895
|
|
|
1,312
|
|
|
2001
|
2025 McKenzie Drive
|
|
Carrolton, TX
|
|
—
|
|
|
437
|
|
|
2,478
|
|
|
568
|
|
|
442
|
|
|
3,041
|
|
|
3,483
|
|
|
1,238
|
|
|
2001
|
2019 McKenzie Drive
|
|
Carrolton, TX
|
|
—
|
|
|
502
|
|
|
2,843
|
|
|
625
|
|
|
507
|
|
|
3,463
|
|
|
3,970
|
|
|
1,372
|
|
|
2001
|
2029-2035 McKenzie Drive
|
|
Carrolton, TX
|
|
—
|
|
|
306
|
|
|
1,870
|
|
|
356
|
|
|
306
|
|
|
2,226
|
|
|
2,532
|
|
|
928
|
|
|
2001
|
2015 McKenzie Drive
|
|
Carrolton, TX
|
|
1,830
|
|
|
510
|
|
|
2,891
|
|
|
471
|
|
|
516
|
|
|
3,356
|
|
|
3,872
|
|
|
1,497
|
|
|
2001
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2018 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
2009 McKenzie Drive
|
|
Carrolton, TX
|
|
1,734
|
|
|
476
|
|
|
2,699
|
|
|
494
|
|
|
481
|
|
|
3,188
|
|
|
3,669
|
|
|
1,389
|
|
|
2001
|
900-1100 Avenue S
|
|
Grand Prairie, TX
|
|
—
|
|
|
623
|
|
|
3,528
|
|
|
1,118
|
|
|
629
|
|
|
4,640
|
|
|
5,269
|
|
|
1,749
|
|
|
2002
|
Plano Crossing Bus. Park
|
|
Plano, TX
|
|
6,682
|
|
|
1,961
|
|
|
11,112
|
|
|
1,062
|
|
|
1,981
|
|
|
12,154
|
|
|
14,135
|
|
|
4,912
|
|
|
2002
|
825-827 Avenue H
|
|
Arlington, TX
|
|
2,012
|
|
|
600
|
|
|
3,006
|
|
|
393
|
|
|
604
|
|
|
3,395
|
|
|
3,999
|
|
|
1,703
|
|
|
2004
|
1013-31 Avenue M
|
|
Grand Prairie, TX
|
|
—
|
|
|
300
|
|
|
1,504
|
|
|
257
|
|
|
302
|
|
|
1,759
|
|
|
2,061
|
|
|
811
|
|
|
2004
|
1172-84 113th Street
|
|
Grand Prairie, TX
|
|
—
|
|
|
700
|
|
|
3,509
|
|
|
(40
|
)
|
|
704
|
|
|
3,465
|
|
|
4,169
|
|
|
1,393
|
|
|
2004
|
1200-16 Avenue H
|
|
Arlington, TX
|
|
—
|
|
|
600
|
|
|
2,846
|
|
|
852
|
|
|
604
|
|
|
3,694
|
|
|
4,298
|
|
|
1,412
|
|
|
2004
|
1322-66 W. North Carrier Parkway
|
|
Grand Prairie, TX
|
|
3,776
|
|
|
1,000
|
|
|
5,012
|
|
|
1,491
|
|
|
1,006
|
|
|
6,497
|
|
|
7,503
|
|
|
2,662
|
|
|
2004
|
2401-2407 Centennial Drive
|
|
Arlington, TX
|
|
1,781
|
|
|
600
|
|
|
2,534
|
|
|
634
|
|
|
604
|
|
|
3,164
|
|
|
3,768
|
|
|
1,485
|
|
|
2004
|
3111 West Commerce Street
|
|
Dallas, TX
|
|
3,111
|
|
|
1,000
|
|
|
3,364
|
|
|
1,818
|
|
|
1,011
|
|
|
5,171
|
|
|
6,182
|
|
|
2,483
|
|
|
2004
|
13800 Senlac Drive
|
|
Farmers Branch, TX
|
|
2,416
|
|
|
823
|
|
|
4,042
|
|
|
(63
|
)
|
|
825
|
|
|
3,977
|
|
|
4,802
|
|
|
2,003
|
|
|
2005
|
801-831 S Great Southwest Parkway
|
|
Grand Prairie, TX
|
|
—
|
|
|
2,581
|
|
|
16,556
|
|
|
367
|
|
|
2,586
|
|
|
16,918
|
|
|
19,504
|
|
|
11,279
|
|
|
2005
|
801 Heinz Way
|
|
Grand Prairie, TX
|
|
—
|
|
|
599
|
|
|
3,327
|
|
|
339
|
|
|
601
|
|
|
3,664
|
|
|
4,265
|
|
|
1,901
|
|
|
2005
|
901-937 Heinz Way
|
|
Grand Prairie, TX
|
|
—
|
|
|
493
|
|
|
2,758
|
|
|
56
|
|
|
481
|
|
|
2,826
|
|
|
3,307
|
|
|
1,628
|
|
|
2005
|
3301 Century Circle
|
|
Irving, TX
|
|
—
|
|
|
760
|
|
|
3,856
|
|
|
(142
|
)
|
|
771
|
|
|
3,703
|
|
|
4,474
|
|
|
1,260
|
|
|
2007
|
3901 W Miller Road
|
|
Garland, TX
|
|
—
|
|
|
1,912
|
|
|
—
|
|
|
15,135
|
|
|
1,947
|
|
|
15,100
|
|
|
17,047
|
|
|
4,926
|
|
|
2008
|
1251 North Cockrell Hill Road
|
|
Dallas, TX
|
|
—
|
|
|
2,064
|
|
|
—
|
|
|
13,553
|
|
|
1,073
|
|
|
14,544
|
|
|
15,617
|
|
|
1,625
|
|
|
2015
|
1171 North Cockrell Hill Road
|
|
Dallas, TX
|
|
—
|
|
|
1,215
|
|
|
—
|
|
|
10,972
|
|
|
632
|
|
|
11,555
|
|
|
12,187
|
|
|
1,171
|
|
|
2015
|
3996 Scientific Drive
|
|
Arlington, TX
|
|
—
|
|
|
1,301
|
|
|
—
|
|
|
8,082
|
|
|
1,349
|
|
|
8,034
|
|
|
9,383
|
|
|
1,147
|
|
|
2015
|
750 Gateway Boulevard
|
|
Coppell, TX
|
|
—
|
|
|
1,452
|
|
|
4,679
|
|
|
80
|
|
|
1,452
|
|
|
4,759
|
|
|
6,211
|
|
|
556
|
|
|
2015
|
2250 East Bardin Road
|
|
Arlington, TX
|
|
—
|
|
|
1,603
|
|
|
—
|
|
|
10,465
|
|
|
1,603
|
|
|
10,465
|
|
|
12,068
|
|
|
1,041
|
|
|
2016
|
Denver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
4785 Elati
|
|
Denver, CO
|
|
—
|
|
|
173
|
|
|
981
|
|
|
396
|
|
|
175
|
|
|
1,375
|
|
|
1,550
|
|
|
586
|
|
|
1997
|
4770 Fox Street
|
|
Denver, CO
|
|
—
|
|
|
132
|
|
|
750
|
|
|
321
|
|
|
134
|
|
|
1,069
|
|
|
1,203
|
|
|
492
|
|
|
1997
|
3851-3871 Revere
|
|
Denver, CO
|
|
—
|
|
|
361
|
|
|
2,047
|
|
|
483
|
|
|
368
|
|
|
2,523
|
|
|
2,891
|
|
|
1,291
|
|
|
1997
|
4570 Ivy Street
|
|
Denver, CO
|
|
—
|
|
|
219
|
|
|
1,239
|
|
|
111
|
|
|
220
|
|
|
1,349
|
|
|
1,569
|
|
|
702
|
|
|
1997
|
5855 Stapleton Drive North
|
|
Denver, CO
|
|
—
|
|
|
288
|
|
|
1,630
|
|
|
183
|
|
|
290
|
|
|
1,811
|
|
|
2,101
|
|
|
952
|
|
|
1997
|
5885 Stapleton Drive North
|
|
Denver, CO
|
|
—
|
|
|
376
|
|
|
2,129
|
|
|
327
|
|
|
380
|
|
|
2,452
|
|
|
2,832
|
|
|
1,285
|
|
|
1997
|
5977 North Broadway
|
|
Denver, CO
|
|
—
|
|
|
268
|
|
|
1,518
|
|
|
518
|
|
|
271
|
|
|
2,033
|
|
|
2,304
|
|
|
1,005
|
|
|
1997
|
5952-5978 North Broadway
|
|
Denver, CO
|
|
—
|
|
|
414
|
|
|
2,346
|
|
|
704
|
|
|
422
|
|
|
3,042
|
|
|
3,464
|
|
|
1,552
|
|
|
1997
|
4721 Ironton Street
|
|
Denver, CO
|
|
—
|
|
|
232
|
|
|
1,313
|
|
|
352
|
|
|
236
|
|
|
1,661
|
|
|
1,897
|
|
|
831
|
|
|
1997
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2018 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
7003 E 47th Ave Drive
|
|
Denver, CO
|
|
—
|
|
|
441
|
|
|
2,689
|
|
|
19
|
|
|
441
|
|
|
2,708
|
|
|
3,149
|
|
|
1,472
|
|
|
1997
|
9500 West 49th Street - A
|
|
Wheatridge, CO
|
|
992
|
|
|
283
|
|
|
1,625
|
|
|
189
|
|
|
287
|
|
|
1,810
|
|
|
2,097
|
|
|
947
|
|
|
1997
|
9500 West 49th Street - B
|
|
Wheatridge, CO
|
|
822
|
|
|
225
|
|
|
1,272
|
|
|
241
|
|
|
227
|
|
|
1,511
|
|
|
1,738
|
|
|
739
|
|
|
1997
|
9500 West 49th Street - C
|
|
Wheatridge, CO
|
|
2,131
|
|
|
600
|
|
|
3,409
|
|
|
498
|
|
|
601
|
|
|
3,906
|
|
|
4,507
|
|
|
2,022
|
|
|
1997
|
9500 West 49th Street - D
|
|
Wheatridge, CO
|
|
1,029
|
|
|
246
|
|
|
1,537
|
|
|
394
|
|
|
247
|
|
|
1,930
|
|
|
2,177
|
|
|
1,013
|
|
|
1997
|
451-591 East 124th Avenue
|
|
Thornton, CO
|
|
—
|
|
|
383
|
|
|
2,145
|
|
|
392
|
|
|
383
|
|
|
2,537
|
|
|
2,920
|
|
|
1,371
|
|
|
1997
|
6547 South Racine Circle
|
|
Centennial, CO
|
|
2,614
|
|
|
739
|
|
|
4,241
|
|
|
486
|
|
|
739
|
|
|
4,727
|
|
|
5,466
|
|
|
2,384
|
|
|
1997
|
11701 East 53rd Avenue
|
|
Denver, CO
|
|
—
|
|
|
416
|
|
|
2,355
|
|
|
297
|
|
|
422
|
|
|
2,646
|
|
|
3,068
|
|
|
1,372
|
|
|
1997
|
5401 Oswego
|
|
Denver, CO
|
|
—
|
|
|
273
|
|
|
1,547
|
|
|
234
|
|
|
278
|
|
|
1,776
|
|
|
2,054
|
|
|
942
|
|
|
1997
|
445 Bryant Street
|
|
Denver, CO
|
|
7,511
|
|
|
1,829
|
|
|
10,219
|
|
|
2,878
|
|
|
1,829
|
|
|
13,097
|
|
|
14,926
|
|
|
6,083
|
|
|
1998
|
12055 E 49th Ave/4955 Peoria
|
|
Denver, CO
|
|
—
|
|
|
298
|
|
|
1,688
|
|
|
505
|
|
|
305
|
|
|
2,186
|
|
|
2,491
|
|
|
1,066
|
|
|
1998
|
4940-4950 Paris
|
|
Denver, CO
|
|
—
|
|
|
152
|
|
|
861
|
|
|
260
|
|
|
156
|
|
|
1,117
|
|
|
1,273
|
|
|
529
|
|
|
1998
|
7367 South Revere Parkway
|
|
Centennial, CO
|
|
—
|
|
|
926
|
|
|
5,124
|
|
|
1,196
|
|
|
934
|
|
|
6,312
|
|
|
7,246
|
|
|
3,114
|
|
|
1998
|
8200 East Park Meadows Drive
|
|
Lone Tree, CO
|
|
4,955
|
|
|
1,297
|
|
|
7,348
|
|
|
1,202
|
|
|
1,304
|
|
|
8,543
|
|
|
9,847
|
|
|
3,682
|
|
|
2000
|
3250 Quentin Street
|
|
Aurora, CO
|
|
—
|
|
|
1,220
|
|
|
6,911
|
|
|
897
|
|
|
1,230
|
|
|
7,798
|
|
|
9,028
|
|
|
3,445
|
|
|
2000
|
8020 Southpark Circle
|
|
Littleton, CO
|
|
—
|
|
|
739
|
|
|
—
|
|
|
3,170
|
|
|
781
|
|
|
3,128
|
|
|
3,909
|
|
|
1,276
|
|
|
2000
|
8810 W. 116th Circle
|
|
Broomfield, CO
|
|
—
|
|
|
312
|
|
|
—
|
|
|
1,789
|
|
|
370
|
|
|
1,731
|
|
|
2,101
|
|
|
718
|
|
|
2001
|
8820 W. 116th Circle
|
|
Broomfield, CO
|
|
—
|
|
|
338
|
|
|
1,918
|
|
|
343
|
|
|
372
|
|
|
2,227
|
|
|
2,599
|
|
|
887
|
|
|
2003
|
8835 W. 116th Circle
|
|
Broomfield, CO
|
|
—
|
|
|
1,151
|
|
|
6,523
|
|
|
1,139
|
|
|
1,304
|
|
|
7,509
|
|
|
8,813
|
|
|
3,081
|
|
|
2003
|
18150 E. 32nd Place
|
|
Aurora, CO
|
|
—
|
|
|
563
|
|
|
3,188
|
|
|
175
|
|
|
572
|
|
|
3,354
|
|
|
3,926
|
|
|
1,401
|
|
|
2004
|
3400 Fraser Street
|
|
Aurora, CO
|
|
1,948
|
|
|
616
|
|
|
3,593
|
|
|
(134
|
)
|
|
620
|
|
|
3,455
|
|
|
4,075
|
|
|
1,439
|
|
|
2005
|
7005 E. 46th Avenue Drive
|
|
Denver, CO
|
|
1,323
|
|
|
512
|
|
|
2,025
|
|
|
229
|
|
|
517
|
|
|
2,249
|
|
|
2,766
|
|
|
830
|
|
|
2005
|
4001 Salazar Way
|
|
Frederick, CO
|
|
3,340
|
|
|
1,271
|
|
|
6,508
|
|
|
(713
|
)
|
|
1,276
|
|
|
5,790
|
|
|
7,066
|
|
|
1,996
|
|
|
2006
|
5909-5915 N. Broadway
|
|
Denver, CO
|
|
—
|
|
|
495
|
|
|
1,268
|
|
|
129
|
|
|
500
|
|
|
1,392
|
|
|
1,892
|
|
|
856
|
|
|
2006
|
21301 E. 33rd Drive
|
|
Aurora, CO
|
|
6,526
|
|
|
2,860
|
|
|
8,202
|
|
|
924
|
|
|
2,859
|
|
|
9,127
|
|
|
11,986
|
|
|
821
|
|
|
2017
|
Detroit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
47461 Clipper
|
|
Plymouth Township, MI
|
|
—
|
|
|
122
|
|
|
723
|
|
|
159
|
|
|
122
|
|
|
882
|
|
|
1,004
|
|
|
498
|
|
|
1994
|
449 Executive Drive
|
|
Troy, MI
|
|
—
|
|
|
125
|
|
|
425
|
|
|
984
|
|
|
218
|
|
|
1,316
|
|
|
1,534
|
|
|
1,220
|
|
|
1994
|
1416 Meijer Drive
|
|
Troy, MI
|
|
—
|
|
|
94
|
|
|
394
|
|
|
477
|
|
|
121
|
|
|
844
|
|
|
965
|
|
|
725
|
|
|
1994
|
1624 Meijer Drive
|
|
Troy, MI
|
|
—
|
|
|
236
|
|
|
1,406
|
|
|
1,093
|
|
|
373
|
|
|
2,362
|
|
|
2,735
|
|
|
2,241
|
|
|
1994
|
1972 Meijer Drive
|
|
Troy, MI
|
|
—
|
|
|
315
|
|
|
1,301
|
|
|
787
|
|
|
372
|
|
|
2,031
|
|
|
2,403
|
|
|
1,859
|
|
|
1994
|
1707 Northwood Drive
|
|
Troy, MI
|
|
—
|
|
|
95
|
|
|
262
|
|
|
1,409
|
|
|
239
|
|
|
1,527
|
|
|
1,766
|
|
|
1,352
|
|
|
1994
|
1826 Northwood Drive
|
|
Troy, MI
|
|
—
|
|
|
55
|
|
|
208
|
|
|
472
|
|
|
103
|
|
|
632
|
|
|
735
|
|
|
566
|
|
|
1994
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2018 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
1864 Northwood Drive
|
|
Troy, MI
|
|
—
|
|
|
57
|
|
|
190
|
|
|
489
|
|
|
107
|
|
|
629
|
|
|
736
|
|
|
580
|
|
|
1994
|
2730 Research Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
903
|
|
|
4,215
|
|
|
831
|
|
|
903
|
|
|
5,046
|
|
|
5,949
|
|
|
4,707
|
|
|
1994
|
2791 Research Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
557
|
|
|
2,731
|
|
|
687
|
|
|
560
|
|
|
3,415
|
|
|
3,975
|
|
|
2,810
|
|
|
1994
|
2871 Research Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
324
|
|
|
1,487
|
|
|
412
|
|
|
327
|
|
|
1,896
|
|
|
2,223
|
|
|
1,610
|
|
|
1994
|
2870 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
275
|
|
|
1,262
|
|
|
356
|
|
|
279
|
|
|
1,614
|
|
|
1,893
|
|
|
1,488
|
|
|
1994
|
2900 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
214
|
|
|
977
|
|
|
723
|
|
|
219
|
|
|
1,695
|
|
|
1,914
|
|
|
1,153
|
|
|
1994
|
2930 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
131
|
|
|
594
|
|
|
432
|
|
|
138
|
|
|
1,019
|
|
|
1,157
|
|
|
802
|
|
|
1994
|
2950 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
178
|
|
|
819
|
|
|
368
|
|
|
185
|
|
|
1,180
|
|
|
1,365
|
|
|
986
|
|
|
1994
|
23014 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
39
|
|
|
203
|
|
|
189
|
|
|
56
|
|
|
375
|
|
|
431
|
|
|
346
|
|
|
1994
|
23035 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
71
|
|
|
355
|
|
|
291
|
|
|
93
|
|
|
624
|
|
|
717
|
|
|
544
|
|
|
1994
|
23093 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
211
|
|
|
1,024
|
|
|
1,337
|
|
|
295
|
|
|
2,277
|
|
|
2,572
|
|
|
1,982
|
|
|
1994
|
23135 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
146
|
|
|
701
|
|
|
312
|
|
|
158
|
|
|
1,001
|
|
|
1,159
|
|
|
936
|
|
|
1994
|
23163 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
111
|
|
|
513
|
|
|
393
|
|
|
138
|
|
|
879
|
|
|
1,017
|
|
|
819
|
|
|
1994
|
23177 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
175
|
|
|
1,007
|
|
|
689
|
|
|
254
|
|
|
1,617
|
|
|
1,871
|
|
|
1,496
|
|
|
1994
|
4400 Purks Drive
|
|
Auburn Hills, MI
|
|
—
|
|
|
602
|
|
|
3,410
|
|
|
3,774
|
|
|
612
|
|
|
7,174
|
|
|
7,786
|
|
|
3,730
|
|
|
1995
|
12707 Eckles Road
|
|
Plymouth Township, MI
|
|
—
|
|
|
255
|
|
|
1,445
|
|
|
241
|
|
|
267
|
|
|
1,674
|
|
|
1,941
|
|
|
896
|
|
|
1996
|
32975 Capitol Avenue
|
|
Livonia, MI
|
|
—
|
|
|
135
|
|
|
748
|
|
|
(65
|
)
|
|
77
|
|
|
741
|
|
|
818
|
|
|
362
|
|
|
1998
|
11923 Brookfield Avenue
|
|
Livonia, MI
|
|
—
|
|
|
120
|
|
|
665
|
|
|
(306
|
)
|
|
32
|
|
|
447
|
|
|
479
|
|
|
305
|
|
|
1998
|
47711 Clipper Street
|
|
Plymouth Township, MI
|
|
—
|
|
|
539
|
|
|
2,983
|
|
|
579
|
|
|
575
|
|
|
3,526
|
|
|
4,101
|
|
|
1,733
|
|
|
1998
|
12874 Westmore Avenue
|
|
Livonia, MI
|
|
—
|
|
|
137
|
|
|
761
|
|
|
(234
|
)
|
|
58
|
|
|
606
|
|
|
664
|
|
|
369
|
|
|
1998
|
1775 Bellingham
|
|
Troy, MI
|
|
—
|
|
|
344
|
|
|
1,902
|
|
|
439
|
|
|
367
|
|
|
2,318
|
|
|
2,685
|
|
|
1,119
|
|
|
1998
|
1785 East Maple
|
|
Troy, MI
|
|
—
|
|
|
92
|
|
|
507
|
|
|
210
|
|
|
98
|
|
|
711
|
|
|
809
|
|
|
341
|
|
|
1998
|
980 Chicago Road
|
|
Troy, MI
|
|
—
|
|
|
206
|
|
|
1,141
|
|
|
333
|
|
|
220
|
|
|
1,460
|
|
|
1,680
|
|
|
706
|
|
|
1998
|
1885 Enterprise Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
209
|
|
|
1,158
|
|
|
589
|
|
|
223
|
|
|
1,733
|
|
|
1,956
|
|
|
945
|
|
|
1998
|
1935-55 Enterprise Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
1,285
|
|
|
7,144
|
|
|
1,342
|
|
|
1,371
|
|
|
8,400
|
|
|
9,771
|
|
|
4,244
|
|
|
1998
|
5500 Enterprise Court
|
|
Warren, MI
|
|
—
|
|
|
675
|
|
|
3,737
|
|
|
772
|
|
|
721
|
|
|
4,463
|
|
|
5,184
|
|
|
2,227
|
|
|
1998
|
750 Chicago Road
|
|
Troy, MI
|
|
—
|
|
|
323
|
|
|
1,790
|
|
|
404
|
|
|
345
|
|
|
2,172
|
|
|
2,517
|
|
|
1,107
|
|
|
1998
|
800 Chicago Road
|
|
Troy, MI
|
|
—
|
|
|
283
|
|
|
1,567
|
|
|
380
|
|
|
302
|
|
|
1,928
|
|
|
2,230
|
|
|
963
|
|
|
1998
|
850 Chicago Road
|
|
Troy, MI
|
|
—
|
|
|
183
|
|
|
1,016
|
|
|
279
|
|
|
196
|
|
|
1,282
|
|
|
1,478
|
|
|
623
|
|
|
1998
|
4872 S. Lapeer Road
|
|
Lake Orion Twsp, MI
|
|
—
|
|
|
1,342
|
|
|
5,441
|
|
|
481
|
|
|
1,412
|
|
|
5,852
|
|
|
7,264
|
|
|
2,884
|
|
|
1999
|
1400 Allen Drive
|
|
Troy, MI
|
|
—
|
|
|
209
|
|
|
1,154
|
|
|
393
|
|
|
212
|
|
|
1,544
|
|
|
1,756
|
|
|
658
|
|
|
2000
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2018 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
1408 Allen Drive
|
|
Troy, MI
|
|
—
|
|
|
151
|
|
|
834
|
|
|
104
|
|
|
153
|
|
|
936
|
|
|
1,089
|
|
|
416
|
|
|
2000
|
28435 Automation Blvd
|
|
Wixom, MI
|
|
—
|
|
|
621
|
|
|
—
|
|
|
3,661
|
|
|
628
|
|
|
3,654
|
|
|
4,282
|
|
|
1,284
|
|
|
2004
|
32200 North Avis Drive
|
|
Madison Heights, MI
|
|
—
|
|
|
503
|
|
|
3,367
|
|
|
(921
|
)
|
|
195
|
|
|
2,754
|
|
|
2,949
|
|
|
917
|
|
|
2005
|
100 Kay Industrial Drive
|
|
Orion Township, MI
|
|
—
|
|
|
677
|
|
|
2,018
|
|
|
175
|
|
|
685
|
|
|
2,185
|
|
|
2,870
|
|
|
1,263
|
|
|
2005
|
42555 Merrill Road
|
|
Sterling Heights, MI
|
|
—
|
|
|
1,080
|
|
|
2,300
|
|
|
3,415
|
|
|
1,090
|
|
|
5,705
|
|
|
6,795
|
|
|
2,842
|
|
|
2006
|
200 Northpointe Drive
|
|
Orion Township, MI
|
|
—
|
|
|
723
|
|
|
2,063
|
|
|
(456
|
)
|
|
734
|
|
|
1,596
|
|
|
2,330
|
|
|
748
|
|
|
2006
|
Houston
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
3351 Rauch Street
|
|
Houston, TX
|
|
—
|
|
|
272
|
|
|
1,541
|
|
|
641
|
|
|
278
|
|
|
2,176
|
|
|
2,454
|
|
|
1,019
|
|
|
1997
|
3801-3851 Yale Street
|
|
Houston, TX
|
|
—
|
|
|
413
|
|
|
2,343
|
|
|
1,499
|
|
|
425
|
|
|
3,830
|
|
|
4,255
|
|
|
1,603
|
|
|
1997
|
3337-3347 Rauch Street
|
|
Houston, TX
|
|
—
|
|
|
227
|
|
|
1,287
|
|
|
444
|
|
|
233
|
|
|
1,725
|
|
|
1,958
|
|
|
813
|
|
|
1997
|
8505 North Loop East
|
|
Houston, TX
|
|
—
|
|
|
439
|
|
|
2,489
|
|
|
613
|
|
|
449
|
|
|
3,092
|
|
|
3,541
|
|
|
1,535
|
|
|
1997
|
4749-4799 Eastpark Drive
|
|
Houston, TX
|
|
—
|
|
|
594
|
|
|
3,368
|
|
|
1,220
|
|
|
611
|
|
|
4,571
|
|
|
5,182
|
|
|
2,317
|
|
|
1997
|
4851 Homestead Road
|
|
Houston, TX
|
|
2,198
|
|
|
491
|
|
|
2,782
|
|
|
1,377
|
|
|
504
|
|
|
4,146
|
|
|
4,650
|
|
|
2,055
|
|
|
1997
|
3365-3385 Rauch Street
|
|
Houston, TX
|
|
—
|
|
|
284
|
|
|
1,611
|
|
|
486
|
|
|
290
|
|
|
2,091
|
|
|
2,381
|
|
|
999
|
|
|
1997
|
5050 Campbell Road
|
|
Houston, TX
|
|
—
|
|
|
461
|
|
|
2,610
|
|
|
1,078
|
|
|
470
|
|
|
3,679
|
|
|
4,149
|
|
|
1,790
|
|
|
1997
|
4300 Pine Timbers
|
|
Houston, TX
|
|
2,235
|
|
|
489
|
|
|
2,769
|
|
|
1,183
|
|
|
499
|
|
|
3,942
|
|
|
4,441
|
|
|
1,844
|
|
|
1997
|
2500-2530 Fairway Park Drive
|
|
Houston, TX
|
|
—
|
|
|
766
|
|
|
4,342
|
|
|
2,200
|
|
|
792
|
|
|
6,516
|
|
|
7,308
|
|
|
2,866
|
|
|
1997
|
6550 Longpointe
|
|
Houston, TX
|
|
—
|
|
|
362
|
|
|
2,050
|
|
|
924
|
|
|
370
|
|
|
2,966
|
|
|
3,336
|
|
|
1,399
|
|
|
1997
|
1815 Turning Basin Drive
|
|
Houston, TX
|
|
—
|
|
|
487
|
|
|
2,761
|
|
|
2,105
|
|
|
531
|
|
|
4,822
|
|
|
5,353
|
|
|
2,106
|
|
|
1997
|
1819 Turning Basin Drive
|
|
Houston, TX
|
|
—
|
|
|
231
|
|
|
1,308
|
|
|
899
|
|
|
251
|
|
|
2,187
|
|
|
2,438
|
|
|
1,007
|
|
|
1997
|
1805 Turning Basin Drive
|
|
Houston, TX
|
|
—
|
|
|
564
|
|
|
3,197
|
|
|
2,699
|
|
|
616
|
|
|
5,844
|
|
|
6,460
|
|
|
2,698
|
|
|
1997
|
11505 State Highway 225
|
|
La Porte, TX
|
|
—
|
|
|
940
|
|
|
4,675
|
|
|
10
|
|
|
940
|
|
|
4,685
|
|
|
5,625
|
|
|
1,785
|
|
|
2005
|
1500 East Main Street
|
|
La Porte, TX
|
|
—
|
|
|
201
|
|
|
1,328
|
|
|
(91
|
)
|
|
204
|
|
|
1,234
|
|
|
1,438
|
|
|
1,147
|
|
|
2005
|
7230-7238 Wynnwood
|
|
Houston, TX
|
|
—
|
|
|
254
|
|
|
764
|
|
|
249
|
|
|
259
|
|
|
1,008
|
|
|
1,267
|
|
|
602
|
|
|
2007
|
7240-7248 Wynnwood
|
|
Houston, TX
|
|
—
|
|
|
271
|
|
|
726
|
|
|
333
|
|
|
276
|
|
|
1,054
|
|
|
1,330
|
|
|
556
|
|
|
2007
|
7250-7260 Wynnwood
|
|
Houston, TX
|
|
—
|
|
|
200
|
|
|
481
|
|
|
1,501
|
|
|
203
|
|
|
1,979
|
|
|
2,182
|
|
|
690
|
|
|
2007
|
6400 Long Point
|
|
Houston, TX
|
|
—
|
|
|
188
|
|
|
898
|
|
|
132
|
|
|
188
|
|
|
1,030
|
|
|
1,218
|
|
|
475
|
|
|
2007
|
7967 Blankenship
|
|
Houston, TX
|
|
—
|
|
|
307
|
|
|
1,166
|
|
|
374
|
|
|
307
|
|
|
1,540
|
|
|
1,847
|
|
|
676
|
|
|
2010
|
8800 City Park Loop East
|
|
Houston, TX
|
|
—
|
|
|
3,717
|
|
|
19,237
|
|
|
(535
|
)
|
|
3,717
|
|
|
18,702
|
|
|
22,419
|
|
|
5,561
|
|
|
2011
|
4800 West Greens Road
|
|
Houston, TX
|
|
—
|
|
|
3,350
|
|
|
—
|
|
|
16,757
|
|
|
3,312
|
|
|
16,795
|
|
|
20,107
|
|
|
2,497
|
|
|
2014
|
611 East Sam Houston Parkway S
|
|
Pasadena, TX
|
|
—
|
|
|
1,970
|
|
|
7,431
|
|
|
1,313
|
|
|
2,013
|
|
|
8,701
|
|
|
10,714
|
|
|
824
|
|
|
2015
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2018 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
619 East Sam Houston Parkway S
|
|
Pasadena, TX
|
|
—
|
|
|
2,879
|
|
|
11,713
|
|
|
778
|
|
|
2,876
|
|
|
12,494
|
|
|
15,370
|
|
|
1,203
|
|
|
2015
|
6913 Guhn Road
|
|
Houston, TX
|
|
—
|
|
|
1,367
|
|
|
—
|
|
|
6,301
|
|
|
1,367
|
|
|
6,301
|
|
|
7,668
|
|
|
—
|
|
|
2018
|
607 East Sam Houston Parkway
|
|
Pasedena, TX
|
|
—
|
|
|
2,076
|
|
|
11,674
|
|
|
—
|
|
|
2,076
|
|
|
11,674
|
|
|
13,750
|
|
|
2
|
|
|
2018
|
615 East Sam Houston Parkway
|
|
Pasedena, TX
|
|
—
|
|
|
4,265
|
|
|
11,983
|
|
|
—
|
|
|
4,265
|
|
|
11,983
|
|
|
16,248
|
|
|
—
|
|
|
2018
|
Indianapolis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2900 North Shadeland Avenue
|
|
Indianapolis, IN
|
|
—
|
|
|
2,057
|
|
|
13,565
|
|
|
7,351
|
|
|
2,057
|
|
|
20,916
|
|
|
22,973
|
|
|
10,005
|
|
|
1996
|
1445 Brookville Way
|
|
Indianapolis, IN
|
|
—
|
|
|
459
|
|
|
2,603
|
|
|
1,421
|
|
|
476
|
|
|
4,007
|
|
|
4,483
|
|
|
1,978
|
|
|
1996
|
1440 Brookville Way
|
|
Indianapolis, IN
|
|
—
|
|
|
665
|
|
|
3,770
|
|
|
956
|
|
|
685
|
|
|
4,706
|
|
|
5,391
|
|
|
2,454
|
|
|
1996
|
1240 Brookville Way
|
|
Indianapolis, IN
|
|
—
|
|
|
247
|
|
|
1,402
|
|
|
465
|
|
|
258
|
|
|
1,856
|
|
|
2,114
|
|
|
952
|
|
|
1996
|
1345 Brookville Way
|
|
Indianapolis, IN
|
|
—
|
|
|
586
|
|
|
3,321
|
|
|
1,718
|
|
|
601
|
|
|
5,024
|
|
|
5,625
|
|
|
2,584
|
|
|
1996
|
1350 Brookville Way
|
|
Indianapolis, IN
|
|
—
|
|
|
205
|
|
|
1,161
|
|
|
513
|
|
|
212
|
|
|
1,667
|
|
|
1,879
|
|
|
791
|
|
|
1996
|
1335 Sadlier Circle East
|
|
Indianapolis, IN
|
|
—
|
|
|
81
|
|
|
460
|
|
|
244
|
|
|
86
|
|
|
699
|
|
|
785
|
|
|
341
|
|
|
1996
|
6951 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
256
|
|
|
1,449
|
|
|
507
|
|
|
265
|
|
|
1,947
|
|
|
2,212
|
|
|
962
|
|
|
1996
|
6701 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
78
|
|
|
443
|
|
|
98
|
|
|
82
|
|
|
537
|
|
|
619
|
|
|
301
|
|
|
1996
|
6737 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
385
|
|
|
2,181
|
|
|
669
|
|
|
398
|
|
|
2,837
|
|
|
3,235
|
|
|
1,455
|
|
|
1996
|
6555 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
484
|
|
|
4,760
|
|
|
2,699
|
|
|
484
|
|
|
7,459
|
|
|
7,943
|
|
|
3,530
|
|
|
1996
|
7901 West 21st Street
|
|
Indianapolis, IN
|
|
—
|
|
|
1,048
|
|
|
6,027
|
|
|
426
|
|
|
1,048
|
|
|
6,453
|
|
|
7,501
|
|
|
3,358
|
|
|
1997
|
1225 Brookville Way
|
|
Indianapolis, IN
|
|
—
|
|
|
60
|
|
|
—
|
|
|
432
|
|
|
68
|
|
|
424
|
|
|
492
|
|
|
218
|
|
|
1997
|
6751 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
728
|
|
|
2,837
|
|
|
457
|
|
|
741
|
|
|
3,281
|
|
|
4,022
|
|
|
1,716
|
|
|
1997
|
6575 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
118
|
|
|
—
|
|
|
2,160
|
|
|
128
|
|
|
2,150
|
|
|
2,278
|
|
|
980
|
|
|
1998
|
6585 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
196
|
|
|
—
|
|
|
3,223
|
|
|
196
|
|
|
3,223
|
|
|
3,419
|
|
|
1,618
|
|
|
1998
|
14425 Bergen Blvd
|
|
Noblesville, IN
|
|
—
|
|
|
647
|
|
|
—
|
|
|
3,595
|
|
|
743
|
|
|
3,499
|
|
|
4,242
|
|
|
1,094
|
|
|
2007
|
6635 East 30th Street
|
|
Indianapolis, IN
|
|
—
|
|
|
466
|
|
|
3,093
|
|
|
82
|
|
|
466
|
|
|
3,175
|
|
|
3,641
|
|
|
352
|
|
|
2016
|
Miami
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
4700 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
908
|
|
|
1,883
|
|
|
207
|
|
|
912
|
|
|
2,086
|
|
|
2,998
|
|
|
823
|
|
|
2007
|
4710 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
830
|
|
|
2,722
|
|
|
27
|
|
|
834
|
|
|
2,745
|
|
|
3,579
|
|
|
910
|
|
|
2007
|
4720 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
937
|
|
|
2,455
|
|
|
255
|
|
|
942
|
|
|
2,705
|
|
|
3,647
|
|
|
999
|
|
|
2007
|
4740 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
1,107
|
|
|
3,111
|
|
|
50
|
|
|
1,112
|
|
|
3,156
|
|
|
4,268
|
|
|
1,064
|
|
|
2007
|
4750 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
947
|
|
|
3,079
|
|
|
359
|
|
|
951
|
|
|
3,434
|
|
|
4,385
|
|
|
1,108
|
|
|
2007
|
4800 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
1,092
|
|
|
3,308
|
|
|
60
|
|
|
1,097
|
|
|
3,363
|
|
|
4,460
|
|
|
1,046
|
|
|
2007
|
6891 NW 74th Street
|
|
Medley, FL
|
|
—
|
|
|
857
|
|
|
3,428
|
|
|
3,874
|
|
|
864
|
|
|
7,295
|
|
|
8,159
|
|
|
2,729
|
|
|
2007
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
12601 &12605 NW 115th Avenue
|
|
Medley, FL
|
|
—
|
|
|
2,039
|
|
|
—
|
|
|
344
|
|
|
674
|
|
|
1,709
|
|
|
2,383
|
|
|
421
|
|
|
2008
|
1351 NW 78th Avenue
|
|
Doral, FL
|
|
—
|
|
|
3,111
|
|
|
4,634
|
|
|
10
|
|
|
3,111
|
|
|
4,644
|
|
|
7,755
|
|
|
512
|
|
|
2016
|
2500 NW 19th Street
|
|
Pompano Beach, FL
|
|
—
|
|
|
8,824
|
|
|
11,660
|
|
|
229
|
|
|
8,824
|
|
|
11,889
|
|
|
20,713
|
|
|
939
|
|
|
2017
|
Milwaukee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
5355 South Westridge Drive
|
|
New Berlin, WI
|
|
4,135
|
|
|
1,630
|
|
|
7,058
|
|
|
(39
|
)
|
|
1,646
|
|
|
7,003
|
|
|
8,649
|
|
|
2,293
|
|
|
2004
|
17005 West Ryerson Road
|
|
New Berlin, WI
|
|
2,247
|
|
|
403
|
|
|
3,647
|
|
|
415
|
|
|
405
|
|
|
4,060
|
|
|
4,465
|
|
|
2,383
|
|
|
2005
|
1500 Peebles Drive
|
|
Richland Center, WI
|
|
—
|
|
|
1,577
|
|
|
1,018
|
|
|
(441
|
)
|
|
1,528
|
|
|
626
|
|
|
2,154
|
|
|
567
|
|
|
2005
|
16600 West Glendale Avenue
|
|
New Berlin, WI
|
|
1,577
|
|
|
704
|
|
|
1,923
|
|
|
710
|
|
|
715
|
|
|
2,622
|
|
|
3,337
|
|
|
2,031
|
|
|
2006
|
N58W15380 Shawn Circle
|
|
Menomonee Falls, WI
|
|
—
|
|
|
1,188
|
|
|
—
|
|
|
17,020
|
|
|
1,204
|
|
|
17,004
|
|
|
18,208
|
|
|
5,186
|
|
|
2008
|
Minneapolis/St. Paul
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
6201 West 111th Street
|
|
Bloomington, MN
|
|
1,645
|
|
|
1,358
|
|
|
8,622
|
|
|
13,263
|
|
|
1,519
|
|
|
21,724
|
|
|
23,243
|
|
|
13,901
|
|
|
1994
|
1030 Lone Oak Road
|
|
Eagan, MN
|
|
1,877
|
|
|
456
|
|
|
2,703
|
|
|
813
|
|
|
456
|
|
|
3,516
|
|
|
3,972
|
|
|
2,025
|
|
|
1994
|
1060 Lone Oak Road
|
|
Eagan, MN
|
|
2,438
|
|
|
624
|
|
|
3,700
|
|
|
834
|
|
|
624
|
|
|
4,534
|
|
|
5,158
|
|
|
2,608
|
|
|
1994
|
5400 Nathan Lane
|
|
Plymouth, MN
|
|
—
|
|
|
749
|
|
|
4,461
|
|
|
869
|
|
|
757
|
|
|
5,322
|
|
|
6,079
|
|
|
3,038
|
|
|
1994
|
6655 Wedgewood Road
|
|
Maple Grove, MN
|
|
—
|
|
|
1,466
|
|
|
8,342
|
|
|
6,232
|
|
|
1,466
|
|
|
14,574
|
|
|
16,040
|
|
|
7,621
|
|
|
1994
|
10120 West 76th Street
|
|
Eden Prairie, MN
|
|
—
|
|
|
315
|
|
|
1,804
|
|
|
1,043
|
|
|
315
|
|
|
2,847
|
|
|
3,162
|
|
|
1,554
|
|
|
1995
|
12155 Nicollet Avenue
|
|
Burnsville, MN
|
|
—
|
|
|
286
|
|
|
—
|
|
|
1,957
|
|
|
288
|
|
|
1,955
|
|
|
2,243
|
|
|
1,037
|
|
|
1995
|
5775 12th Avenue
|
|
Shakopee, MN
|
|
3,251
|
|
|
590
|
|
|
—
|
|
|
5,871
|
|
|
590
|
|
|
5,871
|
|
|
6,461
|
|
|
2,176
|
|
|
1998
|
1157 Valley Park Drive
|
|
Shakopee, MN
|
|
4,061
|
|
|
760
|
|
|
—
|
|
|
7,734
|
|
|
888
|
|
|
7,606
|
|
|
8,494
|
|
|
3,203
|
|
|
1999
|
9600 West 76th Street
|
|
Eden Prairie, MN
|
|
1,918
|
|
|
1,000
|
|
|
2,450
|
|
|
67
|
|
|
1,034
|
|
|
2,483
|
|
|
3,517
|
|
|
893
|
|
|
2004
|
9700 West 76th Street
|
|
Eden Prairie, MN
|
|
2,223
|
|
|
1,000
|
|
|
2,709
|
|
|
368
|
|
|
1,038
|
|
|
3,039
|
|
|
4,077
|
|
|
995
|
|
|
2004
|
7600 69th Avenue
|
|
Greenfield, MN
|
|
—
|
|
|
1,500
|
|
|
8,328
|
|
|
(468
|
)
|
|
1,510
|
|
|
7,850
|
|
|
9,360
|
|
|
2,322
|
|
|
2004
|
5017 Boone Avenue North
|
|
New Hope, MN
|
|
—
|
|
|
1,000
|
|
|
1,599
|
|
|
600
|
|
|
1,009
|
|
|
2,190
|
|
|
3,199
|
|
|
1,400
|
|
|
2005
|
1087 Park Place
|
|
Shakopee, MN
|
|
2,939
|
|
|
1,195
|
|
|
4,891
|
|
|
(246
|
)
|
|
1,198
|
|
|
4,642
|
|
|
5,840
|
|
|
1,646
|
|
|
2005
|
5391 12th Avenue SE
|
|
Shakopee, MN
|
|
—
|
|
|
1,392
|
|
|
8,149
|
|
|
13
|
|
|
1,395
|
|
|
8,159
|
|
|
9,554
|
|
|
2,660
|
|
|
2005
|
4701 Valley Industrial Blvd S
|
|
Shakopee, MN
|
|
4,167
|
|
|
1,296
|
|
|
7,157
|
|
|
(172
|
)
|
|
1,299
|
|
|
6,982
|
|
|
8,281
|
|
|
3,733
|
|
|
2005
|
6455 City West Parkway
|
|
Eden Prairie, MN
|
|
—
|
|
|
659
|
|
|
3,189
|
|
|
1,273
|
|
|
665
|
|
|
4,456
|
|
|
5,121
|
|
|
2,102
|
|
|
2006
|
7035 Winnetka Avenue North
|
|
Brooklyn Park, MN
|
|
4,218
|
|
|
1,275
|
|
|
—
|
|
|
7,545
|
|
|
1,343
|
|
|
7,477
|
|
|
8,820
|
|
|
2,305
|
|
|
2007
|
139 Eva Street
|
|
St. Paul, MN
|
|
—
|
|
|
2,132
|
|
|
3,105
|
|
|
(286
|
)
|
|
2,175
|
|
|
2,776
|
|
|
4,951
|
|
|
914
|
|
|
2008
|
21900 Dodd Boulevard
|
|
Lakeville, MN
|
|
—
|
|
|
2,289
|
|
|
7,952
|
|
|
—
|
|
|
2,289
|
|
|
7,952
|
|
|
10,241
|
|
|
3,062
|
|
|
2010
|
375 Rivertown Drive
|
|
Woodbury, MN
|
|
6,993
|
|
|
2,635
|
|
|
8,157
|
|
|
1,224
|
|
|
2,635
|
|
|
9,381
|
|
|
12,016
|
|
|
2,184
|
|
|
2014
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
935 Aldrin Drive
|
|
Eagan, MN
|
|
5,188
|
|
|
2,096
|
|
|
7,884
|
|
|
439
|
|
|
2,096
|
|
|
8,323
|
|
|
10,419
|
|
|
1,652
|
|
|
2014
|
7050 Winnetka Avenue North
|
|
Brooklyn Park, MN
|
|
—
|
|
|
1,623
|
|
|
—
|
|
|
7,567
|
|
|
1,634
|
|
|
7,556
|
|
|
9,190
|
|
|
818
|
|
|
2014
|
7051 West Broadway
|
|
Brooklyn Park, MN
|
|
3,358
|
|
|
1,275
|
|
|
—
|
|
|
5,828
|
|
|
1,279
|
|
|
5,824
|
|
|
7,103
|
|
|
592
|
|
|
2014
|
Nashville
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1931 Air Lane Drive
|
|
Nashville, TN
|
|
—
|
|
|
489
|
|
|
2,785
|
|
|
635
|
|
|
493
|
|
|
3,416
|
|
|
3,909
|
|
|
1,649
|
|
|
1997
|
4640 Cummings Park
|
|
Nashville, TN
|
|
—
|
|
|
360
|
|
|
2,040
|
|
|
689
|
|
|
365
|
|
|
2,724
|
|
|
3,089
|
|
|
1,197
|
|
|
1999
|
1740 River Hills Drive
|
|
Nashville, TN
|
|
2,537
|
|
|
848
|
|
|
4,383
|
|
|
652
|
|
|
888
|
|
|
4,995
|
|
|
5,883
|
|
|
2,669
|
|
|
2005
|
211 Ellery Court
|
|
Nashville, TN
|
|
1,658
|
|
|
606
|
|
|
3,192
|
|
|
(289
|
)
|
|
616
|
|
|
2,893
|
|
|
3,509
|
|
|
1,052
|
|
|
2007
|
130 Maddox Road
|
|
Mount Juliet, TN
|
|
—
|
|
|
1,778
|
|
|
—
|
|
|
23,914
|
|
|
1,778
|
|
|
23,914
|
|
|
25,692
|
|
|
5,963
|
|
|
2008
|
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
14 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
483
|
|
|
2,735
|
|
|
858
|
|
|
503
|
|
|
3,573
|
|
|
4,076
|
|
|
1,682
|
|
|
1997
|
12 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
572
|
|
|
3,240
|
|
|
838
|
|
|
593
|
|
|
4,057
|
|
|
4,650
|
|
|
2,032
|
|
|
1997
|
22 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
364
|
|
|
2,064
|
|
|
582
|
|
|
375
|
|
|
2,635
|
|
|
3,010
|
|
|
1,270
|
|
|
1997
|
26 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
361
|
|
|
2,048
|
|
|
606
|
|
|
377
|
|
|
2,638
|
|
|
3,015
|
|
|
1,314
|
|
|
1997
|
24 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
347
|
|
|
1,968
|
|
|
530
|
|
|
362
|
|
|
2,483
|
|
|
2,845
|
|
|
1,252
|
|
|
1997
|
20 World's Fair Drive Lot 13
|
|
Somerset, NJ
|
|
—
|
|
|
9
|
|
|
—
|
|
|
2,630
|
|
|
691
|
|
|
1,948
|
|
|
2,639
|
|
|
847
|
|
|
1999
|
45 Route 46
|
|
Pine Brook, NJ
|
|
—
|
|
|
969
|
|
|
5,491
|
|
|
1,032
|
|
|
978
|
|
|
6,514
|
|
|
7,492
|
|
|
2,799
|
|
|
2000
|
43 Route 46
|
|
Pine Brook, NJ
|
|
—
|
|
|
474
|
|
|
2,686
|
|
|
472
|
|
|
479
|
|
|
3,153
|
|
|
3,632
|
|
|
1,409
|
|
|
2000
|
39 Route 46
|
|
Pine Brook, NJ
|
|
—
|
|
|
260
|
|
|
1,471
|
|
|
256
|
|
|
262
|
|
|
1,725
|
|
|
1,987
|
|
|
765
|
|
|
2000
|
26 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
956
|
|
|
5,415
|
|
|
519
|
|
|
965
|
|
|
5,925
|
|
|
6,890
|
|
|
2,635
|
|
|
2000
|
30 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
960
|
|
|
5,440
|
|
|
514
|
|
|
970
|
|
|
5,944
|
|
|
6,914
|
|
|
2,638
|
|
|
2000
|
20 Hook Mountain Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
1,507
|
|
|
8,542
|
|
|
1,401
|
|
|
1,534
|
|
|
9,916
|
|
|
11,450
|
|
|
4,442
|
|
|
2000
|
30 Hook Mountain Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
389
|
|
|
2,206
|
|
|
317
|
|
|
396
|
|
|
2,516
|
|
|
2,912
|
|
|
1,113
|
|
|
2000
|
16 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
885
|
|
|
5,015
|
|
|
659
|
|
|
901
|
|
|
5,658
|
|
|
6,559
|
|
|
2,491
|
|
|
2000
|
20 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
1,134
|
|
|
6,426
|
|
|
692
|
|
|
1,154
|
|
|
7,098
|
|
|
8,252
|
|
|
3,106
|
|
|
2000
|
2500 Main Street
|
|
Sayreville, NJ
|
|
—
|
|
|
944
|
|
|
—
|
|
|
4,475
|
|
|
944
|
|
|
4,475
|
|
|
5,419
|
|
|
1,768
|
|
|
2002
|
2400 Main Street
|
|
Sayreville, NJ
|
|
—
|
|
|
996
|
|
|
—
|
|
|
5,435
|
|
|
996
|
|
|
5,435
|
|
|
6,431
|
|
|
1,940
|
|
|
2003
|
7851 Airport Highway
|
|
Pennsauken, NJ
|
|
—
|
|
|
160
|
|
|
508
|
|
|
328
|
|
|
162
|
|
|
834
|
|
|
996
|
|
|
429
|
|
|
2003
|
309-313 Pierce Street
|
|
Somerset, NJ
|
|
2,818
|
|
|
1,300
|
|
|
4,628
|
|
|
606
|
|
|
1,309
|
|
|
5,225
|
|
|
6,534
|
|
|
2,005
|
|
|
2004
|
400 Cedar Lane
|
|
Florence Township, NJ
|
|
—
|
|
|
9,730
|
|
|
—
|
|
|
26,209
|
|
|
9,730
|
|
|
26,209
|
|
|
35,939
|
|
|
1,486
|
|
|
2016
|
301 Bordentown Hedding Road
|
|
Bordentown, NJ
|
|
—
|
|
|
3,983
|
|
|
15,881
|
|
|
9
|
|
|
3,984
|
|
|
15,889
|
|
|
19,873
|
|
|
806
|
|
|
2017
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
302 Bordentown Hedding Road
|
|
Bordentown, NJ
|
|
—
|
|
|
2,738
|
|
|
8,190
|
|
|
—
|
|
|
2,738
|
|
|
8,190
|
|
|
10,928
|
|
|
89
|
|
|
2018
|
Orlando
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
6301 Hazeltine National Drive
|
|
Orlando, FL
|
|
—
|
|
|
909
|
|
|
4,613
|
|
|
237
|
|
|
920
|
|
|
4,839
|
|
|
5,759
|
|
|
1,803
|
|
|
2005
|
8751 Skinner Court
|
|
Orlando, FL
|
|
4,243
|
|
|
1,691
|
|
|
7,249
|
|
|
(5
|
)
|
|
1,692
|
|
|
7,243
|
|
|
8,935
|
|
|
694
|
|
|
2016
|
4473 Shader Road
|
|
Orlando, FL
|
|
—
|
|
|
2,094
|
|
|
10,444
|
|
|
56
|
|
|
2,094
|
|
|
10,500
|
|
|
12,594
|
|
|
924
|
|
|
2016
|
550 Gills Drive
|
|
Orlando, FL
|
|
—
|
|
|
1,321
|
|
|
6,176
|
|
|
4
|
|
|
1,321
|
|
|
6,180
|
|
|
7,501
|
|
|
311
|
|
|
2017
|
450 Gills Drive
|
|
Orlando, FL
|
|
—
|
|
|
1,031
|
|
|
6,406
|
|
|
—
|
|
|
1,031
|
|
|
6,406
|
|
|
7,437
|
|
|
231
|
|
|
2017
|
4401 Shader Road
|
|
Orlando, FL
|
|
—
|
|
|
1,037
|
|
|
7,116
|
|
|
4
|
|
|
1,037
|
|
|
7,120
|
|
|
8,157
|
|
|
158
|
|
|
2018
|
Phoenix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1045 South Edward Drive
|
|
Tempe, AZ
|
|
—
|
|
|
390
|
|
|
2,160
|
|
|
627
|
|
|
396
|
|
|
2,781
|
|
|
3,177
|
|
|
1,248
|
|
|
1999
|
50 South 56th Street
|
|
Chandler, AZ
|
|
—
|
|
|
1,206
|
|
|
3,218
|
|
|
1,379
|
|
|
1,252
|
|
|
4,551
|
|
|
5,803
|
|
|
2,112
|
|
|
2004
|
245 West Lodge
|
|
Tempe, AZ
|
|
—
|
|
|
898
|
|
|
3,066
|
|
|
(2,153
|
)
|
|
362
|
|
|
1,449
|
|
|
1,811
|
|
|
536
|
|
|
2007
|
1590 East Riverview Drive
|
|
Phoenix, AZ
|
|
—
|
|
|
1,293
|
|
|
5,950
|
|
|
(267
|
)
|
|
1,292
|
|
|
5,684
|
|
|
6,976
|
|
|
1,478
|
|
|
2008
|
14131 N. Rio Vista Boulevard
|
|
Peoria, AZ
|
|
5,439
|
|
|
2,563
|
|
|
9,388
|
|
|
(445
|
)
|
|
2,563
|
|
|
8,943
|
|
|
11,506
|
|
|
2,206
|
|
|
2008
|
8716 West Ludlow Drive
|
|
Peoria, AZ
|
|
6,721
|
|
|
2,709
|
|
|
10,970
|
|
|
540
|
|
|
2,709
|
|
|
11,510
|
|
|
14,219
|
|
|
2,942
|
|
|
2008
|
3815 W. Washington Street
|
|
Phoenix, AZ
|
|
—
|
|
|
1,675
|
|
|
4,514
|
|
|
316
|
|
|
1,719
|
|
|
4,786
|
|
|
6,505
|
|
|
1,489
|
|
|
2008
|
9180 W. Buckeye Road
|
|
Tolleson, AZ
|
|
—
|
|
|
1,904
|
|
|
6,805
|
|
|
3,124
|
|
|
1,923
|
|
|
9,910
|
|
|
11,833
|
|
|
2,890
|
|
|
2008
|
8644 West Ludlow Drive
|
|
Peoria, AZ
|
|
—
|
|
|
1,726
|
|
|
7,216
|
|
|
—
|
|
|
1,726
|
|
|
7,216
|
|
|
8,942
|
|
|
1,072
|
|
|
2014
|
8606 West Ludlow Drive
|
|
Peoria, AZ
|
|
—
|
|
|
956
|
|
|
2,668
|
|
|
123
|
|
|
956
|
|
|
2,791
|
|
|
3,747
|
|
|
433
|
|
|
2014
|
8679 West Ludlow Drive
|
|
Peoria, AZ
|
|
—
|
|
|
672
|
|
|
2,791
|
|
|
—
|
|
|
672
|
|
|
2,791
|
|
|
3,463
|
|
|
423
|
|
|
2014
|
94th Avenue & Buckeye Road
|
|
Tolleson, AZ
|
|
—
|
|
|
4,315
|
|
|
—
|
|
|
16,645
|
|
|
4,315
|
|
|
16,645
|
|
|
20,960
|
|
|
1,306
|
|
|
2015
|
16601 West Sells Drive
|
|
Goodyear, AZ
|
|
—
|
|
|
24,743
|
|
|
—
|
|
|
19,087
|
|
|
24,803
|
|
|
19,027
|
|
|
43,830
|
|
|
873
|
|
|
2017
|
16560 West Sells Drive
|
|
Goodyear, AZ
|
|
—
|
|
|
6,259
|
|
|
—
|
|
|
23,287
|
|
|
6,269
|
|
|
23,277
|
|
|
29,546
|
|
|
406
|
|
|
2018
|
Seattle
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1901 Raymond Ave SW
|
|
Renton, WA
|
|
—
|
|
|
4,458
|
|
|
2,659
|
|
|
532
|
|
|
4,594
|
|
|
3,055
|
|
|
7,649
|
|
|
1,074
|
|
|
2008
|
19014 64th Avenue South
|
|
Kent, WA
|
|
2,770
|
|
|
1,990
|
|
|
3,979
|
|
|
456
|
|
|
2,042
|
|
|
4,383
|
|
|
6,425
|
|
|
1,820
|
|
|
2008
|
18640 68th Avenue South
|
|
Kent, WA
|
|
—
|
|
|
1,218
|
|
|
1,950
|
|
|
310
|
|
|
1,258
|
|
|
2,220
|
|
|
3,478
|
|
|
995
|
|
|
2008
|
6407 S 210th Street
|
|
Kent, WA
|
|
—
|
|
|
1,737
|
|
|
3,508
|
|
|
—
|
|
|
1,737
|
|
|
3,508
|
|
|
5,245
|
|
|
128
|
|
|
2018
|
1402 Puyallup Street
|
|
Sumner, WA
|
|
—
|
|
|
3,766
|
|
|
4,457
|
|
|
—
|
|
|
3,766
|
|
|
4,457
|
|
|
8,223
|
|
|
—
|
|
|
2018
|
Southern California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1944 Vista Bella Way
|
|
Rancho Dominguez, CA
|
|
2,697
|
|
|
1,746
|
|
|
3,148
|
|
|
465
|
|
|
1,822
|
|
|
3,537
|
|
|
5,359
|
|
|
1,861
|
|
|
2005
|
2000 Vista Bella Way
|
|
Rancho Dominguez, CA
|
|
1,174
|
|
|
817
|
|
|
1,673
|
|
|
232
|
|
|
853
|
|
|
1,869
|
|
|
2,722
|
|
|
996
|
|
|
2005
|
2835 East Ana Street
|
|
Rancho Dominguez, CA
|
|
2,288
|
|
|
1,682
|
|
|
2,750
|
|
|
409
|
|
|
1,772
|
|
|
3,069
|
|
|
4,841
|
|
|
1,674
|
|
|
2005
|
665 N. Baldwin Park Boulevard
|
|
City of Industry, CA
|
|
4,263
|
|
|
2,124
|
|
|
5,219
|
|
|
2,542
|
|
|
2,143
|
|
|
7,742
|
|
|
9,885
|
|
|
2,100
|
|
|
2006
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
27801 Avenue Scott
|
|
Santa Clarita, CA
|
|
5,086
|
|
|
2,890
|
|
|
7,020
|
|
|
196
|
|
|
2,902
|
|
|
7,204
|
|
|
10,106
|
|
|
2,889
|
|
|
2006
|
2610 & 2660 Columbia Street
|
|
Torrance, CA
|
|
3,927
|
|
|
3,008
|
|
|
5,826
|
|
|
271
|
|
|
3,031
|
|
|
6,074
|
|
|
9,105
|
|
|
2,376
|
|
|
2006
|
433 Alaska Avenue
|
|
Torrance, CA
|
|
—
|
|
|
681
|
|
|
168
|
|
|
3
|
|
|
684
|
|
|
168
|
|
|
852
|
|
|
111
|
|
|
2006
|
6305 El Camino Real
|
|
Carlsbad, CA
|
|
—
|
|
|
1,590
|
|
|
6,360
|
|
|
7,730
|
|
|
1,590
|
|
|
14,090
|
|
|
15,680
|
|
|
5,239
|
|
|
2006
|
2325 Camino Vida Roble
|
|
Carlsbad, CA
|
|
1,785
|
|
|
1,441
|
|
|
1,239
|
|
|
594
|
|
|
1,446
|
|
|
1,828
|
|
|
3,274
|
|
|
692
|
|
|
2006
|
2335 Camino Vida Roble
|
|
Carlsbad, CA
|
|
979
|
|
|
817
|
|
|
762
|
|
|
216
|
|
|
821
|
|
|
974
|
|
|
1,795
|
|
|
448
|
|
|
2006
|
2345 Camino Vida Roble
|
|
Carlsbad, CA
|
|
637
|
|
|
562
|
|
|
456
|
|
|
151
|
|
|
565
|
|
|
604
|
|
|
1,169
|
|
|
270
|
|
|
2006
|
2355 Camino Vida Roble
|
|
Carlsbad, CA
|
|
556
|
|
|
481
|
|
|
365
|
|
|
174
|
|
|
483
|
|
|
537
|
|
|
1,020
|
|
|
287
|
|
|
2006
|
2365 Camino Vida Roble
|
|
Carlsbad, CA
|
|
1,022
|
|
|
1,098
|
|
|
630
|
|
|
146
|
|
|
1,102
|
|
|
772
|
|
|
1,874
|
|
|
418
|
|
|
2006
|
2375 Camino Vida Roble
|
|
Carlsbad, CA
|
|
1,213
|
|
|
1,210
|
|
|
874
|
|
|
140
|
|
|
1,214
|
|
|
1,010
|
|
|
2,224
|
|
|
458
|
|
|
2006
|
6451 El Camino Real
|
|
Carlsbad, CA
|
|
—
|
|
|
2,885
|
|
|
1,931
|
|
|
733
|
|
|
2,895
|
|
|
2,654
|
|
|
5,549
|
|
|
1,075
|
|
|
2006
|
13100 Gregg Street
|
|
Poway, CA
|
|
2,889
|
|
|
1,040
|
|
|
4,160
|
|
|
913
|
|
|
1,073
|
|
|
5,040
|
|
|
6,113
|
|
|
2,344
|
|
|
2007
|
21730-21748 Marilla Street
|
|
Chatsworth, CA
|
|
2,518
|
|
|
2,585
|
|
|
3,210
|
|
|
44
|
|
|
2,608
|
|
|
3,231
|
|
|
5,839
|
|
|
1,374
|
|
|
2007
|
8015 Paramount
|
|
Pico Rivera, CA
|
|
—
|
|
|
3,616
|
|
|
3,902
|
|
|
(510
|
)
|
|
3,657
|
|
|
3,351
|
|
|
7,008
|
|
|
1,444
|
|
|
2007
|
3365 E. Slauson
|
|
Vernon, CA
|
|
—
|
|
|
2,367
|
|
|
3,243
|
|
|
(559
|
)
|
|
2,396
|
|
|
2,655
|
|
|
5,051
|
|
|
1,144
|
|
|
2007
|
3015 East Ana
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
19,678
|
|
|
9,321
|
|
|
6,305
|
|
|
20,144
|
|
|
15,160
|
|
|
35,304
|
|
|
5,539
|
|
|
2007
|
1250 Rancho Conejo Boulevard
|
|
Thousand Oaks, CA
|
|
—
|
|
|
1,435
|
|
|
779
|
|
|
45
|
|
|
1,441
|
|
|
818
|
|
|
2,259
|
|
|
364
|
|
|
2007
|
1260 Rancho Conejo Boulevard
|
|
Thousand Oaks, CA
|
|
—
|
|
|
1,353
|
|
|
722
|
|
|
(722
|
)
|
|
675
|
|
|
678
|
|
|
1,353
|
|
|
272
|
|
|
2007
|
1270 Rancho Conejo Boulevard
|
|
Thousand Oaks, CA
|
|
—
|
|
|
1,224
|
|
|
716
|
|
|
(2
|
)
|
|
1,229
|
|
|
709
|
|
|
1,938
|
|
|
315
|
|
|
2007
|
1280 Rancho Conejo Boulevard
|
|
Thousand Oaks, CA
|
|
2,326
|
|
|
2,043
|
|
|
3,408
|
|
|
(59
|
)
|
|
2,051
|
|
|
3,341
|
|
|
5,392
|
|
|
894
|
|
|
2007
|
1290 Rancho Conejo Boulevard
|
|
Thousand Oaks, CA
|
|
1,957
|
|
|
1,754
|
|
|
2,949
|
|
|
(165
|
)
|
|
1,761
|
|
|
2,777
|
|
|
4,538
|
|
|
746
|
|
|
2007
|
100 West Sinclair Street
|
|
Perris, CA
|
|
—
|
|
|
4,894
|
|
|
3,481
|
|
|
(5,233
|
)
|
|
1,819
|
|
|
1,323
|
|
|
3,142
|
|
|
721
|
|
|
2007
|
14050 Day Street
|
|
Moreno Valley, CA
|
|
—
|
|
|
2,538
|
|
|
2,538
|
|
|
574
|
|
|
2,565
|
|
|
3,084
|
|
|
5,649
|
|
|
1,244
|
|
|
2008
|
12925 Marlay Avenue
|
|
Fontana, CA
|
|
—
|
|
|
6,072
|
|
|
7,891
|
|
|
303
|
|
|
6,090
|
|
|
8,176
|
|
|
14,266
|
|
|
4,319
|
|
|
2008
|
18201-18291 Santa Fe
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
6,720
|
|
|
—
|
|
|
9,457
|
|
|
6,897
|
|
|
9,280
|
|
|
16,177
|
|
|
2,523
|
|
|
2008
|
1011 Rancho Conejo
|
|
Thousand Oaks, CA
|
|
4,341
|
|
|
7,717
|
|
|
2,518
|
|
|
(169
|
)
|
|
7,752
|
|
|
2,313
|
|
|
10,065
|
|
|
1,109
|
|
|
2008
|
20700 Denker Avenue
|
|
Torrance, CA
|
|
5,290
|
|
|
5,767
|
|
|
2,538
|
|
|
1,397
|
|
|
5,964
|
|
|
3,739
|
|
|
9,703
|
|
|
2,384
|
|
|
2008
|
18408 Laurel Park Road
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
2,850
|
|
|
2,850
|
|
|
913
|
|
|
2,874
|
|
|
3,739
|
|
|
6,613
|
|
|
1,426
|
|
|
2008
|
19021 S. Reyes Avenue
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
8,183
|
|
|
7,501
|
|
|
233
|
|
|
8,545
|
|
|
7,372
|
|
|
15,917
|
|
|
1,745
|
|
|
2008
|
24870 Nandina Avenue
|
|
Moreno Valley, CA
|
|
—
|
|
|
13,543
|
|
|
—
|
|
|
21,277
|
|
|
6,482
|
|
|
28,338
|
|
|
34,820
|
|
|
4,772
|
|
|
2012
|
6185 Kimball Avenue
|
|
Chino, CA
|
|
—
|
|
|
6,385
|
|
|
—
|
|
|
12,343
|
|
|
6,382
|
|
|
12,346
|
|
|
18,728
|
|
|
2,789
|
|
|
2013
|
5553 Bandini Boulevard
|
|
Bell, CA
|
|
—
|
|
|
32,536
|
|
|
—
|
|
|
21,620
|
|
|
32,540
|
|
|
21,616
|
|
|
54,156
|
|
|
2,925
|
|
|
2013
|
16875 Heacock Street
|
|
Moreno Valley, CA
|
|
—
|
|
|
—
|
|
|
6,831
|
|
|
(58
|
)
|
|
—
|
|
|
6,773
|
|
|
6,773
|
|
|
1,577
|
|
|
2014
|
4710 Guasti Road
|
|
Ontario, CA
|
|
5,072
|
|
|
2,846
|
|
|
6,564
|
|
|
213
|
|
|
2,846
|
|
|
6,777
|
|
|
9,623
|
|
|
1,020
|
|
|
2014
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
17100 Perris Boulevard
|
|
Moreno Valley, CA
|
|
—
|
|
|
6,388
|
|
|
—
|
|
|
25,810
|
|
|
6,395
|
|
|
25,803
|
|
|
32,198
|
|
|
3,379
|
|
|
2014
|
13414 S. Figueroa
|
|
Los Angeles, CA
|
|
3,914
|
|
|
1,701
|
|
|
—
|
|
|
6,580
|
|
|
1,887
|
|
|
6,394
|
|
|
8,281
|
|
|
727
|
|
|
2014
|
3841 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
—
|
|
|
4,400
|
|
|
—
|
|
|
8,040
|
|
|
4,400
|
|
|
8,040
|
|
|
12,440
|
|
|
1,014
|
|
|
2015
|
3831 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
—
|
|
|
2,693
|
|
|
—
|
|
|
4,584
|
|
|
2,694
|
|
|
4,583
|
|
|
7,277
|
|
|
560
|
|
|
2015
|
3821 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
—
|
|
|
2,792
|
|
|
—
|
|
|
4,469
|
|
|
2,792
|
|
|
4,469
|
|
|
7,261
|
|
|
528
|
|
|
2015
|
145 West 134th Street
|
|
Los Angeles, CA
|
|
—
|
|
|
2,901
|
|
|
2,285
|
|
|
173
|
|
|
2,901
|
|
|
2,458
|
|
|
5,359
|
|
|
397
|
|
|
2015
|
6150 Sycamore Canyon Boulevard
|
|
Riverside, CA
|
|
—
|
|
|
3,182
|
|
|
10,643
|
|
|
1
|
|
|
3,182
|
|
|
10,644
|
|
|
13,826
|
|
|
1,257
|
|
|
2015
|
17825 Indian Street
|
|
Moreno Valley, CA
|
|
—
|
|
|
5,034
|
|
|
22,095
|
|
|
54
|
|
|
5,034
|
|
|
22,149
|
|
|
27,183
|
|
|
2,433
|
|
|
2015
|
24901 San Michele Road
|
|
Moreno Valley, CA
|
|
—
|
|
|
1,274
|
|
|
—
|
|
|
11,556
|
|
|
1,274
|
|
|
11,556
|
|
|
12,830
|
|
|
826
|
|
|
2016
|
1445 Engineer Street
|
|
Vista, CA
|
|
—
|
|
|
6,816
|
|
|
4,417
|
|
|
3
|
|
|
6,816
|
|
|
4,420
|
|
|
11,236
|
|
|
600
|
|
|
2016
|
19067 Reyes Avenue
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
9,281
|
|
|
3,920
|
|
|
3,474
|
|
|
9,381
|
|
|
7,294
|
|
|
16,675
|
|
|
446
|
|
|
2016
|
10586 Tamarind Avenue
|
|
Fontana, CA
|
|
—
|
|
|
4,275
|
|
|
8,275
|
|
|
228
|
|
|
4,275
|
|
|
8,503
|
|
|
12,778
|
|
|
424
|
|
|
2017
|
2777 Loker Avenue West
|
|
Carlsbad, CA
|
|
11,028
|
|
|
7,599
|
|
|
13,267
|
|
|
122
|
|
|
7,599
|
|
|
13,389
|
|
|
20,988
|
|
|
822
|
|
|
2017
|
7105 Old 215 Frontage Road
|
|
Riverside, CA
|
|
—
|
|
|
4,900
|
|
|
—
|
|
|
12,742
|
|
|
4,900
|
|
|
12,742
|
|
|
17,642
|
|
|
540
|
|
|
2017
|
28545 Livingston Avenue
|
|
Valencia, CA
|
|
—
|
|
|
9,813
|
|
|
10,954
|
|
|
644
|
|
|
9,813
|
|
|
11,598
|
|
|
21,411
|
|
|
335
|
|
|
2018
|
3801 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
3,046
|
|
|
2,907
|
|
|
6,151
|
|
|
1
|
|
|
2,909
|
|
|
6,150
|
|
|
9,059
|
|
|
174
|
|
|
2018
|
3809 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
3,279
|
|
|
3,140
|
|
|
6,964
|
|
|
(2
|
)
|
|
3,141
|
|
|
6,961
|
|
|
10,102
|
|
|
180
|
|
|
2018
|
3817 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
5,132
|
|
|
5,438
|
|
|
10,278
|
|
|
209
|
|
|
5,442
|
|
|
10,483
|
|
|
15,925
|
|
|
281
|
|
|
2018
|
24385 Nandina Avenue
|
|
Moreno Valley, CA
|
|
—
|
|
|
17,023
|
|
|
—
|
|
|
57,083
|
|
|
17,066
|
|
|
57,040
|
|
|
74,106
|
|
|
237
|
|
|
2018
|
14999 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
1,508
|
|
|
—
|
|
|
3,120
|
|
|
1,508
|
|
|
3,120
|
|
|
4,628
|
|
|
51
|
|
|
2018
|
14969 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
3,847
|
|
|
—
|
|
|
11,211
|
|
|
3,847
|
|
|
11,211
|
|
|
15,058
|
|
|
299
|
|
|
2018
|
14939 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
3,107
|
|
|
—
|
|
|
8,273
|
|
|
3,107
|
|
|
8,273
|
|
|
11,380
|
|
|
138
|
|
|
2018
|
14909 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
7,099
|
|
|
—
|
|
|
19,177
|
|
|
7,099
|
|
|
19,177
|
|
|
26,276
|
|
|
317
|
|
|
2018
|
14940 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
5,423
|
|
|
—
|
|
|
13,334
|
|
|
5,423
|
|
|
13,334
|
|
|
18,757
|
|
|
194
|
|
|
2018
|
14910 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
1,873
|
|
|
—
|
|
|
5,290
|
|
|
1,873
|
|
|
5,290
|
|
|
7,163
|
|
|
77
|
|
|
2018
|
St. Louis
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
6821-6857 Hazelwood Avenue
|
|
Berkeley, MO
|
|
4,289
|
|
|
985
|
|
|
6,205
|
|
|
1,333
|
|
|
985
|
|
|
7,538
|
|
|
8,523
|
|
|
3,075
|
|
|
2003
|
13701 Rider Trail North
|
|
Earth City, MO
|
|
—
|
|
|
800
|
|
|
2,099
|
|
|
552
|
|
|
804
|
|
|
2,647
|
|
|
3,451
|
|
|
1,154
|
|
|
2003
|
1908-2000 Innerbelt
|
|
Overland, MO
|
|
6,587
|
|
|
1,590
|
|
|
9,026
|
|
|
1,464
|
|
|
1,591
|
|
|
10,489
|
|
|
12,080
|
|
|
5,236
|
|
|
2004
|
21-25 Gateway Commerce Center
|
|
Edwardsville, IL
|
|
—
|
|
|
1,874
|
|
|
31,958
|
|
|
378
|
|
|
1,921
|
|
|
32,289
|
|
|
34,210
|
|
|
10,970
|
|
|
2006
|
Tampa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
5525 Johns Road
|
|
Tampa, FL
|
|
—
|
|
|
192
|
|
|
1,086
|
|
|
274
|
|
|
200
|
|
|
1,352
|
|
|
1,552
|
|
|
719
|
|
|
1997
|
5709 Johns Road
|
|
Tampa, FL
|
|
—
|
|
|
192
|
|
|
1,086
|
|
|
207
|
|
|
200
|
|
|
1,285
|
|
|
1,485
|
|
|
664
|
|
|
1997
|
5711 Johns Road
|
|
Tampa, FL
|
|
—
|
|
|
243
|
|
|
1,376
|
|
|
184
|
|
|
255
|
|
|
1,548
|
|
|
1,803
|
|
|
796
|
|
|
1997
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2018
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/18
|
|
|
|
Year
Acquired/
Constructed
|
|||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2018
|
|
|||||||||||
|
|
|
|
(In thousands)
|
|
|
|||||||||||||||||||||||
5455 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
307
|
|
|
1,742
|
|
|
370
|
|
|
326
|
|
|
2,093
|
|
|
2,419
|
|
|
1,056
|
|
|
1997
|
|
5553 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
307
|
|
|
1,742
|
|
|
310
|
|
|
326
|
|
|
2,033
|
|
|
2,359
|
|
|
1,037
|
|
|
1997
|
|
5501 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
215
|
|
|
871
|
|
|
403
|
|
|
242
|
|
|
1,247
|
|
|
1,489
|
|
|
587
|
|
|
1997
|
|
5503 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
98
|
|
|
402
|
|
|
197
|
|
|
110
|
|
|
587
|
|
|
697
|
|
|
291
|
|
|
1997
|
|
5555 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
213
|
|
|
1,206
|
|
|
552
|
|
|
221
|
|
|
1,750
|
|
|
1,971
|
|
|
761
|
|
|
1997
|
|
5557 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
59
|
|
|
335
|
|
|
51
|
|
|
62
|
|
|
383
|
|
|
445
|
|
|
197
|
|
|
1997
|
|
5463 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
497
|
|
|
2,751
|
|
|
1,462
|
|
|
560
|
|
|
4,150
|
|
|
4,710
|
|
|
1,892
|
|
|
1998
|
|
5461 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
261
|
|
|
—
|
|
|
1,322
|
|
|
265
|
|
|
1,318
|
|
|
1,583
|
|
|
662
|
|
|
1998
|
|
5481 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
558
|
|
|
—
|
|
|
3,570
|
|
|
561
|
|
|
3,567
|
|
|
4,128
|
|
|
1,161
|
|
|
1999
|
|
4908 Tampa West Boulevard
|
|
Tampa, FL
|
|
—
|
|
|
2,622
|
|
|
8,643
|
|
|
(814
|
)
|
|
2,635
|
|
|
7,816
|
|
|
10,451
|
|
|
3,924
|
|
|
2005
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
1815-1957 South 4650 West
|
|
Salt Lake City, UT
|
|
6,045
|
|
|
1,707
|
|
|
10,873
|
|
|
62
|
|
|
1,713
|
|
|
10,929
|
|
|
12,642
|
|
|
3,980
|
|
|
2006
|
|
3200 Pond Station
|
|
Jefferson County, KY
|
|
—
|
|
|
2,074
|
|
|
—
|
|
|
9,681
|
|
|
2,120
|
|
|
9,635
|
|
|
11,755
|
|
|
2,822
|
|
|
2007
|
|
581 Welltown Road/Tyson Boulevard
|
|
Winchester, VA
|
|
—
|
|
|
2,320
|
|
|
—
|
|
|
11,109
|
|
|
2,401
|
|
|
11,028
|
|
|
13,429
|
|
|
3,158
|
|
|
2007
|
|
7501 NW 106th Terrace
|
|
Kansas City, MO
|
|
—
|
|
|
4,152
|
|
|
—
|
|
|
13,697
|
|
|
4,228
|
|
|
13,621
|
|
|
17,849
|
|
|
3,481
|
|
|
2008
|
|
600 Greene Drive
|
|
Greenville, KY
|
|
—
|
|
|
294
|
|
|
8,570
|
|
|
(727
|
)
|
|
296
|
|
|
7,841
|
|
|
8,137
|
|
|
6,453
|
|
|
2008
|
|
Developments in Process
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
First Park Fairburn
|
|
Fairburn, GA
|
|
—
|
|
|
3,650
|
|
|
—
|
|
|
5,284
|
|
|
3,650
|
|
|
5,284
|
|
|
8,934
|
|
|
—
|
|
|
2014
|
|
First Perry Logistics Center
|
|
Perris, CA
|
|
—
|
|
|
1,780
|
|
|
—
|
|
|
4,550
|
|
|
1,788
|
|
|
4,542
|
|
|
6,330
|
|
|
—
|
|
|
2016
|
|
First Mountain Creek Distribution Center
|
|
Dallas, TX
|
|
—
|
|
|
4,675
|
|
|
—
|
|
|
7,468
|
|
|
4,779
|
|
|
7,364
|
|
|
12,143
|
|
|
—
|
|
|
2015
|
|
First Park 121 Building I
|
|
Lewisville, TX
|
|
—
|
|
|
3,963
|
|
|
—
|
|
|
3,421
|
|
|
3,963
|
|
|
3,421
|
|
|
7,384
|
|
|
—
|
|
|
2018
|
|
First Park 121 Building II
|
|
Lewisville, TX
|
|
—
|
|
|
2,243
|
|
|
—
|
|
|
1,938
|
|
|
2,243
|
|
|
1,938
|
|
|
4,181
|
|
|
—
|
|
|
2018
|
|
First Aurora Commerce Center Bldg D
|
|
Aurora, CO
|
|
—
|
|
|
4,881
|
|
|
—
|
|
|
8,021
|
|
|
4,886
|
|
|
8,016
|
|
|
12,902
|
|
|
—
|
|
|
2018
|
|
First Glacier Logistics Center
|
|
Sumner, WA
|
|
—
|
|
|
2,643
|
|
|
—
|
|
|
4,023
|
|
|
2,643
|
|
|
4,023
|
|
|
6,666
|
|
|
—
|
|
|
2018
|
|
Land Parcels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Land Parcels
|
|
|
|
2,473
|
|
|
167,785
|
|
|
3,225
|
|
|
33,539
|
|
|
163,868
|
|
|
40,681
|
|
|
204,549
|
|
|
4,341
|
|
|
—
|
|
Total
|
|
|
|
297,716
|
|
|
919,414
|
|
|
1,526,633
|
|
|
1,227,597
|
|
|
909,318
|
|
|
2,764,326
|
|
|
3,673,644
|
|
|
811,784
|
|
|
|
(a)
|
See description of encumbrances in Note 4 of the Notes to Consolidated Financial Statements. For purposes of this schedule the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance.
|
(b)
|
Depreciation is computed based upon the following estimated lives:
|
Buildings and Improvements
|
7 to 50 years
|
Land Improvements
|
5 to 20 years
|
Tenant Improvements
|
Lease Term
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In thousands)
|
||||||||||
Balance, Beginning of Year
|
$
|
3,495,745
|
|
|
$
|
3,388,611
|
|
|
$
|
3,297,649
|
|
Acquisition of Real Estate Assets
|
162,769
|
|
|
168,517
|
|
|
108,538
|
|
|||
Construction Costs and Improvements
|
190,383
|
|
|
137,361
|
|
|
167,342
|
|
|||
Disposition of Real Estate Assets
|
(148,408
|
)
|
|
(170,928
|
)
|
|
(153,364
|
)
|
|||
Impairment of Real Estate
|
(2,756
|
)
|
|
—
|
|
|
—
|
|
|||
Write-off of Fully Depreciated and Other Assets
|
(24,089
|
)
|
|
(27,816
|
)
|
|
(31,554
|
)
|
|||
Balance, End of Year Including Real Estate Held for Sale
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
$
|
3,388,611
|
|
Real Estate Held for Sale
|
—
|
|
|
—
|
|
|
(3,697
|
)
|
|||
Balance, End of Year Excluding Real Estate Held for Sale
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
$
|
3,384,914
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In thousands)
|
||||||||||
Balance, Beginning of Year
|
$
|
789,919
|
|
|
$
|
797,919
|
|
|
$
|
792,501
|
|
Depreciation for Year
|
94,626
|
|
|
94,078
|
|
|
95,514
|
|
|||
Disposition of Real Estate Assets
|
(49,144
|
)
|
|
(78,844
|
)
|
|
(62,634
|
)
|
|||
Write-off of Fully Depreciated and Other Assets
|
(23,617
|
)
|
|
(23,234
|
)
|
|
(27,462
|
)
|
|||
Balance, End of Year Including Real Estate Held for Sale
|
$
|
811,784
|
|
|
$
|
789,919
|
|
|
$
|
797,919
|
|
Real Estate Held for Sale
|
—
|
|
|
—
|
|
|
(1,427
|
)
|
|||
Balance, End of Year Excluding Real Estate Held for Sale
|
$
|
811,784
|
|
|
$
|
789,919
|
|
|
$
|
796,492
|
|
|
|
FIRST INDUSTRIAL REALTY TRUST, INC.
|
|
|
|
|
By:
|
/
S
/
P
ETER
E. B
ACCILE
|
|
|
Peter E. Baccile
President, Chief Executive Officer and Director (Principal Executive Officer)
|
|
By:
|
/
S
/
S
COTT
A. M
USIL
|
|
|
Scott A. Musil
Chief Financial Officer
(Principal Financial Officer)
|
|
By:
|
/
S
/ S
ARA
E. N
IEMIEC
|
|
|
Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
/
S
/ B
RUCE
W. D
UNCAN
|
|
Chairman of the Board of Directors
|
|
February 19, 2019
|
Bruce W. Duncan
|
|
|
|
|
|
|
|
|
|
/
S
/ P
ETER
E. B
ACCILE
|
|
President, Chief Executive Officer and Director
|
|
February 19, 2019
|
Peter E. Baccile
|
|
|
|
|
|
|
|
|
|
/
S
/ J
OHN
R
AU
|
|
Lead Independent Director
|
|
February 19, 2019
|
John Rau
|
|
|
|
|
|
|
|
|
|
/
S
/ M
ATTHEW
S. D
OMINSKI
|
|
Director
|
|
February 19, 2019
|
Matthew S. Dominski
|
|
|
|
|
|
|
|
|
|
/
S
/ H. P
ATRICK
H
ACKETT
, J
R
.
|
|
Director
|
|
February 19, 2019
|
H. Patrick Hackett, Jr.
|
|
|
|
|
|
|
|
|
|
/
S
/ D
ENISE
A. O
LSEN
|
|
Director
|
|
February 19, 2019
|
Denise A. Olsen
|
|
|
|
|
|
|
|
|
|
/
S
/ L. P
ETER
S
HARPE
|
|
Director
|
|
February 19, 2019
|
L. Peter Sharpe
|
|
|
|
|
|
|
|
|
|
/
S
/ W. E
DWIN
T
YLER
|
|
Director
|
|
February 19, 2019
|
W. Edwin Tyler
|
|
|
|
|
|
FIRST INDUSTRIAL, L.P.
|
|
|
|
|
|
By:
|
FIRST INDUSTRIAL REALTY TRUST, INC.
|
|
|
as general partner
|
|
|
|
|
By:
|
/
S
/ P
ETER
E. B
ACCILE
|
|
|
Peter E. Baccile
President, Chief Executive Officer and Director (Principal Executive Officer)
|
|
By:
|
/
S
/ S
COTT
A. M
USIL
|
|
|
Scott A. Musil
Chief Financial Officer
(Principal Financial Officer)
|
|
By:
|
/
S
/
S
ARA
E. N
IEMIEC
|
|
|
Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
/
S
/ B
RUCE
W. D
UNCAN
|
|
Chairman of the Board of Directors
|
|
February 19, 2019
|
Bruce W. Duncan
|
|
|
|
|
|
|
|
|
|
/
S
/ P
ETER
E. B
ACCILE
|
|
President, Chief Executive Officer and Director
|
|
February 19, 2019
|
Peter E. Baccile
|
|
|
|
|
|
|
|
|
|
/
S
/ J
OHN
R
AU
|
|
Lead Independent Director
|
|
February 19, 2019
|
John Rau
|
|
|
|
|
|
|
|
|
|
/
S
/ M
ATTHEW
S. D
OMINSKI
|
|
Director
|
|
February 19, 2019
|
Matthew S. Dominski
|
|
|
|
|
|
|
|
|
|
/
S
/ H. P
ATRICK
H
ACKETT
, J
R
.
|
|
Director
|
|
February 19, 2019
|
H. Patrick Hackett, Jr.
|
|
|
|
|
|
|
|
|
|
/
S
/ D
ENISE
A. O
LSEN
|
|
Director
|
|
February 19, 2019
|
Denise A. Olsen
|
|
|
|
|
|
|
|
|
|
/
S
/ L. P
ETER
S
HARPE
|
|
Director
|
|
February 19, 2019
|
L. Peter Sharpe
|
|
|
|
|
|
|
|
|
|
/
S
/ W. E
DWIN
T
YLER
|
|
Director
|
|
February 19, 2019
|
W. Edwin Tyler
|
|
|
|
|
Exhibit 1A
|
-
|
First Highland Partners
|
Exhibit 1B
|
-
|
Schedule of Partners
|
Exhibit 1C
|
-
|
LB Partners
|
Exhibit 1D
|
-
|
Contributor Partners
|
Exhibit 2
|
-
|
Form of Redemption Notice
|
Exhibit 3
|
-
|
Form of Registration Rights Agreement
|
General Partner:
|
FIRST INDUSTRIAL REALTY TRUST INC.,
as sole General Partner of the Partnership |
|
By:
|
General Partner:
|
FIRST INDUSTRIAL REALTY TRUST INC.,
as sole General Partner of the Partnership |
1.1
|
Designation. A class of Partnership Interests designated as the “LTIP Units” is hereby established. LTIP Units are intended to qualify as “profits interests” in the Partnership for tax purposes. The number of LTIP Units that may be issued shall not be limited.
|
1.2
|
Vesting. LTIP Units may, in the sole discretion of the General Partner, be issued subject to vesting, forfeiture and additional restrictions on transfer pursuant to the terms of an award, vesting or other similar agreement (a “Vesting Agreement”), between the Partnership or the General Partner (on behalf of the Partnership) and a holder of LTIP Units. The terms of any Vesting Agreement may be modified from time to time in accordance with their terms. LTIP Units that have vested and are no longer subject to forfeiture under the terms of a Vesting Agreement are referred to as “Vested LTIP Units”; all other LTIP Units are referred to as “Unvested LTIP Units.” Subject to the terms of any Vesting Agreement, a holder of LTIP Units shall be entitled to transfer his or her LTIP Units to the same extent, and subject to the same restrictions as holders of Partnership Units are entitled to transfer their Partnership Units pursuant to Article 8 of this Agreement.
|
1.3
|
Forfeiture or Transfer of Unvested LTIP Units. Unless otherwise specified in the relevant Vesting Agreement, upon the occurrence of any event specified in a Vesting Agreement as resulting in either the forfeiture of any LTIP Units, or the repurchase by the Partnership or the General Partner of LTIP Units at a specified purchase price, then, upon the occurrence of the circumstances resulting in such forfeiture or repurchase by the Partnership or the General Partner, the relevant LTIP Units shall immediately, and without any further action, be treated as cancelled and no longer outstanding for any purpose, or as transferred to the Partnership or General Partner, as applicable. Unless otherwise specified in the Vesting Agreement, no consideration or other payment shall be due with respect to any LTIP Units that have been forfeited, other than any distributions declared with a record date prior to the effective date of the forfeiture.
|
1.4
|
Legend. Any certificate evidencing an LTIP Unit shall bear an appropriate legend indicating that additional terms, conditions and restrictions on transfer, including without limitation, any Vesting Agreement, apply to the LTIP Unit.
|
1.5
|
Distributions. The distributions to which holders of LTIP Units will be entitled with respect to their LTIP Units will be determined in accordance with the terms of this Agreement, including, without limitation, Article 5 of this Agreement.
|
1.6
|
Allocations. The allocations to which holders of LTIP Units will be entitled with respect to their LTIP Units will be determined in accordance with the terms of this Agreement, including, without limitation, Article 5 of this Agreement.
|
1.7
|
Adjustments. If an LTIP Unit Adjustment Event (as defined below) occurs, then the General Partner shall make a corresponding adjustment to the LTIP Units to maintain the same correspondence between Partnership Units and LTIP Units as existed prior to such LTIP Unit Adjustment Event. The following shall be “LTIP Unit Adjustment Events”: (A) the Partnership makes a distribution on all outstanding Partnership Units in Partnership Units, (B) the Partnership subdivides the outstanding Partnership Units into a greater number of units or combines the outstanding Partnership Units into a smaller number of units, or (C) the Partnership issues any Partnership Units in exchange for its outstanding Partnership Units by way of a reclassification or recapitalization of its Partnership Units. If more than one LTIP Unit Adjustment Event occurs, the adjustment to the LTIP Units need be made only once using a single formula that takes into account each and every LTIP Unit Adjustment Event as if all LTIP Unit Adjustment Events occurred simultaneously. If the Partnership takes an action affecting the Partnership Units other than actions specifically described above as LTIP Unit Adjustment Events and in the opinion of the General Partner such action would require an adjustment to the LTIP Units to maintain the correspondence between Partnership Unit and LTIP Units as existed prior to such action, the General Partner shall make such adjustment to the LTIP Units, to the extent permitted by law and by the terms of any plan pursuant to which the LTIP Units have been issued
,
in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances to maintain such correspondence. If an adjustment is made to the LTIP Units as herein provided, the Partnership shall promptly file in the books and records of the Partnership an officer’s certificate setting forth such adjustment and a brief statement of the facts requiring such adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment absent manifest error. Promptly after filing of such certificate, the Partnership shall mail a notice to each holder of LTIP Units setting forth the adjustment to his or her LTIP Units and the effective date of such adjustment.
|
1.8
|
Conversion of LTIP Units into Partnership Units. LTIP Units shall automatically convert into an equal number of Partnership Units, giving effect to all adjustments (if any) made pursuant to Section 1.7, on the later to occur of (i) the date on which such LTIP Units become Vested LTIP Units and (ii) the date on which the Book-Up Target for such LTIP Units becomes zero (the “LTIP Unit Conversion Date”). Any such conversion shall occur automatically after the close of business on the applicable LTIP Unit Conversion Date without any action on the part of such holder of LTIP Units, as of which time such holder of LTIP Units shall be credited on the books and records of the Partnership with the issuance as of the opening of business on the next day of the number of Partnership Units issuable upon such conversion.
|
1.9
|
Treatment of Capital Account. For purposes of making future allocations under Section 5.2(O)(2) of this Agreement, the portion of the Economic Capital Account Balance of the applicable holder of LTIP Units that is treated as attributable to his or her LTIP Units shall be reduced, as of the date of conversion, by the product of the number of LTIP Units converted into Partnership Units and the Partnership Unit Economic Balance with respect to such converted LTIP Unit, provided that for the avoidance of doubt, the amount of such reduction shall instead be attributable to the Economic Capital Account Balance that is attributable to the Partnership Units into which such LTIP Units were converted.
|
1.10
|
Conversion in Connection with a Transaction.
|
(a)
|
If the Partnership or the General Partner shall be a party to any transaction (including without limitation a merger, consolidation, unit exchange, self-tender offer for all or substantially all Partnership Units or other business combination or reorganization, or sale of all or substantially all of the Partnership’s assets, but excluding any transaction which constitutes an LTIP Unit Adjustment Event), in each case as a result of which Partnership Units shall be exchanged for or converted into the right, or the holders of Partnership Units shall otherwise be entitled, to receive cash, securities or other property or any combination thereof (each of the foregoing being referred to herein as a “Transaction”), then, immediately prior to the Transaction, any LTIP Units that will become eligible for conversion in connection with the Transaction in accordance with Section 1.8 shall automatically convert into an equal number of Partnership Units, giving effect to all adjustments (if any) made pursuant to Section 1.7, and taking into account any allocations that occur in connection with the Transaction or that would occur in connection with the Transaction if the assets of the Partnership were sold at the Transaction price or, if applicable, at a value determined by the General Partner in good faith using the value attributed to the Partnership Units in the context of the Transaction (in which case the LTIP Unit Conversion Date shall be the effective date of the Transaction and the conversion shall occur immediately prior to the effectiveness of the Transaction).
|
(b)
|
In anticipation of such automatic LTIP Unit conversion and the consummation of the Transaction, the Partnership shall cause each holder of LTIP Units to be afforded the right to receive in connection with such Transaction in consideration for the Partnership Units into which his or her LTIP Units will be converted the same kind and amount of cash, securities and other property (or any combination thereof) receivable upon the consummation of such Transaction by a holder of the same number of Partnership Units, assuming such holder of Partnership Units is not a Person with which the Partnership consolidated or into which the Partnership merged or which merged into the Partnership or to which such sale or transfer was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent Person. In the event that holders of Partnership Units have the opportunity to elect the form or type of consideration to be received upon consummation of the Transaction, prior to such Transaction the General Partner shall give prompt written notice to each holder of LTIP Units of such election, and shall afford such holders the right to elect, by written notice to the General Partner, the form or type of consideration to be received upon conversion of each LTIP Unit held by such holder into Partnership Units in connection with such Transaction. If a holder of LTIP Units fails to make such an election, such holder (and any of its transferees) shall receive upon conversion of each LTIP Unit held by him or her (or by any of his or her transferees) the same kind and amount of consideration that a holder of a Partnership Unit would receive if such holder of Partnership Units failed to make such an election.
|
(c)
|
Subject to the rights of the Partnership and the General Partner under any Vesting Agreement and the terms of any plan under which LTIP Units are issued, the Partnership shall use commercially reasonable efforts to cause the terms of any Transaction to be consistent with the provisions of this Section 1.10 and to enter into an agreement with the successor or purchasing entity, as the case may be, for the benefit of any holders of LTIP Units whose LTIP Units will not be converted into Partnership Units in connection with the Transaction that will (i) contain provisions enabling the holders of LTIP Units that remain outstanding after such Transaction to convert their LTIP Units into securities as comparable as reasonably possible under the circumstances to the Partnership Units and (ii) preserve as far as reasonably possible under the circumstances the distribution, special allocation, conversion, and other rights set forth in the Agreement for the benefit of the holders of LTIP Units.
|
1.11
|
Redemption at the Option of the Partnership. LTIP Units will not be redeemable at the option of the Partnership; provided, however, that the foregoing shall not prohibit the Partnership from (i) repurchasing LTIP Units from the holder thereof if and to the extent such holder agrees to sell such LTIP Units or (ii) converting LTIP Units pursuant to Section 1.8 above.
|
1.12
|
Voting Rights. Holders of LTIP Units shall have the right to vote on all matters submitted to a vote of the holders of Partnership Units; holders of LTIP Units and Partnership Units shall vote together as a single class, together with any other class or series of Partnership Units upon which like voting rights have been conferred. In any matter in which the LTIP Units are entitled to vote, including an action by written consent, each LTIP Unit shall be entitled to vote a Percentage Interest equal on a per unit basis to the Percentage Interest represented by each Partnership Unit.
|
1.13
|
Special Approval Rights. Except as provided in Section 1.12 above, holders of LTIP Units shall only (a) have those voting rights required from time to time by non-waivable provisions of applicable law, if any, and (b) have the additional voting rights that are expressly set forth in this Section 1.13. The General Partner and/or the Partnership shall not, without the affirmative vote of holders of more than 50% of the then outstanding LTIP Units affected thereby, given in person or by proxy, either in writing or at a meeting (voting separately as a class), take any action that would materially and adversely alter, change, modify or amend, whether by merger, consolidation or otherwise, the rights, powers or privileges of such LTIP Units, subject to the following exceptions: (i) no separate consent of the holders of LTIP Units will be required if and to the extent that any such alteration, change, modification or amendment would equally, ratably and proportionately alter, change, modify or amend the rights, powers or privileges of the Partnership Units (in which event the holders of LTIP Units shall only have such voting rights, if any, as expressly provided for in the Agreement, in accordance with Section 1.12 above); (ii) with respect to any merger, consolidation or other business combination or reorganization, so long as either (w) the LTIP Units are converted into Partnership Units immediately prior to the effectiveness of the transaction, (x) the holders of LTIP Units either will receive, or will have the right to elect to receive, for each LTIP Unit an amount of cash, securities, or other property equal to the greatest amount of cash, securities or other property paid to a holder of one Partnership Unit in consideration of one Partnership Unit pursuant to the terms of such transaction, (y) the LTIP Units remain outstanding with the terms thereof materially unchanged, or (z) if the Partnership is not the surviving entity in such transaction, the LTIP Units are exchanged for a security of the surviving entity with terms that are materially the same with respect to rights to allocations, distributions, redemption, conversion and voting as the LTIP Units and without any income, gain or loss expected to be recognized by the holder upon the exchange for U.S. federal income tax purposes (and with the terms of the Partnership Units or such other securities into which the LTIP Units (or the substitute security therefor) are convertible materially the same with respect to rights to allocations, distributions, redemption, conversion and voting), such merger, consolidation or other business combination or reorganization shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of the LTIP Units, provided further, that if some, but not all, of the LTIP Units are converted into Partnership Units immediately prior to the effectiveness of the transaction (and neither clause (y) or (z) above is applicable), then the consent required pursuant to this Section will be the consent of the holders of more than 50% of the LTIP Units to be outstanding following such conversion; (iii) any creation or issuance of Partnership Interests (whether ranking junior to, on a parity with or senior to the LTIP Units in any respect, which either (x) does not require the consent of the holders of Partnership Units or (y) does require such consent and is authorized by a vote of the holders of Partnership Units and LTIP Units voting together as a single class pursuant to Section 1.12 above, together with any other class or series of units of Partnership Interests upon which like voting rights have been conferred, shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of the LTIP Units; and (iv) any waiver by the Partnership of restrictions or limitations applicable to any outstanding LTIP Units with respect to any holder or holders thereof shall not be deemed to materially and adversely alter, change, modify or amend the rights, powers or privileges of the LTIP Units with respect to other holders.
|
1.14
|
The foregoing voting provisions will not apply if, as of or prior to the time when the action with respect to which such vote would otherwise be required to be taken or be effective, all outstanding LTIP Units shall have been converted and/or redeemed, or provision is made for such redemption and/or conversion to occur as of or prior to such time.
|
First Highland Partners
|
Number of Units
|
Peter D O'Connor Family Trust
|
64,174
|
Peter Murphy
|
3,260
|
Partridge Road Associates Limited Partnership
|
2,751
|
Jonathan Stott Trust
|
143,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General Partner
|
Number of Units
|
First Industrial Realty Trust, Inc.
|
126,307,431
|
|
|
|
|
Limited Partners
|
Number of Units
|
Nancy Gabel
|
14
|
|
|
Richard Rapp
|
23
|
|
|
Kathleen Sage
|
50
|
|
|
J. Stanley Mattison
|
79
|
|
|
Andrew Holder
|
97
|
|
|
Karen L. Hymowitz
|
154
|
|
|
Kerry Acker
|
154
|
|
|
Rowena Finke
|
154
|
|
|
Spenjen & Company, LLC
|
154
|
|
|
RBZ LLC
|
155
|
|
|
Carol F. Kaufman
|
166
|
|
|
Kris Neilsen
|
178
|
|
|
Barbara Lusen
|
307
|
|
|
Jerry Hymowitz
|
307
|
|
|
Magdalena G. Castleman
|
307
|
|
|
Norma A. Schulze
|
307
|
|
|
Sanders Acker
|
307
|
|
|
The Arel Company
|
307
|
|
|
Stanley Greenburg & Florence Greenburg JT TEN
|
307
|
|
|
Dorothy Sollar Residuary Trust
|
307
|
|
|
Helen Brown
|
307
|
|
|
Jeffrey L. Greenberg
|
330
|
|
|
Jack H. Kulka
|
330
|
|
|
James J. Warfield
|
330
|
|
|
Joan Eglow
|
330
|
|
|
Mitchell Sussman
|
410
|
|
|
Thelma C. Gretzinger Trust
|
450
|
|
|
Michael W. Jenkins
|
460
|
|
|
Peter M Polow
|
557
|
|
|
Gerald & Sharon Zuckerman JT TEN
|
615
|
|
|
Richard McClintock
|
623
|
|
|
Charles S. Cook & Shelby H. Cook TEN ENT
|
634
|
|
|
Henry E. Mawicke
|
636
|
|
|
Howard Trust DTD 4-30-79 Howard F Sklar Trustee
|
653
|
|
|
Barbara Lee O'Brien Burke
|
666
|
|
|
Patricia O'Brien Ferrell
|
666
|
|
|
Lee O'Brien, Trustee of the Martha J. Harbison Testamentary Trust FBO Christopher C. O’Brien
|
666
|
|
|
Gail Kurz TR UA 2/25/2000 Philip D Kaltenbacher 2000 Irrevocable Trust
|
720
|
|
|
JKC Financial, LLP
|
720
|
|
|
J. Peter Gaffney
|
727
|
|
|
Harpeth Hills Church of Christ
|
750
|
|
|
Lorraine T. Andrews
|
754
|
|
|
Craig R. Martin
|
754
|
|
|
Charles F Downs & Mary Jane Downs TTEE Charles F Downs Living Trust UA DTD 12/06/04
|
754
|
|
|
Mary Jane Downs & Charles F Downs TTEE Mary Jane Downs Living Trust UA DTD 12/06/04
|
754
|
|
|
Sterling Alsip Trust dated 8/1/89 Don Schaumberger Trustee
|
794
|
|
|
Martin Goodstein
|
922
|
|
|
Marilyn Rangel IRA DTD 2-5-86 Custodian Smith Barney Shearson
|
969
|
|
|
Johnson Living Trust DTD 2-18-83 H. Stanton & Carol A. Johnson Trustees
|
1,078
|
|
|
Perry C. Caplan
|
1,388
|
|
|
P & D Partners LP
|
1,440
|
|
|
Jack Kindler Estate
|
1,440
|
|
|
Martha O'Brien Jones
|
1,497
|
|
|
Catherine O'Brien Sturgis
|
1,498
|
|
|
Johannson Yap
|
1,680
|
|
|
Sybil T. Patten
|
1,816
|
|
|
Nourhan Kailian
|
2,183
|
|
|
Thomas K. Barad & Jill E. Barad Co-TTEES of the Thomas K. Barad & Jill E. Barad Trust dated 10/18/89
|
2,283
|
|
|
Gretchen Smith Crow
|
2,602
|
|
|
Partridge Road Associates Limited Partnership
|
2,751
|
|
|
Michael B. Slade
|
2,829
|
|
|
Jeffrey Pion
|
2,879
|
|
|
William S. Tyrrell
|
2,906
|
|
|
Pipkin Family Trust DTD 10-6-89 Chester & Janice Pipkin Trustees
|
3,140
|
|
|
Peter Murphy
|
3,260
|
|
|
Bagpipe, LLC
|
3,591
|
|
|
Michael W. Brennan
|
3,806
|
|
|
Howard F Sklar
|
3,912
|
|
|
HL Investors, LLC
|
4,000
|
|
|
Princeton South at Lawrenceville I, LP
|
4,265
|
|
|
The Sharon Green Trust
|
5,007
|
|
|
David Cleborne Crow
|
5,159
|
|
|
Wilton Wade Sample
|
5,449
|
|
|
McElroy Management Inc
|
5,478
|
|
|
Rebecca S. Roberts
|
8,308
|
|
|
REA Associates
|
8,908
|
|
|
Burton S. Ury
|
9,072
|
|
|
Edward Burger
|
9,261
|
|
|
Peter Kepic
|
9,261
|
|
|
Stanley Gruber TR UA 07/07/06 Stanley Gruber Living Trust
|
10,000
|
|
|
Kelly Collins
|
11,116
|
|
|
LP Family Group LLC
|
12,670
|
|
|
John M. DiSanto
|
14,844
|
|
|
Mark X. DiSanto
|
14,844
|
|
|
Frances Shankman Insurance Trust, Frances Shankman Trustee
|
16,540
|
|
|
Michael Collins
|
17,369
|
|
|
Holman/Shidler Investment Corp.
|
22,079
|
|
|
Wilson Management Co, LLC
|
35,787
|
|
|
JP Trusts, LLC
|
35,957
|
|
|
Monument Holdings, LLC
|
36,033
|
|
|
Suzann Jerger-Dietz TR UA 8/9/93 Suzann Jerger-Dietz Trust
|
36,476
|
|
|
L. Gary Waller & Nancy R. Waller JT TEN
|
36,837
|
|
|
Barbara Bell
|
32,219
|
|
|
Michelle Hoyt Trust Agreement u/a/d December 22, 2010, Michelle Lee Hoyt, Trustee
|
40,000
|
|
|
James C. Reynolds
|
40,284
|
|
|
RJB II Limited Partnership
|
40,788
|
|
|
Robert Stein TTEE UA DTD 5-21-96 FBO Robert Stein
|
63,630
|
|
|
S. Larry Stein, TTEE under Revocable Trust Agreement DTD 9-2-99 S. Larry Stein Grantor
|
63,630
|
|
|
Peter D O'Connor Family Trust
|
64,174
|
|
|
Enid Barden TTEE of the Enid Barden Trust as of 6/28/95
|
79,170
|
|
|
KEP, LLC
|
98,626
|
|
|
HP Family Group LLC
|
103,734
|
|
|
Pomeroy Delaware Investments #1, LLC
|
104,954
|
|
|
Jonathan Stott Trust
|
143,940
|
|
|
Robert W. Holman, Jr.
|
150,213
|
|
|
RJB Ford City LP
|
158,438
|
|
|
Jernie Holdings Corp
|
180,499
|
|
|
Christopher G Simonoff TR UA 11/01/2000 Christopher G Simonoff Living Trust
|
183,158
|
|
|
Draizin Family Partnership, L.P.
|
282,896
|
|
|
Sam Shamie, Trustee of the Sam Shamie Trust Agreement dated 3-16-78, as Restated 11-16-93
|
350,000
|
_______________________________
|
(Signature of Limited Partner)
|
_______________________________
|
(Street Address)
|
_______________________________
(City)
(State)(Zip Code)
|
Signature Guaranteed by:
|
_______________________________
|
FIRST INDUSTRIAL REALTY TRUST, INC.
|
By: _________________________________
|
Name: _________________________________
|
Title: _________________________________
|
Section 1
|
General Purpose of Plan; Definitions
. 1
|
Section 2
|
Administration of Plan; Committee Authority to Select Participants and Determine Awards
. 4
|
Section 3
|
Shares Issuable under Plan; Mergers; Substitution
. 7
|
Section 4
|
Awards
. 8
|
Section 5
|
Eligibility
. 9
|
Section 6
|
Stock Options
. 10
|
Section 7
|
Restricted Stock Awards, Restricted Stock Unit Awards and LTIP Unit Awards
. 13
|
Section 8
|
Performance Share Awards
. 16
|
Section 9
|
Stock Appreciation Rights
. 17
|
Section 10
|
Dividend Equivalents
. 17
|
Section 11
|
Performance Awards
. 18
|
Section 12
|
Tax Withholding
. 19
|
Section 13
|
Amendments and Termination
. 20
|
Section 14
|
Status of Plan
. 21
|
Section 15
|
Change of Control Provisions
. 21
|
Section 16
|
General Provisions
. 22
|
Section 17
|
Clawback Policy
. 23
|
Section 18
|
Effective Date of Plan
. 23
|
Section 19
|
Governing Law
. 23
|
Section 2
|
Administration of Plan; Committee Authority to Select Participants and Determine Awards
.
|
Section 7
|
Restricted Stock Awards, Restricted Stock Unit Awards and LTIP Unit Awards
.
|
Name
|
|
State of Incorporation Formation
|
431 Railroad Avenue General Partner, LP
|
|
Delaware
|
431 Railroad Avenue Property Holding, LP
|
|
Delaware
|
431 Railroad Avenue Second, LLC
|
|
Delaware
|
431 Railroad Avenue, LLC
|
|
Delaware
|
78-81 Crossroads, LLC
|
|
Delaware
|
78-81 Jonestown, LLC
|
|
Delaware
|
78-81 Logistics Center, LLC
|
|
Delaware
|
9345 PGH, LLC
|
|
Delaware
|
FI Development Services Corporation
|
|
Maryland
|
FI Development Services, L.P.
|
|
Delaware
|
FI New Jersey Exchange LLC
|
|
Delaware
|
FIFP Conyers, LLC
|
|
Delaware
|
FIP MM Aurora, LLC
|
|
Delaware
|
First Florence I Urban Renewal, LLC
|
|
New Jersey
|
First Industrial Acquisitions II, LLC
|
|
Delaware
|
First Industrial Acquisitions, Inc.
|
|
Maryland
|
First Industrial Development Services Tampa, LLC
|
|
Delaware
|
First Industrial Finance Corporation
|
|
Maryland
|
First Industrial Financing Partnership, L.P.
|
|
Delaware
|
First Industrial Florida Finance Corporation
|
|
Maryland
|
First Industrial Harrisburg Corporation
|
|
Maryland
|
First Industrial Harrisburg L.P.
|
|
Delaware
|
First Industrial Indianapolis Corporation
|
|
Maryland
|
First Industrial Indianapolis, L.P.
|
|
Delaware
|
First Industrial Investment II, LLC
|
|
Delaware
|
First Industrial Investment Properties, Inc.
|
|
Maryland
|
First Industrial Management Services (Denver), LLC
|
|
Delaware
|
First Industrial Mortgage Corporation
|
|
Maryland
|
First Industrial Mortgage Partnership, L.P.
|
|
Delaware
|
First Industrial Pennsylvania Corporation
|
|
Maryland
|
First Industrial Pennsylvania, L.P.
|
|
Delaware
|
First Industrial Realty Trust, Inc.
|
|
Maryland
|
First Industrial Securities Corporation
|
|
Maryland
|
First Industrial Securities, L.P.
|
|
Delaware
|
First Industrial Texas LP
|
|
Delaware
|
First Industrial, L.P.
|
|
Delaware
|
First Park 94, LLC
|
|
Delaware
|
FP Fairburn, LLC
|
|
Delaware
|
FR 10586 Tamarind, LLC
|
|
Delaware
|
FR 10680 88 AVENUE, LLC
|
|
Delaware
|
FR 1351 NW 78, LLC
|
|
Delaware
|
FR 14750 Jurupa, LLC
|
|
Delaware
|
FR 17825 Indian Street, LLC
|
|
Delaware
|
FR 200 Cascade, LLC
|
|
Delaware
|
FR 21301 E. 33, LLC
|
|
Delaware
|
FR 24 Street East, LLC
|
|
Delaware
|
FR 2504 NW 19, LLC
|
|
Delaware
|
FR 2777 Loker, LLC
|
|
Delaware
|
FR 28545 Livingston, LLC
|
|
Delaware
|
FR 301 Bordentown-Hedding, LLC
|
|
Delaware
|
FR 30311 Emerald Valley Parkway, LLC
|
|
Delaware
|
FR 30333 Emerald Valley Parkway, LLC
|
|
Delaware
|
FR 4401 Shader Road, LLC
|
|
Delaware
|
FR 450 Gills Drive, LLC
|
|
Delaware
|
FR 4700 W. Ledbetter, LLC
|
|
Delaware
|
FR 550 Gills, LLC
|
|
Delaware
|
FR 6407 South 210, LLC
|
|
Delaware
|
FR 6635 E 30, LLC
|
|
Delaware
|
FR 750 Gateway, LLC
|
|
Delaware
|
FR 7900 Cochran Road, LLC
|
|
Delaware
|
FR 81 Paragon Drive, LLC
|
|
Delaware
|
FR 8751 Skinner, LLC
|
|
Delaware
|
FR ABC, LLC
|
|
Delaware
|
FR Aldrin Drive, LLC
|
|
Delaware
|
FR Aurora Commerce Center Phase I, LLC
|
|
Colorado
|
FR AZ/TX, LLC
|
|
Delaware
|
FR Bergen, LLC
|
|
Delaware
|
FR Boone, LLC
|
|
Delaware
|
FR Boulevard General Partner, LP
|
|
Delaware
|
FR Boulevard Property Holding, LP
|
|
Delaware
|
FR Boulevard Second, LLC
|
|
Delaware
|
FR Boulevard, LLC
|
|
Delaware
|
FR Bristol General Partner, LP
|
|
Delaware
|
FR Bristol Property Holding, LP
|
|
Delaware
|
FR Bristol Second, LLC
|
|
Delaware
|
FR Bristol, LLC
|
|
Delaware
|
FR Brokerage Services, Inc.
|
|
Maryland
|
FR Clifton General Partner, LP
|
|
Delaware
|
FR Clifton Property Holding, LP
|
|
Delaware
|
FR Clifton Second, LLC
|
|
Delaware
|
FR Clifton, LLC
|
|
Delaware
|
FR CO/Tex Cuna, LLC
|
|
Delaware
|
FR Collins Industrial, LLC
|
|
Delaware
|
FR Commerce Center, LLC
|
|
Delaware
|
FR Crossroads I, LLC
|
|
Delaware
|
FR Cumberland General Partner, LP
|
|
Delaware
|
FR Cumberland Property Holding, LP
|
|
Delaware
|
FR Cumberland Second, LLC
|
|
Delaware
|
FR Cumberland, LLC
|
|
Delaware
|
FR Dallas Houston, LLC
|
|
Delaware
|
FR Danieldale Road, LLC
|
|
Delaware
|
FR Dessau Road, LLC
|
|
Delaware
|
FR E1 General Partner, LP
|
|
Delaware
|
FR E1 Property Holding, LP
|
|
Delaware
|
FR E1 Second, LLC
|
|
Delaware
|
FR E1, LLC
|
|
Delaware
|
FR E2 General Partner, LP
|
|
Delaware
|
FR E2 Property Holding, LP
|
|
Delaware
|
FR E2 Second, LLC
|
|
Delaware
|
FR E2, LLC
|
|
Delaware
|
FR E3 General Partner, LP
|
|
Delaware
|
FR E3 Property Holding, LP
|
|
Delaware
|
FR E3 Second, LLC
|
|
Delaware
|
FR E3, LLC
|
|
Delaware
|
FR East Sam Houston Parkway, LLC
|
|
Delaware
|
FR East Sam Houston Parkway 2, LLC
|
|
Delaware
|
FR Engineer Street, LLC
|
|
Delaware
|
FR Executive, LLC
|
|
Delaware
|
FR Feehanville, LLC
|
|
Delaware
|
FR First Avenue General Partner, LP
|
|
Delaware
|
FR First Avenue Property Holding, LP
|
|
Delaware
|
FR First Avenue Second, LLC
|
|
Delaware
|
FR First Avenue, LLC
|
|
Delaware
|
FR First Fontana, LLC
|
|
Delaware
|
FR First Park Joliet, LLC
|
|
Delaware
|
FR Fossil Creek, LLC
|
|
Delaware
|
FR Frederick, LLC
|
|
Delaware
|
FR Gateway Commerce Center, LLC
|
|
Delaware
|
FR Georgia, LLC
|
|
Delaware
|
FR Gilroy LLC
|
|
Delaware
|
FR Goodyear Manager, LLC
|
|
Delaware
|
FR Goodyear, LLC
|
|
Delaware
|
FR Hagerstown, LLC
|
|
Delaware
|
FR Hunt Valley II LLC
|
|
Delaware
|
FR Hunt Valley LLC
|
|
Delaware
|
FR Investment Properties, LLC
|
|
Delaware
|
FR Jessup General Partner, LP
|
|
Delaware
|
FR Jessup Property Holding, LP
|
|
Delaware
|
FR Jessup Second, LLC
|
|
Delaware
|
FR Jessup, LLC
|
|
Delaware
|
FR JH 10 MM, LLC
|
|
Delaware
|
FR JH 10, LLC
|
|
Delaware
|
FR JH 12 MM, LLC
|
|
Delaware
|
FR JH 12, LLC
|
|
Delaware
|
FR Leo Lane General Partner, LP
|
|
Delaware
|
FR Leo Lane Property Holding, LP
|
|
Delaware
|
FR Leo Lane Second, LLC
|
|
Delaware
|
FR Leo Lane, LLC
|
|
Delaware
|
FR Lewisville Midway, LLC
|
|
Delaware
|
FR Loveton LLC
|
|
Delaware
|
FR Main Street, LLC
|
|
Delaware
|
FR Management, L.P.
|
|
Delaware
|
FR Manchester General Partner, LP
|
|
Delaware
|
FR Manchester Property Holding, LP
|
|
Delaware
|
FR Manchester Second, LLC
|
|
Delaware
|
FR Manchester, LLC
|
|
Delaware
|
FR Massachusetts 7, LLC
|
|
Delaware
|
FR McCormick Road II LLC
|
|
Delaware
|
FR McFadden General Partner, LP
|
|
Delaware
|
FR McFadden Property Holding, LP
|
|
Delaware
|
FR McFadden Second, LLC
|
|
Delaware
|
FR Menomonee Falls, LLC
|
|
Delaware
|
FR Museum Road General Partner, LP
|
|
Delaware
|
FR Museum Road Property Holding, LP
|
|
Delaware
|
FR Museum Road Second, LLC
|
|
Delaware
|
FR Museum Road, LLC
|
|
Delaware
|
FR Nandina Avenue, LLC
|
|
Delaware
|
FR National Life Harrisburg, LLC
|
|
Delaware
|
FR National Life, LLC
|
|
Delaware
|
FR Oceanside, LLC
|
|
Delaware
|
FR Old Post Road, LLC
|
|
Delaware
|
FR Orlando, LLC
|
|
Delaware
|
FR Park Plaza, LLC
|
|
Delaware
|
FR Peebles Drive, LLC
|
|
Delaware
|
FR Pennsauken Airport Central, LLC
|
|
Delaware
|
FR Pepper Road LLC
|
|
Delaware
|
FR PV 303 LLC
|
|
Delaware
|
FR PV 303 Phase 2, LLC
|
|
Delaware
|
FR PV 303 Phase 3, LLC
|
|
Delaware
|
FR Rancho Conejo, LLC
|
|
Delaware
|
FR Randolph Drive, LLC
|
|
Virginia
|
FR Red Lion General Partner, LP
|
|
Delaware
|
FR Red Lion Property Holding, LP
|
|
Delaware
|
FR Red Lion Second, LLC
|
|
Delaware
|
FR Relizon, LLC
|
|
Delaware
|
FR Sears Drive, LLC
|
|
Michigan
|
FR Shader Road, LLC
|
|
Delaware
|
FR Southgate Washington, LLC
|
|
Delaware
|
FR Summit, LLC
|
|
Virginia
|
FR Texas GP, LLC
|
|
Delaware
|
FR Texas LP, LLC
|
|
Delaware
|
FR The Ranch, LLC
|
|
Delaware
|
FR Washington Street, LLC
|
|
Delaware
|
FR Welsh Bindery, LLC
|
|
Delaware
|
FR Woodridge Land, LLC
|
|
Delaware
|
FR Woodridge LLC
|
|
Delaware
|
FR York General Partner, LP
|
|
Delaware
|
FR York Property Holding, LP
|
|
Delaware
|
FR York Second, LLC
|
|
Delaware
|
FR York, LLC
|
|
Delaware
|
Fraser Aurora, LLC
|
|
Delaware
|
FR-Kenosha, LLC
|
|
Delaware
|
FRV CO, LLC
|
|
Delaware
|
FRV IN, LLC
|
|
Delaware
|
HQ Lemont, LLC
|
|
Delaware
|
Lavergne Lemont, LLC
|
|
Delaware
|
Princeton Glendale, LLC
|
|
Delaware
|
Sigman Conyers, LLC
|
|
Delaware
|
TK-SV, Ltd.
|
|
Florida
|
1.
|
I have reviewed this annual report on Form 10-K of First Industrial Realty Trust, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: February 19, 2019
|
|
/
S
/
P
ETER
E. B
ACCILE
|
|
|
Peter E. Baccile
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
1.
|
I have reviewed this annual report on Form 10-K of First Industrial Realty Trust, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: February 19, 2019
|
|
/
S
/ S
COTT
A. M
USIL
|
|
|
Scott A. Musil
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
1.
|
I have reviewed this annual report on Form 10-K of First Industrial, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-l5(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: February 19, 2019
|
|
/
S
/ P
ETER
E. B
ACCILE
|
|
|
Peter E. Baccile
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
First Industrial Realty Trust, Inc.
|
1.
|
I have reviewed this annual report on Form 10-K of First Industrial, L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-l5(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Date: February 19, 2019
|
|
/
S
/ S
COTT
A. M
USIL
|
|
|
Scott A. Musil
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|
First Industrial Realty Trust, Inc.
|
Dated: February 19, 2019
|
|
/
S
/ P
ETER
E. B
ACCILE
|
|
|
Peter E. Baccile
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
Dated: February 19, 2019
|
|
/
S
/ S
COTT
A. M
USIL
|
|
|
Scott A. Musil
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
Dated: February 19, 2019
|
|
|
/
S
/ P
ETER
E. B
ACCILE
|
|
|
|
Peter E. Baccile
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
First Industrial Realty Trust, Inc.
|
|
|
|
|
|
|
|
|
Dated: February 19, 2019
|
|
|
/
S
/ S
COTT
A. M
USIL
|
|
|
|
Scott A. Musil
|
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
First Industrial Realty Trust, Inc.
|