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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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First Industrial Realty Trust, Inc.
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Maryland
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36-3935116
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First Industrial, L.P.
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Delaware
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36-3924586
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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First Industrial Realty Trust, Inc.
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Yes
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☑
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No
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☐
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First Industrial, L.P.
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Yes
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☑
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No
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☐
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First Industrial Realty Trust, Inc.
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Yes
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o
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No
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þ
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First Industrial, L.P.
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Yes
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o
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No
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þ
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First Industrial Realty Trust, Inc.
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Yes
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þ
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No
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o
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First Industrial, L.P.
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Yes
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þ
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No
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o
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First Industrial Realty Trust, Inc.
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Yes
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þ
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No
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o
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First Industrial, L.P.
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Yes
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þ
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No
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o
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First Industrial Realty Trust, Inc.:
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Large accelerated filer
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þ
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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☐
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(Do not check if a smaller reporting company)
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Emerging growth company
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☐
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First Industrial, L.P.:
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Large accelerated filer
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o
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Accelerated filer
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þ
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Non-accelerated filer
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o
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Smaller reporting company
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☐
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(Do not check if a smaller reporting company)
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Emerging growth company
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☐
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First Industrial Realty Trust, Inc.
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o
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First Industrial, L.P.
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o
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First Industrial Realty Trust, Inc.
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Yes
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☐
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No
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þ
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First Industrial, L.P.
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Yes
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☐
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No
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þ
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•
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Stockholders' Equity, Noncontrolling Interest and Partners' Capital. The 1.9% equity interest in the Operating Partnership held by entities or persons 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.
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Relationship to Other Real Estate Partnership." 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.
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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.
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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;
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creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and
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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.
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consolidated financial statements;
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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
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a combined Management's Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.
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Page
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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•
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changes in national, international, regional and local economic conditions generally and real estate markets specifically;
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changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;
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our ability to qualify and maintain our status as a real estate investment trust;
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the availability and attractiveness of financing (including both public and private capital) and changes in interest rates;
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the availability and attractiveness of terms of additional debt repurchases;
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our ability to retain our credit agency ratings;
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our ability to comply with applicable financial covenants;
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our competitive environment;
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changes in supply, demand and valuation of industrial properties and land in our current and potential market areas;
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our ability to identify, acquire, develop and/or manage properties on favorable terms;
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our ability to dispose of properties on favorable terms;
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our ability to manage the integration of properties we acquire;
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potential liability relating to environmental matters;
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defaults on or non-renewal of leases by our tenants;
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decreased rental rates or increased vacancy rates;
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higher-than-expected real estate construction costs and delays in development or lease-up schedules;
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potential natural disasters and other potentially catastrophic events such as acts of war and/or terrorism;
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litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;
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risks associated with our investments in joint ventures, including our lack of sole decision-making authority; and
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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").
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Item 1.
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Business
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•
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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 12, 2020, we had approximately $596.4 million available for additional borrowings under the Unsecured Credit Facility.
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Item 1A.
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Risk Factors
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general economic conditions;
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local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties;
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local conditions such as oversupply or a reduction in demand in an area;
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increasing labor and material costs;
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the ability to collect on a timely basis all rents from tenants;
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changes in tenant operations, real estate needs and credit;
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changes in interest rates and in the availability, cost and terms of mortgage funding;
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zoning or other regulatory restrictions;
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competition from other available real estate;
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operating costs, including maintenance, insurance premiums and real estate taxes; and
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other factors that are beyond our control.
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we may not be able to obtain financing for these projects on favorable terms;
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we may not complete construction on schedule or within budget;
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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;
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contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and
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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.
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compromise the confidential information of our employees, tenants and vendors;
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disrupt the proper functioning of our networks and systems, and therefore our operations and/or those of certain of our tenants;
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result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space;
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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;
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result in misstated financial reports, violations of loan covenants and/or missed reporting deadlines;
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result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
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require significant management attention and resources to remedy any damages that result;
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subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
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damage our reputation among our tenants, investors and associates.
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the ability of our tenants to pay rent to us and meet their obligations to us under the current lease terms and our ability to re-lease space as leases expire,
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adverse market reaction to the amount of our debt outstanding at any time, the amount of our debt maturing in the near- and medium-term and our ability to refinance our debt, or our plans to incur additional debt in the future,
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our ability to comply with applicable financial covenants under our unsecured line of credit and the indentures under which our senior unsecured indebtedness is, or may be, issued,
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•
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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;
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joint venturers might experience financial distress, become bankrupt or otherwise fail to fund their share of any required capital contributions;
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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;
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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;
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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;
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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
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we may in certain circumstances be liable for the actions of our joint venturers.
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Item 1B.
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Unresolved SEC Comments
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Item 2.
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Properties
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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;
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•
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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;
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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
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•
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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.
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Bulk Warehouse
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Regional
Warehouse
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Light Industrial
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R&D/Flex
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Total
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|||||||||||||||||||||
Metropolitan Area
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GLA
(in 000's) |
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Number of
Properties
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GLA
(in 000's) |
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Number of
Properties
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GLA
(in 000's) |
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Number of
Properties
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GLA
(in 000's) |
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Number of
Properties
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GLA
(in 000's) |
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Number of
Properties
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Occupancy
at 12/31/19
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|||||||||||
Atlanta, GA
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4,563
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14
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340
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4
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347
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|
|
5
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|
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—
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|
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—
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|
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5,250
|
|
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23
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|
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98.5
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%
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Baltimore, MD
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2,660
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8
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|
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—
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—
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268
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4
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52
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1
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2,980
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13
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97.8
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%
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Central/Eastern PA (A)
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6,055
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13
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432
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|
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5
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|
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346
|
|
|
7
|
|
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—
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|
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—
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|
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6,833
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25
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|
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95.0
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%
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Chicago, IL
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5,092
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|
|
15
|
|
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326
|
|
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6
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|
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255
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|
|
5
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|
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—
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|
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—
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|
|
5,673
|
|
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26
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|
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96.1
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%
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Cincinnati, OH
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684
|
|
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3
|
|
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310
|
|
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3
|
|
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278
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|
|
5
|
|
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—
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|
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—
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|
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1,272
|
|
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11
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|
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93.6
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%
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Cleveland, OH
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1,128
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6
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—
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—
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—
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—
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—
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—
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1,128
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6
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|
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100.0
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%
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Dallas/Ft. Worth, TX
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4,644
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25
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484
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6
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971
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|
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17
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|
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—
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—
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6,099
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48
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98.8
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%
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Denver, CO
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1,135
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5
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717
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|
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7
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986
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|
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21
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|
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156
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|
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5
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|
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2,994
|
|
|
38
|
|
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99.1
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%
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Detroit, MI
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399
|
|
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3
|
|
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509
|
|
|
11
|
|
|
590
|
|
|
25
|
|
|
136
|
|
|
3
|
|
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1,634
|
|
|
42
|
|
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100.0
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%
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Houston, TX
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3,250
|
|
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17
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|
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564
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|
|
8
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|
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85
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|
|
3
|
|
|
—
|
|
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—
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|
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3,899
|
|
|
28
|
|
|
98.7
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%
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Miami, FL
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315
|
|
|
2
|
|
|
345
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|
|
7
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51
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1
|
|
|
—
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|
|
—
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|
|
711
|
|
|
10
|
|
|
95.5
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%
|
Milwaukee, WI
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707
|
|
|
3
|
|
|
90
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
797
|
|
|
4
|
|
|
100.0
|
%
|
Minneapolis/St. Paul, MN
|
2,780
|
|
|
13
|
|
|
145
|
|
|
2
|
|
|
239
|
|
|
3
|
|
|
266
|
|
|
3
|
|
|
3,430
|
|
|
21
|
|
|
96.4
|
%
|
Nashville, TN
|
979
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1,143
|
|
|
5
|
|
|
100.0
|
%
|
New Jersey (A)
|
1,359
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
781
|
|
|
14
|
|
|
172
|
|
|
3
|
|
|
2,312
|
|
|
23
|
|
|
98.7
|
%
|
Orlando, FL
|
427
|
|
|
3
|
|
|
234
|
|
|
3
|
|
|
79
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
740
|
|
|
7
|
|
|
100.0
|
%
|
Phoenix, AZ
|
1,579
|
|
|
6
|
|
|
445
|
|
|
7
|
|
|
38
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2,062
|
|
|
14
|
|
|
99.5
|
%
|
Seattle, WA
|
101
|
|
|
1
|
|
|
287
|
|
|
5
|
|
|
23
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
411
|
|
|
7
|
|
|
84.9
|
%
|
Southern California (A)
|
7,152
|
|
|
25
|
|
|
1,312
|
|
|
21
|
|
|
727
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
9,191
|
|
|
66
|
|
|
97.7
|
%
|
Tampa, FL
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
1
|
|
|
193
|
|
|
8
|
|
|
226
|
|
|
9
|
|
|
95.2
|
%
|
Other (B)
|
1,181
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
212
|
|
|
3
|
|
|
1,393
|
|
|
7
|
|
|
100.0
|
%
|
Total
|
46,190
|
|
|
175
|
|
|
6,540
|
|
|
96
|
|
|
6,261
|
|
|
136
|
|
|
1,187
|
|
|
26
|
|
|
60,178
|
|
|
433
|
|
|
97.6
|
%
|
Occupancy by Industrial Property Type
|
|
|
97.9
|
%
|
|
|
|
96.8
|
%
|
|
|
|
96.2
|
%
|
|
|
|
99.0
|
%
|
|
|
|
|
|
|
(A)
|
Central/Eastern PA includes the markets of Central Pennsylvania and Philadelphia. New Jersey includes the markets of Northern and Central New Jersey. Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.
|
(B)
|
Properties are located in Greenville, KY; Indianapolis, IN; Kansas City, MO; Overland, MO; Richland Center, WI; and Salt Lake City, UT.
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Occupancy
at 12/31/19
|
|
|||
Chicago, IL
|
|
1
|
|
|
172,654
|
|
|
Bulk Warehouse
|
|
60
|
%
|
|
Denver, CO
|
|
1
|
|
|
84,700
|
|
|
Regional Warehouse
|
|
100
|
%
|
|
Orlando, FL
|
|
1
|
|
|
54,000
|
|
|
Regional Warehouse
|
|
100
|
%
|
|
Seattle, WA
|
|
1
|
|
|
23,360
|
|
|
Light Industrial
|
|
100
|
%
|
|
Southern California
|
|
5
|
|
|
206,992
|
|
|
Regional Warehouse, Light Industrial
|
|
80
|
%
|
|
Total
|
|
9
|
|
|
541,706
|
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Occupancy
at 12/31/19
|
|||
Atlanta, GA
|
|
1
|
|
|
703,339
|
|
|
Bulk Warehouse
|
|
100
|
%
|
Central/Eastern PA
|
|
2
|
|
|
988,920
|
|
|
Bulk Warehouse
|
|
75
|
%
|
Chicago, IL
|
|
1
|
|
|
355,969
|
|
|
Bulk Warehouse
|
|
58
|
%
|
Dallas, TX
|
|
1
|
|
|
863,328
|
|
|
Bulk Warehouse
|
|
100
|
%
|
Denver, CO
|
|
1
|
|
|
555,840
|
|
|
Bulk Warehouse
|
|
100
|
%
|
Houston, TX
|
|
1
|
|
|
126,250
|
|
|
Bulk Warehouse
|
|
100
|
%
|
New Jersey
|
|
1
|
|
|
119,808
|
|
|
Bulk Warehouse
|
|
100
|
%
|
Phoenix, AZ
|
|
1
|
|
|
50,184
|
|
|
Regional Warehouse
|
|
100
|
%
|
Seattle, WA
|
|
1
|
|
|
66,751
|
|
|
Regional Warehouse
|
|
100
|
%
|
Southern California
|
|
3
|
|
|
598,312
|
|
|
Bulk Warehouse
|
|
100
|
%
|
Total
|
|
13
|
|
|
4,428,701
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Occupancy
at 12/31/19
|
|||
Dallas/Fort Worth, TX
|
|
3
|
|
|
543,197
|
|
|
Bulk Warehouse
|
|
12
|
%
|
Houston, TX
|
|
2
|
|
|
371,950
|
|
|
Bulk Warehouse
|
|
15
|
%
|
Total
|
|
5
|
|
|
915,147
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
|
Anticipated Quarter of Building Completion
|
||
Phoenix, AZ
|
|
1
|
|
|
643,798
|
|
|
Regional Warehouse
|
|
Q1 2020
|
Central/Eastern PA
|
|
1
|
|
|
100,162
|
|
|
Bulk Warehouse
|
|
Q2 2020
|
Southern California
|
|
2
|
|
|
402,287
|
|
|
Bulk Warehouse
|
|
Q2 2020
|
Dallas/Fort Worth, TX
|
|
1
|
|
|
434,720
|
|
|
Bulk Warehouse
|
|
Q3 2020
|
Miami, FL
|
|
1
|
|
|
103,791
|
|
|
Bulk Warehouse
|
|
Q3 2020
|
Southern California
|
|
1
|
|
|
71,905
|
|
|
Regional Warehouse
|
|
Q3 2020
|
Miami, FL
|
|
3
|
|
|
373,930
|
|
|
Bulk Warehouse, Regional Warehouse
|
|
Q4 2020
|
Total
|
|
10
|
|
|
2,130,593
|
|
|
|
|
|
Metropolitan Area
|
|
Number of
Properties
|
|
GLA
|
|
Property Type
|
||
Baltimore/Washington
|
|
1
|
|
|
46,851
|
|
|
Light Industrial
|
Central/Eastern PA
|
|
2
|
|
|
258,000
|
|
|
Bulk Warehouse, Regional Warehouse
|
Cincinnati, OH
|
|
2
|
|
|
100,000
|
|
|
R&D/Flex
|
Detroit, MI
|
|
2
|
|
|
61,904
|
|
|
Light Industrial
|
Miami, FL (A)
|
|
1
|
|
|
21,125
|
|
|
Light Industrial
|
Minneapolis/St. Paul, MN
|
|
3
|
|
|
223,706
|
|
|
Light Industrial, R&D/Flex
|
Phoenix, AZ (B)
|
|
1
|
|
|
618,350
|
|
|
Bulk Warehouse
|
Southern California
|
|
3
|
|
|
129,880
|
|
|
Light Industrial
|
Tampa, FL
|
|
4
|
|
|
284,574
|
|
|
Bulk Warehouse, Light Industrial, R&D/Flex
|
Other (C)
|
|
21
|
|
|
4,123,626
|
|
|
Bulk Warehouse, Regional Warehouse, Light Industrial
|
Total
|
|
40
|
|
|
5,868,016
|
|
|
|
|
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
|
92
|
|
|
1,806
|
|
|
$
|
5.71
|
|
|
23.2
|
%
|
|
5.5
|
|
|
$
|
4.59
|
|
|
N/A
|
|
Renewal Leases
|
157
|
|
|
7,329
|
|
|
$
|
5.46
|
|
|
26.8
|
%
|
|
4.9
|
|
|
$
|
1.40
|
|
|
81.1
|
%
|
Development / Acquisition Leases
|
26
|
|
|
4,833
|
|
|
$
|
5.17
|
|
|
N/A
|
|
|
8.6
|
|
|
N/A
|
|
|
N/A
|
|
|
Total / Weighted Average
|
275
|
|
|
13,968
|
|
|
$
|
5.39
|
|
|
26.0
|
%
|
|
6.2
|
|
|
$
|
2.03
|
|
|
81.1
|
%
|
(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
|
59
|
|
|
1,338
|
|
|
$
|
1,799
|
|
Renewal Leases
|
12
|
|
|
502
|
|
|
384
|
|
|
Development / Acquisition Leases
|
24
|
|
|
3,811
|
|
|
6,944
|
|
|
Total
|
95
|
|
|
5,651
|
|
|
$
|
9,127
|
|
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)
|
||||||
2020
|
|
133
|
|
|
3,733,974
|
|
|
6.3
|
%
|
|
$
|
21,488
|
|
|
6.9
|
%
|
2021
|
|
209
|
|
|
8,982,480
|
|
|
15.4
|
%
|
|
47,644
|
|
|
15.5
|
%
|
|
2022
|
|
187
|
|
|
7,085,005
|
|
|
12.1
|
%
|
|
38,011
|
|
|
12.3
|
%
|
|
2023
|
|
183
|
|
|
7,244,183
|
|
|
12.4
|
%
|
|
40,306
|
|
|
13.1
|
%
|
|
2024
|
|
154
|
|
|
6,809,544
|
|
|
11.6
|
%
|
|
40,211
|
|
|
13.0
|
%
|
|
2025
|
|
98
|
|
|
6,521,982
|
|
|
11.2
|
%
|
|
32,917
|
|
|
10.7
|
%
|
|
2026
|
|
48
|
|
|
4,528,246
|
|
|
7.7
|
%
|
|
20,647
|
|
|
6.7
|
%
|
|
2027
|
|
22
|
|
|
3,612,848
|
|
|
6.2
|
%
|
|
17,748
|
|
|
5.8
|
%
|
|
2028
|
|
13
|
|
|
1,992,721
|
|
|
3.4
|
%
|
|
9,768
|
|
|
3.2
|
%
|
|
2029
|
|
23
|
|
|
3,509,422
|
|
|
6.0
|
%
|
|
19,192
|
|
|
6.2
|
%
|
|
Thereafter
|
|
22
|
|
|
4,509,273
|
|
|
7.7
|
%
|
|
20,377
|
|
|
6.6
|
%
|
|
Total
|
|
1,092
|
|
|
58,529,678
|
|
|
100
|
%
|
|
$
|
308,309
|
|
|
100
|
%
|
(A)
|
Includes leases that expire on or after January 1, 2020 and assumes tenants do not exercise existing renewal, termination or purchase options, except for one lease relating to a 618,350 square foot building for which the tenant already provided notice of intent to purchase during 2020.
|
(B)
|
Does not include existing vacancies of 1,416,528 aggregate square feet and December 31, 2019 move outs of 231,821 aggregate square feet.
|
(C)
|
Annualized base rent is calculated as monthly contractual base rent per the terms of the lease, as of December 31, 2019, 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, 2019
|
|
$
|
43.07
|
|
|
$
|
39.09
|
|
|
$
|
0.2300
|
|
September 30, 2019
|
|
$
|
40.07
|
|
|
$
|
36.77
|
|
|
$
|
0.2300
|
|
June 30, 2019
|
|
$
|
37.43
|
|
|
$
|
34.22
|
|
|
$
|
0.2300
|
|
March 31, 2019
|
|
$
|
35.47
|
|
|
$
|
28.04
|
|
|
$
|
0.2300
|
|
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
|
|
(A)
|
$100 invested on 12/31/14 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
|
|
12/14
|
|
12/15
|
|
12/16
|
|
12/17
|
|
12/18
|
|
12/19
|
||||||||||||
FIRST INDUSTRIAL REALTY TRUST, INC.
|
$
|
100.00
|
|
|
$
|
110.31
|
|
|
$
|
143.90
|
|
|
$
|
166.17
|
|
|
$
|
156.81
|
|
|
$
|
231.06
|
|
S&P 500
|
$
|
100.00
|
|
|
$
|
101.38
|
|
|
$
|
113.51
|
|
|
$
|
138.29
|
|
|
$
|
132.23
|
|
|
$
|
173.86
|
|
FTSE NAREIT Equity REITs
|
$
|
100.00
|
|
|
$
|
103.20
|
|
|
$
|
111.99
|
|
|
$
|
117.84
|
|
|
$
|
112.39
|
|
|
$
|
141.61
|
|
(A)
|
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
|
The Company
|
Year Ended
12/31/19
|
|
Year Ended
12/31/18
|
|
Year Ended
12/31/17
|
|
Year Ended
12/31/16
|
|
Year Ended
12/31/15
|
||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Revenues
|
$
|
425,984
|
|
|
$
|
403,954
|
|
|
$
|
396,402
|
|
|
$
|
378,020
|
|
|
$
|
365,823
|
|
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
238,775
|
|
|
163,239
|
|
|
201,456
|
|
|
121,232
|
|
|
73,802
|
|
|||||
Basic Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
1.89
|
|
|
1.31
|
|
|
1.70
|
|
|
1.05
|
|
|
0.67
|
|
|||||
Diluted Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
1.88
|
|
|
1.31
|
|
|
1.69
|
|
|
1.05
|
|
|
0.66
|
|
|||||
Dividends/Distributions Per Share
|
$
|
0.92
|
|
|
$
|
0.87
|
|
|
$
|
0.84
|
|
|
$
|
0.76
|
|
|
$
|
0.51
|
|
Basic Weighted Average Shares
|
126,392
|
|
|
123,804
|
|
|
118,272
|
|
|
115,030
|
|
|
110,352
|
|
|||||
Diluted Weighted Average Shares
|
126,691
|
|
|
124,191
|
|
|
118,787
|
|
|
115,370
|
|
|
110,781
|
|
|||||
Balance Sheet Data (End of Period):
|
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate, Before Accumulated Depreciation
|
$
|
3,830,209
|
|
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
$
|
3,384,914
|
|
|
$
|
3,293,968
|
|
Total Assets
|
3,518,828
|
|
|
3,142,691
|
|
|
2,941,062
|
|
|
2,793,263
|
|
|
2,709,808
|
|
|||||
Indebtedness
|
1,483,565
|
|
|
1,297,783
|
|
|
1,296,997
|
|
|
1,347,092
|
|
|
1,434,168
|
|
|||||
Total Equity
|
1,798,263
|
|
|
1,679,911
|
|
|
1,475,877
|
|
|
1,284,625
|
|
|
1,115,135
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities (A)
|
$
|
221,136
|
|
|
$
|
199,391
|
|
|
$
|
186,496
|
|
|
$
|
167,811
|
|
|
$
|
140,841
|
|
The Operating Partnership
|
Year Ended
12/31/19
|
|
Year Ended
12/31/18
|
|
Year Ended
12/31/17
|
|
Year Ended
12/31/16
|
|
Year Ended
12/31/15
|
||||||||||
|
(In thousands, except per Unit data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Revenues
|
$
|
425,984
|
|
|
$
|
403,954
|
|
|
$
|
396,402
|
|
|
$
|
378,020
|
|
|
$
|
365,823
|
|
Net Income Available to Unitholders and Participating Securities
|
243,628
|
|
|
167,246
|
|
|
208,158
|
|
|
125,547
|
|
|
76,682
|
|
|||||
Basic Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income Available to Unitholders
|
1.89
|
|
|
1.31
|
|
|
1.70
|
|
|
1.05
|
|
|
0.67
|
|
|||||
Diluted Per Unit Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income Available to Unitholders
|
1.88
|
|
|
1.31
|
|
|
1.69
|
|
|
1.05
|
|
|
0.66
|
|
|||||
Distributions Per Unit
|
$
|
0.92
|
|
|
$
|
0.87
|
|
|
$
|
0.84
|
|
|
$
|
0.76
|
|
|
$
|
0.51
|
|
Basic Weighted Average Units
|
128,831
|
|
|
126,921
|
|
|
122,306
|
|
|
119,274
|
|
|
114,709
|
|
|||||
Diluted Weighted Average Units
|
129,241
|
|
|
127,308
|
|
|
122,821
|
|
|
119,614
|
|
|
115,138
|
|
|||||
Balance Sheet Data (End of Period):
|
|
|
|
|
|
|
|
|
|
||||||||||
Real Estate, Before Accumulated Depreciation
|
$
|
3,830,209
|
|
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
$
|
3,384,914
|
|
|
$
|
3,293,968
|
|
Total Assets
|
3,528,849
|
|
|
3,152,799
|
|
|
2,951,180
|
|
|
2,803,701
|
|
|
2,720,523
|
|
|||||
Indebtedness
|
1,483,565
|
|
|
1,297,783
|
|
|
1,296,997
|
|
|
1,347,092
|
|
|
1,434,168
|
|
|||||
Total Partners' Capital
|
1,808,284
|
|
|
1,690,019
|
|
|
1,485,995
|
|
|
1,295,063
|
|
|
1,125,850
|
|
(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."
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
We acquired nine industrial properties comprised of approximately 0.5 million square feet of GLA located in our Chicago, Denver, Orlando, Seattle and Southern California markets for an aggregate purchase price of $66.8 million.
|
•
|
We acquired 217.7 acres of land for development located in our Dallas, Miami, Philadelphia, Phoenix and Southern California markets for an aggregate purchase price of $81.1 million.
|
•
|
We developed and placed in-service, 13 industrial properties comprising approximately 4.4 million square feet of GLA located in our Atlanta, Central Pennsylvania, Chicago, Dallas, Denver, Houston, New Jersey, Phoenix, Seattle and Southern California markets at an estimated total cost of $324.7 million. These properties were 91% leased at December 31, 2019.
|
•
|
We sold 40 industrial properties comprised of approximately 5.9 million square feet of GLA and several land parcels for total gross sales proceeds of $315.8 million.
|
•
|
The Joint Venture sold 236 acres of land (including 39 acres we purchased from the Joint Venture) for gross sales proceeds of $57.2 million.
|
•
|
We issued $150.0 million of ten-year private placement notes at a rate of 3.97%.
|
•
|
We paid off $117.2 million in mortgage loans payable.
|
•
|
We declared an annual cash dividend of $0.92 per common share or Unit, an increase of 5.7% from 2018.
|
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
REVENUES
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
353,293
|
|
|
$
|
340,381
|
|
|
$
|
12,912
|
|
|
3.8
|
%
|
Acquired Properties
|
9,654
|
|
|
2,663
|
|
|
6,991
|
|
|
262.5
|
%
|
|||
Sold Properties
|
27,262
|
|
|
43,706
|
|
|
(16,444
|
)
|
|
(37.6
|
)%
|
|||
(Re) Developments
|
32,583
|
|
|
6,898
|
|
|
25,685
|
|
|
372.4
|
%
|
|||
Other
|
3,192
|
|
|
2,439
|
|
|
753
|
|
|
30.9
|
%
|
|||
Real Estate Tax Reimbursement (A)
|
—
|
|
|
7,517
|
|
|
(7,517
|
)
|
|
(100.0
|
)%
|
|||
Provision for Bad Debt (B)
|
—
|
|
|
350
|
|
|
(350
|
)
|
|
(100.0
|
)%
|
|||
Total Revenues
|
$
|
425,984
|
|
|
$
|
403,954
|
|
|
$
|
22,030
|
|
|
5.5
|
%
|
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
PROPERTY EXPENSES
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
88,494
|
|
|
$
|
84,239
|
|
|
$
|
4,255
|
|
|
5.1
|
%
|
Acquired Properties
|
3,617
|
|
|
1,094
|
|
|
2,523
|
|
|
230.6
|
%
|
|||
Sold Properties
|
8,350
|
|
|
12,504
|
|
|
(4,154
|
)
|
|
(33.2
|
)%
|
|||
(Re) Developments
|
7,711
|
|
|
3,692
|
|
|
4,019
|
|
|
108.9
|
%
|
|||
Other
|
8,413
|
|
|
7,458
|
|
|
955
|
|
|
12.8
|
%
|
|||
Real Estate Tax Expense (A)
|
—
|
|
|
7,517
|
|
|
(7,517
|
)
|
|
(100.0
|
)%
|
|||
Provision for Bad Debt (B)
|
—
|
|
|
350
|
|
|
(350
|
)
|
|
(100.0
|
)%
|
|||
Total Property Expenses
|
$
|
116,585
|
|
|
$
|
116,854
|
|
|
$
|
(269
|
)
|
|
(0.2
|
)%
|
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|||||||
|
(In thousands)
|
|
|
|||||||||||
DEPRECIATION AND OTHER AMORTIZATION
|
|
|
|
|
|
|
|
|||||||
Same Store Properties
|
$
|
95,584
|
|
|
$
|
98,518
|
|
|
$
|
(2,934
|
)
|
|
(3.0
|
)%
|
Acquired Properties
|
5,710
|
|
|
2,168
|
|
|
3,542
|
|
|
163.4
|
%
|
|||
Sold Properties
|
6,361
|
|
|
10,868
|
|
|
(4,507
|
)
|
|
(41.5
|
)%
|
|||
(Re) Developments
|
12,539
|
|
|
3,940
|
|
|
8,599
|
|
|
218.2
|
%
|
|||
Corporate Furniture, Fixtures and Equipment and Other
|
1,035
|
|
|
965
|
|
|
70
|
|
|
7.3
|
%
|
|||
Total Depreciation and Other Amortization
|
$
|
121,229
|
|
|
$
|
116,459
|
|
|
$
|
4,770
|
|
|
4.1
|
%
|
•
|
Acquisitions of Real Estate Assets: We allocate the purchase price of acquired real estate, including real estate acquired as a portfolio, based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases and below market ground lease obligations. The purchase price is allocated to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. The determination of fair value includes the use of significant assumptions such as land comparables, 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 in-place lease values based on our evaluation of the specific characteristics of each tenant's lease and an estimate of the lease revenue received during a reasonable lease-up period as if the property was vacant on the date of acquisition.
|
•
|
Impairment of Real Estate Assets: We review our tangible and intangible real estate assets held for use for possible impairment when 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 permanently impaired, a loss is recorded to reduce the carrying value of the property to its estimated fair value. The impairment assessment and fair value measurement requires the use of estimates and assumptions related to the timing and amounts of cash flow projections, discount rates and terminal capitalization rates.
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In thousands)
|
||||||
Net cash provided by operating activities
|
|
$
|
245,533
|
|
|
$
|
210,495
|
|
Net cash used in investing activities
|
|
(205,386
|
)
|
|
(223,398
|
)
|
||
Net cash provided by financing activities
|
|
62,198
|
|
|
16,794
|
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
(In thousands)
|
||||||
Net cash provided by operating activities
|
|
$
|
245,620
|
|
|
$
|
210,505
|
|
Net cash used in investing activities
|
|
(205,386
|
)
|
|
(223,398
|
)
|
||
Net cash provided by financing activities
|
|
62,111
|
|
|
16,784
|
|
•
|
increase in NOI from same store properties, acquired properties, and recently developed properties of $34.8 million, offset by decreases in NOI due to property disposals for a net total increase of approximately $12.3 million;
|
•
|
increase in distributions from our Joint Venture of $16.0 million in 2019 as compared to 2018; and
|
•
|
increase in accounts payable, accrued expenses, other liabilities, rents received in advance and security deposits partially offset by an increase in tenant accounts receivable, prepaid expenses and other assets due to timing of cash payments and cash receipts.
|
•
|
increase of $69.6 million in net proceeds received from the disposition of real estate in 2019 as compared to 2018; and
|
•
|
decrease of $31.9 million related to net contributions made to our Joint Venture in 2019 as compared to 2018; offset by:
|
•
|
an aggregate increase of $65.1 million related to the acquisition and development of real estate as well as payments for improvements and leasing commissions in 2019 as compared to 2018; and
|
•
|
increase of $21.8 million in escrow balances.
|
•
|
increase in net proceeds of our Unsecured Credit Facility of $302.5 million; and
|
•
|
decrease in repayments of mortgage loans payable of $42.4 million; offset by:
|
•
|
decrease of $150.0 million related to the issuance of Private Placement Notes in 2019 compared to 2018;
|
•
|
decrease of $145.6 million related to the proceeds received from the issuance of common stock in an underwritten public offering during 2018; and
|
•
|
increase in dividend and unit distributions of $7.6 million due to the Company raising the dividend rate in 2019.
|
|
|
|
Payments Due by Period
(In thousands)
|
||||||||||||||||
|
Total
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
Over 5 Years
|
|||||||||||
Rent Payments Due on Operating and Ground Leases
|
$
|
71,537
|
|
|
$
|
2,321
|
|
|
$
|
4,527
|
|
|
$
|
3,982
|
|
|
$
|
60,707
|
|
Real Estate Development Costs(A)(B)
|
118,000
|
|
|
118,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Long Term Debt
|
1,490,931
|
|
|
19,813
|
|
|
762,248
|
|
|
656
|
|
|
708,214
|
|
|||||
Interest Expense on Long Term Debt(A)(C)
|
313,541
|
|
|
51,695
|
|
|
81,754
|
|
|
60,911
|
|
|
119,181
|
|
|||||
Unsecured Credit Facility(D)
|
2,015
|
|
|
1,106
|
|
|
909
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
1,996,024
|
|
|
$
|
192,935
|
|
|
$
|
849,438
|
|
|
$
|
65,549
|
|
|
$
|
888,102
|
|
(A)
|
Not on balance sheet.
|
(B)
|
Represents estimated remaining payments on the completion of development projects under construction. Estimated remaining costs include all costs necessary to place the properties into service 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,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
238,775
|
|
|
$
|
163,239
|
|
|
$
|
201,456
|
|
|
$
|
121,232
|
|
|
$
|
73,802
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and Other Amortization of Real Estate
|
120,516
|
|
|
115,659
|
|
|
115,617
|
|
|
116,506
|
|
|
113,126
|
|
|||||
Equity in Depreciation and Other Amortization of Joint Ventures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||
Impairment of Real Estate (A)
|
—
|
|
|
2,285
|
|
|
—
|
|
|
—
|
|
|
626
|
|
|||||
Gain on Sale of Real Estate (A)
|
(124,942
|
)
|
|
(80,909
|
)
|
|
(131,058
|
)
|
|
(68,202
|
)
|
|
(44,022
|
)
|
|||||
Gain on Sale Real Estate from Joint Ventures (A)
|
(16,714
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(63
|
)
|
|||||
Income Tax Provision - Gain on Sale of Real Estate from Joint Venture
|
3,095
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Noncontrolling Interest Share of Adjustments
|
406
|
|
|
(883
|
)
|
|
481
|
|
|
(1,725
|
)
|
|
(2,645
|
)
|
|||||
Funds from Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
221,136
|
|
|
$
|
199,391
|
|
|
$
|
186,496
|
|
|
$
|
167,811
|
|
|
$
|
140,841
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In thousands)
|
||||||
Same Store Revenues
|
$
|
353,293
|
|
|
$
|
340,381
|
|
Same Store Property Expenses
|
88,494
|
|
|
84,239
|
|
||
Same Store Net Operating Income Before Same Store Adjustments
|
$
|
264,799
|
|
|
$
|
256,142
|
|
Same Store Adjustments:
|
|
|
|
||||
Straight-line Rent
|
301
|
|
|
727
|
|
||
Above (Below) Market Lease Amortization
|
(1,027
|
)
|
|
(1,013
|
)
|
||
Lease Termination Fees
|
(1,575
|
)
|
|
(1,183
|
)
|
||
Same Store Net Operating Income
|
$
|
262,498
|
|
|
$
|
254,673
|
|
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.
|
Financial Statements, Financial Statement Schedule, and Exhibits
|
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, 2019, 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)
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
*
|
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.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
|
(In thousands, except share and per share data)
|
||||||
ASSETS
|
|
|
|
||||
Assets:
|
|
|
|
||||
Investment in Real Estate:
|
|
|
|
||||
Land
|
$
|
957,478
|
|
|
$
|
909,318
|
|
Buildings and Improvements
|
2,782,430
|
|
|
2,704,850
|
|
||
Construction in Progress
|
90,301
|
|
|
59,476
|
|
||
Less: Accumulated Depreciation
|
(804,780
|
)
|
|
(811,784
|
)
|
||
Net Investment in Real Estate
|
3,025,429
|
|
|
2,861,860
|
|
||
Operating Lease Right-of-Use Assets
|
24,877
|
|
|
—
|
|
||
Cash and Cash Equivalents
|
21,120
|
|
|
43,102
|
|
||
Restricted Cash
|
131,598
|
|
|
7,271
|
|
||
Tenant Accounts Receivable, Net
|
8,529
|
|
|
5,185
|
|
||
Investment in Joint Venture
|
18,208
|
|
|
23,326
|
|
||
Deferred Rent Receivable, Net
|
77,703
|
|
|
71,079
|
|
||
Deferred Leasing Intangibles, Net
|
28,533
|
|
|
29,678
|
|
||
Prepaid Expenses and Other Assets, Net
|
182,831
|
|
|
101,190
|
|
||
Total Assets
|
$
|
3,518,828
|
|
|
$
|
3,142,691
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Mortgage Loans Payable, Net
|
$
|
173,685
|
|
|
$
|
296,470
|
|
Senior Unsecured Notes, Net
|
694,015
|
|
|
544,504
|
|
||
Unsecured Term Loans, Net
|
457,865
|
|
|
456,809
|
|
||
Unsecured Credit Facility
|
158,000
|
|
|
—
|
|
||
Accounts Payable, Accrued Expenses and Other Liabilities
|
114,637
|
|
|
78,665
|
|
||
Operating Lease Liabilities
|
22,369
|
|
|
—
|
|
||
Deferred Leasing Intangibles, Net
|
11,893
|
|
|
9,560
|
|
||
Rents Received in Advance and Security Deposits
|
57,534
|
|
|
47,927
|
|
||
Dividends and Distributions Payable
|
30,567
|
|
|
28,845
|
|
||
Total Liabilities
|
1,720,565
|
|
|
1,462,780
|
|
||
Commitments and Contingencies
|
—
|
|
|
—
|
|
||
Equity:
|
|
|
|
||||
First Industrial Realty Trust Inc.'s Stockholders' Equity:
|
|
|
|
||||
Common Stock ($0.01 par value, 225,000,000 shares authorized and 126,994,478 and 126,307,431 shares issued and outstanding)
|
1,270
|
|
|
1,263
|
|
||
Additional Paid-in-Capital
|
2,140,847
|
|
|
2,131,556
|
|
||
Distributions in Excess of Accumulated Earnings
|
(370,835
|
)
|
|
(490,807
|
)
|
||
Accumulated Other Comprehensive (Loss) Income
|
(6,883
|
)
|
|
3,502
|
|
||
Total First Industrial Realty Trust, Inc.'s Stockholders' Equity
|
1,764,399
|
|
|
1,645,514
|
|
||
Noncontrolling Interest
|
33,864
|
|
|
34,397
|
|
||
Total Equity
|
1,798,263
|
|
|
1,679,911
|
|
||
Total Liabilities and Equity
|
$
|
3,518,828
|
|
|
$
|
3,142,691
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Lease Revenue
|
$
|
422,236
|
|
|
$
|
398,822
|
|
|
$
|
391,884
|
|
Other Revenue
|
3,748
|
|
|
5,132
|
|
|
4,518
|
|
|||
Total Revenues
|
425,984
|
|
|
403,954
|
|
|
396,402
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Property Expenses
|
116,585
|
|
|
116,854
|
|
|
113,494
|
|
|||
General and Administrative
|
28,569
|
|
|
27,749
|
|
|
28,079
|
|
|||
Depreciation and Other Amortization
|
121,229
|
|
|
116,459
|
|
|
116,364
|
|
|||
Impairment of Real Estate
|
—
|
|
|
2,756
|
|
|
—
|
|
|||
Total Expenses
|
266,383
|
|
|
263,818
|
|
|
257,937
|
|
|||
Other Income (Expense):
|
|
|
|
|
|
||||||
Gain on Sale of Real Estate
|
124,942
|
|
|
81,600
|
|
|
131,269
|
|
|||
Interest Expense
|
(50,273
|
)
|
|
(50,775
|
)
|
|
(57,199
|
)
|
|||
Amortization of Debt Issuance Costs
|
(3,218
|
)
|
|
(3,404
|
)
|
|
(3,162
|
)
|
|||
Settlement Gain on Derivative Instruments
|
—
|
|
|
—
|
|
|
1,896
|
|
|||
Loss from Retirement of Debt
|
—
|
|
|
(39
|
)
|
|
(1,775
|
)
|
|||
Total Other Income (Expense)
|
71,451
|
|
|
27,382
|
|
|
71,029
|
|
|||
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax (Provision) Benefit
|
231,052
|
|
|
167,518
|
|
|
209,494
|
|
|||
Equity in Income (Loss) of Joint Venture
|
16,235
|
|
|
(276
|
)
|
|
—
|
|
|||
Income Tax (Provision) Benefit
|
(3,406
|
)
|
|
92
|
|
|
(1,193
|
)
|
|||
Net Income
|
243,881
|
|
|
167,334
|
|
|
208,301
|
|
|||
Less: Net Income Attributable to the Noncontrolling Interest
|
(5,106
|
)
|
|
(4,095
|
)
|
|
(6,845
|
)
|
|||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
238,775
|
|
|
163,239
|
|
|
201,456
|
|
|||
Basic Earnings Per Share:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.89
|
|
|
$
|
1.31
|
|
|
$
|
1.70
|
|
|
|
|
|
|
|
||||||
Diluted Earnings Per Share:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.88
|
|
|
$
|
1.31
|
|
|
$
|
1.69
|
|
Weighted Average Shares Outstanding - Basic
|
126,392
|
|
|
123,804
|
|
|
118,272
|
|
|||
Weighted Average Shares Outstanding - Diluted
|
126,691
|
|
|
124,191
|
|
|
118,787
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||
|
(In thousands)
|
||||||||||
Net Income
|
$
|
243,881
|
|
|
$
|
167,334
|
|
|
$
|
208,301
|
|
Payments to Settle Derivative Instruments
|
(3,149
|
)
|
|
—
|
|
|
—
|
|
|||
Mark-to-Market (Loss) Gain on Derivative Instruments
|
(7,671
|
)
|
|
2,096
|
|
|
5,981
|
|
|||
Amortization of Derivative Instruments
|
233
|
|
|
96
|
|
|
205
|
|
|||
Comprehensive Income
|
233,294
|
|
|
169,526
|
|
|
214,487
|
|
|||
Comprehensive Income Attributable to Noncontrolling Interest
|
(4,884
|
)
|
|
(4,149
|
)
|
|
(6,642
|
)
|
|||
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.
|
$
|
228,410
|
|
|
$
|
165,377
|
|
|
$
|
207,845
|
|
|
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, 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
($0.84 Per Share/Unit)
|
—
|
|
|
—
|
|
|
(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
($0.87 Per Share/Unit)
|
—
|
|
|
—
|
|
|
(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
|
|
Net Income
|
—
|
|
|
—
|
|
|
238,775
|
|
|
—
|
|
|
5,106
|
|
|
243,881
|
|
||||||
Other Comprehensive Loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,365
|
)
|
|
(222
|
)
|
|
(10,587
|
)
|
||||||
Stock Based Compensation Activity
|
2
|
|
|
4,397
|
|
|
(1,696
|
)
|
|
—
|
|
|
1,877
|
|
|
4,580
|
|
||||||
Common Stock Dividends and Unit Distributions
($0.92 Per Share/Unit)
|
—
|
|
|
—
|
|
|
(117,107
|
)
|
|
—
|
|
|
(2,415
|
)
|
|
(119,522
|
)
|
||||||
Conversion of Limited Partner Units to Common Stock
|
5
|
|
|
7,191
|
|
|
—
|
|
|
—
|
|
|
(7,196
|
)
|
|
—
|
|
||||||
Reallocation—Additional Paid-in-Capital
|
—
|
|
|
(2,297
|
)
|
|
—
|
|
|
—
|
|
|
2,297
|
|
|
—
|
|
||||||
Reallocation—Other Comprehensive Income
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
20
|
|
|
—
|
|
||||||
Balance as of December 31, 2019
|
$
|
1,270
|
|
|
$
|
2,140,847
|
|
|
$
|
(370,835
|
)
|
|
$
|
(6,883
|
)
|
|
$
|
33,864
|
|
|
$
|
1,798,263
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
|
(In thousands, except Unit data)
|
||||||
ASSETS
|
|
|
|
||||
Assets:
|
|
|
|
||||
Investment in Real Estate:
|
|
|
|
||||
Land
|
$
|
957,478
|
|
|
$
|
909,318
|
|
Buildings and Improvements
|
2,782,430
|
|
|
2,704,850
|
|
||
Construction in Progress
|
90,301
|
|
|
59,476
|
|
||
Less: Accumulated Depreciation
|
(804,780
|
)
|
|
(811,784
|
)
|
||
Net Investment in Real Estate (including $240,847 and $260,528 related to consolidated variable interest entities, see Note 5)
|
3,025,429
|
|
|
2,861,860
|
|
||
Operating Lease Right-of-Use Asset
|
24,877
|
|
|
—
|
|
||
Cash and Cash Equivalents
|
21,120
|
|
|
43,102
|
|
||
Restricted Cash
|
131,598
|
|
|
7,271
|
|
||
Tenant Accounts Receivable, Net
|
8,529
|
|
|
5,185
|
|
||
Investment in Joint Venture
|
18,208
|
|
|
23,326
|
|
||
Deferred Rent Receivable, Net
|
77,703
|
|
|
71,079
|
|
||
Deferred Leasing Intangibles, Net
|
28,533
|
|
|
29,678
|
|
||
Prepaid Expenses and Other Assets, Net
|
192,852
|
|
|
111,298
|
|
||
Total Assets
|
$
|
3,528,849
|
|
|
$
|
3,152,799
|
|
LIABILITIES AND PARTNERS' CAPITAL
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Indebtedness:
|
|
|
|
||||
Mortgage Loans Payable, Net (including $11,009 and $20,497 related to consolidated variable interest entities, see Note 5)
|
$
|
173,685
|
|
|
$
|
296,470
|
|
Senior Unsecured Notes, Net
|
694,015
|
|
|
544,504
|
|
||
Unsecured Term Loans, Net
|
457,865
|
|
|
456,809
|
|
||
Unsecured Credit Facility
|
158,000
|
|
|
—
|
|
||
Accounts Payable, Accrued Expenses and Other Liabilities
|
114,637
|
|
|
78,665
|
|
||
Operating Lease Liabilities
|
22,369
|
|
|
—
|
|
||
Deferred Leasing Intangibles, Net
|
11,893
|
|
|
9,560
|
|
||
Rents Received in Advance and Security Deposits
|
57,534
|
|
|
47,927
|
|
||
Distributions Payable
|
30,567
|
|
|
28,845
|
|
||
Total Liabilities
|
1,720,565
|
|
|
1,462,780
|
|
||
Commitments and Contingencies
|
—
|
|
|
—
|
|
||
Partners' Capital:
|
|
|
|
||||
First Industrial L.P.'s Partners' Capital:
|
|
|
|
||||
General Partner Units (126,994,478 and 126,307,431 units outstanding)
|
1,750,656
|
|
|
1,619,342
|
|
||
Limited Partners Units (2,422,744 and 2,624,167 units outstanding)
|
63,618
|
|
|
66,246
|
|
||
Accumulated Other Comprehensive (Loss) Income
|
(7,013
|
)
|
|
3,574
|
|
||
Total First Industrial L.P.'s Partners' Capital
|
1,807,261
|
|
|
1,689,162
|
|
||
Noncontrolling Interest
|
1,023
|
|
|
857
|
|
||
Total Partners' Capital
|
1,808,284
|
|
|
1,690,019
|
|
||
Total Liabilities and Partners' Capital
|
$
|
3,528,849
|
|
|
$
|
3,152,799
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||
|
(In thousands, except per Unit data)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Lease Revenue
|
$
|
422,236
|
|
|
$
|
398,822
|
|
|
$
|
391,884
|
|
Other Revenue
|
3,748
|
|
|
5,132
|
|
|
4,518
|
|
|||
Total Revenues
|
425,984
|
|
|
403,954
|
|
|
396,402
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Property Expenses
|
116,585
|
|
|
116,854
|
|
|
113,494
|
|
|||
General and Administrative
|
28,569
|
|
|
27,749
|
|
|
28,079
|
|
|||
Depreciation and Other Amortization
|
121,229
|
|
|
116,459
|
|
|
116,364
|
|
|||
Impairment of Real Estate
|
—
|
|
|
2,756
|
|
|
—
|
|
|||
Total Expenses
|
266,383
|
|
|
263,818
|
|
|
257,937
|
|
|||
Other Income (Expense):
|
|
|
|
|
|
||||||
Gain on Sale of Real Estate
|
124,942
|
|
|
81,600
|
|
|
131,269
|
|
|||
Interest Expense
|
(50,273
|
)
|
|
(50,775
|
)
|
|
(57,199
|
)
|
|||
Amortization of Debt Issuance Costs
|
(3,218
|
)
|
|
(3,404
|
)
|
|
(3,162
|
)
|
|||
Settlement Gain on Derivative Instruments
|
—
|
|
|
—
|
|
|
1,896
|
|
|||
Loss from Retirement of Debt
|
—
|
|
|
(39
|
)
|
|
(1,775
|
)
|
|||
Total Other Income (Expense)
|
71,451
|
|
|
27,382
|
|
|
71,029
|
|
|||
Income from Operations Before Equity in Income (Loss) of Joint Venture and Income Tax (Provision) Benefit
|
231,052
|
|
|
167,518
|
|
|
209,494
|
|
|||
Equity in Income (Loss) of Joint Ventures
|
16,235
|
|
|
(276
|
)
|
|
—
|
|
|||
Income Tax (Provision) Benefit
|
(3,406
|
)
|
|
92
|
|
|
(1,193
|
)
|
|||
Net Income
|
243,881
|
|
|
167,334
|
|
|
208,301
|
|
|||
Less: Net Income Attributable to the Noncontrolling Interest
|
(253
|
)
|
|
(88
|
)
|
|
(143
|
)
|
|||
Net Income Available to Unitholders and Participating Securities
|
$
|
243,628
|
|
|
$
|
167,246
|
|
|
$
|
208,158
|
|
Basic Earnings Per Unit:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.89
|
|
|
$
|
1.31
|
|
|
$
|
1.70
|
|
Diluted Earnings Per Unit:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.88
|
|
|
$
|
1.31
|
|
|
$
|
1.69
|
|
Weighted Average Units Outstanding - Basic
|
128,831
|
|
|
126,921
|
|
|
122,306
|
|
|||
Weighted Average Units Outstanding - Diluted
|
129,241
|
|
|
127,308
|
|
|
122,821
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||
|
(In thousands)
|
||||||||||
Net Income
|
$
|
243,881
|
|
|
$
|
167,334
|
|
|
$
|
208,301
|
|
Payments to Settle Derivative Instruments
|
(3,149
|
)
|
|
—
|
|
|
—
|
|
|||
Mark-to-Market (Loss) Gain on Derivative Instruments
|
(7,671
|
)
|
|
2,096
|
|
|
5,981
|
|
|||
Amortization of Derivative Instruments
|
233
|
|
|
96
|
|
|
205
|
|
|||
Comprehensive Income
|
$
|
233,294
|
|
|
$
|
169,526
|
|
|
$
|
214,487
|
|
Comprehensive Income Attributable to Noncontrolling Interest
|
(253
|
)
|
|
(88
|
)
|
|
(143
|
)
|
|||
Comprehensive Income Attributable to Unitholders
|
$
|
233,041
|
|
|
$
|
169,438
|
|
|
$
|
214,344
|
|
|
General
Partner
Units
|
|
Limited
Partner
Units
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Noncontrolling Interest
|
|
Total
|
||||||||||
|
|
||||||||||||||||||
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 ($0.84 Per Unit)
|
(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 ($0.87 Per Unit)
|
(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
|
|
Net Income
|
238,522
|
|
|
5,106
|
|
|
—
|
|
|
253
|
|
|
243,881
|
|
|||||
Other Comprehensive Loss
|
—
|
|
|
—
|
|
|
(10,587
|
)
|
|
—
|
|
|
(10,587
|
)
|
|||||
Stock Based Compensation Activity
|
2,703
|
|
|
1,877
|
|
|
—
|
|
|
—
|
|
|
4,580
|
|
|||||
Unit Distributions ($0.92 Per Unit)
|
(117,107
|
)
|
|
(2,415
|
)
|
|
—
|
|
|
—
|
|
|
(119,522
|
)
|
|||||
Conversion of Limited Partner Units to General Partner Units
|
7,196
|
|
|
(7,196
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Contributions from Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
|||||
Distributions to Noncontrolling Interest
|
—
|
|
|
—
|
|
|
—
|
|
|
(119
|
)
|
|
(119
|
)
|
|||||
Balance as of December 31, 2019
|
$
|
1,750,656
|
|
|
$
|
63,618
|
|
|
$
|
(7,013
|
)
|
|
$
|
1,023
|
|
|
$
|
1,808,284
|
|
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||||||||
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended
December 31, 2017 |
||||||
|
(In thousands)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||||||
Net Income
|
$
|
243,881
|
|
|
$
|
167,334
|
|
|
$
|
208,301
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
|
|
|
|
|
|
||||||
Depreciation
|
98,333
|
|
|
94,626
|
|
|
94,078
|
|
|||
Amortization of Debt Issuance Costs
|
3,218
|
|
|
3,404
|
|
|
3,162
|
|
|||
Other Amortization, including Stock Based Compensation
|
28,780
|
|
|
26,976
|
|
|
29,252
|
|
|||
Impairment of Real Estate
|
—
|
|
|
2,756
|
|
|
—
|
|
|||
Provision for Bad Debt
|
—
|
|
|
350
|
|
|
177
|
|
|||
Equity in (Income) Loss of Joint Venture
|
(16,235
|
)
|
|
276
|
|
|
—
|
|
|||
Distributions from Joint Venture
|
15,959
|
|
|
—
|
|
|
—
|
|
|||
Gain on Sale of Real Estate
|
(124,942
|
)
|
|
(81,600
|
)
|
|
(131,269
|
)
|
|||
Loss from Retirement of Debt
|
—
|
|
|
39
|
|
|
1,775
|
|
|||
Gain on Casualty and Involuntary Conversion
|
—
|
|
|
(392
|
)
|
|
(1,321
|
)
|
|||
Payments to Settle Derivative Instruments
|
(3,149
|
)
|
|
—
|
|
|
—
|
|
|||
Straight-line Rental Income and Expense, Net
|
(10,884
|
)
|
|
(2,165
|
)
|
|
(5,299
|
)
|
|||
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net and Operating Lease Right-of-Use Assets
|
(11,436
|
)
|
|
(4,189
|
)
|
|
(5,510
|
)
|
|||
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits
|
22,095
|
|
|
3,090
|
|
|
(465
|
)
|
|||
Net Cash Provided by Operating Activities
|
245,620
|
|
|
210,505
|
|
|
192,881
|
|
|||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||||||
Acquisitions of Real Estate
|
(152,744
|
)
|
|
(157,787
|
)
|
|
(175,303
|
)
|
|||
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs
|
(294,633
|
)
|
|
(224,466
|
)
|
|
(146,003
|
)
|
|||
Net Proceeds from Sales of Investments in Real Estate
|
254,416
|
|
|
184,783
|
|
|
228,102
|
|
|||
(Increase) Decrease in Escrows
|
(23,113
|
)
|
|
(1,326
|
)
|
|
565
|
|
|||
Proceeds from Casualty and Involuntary Conversion
|
—
|
|
|
906
|
|
|
10,094
|
|
|||
Contributions to and Investments in Joint Venture
|
(210
|
)
|
|
(25,190
|
)
|
|
—
|
|
|||
Distributions from Joint Venture
|
8,711
|
|
|
1,829
|
|
|
—
|
|
|||
Other Investing Activity
|
2,187
|
|
|
(2,147
|
)
|
|
51
|
|
|||
Net Cash Used in Investing Activities
|
(205,386
|
)
|
|
(223,398
|
)
|
|
(82,494
|
)
|
|||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||||||
Financing and Equity Issuance Costs
|
(954
|
)
|
|
(2,975
|
)
|
|
(6,864
|
)
|
|||
Contribution of General Partner Units
|
—
|
|
|
145,584
|
|
|
74,880
|
|
|||
Tax Paid on Shares of the Company Withheld
|
(4,384
|
)
|
|
(6,020
|
)
|
|
(2,401
|
)
|
|||
Unit Distributions Paid
|
(117,214
|
)
|
|
(109,649
|
)
|
|
(100,524
|
)
|
|||
Contributions from Noncontrolling Interests
|
32
|
|
|
126
|
|
|
40
|
|
|||
Distributions to Noncontrolling Interests
|
(119
|
)
|
|
(136
|
)
|
|
(360
|
)
|
|||
Repayments on Mortgage Loans Payable
|
(123,250
|
)
|
|
(165,646
|
)
|
|
(46,832
|
)
|
|||
Prepayments of Penalties Associated with Retirement of Debt
|
—
|
|
|
—
|
|
|
(1,453
|
)
|
|||
Proceeds from Senior Unsecured Notes
|
150,000
|
|
|
300,000
|
|
|
200,000
|
|
|||
Repayments of Senior Unsecured Notes
|
—
|
|
|
—
|
|
|
(156,852
|
)
|
|||
Proceeds from Unsecured Credit Facility
|
415,000
|
|
|
237,000
|
|
|
429,000
|
|
|||
Repayments on Unsecured Credit Facility
|
(257,000
|
)
|
|
(381,500
|
)
|
|
(474,000
|
)
|
|||
Net Cash Provided by (Used in) Financing Activities
|
62,111
|
|
|
16,784
|
|
|
(85,366
|
)
|
|||
Net Increase in Cash, Cash Equivalents and Restricted Cash
|
102,345
|
|
|
3,891
|
|
|
25,021
|
|
|||
Cash, Cash Equivalents and Restricted Cash, Beginning of Year
|
50,373
|
|
|
46,482
|
|
|
21,461
|
|
|||
Cash, Cash Equivalents and Restricted Cash, End of Year
|
$
|
152,718
|
|
|
$
|
50,373
|
|
|
$
|
46,482
|
|
|
|
|
|
|
|
FIRST INDUSTRIAL, L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
|
|||||||||||
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended
December 31, 2017 |
||||||
|
(In thousands)
|
||||||||||
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
|
|
|
|
|
|
||||||
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity
|
$
|
47,801
|
|
|
$
|
47,408
|
|
|
$
|
56,844
|
|
Interest Expense Capitalized in Connection with Development Activity
|
$
|
5,757
|
|
|
$
|
5,869
|
|
|
$
|
4,353
|
|
Income Taxes Paid
|
$
|
3,583
|
|
|
$
|
457
|
|
|
$
|
769
|
|
Cash Paid for Operating Lease Liabilities
|
$
|
2,084
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Supplemental Schedule of Non-Cash Operating Activities:
|
|
|
|
|
|
||||||
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets
|
$
|
22,871
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Supplemental Schedule of Non-Cash Investing and Financing Activities:
|
|
|
|
|
|
||||||
General and Limited Partner Unit Distributions Payable
|
$
|
30,567
|
|
|
$
|
28,845
|
|
|
$
|
27,016
|
|
Exchange of Limited Partner Units for General Partner Units:
|
|
|
|
|
|
||||||
Limited Partner Units
|
$
|
(7,196
|
)
|
|
$
|
(16,605
|
)
|
|
$
|
(364
|
)
|
General Partner Units
|
7,196
|
|
|
16,605
|
|
|
364
|
|
|||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Lease Reclassification from Operating Lease to Sales-Type Lease:
|
|
|
|
|
|
||||||
Lease Receivable
|
$
|
54,521
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Land
|
(24,803
|
)
|
|
—
|
|
|
—
|
|
|||
Building, Net of Accumulated Depreciation
|
(17,845
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred Rent Receivable
|
(2,073
|
)
|
|
—
|
|
|
—
|
|
|||
Other Assets, Net of Accumulated Amortization
|
(1,194
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on Sale Recognized Due to Lease Reclassification
|
$
|
8,606
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition of Real Estate
|
$
|
1,466
|
|
|
$
|
11,878
|
|
|
$
|
1,269
|
|
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate
|
$
|
51,107
|
|
|
$
|
31,545
|
|
|
$
|
38,597
|
|
Write-off of Fully Depreciated Assets
|
$
|
(37,892
|
)
|
|
$
|
(43,654
|
)
|
|
$
|
(35,560
|
)
|
|
Years
|
Buildings and Improvements
|
7 to 50
|
Land Improvements
|
3 to 20
|
Furniture, Fixtures and Equipment
|
3 to 10
|
Tenant Improvements
|
Lease Term
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
In-Place Leases
|
$
|
20,188
|
|
|
$
|
19,971
|
|
Above Market Leases
|
2,197
|
|
|
2,569
|
|
||
Below Market Ground Lease Obligation
|
1,597
|
|
|
1,643
|
|
||
Tenant Relationships
|
4,551
|
|
|
5,495
|
|
||
Total Included in Total Assets, Net of $29,541 and $26,337 of Accumulated Amortization
|
$
|
28,533
|
|
|
$
|
29,678
|
|
Below Market Leases
|
$
|
11,893
|
|
|
$
|
9,560
|
|
Total Included in Total Liabilities, Net of $13,045 and $11,356 of Accumulated Amortization
|
$
|
11,893
|
|
|
$
|
9,560
|
|
|
Estimated
Amortization
of In-Place
Leases and Tenant
Relationships
|
|
Estimated Net
Increase to
Rental Revenues
Related to
Above and Below
Market Leases
|
||||
2020
|
$
|
6,166
|
|
|
$
|
1,716
|
|
2021
|
$
|
4,052
|
|
|
$
|
1,262
|
|
2022
|
$
|
3,631
|
|
|
$
|
1,225
|
|
2023
|
$
|
3,197
|
|
|
$
|
973
|
|
2024
|
$
|
2,425
|
|
|
$
|
993
|
|
•
|
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.
|
•
|
The new standard provided a practical expedient, which allows lessors to combine non-lease components with the related lease components if both the timing and pattern of transfer are the same for the non-lease components(s) and the related lease component, and the lease component would be classified as an operating lease. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. We elected the practical expedient to combine our lease and non-lease components that meet the defined criteria. The non-lease components of our leases primarily consist of common area maintenance reimbursements from our tenants.
|
•
|
The new standard also requires lessors to exclude from variable payments recorded in lease revenues certain lessor costs, such as real estate taxes, that the lessor contractually requires the lessee to pay directly to a third party on its behalf. Several of our leases require tenants to pay real estate taxes directly to taxing authorities. For periods prior to January 1, 2019, we recorded these payments in the line item Property Expenses with an offset in the line item Lease Revenue. For the years ended December 31, 2018 and 2017, $7,517 and $7,734, respectively, of these payments are included in the aforementioned line items.
|
•
|
The new standard requires our expected credit loss related to the collectibility of lease receivables to be reflected as an adjustment to the line item Lease Revenue. For the year ended December 31, 2018 and 2017, the credit loss related to the collectibility of lease receivables was recognized in the line item Property Expenses and was not significant.
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Land
|
$
|
101,764
|
|
|
$
|
79,347
|
|
Building and Improvements
|
43,693
|
|
|
81,747
|
|
||
Other Assets
|
859
|
|
|
1,225
|
|
||
In-Place Leases
|
5,601
|
|
|
5,302
|
|
||
Above Market Leases
|
34
|
|
|
662
|
|
||
Below Market Leases
|
(4,064
|
)
|
|
(737
|
)
|
||
Total Purchase Price
|
$
|
147,887
|
|
|
$
|
167,546
|
|
Assumed Mortgage Loan (See Note 4)
|
—
|
|
|
(11,654
|
)
|
||
Total Net Assets Acquired
|
$
|
147,887
|
|
|
$
|
155,892
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Number of Industrial Properties Sold (A)
|
40
|
|
|
53
|
|
|
60
|
|
|||
GLA (in millions)
|
5.9
|
|
|
2.6
|
|
|
4.6
|
|
|||
Gross Proceeds from the Sale of Real Estate (B)
|
$
|
315,768
|
|
|
$
|
192,047
|
|
|
$
|
236,059
|
|
Gain on Sale of Real Estate (B)
|
$
|
124,942
|
|
|
$
|
81,600
|
|
|
$
|
131,269
|
|
|
Outstanding Balance at
|
|
Interest
Rate at
December 31,
2019
|
|
Effective
Interest
Rate at
Issuance
|
|
Maturity
Date
|
||||||
|
December 31, 2019
|
|
December 31, 2018
|
|
|||||||||
Mortgage Loans Payable, Gross
|
$
|
174,360
|
|
|
$
|
297,610
|
|
|
4.03% – 6.50%
|
|
4.03% – 6.50%
|
|
July 2020 –
August 2028
|
Unamortized Debt Issuance Costs
|
(675
|
)
|
|
(1,246
|
)
|
|
|
|
|
|
|
||
Unamortized Premiums
|
—
|
|
|
106
|
|
|
|
|
|
|
|
||
Mortgage Loans Payable, Net
|
$
|
173,685
|
|
|
$
|
296,470
|
|
|
|
|
|
|
|
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
|
|
|
150,000
|
|
|
3.86%
|
|
3.86%
|
|
2/15/2028
|
||
2029 Private Placement Notes
|
75,000
|
|
|
75,000
|
|
|
4.40%
|
|
4.40%
|
|
4/20/2029
|
||
2029 II Private Placement Notes
|
150,000
|
|
|
—
|
|
|
3.97%
|
|
4.23%
|
|
7/23/2029
|
||
2030 Private Placement Notes
|
150,000
|
|
|
150,000
|
|
|
3.96%
|
|
3.96%
|
|
2/15/2030
|
||
Subtotal
|
$
|
698,571
|
|
|
$
|
548,571
|
|
|
|
|
|
|
|
Unamortized Debt Issuance Costs
|
(4,485
|
)
|
|
(3,990
|
)
|
|
|
|
|
|
|
||
Unamortized Discounts
|
(71
|
)
|
|
(77
|
)
|
|
|
|
|
|
|
||
Senior Unsecured Notes, Net
|
$
|
694,015
|
|
|
$
|
544,504
|
|
|
|
|
|
|
|
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
|
(2,135
|
)
|
|
(3,191
|
)
|
|
|
|
|
|
|
||
Unsecured Term Loans, Net
|
$
|
457,865
|
|
|
$
|
456,809
|
|
|
|
|
|
|
|
Unsecured Credit Facility (B)
|
$
|
158,000
|
|
|
$
|
—
|
|
|
2.90%
|
|
N/A
|
|
10/29/2021
|
|
Amount
|
||
2020
|
$
|
19,813
|
|
2021
|
425,294
|
|
|
2022
|
336,954
|
|
|
2023
|
321
|
|
|
2024
|
335
|
|
|
Thereafter
|
708,214
|
|
|
Total
|
$
|
1,490,931
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying
Amount (A)
|
|
Fair
Value
|
|
Carrying
Amount (A)
|
|
Fair
Value
|
||||||||
Mortgage Loans Payable, Net
|
$
|
174,360
|
|
|
$
|
179,287
|
|
|
$
|
297,716
|
|
|
$
|
304,508
|
|
Senior Unsecured Notes, Net
|
698,500
|
|
|
756,351
|
|
|
548,494
|
|
|
546,607
|
|
||||
Unsecured Term Loans
|
460,000
|
|
|
460,902
|
|
|
460,000
|
|
|
461,317
|
|
||||
Unsecured Credit Facility
|
158,000
|
|
|
158,141
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
1,490,860
|
|
|
$
|
1,554,681
|
|
|
$
|
1,306,210
|
|
|
$
|
1,312,432
|
|
|
Shares of
Common Stock
Outstanding
|
|
General Partner and Limited Partner Units Outstanding
|
||
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 Performance units (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
|
|
Issuance of Service Awards and Performance Awards (as defined in Note 11)
|
109,353
|
|
|
406,569
|
|
Vesting of Performance units (as defined Note 11)
|
169,033
|
|
|
169,033
|
|
Repurchase and Retirement of Service Awards and Performance Awards (as defined in Note 11)
|
(76,855
|
)
|
|
(89,978
|
)
|
Conversion of Limited Partner Units (B)
|
485,516
|
|
|
—
|
|
Balance at December 31, 2019
|
126,994,478
|
|
|
129,417,222
|
|
|
2019 Total
Dividend/
Distribution
|
|
2018 Total
Dividend/
Distribution
|
|
2017 Total
Dividend/
Distribution
|
||||||
Common Stock/Operating Partnership Units
|
$
|
119,522
|
|
|
$
|
111,478
|
|
|
$
|
104,106
|
|
|
Derivative Instruments
|
|
Total for Operating Partnership
|
|
Comprehensive (Loss) Income Attributable to Noncontrolling Interest
|
|
Total for Company
|
||||||||
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
|
|
Other Comprehensive Loss Before Reclassifications
|
(9,603
|
)
|
|
(9,603
|
)
|
|
202
|
|
|
(9,401
|
)
|
||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income
|
(984
|
)
|
|
(984
|
)
|
|
—
|
|
|
(984
|
)
|
||||
Net Current Period Other Comprehensive Loss
|
(10,587
|
)
|
|
(10,587
|
)
|
|
202
|
|
|
(10,385
|
)
|
||||
Balance as of December 31, 2019
|
$
|
(7,013
|
)
|
|
$
|
(7,013
|
)
|
|
$
|
130
|
|
|
$
|
(6,883
|
)
|
|
|
Amount Reclassified from Accumulated Other Comprehensive (Income) Loss
|
|
|
||||||||||
Accumulated Other Comprehensive (Income) Loss Components
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Affected Line Items in the Consolidated Statements of Operations
|
||||||
Derivative Instruments:
|
|
|
|
|
|
|
|
|
||||||
Amortization of Previously Settled Derivative Instruments
|
|
233
|
|
|
96
|
|
|
205
|
|
|
Interest Expense
|
|||
Net Settlement (Receipts) Payments to our Counterparties
|
|
(1,217
|
)
|
|
109
|
|
|
4,336
|
|
|
Interest Expense
|
|||
|
|
$
|
(984
|
)
|
|
$
|
205
|
|
|
$
|
4,541
|
|
|
Total
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
238,775
|
|
|
$
|
163,239
|
|
|
$
|
201,456
|
|
Net Income Allocable to Participating Securities
|
(518
|
)
|
|
(513
|
)
|
|
(646
|
)
|
|||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
238,257
|
|
|
$
|
162,726
|
|
|
$
|
200,810
|
|
Denominator (In Thousands):
|
|
|
|
|
|
||||||
Weighted Average Shares - Basic
|
126,392
|
|
|
123,804
|
|
|
118,272
|
|
|||
Effect of Dilutive Securities:
|
|
|
|
|
|
||||||
Performance units (See Note 11)
|
299
|
|
|
387
|
|
|
515
|
|
|||
Weighted Average Shares - Diluted
|
126,691
|
|
|
124,191
|
|
|
118,787
|
|
|||
Basic EPS:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.89
|
|
|
$
|
1.31
|
|
|
$
|
1.70
|
|
Diluted EPS:
|
|
|
|
|
|
||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
1.88
|
|
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||
Numerator:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders and Participating Securities
|
243,628
|
|
|
167,246
|
|
|
208,158
|
|
|||
Net Income Allocable to Participating Securities
|
(732
|
)
|
|
(513
|
)
|
|
(646
|
)
|
|||
Net Income Available to Unitholders
|
$
|
242,896
|
|
|
$
|
166,733
|
|
|
$
|
207,512
|
|
Denominator (In Thousands):
|
|
|
|
|
|
||||||
Weighted Average Units - Basic
|
128,831
|
|
|
126,921
|
|
|
122,306
|
|
|||
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
|
|
|
|
|
|
||||||
Performance units and certain Performance LTIP Units (See Note 11)
|
410
|
|
|
387
|
|
|
515
|
|
|||
Weighted Average Units - Diluted
|
129,241
|
|
|
127,308
|
|
|
122,821
|
|
|||
Basic EPS:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.89
|
|
|
$
|
1.31
|
|
|
$
|
1.70
|
|
Diluted EPU:
|
|
|
|
|
|
||||||
Net Income Available to Unitholders
|
$
|
1.88
|
|
|
$
|
1.31
|
|
|
$
|
1.69
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(169
|
)
|
|
$
|
22
|
|
|
$
|
(859
|
)
|
State
|
(839
|
)
|
|
(310
|
)
|
|
(344
|
)
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(2,334
|
)
|
|
400
|
|
|
—
|
|
|||
State
|
(64
|
)
|
|
(20
|
)
|
|
10
|
|
|||
Total Income Tax (Provision) Benefit
|
$
|
(3,406
|
)
|
|
$
|
92
|
|
|
$
|
(1,193
|
)
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Basis Difference - Real Estate Properties
|
$
|
1,388
|
|
|
$
|
739
|
|
Section 163(j) Interest Limitation
|
600
|
|
|
344
|
|
||
Other - Temporary Differences
|
329
|
|
|
184
|
|
||
Valuation Allowance
|
(850
|
)
|
|
(840
|
)
|
||
Total Deferred Income Tax Assets, Net of Allowance
|
$
|
1,467
|
|
|
$
|
427
|
|
|
|
|
|
||||
Deferred Income - Investment in Joint Venture
|
$
|
(3,374
|
)
|
|
$
|
—
|
|
Other - Temporary Differences
|
(295
|
)
|
|
(231
|
)
|
||
Total Deferred Income Tax Liabilities
|
$
|
(3,669
|
)
|
|
$
|
(231
|
)
|
Total Net Deferred Income Tax (Liabilities) Assets
|
$
|
(2,202
|
)
|
|
$
|
196
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Tax (Provision) Benefit at Federal Rate
|
$
|
(2,556
|
)
|
|
$
|
436
|
|
|
$
|
(1,416
|
)
|
Change in Federal Tax Rate
|
—
|
|
|
—
|
|
|
(609
|
)
|
|||
State Tax Provision, Net of Federal Benefit
|
(903
|
)
|
|
(417
|
)
|
|
(376
|
)
|
|||
Change in Valuation Allowance
|
(10
|
)
|
|
144
|
|
|
1,197
|
|
|||
Other
|
63
|
|
|
(71
|
)
|
|
11
|
|
|||
Net Income Tax (Provision) Benefit
|
$
|
(3,406
|
)
|
|
$
|
92
|
|
|
$
|
(1,193
|
)
|
|
2019
|
|
As a
Percentage
of
Distributions
|
|
2018
|
|
As a
Percentage
of
Distributions
|
|
2017
|
|
As a
Percentage
of
Distributions
|
|||||||||
Ordinary Income (A)
|
$
|
0.7650
|
|
|
83.15
|
%
|
|
$
|
0.6858
|
|
|
78.83
|
%
|
|
$
|
0.6552
|
|
|
74.23
|
%
|
Unrecaptured Section 1250 Capital Gain
|
0.1074
|
|
|
11.68
|
%
|
|
0.1497
|
|
|
17.21
|
%
|
|
0.1627
|
|
|
18.43
|
%
|
|||
Other Capital Gain
|
0.0460
|
|
|
5.00
|
%
|
|
0.0330
|
|
|
3.79
|
%
|
|
0.0648
|
|
|
7.34
|
%
|
|||
Qualified Dividend
|
0.0016
|
|
|
0.17
|
%
|
|
0.0015
|
|
|
0.17
|
%
|
|
—
|
|
|
0.00
|
%
|
|||
|
$
|
0.9200
|
|
|
100.00
|
%
|
|
$
|
0.8700
|
|
|
100.00
|
%
|
|
$
|
0.8827
|
|
|
100.00
|
%
|
2020
|
$
|
2,321
|
|
2021
|
2,288
|
|
|
2022
|
2,238
|
|
|
2023
|
2,068
|
|
|
2024
|
1,915
|
|
|
Thereafter
|
60,707
|
|
|
Total Lease Payments
|
71,537
|
|
|
Less Imputed Interest (A)
|
(49,168
|
)
|
|
Total
|
$
|
22,369
|
|
2020
|
$
|
321,896
|
|
2021
|
294,820
|
|
|
2022
|
256,262
|
|
|
2023
|
219,396
|
|
|
2024
|
175,696
|
|
|
Thereafter
|
510,976
|
|
|
Total
|
$
|
1,779,046
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|||
Expected dividend yield
|
3.02
|
%
|
|
2.67
|
%
|
|
2.71
|
%
|
Expected volatility - range used
|
18.53% - 19.72%
|
|
|
15.83% - 17.87%
|
|
|
21.50% - 21.80%
|
|
Expected volatility - weighted average
|
19.10
|
%
|
|
17.02
|
%
|
|
21.68
|
%
|
Risk-free interest rate
|
2.45% - 2.57%
|
|
|
1.57% - 2.04%
|
|
|
0.66% - 1.58%
|
|
|
Performance Units
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Performance LTIP Units
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Outstanding at December 31, 2018
|
595,383
|
|
|
$
|
11.79
|
|
|
—
|
|
|
$
|
—
|
|
Issued
|
36,064
|
|
|
$
|
12.45
|
|
|
166,942
|
|
|
$
|
12.45
|
|
Forfeited
|
(13,455
|
)
|
|
$
|
12.97
|
|
|
(10,240
|
)
|
|
$
|
12.45
|
|
Vested
|
(237,270
|
)
|
|
$
|
10.06
|
|
|
—
|
|
|
$
|
—
|
|
Outstanding at December 31, 2019
|
380,722
|
|
|
$
|
12.89
|
|
|
156,702
|
|
|
$
|
12.45
|
|
|
Restricted Stock Awards
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Service LTIP Units
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Outstanding at December 31, 2018
|
405,436
|
|
|
$
|
26.64
|
|
|
—
|
|
|
$
|
—
|
|
Issued
|
109,353
|
|
|
$
|
35.17
|
|
|
112,428
|
|
|
$
|
33.64
|
|
Forfeited
|
(9,851
|
)
|
|
$
|
29.48
|
|
|
(1,788
|
)
|
|
$
|
33.58
|
|
Vested
|
(208,567
|
)
|
|
$
|
25.40
|
|
|
—
|
|
|
$
|
—
|
|
Outstanding at December 31, 2019
|
296,371
|
|
|
$
|
30.56
|
|
|
110,640
|
|
|
$
|
33.64
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||
2014 Swaps
|
|
$
|
(1,478
|
)
|
|
—
|
|
|
$
|
(1,478
|
)
|
|
—
|
|
2015 Swaps
|
|
$
|
(1,711
|
)
|
|
—
|
|
|
$
|
(1,711
|
)
|
|
—
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total Revenues
|
$
|
104,541
|
|
|
$
|
104,095
|
|
|
$
|
106,590
|
|
|
$
|
110,758
|
|
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities
|
$
|
23,803
|
|
|
$
|
39,800
|
|
|
$
|
78,311
|
|
|
$
|
96,861
|
|
Net Income Allocable to Participating Securities
|
(60
|
)
|
|
(89
|
)
|
|
(170
|
)
|
|
(199
|
)
|
||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
23,743
|
|
|
$
|
39,711
|
|
|
$
|
78,141
|
|
|
$
|
96,662
|
|
Basic EPS:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
0.19
|
|
|
$
|
0.31
|
|
|
$
|
0.62
|
|
|
$
|
0.76
|
|
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders
|
$
|
0.19
|
|
|
$
|
0.31
|
|
|
$
|
0.62
|
|
|
$
|
0.76
|
|
Weighted Average Shares Basic/Diluted (In Thousands):
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares - Basic
|
126,194
|
|
|
126,206
|
|
|
126,480
|
|
|
126,682
|
|
||||
Weighted Average Shares - Diluted
|
126,456
|
|
|
126,489
|
|
|
126,783
|
|
|
127,030
|
|
|
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, 2019
|
||||||||||||||
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Total Revenues
|
$
|
104,541
|
|
|
$
|
104,095
|
|
|
$
|
106,590
|
|
|
$
|
110,758
|
|
Net Income Available to Unitholders and Participating Securities
|
$
|
24,314
|
|
|
$
|
40,689
|
|
|
$
|
79,969
|
|
|
$
|
98,656
|
|
Net Income Allocable to Participating Securities
|
(76
|
)
|
|
(128
|
)
|
|
(249
|
)
|
|
(279
|
)
|
||||
Net Income Available to Unitholders
|
$
|
24,238
|
|
|
$
|
40,561
|
|
|
$
|
79,720
|
|
|
$
|
98,377
|
|
Basic EPU:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Unitholders
|
$
|
0.19
|
|
|
$
|
0.31
|
|
|
$
|
0.62
|
|
|
$
|
0.76
|
|
Diluted EPU:
|
|
|
|
|
|
|
|
||||||||
Net Income Available to Unitholders
|
$
|
0.19
|
|
|
$
|
0.31
|
|
|
$
|
0.62
|
|
|
$
|
0.76
|
|
Weighted Average Units Basic/Diluted (In Thousands):
|
|
|
|
|
|
|
|
||||||||
Weighted Average Units - Basic
|
128,818
|
|
|
128,831
|
|
|
128,837
|
|
|
128,837
|
|
||||
Weighted Average Units - Diluted
|
129,178
|
|
|
129,221
|
|
|
129,256
|
|
|
129,308
|
|
|
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
|
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2019
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
Properties (b)
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
Atlanta
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1650 Highway 155
|
|
McDonough, GA
|
|
—
|
|
|
779
|
|
|
4,544
|
|
|
(669
|
)
|
|
345
|
|
|
4,309
|
|
|
4,654
|
|
|
2,704
|
|
|
1994
|
4051 Southmeadow Parkway
|
|
Atlanta, GA
|
|
—
|
|
|
726
|
|
|
4,130
|
|
|
1,661
|
|
|
726
|
|
|
5,791
|
|
|
6,517
|
|
|
3,260
|
|
|
1994
|
4071 Southmeadow Parkway
|
|
Atlanta, GA
|
|
—
|
|
|
750
|
|
|
4,460
|
|
|
1,924
|
|
|
828
|
|
|
6,306
|
|
|
7,134
|
|
|
3,729
|
|
|
1994
|
4081 Southmeadow Parkway
|
|
Atlanta, GA
|
|
—
|
|
|
1,012
|
|
|
5,918
|
|
|
2,031
|
|
|
1,157
|
|
|
7,804
|
|
|
8,961
|
|
|
4,504
|
|
|
1994
|
5570 Tulane Dr
|
|
Atlanta, GA
|
|
—
|
|
|
527
|
|
|
2,984
|
|
|
1,195
|
|
|
546
|
|
|
4,160
|
|
|
4,706
|
|
|
2,185
|
|
|
1996
|
955 Cobb Place
|
|
Kennesaw, GA
|
|
—
|
|
|
780
|
|
|
4,420
|
|
|
877
|
|
|
804
|
|
|
5,273
|
|
|
6,077
|
|
|
2,787
|
|
|
1997
|
1005 Sigman Road
|
|
Conyers, GA
|
|
—
|
|
|
566
|
|
|
3,134
|
|
|
1,221
|
|
|
574
|
|
|
4,347
|
|
|
4,921
|
|
|
1,977
|
|
|
1999
|
2050 East Park Drive
|
|
Conyers, GA
|
|
—
|
|
|
452
|
|
|
2,504
|
|
|
860
|
|
|
459
|
|
|
3,357
|
|
|
3,816
|
|
|
1,606
|
|
|
1999
|
3060 South Park Blvd
|
|
Ellenwood, GA
|
|
—
|
|
|
1,600
|
|
|
12,464
|
|
|
3,422
|
|
|
1,604
|
|
|
15,882
|
|
|
17,486
|
|
|
6,457
|
|
|
2003
|
175 Greenwood Industrial Parkway
|
|
McDonough, GA
|
|
—
|
|
|
1,550
|
|
|
—
|
|
|
7,542
|
|
|
1,550
|
|
|
7,542
|
|
|
9,092
|
|
|
2,877
|
|
|
2004
|
5095 Phillip Lee Drive
|
|
Atlanta, GA
|
|
—
|
|
|
735
|
|
|
3,627
|
|
|
(213
|
)
|
|
740
|
|
|
3,409
|
|
|
4,149
|
|
|
2,993
|
|
|
2005
|
6514 Warren Drive
|
|
Norcross, GA
|
|
—
|
|
|
510
|
|
|
1,250
|
|
|
166
|
|
|
513
|
|
|
1,413
|
|
|
1,926
|
|
|
673
|
|
|
2005
|
6544 Warren Drive
|
|
Norcross, GA
|
|
—
|
|
|
711
|
|
|
2,310
|
|
|
278
|
|
|
715
|
|
|
2,584
|
|
|
3,299
|
|
|
1,360
|
|
|
2005
|
5356 E. Ponce De Leon
|
|
Stone Mountain, GA
|
|
—
|
|
|
604
|
|
|
3,888
|
|
|
977
|
|
|
610
|
|
|
4,859
|
|
|
5,469
|
|
|
2,784
|
|
|
2005
|
5390 E. Ponce De Leon
|
|
Stone Mountain, GA
|
|
—
|
|
|
397
|
|
|
1,791
|
|
|
569
|
|
|
402
|
|
|
2,355
|
|
|
2,757
|
|
|
1,189
|
|
|
2005
|
1755 Enterprise Drive
|
|
Buford, GA
|
|
—
|
|
|
712
|
|
|
2,118
|
|
|
(57
|
)
|
|
716
|
|
|
2,057
|
|
|
2,773
|
|
|
970
|
|
|
2006
|
4555 Atwater Court
|
|
Buford, GA
|
|
—
|
|
|
881
|
|
|
3,550
|
|
|
423
|
|
|
885
|
|
|
3,969
|
|
|
4,854
|
|
|
1,684
|
|
|
2006
|
80 Liberty Industrial Parkway
|
|
McDonough, GA
|
|
—
|
|
|
756
|
|
|
3,695
|
|
|
(1,560
|
)
|
|
467
|
|
|
2,424
|
|
|
2,891
|
|
|
1,112
|
|
|
2007
|
596 Bonnie Valentine
|
|
Pendergrass, GA
|
|
—
|
|
|
2,580
|
|
|
21,730
|
|
|
2,052
|
|
|
2,594
|
|
|
23,768
|
|
|
26,362
|
|
|
6,675
|
|
|
2007
|
11415 Old Roswell Road
|
|
Alpharetta, GA
|
|
—
|
|
|
2,403
|
|
|
1,912
|
|
|
814
|
|
|
2,428
|
|
|
2,701
|
|
|
5,129
|
|
|
1,198
|
|
|
2008
|
1281 Highway 155 S.
|
|
McDonough, GA
|
|
—
|
|
|
2,501
|
|
|
—
|
|
|
17,048
|
|
|
2,502
|
|
|
17,047
|
|
|
19,549
|
|
|
1,706
|
|
|
2016
|
4955 Oakley Industrial Blvd
|
|
Fairburn, GA
|
|
—
|
|
|
3,650
|
|
|
—
|
|
|
34,413
|
|
|
3,661
|
|
|
34,402
|
|
|
38,063
|
|
|
303
|
|
|
2019
|
Baltimore
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
16522 Hunters Green Parkway
|
|
Hagerstown, MD
|
|
—
|
|
|
1,390
|
|
|
13,104
|
|
|
5,667
|
|
|
1,863
|
|
|
18,298
|
|
|
20,161
|
|
|
6,750
|
|
|
2003
|
22520 Randolph Drive
|
|
Dulles, VA
|
|
—
|
|
|
3,200
|
|
|
8,187
|
|
|
228
|
|
|
3,208
|
|
|
8,407
|
|
|
11,615
|
|
|
2,683
|
|
|
2004
|
22630 Dulles Summit Court
|
|
Dulles, VA
|
|
—
|
|
|
2,200
|
|
|
9,346
|
|
|
(870
|
)
|
|
2,206
|
|
|
8,470
|
|
|
10,676
|
|
|
2,917
|
|
|
2004
|
11204 McCormick Road
|
|
Hunt Valley, MD
|
|
—
|
|
|
1,017
|
|
|
3,132
|
|
|
216
|
|
|
1,038
|
|
|
3,327
|
|
|
4,365
|
|
|
1,840
|
|
|
2005
|
11110 Pepper Road
|
|
Hunt Valley, MD
|
|
—
|
|
|
918
|
|
|
2,529
|
|
|
554
|
|
|
938
|
|
|
3,063
|
|
|
4,001
|
|
|
1,613
|
|
|
2005
|
10709 Gilroy Road
|
|
Hunt Valley, MD
|
|
1,714
|
|
|
913
|
|
|
2,705
|
|
|
(84
|
)
|
|
913
|
|
|
2,621
|
|
|
3,534
|
|
|
1,886
|
|
|
2005
|
10707 Gilroy Road
|
|
Hunt Valley, MD
|
|
—
|
|
|
1,111
|
|
|
3,819
|
|
|
832
|
|
|
1,136
|
|
|
4,626
|
|
|
5,762
|
|
|
2,642
|
|
|
2005
|
38 Loveton Circle
|
|
Sparks, MD
|
|
—
|
|
|
1,648
|
|
|
2,151
|
|
|
(192
|
)
|
|
1,690
|
|
|
1,917
|
|
|
3,607
|
|
|
1,134
|
|
|
2005
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
as of December 31, 2019
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
1225 Bengies Road
|
|
Baltimore, MD
|
|
—
|
|
|
2,640
|
|
|
270
|
|
|
13,829
|
|
|
2,823
|
|
|
13,916
|
|
|
16,739
|
|
|
4,951
|
|
|
2008
|
18212 Shawley Drive
|
|
Hagerstown, MD
|
|
—
|
|
|
1,000
|
|
|
5,847
|
|
|
2,825
|
|
|
1,016
|
|
|
8,656
|
|
|
9,672
|
|
|
2,890
|
|
|
2004
|
400 Old Post Road
|
|
Aberdeen, MD
|
|
—
|
|
|
3,411
|
|
|
17,144
|
|
|
1,514
|
|
|
3,411
|
|
|
18,658
|
|
|
22,069
|
|
|
3,626
|
|
|
2015
|
500 Old Post Road
|
|
Aberdeen, MD
|
|
—
|
|
|
5,959
|
|
|
30,533
|
|
|
146
|
|
|
5,959
|
|
|
30,679
|
|
|
36,638
|
|
|
5,139
|
|
|
2015
|
581 Welltown Road/Tyson Blvd
|
|
Winchester, VA
|
|
—
|
|
|
2,320
|
|
|
—
|
|
|
11,276
|
|
|
2,401
|
|
|
11,195
|
|
|
13,596
|
|
|
3,459
|
|
|
2007
|
Central/Eastern Pennsylvania
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1214-B Freedom Road
|
|
Cranberry Township, PA
|
|
—
|
|
|
31
|
|
|
994
|
|
|
613
|
|
|
200
|
|
|
1,438
|
|
|
1,638
|
|
|
1,433
|
|
|
1994
|
401 Russell Drive
|
|
Middletown, PA
|
|
—
|
|
|
262
|
|
|
857
|
|
|
1,847
|
|
|
287
|
|
|
2,679
|
|
|
2,966
|
|
|
2,349
|
|
|
1994
|
2700 Commerce Drive
|
|
Middletown, PA
|
|
—
|
|
|
196
|
|
|
997
|
|
|
857
|
|
|
206
|
|
|
1,844
|
|
|
2,050
|
|
|
1,650
|
|
|
1994
|
2701 Commerce Drive
|
|
Middletown, PA
|
|
—
|
|
|
141
|
|
|
859
|
|
|
1,399
|
|
|
164
|
|
|
2,235
|
|
|
2,399
|
|
|
1,766
|
|
|
1994
|
2780 Commerce Drive
|
|
Middletown, PA
|
|
—
|
|
|
113
|
|
|
743
|
|
|
1,289
|
|
|
209
|
|
|
1,936
|
|
|
2,145
|
|
|
1,677
|
|
|
1994
|
350 Old Silver Spring Road
|
|
Mechanicsburg, PA
|
|
—
|
|
|
510
|
|
|
2,890
|
|
|
5,872
|
|
|
541
|
|
|
8,731
|
|
|
9,272
|
|
|
4,389
|
|
|
1997
|
14 McFadden Road
|
|
Palmer, PA
|
|
—
|
|
|
600
|
|
|
1,349
|
|
|
(274
|
)
|
|
625
|
|
|
1,050
|
|
|
1,675
|
|
|
435
|
|
|
2004
|
431 Railroad Avenue
|
|
Shiremanstown, PA
|
|
—
|
|
|
1,293
|
|
|
7,164
|
|
|
2,245
|
|
|
1,341
|
|
|
9,361
|
|
|
10,702
|
|
|
5,734
|
|
|
2005
|
6951 Allentown Blvd
|
|
Harrisburg, PA
|
|
—
|
|
|
585
|
|
|
3,176
|
|
|
(1
|
)
|
|
601
|
|
|
3,159
|
|
|
3,760
|
|
|
1,412
|
|
|
2005
|
320 Reliance Road
|
|
Washington, PA
|
|
—
|
|
|
201
|
|
|
1,819
|
|
|
(348
|
)
|
|
178
|
|
|
1,494
|
|
|
1,672
|
|
|
1,010
|
|
|
2005
|
2801 Red Lion Road
|
|
Philadelphia, PA
|
|
—
|
|
|
950
|
|
|
5,916
|
|
|
54
|
|
|
964
|
|
|
5,956
|
|
|
6,920
|
|
|
3,409
|
|
|
2005
|
1351 Eisenhower Blvd., Bldg. 1
|
|
Harrisburg, PA
|
|
—
|
|
|
382
|
|
|
2,343
|
|
|
3
|
|
|
387
|
|
|
2,341
|
|
|
2,728
|
|
|
985
|
|
|
2006
|
1351 Eisenhower Blvd., Bldg. 2
|
|
Harrisburg, PA
|
|
—
|
|
|
436
|
|
|
1,587
|
|
|
(315
|
)
|
|
443
|
|
|
1,265
|
|
|
1,708
|
|
|
521
|
|
|
2006
|
200 Cascade Drive, Bldg. 1
|
|
Allentown, PA
|
|
—
|
|
|
2,133
|
|
|
17,562
|
|
|
759
|
|
|
2,769
|
|
|
17,685
|
|
|
20,454
|
|
|
8,026
|
|
|
2007
|
200 Cascade Drive, Bldg. 2
|
|
Allentown, PA
|
|
—
|
|
|
310
|
|
|
2,268
|
|
|
(93
|
)
|
|
316
|
|
|
2,169
|
|
|
2,485
|
|
|
824
|
|
|
2007
|
1490 Dennison Circle
|
|
Carlisle, PA
|
|
—
|
|
|
1,500
|
|
|
—
|
|
|
12,954
|
|
|
2,341
|
|
|
12,113
|
|
|
14,454
|
|
|
3,794
|
|
|
2008
|
298 First Avenue
|
|
Gouldsboro, PA
|
|
—
|
|
|
7,022
|
|
|
—
|
|
|
57,292
|
|
|
7,019
|
|
|
57,295
|
|
|
64,314
|
|
|
16,149
|
|
|
2008
|
225 Cross Farm Lane
|
|
York, PA
|
|
—
|
|
|
4,718
|
|
|
—
|
|
|
23,163
|
|
|
4,715
|
|
|
23,166
|
|
|
27,881
|
|
|
7,099
|
|
|
2008
|
2455 Boulevard of Generals
|
|
Norristown, PA
|
|
—
|
|
|
1,200
|
|
|
4,800
|
|
|
950
|
|
|
1,226
|
|
|
5,724
|
|
|
6,950
|
|
|
2,717
|
|
|
2008
|
105 Steamboat Blvd
|
|
Manchester, PA
|
|
—
|
|
|
4,085
|
|
|
14,464
|
|
|
70
|
|
|
4,070
|
|
|
14,549
|
|
|
18,619
|
|
|
4,623
|
|
|
2012
|
20 Leo Lane
|
|
York County, PA
|
|
—
|
|
|
6,884
|
|
|
—
|
|
|
27,483
|
|
|
6,889
|
|
|
27,478
|
|
|
34,367
|
|
|
4,099
|
|
|
2013
|
3895 Eastgate Blvd Bldg A
|
|
Easton, PA
|
|
—
|
|
|
4,855
|
|
|
—
|
|
|
17,867
|
|
|
4,388
|
|
|
18,334
|
|
|
22,722
|
|
|
2,178
|
|
|
2015
|
3895 Eastgate Blvd Bldg B
|
|
Easton, PA
|
|
—
|
|
|
3,459
|
|
|
—
|
|
|
13,848
|
|
|
3,128
|
|
|
14,179
|
|
|
17,307
|
|
|
1,907
|
|
|
2015
|
112 Bordnersville Road
|
|
Jonestown, PA
|
|
—
|
|
|
13,702
|
|
|
—
|
|
|
42,000
|
|
|
13,724
|
|
|
41,978
|
|
|
55,702
|
|
|
1,368
|
|
|
2018
|
122 Bordnersville Road
|
|
Jonestown, PA
|
|
—
|
|
|
3,165
|
|
|
—
|
|
|
11,282
|
|
|
3,171
|
|
|
11,276
|
|
|
14,447
|
|
|
302
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2019 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
Chicago
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
720-730 Landwehr Drive
|
|
Northbrook, IL
|
|
—
|
|
|
521
|
|
|
2,982
|
|
|
926
|
|
|
521
|
|
|
3,908
|
|
|
4,429
|
|
|
2,354
|
|
|
1994
|
1385 101st Street
|
|
Lemont, IL
|
|
—
|
|
|
967
|
|
|
5,554
|
|
|
1,520
|
|
|
968
|
|
|
7,073
|
|
|
8,041
|
|
|
4,057
|
|
|
1994
|
2300 Windsor Court
|
|
Addison, IL
|
|
—
|
|
|
688
|
|
|
3,943
|
|
|
823
|
|
|
696
|
|
|
4,758
|
|
|
5,454
|
|
|
2,821
|
|
|
1994
|
305-311 Era Drive
|
|
Northbrook, IL
|
|
—
|
|
|
200
|
|
|
1,154
|
|
|
1,159
|
|
|
205
|
|
|
2,308
|
|
|
2,513
|
|
|
1,076
|
|
|
1994
|
800 Business Drive
|
|
Mount Prospect, IL
|
|
—
|
|
|
631
|
|
|
3,493
|
|
|
328
|
|
|
666
|
|
|
3,786
|
|
|
4,452
|
|
|
1,818
|
|
|
2000
|
580 Slawin Court
|
|
Mount Prospect, IL
|
|
—
|
|
|
233
|
|
|
1,292
|
|
|
(27
|
)
|
|
162
|
|
|
1,336
|
|
|
1,498
|
|
|
782
|
|
|
2000
|
1005 101st Street
|
|
Lemont, IL
|
|
4,585
|
|
|
1,200
|
|
|
6,643
|
|
|
1,610
|
|
|
1,220
|
|
|
8,233
|
|
|
9,453
|
|
|
3,576
|
|
|
2001
|
175 Wall Street
|
|
Glendale Heights, IL
|
|
—
|
|
|
427
|
|
|
2,363
|
|
|
714
|
|
|
433
|
|
|
3,071
|
|
|
3,504
|
|
|
1,222
|
|
|
2002
|
251 Airport Road
|
|
North Aurora, IL
|
|
3,553
|
|
|
983
|
|
|
—
|
|
|
6,644
|
|
|
983
|
|
|
6,644
|
|
|
7,627
|
|
|
2,672
|
|
|
2002
|
400 Crossroads Pkwy
|
|
Bolingbrook, IL
|
|
—
|
|
|
1,178
|
|
|
9,453
|
|
|
1,655
|
|
|
1,181
|
|
|
11,105
|
|
|
12,286
|
|
|
4,963
|
|
|
2005
|
7801 W. Industrial Drive
|
|
Forest Park, IL
|
|
—
|
|
|
1,215
|
|
|
3,020
|
|
|
1,325
|
|
|
1,220
|
|
|
4,340
|
|
|
5,560
|
|
|
2,292
|
|
|
2005
|
725 Kimberly Drive
|
|
Carol Stream, IL
|
|
—
|
|
|
793
|
|
|
1,395
|
|
|
5
|
|
|
801
|
|
|
1,392
|
|
|
2,193
|
|
|
712
|
|
|
2005
|
17001 S. Vincennes
|
|
Thornton, IL
|
|
—
|
|
|
497
|
|
|
504
|
|
|
3
|
|
|
513
|
|
|
491
|
|
|
1,004
|
|
|
420
|
|
|
2005
|
2900 W. 166th Street
|
|
Markham, IL
|
|
—
|
|
|
1,132
|
|
|
4,293
|
|
|
(1,328
|
)
|
|
1,134
|
|
|
2,963
|
|
|
4,097
|
|
|
926
|
|
|
2007
|
555 W. Algonquin Rd
|
|
Arlington Heights, IL
|
|
—
|
|
|
574
|
|
|
741
|
|
|
2,360
|
|
|
579
|
|
|
3,096
|
|
|
3,675
|
|
|
1,207
|
|
|
2007
|
1501 Oakton Street
|
|
Elk Grove Village, IL
|
|
4,668
|
|
|
3,369
|
|
|
6,121
|
|
|
134
|
|
|
3,482
|
|
|
6,142
|
|
|
9,624
|
|
|
2,355
|
|
|
2008
|
16500 W. 103rd Street
|
|
Woodridge, IL
|
|
—
|
|
|
744
|
|
|
2,458
|
|
|
529
|
|
|
762
|
|
|
2,969
|
|
|
3,731
|
|
|
1,261
|
|
|
2008
|
8505 50th Street
|
|
Kenosha, WI
|
|
—
|
|
|
3,212
|
|
|
—
|
|
|
33,063
|
|
|
3,212
|
|
|
33,063
|
|
|
36,275
|
|
|
10,145
|
|
|
2008
|
4100 Rock Creek Blvd
|
|
Joliet, IL
|
|
—
|
|
|
4,476
|
|
|
16,061
|
|
|
830
|
|
|
4,476
|
|
|
16,891
|
|
|
21,367
|
|
|
4,523
|
|
|
2013
|
10100 58th Place
|
|
Kenosha, WI
|
|
—
|
|
|
4,201
|
|
|
17,604
|
|
|
74
|
|
|
4,201
|
|
|
17,678
|
|
|
21,879
|
|
|
4,630
|
|
|
2013
|
401 Airport Road
|
|
North Aurora, IL
|
|
—
|
|
|
534
|
|
|
1,957
|
|
|
12
|
|
|
534
|
|
|
1,969
|
|
|
2,503
|
|
|
463
|
|
|
2014
|
3737 84th Avenue
|
|
Somers, WI
|
|
—
|
|
|
1,943
|
|
|
—
|
|
|
24,116
|
|
|
1,943
|
|
|
24,116
|
|
|
26,059
|
|
|
2,304
|
|
|
2016
|
81 Paragon Drive
|
|
Romeoville, IL
|
|
—
|
|
|
1,787
|
|
|
7,252
|
|
|
1,362
|
|
|
1,788
|
|
|
8,613
|
|
|
10,401
|
|
|
1,083
|
|
|
2016
|
10680 88th Ave
|
|
Pleasant Prairie, WI
|
|
—
|
|
|
1,376
|
|
|
4,757
|
|
|
—
|
|
|
1,376
|
|
|
4,757
|
|
|
6,133
|
|
|
435
|
|
|
2017
|
8725 31st Street
|
|
Somers, WI
|
|
—
|
|
|
2,133
|
|
|
—
|
|
|
27,578
|
|
|
2,134
|
|
|
27,577
|
|
|
29,711
|
|
|
2,472
|
|
|
2017
|
3500 Channahon Road
|
|
Joliet, IL
|
|
—
|
|
|
2,595
|
|
|
—
|
|
|
17,506
|
|
|
2,598
|
|
|
17,503
|
|
|
20,101
|
|
|
646
|
|
|
2017
|
1998 Melissa Lane
|
|
Aurora, IL
|
|
—
|
|
|
2,401
|
|
|
9,970
|
|
|
942
|
|
|
2,400
|
|
|
10,913
|
|
|
13,313
|
|
|
368
|
|
|
2019
|
Cincinnati
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
4700-4750 Creek Road
|
|
Blue Ash, OH
|
|
—
|
|
|
1,080
|
|
|
6,118
|
|
|
1,478
|
|
|
1,109
|
|
|
7,567
|
|
|
8,676
|
|
|
4,136
|
|
|
1996
|
4436 Muhlhauser Road
|
|
Hamilton, OH
|
|
—
|
|
|
630
|
|
|
—
|
|
|
5,345
|
|
|
630
|
|
|
5,345
|
|
|
5,975
|
|
|
2,255
|
|
|
2002
|
4438 Muhlhauser Road
|
|
Hamilton, OH
|
|
—
|
|
|
779
|
|
|
—
|
|
|
6,318
|
|
|
779
|
|
|
6,318
|
|
|
7,097
|
|
|
2,677
|
|
|
2002
|
4663 Dues Drive
|
|
Westchester, OH
|
|
—
|
|
|
858
|
|
|
2,273
|
|
|
606
|
|
|
875
|
|
|
2,862
|
|
|
3,737
|
|
|
1,918
|
|
|
2005
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2019 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
9345 Princeton-Glendale Road
|
|
Westchester, OH
|
|
—
|
|
|
818
|
|
|
1,648
|
|
|
561
|
|
|
840
|
|
|
2,187
|
|
|
3,027
|
|
|
1,786
|
|
|
2006
|
9525 Glades Drive
|
|
Westchester, OH
|
|
—
|
|
|
347
|
|
|
1,323
|
|
|
240
|
|
|
355
|
|
|
1,555
|
|
|
1,910
|
|
|
749
|
|
|
2007
|
9774-9792 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
392
|
|
|
1,744
|
|
|
185
|
|
|
394
|
|
|
1,927
|
|
|
2,321
|
|
|
637
|
|
|
2007
|
9808-9830 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
395
|
|
|
2,541
|
|
|
483
|
|
|
397
|
|
|
3,022
|
|
|
3,419
|
|
|
1,160
|
|
|
2007
|
9842-9862 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
506
|
|
|
3,148
|
|
|
213
|
|
|
508
|
|
|
3,359
|
|
|
3,867
|
|
|
1,292
|
|
|
2007
|
9872-9898 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
546
|
|
|
3,039
|
|
|
257
|
|
|
548
|
|
|
3,294
|
|
|
3,842
|
|
|
1,347
|
|
|
2007
|
9902-9922 Windisch Road
|
|
Westchester, OH
|
|
—
|
|
|
623
|
|
|
4,003
|
|
|
819
|
|
|
627
|
|
|
4,818
|
|
|
5,445
|
|
|
2,374
|
|
|
2007
|
Cleveland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
30311 Emerald Valley Parkway
|
|
Glenwillow, OH
|
|
5,587
|
|
|
681
|
|
|
11,838
|
|
|
(526
|
)
|
|
691
|
|
|
11,302
|
|
|
11,993
|
|
|
4,590
|
|
|
2006
|
30333 Emerald Valley Parkway
|
|
Glenwillow, OH
|
|
—
|
|
|
466
|
|
|
5,447
|
|
|
(648
|
)
|
|
475
|
|
|
4,790
|
|
|
5,265
|
|
|
2,027
|
|
|
2006
|
7800 Cochran Road
|
|
Glenwillow, OH
|
|
—
|
|
|
972
|
|
|
7,033
|
|
|
338
|
|
|
991
|
|
|
7,352
|
|
|
8,343
|
|
|
3,427
|
|
|
2006
|
7900 Cochran Road
|
|
Glenwillow, OH
|
|
3,094
|
|
|
775
|
|
|
6,244
|
|
|
(377
|
)
|
|
792
|
|
|
5,850
|
|
|
6,642
|
|
|
2,499
|
|
|
2006
|
7905 Cochran Road
|
|
Glenwillow, OH
|
|
3,499
|
|
|
920
|
|
|
6,174
|
|
|
119
|
|
|
922
|
|
|
6,291
|
|
|
7,213
|
|
|
2,709
|
|
|
2006
|
8181 Darrow Road
|
|
Twinsburg, OH
|
|
—
|
|
|
2,478
|
|
|
6,791
|
|
|
4,014
|
|
|
2,496
|
|
|
10,787
|
|
|
13,283
|
|
|
4,218
|
|
|
2008
|
Dallas/Ft. Worth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
2406-2416 Walnut Ridge
|
|
Dallas, TX
|
|
—
|
|
|
178
|
|
|
1,006
|
|
|
1,197
|
|
|
172
|
|
|
2,209
|
|
|
2,381
|
|
|
808
|
|
|
1997
|
2401-2419 Walnut Ridge
|
|
Dallas, TX
|
|
—
|
|
|
148
|
|
|
839
|
|
|
414
|
|
|
142
|
|
|
1,259
|
|
|
1,401
|
|
|
656
|
|
|
1997
|
900-906 Great Southwest Pkwy
|
|
Arlington, TX
|
|
—
|
|
|
237
|
|
|
1,342
|
|
|
799
|
|
|
270
|
|
|
2,108
|
|
|
2,378
|
|
|
943
|
|
|
1997
|
3000 West Commerce
|
|
Dallas, TX
|
|
—
|
|
|
456
|
|
|
2,584
|
|
|
1,202
|
|
|
469
|
|
|
3,773
|
|
|
4,242
|
|
|
2,102
|
|
|
1997
|
405-407 113th
|
|
Arlington, TX
|
|
—
|
|
|
181
|
|
|
1,026
|
|
|
450
|
|
|
185
|
|
|
1,472
|
|
|
1,657
|
|
|
759
|
|
|
1997
|
816 111th Street
|
|
Arlington, TX
|
|
—
|
|
|
251
|
|
|
1,421
|
|
|
230
|
|
|
258
|
|
|
1,644
|
|
|
1,902
|
|
|
841
|
|
|
1997
|
1602-1654 Terre Colony
|
|
Dallas, TX
|
|
—
|
|
|
458
|
|
|
2,596
|
|
|
771
|
|
|
468
|
|
|
3,357
|
|
|
3,825
|
|
|
1,565
|
|
|
2000
|
2220 Merritt Drive
|
|
Garland, TX
|
|
—
|
|
|
352
|
|
|
1,993
|
|
|
409
|
|
|
316
|
|
|
2,438
|
|
|
2,754
|
|
|
1,047
|
|
|
2000
|
2485-2505 Merritt Drive
|
|
Garland, TX
|
|
—
|
|
|
431
|
|
|
2,440
|
|
|
551
|
|
|
443
|
|
|
2,979
|
|
|
3,422
|
|
|
1,302
|
|
|
2000
|
2110 Hutton Drive
|
|
Carrolton, TX
|
|
—
|
|
|
374
|
|
|
2,117
|
|
|
399
|
|
|
255
|
|
|
2,635
|
|
|
2,890
|
|
|
1,415
|
|
|
2001
|
2025 McKenzie Drive
|
|
Carrolton, TX
|
|
—
|
|
|
437
|
|
|
2,478
|
|
|
570
|
|
|
442
|
|
|
3,043
|
|
|
3,485
|
|
|
1,300
|
|
|
2001
|
2019 McKenzie Drive
|
|
Carrolton, TX
|
|
—
|
|
|
502
|
|
|
2,843
|
|
|
636
|
|
|
507
|
|
|
3,474
|
|
|
3,981
|
|
|
1,472
|
|
|
2001
|
2029-2035 McKenzie Drive
|
|
Carrolton, TX
|
|
—
|
|
|
306
|
|
|
1,870
|
|
|
545
|
|
|
306
|
|
|
2,415
|
|
|
2,721
|
|
|
1,017
|
|
|
2001
|
2015 McKenzie Drive
|
|
Carrolton, TX
|
|
1,891
|
|
|
510
|
|
|
2,891
|
|
|
660
|
|
|
516
|
|
|
3,545
|
|
|
4,061
|
|
|
1,453
|
|
|
2001
|
2009 McKenzie Drive
|
|
Carrolton, TX
|
|
1,673
|
|
|
476
|
|
|
2,699
|
|
|
416
|
|
|
481
|
|
|
3,110
|
|
|
3,591
|
|
|
1,383
|
|
|
2001
|
900-1100 Avenue S
|
|
Grand Prairie, TX
|
|
—
|
|
|
623
|
|
|
3,528
|
|
|
1,067
|
|
|
629
|
|
|
4,589
|
|
|
5,218
|
|
|
1,808
|
|
|
2002
|
Plano Crossing Bus. Park
|
|
Plano, TX
|
|
6,499
|
|
|
1,961
|
|
|
11,112
|
|
|
878
|
|
|
1,981
|
|
|
11,970
|
|
|
13,951
|
|
|
5,029
|
|
|
2002
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2019 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
825-827 Avenue H
|
|
Arlington, TX
|
|
1,949
|
|
|
600
|
|
|
3,006
|
|
|
412
|
|
|
604
|
|
|
3,414
|
|
|
4,018
|
|
|
1,824
|
|
|
2004
|
1013-31 Avenue M
|
|
Grand Prairie, TX
|
|
—
|
|
|
300
|
|
|
1,504
|
|
|
278
|
|
|
302
|
|
|
1,780
|
|
|
2,082
|
|
|
880
|
|
|
2004
|
1172-84 113th Street
|
|
Grand Prairie, TX
|
|
—
|
|
|
700
|
|
|
3,509
|
|
|
(81
|
)
|
|
704
|
|
|
3,424
|
|
|
4,128
|
|
|
1,460
|
|
|
2004
|
1200-16 Avenue H
|
|
Arlington, TX
|
|
—
|
|
|
600
|
|
|
2,846
|
|
|
844
|
|
|
604
|
|
|
3,686
|
|
|
4,290
|
|
|
1,539
|
|
|
2004
|
1322-66 W. North Carrier Parkway
|
|
Grand Prairie, TX
|
|
3,673
|
|
|
1,000
|
|
|
5,012
|
|
|
1,560
|
|
|
1,006
|
|
|
6,566
|
|
|
7,572
|
|
|
2,986
|
|
|
2004
|
2401-2407 Centennial Dr
|
|
Arlington, TX
|
|
1,760
|
|
|
600
|
|
|
2,534
|
|
|
644
|
|
|
604
|
|
|
3,174
|
|
|
3,778
|
|
|
1,628
|
|
|
2004
|
3111 West Commerce Street
|
|
Dallas, TX
|
|
3,011
|
|
|
1,000
|
|
|
3,364
|
|
|
1,844
|
|
|
1,011
|
|
|
5,197
|
|
|
6,208
|
|
|
2,759
|
|
|
2004
|
13800 Senlac Drive
|
|
Farmers Branch, TX
|
|
2,329
|
|
|
823
|
|
|
4,042
|
|
|
(63
|
)
|
|
825
|
|
|
3,977
|
|
|
4,802
|
|
|
2,076
|
|
|
2005
|
801-831 S Great Southwest Pkwy
|
|
Grand Prairie, TX
|
|
—
|
|
|
2,581
|
|
|
16,556
|
|
|
773
|
|
|
2,586
|
|
|
17,324
|
|
|
19,910
|
|
|
12,130
|
|
|
2005
|
801 Heinz Way
|
|
Grand Prairie, TX
|
|
—
|
|
|
599
|
|
|
3,327
|
|
|
339
|
|
|
601
|
|
|
3,664
|
|
|
4,265
|
|
|
2,069
|
|
|
2005
|
901-937 Heinz Way
|
|
Grand Prairie, TX
|
|
—
|
|
|
493
|
|
|
2,758
|
|
|
56
|
|
|
481
|
|
|
2,826
|
|
|
3,307
|
|
|
1,759
|
|
|
2005
|
3301 Century Circle
|
|
Irving, TX
|
|
—
|
|
|
760
|
|
|
3,856
|
|
|
(125
|
)
|
|
771
|
|
|
3,720
|
|
|
4,491
|
|
|
1,408
|
|
|
2007
|
3901 W Miller Road
|
|
Garland, TX
|
|
—
|
|
|
1,912
|
|
|
—
|
|
|
14,046
|
|
|
1,947
|
|
|
14,011
|
|
|
15,958
|
|
|
3,846
|
|
|
2008
|
1251 North Cockrell Hill Road
|
|
Dallas, TX
|
|
—
|
|
|
2,064
|
|
|
—
|
|
|
13,630
|
|
|
1,073
|
|
|
14,621
|
|
|
15,694
|
|
|
2,082
|
|
|
2015
|
1171 North Cockrell Hill Road
|
|
Dallas, TX
|
|
—
|
|
|
1,215
|
|
|
—
|
|
|
10,972
|
|
|
632
|
|
|
11,555
|
|
|
12,187
|
|
|
1,520
|
|
|
2015
|
3996 Scientific Drive
|
|
Arlington, TX
|
|
—
|
|
|
1,301
|
|
|
—
|
|
|
8,082
|
|
|
1,349
|
|
|
8,034
|
|
|
9,383
|
|
|
1,515
|
|
|
2015
|
750 Gateway Boulevard
|
|
Coppell, TX
|
|
—
|
|
|
1,452
|
|
|
4,679
|
|
|
80
|
|
|
1,452
|
|
|
4,759
|
|
|
6,211
|
|
|
729
|
|
|
2015
|
2250 East Bardin Road
|
|
Arlington, TX
|
|
—
|
|
|
1,603
|
|
|
—
|
|
|
10,110
|
|
|
1,603
|
|
|
10,110
|
|
|
11,713
|
|
|
1,093
|
|
|
2016
|
2001 Midway Road
|
|
Lewisville, TX
|
|
—
|
|
|
3,963
|
|
|
—
|
|
|
11,171
|
|
|
3,963
|
|
|
11,171
|
|
|
15,134
|
|
|
21
|
|
|
2019
|
2025 Midway Road
|
|
Lewisville, TX
|
|
—
|
|
|
2,243
|
|
|
—
|
|
|
7,627
|
|
|
2,243
|
|
|
7,627
|
|
|
9,870
|
|
|
56
|
|
|
2019
|
5300 Mountain Creek
|
|
Dallas, TX
|
|
—
|
|
|
4,675
|
|
|
—
|
|
|
47,578
|
|
|
4,779
|
|
|
47,474
|
|
|
52,253
|
|
|
101
|
|
|
2019
|
3700 Sandshell Drive
|
|
Fort Worth, TX
|
|
—
|
|
|
1,892
|
|
|
—
|
|
|
8,602
|
|
|
1,901
|
|
|
8,593
|
|
|
10,494
|
|
|
—
|
|
|
2019
|
Denver
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
4785 Elati
|
|
Denver, CO
|
|
—
|
|
|
173
|
|
|
981
|
|
|
390
|
|
|
175
|
|
|
1,369
|
|
|
1,544
|
|
|
626
|
|
|
1997
|
4770 Fox Street
|
|
Denver, CO
|
|
—
|
|
|
132
|
|
|
750
|
|
|
330
|
|
|
134
|
|
|
1,078
|
|
|
1,212
|
|
|
540
|
|
|
1997
|
3851-3871 Revere
|
|
Denver, CO
|
|
—
|
|
|
361
|
|
|
2,047
|
|
|
489
|
|
|
368
|
|
|
2,529
|
|
|
2,897
|
|
|
1,376
|
|
|
1997
|
4570 Ivy Street
|
|
Denver, CO
|
|
—
|
|
|
219
|
|
|
1,239
|
|
|
111
|
|
|
220
|
|
|
1,349
|
|
|
1,569
|
|
|
733
|
|
|
1997
|
5855 Stapleton Drive North
|
|
Denver, CO
|
|
—
|
|
|
288
|
|
|
1,630
|
|
|
149
|
|
|
290
|
|
|
1,777
|
|
|
2,067
|
|
|
964
|
|
|
1997
|
5885 Stapleton Drive North
|
|
Denver, CO
|
|
—
|
|
|
376
|
|
|
2,129
|
|
|
254
|
|
|
380
|
|
|
2,379
|
|
|
2,759
|
|
|
1,278
|
|
|
1997
|
5977 North Broadway
|
|
Denver, CO
|
|
—
|
|
|
268
|
|
|
1,518
|
|
|
515
|
|
|
271
|
|
|
2,030
|
|
|
2,301
|
|
|
1,050
|
|
|
1997
|
5952-5978 North Broadway
|
|
Denver, CO
|
|
—
|
|
|
414
|
|
|
2,346
|
|
|
773
|
|
|
422
|
|
|
3,111
|
|
|
3,533
|
|
|
1,628
|
|
|
1997
|
4721 Ironton Street
|
|
Denver, CO
|
|
—
|
|
|
232
|
|
|
1,313
|
|
|
383
|
|
|
236
|
|
|
1,692
|
|
|
1,928
|
|
|
879
|
|
|
1997
|
7003 E 47th Ave Drive
|
|
Denver, CO
|
|
—
|
|
|
441
|
|
|
2,689
|
|
|
1
|
|
|
441
|
|
|
2,690
|
|
|
3,131
|
|
|
1,515
|
|
|
1997
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2019 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
9500 West 49th Street - A
|
|
Wheatridge, CO
|
|
978
|
|
|
283
|
|
|
1,625
|
|
|
192
|
|
|
287
|
|
|
1,813
|
|
|
2,100
|
|
|
1,002
|
|
|
1997
|
9500 West 49th Street - B
|
|
Wheatridge, CO
|
|
811
|
|
|
225
|
|
|
1,272
|
|
|
243
|
|
|
227
|
|
|
1,513
|
|
|
1,740
|
|
|
788
|
|
|
1997
|
9500 West 49th Street - C
|
|
Wheatridge, CO
|
|
2,103
|
|
|
600
|
|
|
3,409
|
|
|
505
|
|
|
601
|
|
|
3,913
|
|
|
4,514
|
|
|
2,160
|
|
|
1997
|
9500 West 49th Street - D
|
|
Wheatridge, CO
|
|
997
|
|
|
246
|
|
|
1,537
|
|
|
358
|
|
|
247
|
|
|
1,894
|
|
|
2,141
|
|
|
1,059
|
|
|
1997
|
451-591 East 124th Avenue
|
|
Thornton, CO
|
|
—
|
|
|
383
|
|
|
2,145
|
|
|
333
|
|
|
383
|
|
|
2,478
|
|
|
2,861
|
|
|
1,316
|
|
|
1997
|
6547 South Racine Circle
|
|
Englewood, CO
|
|
—
|
|
|
739
|
|
|
4,241
|
|
|
463
|
|
|
739
|
|
|
4,704
|
|
|
5,443
|
|
|
2,510
|
|
|
1997
|
11701 East 53rd Avenue
|
|
Denver, CO
|
|
—
|
|
|
416
|
|
|
2,355
|
|
|
297
|
|
|
422
|
|
|
2,646
|
|
|
3,068
|
|
|
1,448
|
|
|
1997
|
5401 Oswego
|
|
Denver, CO
|
|
—
|
|
|
273
|
|
|
1,547
|
|
|
232
|
|
|
278
|
|
|
1,774
|
|
|
2,052
|
|
|
940
|
|
|
1997
|
445 Bryant Street
|
|
Denver, CO
|
|
7,472
|
|
|
1,829
|
|
|
10,219
|
|
|
3,356
|
|
|
1,829
|
|
|
13,575
|
|
|
15,404
|
|
|
6,563
|
|
|
1998
|
12055 E 49th Ave/4955 Peoria
|
|
Denver, CO
|
|
—
|
|
|
298
|
|
|
1,688
|
|
|
510
|
|
|
305
|
|
|
2,191
|
|
|
2,496
|
|
|
1,116
|
|
|
1998
|
4940-4950 Paris
|
|
Denver, CO
|
|
—
|
|
|
152
|
|
|
861
|
|
|
275
|
|
|
156
|
|
|
1,132
|
|
|
1,288
|
|
|
565
|
|
|
1998
|
7367 South Revere Parkway
|
|
Centennial, CO
|
|
—
|
|
|
926
|
|
|
5,124
|
|
|
1,324
|
|
|
934
|
|
|
6,440
|
|
|
7,374
|
|
|
3,328
|
|
|
1998
|
8200 East Park Meadows Drive
|
|
Lone Tree, CO
|
|
4,781
|
|
|
1,297
|
|
|
7,348
|
|
|
1,211
|
|
|
1,304
|
|
|
8,552
|
|
|
9,856
|
|
|
3,929
|
|
|
2000
|
3250 Quentin Street
|
|
Aurora, CO
|
|
—
|
|
|
1,220
|
|
|
6,911
|
|
|
954
|
|
|
1,230
|
|
|
7,855
|
|
|
9,085
|
|
|
3,584
|
|
|
2000
|
8020 Southpark Circle
|
|
Littleton, CO
|
|
—
|
|
|
739
|
|
|
—
|
|
|
3,169
|
|
|
781
|
|
|
3,127
|
|
|
3,908
|
|
|
1,362
|
|
|
2000
|
8810 W. 116th Circle
|
|
Broomfield, CO
|
|
—
|
|
|
312
|
|
|
—
|
|
|
1,849
|
|
|
370
|
|
|
1,791
|
|
|
2,161
|
|
|
820
|
|
|
2001
|
8820 W. 116th Circle
|
|
Broomfield, CO
|
|
—
|
|
|
338
|
|
|
1,918
|
|
|
343
|
|
|
372
|
|
|
2,227
|
|
|
2,599
|
|
|
956
|
|
|
2003
|
8835 W. 116th Circle
|
|
Broomfield, CO
|
|
—
|
|
|
1,151
|
|
|
6,523
|
|
|
1,157
|
|
|
1,304
|
|
|
7,527
|
|
|
8,831
|
|
|
3,329
|
|
|
2003
|
18150 E. 32nd Place
|
|
Aurora, CO
|
|
—
|
|
|
563
|
|
|
3,188
|
|
|
194
|
|
|
572
|
|
|
3,373
|
|
|
3,945
|
|
|
1,488
|
|
|
2004
|
3400 Fraser Street
|
|
Aurora, CO
|
|
—
|
|
|
616
|
|
|
3,593
|
|
|
(134
|
)
|
|
620
|
|
|
3,455
|
|
|
4,075
|
|
|
1,553
|
|
|
2005
|
7005 E. 46th Avenue Drive
|
|
Denver, CO
|
|
—
|
|
|
512
|
|
|
2,025
|
|
|
229
|
|
|
517
|
|
|
2,249
|
|
|
2,766
|
|
|
962
|
|
|
2005
|
4001 Salazar Way
|
|
Frederick, CO
|
|
3,291
|
|
|
1,271
|
|
|
6,508
|
|
|
(713
|
)
|
|
1,276
|
|
|
5,790
|
|
|
7,066
|
|
|
2,159
|
|
|
2006
|
5909-5915 N. Broadway
|
|
Denver, CO
|
|
—
|
|
|
495
|
|
|
1,268
|
|
|
131
|
|
|
500
|
|
|
1,394
|
|
|
1,894
|
|
|
931
|
|
|
2006
|
21301 E 33rd Drive
|
|
Aurora, CO
|
|
6,290
|
|
|
2,860
|
|
|
8,202
|
|
|
924
|
|
|
2,859
|
|
|
9,127
|
|
|
11,986
|
|
|
1,312
|
|
|
2017
|
21110 E 31st Circle
|
|
Aurora, CO
|
|
—
|
|
|
1,564
|
|
|
7,047
|
|
|
6
|
|
|
1,564
|
|
|
7,053
|
|
|
8,617
|
|
|
124
|
|
|
2019
|
22300 E. 26th Avenue
|
|
Aurora, CO
|
|
—
|
|
|
4,881
|
|
|
—
|
|
|
28,430
|
|
|
4,890
|
|
|
28,421
|
|
|
33,311
|
|
|
237
|
|
|
2019
|
Detroit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
47461 Clipper
|
|
Plymouth Township, MI
|
|
—
|
|
|
122
|
|
|
723
|
|
|
159
|
|
|
122
|
|
|
882
|
|
|
1,004
|
|
|
526
|
|
|
1994
|
449 Executive Drive
|
|
Troy, MI
|
|
—
|
|
|
125
|
|
|
425
|
|
|
1,007
|
|
|
218
|
|
|
1,339
|
|
|
1,557
|
|
|
1,227
|
|
|
1994
|
1416 Meijer Drive
|
|
Troy, MI
|
|
—
|
|
|
94
|
|
|
394
|
|
|
477
|
|
|
121
|
|
|
844
|
|
|
965
|
|
|
734
|
|
|
1994
|
1624 Meijer Drive
|
|
Troy, MI
|
|
—
|
|
|
236
|
|
|
1,406
|
|
|
898
|
|
|
373
|
|
|
2,167
|
|
|
2,540
|
|
|
2,064
|
|
|
1994
|
1972 Meijer Drive
|
|
Troy, MI
|
|
—
|
|
|
315
|
|
|
1,301
|
|
|
787
|
|
|
372
|
|
|
2,031
|
|
|
2,403
|
|
|
1,877
|
|
|
1994
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2019 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
1707 Northwood Drive
|
|
Troy, MI
|
|
—
|
|
|
95
|
|
|
262
|
|
|
1,398
|
|
|
239
|
|
|
1,516
|
|
|
1,755
|
|
|
1,355
|
|
|
1994
|
1826 Northwood Drive
|
|
Troy, MI
|
|
—
|
|
|
55
|
|
|
208
|
|
|
472
|
|
|
103
|
|
|
632
|
|
|
735
|
|
|
568
|
|
|
1994
|
1864 Northwood Drive
|
|
Troy, MI
|
|
—
|
|
|
57
|
|
|
190
|
|
|
489
|
|
|
107
|
|
|
629
|
|
|
736
|
|
|
581
|
|
|
1994
|
2730 Research Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
903
|
|
|
4,215
|
|
|
1,182
|
|
|
903
|
|
|
5,397
|
|
|
6,300
|
|
|
4,894
|
|
|
1994
|
2791 Research Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
557
|
|
|
2,731
|
|
|
736
|
|
|
560
|
|
|
3,464
|
|
|
4,024
|
|
|
2,928
|
|
|
1994
|
2871 Research Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
324
|
|
|
1,487
|
|
|
412
|
|
|
327
|
|
|
1,896
|
|
|
2,223
|
|
|
1,664
|
|
|
1994
|
2870 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
275
|
|
|
1,262
|
|
|
369
|
|
|
279
|
|
|
1,627
|
|
|
1,906
|
|
|
1,541
|
|
|
1994
|
2900 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
214
|
|
|
977
|
|
|
723
|
|
|
219
|
|
|
1,695
|
|
|
1,914
|
|
|
1,219
|
|
|
1994
|
2930 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
131
|
|
|
594
|
|
|
432
|
|
|
138
|
|
|
1,019
|
|
|
1,157
|
|
|
832
|
|
|
1994
|
2950 Technology Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
178
|
|
|
819
|
|
|
305
|
|
|
185
|
|
|
1,117
|
|
|
1,302
|
|
|
960
|
|
|
1994
|
23014 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
39
|
|
|
203
|
|
|
189
|
|
|
56
|
|
|
375
|
|
|
431
|
|
|
350
|
|
|
1994
|
23035 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
71
|
|
|
355
|
|
|
291
|
|
|
93
|
|
|
624
|
|
|
717
|
|
|
552
|
|
|
1994
|
23093 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
211
|
|
|
1,024
|
|
|
1,000
|
|
|
295
|
|
|
1,940
|
|
|
2,235
|
|
|
1,701
|
|
|
1994
|
23135 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
146
|
|
|
701
|
|
|
312
|
|
|
158
|
|
|
1,001
|
|
|
1,159
|
|
|
942
|
|
|
1994
|
23163 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
111
|
|
|
513
|
|
|
359
|
|
|
138
|
|
|
845
|
|
|
983
|
|
|
798
|
|
|
1994
|
23177 Commerce Drive
|
|
Farmington Hills, MI
|
|
—
|
|
|
175
|
|
|
1,007
|
|
|
661
|
|
|
254
|
|
|
1,589
|
|
|
1,843
|
|
|
1,485
|
|
|
1994
|
4400 Purks Drive
|
|
Auburn Hills, MI
|
|
—
|
|
|
602
|
|
|
3,410
|
|
|
3,865
|
|
|
612
|
|
|
7,265
|
|
|
7,877
|
|
|
3,973
|
|
|
1995
|
32975 Capitol Avenue
|
|
Livonia, MI
|
|
—
|
|
|
135
|
|
|
748
|
|
|
(13
|
)
|
|
77
|
|
|
793
|
|
|
870
|
|
|
386
|
|
|
1998
|
11923 Brookfield Avenue
|
|
Livonia, MI
|
|
—
|
|
|
120
|
|
|
665
|
|
|
(306
|
)
|
|
32
|
|
|
447
|
|
|
479
|
|
|
314
|
|
|
1998
|
47711 Clipper Street
|
|
Plymouth Township, MI
|
|
—
|
|
|
539
|
|
|
2,983
|
|
|
579
|
|
|
575
|
|
|
3,526
|
|
|
4,101
|
|
|
1,843
|
|
|
1998
|
12874 Westmore Avenue
|
|
Livonia, MI
|
|
—
|
|
|
137
|
|
|
761
|
|
|
(230
|
)
|
|
58
|
|
|
610
|
|
|
668
|
|
|
391
|
|
|
1998
|
1775 Bellingham
|
|
Troy, MI
|
|
—
|
|
|
344
|
|
|
1,902
|
|
|
481
|
|
|
367
|
|
|
2,360
|
|
|
2,727
|
|
|
1,186
|
|
|
1998
|
1785 East Maple
|
|
Troy, MI
|
|
—
|
|
|
92
|
|
|
507
|
|
|
210
|
|
|
98
|
|
|
711
|
|
|
809
|
|
|
362
|
|
|
1998
|
980 Chicago
|
|
Troy, MI
|
|
—
|
|
|
206
|
|
|
1,141
|
|
|
333
|
|
|
220
|
|
|
1,460
|
|
|
1,680
|
|
|
748
|
|
|
1998
|
1935-55 Enterprise Drive
|
|
Rochester Hills, MI
|
|
—
|
|
|
1,285
|
|
|
7,144
|
|
|
1,326
|
|
|
1,371
|
|
|
8,384
|
|
|
9,755
|
|
|
4,490
|
|
|
1998
|
5500 Enterprise Court
|
|
Warren, MI
|
|
—
|
|
|
675
|
|
|
3,737
|
|
|
945
|
|
|
721
|
|
|
4,636
|
|
|
5,357
|
|
|
2,366
|
|
|
1998
|
750 Chicago Road
|
|
Troy, MI
|
|
—
|
|
|
323
|
|
|
1,790
|
|
|
404
|
|
|
345
|
|
|
2,172
|
|
|
2,517
|
|
|
1,164
|
|
|
1998
|
800 Chicago Road
|
|
Troy, MI
|
|
—
|
|
|
283
|
|
|
1,567
|
|
|
380
|
|
|
302
|
|
|
1,928
|
|
|
2,230
|
|
|
1,013
|
|
|
1998
|
850 Chicago Road
|
|
Troy, MI
|
|
—
|
|
|
183
|
|
|
1,016
|
|
|
279
|
|
|
196
|
|
|
1,282
|
|
|
1,478
|
|
|
658
|
|
|
1998
|
4872 S. Lapeer Road
|
|
Lake Orion Twsp, MI
|
|
—
|
|
|
1,342
|
|
|
5,441
|
|
|
481
|
|
|
1,412
|
|
|
5,852
|
|
|
7,264
|
|
|
3,041
|
|
|
1999
|
1400 Allen Drive
|
|
Troy, MI
|
|
—
|
|
|
209
|
|
|
1,154
|
|
|
393
|
|
|
212
|
|
|
1,544
|
|
|
1,756
|
|
|
712
|
|
|
2000
|
1408 Allen Drive
|
|
Troy, MI
|
|
—
|
|
|
151
|
|
|
834
|
|
|
104
|
|
|
153
|
|
|
936
|
|
|
1,089
|
|
|
441
|
|
|
2000
|
28435 Automation Blvd
|
|
Wixom, MI
|
|
—
|
|
|
621
|
|
|
—
|
|
|
3,661
|
|
|
628
|
|
|
3,654
|
|
|
4,282
|
|
|
1,375
|
|
|
2004
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2019 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
32200 N Avis Drive
|
|
Madison Heights, MI
|
|
—
|
|
|
503
|
|
|
3,367
|
|
|
(921
|
)
|
|
195
|
|
|
2,754
|
|
|
2,949
|
|
|
1,021
|
|
|
2005
|
100 Kay Industrial Drive
|
|
Orion Township, MI
|
|
—
|
|
|
677
|
|
|
2,018
|
|
|
259
|
|
|
685
|
|
|
2,269
|
|
|
2,954
|
|
|
1,320
|
|
|
2005
|
42555 Merrill Road
|
|
Sterling Heights, MI
|
|
—
|
|
|
1,080
|
|
|
2,300
|
|
|
3,415
|
|
|
1,090
|
|
|
5,705
|
|
|
6,795
|
|
|
3,068
|
|
|
2006
|
200 Northpointe Drive
|
|
Orion Township, MI
|
|
—
|
|
|
723
|
|
|
2,063
|
|
|
(396
|
)
|
|
734
|
|
|
1,656
|
|
|
2,390
|
|
|
810
|
|
|
2006
|
Houston
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
3351 Rauch St
|
|
Houston, TX
|
|
—
|
|
|
272
|
|
|
1,541
|
|
|
689
|
|
|
278
|
|
|
2,224
|
|
|
2,502
|
|
|
1,094
|
|
|
1997
|
3801-3851 Yale St
|
|
Houston, TX
|
|
—
|
|
|
413
|
|
|
2,343
|
|
|
1,523
|
|
|
425
|
|
|
3,854
|
|
|
4,279
|
|
|
1,737
|
|
|
1997
|
3337-3347 Rauch Street
|
|
Houston, TX
|
|
—
|
|
|
227
|
|
|
1,287
|
|
|
539
|
|
|
233
|
|
|
1,820
|
|
|
2,053
|
|
|
868
|
|
|
1997
|
8505 N Loop East
|
|
Houston, TX
|
|
—
|
|
|
439
|
|
|
2,489
|
|
|
849
|
|
|
449
|
|
|
3,328
|
|
|
3,777
|
|
|
1,614
|
|
|
1997
|
4749-4799 Eastpark Dr
|
|
Houston, TX
|
|
—
|
|
|
594
|
|
|
3,368
|
|
|
1,291
|
|
|
611
|
|
|
4,642
|
|
|
5,253
|
|
|
2,440
|
|
|
1997
|
4851 Homestead Road
|
|
Houston, TX
|
|
2,309
|
|
|
491
|
|
|
2,782
|
|
|
1,683
|
|
|
504
|
|
|
4,452
|
|
|
4,956
|
|
|
2,177
|
|
|
1997
|
3365-3385 Rauch Street
|
|
Houston, TX
|
|
—
|
|
|
284
|
|
|
1,611
|
|
|
519
|
|
|
290
|
|
|
2,124
|
|
|
2,414
|
|
|
1,061
|
|
|
1997
|
5050 Campbell Road
|
|
Houston, TX
|
|
—
|
|
|
461
|
|
|
2,610
|
|
|
1,011
|
|
|
470
|
|
|
3,612
|
|
|
4,082
|
|
|
1,846
|
|
|
1997
|
4300 Pine Timbers
|
|
Houston, TX
|
|
2,153
|
|
|
489
|
|
|
2,769
|
|
|
1,180
|
|
|
499
|
|
|
3,939
|
|
|
4,438
|
|
|
1,965
|
|
|
1997
|
2500-2530 Fairway Park Drive
|
|
Houston, TX
|
|
—
|
|
|
766
|
|
|
4,342
|
|
|
2,044
|
|
|
792
|
|
|
6,360
|
|
|
7,152
|
|
|
2,973
|
|
|
1997
|
6550 Longpointe
|
|
Houston, TX
|
|
—
|
|
|
362
|
|
|
2,050
|
|
|
914
|
|
|
370
|
|
|
2,956
|
|
|
3,326
|
|
|
1,487
|
|
|
1997
|
1815 Turning Basin Dr
|
|
Houston, TX
|
|
—
|
|
|
487
|
|
|
2,761
|
|
|
2,230
|
|
|
531
|
|
|
4,947
|
|
|
5,478
|
|
|
2,325
|
|
|
1997
|
1819 Turning Basin Dr
|
|
Houston, TX
|
|
—
|
|
|
231
|
|
|
1,308
|
|
|
930
|
|
|
251
|
|
|
2,218
|
|
|
2,469
|
|
|
1,044
|
|
|
1997
|
1805 Turning Basin Dr
|
|
Houston, TX
|
|
—
|
|
|
564
|
|
|
3,197
|
|
|
2,611
|
|
|
616
|
|
|
5,756
|
|
|
6,372
|
|
|
2,865
|
|
|
1997
|
11505 State Highway 225
|
|
LaPorte City, TX
|
|
—
|
|
|
940
|
|
|
4,675
|
|
|
10
|
|
|
940
|
|
|
4,685
|
|
|
5,625
|
|
|
1,925
|
|
|
2005
|
1500 E. Main Street
|
|
LaPorte City, TX
|
|
—
|
|
|
201
|
|
|
1,328
|
|
|
(91
|
)
|
|
204
|
|
|
1,234
|
|
|
1,438
|
|
|
1,220
|
|
|
2005
|
7230-7238 Wynnwood
|
|
Houston, TX
|
|
—
|
|
|
254
|
|
|
764
|
|
|
235
|
|
|
259
|
|
|
994
|
|
|
1,253
|
|
|
647
|
|
|
2007
|
7240-7248 Wynnwood
|
|
Houston, TX
|
|
—
|
|
|
271
|
|
|
726
|
|
|
359
|
|
|
276
|
|
|
1,080
|
|
|
1,356
|
|
|
627
|
|
|
2007
|
7250-7260 Wynnwood
|
|
Houston, TX
|
|
—
|
|
|
200
|
|
|
481
|
|
|
1,501
|
|
|
203
|
|
|
1,979
|
|
|
2,182
|
|
|
851
|
|
|
2007
|
6400 Long Point
|
|
Houston, TX
|
|
—
|
|
|
188
|
|
|
898
|
|
|
138
|
|
|
188
|
|
|
1,036
|
|
|
1,224
|
|
|
527
|
|
|
2007
|
7967 Blankenship
|
|
Houston, TX
|
|
—
|
|
|
307
|
|
|
1,166
|
|
|
192
|
|
|
307
|
|
|
1,358
|
|
|
1,665
|
|
|
570
|
|
|
2010
|
8800 City Park Loop East
|
|
Houston, TX
|
|
—
|
|
|
3,717
|
|
|
19,237
|
|
|
(535
|
)
|
|
3,717
|
|
|
18,702
|
|
|
22,419
|
|
|
6,336
|
|
|
2011
|
4800 West Greens Road
|
|
Houston, TX
|
|
—
|
|
|
3,350
|
|
|
—
|
|
|
17,030
|
|
|
3,312
|
|
|
17,068
|
|
|
20,380
|
|
|
3,294
|
|
|
2014
|
611 East Sam Houston Parkway S
|
|
Pasadena, TX
|
|
—
|
|
|
1,970
|
|
|
7,431
|
|
|
1,313
|
|
|
2,013
|
|
|
8,701
|
|
|
10,714
|
|
|
1,170
|
|
|
2015
|
619 East Sam Houston Parkway S
|
|
Pasadena, TX
|
|
—
|
|
|
2,879
|
|
|
11,713
|
|
|
785
|
|
|
2,876
|
|
|
12,501
|
|
|
15,377
|
|
|
1,653
|
|
|
2015
|
6913 Guhn Road
|
|
Houston, TX
|
|
—
|
|
|
1,367
|
|
|
—
|
|
|
7,393
|
|
|
1,367
|
|
|
7,393
|
|
|
8,760
|
|
|
216
|
|
|
2018
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation 12/31/2019 |
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
607 East Sam Houston Parkway
|
|
Pasedena, TX
|
|
—
|
|
|
2,076
|
|
|
11,674
|
|
|
231
|
|
|
2,076
|
|
|
11,905
|
|
|
13,981
|
|
|
366
|
|
|
2018
|
615 East Sam Houston Parkway
|
|
Pasedena, TX
|
|
—
|
|
|
4,265
|
|
|
11,983
|
|
|
(130
|
)
|
|
4,265
|
|
|
11,853
|
|
|
16,118
|
|
|
468
|
|
|
2018
|
2737 W. Grand Parkway N
|
|
Katy, TX
|
|
—
|
|
|
2,885
|
|
|
—
|
|
|
8,110
|
|
|
2,885
|
|
|
8,110
|
|
|
10,995
|
|
|
14
|
|
|
2019
|
2747 W. Grand Parkway N
|
|
Katy, TX
|
|
—
|
|
|
2,885
|
|
|
—
|
|
|
9,446
|
|
|
2,885
|
|
|
9,446
|
|
|
12,331
|
|
|
17
|
|
|
2019
|
Miami
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
4700 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
908
|
|
|
1,883
|
|
|
330
|
|
|
912
|
|
|
2,209
|
|
|
3,121
|
|
|
917
|
|
|
2007
|
4710 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
830
|
|
|
2,722
|
|
|
126
|
|
|
834
|
|
|
2,844
|
|
|
3,678
|
|
|
1,000
|
|
|
2007
|
4720 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
937
|
|
|
2,455
|
|
|
302
|
|
|
942
|
|
|
2,752
|
|
|
3,694
|
|
|
1,098
|
|
|
2007
|
4740 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
1,107
|
|
|
3,111
|
|
|
360
|
|
|
1,112
|
|
|
3,466
|
|
|
4,578
|
|
|
1,176
|
|
|
2007
|
4750 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
947
|
|
|
3,079
|
|
|
399
|
|
|
951
|
|
|
3,474
|
|
|
4,425
|
|
|
1,202
|
|
|
2007
|
4800 NW 15th Avenue
|
|
Ft. Lauderdale, FL
|
|
—
|
|
|
1,092
|
|
|
3,308
|
|
|
118
|
|
|
1,097
|
|
|
3,421
|
|
|
4,518
|
|
|
1,163
|
|
|
2007
|
6891 NW 74th Street
|
|
Medley, FL
|
|
—
|
|
|
857
|
|
|
3,428
|
|
|
3,777
|
|
|
864
|
|
|
7,198
|
|
|
8,062
|
|
|
2,824
|
|
|
2007
|
12601 &12605 NW 115th Avenue
|
|
Medley, FL
|
|
—
|
|
|
1,424
|
|
|
—
|
|
|
295
|
|
|
477
|
|
|
1,242
|
|
|
1,719
|
|
|
311
|
|
|
2008
|
1351 NW 78th Avenue
|
|
Doral, FL
|
|
—
|
|
|
3,111
|
|
|
4,634
|
|
|
10
|
|
|
3,111
|
|
|
4,644
|
|
|
7,755
|
|
|
753
|
|
|
2016
|
2500 NW 19th Street
|
|
Pompano Beach, FL
|
|
—
|
|
|
8,824
|
|
|
11,660
|
|
|
290
|
|
|
8,824
|
|
|
11,950
|
|
|
20,774
|
|
|
1,651
|
|
|
2017
|
Milwaukee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
5355 South Westridge Drive
|
|
New Berlin, WI
|
|
—
|
|
|
1,630
|
|
|
7,058
|
|
|
36
|
|
|
1,646
|
|
|
7,078
|
|
|
8,724
|
|
|
2,488
|
|
|
2004
|
17005 W. Ryerson Road
|
|
New Berlin, WI
|
|
2,023
|
|
|
403
|
|
|
3,647
|
|
|
120
|
|
|
405
|
|
|
3,765
|
|
|
4,170
|
|
|
2,264
|
|
|
2005
|
16600 West Glendale Ave
|
|
New Berlin, WI
|
|
1,595
|
|
|
704
|
|
|
1,923
|
|
|
799
|
|
|
715
|
|
|
2,711
|
|
|
3,426
|
|
|
2,087
|
|
|
2006
|
N58W15380 Shawn Circle
|
|
Menomonee Falls, WI
|
|
—
|
|
|
1,188
|
|
|
—
|
|
|
17,020
|
|
|
1,204
|
|
|
17,004
|
|
|
18,208
|
|
|
5,741
|
|
|
2008
|
Minneapolis/St. Paul
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
6201 West 111th Street
|
|
Bloomington, MN
|
|
—
|
|
|
1,358
|
|
|
8,622
|
|
|
13,263
|
|
|
1,519
|
|
|
21,724
|
|
|
23,243
|
|
|
14,140
|
|
|
1994
|
1030 Lone Oak Road
|
|
Eagan, MN
|
|
1,849
|
|
|
456
|
|
|
2,703
|
|
|
811
|
|
|
456
|
|
|
3,514
|
|
|
3,970
|
|
|
2,142
|
|
|
1994
|
1060 Lone Oak Road
|
|
Eagan, MN
|
|
2,420
|
|
|
624
|
|
|
3,700
|
|
|
871
|
|
|
624
|
|
|
4,571
|
|
|
5,195
|
|
|
2,722
|
|
|
1994
|
5400 Nathan Lane
|
|
Plymouth, MN
|
|
—
|
|
|
749
|
|
|
4,461
|
|
|
1,133
|
|
|
757
|
|
|
5,586
|
|
|
6,343
|
|
|
3,222
|
|
|
1994
|
6655 Wedgwood Road
|
|
Maple Grove, MN
|
|
—
|
|
|
1,466
|
|
|
8,342
|
|
|
5,938
|
|
|
1,466
|
|
|
14,280
|
|
|
15,746
|
|
|
7,839
|
|
|
1994
|
12155 Nicollet Ave.
|
|
Burnsville, MN
|
|
—
|
|
|
286
|
|
|
—
|
|
|
1,957
|
|
|
288
|
|
|
1,955
|
|
|
2,243
|
|
|
1,093
|
|
|
1995
|
5775 12th Avenue
|
|
Shakopee, MN
|
|
3,133
|
|
|
590
|
|
|
—
|
|
|
5,868
|
|
|
590
|
|
|
5,868
|
|
|
6,458
|
|
|
2,418
|
|
|
1998
|
1157 Valley Park Drive
|
|
Shakopee, MN
|
|
—
|
|
|
760
|
|
|
—
|
|
|
7,683
|
|
|
888
|
|
|
7,555
|
|
|
8,443
|
|
|
3,327
|
|
|
1999
|
9600 West 76th Street
|
|
Eden Prairie, MN
|
|
—
|
|
|
1,000
|
|
|
2,450
|
|
|
69
|
|
|
1,036
|
|
|
2,483
|
|
|
3,519
|
|
|
995
|
|
|
2004
|
7600 69th Avenue
|
|
Greenfield, MN
|
|
—
|
|
|
1,500
|
|
|
8,328
|
|
|
(95
|
)
|
|
1,510
|
|
|
8,223
|
|
|
9,733
|
|
|
2,462
|
|
|
2004
|
1087 Park Place
|
|
Shakopee, MN
|
|
2,833
|
|
|
1,195
|
|
|
4,891
|
|
|
(246
|
)
|
|
1,198
|
|
|
4,642
|
|
|
5,840
|
|
|
1,786
|
|
|
2005
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
5391 12th Avenue SE
|
|
Shakopee, MN
|
|
—
|
|
|
1,392
|
|
|
8,149
|
|
|
110
|
|
|
1,395
|
|
|
8,256
|
|
|
9,651
|
|
|
2,894
|
|
|
2005
|
4701 Valley Industrial Blvd S
|
|
Shakopee, MN
|
|
4,465
|
|
|
1,296
|
|
|
7,157
|
|
|
753
|
|
|
1,299
|
|
|
7,907
|
|
|
9,206
|
|
|
4,090
|
|
|
2005
|
6455 City West Parkway
|
|
Eden Prairie, MN
|
|
—
|
|
|
659
|
|
|
3,189
|
|
|
1,273
|
|
|
665
|
|
|
4,456
|
|
|
5,121
|
|
|
2,393
|
|
|
2006
|
7035 Winnetka Avenue North
|
|
Brooklyn Park, MN
|
|
—
|
|
|
1,275
|
|
|
—
|
|
|
7,335
|
|
|
1,343
|
|
|
7,267
|
|
|
8,610
|
|
|
2,352
|
|
|
2007
|
139 Eva Street
|
|
St. Paul, MN
|
|
—
|
|
|
2,132
|
|
|
3,105
|
|
|
(286
|
)
|
|
2,175
|
|
|
2,776
|
|
|
4,951
|
|
|
1,003
|
|
|
2008
|
21900 Dodd Boulevard
|
|
Lakeville, MN
|
|
—
|
|
|
2,289
|
|
|
7,952
|
|
|
(902
|
)
|
|
2,289
|
|
|
7,050
|
|
|
9,339
|
|
|
2,373
|
|
|
2010
|
375 Rivertown Drive
|
|
Woodbury, MN
|
|
—
|
|
|
2,635
|
|
|
8,157
|
|
|
1,452
|
|
|
2,635
|
|
|
9,609
|
|
|
12,244
|
|
|
2,663
|
|
|
2014
|
935 Aldrin Drive
|
|
Eagan, MN
|
|
—
|
|
|
2,096
|
|
|
7,884
|
|
|
138
|
|
|
2,096
|
|
|
8,022
|
|
|
10,118
|
|
|
1,649
|
|
|
2014
|
7050 Winnetka Avenue North
|
|
Brooklyn Park, MN
|
|
—
|
|
|
1,623
|
|
|
—
|
|
|
7,751
|
|
|
1,634
|
|
|
7,740
|
|
|
9,374
|
|
|
1,050
|
|
|
2014
|
7051 West Broadway
|
|
Brooklyn Park, MN
|
|
3,309
|
|
|
1,275
|
|
|
—
|
|
|
5,829
|
|
|
1,279
|
|
|
5,825
|
|
|
7,104
|
|
|
738
|
|
|
2014
|
Nashville
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1931 Air Lane Drive
|
|
Nashville, TN
|
|
—
|
|
|
489
|
|
|
2,785
|
|
|
635
|
|
|
493
|
|
|
3,416
|
|
|
3,909
|
|
|
1,762
|
|
|
1997
|
4640 Cummings Park
|
|
Nashville, TN
|
|
—
|
|
|
360
|
|
|
2,040
|
|
|
673
|
|
|
365
|
|
|
2,708
|
|
|
3,073
|
|
|
1,259
|
|
|
1999
|
1740 River Hills Drive
|
|
Nashville, TN
|
|
—
|
|
|
848
|
|
|
4,383
|
|
|
542
|
|
|
888
|
|
|
4,885
|
|
|
5,773
|
|
|
2,819
|
|
|
2005
|
211 Ellery Court
|
|
Nashville, TN
|
|
1,639
|
|
|
606
|
|
|
3,192
|
|
|
(279
|
)
|
|
616
|
|
|
2,903
|
|
|
3,519
|
|
|
1,148
|
|
|
2007
|
130 Maddox Road
|
|
Mount Juliet, TN
|
|
—
|
|
|
1,778
|
|
|
—
|
|
|
23,942
|
|
|
1,778
|
|
|
23,942
|
|
|
25,720
|
|
|
6,601
|
|
|
2008
|
New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
14 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
483
|
|
|
2,735
|
|
|
878
|
|
|
503
|
|
|
3,593
|
|
|
4,096
|
|
|
1,816
|
|
|
1997
|
12 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
572
|
|
|
3,240
|
|
|
855
|
|
|
593
|
|
|
4,074
|
|
|
4,667
|
|
|
2,167
|
|
|
1997
|
22 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
364
|
|
|
2,064
|
|
|
582
|
|
|
375
|
|
|
2,635
|
|
|
3,010
|
|
|
1,353
|
|
|
1997
|
26 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
361
|
|
|
2,048
|
|
|
595
|
|
|
377
|
|
|
2,627
|
|
|
3,004
|
|
|
1,391
|
|
|
1997
|
24 World's Fair Drive
|
|
Franklin, NJ
|
|
—
|
|
|
347
|
|
|
1,968
|
|
|
540
|
|
|
362
|
|
|
2,493
|
|
|
2,855
|
|
|
1,338
|
|
|
1997
|
20 World's Fair Drive Lot 13
|
|
Somerset, NJ
|
|
—
|
|
|
9
|
|
|
—
|
|
|
2,734
|
|
|
691
|
|
|
2,052
|
|
|
2,743
|
|
|
896
|
|
|
1999
|
45 Route 46
|
|
Pine Brook, NJ
|
|
—
|
|
|
969
|
|
|
5,491
|
|
|
1,142
|
|
|
978
|
|
|
6,624
|
|
|
7,602
|
|
|
2,993
|
|
|
2000
|
43 Route 46
|
|
Pine Brook, NJ
|
|
—
|
|
|
474
|
|
|
2,686
|
|
|
508
|
|
|
479
|
|
|
3,189
|
|
|
3,668
|
|
|
1,507
|
|
|
2000
|
39 Route 46
|
|
Pine Brook, NJ
|
|
—
|
|
|
260
|
|
|
1,471
|
|
|
283
|
|
|
262
|
|
|
1,752
|
|
|
2,014
|
|
|
811
|
|
|
2000
|
26 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
956
|
|
|
5,415
|
|
|
608
|
|
|
965
|
|
|
6,014
|
|
|
6,979
|
|
|
2,791
|
|
|
2000
|
30 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
960
|
|
|
5,440
|
|
|
582
|
|
|
970
|
|
|
6,012
|
|
|
6,982
|
|
|
2,790
|
|
|
2000
|
20 Hook Mountain Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
1,507
|
|
|
8,542
|
|
|
1,401
|
|
|
1,534
|
|
|
9,916
|
|
|
11,450
|
|
|
4,743
|
|
|
2000
|
30 Hook Mountain Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
389
|
|
|
2,206
|
|
|
402
|
|
|
396
|
|
|
2,601
|
|
|
2,997
|
|
|
1,185
|
|
|
2000
|
16 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
885
|
|
|
5,015
|
|
|
698
|
|
|
901
|
|
|
5,697
|
|
|
6,598
|
|
|
2,634
|
|
|
2000
|
20 Chapin Road
|
|
Pine Brook, NJ
|
|
—
|
|
|
1,134
|
|
|
6,426
|
|
|
812
|
|
|
1,154
|
|
|
7,218
|
|
|
8,372
|
|
|
3,266
|
|
|
2000
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
2500 Main Street
|
|
Sayreville, NJ
|
|
—
|
|
|
944
|
|
|
—
|
|
|
4,469
|
|
|
944
|
|
|
4,469
|
|
|
5,413
|
|
|
1,867
|
|
|
2002
|
2400 Main Street
|
|
Sayreville, NJ
|
|
—
|
|
|
996
|
|
|
—
|
|
|
5,397
|
|
|
996
|
|
|
5,397
|
|
|
6,393
|
|
|
2,064
|
|
|
2003
|
7851 Airport Highway
|
|
Pennsauken, NJ
|
|
—
|
|
|
160
|
|
|
508
|
|
|
328
|
|
|
162
|
|
|
834
|
|
|
996
|
|
|
458
|
|
|
2003
|
309-313 Pierce Street
|
|
Somerset, NJ
|
|
—
|
|
|
1,300
|
|
|
4,628
|
|
|
606
|
|
|
1,309
|
|
|
5,225
|
|
|
6,534
|
|
|
2,185
|
|
|
2004
|
400 Cedar Lane
|
|
Florence Township, NJ
|
|
—
|
|
|
9,730
|
|
|
—
|
|
|
26,221
|
|
|
9,730
|
|
|
26,221
|
|
|
35,951
|
|
|
2,276
|
|
|
2016
|
301 Bordentown Hedding Road
|
|
Bordentown, NJ
|
|
—
|
|
|
3,983
|
|
|
15,881
|
|
|
30
|
|
|
3,984
|
|
|
15,910
|
|
|
19,894
|
|
|
1,374
|
|
|
2017
|
302 Bordentown Hedding Road
|
|
Bordentown, NJ
|
|
—
|
|
|
2,738
|
|
|
8,190
|
|
|
396
|
|
|
2,738
|
|
|
8,586
|
|
|
11,324
|
|
|
449
|
|
|
2018
|
304 Bordentown Hedding Road
|
|
Bordentown, NJ
|
|
—
|
|
|
3,684
|
|
|
—
|
|
|
7,689
|
|
|
3,629
|
|
|
7,744
|
|
|
11,373
|
|
|
45
|
|
|
2019
|
Orlando
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
6301 Hazeltine National Drive
|
|
Orlando, FL
|
|
—
|
|
|
909
|
|
|
4,613
|
|
|
228
|
|
|
920
|
|
|
4,830
|
|
|
5,750
|
|
|
1,968
|
|
|
2005
|
8751 Skinner Court
|
|
Orlando, FL
|
|
—
|
|
|
1,691
|
|
|
7,249
|
|
|
(5
|
)
|
|
1,692
|
|
|
7,243
|
|
|
8,935
|
|
|
927
|
|
|
2016
|
4473 Shader Road
|
|
Orlando, FL
|
|
—
|
|
|
2,094
|
|
|
10,444
|
|
|
63
|
|
|
2,094
|
|
|
10,507
|
|
|
12,601
|
|
|
1,261
|
|
|
2016
|
550 Gills Drive
|
|
Orlando, FL
|
|
—
|
|
|
1,321
|
|
|
6,176
|
|
|
12
|
|
|
1,321
|
|
|
6,188
|
|
|
7,509
|
|
|
508
|
|
|
2017
|
450 Gills Drive
|
|
Orlando, FL
|
|
—
|
|
|
1,031
|
|
|
6,406
|
|
|
—
|
|
|
1,031
|
|
|
6,406
|
|
|
7,437
|
|
|
416
|
|
|
2017
|
4401 Shader Road
|
|
Orlando, FL
|
|
—
|
|
|
1,037
|
|
|
7,116
|
|
|
4
|
|
|
1,037
|
|
|
7,120
|
|
|
8,157
|
|
|
347
|
|
|
2018
|
770 Gills Drive
|
|
Orlando, FL
|
|
—
|
|
|
851
|
|
|
5,195
|
|
|
4
|
|
|
851
|
|
|
5,199
|
|
|
6,050
|
|
|
51
|
|
|
2019
|
Phoenix
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1045 South Edward Drive
|
|
Tempe, AZ
|
|
—
|
|
|
390
|
|
|
2,160
|
|
|
768
|
|
|
396
|
|
|
2,922
|
|
|
3,318
|
|
|
1,211
|
|
|
1999
|
50 South 56th Street
|
|
Chandler, AZ
|
|
—
|
|
|
1,206
|
|
|
3,218
|
|
|
1,426
|
|
|
1,252
|
|
|
4,598
|
|
|
5,850
|
|
|
2,336
|
|
|
2004
|
245 W. Lodge
|
|
Tempe, AZ
|
|
—
|
|
|
898
|
|
|
3,066
|
|
|
(2,153
|
)
|
|
362
|
|
|
1,449
|
|
|
1,811
|
|
|
576
|
|
|
2007
|
1590 E Riverview Dr.
|
|
Phoenix, AZ
|
|
—
|
|
|
1,293
|
|
|
5,950
|
|
|
(267
|
)
|
|
1,292
|
|
|
5,684
|
|
|
6,976
|
|
|
1,615
|
|
|
2008
|
14131 N. Rio Vista Blvd
|
|
Peoria, AZ
|
|
5,368
|
|
|
2,563
|
|
|
9,388
|
|
|
(428
|
)
|
|
2,563
|
|
|
8,960
|
|
|
11,523
|
|
|
2,458
|
|
|
2008
|
8716 W. Ludlow Drive
|
|
Peoria, AZ
|
|
6,588
|
|
|
2,709
|
|
|
10,970
|
|
|
463
|
|
|
2,709
|
|
|
11,433
|
|
|
14,142
|
|
|
3,341
|
|
|
2008
|
3815 W. Washington St.
|
|
Phoenix, AZ
|
|
—
|
|
|
1,675
|
|
|
4,514
|
|
|
316
|
|
|
1,719
|
|
|
4,786
|
|
|
6,505
|
|
|
1,651
|
|
|
2008
|
9180 W. Buckeye Road
|
|
Tolleson, AZ
|
|
—
|
|
|
1,904
|
|
|
6,805
|
|
|
3,160
|
|
|
1,923
|
|
|
9,946
|
|
|
11,869
|
|
|
3,305
|
|
|
2008
|
8644 West Ludlow Drive
|
|
Peoria, AZ
|
|
—
|
|
|
1,726
|
|
|
7,216
|
|
|
—
|
|
|
1,726
|
|
|
7,216
|
|
|
8,942
|
|
|
1,329
|
|
|
2014
|
8606 West Ludlow Drive
|
|
Peoria, AZ
|
|
—
|
|
|
956
|
|
|
2,668
|
|
|
123
|
|
|
956
|
|
|
2,791
|
|
|
3,747
|
|
|
539
|
|
|
2014
|
8679 West Ludlow Drive
|
|
Peoria, AZ
|
|
—
|
|
|
672
|
|
|
2,791
|
|
|
—
|
|
|
672
|
|
|
2,791
|
|
|
3,463
|
|
|
525
|
|
|
2014
|
94th Avenue & Buckeye Road
|
|
Tolleson, AZ
|
|
—
|
|
|
4,315
|
|
|
—
|
|
|
16,901
|
|
|
4,315
|
|
|
16,901
|
|
|
21,216
|
|
|
1,915
|
|
|
2015
|
16560 W. Sells Drive
|
|
Goodyear, AZ
|
|
—
|
|
|
6,259
|
|
|
—
|
|
|
30,695
|
|
|
6,269
|
|
|
30,685
|
|
|
36,954
|
|
|
1,686
|
|
|
2018
|
16951 W. Camelback Road
|
|
Goodyear, AZ
|
|
—
|
|
|
1,805
|
|
|
—
|
|
|
5,105
|
|
|
1,805
|
|
|
5,105
|
|
|
6,910
|
|
|
32
|
|
|
2019
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
Seattle
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1901 Raymond Ave SW
|
|
Renton, WA
|
|
—
|
|
|
4,458
|
|
|
2,659
|
|
|
544
|
|
|
4,594
|
|
|
3,067
|
|
|
7,661
|
|
|
1,205
|
|
|
2008
|
19014 64th Avenue South
|
|
Kent, WA
|
|
—
|
|
|
1,990
|
|
|
3,979
|
|
|
452
|
|
|
2,042
|
|
|
4,379
|
|
|
6,421
|
|
|
1,925
|
|
|
2008
|
18640 68th Avenue South
|
|
Kent, WA
|
|
—
|
|
|
1,218
|
|
|
1,950
|
|
|
310
|
|
|
1,258
|
|
|
2,220
|
|
|
3,478
|
|
|
1,106
|
|
|
2008
|
6407 S 210th Street
|
|
Kent, WA
|
|
—
|
|
|
1,737
|
|
|
3,508
|
|
|
—
|
|
|
1,737
|
|
|
3,508
|
|
|
5,245
|
|
|
256
|
|
|
2018
|
1402 Puyallup Street
|
|
Sumner, WA
|
|
—
|
|
|
3,766
|
|
|
4,457
|
|
|
382
|
|
|
3,766
|
|
|
4,839
|
|
|
8,605
|
|
|
128
|
|
|
2018
|
22718 58th Place
|
|
Kent, WA
|
|
—
|
|
|
1,446
|
|
|
2,388
|
|
|
3
|
|
|
1,447
|
|
|
2,390
|
|
|
3,837
|
|
|
—
|
|
|
2019
|
14302 24th Street East Lot 1
|
|
Sumner, WA
|
|
—
|
|
|
2,643
|
|
|
—
|
|
|
9,927
|
|
|
2,643
|
|
|
9,927
|
|
|
12,570
|
|
|
173
|
|
|
2019
|
Southern California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
1944 Vista Bella Way
|
|
Rancho Dominguez, CA
|
|
2,599
|
|
|
1,746
|
|
|
3,148
|
|
|
465
|
|
|
1,822
|
|
|
3,537
|
|
|
5,359
|
|
|
2,002
|
|
|
2005
|
2000 Vista Bella Way
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
817
|
|
|
1,673
|
|
|
232
|
|
|
853
|
|
|
1,869
|
|
|
2,722
|
|
|
1,070
|
|
|
2005
|
2835 East Ana Street
|
|
Rancho Dominguez, CA
|
|
2,104
|
|
|
1,682
|
|
|
2,750
|
|
|
85
|
|
|
1,772
|
|
|
2,745
|
|
|
4,517
|
|
|
1,496
|
|
|
2005
|
665 N. Baldwin Park Blvd.
|
|
City of Industry, CA
|
|
—
|
|
|
2,124
|
|
|
5,219
|
|
|
2,759
|
|
|
2,143
|
|
|
7,959
|
|
|
10,102
|
|
|
2,487
|
|
|
2006
|
27801 Avenue Scott
|
|
Santa Clarita, CA
|
|
5,012
|
|
|
2,890
|
|
|
7,020
|
|
|
423
|
|
|
2,902
|
|
|
7,431
|
|
|
10,333
|
|
|
3,128
|
|
|
2006
|
2610 & 2660 Columbia St
|
|
Torrance, CA
|
|
—
|
|
|
3,008
|
|
|
5,826
|
|
|
320
|
|
|
3,031
|
|
|
6,123
|
|
|
9,154
|
|
|
2,436
|
|
|
2006
|
433 Alaska Avenue
|
|
Torrance, CA
|
|
—
|
|
|
681
|
|
|
168
|
|
|
13
|
|
|
684
|
|
|
178
|
|
|
862
|
|
|
118
|
|
|
2006
|
2325 Camino Vida Roble
|
|
Carlsbad, CA
|
|
1,554
|
|
|
1,441
|
|
|
1,239
|
|
|
563
|
|
|
1,446
|
|
|
1,797
|
|
|
3,243
|
|
|
714
|
|
|
2006
|
2335 Camino Vida Roble
|
|
Carlsbad, CA
|
|
816
|
|
|
817
|
|
|
762
|
|
|
125
|
|
|
821
|
|
|
883
|
|
|
1,704
|
|
|
394
|
|
|
2006
|
2345 Camino Vida Roble
|
|
Carlsbad, CA
|
|
560
|
|
|
562
|
|
|
456
|
|
|
151
|
|
|
565
|
|
|
604
|
|
|
1,169
|
|
|
315
|
|
|
2006
|
2355 Camino Vida Roble
|
|
Carlsbad, CA
|
|
432
|
|
|
481
|
|
|
365
|
|
|
56
|
|
|
483
|
|
|
419
|
|
|
902
|
|
|
204
|
|
|
2006
|
2365 Camino Vida Roble
|
|
Carlsbad, CA
|
|
855
|
|
|
1,098
|
|
|
630
|
|
|
55
|
|
|
1,102
|
|
|
681
|
|
|
1,783
|
|
|
364
|
|
|
2006
|
2375 Camino Vida Roble
|
|
Carlsbad, CA
|
|
1,066
|
|
|
1,210
|
|
|
874
|
|
|
140
|
|
|
1,214
|
|
|
1,010
|
|
|
2,224
|
|
|
503
|
|
|
2006
|
6451 El Camino Real
|
|
Carlsbad, CA
|
|
—
|
|
|
2,885
|
|
|
1,931
|
|
|
719
|
|
|
2,895
|
|
|
2,640
|
|
|
5,535
|
|
|
1,179
|
|
|
2006
|
13100 Gregg Street
|
|
Poway, CA
|
|
2,835
|
|
|
1,040
|
|
|
4,160
|
|
|
887
|
|
|
1,073
|
|
|
5,014
|
|
|
6,087
|
|
|
2,540
|
|
|
2007
|
21730-21748 Marilla St.
|
|
Chatsworth, CA
|
|
—
|
|
|
2,585
|
|
|
3,210
|
|
|
281
|
|
|
2,608
|
|
|
3,468
|
|
|
6,076
|
|
|
1,505
|
|
|
2007
|
8015 Paramount
|
|
Pico Rivera, CA
|
|
—
|
|
|
3,616
|
|
|
3,902
|
|
|
(510
|
)
|
|
3,657
|
|
|
3,351
|
|
|
7,008
|
|
|
1,566
|
|
|
2007
|
3365 E. Slauson
|
|
Vernon, CA
|
|
—
|
|
|
2,367
|
|
|
3,243
|
|
|
(559
|
)
|
|
2,396
|
|
|
2,655
|
|
|
5,051
|
|
|
1,241
|
|
|
2007
|
3015 East Ana
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
19,678
|
|
|
9,321
|
|
|
6,239
|
|
|
20,144
|
|
|
15,094
|
|
|
35,238
|
|
|
5,854
|
|
|
2007
|
1250 Rancho Conejo Blvd.
|
|
Thousand Oaks, CA
|
|
—
|
|
|
1,435
|
|
|
779
|
|
|
45
|
|
|
1,441
|
|
|
818
|
|
|
2,259
|
|
|
401
|
|
|
2007
|
1260 Rancho Conejo Blvd.
|
|
Thousand Oaks, CA
|
|
—
|
|
|
1,353
|
|
|
722
|
|
|
(722
|
)
|
|
675
|
|
|
678
|
|
|
1,353
|
|
|
308
|
|
|
2007
|
1270 Rancho Conejo Blvd.
|
|
Thousand Oaks, CA
|
|
—
|
|
|
1,224
|
|
|
716
|
|
|
(2
|
)
|
|
1,229
|
|
|
709
|
|
|
1,938
|
|
|
347
|
|
|
2007
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
100 West Sinclair Street
|
|
Perris, CA
|
|
—
|
|
|
4,894
|
|
|
3,481
|
|
|
(5,233
|
)
|
|
1,819
|
|
|
1,323
|
|
|
3,142
|
|
|
766
|
|
|
2007
|
14050 Day Street
|
|
Moreno Valley, CA
|
|
—
|
|
|
2,538
|
|
|
2,538
|
|
|
545
|
|
|
2,565
|
|
|
3,056
|
|
|
5,621
|
|
|
1,369
|
|
|
2008
|
12925 Marlay Avenue
|
|
Fontana, CA
|
|
—
|
|
|
6,072
|
|
|
7,891
|
|
|
309
|
|
|
6,090
|
|
|
8,182
|
|
|
14,272
|
|
|
4,707
|
|
|
2008
|
18201-18291 Santa Fe
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
6,720
|
|
|
—
|
|
|
9,457
|
|
|
6,897
|
|
|
9,280
|
|
|
16,177
|
|
|
2,887
|
|
|
2008
|
1011 Rancho Conejo
|
|
Thousand Oaks, CA
|
|
—
|
|
|
7,717
|
|
|
2,518
|
|
|
(170
|
)
|
|
7,752
|
|
|
2,313
|
|
|
10,065
|
|
|
1,230
|
|
|
2008
|
20700 Denker Avenue
|
|
Torrance, CA
|
|
4,143
|
|
|
5,767
|
|
|
2,538
|
|
|
341
|
|
|
5,964
|
|
|
2,682
|
|
|
8,646
|
|
|
1,532
|
|
|
2008
|
18408 Laurel Park Road
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
2,850
|
|
|
2,850
|
|
|
907
|
|
|
2,874
|
|
|
3,733
|
|
|
6,607
|
|
|
1,577
|
|
|
2008
|
19021 S. Reyes Ave.
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
8,183
|
|
|
7,501
|
|
|
390
|
|
|
8,545
|
|
|
7,528
|
|
|
16,073
|
|
|
1,918
|
|
|
2008
|
24870 Nandina Avenue
|
|
Moreno Valley, CA
|
|
—
|
|
|
13,543
|
|
|
—
|
|
|
21,278
|
|
|
6,482
|
|
|
28,339
|
|
|
34,821
|
|
|
5,577
|
|
|
2012
|
6185 Kimball Ave
|
|
Chino, CA
|
|
—
|
|
|
6,385
|
|
|
—
|
|
|
10,994
|
|
|
6,382
|
|
|
10,997
|
|
|
17,379
|
|
|
1,834
|
|
|
2013
|
5553 Bandini Blvd
|
|
Bell, CA
|
|
—
|
|
|
32,536
|
|
|
—
|
|
|
21,622
|
|
|
32,540
|
|
|
21,617
|
|
|
54,157
|
|
|
3,505
|
|
|
2013
|
16875 Heacock Street
|
|
Moreno Valley, CA
|
|
—
|
|
|
—
|
|
|
6,831
|
|
|
(750
|
)
|
|
—
|
|
|
6,082
|
|
|
6,082
|
|
|
1,065
|
|
|
2014
|
4710 Guasti Road
|
|
Ontario, CA
|
|
4,889
|
|
|
2,846
|
|
|
6,564
|
|
|
213
|
|
|
2,846
|
|
|
6,777
|
|
|
9,623
|
|
|
1,284
|
|
|
2014
|
17100 Perris Blvd
|
|
Moreno Valley, CA
|
|
—
|
|
|
6,388
|
|
|
—
|
|
|
25,801
|
|
|
6,395
|
|
|
25,794
|
|
|
32,189
|
|
|
4,219
|
|
|
2014
|
13414 S. Figueroa
|
|
Los Angeles, CA
|
|
3,857
|
|
|
1,701
|
|
|
—
|
|
|
6,580
|
|
|
1,887
|
|
|
6,394
|
|
|
8,281
|
|
|
887
|
|
|
2014
|
3841 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
—
|
|
|
4,400
|
|
|
—
|
|
|
8,039
|
|
|
4,400
|
|
|
8,039
|
|
|
12,439
|
|
|
1,346
|
|
|
2015
|
3831 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
—
|
|
|
2,693
|
|
|
—
|
|
|
4,584
|
|
|
2,694
|
|
|
4,583
|
|
|
7,277
|
|
|
744
|
|
|
2015
|
3821 Ocean Ranch Boulevard
|
|
Oceanside, CA
|
|
—
|
|
|
2,792
|
|
|
—
|
|
|
4,469
|
|
|
2,792
|
|
|
4,469
|
|
|
7,261
|
|
|
719
|
|
|
2015
|
145 West 134th Street
|
|
Los Angeles, CA
|
|
—
|
|
|
2,901
|
|
|
2,285
|
|
|
173
|
|
|
2,901
|
|
|
2,458
|
|
|
5,359
|
|
|
519
|
|
|
2015
|
6150 Sycamore Canyon Boulevard
|
|
Riverside, CA
|
|
—
|
|
|
3,182
|
|
|
10,643
|
|
|
1
|
|
|
3,182
|
|
|
10,644
|
|
|
13,826
|
|
|
1,608
|
|
|
2015
|
17825 Indian Street
|
|
Moreno Valley, CA
|
|
—
|
|
|
5,034
|
|
|
22,095
|
|
|
55
|
|
|
5,034
|
|
|
22,150
|
|
|
27,184
|
|
|
3,171
|
|
|
2015
|
24901 San Michele Road
|
|
Moreno Valley, CA
|
|
—
|
|
|
1,274
|
|
|
—
|
|
|
11,546
|
|
|
1,274
|
|
|
11,546
|
|
|
12,820
|
|
|
1,147
|
|
|
2016
|
1445 Engineer Street
|
|
Vista, CA
|
|
—
|
|
|
6,816
|
|
|
4,417
|
|
|
55
|
|
|
6,816
|
|
|
4,472
|
|
|
11,288
|
|
|
843
|
|
|
2016
|
19067 Reyes Ave
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
9,281
|
|
|
3,920
|
|
|
3,476
|
|
|
9,381
|
|
|
7,296
|
|
|
16,677
|
|
|
652
|
|
|
2016
|
10586 Tamarind Avenue
|
|
Fontana, CA
|
|
—
|
|
|
4,275
|
|
|
8,275
|
|
|
298
|
|
|
4,275
|
|
|
8,573
|
|
|
12,848
|
|
|
720
|
|
|
2017
|
2777 Loker Ave West
|
|
Carlsbad, CA
|
|
10,729
|
|
|
7,599
|
|
|
13,267
|
|
|
422
|
|
|
7,599
|
|
|
13,689
|
|
|
21,288
|
|
|
1,326
|
|
|
2017
|
7105 Old 215 Frontage Road
|
|
Riverside, CA
|
|
—
|
|
|
4,900
|
|
|
—
|
|
|
12,731
|
|
|
4,900
|
|
|
12,731
|
|
|
17,631
|
|
|
998
|
|
|
2017
|
28545 Livingston Avenue
|
|
Valencia, CA
|
|
—
|
|
|
9,813
|
|
|
10,954
|
|
|
2,207
|
|
|
9,813
|
|
|
13,161
|
|
|
22,974
|
|
|
854
|
|
|
2018
|
3801 Ocean Ranch Blvd
|
|
Oceanside, CA
|
|
2,964
|
|
|
2,907
|
|
|
6,151
|
|
|
(11
|
)
|
|
2,909
|
|
|
6,138
|
|
|
9,047
|
|
|
357
|
|
|
2018
|
3809 Ocean Ranch Blvd
|
|
Oceanside, CA
|
|
3,240
|
|
|
3,140
|
|
|
6,964
|
|
|
45
|
|
|
3,141
|
|
|
7,008
|
|
|
10,149
|
|
|
397
|
|
|
2018
|
3817 Ocean Ranch Blvd
|
|
Oceanside, CA
|
|
4,981
|
|
|
5,438
|
|
|
10,278
|
|
|
(2
|
)
|
|
5,442
|
|
|
10,272
|
|
|
15,714
|
|
|
607
|
|
|
2018
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 |
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19 |
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
||||||||||||||||||||||
24385 Nandina Avenue
|
|
Moreno Valley, CA
|
|
—
|
|
|
17,023
|
|
|
—
|
|
|
62,788
|
|
|
17,066
|
|
|
62,745
|
|
|
79,811
|
|
|
2,107
|
|
|
2018
|
14999 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
1,508
|
|
|
—
|
|
|
3,129
|
|
|
1,508
|
|
|
3,129
|
|
|
4,637
|
|
|
139
|
|
|
2018
|
14969 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
3,847
|
|
|
—
|
|
|
11,217
|
|
|
3,847
|
|
|
11,217
|
|
|
15,064
|
|
|
927
|
|
|
2018
|
14939 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
3,107
|
|
|
—
|
|
|
8,409
|
|
|
3,107
|
|
|
8,409
|
|
|
11,516
|
|
|
352
|
|
|
2018
|
14909 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
7,099
|
|
|
—
|
|
|
19,242
|
|
|
7,099
|
|
|
19,242
|
|
|
26,341
|
|
|
983
|
|
|
2018
|
14940 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
5,423
|
|
|
—
|
|
|
13,973
|
|
|
5,423
|
|
|
13,973
|
|
|
19,396
|
|
|
564
|
|
|
2018
|
14910 Summit Drive
|
|
Eastvale, CA
|
|
—
|
|
|
1,873
|
|
|
—
|
|
|
5,388
|
|
|
1,873
|
|
|
5,388
|
|
|
7,261
|
|
|
292
|
|
|
2018
|
930 Columbia Avenue
|
|
Riverside, CA
|
|
—
|
|
|
1,813
|
|
|
3,840
|
|
|
52
|
|
|
1,813
|
|
|
3,892
|
|
|
5,705
|
|
|
57
|
|
|
2019
|
305 Sequoia Avenue
|
|
Ontario, CA
|
|
—
|
|
|
6,641
|
|
|
8,155
|
|
|
15
|
|
|
6,641
|
|
|
8,170
|
|
|
14,811
|
|
|
144
|
|
|
2019
|
3051 E. Maria Street
|
|
Rancho Dominguez, CA
|
|
—
|
|
|
1,392
|
|
|
1,532
|
|
|
3
|
|
|
1,392
|
|
|
1,535
|
|
|
2,927
|
|
|
49
|
|
|
2019
|
1709-1811 W. Mahalo Place
|
|
Compton, CA
|
|
—
|
|
|
2,132
|
|
|
1,961
|
|
|
2
|
|
|
2,130
|
|
|
1,965
|
|
|
4,095
|
|
|
57
|
|
|
2019
|
1964 Kellogg Avenue
|
|
Carlsbad, CA
|
|
—
|
|
|
3,836
|
|
|
3,524
|
|
|
25
|
|
|
3,836
|
|
|
3,549
|
|
|
7,385
|
|
|
54
|
|
|
2019
|
353 Perry Street
|
|
Perris, CA
|
|
—
|
|
|
1,780
|
|
|
—
|
|
|
18,871
|
|
|
1,788
|
|
|
18,863
|
|
|
20,651
|
|
|
117
|
|
|
2019
|
8572 Spectrum Lane
|
|
San Diego, CA
|
|
—
|
|
|
806
|
|
|
3,225
|
|
|
1,054
|
|
|
806
|
|
|
4,279
|
|
|
5,085
|
|
|
90
|
|
|
2019
|
Tampa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
5455 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
307
|
|
|
1,742
|
|
|
353
|
|
|
326
|
|
|
2,076
|
|
|
2,402
|
|
|
1,096
|
|
|
1997
|
5553 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
307
|
|
|
1,742
|
|
|
321
|
|
|
326
|
|
|
2,044
|
|
|
2,370
|
|
|
1,090
|
|
|
1997
|
5501 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
215
|
|
|
871
|
|
|
410
|
|
|
242
|
|
|
1,254
|
|
|
1,496
|
|
|
640
|
|
|
1997
|
5503 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
98
|
|
|
402
|
|
|
170
|
|
|
110
|
|
|
560
|
|
|
670
|
|
|
287
|
|
|
1997
|
5555 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
213
|
|
|
1,206
|
|
|
593
|
|
|
221
|
|
|
1,791
|
|
|
2,012
|
|
|
869
|
|
|
1997
|
5557 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
59
|
|
|
335
|
|
|
76
|
|
|
62
|
|
|
408
|
|
|
470
|
|
|
208
|
|
|
1997
|
5463 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
497
|
|
|
2,751
|
|
|
1,501
|
|
|
560
|
|
|
4,189
|
|
|
4,749
|
|
|
2,100
|
|
|
1998
|
5461 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
261
|
|
|
—
|
|
|
1,336
|
|
|
265
|
|
|
1,332
|
|
|
1,597
|
|
|
672
|
|
|
1998
|
5481 W Waters Avenue
|
|
Tampa, FL
|
|
—
|
|
|
558
|
|
|
—
|
|
|
3,680
|
|
|
561
|
|
|
3,677
|
|
|
4,238
|
|
|
1,354
|
|
|
1999
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
600 Greene Drive
|
|
Greenville, KY
|
|
—
|
|
|
294
|
|
|
8,570
|
|
|
(727
|
)
|
|
296
|
|
|
7,841
|
|
|
8,137
|
|
|
7,044
|
|
|
2008
|
1335 Sadlier Circle East
|
|
Indianapolis, IN
|
|
—
|
|
|
81
|
|
|
460
|
|
|
244
|
|
|
86
|
|
|
699
|
|
|
785
|
|
|
369
|
|
|
1996
|
7501 NW 106th Terrace
|
|
Kansas City, MO
|
|
—
|
|
|
4,152
|
|
|
—
|
|
|
13,697
|
|
|
4,228
|
|
|
13,621
|
|
|
17,849
|
|
|
3,825
|
|
|
2008
|
1908-2000 Innerbelt
|
|
Overland, MO
|
|
5,832
|
|
|
1,590
|
|
|
9,026
|
|
|
1,554
|
|
|
1,591
|
|
|
10,579
|
|
|
12,170
|
|
|
5,698
|
|
|
2004
|
1500 Peebles Drive
|
|
Richland Center, WI
|
|
—
|
|
|
1,577
|
|
|
1,018
|
|
|
(441
|
)
|
|
1,528
|
|
|
626
|
|
|
2,154
|
|
|
569
|
|
|
2005
|
1815-1957 South 4650 West
|
|
Salt Lake City, UT
|
|
—
|
|
|
1,707
|
|
|
10,873
|
|
|
62
|
|
|
1,713
|
|
|
10,929
|
|
|
12,642
|
|
|
4,343
|
|
|
2006
|
FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2019
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
Initial Cost
|
|
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision
|
|
Gross Amount Carried
At Close of Period 12/31/19
|
|
|
|
Year
Acquired/
Constructed
|
||||||||||||||
Building Address
|
|
Location
(City/State)
|
|
(a)
Encumbrances
|
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
Accumulated
Depreciation
12/31/2019
|
|
||||||||||
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Developments in Process
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Sawgrass Commerce Center
|
|
Coconut Creek, FL
|
|
—
|
|
|
5,703
|
|
|
—
|
|
|
949
|
|
|
5,703
|
|
|
949
|
|
|
6,652
|
|
|
—
|
|
|
2019
|
First Redwood Logistics Center I Buildings A & B
|
|
Fontana, CA
|
|
—
|
|
|
15,156
|
|
|
—
|
|
|
20,152
|
|
|
15,154
|
|
|
20,154
|
|
|
35,308
|
|
|
—
|
|
|
2017
|
First Redwood II Logistics Center Building C
|
|
Fontana, CA
|
|
—
|
|
|
3,333
|
|
|
—
|
|
|
740
|
|
|
3,333
|
|
|
740
|
|
|
4,073
|
|
|
—
|
|
|
2018
|
First Cypress Creek Commerce Center Building B
|
|
Fort Lauderdale, FL
|
|
—
|
|
|
—
|
|
|
—
|
|
|
487
|
|
|
—
|
|
|
487
|
|
|
487
|
|
|
—
|
|
|
2019
|
First Cypress Creek Commerce Center Building C
|
|
Fort Lauderdale, FL
|
|
—
|
|
|
—
|
|
|
—
|
|
|
778
|
|
|
—
|
|
|
778
|
|
|
778
|
|
|
—
|
|
|
2019
|
First Cypress Creek Commerce Center Building D
|
|
Fort Lauderdale, FL
|
|
—
|
|
|
—
|
|
|
—
|
|
|
711
|
|
|
—
|
|
|
711
|
|
|
711
|
|
|
—
|
|
|
2019
|
Ferrero BTS @ PV303
|
|
Goodyear, AZ
|
|
—
|
|
|
5,660
|
|
|
—
|
|
|
35,644
|
|
|
5,658
|
|
|
35,646
|
|
|
41,304
|
|
|
—
|
|
|
2019
|
First Independence Logistics Center
|
|
Philadelphia, PA
|
|
—
|
|
|
2,059
|
|
|
—
|
|
|
4,657
|
|
|
2,087
|
|
|
4,629
|
|
|
6,716
|
|
|
—
|
|
|
2019
|
First Park 121 Building E
|
|
Lewisville, TX
|
|
—
|
|
|
7,519
|
|
|
—
|
|
|
1,649
|
|
|
7,520
|
|
|
1,648
|
|
|
9,168
|
|
|
—
|
|
|
2019
|
Land Parcels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Land Parcels
|
|
|
|
|
|
196,219
|
|
|
966
|
|
|
31,460
|
|
|
191,465
|
|
|
37,181
|
|
|
228,646
|
|
|
4,452
|
|
|
|
|
Total
|
|
|
|
174,360
|
|
|
968,404
|
|
|
1,443,723
|
|
|
1,418,082
|
|
|
957,478
|
|
|
2,872,731
|
|
|
3,830,209
|
|
|
804,780
|
|
|
|
(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
|
3 to 20 years
|
Tenant Improvements, Leasehold Improvements
|
Lease Term
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands)
|
||||||||||
Balance, Beginning of Year
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
$
|
3,388,611
|
|
Acquisition of Real Estate Assets
|
148,660
|
|
|
162,769
|
|
|
168,517
|
|
|||
Construction Costs and Improvements
|
289,877
|
|
|
190,383
|
|
|
137,361
|
|
|||
Disposition of Real Estate Assets
|
(258,639
|
)
|
|
(148,408
|
)
|
|
(170,928
|
)
|
|||
Impairment of Real Estate
|
—
|
|
|
(2,756
|
)
|
|
—
|
|
|||
Write-off of Fully Depreciated and Other Assets
|
(23,333
|
)
|
|
(24,089
|
)
|
|
(27,816
|
)
|
|||
Balance, End of Year
|
$
|
3,830,209
|
|
|
$
|
3,673,644
|
|
|
$
|
3,495,745
|
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In thousands)
|
||||||||||
Balance, Beginning of Year
|
$
|
811,784
|
|
|
$
|
789,919
|
|
|
$
|
797,919
|
|
Depreciation for Year
|
98,333
|
|
|
94,626
|
|
|
94,078
|
|
|||
Disposition of Real Estate Assets
|
(82,919
|
)
|
|
(49,144
|
)
|
|
(78,844
|
)
|
|||
Write-off of Fully Depreciated and Other Assets
|
(22,418
|
)
|
|
(23,617
|
)
|
|
(23,234
|
)
|
|||
Balance, End of Year
|
$
|
804,780
|
|
|
$
|
811,784
|
|
|
$
|
789,919
|
|
|
|
FIRST INDUSTRIAL REALTY TRUST, INC.
|
|
|
|
|
By:
|
/S/ PETER E. BACCILE
|
|
|
Peter E. Baccile
President, Chief Executive Officer and Director (Principal Executive Officer)
|
|
By:
|
/S/ SCOTT A. MUSIL
|
|
|
Scott A. Musil
Chief Financial Officer
(Principal Financial Officer)
|
|
By:
|
/S/ SARA E. NIEMIEC
|
|
|
Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
/S/ BRUCE W. DUNCAN
|
|
Chairman of the Board of Directors
|
|
February 13, 2020
|
Bruce W. Duncan
|
|
|
|
|
|
|
|
|
|
/S/ PETER E. BACCILE
|
|
President, Chief Executive Officer and Director
|
|
February 13, 2020
|
Peter E. Baccile
|
|
|
|
|
|
|
|
|
|
/S/ JOHN RAU
|
|
Lead Independent Director
|
|
February 13, 2020
|
John Rau
|
|
|
|
|
|
|
|
|
|
/S/ MATTHEW S. DOMINSKI
|
|
Director
|
|
February 13, 2020
|
Matthew S. Dominski
|
|
|
|
|
|
|
|
|
|
/S/ H. PATRICK HACKETT, JR.
|
|
Director
|
|
February 13, 2020
|
H. Patrick Hackett, Jr.
|
|
|
|
|
|
|
|
|
|
/S/ DENISE A. OLSEN
|
|
Director
|
|
February 13, 2020
|
Denise A. Olsen
|
|
|
|
|
|
|
|
|
|
/S/ L. PETER SHARPE
|
|
Director
|
|
February 13, 2020
|
L. Peter Sharpe
|
|
|
|
|
|
|
|
|
|
/S/ W. EDWIN TYLER
|
|
Director
|
|
February 13, 2020
|
W. Edwin Tyler
|
|
|
|
|
|
FIRST INDUSTRIAL, L.P.
|
|
|
|
|
|
By:
|
FIRST INDUSTRIAL REALTY TRUST, INC.
|
|
|
as general partner
|
|
|
|
|
By:
|
/S/ PETER E. BACCILE
|
|
|
Peter E. Baccile
President, Chief Executive Officer and Director (Principal Executive Officer)
|
|
By:
|
/S/ SCOTT A. MUSIL
|
|
|
Scott A. Musil
Chief Financial Officer
(Principal Financial Officer)
|
|
By:
|
/S/ SARA E. NIEMIEC
|
|
|
Sara E. Niemiec
Chief Accounting Officer
(Principal Accounting Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
/S/ BRUCE W. DUNCAN
|
|
Chairman of the Board of Directors
|
|
February 13, 2020
|
Bruce W. Duncan
|
|
|
|
|
|
|
|
|
|
/S/ PETER E. BACCILE
|
|
President, Chief Executive Officer and Director
|
|
February 13, 2020
|
Peter E. Baccile
|
|
|
|
|
|
|
|
|
|
/S/ JOHN RAU
|
|
Lead Independent Director
|
|
February 13, 2020
|
John Rau
|
|
|
|
|
|
|
|
|
|
/S/ MATTHEW S. DOMINSKI
|
|
Director
|
|
February 13, 2020
|
Matthew S. Dominski
|
|
|
|
|
|
|
|
|
|
/S/ H. PATRICK HACKETT, JR.
|
|
Director
|
|
February 13, 2020
|
H. Patrick Hackett, Jr.
|
|
|
|
|
|
|
|
|
|
/S/ DENISE A. OLSEN
|
|
Director
|
|
February 13, 2020
|
Denise A. Olsen
|
|
|
|
|
|
|
|
|
|
/S/ L. PETER SHARPE
|
|
Director
|
|
February 13, 2020
|
L. Peter Sharpe
|
|
|
|
|
|
|
|
|
|
/S/ W. EDWIN TYLER
|
|
Director
|
|
February 13, 2020
|
W. Edwin Tyler
|
|
|
|
|
•
|
the beneficial owner, directly or indirectly, of 10 percent or more of the voting power of the outstanding voting stock of the corporation after the date on which the corporation had 100 or more beneficial owners of its stock; or
|
•
|
is an affiliate or associate of the corporation and was the beneficial owner, directly or indirectly, of 10 percent or more of the voting power of the then outstanding stock of the corporation (i) at any time within the two-year period immediately prior to the date in question, and (ii) after the date on which the corporation had 100 or more beneficial owners of its stock.
|
•
|
80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation voting together as a single group; and
|
•
|
two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than voting stock held by the interested stockholder with whom (or with whose affiliate) the business combination is to be effected or by any affiliate or associate of the interested stockholder voting together as a single voting group.
|
•
|
one-tenth or more but less than one-third of all voting power;
|
•
|
one-third or more but less than a majority of all voting power; or
|
•
|
a majority or more of all voting power.
|
•
|
shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction; or
|
•
|
acquisitions approved or exempted by our charter or bylaws and adopted at any time before the acquisition of the shares.
|
•
|
officers or employees of the corporation;
|
•
|
persons seeking to acquire control of the corporation;
|
•
|
directors, officers, affiliates or associates of any person seeking to acquire control; or
|
•
|
nominated or designated as directors by a person seeking to acquire control.
|
•
|
a classified board;
|
•
|
a two-thirds stockholder vote requirement for removing a director;
|
•
|
a requirement that the number of directors be fixed only by vote of the directors;
|
•
|
a requirement that a vacancy on the board be filled only by the majority vote of the remaining directors, even if the remaining directors do not constitute a quorum, and any such director elected to fill a vacancy shall hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies; or
|
•
|
a majority stockholder vote requirement for the calling of a special meeting of stockholders.
|
•
|
our Chairman of the board of directors or our President;
|
•
|
a majority of the board of directors; or
|
•
|
the Secretary upon the written request of stockholders holding at least a majority of our outstanding capital stock entitled to vote at the meeting.
|
|
|
|
|
2
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6
|
|
|
7
|
|
|
8
|
|
|
9
|
|
|
10
|
|
|
11
|
|
|
12
|
|
|
13
|
|
|
14
|
|
|
15
|
|
|
16
|
|
If to the Executive:
|
At the most recent address on file at the Company.
|
If to the Company:
|
First Industrial, L.P.
1 N Wacker Drive, Suite 4200 Chicago, IL 60606 Attention: Chairman of the Board of Directors and General Counsel |
With copies to:
|
First Industrial Realty Trust, Inc.
1 N. Wacker Drive, Suite 4200 Chicago, Illinois 60606 Attention: Chairman of the Board of Directors |
|
17
|
|
|
18
|
|
|
19
|
|
|
PETER E. BACCILE
/s/ Peter E. Baccile |
|
FIRST INDUSTRIAL, L.P.
By: First Industrial Realty Trust, Inc., its general partner By: /s/ Bruce W. Duncan By: Bruce W. Duncan Title: Chairman of the Board of Directors |
|
FIRST INDUSTRIAL REALTY TRUST, INC.
By: /s/ Bruce W. Duncan By: Bruce W. Duncan Title: Chairman of the Board of Directors |
|
20
|
|
|
1
|
|
PETER E. BACCILE
_______________________________ |
Date of Execution:
|
|
|
2
|
|
|
|
|
If to the Participant:
|
the address listed as the Participant's address in the Company's personnel files.
|
Participant Title
|
Factor
|
|
|
1.
|
General Release and Waiver of Claims.
|
[EMPLOYEE]
|
Date of Execution:
|
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 10680 88 AVENUE, LLC
|
|
Delaware
|
FR 1351 NW 78, LLC
|
|
Delaware
|
FR 14750 Jurupa, LLC
|
|
Delaware
|
FR 1964 Kellogg Avenue, LLC
|
|
Delaware
|
FR 200 Cascade, LLC
|
|
Delaware
|
FR 21110 E 31st, LLC
|
|
Delaware
|
FR 24 Street East, LLC
|
|
Delaware
|
FR 2504 NW 19, LLC
|
|
Delaware
|
FR 28545 Livingston, LLC
|
|
Delaware
|
FR 301 Bordentown-Hedding, LLC
|
|
Delaware
|
FR 305 Sequoia, LLC
|
|
Delaware
|
FR 3051 Maria Street, 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 5355 Northwest 24 Street, LLC
|
|
Delaware
|
FR 6407 South 210, LLC
|
|
Delaware
|
FR 6635 E 30, LLC
|
|
Delaware
|
FR 750 Gateway, LLC
|
|
Delaware
|
FR 770 Gills LLC
|
|
Delaware
|
FR 7900 Cochran Road, LLC
|
|
Delaware
|
FR 81 Paragon Drive, LLC
|
|
Delaware
|
FR 811 Anaheim, LLC
|
|
Delaware
|
FR 8751 Skinner, LLC
|
|
Delaware
|
FR 930 Columbia, 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 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 Lewisville Midway 2, LLC
|
|
Delaware
|
FR Loveton LLC
|
|
Delaware
|
FR Lyons Road, 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 Natwar, LLC
|
|
Delaware
|
FR NW 12 Terrace, LLC
|
|
Delaware
|
FR Oceanside, LLC
|
|
Delaware
|
FR Old Post Road, LLC
|
|
Delaware
|
FR Orchard 88, 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 Wilson Ave, 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 13, 2020
|
|
/S/ PETER E. BACCILE
|
|
|
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 13, 2020
|
|
/S/ SCOTT A. MUSIL
|
|
|
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 13, 2020
|
|
/S/ PETER E. BACCILE
|
|
|
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 13, 2020
|
|
/S/ SCOTT A. MUSIL
|
|
|
Scott A. Musil
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|
First Industrial Realty Trust, Inc.
|
Dated: February 13, 2020
|
|
/S/ PETER E. BACCILE
|
|
|
Peter E. Baccile
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
Dated: February 13, 2020
|
|
/S/ SCOTT A. MUSIL
|
|
|
Scott A. Musil
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
Dated: February 13, 2020
|
|
|
/S/ PETER E. BACCILE
|
|
|
|
Peter E. Baccile
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
First Industrial Realty Trust, Inc.
|
|
|
|
|
|
|
|
|
Dated: February 13, 2020
|
|
|
/S/ SCOTT A. MUSIL
|
|
|
|
Scott A. Musil
|
|
|
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
First Industrial Realty Trust, Inc.
|