FIRST INDUSTRIAL REALTY TRUST INC

FR 10-K · FY 2025

FR FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Operating Lease Lease Income 719,220 660,967 +8.8%
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First Industrial, L.P. 719,220 660,967 +8.8%
Joint Venture Fees 1,364 2,545 -46.4%
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First Industrial, L.P. 1,364 2,545 -46.4%
Other Operating Income 6,492 6,129 +5.9%
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First Industrial, L.P. 6,492 6,129 +5.9%
Revenue 727,076 669,641 +8.6%
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First Industrial, L.P. 727,076 669,641 +8.6%
Direct Costs Of Leased And Rented Property Or Equipment 191,480 182,821 +4.7%
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First Industrial, L.P. 191,480 182,821 +4.7%
General & Administrative 41,945 40,935 +2.5%
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First Industrial, L.P. 41,945 40,935 +2.5%
Joint Venture Development Services Expense 629 1,529 -58.9%
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First Industrial, L.P. 629 1,529 -58.9%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Joint Venture 629 1,529 -58.9%
Depreciation And Amortization 185,316 171,939 +7.8%
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First Industrial, L.P. 185,316 171,939 +7.8%
Total Costs & Expenses 419,370 397,224 +5.6%
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First Industrial, L.P. 419,370 397,224 +5.6%
Disposal Group Not Discontinued Operation Gain Loss On Disposal 26,905 111,970 -76.0%
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First Industrial, L.P. 26,905 111,970 -76.0%
Interest Expense Debt Excluding Amortization -84,886 -82,973 -2.3%
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First Industrial, L.P. -84,886 -82,973 -2.3%
Amortization of Financing Costs -5,033 -3,646 -38.0%
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First Industrial, L.P. -5,033 -3,646 -38.0%
Non-Operating Income (Expense) -63,014 25,351 -348.6%
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Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap -14,233 -22,767 +37.5%
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First Industrial, L.P. -63,014 25,351 -348.6%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 244,692 297,768 -17.8%
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First Industrial, L.P. 244,692 297,768 -17.8%
Income Loss From Equity Method Investments 34,669 4,295 +707.2%
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First Industrial, L.P. 34,669 4,295 +707.2%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Joint Venture 9,036 537 +1582.7%
Income Tax Expense (Benefit) -15,282 -6,075 -151.6%
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First Industrial, L.P. -15,282 -6,075 -151.6%
Net Income 264,079 295,988 -10.8%
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Accumulated Distributions In Excess Of Net Income 247,443 287,554 -13.9%
Noncontrolling Interest 16,636 8,434 +97.2%
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First Industrial, L.P. 264,079 295,988 -10.8%
First Industrial, L.P. · General Partner 247,315 287,346 -13.9%
First Industrial, L.P. · Limited Partner 7,602 7,898 -3.7%
First Industrial, L.P. · Noncontrolling Interest 9,162 744 +1131.5%
Net Income Loss Attributable To Noncontrolling Interest -16,636 -8,434 -97.2%
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First Industrial, L.P. -9,162 -744 -1131.5%
Net Income 247,443 287,554 -13.9%
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First Industrial, L.P. 254,917 295,244 -13.7%
Participating Securities Distributed And Undistributed Earnings Loss Basic -146 -211 +30.8%
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First Industrial, L.P. -367 -574 +36.1%
Net Income Loss Available To Common Stockholders Basic 247,297 287,343 -13.9%
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First Industrial, L.P. 254,550 294,670 -13.6%
EPS (Basic) 1.87 2.17 -13.8%
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First Industrial, L.P. 1.88 2.18 -13.8%
EPS (Diluted) 1.87 2.17 -13.8%
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First Industrial, L.P. 1.87 2.18 -14.2%
Wtd Avg Shares (Basic) 132,446 132,369 +0.1%
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First Industrial, L.P. 135,466 135,092 +0.3%
Wtd Avg Shares (Diluted) 132,514 132,416 +0.1%
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First Industrial, L.P. 136,038 135,426 +0.5%
Comprehensive Income 230,728 285,260 -19.1%
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First Industrial, L.P. 237,688 292,887 -18.8%
Other Comprehensive Income (FY)
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Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · First Industrial, L.P. -17,229 -2,357 -631.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent -17,229 -2,357 -631.0%
Accumulated Other Comprehensive Income -16,777 -2,336 -618.2%
Aoci Attributable To Noncontrolling Interest 452 21 +2052.4%
Interest Expense (FY)
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Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap 442 410 +7.8%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 78,032 44,512 +75.3%
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First Industrial, L.P. 78,032 44,512 +75.3%
Other Real Estate Partnerships 2,745 2,463 +11.4%
Non-Current Assets
Operating Lease Right-of-Use Assets 19,589 19,866 -1.4%
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First Industrial, L.P. 19,589 19,866 -1.4%
Other Real Estate Partnerships 10,573 12,818 -17.5%
Total Assets 5,688,081 5,261,426 +8.1%
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First Industrial, L.P. 5,697,237 5,270,655 +8.1%
Other Real Estate Partnerships 328,676 339,866 -3.3%
Intangible Assets 32,083 19,311 +66.1%
Show Finite Lived Intangible Assets By Major Class breakouts
Above Market Leases 2,148 2,485 -13.6%
Customer Relationships 832 1,065 -21.9%
Lease Agreements 1,326 1,371 -3.3%
Leases Acquired In Place 27,777 14,390 +93.0%
Other Assets
Investment Building And Building Improvements 4,274,540 3,897,284 +9.7%
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First Industrial, L.P. 4,274,540 3,897,284 +9.7%
Show Investment in Real Estate Activity [Axis] breakouts
Acquisition Activity 197,963 24,635 +703.6%
Income Producing Land Acquisition Activity 116
Real Estate Investment Property Accumulated Depreciation -1,191,767 -1,085,708 -9.8%
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First Industrial, L.P. -1,191,767 -1,085,708 -9.8%
Real Estate Investment Property Net 5,175,911 4,760,684 +8.7%
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First Industrial, L.P. 5,175,911 4,760,684 +8.7%
Other Real Estate Partnerships 288,680 296,588 -2.7%
Accounts Receivable Net 11,857 7,312 +62.2%
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First Industrial, L.P. 11,857 7,312 +62.2%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 5,661 51,180 -88.9%
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First Industrial, L.P. 5,661 51,180 -88.9%
Deferred Rent Receivables Net 181,088 162,883 +11.2%
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First Industrial, L.P. 181,088 162,883 +11.2%
Other Real Estate Partnerships 15,633 16,060 -2.7%
Prepaid Expense And Other Assets 215,943 203,188 +6.3%
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First Industrial, L.P. 225,099 212,417 +6.0%
Other Real Estate Partnerships 11,045 11,937 -7.5%
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent 178,884 132,740 +34.8%
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First Industrial, L.P. 178,884 132,740 +34.8%
Other Real Estate Partnerships 6,304 8,625 -26.9%
Dividends Payable Current And Noncurrent 62,656 51,189 +22.4%
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First Industrial, L.P. 62,656 51,189 +22.4%
Total Liabilities 2,929,151 2,515,398 +16.4%
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First Industrial, L.P. 2,929,151 2,515,398 +16.4%
Long-Term Debt (Q)
Show Long-Term Debt Type breakouts
Long Term Debt 922,494 922,476 0.0%
Mortgages 9,295 9,643 -3.6%
Unsecured Debt 1,438,607 995,184 +44.6%
Other Liabilities
Secured Debt 9,295 9,643 -3.6%
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First Industrial, L.P. 9,295 9,643 -3.6%
Unsecured Debt 1,438,607 995,184 +44.6%
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First Industrial, L.P. 1,438,607 995,184 +44.6%
Other Long Term Debt 922,494 922,476 0.0%
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First Industrial, L.P. 922,494 922,476 0.0%
Operating Lease Liability 19,450 17,608 +10.5%
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First Industrial, L.P. 19,450 17,608 +10.5%
Other Real Estate Partnerships 10,151 10,186 -0.3%
Customer Advances And Deposits 114,765 104,558 +9.8%
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First Industrial, L.P. 114,765 104,558 +9.8%
Other Real Estate Partnerships 7,765 8,412 -7.7%
Stockholders' Equity
Common Stock 1,325 1,323 +0.2%
General Partners Capital Account (Q)
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First Industrial, L.P. 2,614,216 2,598,962 +0.6%
Limited Partners Capital Account (Q)
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First Industrial, L.P. 143,488 127,870 +12.2%
Additional Paid-In Capital 2,436,238 2,425,253 +0.5%
Retained Earnings 230,668 219,095 +5.3%
Accumulated Other Comprehensive Income 3,159 19,936 -84.2%
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First Industrial, L.P. 3,256 20,485 -84.1%
Partners Capital (Q)
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First Industrial, L.P. 2,760,960 2,747,317 +0.5%
Other Real Estate Partnerships 304,456 312,643 -2.6%
Total Stockholders' Equity 2,671,390 2,665,607 +0.2%
Minority Interest 87,540 80,421 +8.9%
Partners Capital Attributable To Noncontrolling Interest (Q)
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First Industrial, L.P. 7,126 7,940 -10.3%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 2,758,930 2,746,028 +0.5%
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Accumulated Distributions In Excess Of Net Income 230,668 219,095 +5.3%
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest · First Industrial, L.P. 3,256 20,485 -84.1%
Accumulated Gain Loss Net Cash Flow Hedge Parent 3,256 20,485 -84.1%
Accumulated Other Comprehensive Income 3,159 19,936 -84.2%
Additional Paid In Capital 2,436,238 2,425,253 +0.5%
Aoci Attributable To Noncontrolling Interest -97 -549 +82.3%
Common Stock 1,325 1,323 +0.2%
Noncontrolling Interest 87,540 80,421 +8.9%
Partners Capital Including Portion Attributable To Noncontrolling Interest (Q)
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First Industrial, L.P. 2,768,086 2,755,257 +0.5%
First Industrial, L.P. · Accumulated Other Comprehensive Income 3,256 20,485 -84.1%
First Industrial, L.P. · General Partner 2,614,216 2,598,962 +0.6%
First Industrial, L.P. · Limited Partner 143,488 127,870 +12.2%
First Industrial, L.P. · Noncontrolling Interest 7,126 7,940 -10.3%
Total Liabilities & Equity 5,688,081 5,261,426 +8.1%
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First Industrial, L.P. 5,697,237 5,270,655 +8.1%
Other Real Estate Partnerships 328,676 339,866 -3.3%
Land 1,872,086 1,795,136 +4.3%
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First Industrial, L.P. 1,872,086 1,795,136 +4.3%
Show Investment in Real Estate Activity [Axis] breakouts
Acquisition Activity 78,427 42,399 +85.0%
Development In Process 221,052 153,972 +43.6%
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First Industrial, L.P. 221,052 153,972 +43.6%
Line Of Credit 183,000 282,000 -35.1%
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First Industrial, L.P. 183,000 282,000 -35.1%
Show Long-Term Debt Type breakouts
Line Of Credit 183,000 282,000 -35.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation 148,936 139,202 +7.0%
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First Industrial, L.P. 148,936 139,202 +7.0%
Other Depreciation And Amortization 46,148 37,091 +24.4%
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First Industrial, L.P. 46,148 37,091 +24.4%
Equity Method Investment Dividends Or Distributions 57,579 2,945 +1855.1%
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First Industrial, L.P. 57,579 2,945 +1855.1%
Gain Loss On Sale Of Properties -26,905 -111,970 +76.0%
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First Industrial, L.P. -26,905 -111,970 +76.0%
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Disposition Activity -26,905 -111,970 +76.0%
Payments To Settle Derivative Instruments -250
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2030 Treasury Locks -250
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First Industrial, L.P. -250
Straight Line Rent Adjustment Net -16,360 -20,801 +21.3%
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First Industrial, L.P. -16,360 -20,801 +21.3%
Increase Decrease In Operating Assets -11,309 -710 -1492.8%
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First Industrial, L.P. -11,236 -656 -1612.8%
Increase Decrease In Operating Liabilities 28,981 11,392 +154.4%
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First Industrial, L.P. 28,981 11,392 +154.4%
Net Cash from Operations 461,263 352,488 +30.9%
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First Industrial, L.P. 461,336 352,542 +30.9%
Investing Activities
Payments To Acquire Real Estate -346,451 -73,861 -369.1%
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First Industrial, L.P. -346,451 -73,861 -369.1%
Payments For Leasing Costs Commissions And Tenant Improvements -283,841 -215,565 -31.7%
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First Industrial, L.P. -283,841 -215,565 -31.7%
Proceeds From Sale Of Property Held For Sale 40,046 158,924 -74.8%
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First Industrial, L.P. 40,046 158,924 -74.8%
Payments For Proceeds From Deposits On Real Estate Acquisitions -659 -150 -339.3%
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First Industrial, L.P. -659 -150 -339.3%
Payments To Acquire Interest In Joint Venture -4,367 -5,729 +23.8%
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First Industrial, L.P. -4,367 -5,729 +23.8%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 69,497
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First Industrial, L.P. 69,497
Other Investing Activities 1,596 4,761 -66.5%
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First Industrial, L.P. 1,596 4,761 -66.5%
Net Cash from Investing -524,179 -131,620 -298.3%
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First Industrial, L.P. -524,179 -131,620 -298.3%
Financing Activities
Payment Of Financing And Stock Issuance Costs -12,416
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First Industrial, L.P. -12,416
Tax Withholding for Share Compensation -1,615 -2,070 +22.0%
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First Industrial, L.P. -1,615 -2,070 +22.0%
Payments Of Dividends Common Stock -231,220 -193,482 -19.5%
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First Industrial, L.P. -231,220 -193,482 -19.5%
Proceeds From Minority Shareholders (FY)
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First Industrial, L.P. 25 42 -40.5%
Payments To Minority Shareholders -9,903 -143 -6825.2%
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First Industrial, L.P. -10,001 -239 -4084.5%
Repayments Of Secured Debt -348 -335 -3.9%
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First Industrial, L.P. -348 -335 -3.9%
Proceeds From Issuance Of Unsecured Debt 443,768
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First Industrial, L.P. 443,768
Proceeds From Long Term Lines Of Credit 775,000 321,000 +141.4%
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First Industrial, L.P. 775,000 321,000 +141.4%
Repayments Of Long Term Lines Of Credit -874,000 -338,000 -158.6%
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First Industrial, L.P. -874,000 -338,000 -158.6%
Net Cash from Financing 89,266 -213,030 +141.9%
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First Industrial, L.P. 89,193 -213,084 +141.9%
Supplemental
Interest Paid 69,043 82,871 -16.7%
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First Industrial, L.P. 69,043 82,871 -16.7%
Interest Paid Capitalized 12,785 8,283 +54.4%
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First Industrial, L.P. 12,785 8,283 +54.4%
Operating Lease Payments 3,289 3,539 -7.1%
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First Industrial, L.P. 3,289 3,539 -7.1%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 3,210 658 +387.8%
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First Industrial, L.P. 3,210 658 +387.8%
Stock Issued During Period Value Conversion Of Units (FY)
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Additional Paid In Capital 1,242 67 +1753.7%
Noncontrolling Interest -1,242 -67 -1753.7%
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First Industrial, L.P. · General Partner 1,242 67 +1753.7%
First Industrial, L.P. · Limited Partner -1,242 -67 -1753.7%
Show Statement Class Of Stock breakouts
Common Stock 1,242 67 +1753.7%
Liabilities Assumed1 2,228 682 +226.7%
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First Industrial, L.P. 2,228 682 +226.7%
Unpaid Capital Expenditures 70,022 46,257 +51.4%
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First Industrial, L.P. 70,022 46,257 +51.4%
Tenant Improvements Funded By Tenant 9,325 1,069 +772.3%
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First Industrial, L.P. 9,325 1,069 +772.3%
Write Off Of Fully Depreciated Assets -52,861 -33,909 -55.9%
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First Industrial, L.P. -52,861 -33,909 -55.9%
Income Taxes Paid 5,889 5,299 +11.1%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 26,350 7,838 +236.2%
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First Industrial, L.P. 26,350 7,838 +236.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 78,032 51,682 +51.0%
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First Industrial, L.P. 78,032 51,682 +51.0%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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