FIRST INDUSTRIAL REALTY TRUST INC

Listed Company

FRCIK 0000921825NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$727.08M

Net Income

$247.44M

Total Assets

$5.69B

Equity

$2.67B

Shares Out

132.57M

Op. Cash Flow

$461.26M

Business

FIRST INDUSTRIAL REALTY TRUST INC owns, manages, acquires, sells, develops and redevelops industrial real estate as a self-administered, fully integrated REIT. It offers industrial property ownership and leasing, property management, development and redevelopment services, asset and portfolio management, and joint venture investment activities. Operations are conducted primarily through its Operating Partnership, taxable REIT subsidiaries and equity investments in joint ventures, supported by regional management teams and centralized acquisition, development and financing functions. The company focuses on industrial logistics markets across the United States, concentrating on 15 key logistics and coastal markets and distributing space through local and national leasing programs.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease Revenue	719	661	602	532	473
Joint Venture Fees	1	3	5	1	321,000
Other Revenue	6	6	7	6	3
Total Revenues	727	670	614	540	476
Property Expenses	191	183	166	144	131
General and Administrative	42	41	37	34	35
Joint Venture Development Services Expense	629,000	2	4	909,000	0
Depreciation and Other Amortization	185	172	163	147	131
Total Expenses	419	397	369	326	297
Gain on Sale of Real Estate	27	112	96	128	150
Interest Expense	−85	−83	−74	−49	−44
Amortization of Debt Issuance Costs	−5	−4	−4	−3	−3
Total Other Income (Expense)	−63	25	18	76	103
Income from Operations Before Equity in Income of Joint Venture and Income Tax Provision	245	298	262	290	282
Equity in Income of Joint Venture	35	4	32	115	−161,000
Income Tax Provision	−15	−6	−9	−23	−5
Net Income	264	296	286	382	277
Less: Net Income Attributable to the Noncontrolling Interests	−17	−8	−11	−22	−6
Net Income Available to Common Stockholders / Unitholders and Participating Securities	247	288	275	359	271
Net Income Allocable to Participating Securities	−146,000	−211,000	−232,000	−348,000	−299,000
Net Income Available to Common Stockholders / Unitholders	247	287	275	359	271
Net Income Available to Common Stockholders/Unitholders (per share)	1.87	2.17	2.08	2.72	2.09
Net Income Available to Common Stockholders/Unitholders (per share)	1.87	2.17	2.07	2.72	2.09
Weighted Average Shares/Units Outstanding - Basic	132	132	132	132	130
Weighted Average Shares / Units Outstanding - Diluted	133	132	132	132	130

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	1,872	1,795	1,757	1,646	1,387
Buildings and Improvements	4,275	3,897	3,712	3,443	3,020
Construction in Progress	221	154	245	254	239
Less: Accumulated Depreciation	−1,192	−1,086	−1,009	−921	−868
Net Investment in Real Estate	5,176	4,761	4,705	4,422	3,778
Real Estate, Held-for-Sale	0	5	0	—	0
Operating Lease Right-of-Use Assets	20	20	24	25	25
Cash and Cash Equivalents	78	45	44	133	59
Restricted Cash	0	7	0	12	189,000
Tenant Accounts Receivable	12	7	11	7	5
Investment in Joint Venture	6	51	45	9	36
Deferred Rent Receivable	181	163	144	123	99
Prepaid Expenses and Other Assets, Net	216	203	203	224	156
Total Assets	5,688	5,261	5,176	4,954	4,179
Mortgage Loan Payable	9	10	10	10	80
Senior Unsecured Notes, Net	1,439	995	994	994	993
Unsecured Term Loans, Net	922	922	921	919	458
Unsecured Credit Facility	183	282	299	143	79
Accounts Payable, Accrued Expenses and Other Liabilities	179	133	143	194	153
Operating Lease Liabilities	19	18	22	22	23
Rents Received in Advance and Security Deposits	115	105	107	100	99
Dividends and Distributions Payable	63	51	44	41	37
Total Liabilities	2,929	2,515	2,541	2,424	1,931
Common Stock ($0.01 par value, 225,000,000 shares authorized and 132,470,326 and 132,349,119 shares issued and outstanding)	1	1	1	1	1
Additional Paid-in Capital	2,436	2,425	2,412	2,401	2,376
Retained Earnings	231	219	128	23	—
Accumulated Other Comprehensive Income	3	20	22	33	−4
Total First Industrial Realty Trust, Inc.'s Equity	2,671	2,666	2,563	2,459	2,195
Noncontrolling Interests	88	80	72	71	54
Total Equity	2,759	2,746	2,635	2,530	2,248
Total Liabilities and Equity/Partners' Capital	5,688	5,261	5,176	4,954	4,179

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	149	139	130	119	108
Other Amortization, Including Equity Based Compensation	46	37	34	33	31
Distributions from the Joint Venture	58	3	7	118	0
Gain on Sale of Real Estate	−27	−112	−96	−128	−150
Payments to Settle Derivative Instruments	−250,000	0	0	—	—
Straight-line Rental Income and Expense, Net	−16	−21	−22	−26	−16
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	−11	−710,000	−2	−5	−472,000
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	29	11	−4	31	14
Net Cash Provided by Operating Activities	461	352	305	411	267
Acquisitions of Real Estate	−346	−74	−131	−305	−353
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	−284	−216	−362	−522	−314
Net Proceeds from Sales of Investments in Real Estate	40	159	120	175	235
(Increase) Decrease in Escrow Deposits	−659,000	−150,000	4	−450,000	−4
Contributions to and Investments in Joint Venture	−4	−6	−12	−6	−2
Distributions from the Joint Venture	69	0	0	29	21
Other Investing Activity	2	5	3	−2	61,000
Net Cash Used in Investing Activities	−524	−132	−378	−629	−417
Financing Issuance Costs	−12	0	−61,000	−5	−6
Income Taxes Paid on Vested Equity Compensation	−2	−2	−3	−3	−5
Common Stock Dividends and Unit Distributions Paid	−231	−193	−169	−155	−140
Distributions to Noncontrolling Interests	−10	−143,000	−12	−4	0
Repayments on Mortgage Loan Payable	−348,000	−335,000	−321,000	−69	−64
Proceeds from the Issuance of Senior Unsecured Notes, Net of Underwriter's Discount	444	0	0	0	0
Proceeds from Unsecured Credit Facility	775	321	374	720	289
Repayments on Unsecured Credit Facility	−874	−338	−218	−656	−210
Net Cash Provided by (Used in) Financing Activities	89	−213	−28	305	9
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	26	8	−101	86	−141
Interest Paid, Net of Interest Expense Capitalized	69	83	73	46	44
Interest Expense Capitalized in Connection with Development Activity	13	8	14	16	12
Cash Paid for Operating Lease Liabilities	3	4	3	3	3
Operating Lease Liabilities Arising from Obtaining Right-of-Use Assets	3	658,000	941,000	949,000	819,000
Assumption of Liabilities in Connection with the Acquisition of Real Estate	2	682,000	528,000	2	2
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	70	46	56	86	83
Improvements Funded by Tenant	9	1	4	610,000	29
Write-off of Fully Depreciated Assets	−53	−34	−34	−36	−37

Filings

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